Financial Crisis

Smallholder Farmers in Uganda Recruit Black Soldier Fly for Green Fertiliser

The conflict in Ukraine has led to an increase in fertiliser prices in Uganda and neighbouring Kenya. Amidst the shortages, some farmers are shifting to a more sustainable way of enriching their soils using frass from the Black Soldier Fly.

World Faces Cascading Crises Causing Profound Suffering & Multiple Famines

Our world is in deep trouble – and so too are the Sustainable Development Goals (SDGs). Time is running out. But there is still hope. Because we know what we need to do:

Income-based Solutions Paramount for Addressing Food Insecurity – Experts

Lisa Argiropulos, a single mother of two teenage sons and a resident of Ottawa, Ontario, has been facing food insecurity since 2016, after an accident that left her with chronic pain and disabilities.

Recovering Edible Food from Waste Provides Environmental and Social Solutions in Argentina

For 30 years, Tomasa Chávez visited the Central Market of Buenos Aires and rummaged through the tons of fruits and vegetables that the stallholders discarded, in search of food. Today she continues to do so, but there is a difference: since 2021 she has been one of the workers hired to recover food as part of a formal program launched by the Central Market.

OECD’s Regressive World Corporate Income Tax Reform

After decades of rejecting international tax cooperation under multilateral auspices, rich countries have finally agreed. But, by insisting on their own terms, progressive corporate income tax remains distant. Tax avoidance and evasion by transnational corporations (TNCs) are facilitated by ‘tax havens’ – jurisdictions with very low ‘effective’ taxation rates. Intense competition among developing countries to attract foreign direct investment (FDI) makes things worse.

SWIFT Dollar Decline

US-led sanctions are inadvertently undermining the dollar’s post-Second World War dominance. The growing number of countries threatened by US and allied actions is forcing victims and potential targets to respond pro-actively. SWIFT strengthened dollar The instant messaging system of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) informs users, both payers and payees, of payments made. Thus, it enables the smooth and rapid transfer of funds across borders.

US Leads Sanctions Killing Millions to No End

Food crises, economic stagnation and price increases are worsening unevenly, almost everywhere, following the Ukraine war. Sanctions against Russia have especially hurt those relying on wheat and fertilizer imports. Unilateral sanctions illegal Unilateral sanctions – not approved by the UN Security Council – are illegal under international law. Besides contravening the UN Charter, unilateral sanctions inflict much human loss. Countless civilians – many far from target countries – are at risk, depriving them of much, even life itself.

Developing countries and the Perfect Storm
Part II: What Developing Countries Need to Do

Developing countries are facing a combination of crises that are unprecedented in recent times. Over the last three years they have had to face the COVID-19 crisis, the food crisis, the energy crisis, the climate change crisis, the debt crisis and, on top of all this, a global recession. The crises have overlapped, and each has added to the problems created by the previous ones.

Developing Countries and the Perfect Storm
Part I: What Should Developed Countries Do?

Developing countries – in Africa, in Asia, in Latin America and in the Middle East - are facing a combination of crises that are unprecedented in recent times. Over the last three years they have had to face the COVID-19 crisis, the food crisis, the energy crisis, the climate change crisis, the debt crisis and, on top of all this, a global recession. The crises have overlapped, and each has added to the problems created by the previous ones.

Sanctions Now Weapons of Mass Starvation

US and allied economic sanctions against Russia for its illegal invasion of Ukraine have not achieved their declared objectives. Instead, they are worsening economic stagnation and inflation worldwide. Worse, they are exacerbating hunger, especially in Africa.

Davos Fails on Financial Transparency – And Everything Else

At this year’s World Economic Forum (WEF) at Davos which ended last week, the attention of the world’s financial and economic elite was captured by the war in Ukraine whose president Volodimir Zelensky used his address to call to “complete withdrawal of foreign businesses from the Russian market”, despite 380 of the largest multinational companies still operating in Russia.

Xenophobia-hit Zimbabweans Saving Country’s Dead Economy

Two decades ago, Trynos Mahamba left Zimbabwe for the United Kingdom, but back home, he has changed the lives of his relatives. Since the day after he left, Mahamba (53) has been sending money home while Zimbabwe’s economy faltered amidst violent land seizures from commercial white farmers during Zimbabwe’s land reform programme.

Fighting Inflation Excuse for Class Warfare

A class war is being waged in the name of fighting inflation. All too many central bankers are raising interest rates at the expense of working people’s families, supposedly to check price increases.

A Sliver of Hope for Lebanon?

In the midst of what has been an incredibly turbulent period for Lebanon, the conclusion of elections last week ought to be hailed as a chance to focus on the future. This, the first election since the mass uprisings in 2019 against what was seen as a corrupt ruling elite, has shown some signs of the drive for change.

When Saviours Are the Problem

Central bank policies have often worsened economic crises instead of resolving them. By raising interest rates in response to inflation, they often exacerbate, rather than mitigate business cycles and inflation.

Finance Drives World to Stagflation

The world is being pressed by financial interests to raise interest rates, ostensibly to check inflation. After the US Federal Reserve started raising interest rates, more central banks have been doing likewise. Considering inflation’s contemporary causes, such ‘follow the leader’ central bank mimicry cannot check it except by slowing economies. Worse, this has meant taking on huge new risks, seriously damaging world economic prospects in the medium and long-term.

Women in Argentina Cultivate Dignity in Cooperative Vegetable Garden

The space consists of just 300 square meters full of green where there is an agro-ecological vegetable garden and nursery, which are the work and dream of 14 women. Behind it can be seen the imposing silhouettes of the high rises that are a symbol of the most modern and sought-after part of Argentina's capital city.

Sri Lankan Economic Crisis Inflicted by Self-Serving Elite

Once deemed a basic human needs success story, Sri Lanka (SL) is now in its worst economic crisis since independence in 1948. Nonetheless, SL’s ‘moment of truth’ now offers lessons for other developing countries.

China Debt Traps in the New Cold War

As China increases lending to other developing countries, ‘debt trap’ charges are growing quickly. As it greatly augments financing for development while other sources continue to decline, condemnation of China’s loans is being weaponized in the new Cold War.

Zimbabwe Unsafe Roads Could Drive the Economy Around the Bend

When driving at night in Zimbabwe, watch out for a pair of eyes on the road and slow down. You may hit a giraffe inside a pothole. So goes an often-told joke.

Deepening Stagflation: Out of the Frying Pan into the Fire

The world is sailing into a perfect storm as key leaders seem intent on threatening more war, albeit while proclaiming the noblest of intentions. By doing so, they block international cooperation to create conditions for sustainable peace and shared prosperity for all.

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