Connect with us

Economy

Working Class Challenges. Strike Actions in our future

Published

 on

The cost of gas has risen to $2.19 a liter in South Africa, in The U.K. it is moving upward a further 10-15% while its government has tried to pass discounts onto its citizens. Canadian consumers face a horrendous see-saw of increasing, dropping, and increasing further prices, just like the stock exchange, never at a standstill. Energy costs will continue to rise so long as the Ukrainian -Russian conflict continues. Not that Energy Corporation‘s mass profiteering, of the back of hard-working people, has not happened. It has a big time. American and Global Energy Sources are sticking it to their consumers, with a plan to drive prices high enough, that when prices plateau, drop the price a bit, hoping consumers will be happy to pay the remaining higher prices. The price of oil is @$110.00 a barrel and increasing. The oil patch is attempting to force prices beyond accepted levels with the intention of taking advantage of present-day inflationary struggles.

Food, housing, energy, and almost every product or service we use or consume have risen to unseen levels.
Prices of the World = Rise up, Rise Up.
Wages of the Working Person= Stable and Stagnate.

Waged and salaried citizens face a Financial Armageddon, while their finances shrink, assaulted by rising costs both personal and professional. Urban centers pre-pandemic were already expensive. Now they are difficult to unlivable. What can those of us living on the lower economic stratus do to survive?

Workers throughout the world are uniting and standing fast against “The Man”, Corporate Elites who live their lives within a bubble we will never experience. Out-of-touch politicians, corporate managers, and their corporate masters set the rules affecting our marketplace. They have bank accounts hidden throughout the offshore banking system, while we need to keep our credit and banking balances above water. The Public Sector Unions are already moving towards strike action, asking for increases that our governments will not give. Unionism has taken to the streets realizing there is a labor-Worker Paradigm at work, and their struggle is more than a financial one but is one that is societal and class-based. If there ever was a time when an existing class structure was visibly identifiable, it is now.

There is the Wealth/Well to do, and there are the working man and woman. The middle class seems to be evaporating away. Further developments have a redefinition of what a worker truly is, a person who makes others better off than themselves. We make the rich richer, while we live in a world where we are financially stable today, but not so next month. Most of us do not have a stash of cash lying around or put under our mattresses. Financially moving from week to week or month to month. Waking up in the morning or going to bed at night worrying if we can come up with needed payments. We are challenged each day by our own expectations and desires, ever-increasing costs and expenses that can drive many of us to bankruptcy or worse. If you have money in the stock exchange, look out. A financial reckoning is on its way. Those playing the stock market, like those at a casino, have bet our money on stocks and bonds of low or no real value, making money for themselves, but little for us. When the market re-evaluates itself and finds personal, corporate, and public debt being a sea of unmanageable concern, it will go into control mode, forcing many investments into the bump bin, and your valuation also.

Striking workers may very well face mass layoffs.The Marketplace will be looking for places and things to divest from. Cash will become king once again. Well, these are my thoughts, as perilous as described. I side with working people, and their struggle to be heard, acknowledged, and properly incentified.

Steven Kaszab
Bradford, Ontario
skaszab@yahoo.ca

Economy

What you need to know about the global economy this week – World Economic Forum

Published

 on


License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Adblock test (Why?)



Source link

Continue Reading

Economy

Extreme heat is slamming the world's three biggest economies all at once – CNN

Published

 on


London (CNN Business)Estimating just how catastrophic climate change will be for the global economy has historically proven challenging. But this summer, it’s increasingly evident how quickly costs can pile up.

Extreme heat and drought conditions are battering the United States, Europe and China, compounding problems for workers and businesses at a time when economic growth is already slowing sharply and adding to upward pressure on prices.
In China’s Sichuan province, all factories have been ordered shut for six days to conserve power. Ships carrying coal and chemicals are struggling to make their usual trips along Germany’s Rhine river. And people living on America’s West Coast have been asked to use less electricity as temperatures soar.
These events “have the capacity to be quite significant for the particular regions that are affected,” said Ben May, director of global macro research at Oxford Economics.
The extent of the pain could depend on how long the heatwaves and lack of rain last. But in countries like Germany, experts warn there’s little relief in sight, and companies are preparing for the worst.
A barge passes exposed rocks and sandbanks on the Rhine river in Bacharach, Germany, on Aug. 15.

A barge passes exposed rocks and sandbanks on the Rhine river in Bacharach, Germany, on Aug. 15.

Extreme weather and an economic slowdown

It’s not just the Rhine. Around the world, rivers that support global growth — the Yangtze, the Danube and the Colorado — are drying up, impeding the movement of goods, messing with irrigation systems and making it harder for power plants and factories to stay cool.
At the same time, scorching heat is hampering transportation networks, straining power supply and hurting worker productivity.
“We shouldn’t be surprised by the heat wave events,” said Bob Ward, policy and communications director at the London School of Economics’ Grantham Research Institute on Climate Change and the Environment. “They’re exactly what we predicted and are part of a trend: more frequent, more intense, all over the world.”
China is facing its fiercest heat wave in six decades, with temperatures crossing 40 degrees Celsius (104 degrees Fahrenheit) in dozens of cities. Parts of California could see temperatures as high as 109 degrees Fahrenheit this week. Earlier this summer, temperatures topped 40 degrees Celsius in the United Kingdom for the first time ever.
Dry grass is seen in Greenwich Park, England. Sixty-three percent of land in the European Union and United Kingdom — an area nearly the same size as India — is now under either drought warnings or alerts.

