This is a video of a discussion hosted by Al Jazeera featuring three prominent economists discussing the growing signs that a global recession, and possibly another major financial crisis, is beginning. I am fairly pessimistic about the global economy. Global debts levels are dangerously high, the major Chinese adjustment is still only just starting and the Chinese banking system is stuffed full of bad debts, the world’s largest trading bloc – the EU – is still committed to destructive deflationary policies, and the managers of the global economies including the central bank’s have pretty much exhausted all the existing mechanism they have to boost economic activity. Global economic imbalances and global debt have reached very dangerous levels (see this earlier article) I fear a very painful and possibly prolonged global economic adjustment is beginning.
The participants in this discussion are:
Ann Pettifor, director of Policy Research in Macroeconomics, also known as PRIME. Ann is also author of: “Just Money: How Society can Break the DespHow Society can Break the Despotic Power of Finance”.Ann Pettifog is an advisor to the new Labour Party leadership.
Vicky Pryce, chief economic adviser at The Centre for Economic and Business Research.
Anastasia Nesvetailova, director of the City Political Economy Research Centre at City University in London. Anastasia Nesvetailova has written some very interesting material on Russian political economy which I used extensively as source material for my post about the impact of low oil prices on Russia.
