Alternative Visions - Britain’s Economic Crisis: Isolated Event or Harbinger of Things to Come

Dr. Rasmus reviews the intensifying UK economic crisis that escalated this past week. Bond holders and investors provoked a crisis in Britain’s pension funds in response to the new Truss government’s proposals to cut taxes and enact price caps on the accelerating cost of energy for UK households and small businesses.  Capitalist investors don’t want fiscal spending they fear will stimulate the economy and therefore demand and inflation, the latter now double digit and predicted to rise to 17%. They want higher interest rates from the UK bank of England to protect the value of their investments—from rising inflation as well as collapsing British currency, the pound, that has fallen 40%.Rasmus explains this represents growing contradictions between capitalist fiscal-monetary policies and splits within the UK capitalist class. The show further explains and critiques the EU’s latest proposals for sanctions on Russia by creating a G7/EU global oil price cartel, which is doomed to fail if it ever gets implemented. Latest events summarized also in Russia-Ukraine/NATO war.