Dry grass is seen in Greenwich Park, England. Sixty-three percent of land in the European Union and United Kingdom — an area nearly the same size as India — is now under either drought warnings or alerts.

The global economy was already under pressure. Europe is at high risk of a recession as energy prices soar, stoked by Russia’s invasion of Ukraine. High inflation and aggressive interest rate hikes by the Federal Reserve jeopardize growth in the United States. China is grappling with the consequences of harsh coronavirus lockdowns and a real estate crisis.
“At present, we are at the most difficult point of economic stabilization,” Chinese Premier Li Keqiang said this week.

Something else to worry about

Extreme weather could exacerbate “existing pinch points” along supply chains, a major reason inflation has been difficult to bring down, May of Oxford Economics said.
China’s Sichuan province, where factories have shuttered production this week, is a hub for makers of semiconductors and solar panels. The power rationing will hit factories belonging to some of the world’s biggest electronics companies, including Apple (AAPL) supplier Foxconn and Intel (INTC).
The province is also the epicenter of China’s lithium mining industry. The shutdown may push up the cost of the raw material, which is a key component in electric car batteries.
The neighboring city of Chongqing, which sits at the confluence of the Yangtze and Jialing rivers, has also ordered factories to suspend operations for a week through next Wednesday to conserve electricity, state media The Paper reported.
The Yangtze riverbed is exposed due to drought on Aug. 17 in Chongqing, China.

The Yangtze riverbed is exposed due to drought on Aug. 17 in Chongqing, China.

Forecasts for China’s economy this year are already being downgraded as a consequence. Analysts at Nomura cut their 2022 projection for GDP growth to 2.8% on Thursday — way below the government’s 5.5% target — while Goldman Sachs trimmed its forecast to 3%.
Germany’s shrinking Rhine, meanwhile, has dropped below a critical level, impeding the flow of vessels. The river is a crucial conduit for chemicals and grain as well as commodities — including coal, which is in higher demand as the country races to fill storage facilities with natural gas ahead of the winter. Finding alternative forms of transit is difficult given labor shortages.
“It is only a matter of time before plants in the chemical or steel industry are shut down, mineral oils and building materials fail to reach their destination, or large-volume and heavy transports can no longer be carried out,” Holger Lösch, deputy director of the Federation of German Industries, said in a statement this week.
Low water levels along the Rhine shaved about 0.3 percentage points off Germany’s economic output in 2018, according to Carsten Brzeski, global head of macro at ING. But in that instance, low water wasn’t a problem until late September. This time around, it could lower GDP by at least 0.5 percentage points in the second half of this year, he estimated.
Economic sentiment in Germany continued to dip in August, according to data released this week. Brzeski said the country “would need an economic miracle” to avoid falling into a recession in the coming months.
A bathtub ring watermark at Hoover Dam/Lake Mead, the country's largest man-made water reservoir, formed by the dam on the Colorado River.

A bathtub ring watermark at Hoover Dam/Lake Mead, the country's largest man-made water reservoir, formed by the dam on the Colorado River.

In the American West, an extraordinary drought is draining the nation’s largest reservoirs, forcing the federal government to implement new mandatory water cuts. It’s also forcing farmers to destroy crops.
Nearly three quarters of US farmers say this year’s drought is hurting their harvest — with significant crop and income loss, according to a survey by the American Farm Bureau Federation, an insurance company and lobbying group that represents agricultural interests.
The survey was conducted across 15 states from June 8 to July 20 in extreme drought regions from Texas to North Dakota to California, which makes up nearly half of the country’s agricultural production value. In California — a state with high fruit and nut tree crops — 50% of farmers said they had to remove trees and multiyear crops due to drought, which will affect future revenue.
Without significant investment in upgrading infrastructure, costs will only keep rising, Ward of the London School of Economics noted. And the impact may not be incremental.
“There are signs these heat episodes are not just becoming slightly more intense and frequent over time. It’s happening in a kind of non-gradual way, and that will make it more difficult to adapt,” Ward said.
— Laura He, Shawn Deng, Simone McCarthy, Benjamin Brown, Aya Elamroussi, Taylor Romine and Vanessa Yurkevich contributed reporting.

Adblock test (Why?)



Source link

Continue Reading

Economy

Chile's Economy Stagnates in Second Quarter as Demand Withers – Bloomberg

Published

 on


[unable to retrieve full-text content]

Chile’s Economy Stagnates in Second Quarter as Demand Withers  Bloomberg



Source link

Continue Reading

Trending