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 Western media establishment, and sadly some on the left, are again talking up an impending economic disaster in China, when the truth is quite the opposite.
China’s, a socialist country’s, investment is more efficient in producing economic growth than the U.S., Europe, and Japan. Western propaganda simply invents facts to discredit socialism and promote capitalism.
The facts show clearly that in 2023, the issue is by how much China’s economy it will accelerate, whereas in the US by how much its economy will slow down. After three pandemic years during which China already outgrew the West by a huge margin, this is an extremely striking situation.
The article below by Tom O’Leary provides an analysis of the recent Autumn Statement including the forecasts for growth and living standards that have been revised sharply lower by the Office of Budget Responsibility. A key point is that the OBR is clear: around 60 per cent of the cuts made to those forecasts are a result of the Brexit referendum vote. Brexit will make us poorer.
By Bob Clarke
The political impact of the economic crisis in Europe has entered a new phase. When the economy was contracting virtually all parties implementing austerity policies were thrown out of office or at least experienced a large drop in their support. In the more recent period of economic stagnation, the same economic policies have the effect of shifting the burden of the crisis onto workers and the poor while capital benefits, boosting the incomes of the very rich and allied layers.