Already reeling from job losses and pay cuts, workers and those on fixed incomes will see their living standards fall even further, if central bankers’ policy to increase inflation is successful.
There is a generalised crisis of the so-called ‘Emerging Markets’ of the semi-colonial world, and the Turkish lira is only one of a number of sharply devalued currencies this year. Financial market commentators and speculators are all inclined to blame Turkish President Erdogan for the crisis affecting Turkey. In reality the main source of the wider crisis is the US President Trump.
The multi-faceted attack on Jeremy Corbyn’s leadership of the Labour Party continues to include unjustified attacks on his economic policy.
Recent events in Latin America entirely refute the claim in the Western media that the right wing was carrying all before it in the continent.
The following article on ‘The New Shape of World Politics – Disorder in the West, Stability in the East’ analyses the reasons for the Trump administration introducing tariffs against China and the background to the recent G7 and Shanghai Cooperation Organisation (SCO) summits.
Leading official forecasters do not expect the main industrialised countries’ growth to accelerate in the next period, and the UK economy is expected to be the weakest of all.