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.

War or Peace, Barbarism or Hope

The spectre of ‘stagflation’ threatens the world once again. This time, the risk is the direct consequence of political provocations and war, and not simply due to inexorable economic forces. Stagflation? Stagflation is a composite word implying inflation with stagnation. Stagnation refers to weak, ‘near zero’ growth, inevitably worsening unemployment. Inflation refers to price increases – not high prices, as often implied.

NGOs Seeking a Monterrey+20 Summit on Financing for Development

This week, exactly 20 years ago, world leaders adopted the United Nation’s Monterrey Consensus. They committed to “Confronting the challenges of financing for development” with a global response and to creating a fully inclusive and equitable global economic system.

Stagflation Threat: Be Pragmatic, Not Dogmatic

“If your only tool is a hammer, every problem looks like a nail”. Still haunted by the clever preaching of monetarist guru Milton Friedman’s ghost, all too many monetary authorities address every inflationary threat or sign they see by raising interest rates.

Inflation Targeting Constrains Development

All too many developing countries have been persuaded or required to prioritize inflation targeting (IT) in their monetary policy. By doing so, they have tied their own hands instead of adopting bolder economic policies for growth, jobs and sustainable development.

Young Argentine Women Forge a Future in Cooperative Factory

"We started making shampoos and soaps in the kitchen of a friend’s house in 2017. We were five or six girls without jobs, looking for a collective solution, and today we are here," says Letsy Villca, standing between the white walls of the spacious laboratory of Maleza Cosmética Natural, a cooperative that brings together 44 women in their early twenties in the Argentine capital.

Inflation Targeting Voodoo

All over the world, people expect policies by central bankers trained in economics to have a sound scientific base. But in fact, inflation targeting is an article of faith with neither theoretical nor empirical basis.

Resist Inflation Phobia Coup

Calls, even screams, to fight inflation above all else are getting shriller. Thankfully, even The Economist (5 Feb. 2022) reminds all, Fighting inflation could put the world in a slump. No inflation consensus International Monetary Fund (IMF) Managing Director Kristalina Georgieva doubts the world faces a runaway inflation threat. She urges policymakers to carefully calibrate fiscal and monetary policies, with more “specificity”, as not ‘one size fits all’.

Argentina Seeks a Way Out (Again) of its Economic and Social Labyrinth

Accustomed for decades to recurring economic crises, and hit hard in recent years by a steady loss of purchasing power, Argentines were informed on Friday Jan. 28 of a last-minute agreement with the IMF which, in the words of center-left President Alberto Fernández, takes "the noose off their necks".

Inflation Paranoia Threatens Recovery

Inflation hawks are winning the day. The latest ‘beggar thyself’ race to raise interest rates has begun. This ostensibly responds to the spectre of runaway inflation, supposedly retarding economic growth and progress, and thus threatening central bank ‘credibility’.