Global Economy

China-Celac Forum Brings Latin America And China Together

May 14, 2025 Telesur, Orinoco Tribune. Create! Asia, CELAC, China, Global Economy, Latin America, Trade

Ten years after its creation, the China-CELAC Forum has consolidated its position as one of the most relevant platforms for dialogue between Latin America, the Caribbean, and Asia. “The platform has strengthened cooperation between CELAC members and China, based on sovereign equality, mutual respect, plurality, and shared benefits,” states the meeting’s final joint declaration. Under the theme “Planning development and revitalization together, jointly building a China-LAC community with a shared future,” the meeting brought together representatives from more than 30 countries and leaders such as Xi Jinping (China), Luiz Inácio Lula da Silva (Brazil), Gustavo Petro (Colombia), and Gabriel Boric (Chile).

Is Trump The Last Straw For The Dollar System?

April 29, 2025 Radhika Desai, Michael Hudson and Mick Dunford, Geopolitical Economy. Resistance Report De-dollarization, Donald Trump, Global Economy, US Hegemony

As regular viewers of Geopolitical Economy Hour will know, we have done many programmes on the dollar’s shaky basis, and on how and why we can expect its role as world money to unravel. Now, suddenly, the Western press is full of forebodings of the demise of the dollar. The Financial Times alone, normally a loyal proponent of the wonders of the dollar system, has published a series of stories, each marshalling a different reason for the dollar system’s possibly imminent demise — over a dozen in April alone. So let me start us off with the following observations: What is interesting is how much these recent stories attribute to Trump the dollar system’s possible demise – evidenced by the simultaneous sell-off of US stocks, bonds, and dollars, which is surprising given that the latter two are generally considered “safe haven” assets which are bought when there is a sell-off of riskier assets like stocks.

Behind Trump’s Wishful Thinking On ‘Reindustrialization’

April 22, 2025 Sara Flounders, Workers World. Educate! Capitalism, China, Global Economy, Re-industrialization, Socialism, United States

In the 1950s, when Japan and much of Europe was in ruins, the U.S. accounted for 50% of the world’s global production. By the 1960s, this was 35%, declining to 25% by the 1980s. By 2025, the U.S. share of global production had fallen to 12% as production grew elsewhere. (itif.org, Feb. 18) The capitalist class in the U.S. has grown frantic about this reversal. Its focus is on China, and it blames China for its spectacular level of modern industrial development. In advanced technology manufacturing the future is clear: China holds 45% of the global share to 11% for the U.S. Higher levels of production need a high-tech infrastructure to move what is produced to global markets.

Jeffrey Sachs: Trump’s Impoverishing Tariffs

April 3, 2025 Jeffrey D. Sachs, Consortium News. Educate! Donald Trump, Global Economy, Tariffs, Trade Deficit

U.S. President Donald Trump is trashing the world trade system over a basic economic fallacy. He wrongly claims that America’s trade deficit is caused by the rest of the world ripping off the U.S., repeatedly stating things such as, “Over the decades, they ripped us off like no country has ever been ripped off in history…” Trump aims to close the trade deficit by imposing tariffs, thereby impeding imports and restoring trade balance (or inducing other countries to end their rip-offs of America). Yet Trump’s tariffs will not close the trade deficit but will instead impoverish Americans and harm the rest of the world.

Trump Takes Aim At Globalization On ‘Liberation Day’

April 3, 2025 Jimena Vergara, Left Voice. Educate! Global Economy, Tariffs, Trade, Trump Administration

On Wednesday, President Donald Trump announced that the United States will impose a 10 percent tariff on all imports and additional, much higher rates for specific nations, in what he called “Liberation Day” for U.S. trade policy. The universal baseline tariff will begin on April 5 and the added penalties will take effect by April 9. The countries being specifically targeted for being “unfair trade partners” are China (which is being hit with a 34 percent tariff), Japan (24 percent), and the nations included in the European Union (20 percent). There is increasing fear among sectors of the American ruling class and some think tanks that Trump’s tariffs are fueling geopolitical shifts and further jeopardizing U.S. hegemony.

