The pillars of capitalist rule such as the IMF, World Bank and EU are announcing extraordinary economic measures to deal with the economic and social consequences of the Covid-19 crisis that will affect the balance of class forces and struggle and vice versa.
The world economy is being shaken as never before. 2.7 billion workers around the world — 81 percent of the labour force — are under lockdown or travel bans. Hundreds of millions risk acute starvation. And yet, no one knows how deep or long-lasting the depression will be.
Boris Johnson’s latest update on the government’s fight against the coronavirus pandemic, attempting to outline a ‘road map’ toward moving the country out of lockdown, has left many people in Britain confused. According to a YouGov poll, only 30% of people feel they understand the new slogan of “Stay alert, control the virus, save lives”.
On Tuesday 11 August the Chinese central bank PBOC (People’s Bank of China) jolted global markets with the announcement of a devaluation of the yuan – by the widest margin for 21 years under its controlled exchange rate regime. The decision effectively marks China’s entry into the global currency war, […]