financial collapse – Desdemona Despair

Map showing projected income changes in 2049 compared to an economy without climate change. Income changes are committed in the sense that they are caused by historical emissions. Photo: Kotz et al., 2024 / Nature

April 27, 2024

New study calculates climate change’s economic impact will hit $38 trillion per year by 2049 – World economy already committed to income reduction of 19 percent – World’s poorest countries will suffer 61 percent bigger income loss than the richest ones

By Seth Borenstein 17 April 2024 (AP) – Climate change will reduce future global income by about 19% in the next 25 years compared to a fictional world that’s not warming, with the poorest areas and those least responsible for heating the atmosphere taking the biggest monetary hit, a new study said. Climate change’s economic […]

Estimates of individuals experiencing homelessness in the U.S. by sheltered status, 2007-2023. Graphic: U.S. Department of Housing and Urban Development

December 26, 2023

Homelessness in U.S. rose to record level in 2023, government says – “Without a significant policy response, this problem will continue to get worse”

By Jason DeParle 15 December 2023 (The New York Times) – Homelessness surged this year to the highest level on record, the federal government reported on Friday. An annual head count, conducted in January, found the homeless population had increased by more than 70,000 people, or 12 percent. That is the largest one-year jump since the Department […]

U.S. federal government outlays for net interest (12-month rolling sum), 1985-2023. Data are current through August 2023. Data: LSEG Datastream. Graphic: Kripa Jayaram / Reuters

October 29, 2023

As global debt worries mount, is another crisis brewing? “You can take many, many countries today, and you will see that we are not far away from a public finances crisis”

By Yoruk Bahceli, Dhara Ranasinghe, and Maria Martinez 16 October 2023 LONDON (Reuters) – Record debts, high interest rates, the costs of climate change, health, and pension spending as populations age and fractious politics are stoking fears of a financial market crisis in big, developed economies. A surge in government borrowing costs has put high debt in […]

A woman reacts as she fails to find her house after flood waters devastate Nanxinfang village on the outskirts of Beijing, Friday, 4 August 2023. Severe floods in China’s northern province of Hebei brought by remnants of Typhoon Doksuri this month killed at least 29 people and caused billions of dollars in economic losses, its provincial government said Friday, 11 August 2023. Photo: Ng Han Guan / AP Photo

August 20, 2023

Heaviest rainfall in Beijing in at least 140 years causes more than $13 billion in economic losses – China’s Xi calls for measures to mitigate disastrous flooding amid economic slowdown

BEIJING, 17 August 2023 (AP) – Chinese leader Xi Jinping has called for measures to mitigate the effects of this year’s disastrous flooding which has left scores dead and inflicted massive damage on crops, homes and infrastructure, including in and around Beijing. At least 90 rivers have risen above warning levels and 24 have already overflowed their […]

Map showing early warning hunger hotspots, June-November 2023. Hunger was set to worsen in 18 “hotspots” worldwide including Sudan, where fighting put people at risk of starvation, the Food and Agriculture Organization (FAO) and the World Food Programme (WFP) warned in a report published on Monday, 29 May 2023. Sudan, Burkina Faso, Haiti and Mali were elevated to the highest alert level, joining Afghanistan, Nigeria, Somalia, South Sudan and Yemen. Graphic: UN FAO

June 3, 2023

UN agencies warn of rising hunger risk in 18 “hotspots” – “Not only are more people in more places around the world going hungry, but the severity of the hunger they face is worse than ever”

29 May 2023 (UN News) – Hunger is set to worsen in 18 “hotspots” worldwide including Sudan, where fighting is putting people at risk of starvation, the Food and Agriculture Organization (FAO) and the World Food Programme (WFP) warned in a report published on Monday. Sudan, Burkina Faso, Haiti and Mali have been elevated to the highest alert level, joining Afghanistan, Nigeria, […]

People jostle each other to buy subsidized sacks of wheat flour in Quetta, Pakistan, Thursday, 12 January 2023, after a recent price hike of flour in the country. An Associated Press analysis of a dozen countries most indebted to China - including Pakistan, Kenya, Zambia and Laos - found the debt is consuming an ever-greater amount of tax revenue needed to keep schools open, provide electricity and pay for food and fuel. Photo: Arshad Butt / AP Photo