How A War With Iran (For Israel) Could Crash The US Economy

March 24, 2025 Shivan Mahendrarajah, The Cradle. Educate! Global Economy, Iran, US Imperialism, Wars and Militarism

The “winds of war” are blowing toward Iran. This is the war for which Israeli donors Sheldon and Miriam Adelson, along with pro-Israel organizations such as AIPAC and the ADL, paid US President Donald Trump hundreds of millions of dollars over two election cycles. But it’s not only the Israeli lobby banging the war drums; American Evangelicals – especially groups like “Christians United for Israel” – also support war, believing it will “save Israel” from the “Iranian menace.” Evangelical membership in the 119th Congress (2025–27) is high. War with Iran is not (yet) popular in the US, but – just as with Iraq – consent will be manufactured by Washington elites and the media.

Trump Vs. The Deep State

February 18, 2025 Patrick Lawrence, Scheer Post. Educate! China, Deep State, DOGE, Donald Trump, Elon Musk, Global Economy, Russia, Ukraine, United States Agency for International Development (USAID), US Hegemony, Vladimir Putin

Wow. In a series of rapid-fire developments last week, the new Trump regime has decisively joined the battle with the deep state on the national security side. This is big, or could be. Either Donald Trump will begin to exert political control over the invisible government or the invisible government will sink Donald Trump just as it did during his first term as president. Let us be attentive. The attack on USAID, the telephone call with Vladimir Putin, the incipient alienation of the Kiev regime, new talk of talks with the Islamic Republic, Tulsi Gabbard’s confirmation as director of national intelligence: I don’t know if these events and their timing reflect a concerted plan, back-of-an-envelope inspirations, or the president’s thinking but not necessarily the thinking of those around him.

Musk’s Access To US Treasury Payments Risks Global Financial Meltdown

February 10, 2025 Kurt Cobb, Resilience. Educate! Donald Trump, Elon Musk, Federal funding, Finance and the Economy, Financial Crisis, Global Economy, US Treasury Department

Whether or not you share the zeal for cuts in government spending embraced by President Donald Trump and his billionaire sidekick Elon Musk, you should know that giving Musk and his callow team of computer coders access to payment systems at the U. S. Department of Treasury risks a global financial meltdown. It doesn’t make such an event certain, but it lowers the odds considerably. Here’s why: First, the U.S. Department of Treasury processes some $6 trillion in payments each year. If that system were to come to a halt for even a relatively short period of time, the consequences would be devastating, not only for the U.S. economy but for the global economy as well.

The Boomerang Effect: Shortsighted Policies Cause Decline Of US Hegemony

January 27, 2025 Margaret Flowers, Clearing the FOG. Podcast - Clearing The FOG BRICS, Donald Trump, Global Economy, Multipolar World, Sanctions

The world is changing rapidly, driven by the necessity of creating alternative institutions to counter US domination and aggression. As the multipolar world rises, it is a critical time for the United States to re-evaluate and change its policies and practices in order to remain an active member of the global community. Clearing the FOG speaks with Ben Norton of Geopolitical Economy about the ways that US policy, the Washington Consensus, have backfired and what the growing US deficit means. Norton outlines what can be done to counter the current path the US is taking.

BRICS Expands To 54.6% Of World Population By Adding Nigeria

January 19, 2025 Ben Norton, Geopolitical Economy. Resistance Report Africa, BRICS, Finance and the Economy, Global Economy, Indonesia, Nigeria, OPEC

BRICS continues to grow. On 17 January, it officially admitted Nigeria as a new partner country. Nigeria has the world’s sixth-largest population, with the biggest population on the African continent. In addition to being Africa’s second-largest economy, Nigeria is the number one oil producer on the continent. With the addition of Nigeria, BRICS now has 10 full members and nine partners. At the BRICS summit in Kazan, Russia in 2024, the organization adopted a comprehensive plan to transform the international monetary and financial system, by challenging the dominance of the US dollar and promoting trade and settlement in local currencies. Together, the extended BRICS+ group represents 54.6% of the world population.

