The new recession is arriving?
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Perhaps more alarming are the predictions of food price rises and supply shortages.
The futures market may make a killing but for ordinary people hunger is very likely
Is this the harbinger of the next big recession?
…Global markets fell sharply on Monday as fears over rising inflation and a slowdown in China’s export growth fuelled worries about the health of the world economy. Stocks in Asia-Pacific markets, Europe and the US all dropped…
All economical crisis takes place at the point of production and over production Stock market is fictitious capital
The International Monetary Fund has said the global economy could soon be teetering on the brink of recession amid evidence that the world’s three biggest economies are all stalling and inflation is higher than previously forecast.
It said problems in the US, China and the eurozone had resulted in global output falling in the second quarter of this year – the first contraction since the start of the Covid-19 pandemic.Poland calls it Putinflation
But Anthony Levitas of Brown University in Providence, United States, said, “‘Putinflation’ is a clever way to shift the blame onto an enemy that PiS was bizarrely neglectful of in the run-up to the war,”
https://www.dw.com/en/is-putin-to-blame-for-polands-runaway-inflation/a-62526275
Meanwhile in Britain there are politicians promising “growth, growth, growth” as if governments could bring this about just by willing it. The two most prominent at the moment are Sir Keith Starmer QC and Liz Truss.
Property sales in China could fall by one-third this year, spelling more trouble for the country’s giant housing sector as people lose faith in the market and pressure increases on struggling developers to complete presold apartments.
Amid reports that the government is preparing a bailout of the sector that could cost 300bn yuan ($44bn), experts at the rating agency S&P have concluded that the fall in sales will be twice as bad as they had originally forecast for this year.
My heart bleeds for her
Yang Huiyan, a majority shareholder in China’s biggest property developer Country Garden, saw her net worth plunge by more than 52% to $11.3bn from $23.7bn a year ago
The US economy has shrunk for the second quarter in a row, a milestone that in many countries would be considered an economic recession.
The Bank of England determines if the UK is in recession
In the USA, it is eight economists who form an independent group called the Business Cycle Dating Committee, part of the National Bureau of Economic Research (NBER)
More on China’s housing collapse
https://www.bbc.com/news/world-asia-china-62402961
China’s property sector makes up a third of its economic output. That includes houses, rental and brokering services; industries producing white goods that go into apartments; and construction materials.
The founder of Huawei, Ren Zhengfei, in a leaked internal memo, Ren Zhengfei told Huawei staff “the chill will be felt by everyone…The next decade will be a very painful historical period, as the global economy continues to decline…”
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