The facts show clearly that, contrary to propaganda by the United States, it was serious errors in U.S. economic thinking and policy which were the most fundamental factor in destabilising the world economy, not the Ukraine war.
Do the Ukraine war and the action of the United States, the European Union, and the United Kingdom spell the end of the dollar as the world’s reserve currency? Even if the peace talks between Russia and Ukraine reach an agreement there will be fallout for the dollar.
Austerity measures are integral to the current economic policies of the US and UK. They amount to an all-round attack on wages and the social wage while there is a temporary boost to demand. That is why it is extremely foolish and misleading to compare them to the policies of Corbyn, McDonnell or Keynes.
US growth during the present business cycle is the slowest in any business cycle since World War II.
This US propaganda claim of ‘strong growth’ is in fact the reverse of the facts. The reality is that far from US growth under Trump being ‘strong’ it is in fact the lowest under any US President since World War II!
The article below, by John Ross, on the lessons for Latin America from China’s economic success, was previously published by Socialist Economic Bulletin.