Washington’s Attempts To Bully China Will Only Backfire

January 16, 2025 Mike Whitney, The Unz Review. Strategize! China, Global Economy, Media, Sinophobia, Social safety net

China is rapidly overtaking the United States in a number of areas that threaten to undermine America’s position in the world. Naturally, US leaders and their billionaire backers are concerned about this and have taken steps to remedy the situation. Regrettably, none of these steps include an honest appraisal of the western economic model that allows the ‘privileged few’ to skim-off too much of their company’s profits leaving insufficient capital to reinvest in productive activity, critical infrastructure or societal improvement. Chinese policymakers have taken a different approach to this issue and the results speak for themselves.

The BRICS Summit In Kazan: A Manifesto For A Rational World Order

October 31, 2024 Alfred De Zayas, Counter Punch. Educate! BRICS, Global Economy, International Law, Kazan Declaration, Multipolar World

The Kazan Declaration of 23 October 2024, adopted at the 16th BRICS Summit[1] hosted by Russia in the city of Kazan on the Volga river from 22 to 24 October and attended by 36 countries[2], constitutes a pivotal moment for humanity. There is hope in the air, a certain optimism that we can gradually change the paradigm, marshal the world disorder, move away from bloc-mentality, abandon confrontational politics, phase out dependence on the US-dollar, and craft a coherent policy to enhance trade, social and cultural exchange in tandem with the Purposes and Principles of the UN Charter and in the spirit of the UNESCO Constitution

BRICS Plans ‘Multi-Currency System’ To Challenge US Dollar Dominance

October 20, 2024 Ben Norton, Geopolitical Economy. Resistance Report BRICS, De-dollarization, dollar, Finance, Global Economy, Russia

The Global South-oriented organization BRICS has released plans to transform the international monetary and financial system and challenge the dominance of the US dollar. As the chair of BRICS for 2024, Russia proposed the creation of a BRICS Cross-Border Payment Initiative (BCBPI), in which members of the organization will use their national currencies to trade. BRICS will likewise establish an alternative messaging infrastructure to circumvent the SWIFT system of interbank communication, which is overseen by the United States and subject to Western unilateral sanctions. This “multi-currency system” will also include new mechanisms not only to de-dollarize trade, but also to encourage investment in BRICS members and other emerging markets and developing economies, including a BRICS Clear platform, a “new system of securities accounting and settlement”, and financial instruments denominated in national currencies.

BRICS, The Dollar, And The End Of US Empire, With Ben Norton

September 27, 2024 Mnar Adley, MintPress News. Resistance Report BRICS, De-dollarization, Global Economy, US Empire, US Imperialism

The United States is socially, politically and economically in crisis. As an increasingly large number of people are priced out of the economy, fewer and fewer buy into the sham of electoral politics. On the world stage, too, the U.S. is suffering. Countries everywhere are beginning to drop the dollar as the standard unit of exchange, and Washington’s prestige has been severely shaken due to its relentless, unequivocal support for Israel’s genocide in Gaza. Ben Norton joins MintCast host Mnar Adley to discuss all this and more. Norton is an investigative journalist and founder of Geopolitical Economy Report, a news source dedicated to looking at the world and seeing the big picture. He is currently pursuing a PhD in Beijing, China.

Boeing Workers Are Uniquely Situated To Disrupt The Global Economy

September 26, 2024 Jason Koslowski and James Dennis Hoff, Left Voice. Strategize! Boeing, Global Economy, IAM, Strikes, Unions, Worker Rights and Jobs

It’s been almost two weeks since more than 33,000 Boeing workers in Washington and Oregon went on strike, crippling one of the largest aerospace companies in the world. Since then Boeing has lost more than $500 million and is losing millions more every day. Thanks in large part to a series of terrible decisions, they seem unprepared to weather a long strike, but the struggle at Boeing has significant international implications as well. Boeing, after all, is the largest exporter in the United States by dollar value, the biggest supplier of commercial aircraft in the United States, and one of the main manufacturers of the weapons that Israel is using in both its genocide in Gaza and its war against Lebanon.

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