The G20 summit was an historic one. It marked a decisive change in the relative weight of the imperialist countries versus the Global South, to the benefit of the latter.
The U.S. knows from its experience in defeating Germany, Japan, and the Asian Tigers that a decisive way to slow a competitors growth rate is to get it to reduce its level of investment. The problem for the U.S. is that it has no means to force China to reduce its level of investment.
The collapse of Silicon Valley Bank and Signature Bank fully confirms the extremely damaging character of the U.S. stimulus policies which were launched to attempt to deal with the economic consequences of the Covid pandemic.
The present global economic situation is largely defined by the by the extremely negative consequences of the U.S. stimulus programs.
These consequences are fully in line with economic theory.
Clarity on these economic issues is crucial.
‘More than 90 percent of the U.S. price rises took place before the Ukraine war.’
The imperialist proxy war in Ukraine and the drive to dramatically increase the rate of exploitation, are objectively linked. A victory for imperialism on either front would strengthen it dramatically, and a defeat would naturally do the opposite.