2020: bumper year for the ‘millionaire club’ A revealing new Credit Suisse report has exposed how in 2020 the ‘millionaire club’ grew dramatically, despite capitalism being on life support, as wealth inequality rose massively. The USA saw the creation of 1.73 million new millionaires; Germany, 633,000, and Australia over 300,000.
Capitalists turn to tricks and illusions as inflation starts to rise The pandemic has had the effect of intensifying the crisis of overproduction that began in 2008, further exacerbating the contradictions of the capitalist system. As a result, we are witnessing a sharp change in the policies being carried out by the ruling classes of the main imperialist countries. Austerity, the economic policy of the last few years, has been temporarily put to one side. It would have been economically and politically unsustainable to carry on with austerity policies under the current conditions.
Inflation and instability: contradictions mount for capitalism Governments across the world have spent the last year propping up the capitalist system with unprecedented state support. But these desperate measures have built dynamite into the foundations of the world economy – which is now set to explode.
