Economies Everywhere In Crisis, But Why?

Post-Soviet krizis genre takes over the world

Jun 10, 2025

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Living standards are collapsing; each country has krizis 'pick and mix'
Does this polycrisis have a common thread; and why are solutions so bland
Someone will pick up the pieces after chaos has done its work
Big tech and life sciences are rentier parasites feeding off the host
Paying no tax, migrating talent out of emerging economies
As hyper-financialisation pushes productive investment aside
Facebook produces nothing, but extracts ‘cloud rent’ to the 0.1 per cent
Workers’ wages have collapsed from 75% of output to less than 50%
Tech bros are the new colonialists, harvesting wealth from the poorest nations

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Professor Richard Werner goes further:

"We could live in abundance. But the central planners have revealed their preference for recession, degrowth, unemployment, bankruptcies, destruction of family, middle class and civil society."

(2,900 words or 15 minutes of your company)

June 10, 2025

Around the world the middle class is shrinking, hurt by offshoring, consolidation and monopolization.

In each country the interplay of crises is same but different: what the World Economic Forum groups under the term, polycrisis.

See UN Terrifies Youth To Push 'Polycrisis' - TV naturalist Chris Packham says it’s time to break laws to save Earth (Sep 24, 2023)

In the U.S. it's inflation and a quality-of-life crisis, leading people to flee the metropolis.

In other countries rural populations still cram into cities, such as Istanbul, or immigrants into London, which had just over 6 million residents when I studied there in the 1980s and now is pushing 9 million.

Turkiye also has high inflation, a weakening currency, and a large current account deficit.

Northern Europe is said to comprise some of the world's most stable countries but that depends what you measure. Once gracefully boring and homogenous countries like Finland and Sweden have pushed back against “instrumentalised” migration, and they abandoned long-standing neutrality when they joined NATO in 2024.

The conflict with Russia has cost Europe its access to cheap Russian gas, and it now faces an energy crisis, the high cost accelerating the loss of industrial manufacturing, which the influx of cheap or undocumented labour cannot fix.

In South America, Argentina took another IMF bailout in April, number 23, after cutting energy and transport subsidies and public works.

Brazil, the sixth wealthiest country with 200 million people, struggles with the cost of its (fairly conservative) welfare system but has resorted to a political clampdown against any candidate that tries to reform it.

In Africa, oil-rich Nigeria, one of Africa's largest economies, owes almost $100 billion, external and domestic, and about a third of GDP.

Egypt spends 40 per cent of revenues on debt repayments, while Libya which had the highest standard of living in Africa (UN Human Development Index), was destroyed by NATO in 2011 on the false pretext that Muammar Gaddafi was persecuting his citizens (they were Western-backed militia).

In the northern half of Africa, the role of the U.S., the UK, France and Israel has been to provide "economic incentives" for corrupt army officers or powerful militia leaders who will work for Western objectives — access to minerals or for bases on the Red Sea, for example.

Krizis genre

Why are so many countries in financial crisis?

The World Bank and orthodox academics blame the usual things: the cost of pandemics and climate change, geopolitical conflicts and the new boogeyman, Trump's tariffs. The answers are the same: spend more on climate mitigation, integrate migrants and invest in new skills, and more government, especially from the United Nations and the World Health Organisation.

But a moment's reflection tells you that these are symptoms, not causes.

It is the response to wars or pandemics that disrupt supply chains; sanctions and lockdowns that exacerbate hunger. It is the West's outsourcing of industry, on the pretext of reducing carbon emissions, that transfers pollution to the developing world, causing sickness, that is then blamed on pandemics.

Social engineers encourage the flow of migrants to "reskill" the West, when those skills are so obviously lost to their country of origin. The International Council of Nurses has accused high-income countries of depriving poorer, more fragile countries, of medical staff.

This "new form of colonialism" hurts poor countries, yet it does not benefit the masses in the West. Someone is profiting but it is not the people!

Likewise France buys uranium for its nuclear power stations dirt-cheap from Africa, yet France has some of the world's most expensive electricity prices; the state as middleman, squeezing the African worker and the French cityoen.

See Africa’s Rebellion, Hawaii’s Destruction And Smart Cities - Former colonies say ‘non,’ and France wants to join BRICS (Aug 31, 2023)

Artificial scarcity

This is the model of artificial scarcity, and it is the true reason that so many countries are in crisis.

The carbon and climate boondoggle creates energy scarcity. If oil is getting more costly to extract, why don't we see efforts to use it where adds most value? Why so little innovation in the energy sector beyond inadequate wind and solar?

Despite the talk of a fourth industrial revolution (4IR) there is no real change in the century-old, production-consumption model, except to outsource factories to China.

See Not Enough Minerals For Green Energy - Dreams of electric everything defy reality; put the D in population (Sep 08, 2022)

The money power, hand in glove with governments, steals wealth through inflation, monetising too much debt, and then blames producers.

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