financial collapse – Page 6 – Desdemona Despair

Nouriel Roubini, professor of economics at New York University’s Stern School of Business. Photo: Simon Dawson / Bloomberg / Getty Images

July 5, 2021

Nouriel Roubini: Conditions in 2021 are ripe for another global financial crisis – “The stagflation of the 1970s will soon meet the debt crises of the post-2008 period”

By Nouriel Roubini 2 July 2021 (The Guardian) – In April, I warned that today’s extremely loose monetary and fiscal policies, when combined with a number of negative supply shocks, could result in 1970s-style stagflation (high inflation alongside a recession). In fact, the risk today is even bigger than it was then. After all, debt ratios in […]

Icicles hang from machinery at the Entergy power plant in Houston, Texas, after Winter Storm Uri, 16 February 2021. Photo: Lauren Talarico / KHOU / Twitter

March 8, 2021

Texas electric bills were $28 billion higher under deregulation – “Texas froze by design”

By Tom McGinty and Scott Patterson 24 February 2021 (The Wall Street Journal) – Texas’s deregulated electricity market, which was supposed to provide reliable power at a lower price, left millions in the dark last week. For two decades, its customers have paid more for electricity than state residents who are served by traditional utilities, a Wall […]

Ice drapes machinery at the Entergy power plant in Houston, Texas, after Winter Storm Uri, 16 February 2021. Photo: Lauren Talarico / KHOU / Twitter

March 7, 2021

Texas power coop seeks bankruptcy protection after Winter Storm Uri – “The consumer and the taxpayer are pretty much one and the same. Whether it comes out of your left pocket or out of your right pocket, it’s coming out of your pocket.”

By Michelle Chapman and David Koenig 1 March 2021 (AP) – The largest and oldest power cooperative in Texas is filing for bankruptcy protection, citing last month’s winter storm that left millions without power, and it is unlikely to be the last utility to seek shelter in the courts. Brazos Electric Power Cooperative serves distributors […]

Total U.S. debt as a percentage of GDP, 1900-2021 and projected to 2051. In CBO’s projections, federal debt held by the public reaches 107 percent of GDP (surpassing its historical high) in 2031 and continues to climb. Federal debt held by the public is projected to equal 202 percent of gross domestic product (GDP) in 2051, and the deficit is projected to equal 13 percent of GDP. Graphic: CBO

March 6, 2021

U.S. debt to break World War 2 record by 2031 – “Even if economic conditions were more favorable than CBO currently projects, debt in 2051 will probably be much higher than it is today”

By Niv Elis 4 March 2021 (The Hill) – The nation’s debt burden is on track to surpass its historic high point in a decade, reaching 107 percent of gross domestic product (GDP) in 2031, according to a new report from the nonpartisan Congressional Budget Office (pdf). The debt surpassed 100 percent of GDP last year […]

Results from the WEF Global Risks Perception Survey 2020. The Global Risks Network chart shows how respondents rank the most concerning risks globally and their drivers. Data: World Economic Forum Global Risks Perception Survey 2020 / The Global Risks Report 2021. Graphic: WEF

February 28, 2021

WEF Global Risks Report 2021: Risk landscape dominated by pandemic and climate change – “Ignoring risks doesn’t make them go away”

By Colleen Zitt 3 February 2021 (Zurich) – As Chief Risk Officer for Zurich North America, I eagerly await the annual release of the World Economic Forum’s (WEF) Global Risks Report. This year’s 2021 edition is no exception. Its thoughtful, laser-sharp analysis of short- and long-term global risks — dominated by the COVID-19 pandemic and climate change — […]

U.S. life expectancy at birth by sex, 2000-2020. In the first half of 2020, life expectancy at birth for the total U.S. population was 77.8 years, declining by 1.0 year from 78.8 in 2019 (6). Life expectancy at birth for males was 75.1 years in the first half of 2020, representing a decline of 1.2 years from 76.3 years in 2019. For females, life expectancy declined to 80.5 years, decreasing 0.9 year from 81.4 years in 2019. The difference in life expectancy between the sexes was 5.4 years in the first half of 2020, increasing from 5.1 in 2019. Between 2000 and 2010, the difference in life expectancy between the sexes narrowed from 5.2 years to its lowest level of 4.8 years and then gradually increasing to 5.1 years in 2019. Graphic: NCHS

