financial collapse – Page 2 – Desdemona Despair

Median real (CPIH-adjusted) hourly employee pay (2022 prices) by cohort in the UK, 1975-2020. Generational pay progress has stalled for those born after 1980. Graphic: Resolution Foundation

December 23, 2022

Intergenerational audit for the UK in 2022 – “Decades of low pay growth, higher housing costs, and high and rising intergenerational wealth inequality means the young entered this crisis with low levels of financial resilience”

14 November 2022 (Resolution Foundation) – Our fourth Intergenerational Audit – part of the ESRC-funded Connecting Generations partnership – provides an analysis of economic living standards across generations in Britain. In so doing, it analyses the latest data across four domains: In each of these domains, we assess how different people of different ages and birth […]

Photo portrait of economist Nouriel Roubini. Photo: Charlie Bibby / Financial Times

December 20, 2022

Financial Times interview with economist Nouriel Roubini, aka “Dr. Doom” – “I think that really the world is on a slow-motion train wreck”

By Henry Mance 18 December 2022 (Financial Times) – Nouriel Roubini is gloomy, and it’s not just that he arrived in London on a red-eye flight and couldn’t get a table at Nobu. It’s not even conventional economic worries. It’s everything: a confluence of problems, old and new. “I think that really the world is […]

Number of U.S. dollar billionaires in China, 1999-2022. The year 2022 saw the biggest fall in the Hurun China Rich List in the 24 years of its existence. Data: Hurun Research Institute. Graphic: James P. Galasyn

November 20, 2022

China’s superrich decimated as economic downturn wipes out billions – “This year has seen the biggest fall in the Hurun China Rich List of the last 24 years”

By John Feng 8 November 2022 (Newsweek) – China’s wealthy lost hundreds of billions of dollars in 2022 as the global economic downturn also shook up the country’s typically high-growth industries, according to an annual rich list published on Tuesday. The number of Chinese entrepreneurs worth 5 billion Chinese yuan ($710 million) or more on September 15 […]

U.S. consumer debt excluding mortgages, 1989-2022. The bottom 90 percent of US households by wealth saw a record jump in consumer debt from June 2021 to June 2022 amid historic inflation. Data: Federal Reserve. Graphic: Bloomberg

September 27, 2022

Consumer debt hits record for most Americans, except the wealthy – “If your costs are rising and your wages are not picking up, how are people going to fill that gap?”

By Alex Tanzi 26 September 2022 (Bloomberg) – Most Americans are more indebted than ever, underscoring a persistent and widening wealth divide in the US. Consumer debt, including credit cards, rose to an all-time high for the 118 million US households among the bottom 90%, according to the Federal Reserve’s latest data on the distribution of household […]

Labor force participation impacts of health-related absences event study. The figure plots coefficient estimates βk from Equation 1, which represents the effect of a health-related absence during the pandemic on the probability of labor force participation k months before or after the absence. The blue, orange, and gray lines respectively plot estimates without demographic controls, with demographic controls, and with controls for demographics and labor market status. Gaps between months 3 and 9 are due to sample rotation. The color bands depict pointwise 95-percent confidence intervals. Standard errors are clustered at the worker level. Graphic: Goda and Soltas, 2022 / NBER

September 25, 2022

Study finds some 500,000 people have disappeared from U.S. workforce due to long COVID – “Many who fall ill but survive COVID-19 suffer from enduring health problems”

By Ciara Linnane 14 September 2022 (MarketWatch) – Some 500,000 workers have permanently disappeared from the U.S. workforce because of long COVID, according to a new report from the National Bureau of Economic Research. The report found that most patients who have suffered the lingering effects of the virus for months after infection moved straight from […]

Aerial view of Venezuelan migrants in Atacama desert. Photo: Gema Cortes / IOM

September 25, 2022

Hypothermia, dehydration, and 5,000 km on foot: Venezuelan migrants risk their lives for a better future – “It was the first time we experienced cold weather”

17 September 2022 (IOM) – Venezuelans desperate to leave the economic crisis in their country are risking their lives in the hope of a better future, braving extreme weather, border crossing, and bandits along the way. Jhonny, 26, along with his pregnant wife, Cribsel, 19, sits with their two children at a migrant reception centre […]

Global Human Development Index, 1990-2021. In 2021, the global Human Development Index value had declined two years in a row, erasing the gains of the preceding five years. The periods of the global financial crisis and the COVID-19 pandemic are indicated. Graphic: UNDP

September 17, 2022

Human Development Report 2022: For the first time, the Global Human Development Index declined for two years in a row, erasing the gains of the preceding five years – “The world is scrambling to respond to back-to-back crises”

NEW YORK, 8 September 2022 (UNDP) – The world is lurching from crisis to crisis, trapped in a cycle of firefighting and unable to tackle the roots of the troubles that confront us. Without a sharp change of course, we may be heading towards even more deprivations and injustices, warns the United Nations Development Programme […]

Current food security outcomes, Baidoa and Burhakaba Districts in Bay of Somalia, July to September 2022 (left) and projected food security outcomes, Baidoa and Burhakaba Districts in Bay of Somalia, October to December 2022 (right). Famine (IPC Phase 5) is projected to emerge in three areas of Bay Region, Somalia, in late 2022 in the absence of urgent, multisectoral humanitarian assistance. Although levels of acute malnutrition among children and the rate of hunger-related deaths have not yet met the IPC’s technical definition of Famine (IPC Phase 5), those thresholds are expected to be reached during the October to December 2022 projection period based on currently available information that minimal humanitarian food assistance will be delivered in these areas in November and December due to funding constraints. Data: FEWS NET and FSNAU. Graphic: FEWS NET Somalia

September 5, 2022

UN Emergency Relief Coordinator says famine is at the door in Somalia – “The unprecedented failure of four consecutive rainy seasons, decades of conflict, mass displacement, severe economic issues are pushing many people to that brink”

Mogadishu, 5 September 2022 (OCHA) – The Somalia Food Security and Nutrition analysis report shows concrete indications that famine will occur in Baidoa and Burhakaba districts in south-central Somalia between October and December. Full remarks to the press by Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths I have been shocked to my […]

A protester stands against a water cannon as police use tear gas to disperse demonstrators near President’s residence during a protest demanding the resignation of President Gotabaya Rajapaksa, amid the country’s economic crisis, in Colombo, Sri Lanka, 8 July 2022. Photo: Dinuka Liyanawatte / REUTERS

July 8, 2022

Sri Lanka police impose curfew, fire tear gas as unrest escalates – “We have seen the use of lethal weapons in protests”

By Uditha Jayasinghe 8 July 2022 COLOMBO (Reuters) – Police in Sri Lanka’s commercial capital Colombo imposed a curfew after firing tear gas and using a water cannon on student protesters on Friday ahead of a planned weekend rally, as public discontent escalates over the worst economic crisis in seven decades. The island nation has […]

Three-wheelers queue to buy petrol due to fuel shortage, amid the country's economic crisis, in Colombo, Sri Lanka, 5 July 2022. Dinuka Liyanawatte / REUTERS

July 8, 2022

World Bank calls for sovereign debt changes ahead of looming crises – “There are more Sri Lankas on the way”

By Marc Jones 28 June 2022 LONDON, June 28 (Reuters) – A senior official at the World Bank has ramped up its calls for changes in sovereign debt laws so governments have more control when crises strike and they have to restructure their debt. World Bank economists estimate that low- and middle-income economies owe a […]