France’s President Emmanuel Macron, a former banker, warned that “we are living the end of what could have seemed an era of abundance,” calling it “a kind of major tipping point or a great upheaval.”
Western wars and sanctions are boomeranging back at home. The neoliberal phase of capitalism is collapsing.
Neoliberalism has lost the key pillars it was built on: cheap energy and raw materials from Russia, cheap labor and consumer goods from China, an unsustainable bubble of household debt, low to zero interest rates, and Washington’s ability to organize regime-change operations in any country where a government tried a socialistic or state-led economic model.
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Sources
- “Macron warns of ‘end of abundance’ as France faces difficult winter,” The Guardian
- “A ‘Tsunami of Shutoffs’: 20 Million US Homes Are Behind on Energy Bills,” Bloomberg
- Annual per capita disposable income of urban households in China from 1990 to 2021, via Statista
- “New Study Confirms That American Workers Are Getting Ripped Off,” New York Magazine
Russian gas exports to Europe, by country, from 1970-2005, via ResearchGate
China’s GDP per capita from 1978–2017, via Unicef
US household debt from 1945 to 2018, via the New York Federal Reserve
US household debt from 2000 to 2021, via Statista
Eric Arthur Blair
2022-08-28 at 05:05
Neoliberalism = privatisation of profits and socialisation of losses
Al Capone’s definition of capitalism: the legitimate racket of the ruling class.
Interaction between Neoliberal Economic / Financial behaviour and Peak Oil:
https://econintersect.com/pages/opinion/opinion.php/post/201911272216
https://econintersect.com/pages/opinion/opinion.php/post/202003080135
unfortunately the all important explanatory flow charts have gone missing in those articles, however it may be possible to resurrect them with Ben Norton’s help
Paul
2022-11-13 at 10:29
Our fellow man can bring a beautiful new world or damnation from neglect.