February 20, 2021

U.S. life expectancy drops by a full year due to COVID-19 and fentanyl overdose deaths – Toll on minority communities is significantly more deadly – “We haven’t seen a decline of this magnitude in decades”

By Sabrina Tavernise and Abby Goodnough 18 February 2021 (The New York Times) – Life expectancy in the United States fell by a full year in the first six months of 2020, the federal government reported on Thursday, the largest drop since World War II and a grim measure of the deadly consequences of the coronavirus […]

Distribution of major tax cuts for the rich across OECD nations, 1965-2015. This figure visualizes the resulting binary variable that picks out years in which taxes on the rich were reduced substantially. In total, we identify 30 country-year observations where taxes on the rich were significantly reduced. Governments enacted major tax reforms in all countries in our sample and across the whole observation period. Many countries implemented major tax cuts for the rich in the late 1980s. Furthermore, the identification of tax cuts is also in line with previous studies that have focused on income tax progressivity (Rubolino and Waldenström, 2020) or on overall tax progressivity single specific countries (Saez and Zucman, 2019). For instance, echoing these authors’ findings, we find two major reforms that reduced taxes on the rich in the US: 1982 (First Reagan Tax Cut) and 1986/1987 (Second Reagan Tax Cut). Graphic: Hope and Limberg, 2020 / LSE

December 25, 2020

Tax breaks for the rich don’t boost the economy – “Our research shows that the economic case for keeping taxes on the rich low is weak”

16 December 2020 (LSE) – Major reforms reducing taxes on the rich lead to higher income inequality but do not have any significant effect on economic growth or unemployment, according to new research by LSE and King’s College London. Researchers say governments seeking to restore public finances following the COVID-19 crisis should therefore not be […]

Shifting composition of annual debt-service obligations that low-income countries owe to their bilateral creditors from 2020 through 2022. This animation shows the shifting composition of annual debt-service obligations that low-income countries owe to their bilateral creditors-from 2020 through 2022. It reflects projected debt service payments on external debt to official bilateral creditors (TDS, current US$, millions). Debt service to official bilateral creditors will impose a heavy burden for years to come. Graphic: World Bank Group

December 24, 2020

2020 Year in Review: The global economic impact of COVID-19 in 12 charts

By Paul Blake and Divyanshi Wadhwa 14 December 2020 (World Bank Group) – This time last year, concepts such as “lockdowns,” “mask mandates” and “social distancing” were unknown to most of us. Today they are part of our everyday language as the COVID-19 pandemic continues to impact all aspects of our lives. Through the following […]

Projected geographical shift of the human temperature niche. (Top) Geographical position of the human temperature niche projected on the current situation (A) and the RCP8.5 projected 2070 climate (B). Those maps represent relative human distributions (summed to unity) for the imaginary situation that humans would be distributed over temperatures following the stylized double Gaussian model fitted to the modern data (the blue dashed curve in Fig. 2A). (C) Difference between the maps, visualizing potential source (orange) and sink (green) areas for the coming decades if humans were to be relocated in a way that would maintain this historically stable distribution with respect to temperature. The dashed line in A and B indicates the 5% percentile of the probability distribution. Graphic: Xu, et al., 2020 / PNAS

December 17, 2020

Broken societies put people and planet on a collision course, says UNDP – “No country in the world has yet achieved very high human development without putting immense strain on the planet”

NEW YORK, 15 December 2020 (HDRO) – The COVID-19 pandemic is the latest crisis facing the world, but unless humans release their grip on nature, it won’t be the last, according to a new report [pdf] by the United Nations Development Programme (UNDP), which includes a new experimental index on human progress that takes into account countries’ […]

Cumulative change in U.S. jobs since before the pandemic, 6 December 2020. Data: Bureau of Labor Statistics. Graphic: Ella Koeze / The New York Times

December 6, 2020

U.S. job market slowed further in November 2020 – “We’re going to have a few of the toughest months of this pandemic, and there will be a lot of scars left to heal”

6 December 2020 (The New York Times) – The American economic recovery continues to slow, stranding millions who have yet to find a new job after being thrown out of work by the coronavirus pandemic. The latest evidence came Friday when the Labor Department reported that employers added 245,000 jobs in November, the fifth month in a […]