Big Freeze Coming for the World Economy Here's a prediction. The US economy is heading for slump. By the end of this year, that reality will start to emerge behind the smoke and mirrors of stock market exuberance and big business bluster. Since 1945, all world slumps have started in the US. This time will be no exception. Europe is just beginning to pick up steam. Its budding boom will be cut off by the frost of the American recession. Japan and Asia are already freezing. Before the millennium is reached, the world will be ice.
The Central Valley's Poor West Side Labor journalist David Bacon investigates the efforts to unionise Latino workers in California
1999: the Start of the Long Economic Winter The world is heading for a major slump in the next 12- 18 months. All the signs are there. On the surface, all seems reasonably rosy. The world's stock markets have recovered from their autumn crash and the 'real economy' of developed capitalism also performed reasonably well in 1998. Only Japan continued to dive by nearly 3%. But so-called emerging Asia suffered the worst slump in a lifetime, while Russia entered yet another horrific downturn as the rouble collapsed. Latin America is now sliding into recession. Overall, the capitalist world grew about 1.5%, hardly enough to compensate for population growth. And 1998 was a relatively good year. The neon signs of a deep slump ahead are flashing.