May 21, 2023

China’s loans pushing world’s poorest countries to brink of collapse – “In a lot of the world, the clock has hit midnight”

By Bernard Condon 18 May 2023 (AP News) – A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China. An Associated Press analysis of a dozen countries most indebted […]

Total household debt in the United States, 2004-2022. Total household debt rose by $394 billion, or 2.4 percent, to $16.90 trillion in the fourth quarter of 2022, according to the latest Quarterly Report on Household Debt and Credit. Credit card balances increased by $61 billion to reach $986 billion, surpassing the pre-pandemic high of $927 billion; mortgage balances rose to $11.92 trillion, auto loan balances to $1.55 trillion, and student loan balances to $1.60 trillion. The share of current debt transitioning into delinquency increased for nearly all debt types. Graphic: FBNY Consumer Credit Panel / Equifax

February 27, 2023

U.S. household debt hit record $16.9 trillion in Q4 2022, as consumers loaded up their credit cards – “It’s triple trouble for credit card borrowers”

By Alicia Wallace 17 February 2023 Minneapolis (CNN) – Americans continued to add to their debt at the end of last year — and grew their credit card balances at record rates, according to data released Thursday by the Federal Reserve Bank of New York. Total US household debt hit a record $16.9 trillion during the fourth […]

Percentage of OECD countries experiencing higher-than-average inflation, 1970-2022. The global inflation shock that began in the United States in 2021 and took hold worldwide in 2022 will have powerful economic and political ripple effects in 2023. It will be the principal driver of global recession, add to financial stress, and stoke social discontent and political instability everywhere. Today’s historically high inflation comes from multiple sources. First was the Covid-19 pandemic, which prompted governments to cushion the fall in incomes with extraordinary fiscal and monetary stimulus at the same time that it disrupted global supply. Then, just as the United States and Europe were coming out of the pandemic thanks to vaccines, China doubled down on its zero-Covid policy, locking down the global economy’s most important manufacturing and shipping hubs. Finally, Russia’s invasion of Ukraine and the West’s sanctions in response put a strain on the global supply of energy, food, and fertilizer. This unprecedented confluence of overlapping shocks pushed inflation to levels most countries hadn’t seen in nearly 50 years. Graphic: Eurasia Group

January 22, 2023

Eurasia Group’s Top Risks for 2023 – “The risks this year are the most dangerous we’ve encountered in the 25 years since we started Eurasia Group”

By Ian Bremmer and Cliff Kupchan 3 January 2023 (Eurasia Group) – Russia has no way to win in Ukraine. The European Union is stronger than ever. NATO rediscovered its reason for being. The G7 is strengthening. Renewables are becoming dirt cheap. American hard power remains unrivaled. Midterms in the United States were decidedly normal […]

Beds in acute NHS trusts taken by UK influenza patients in winter 2021/22 compared with winter 2022/23. Data: NHS Digital. Graphic: The Times and The Sunday Times

January 5, 2023

UK after Brexit: “Shocking” emergency room delays “killing up to 500 people a week” as NHS care collapses – “We are seeing equivalent levels of pressure to the early months of Covid”

By Rhys Blakely and Henry Zeffman 2 January 2023 (The Times) – As many as 500 people are dying each week because of delays in emergency NHS care, a senior doctor has said. Dr Adrian Boyle, president of the Royal College of Emergency Medicine (RCEM), said that a bad flu season was piling pressure on […]

S. Saksan, 5, who has been diagnosed with leukemia, takes a nap in a corridor of a cancer care transit home near Apeksha Hospital, Colombo, Sri Lanka, 16 August 2022. “Due to the current crisis in Sri Lanka, we are facing severe problems in transport and food,” said his mother Sathiyaraj Silaksana, “I have no option but to pay for my son's needs. My husband is a construction worker. In order to pay for all these expenses, we pawned our jewelry.” Photo: Kim Kyung-Hoon / REUTERS

December 31, 2022

Sri Lanka cancer patients struggle amid economic chaos

COLOMBO, 22 December 2022 (Reuters) – Priyantha Kumarasinghe starts his day in the small Sri Lankan town of Maharagama with a breakfast of two biscuits and a small glass of tea, followed by a round of cancer medicines. The 32-year-old vegetable farmer was diagnosed with lung cancer in 2021 and started receiving treatment earlier this […]