Notes on the global economy: drowning in oil and credit Global markets gave fallen 7.1% since January 1st, their worst start since 1970. George Soros, the renowned business magnate, says the situation developing in China reminds him of the period prior to the banking crisis of 2008. Former US treasury secretary Larry Summers has said, “The global risk to domestic performance in the US, Europe and many emerging markets is as great as any time I can remember.”
The Uber controversy reveals the rottenness of the taxi industry The arrival of the smart-phone application Uber has thrown the taxi industry into a state of disarray. First launched in June 2009 in San Francisco, the application has spread rapidly and today finds itself in over 300 cities in approximately 58 countries. While it offers many advantages over traditional taxis, including lower rates, it is having serious effects on the living conditions of taxi drivers.
Danger: World Slump Ahead The International Monetary Fund has been forced, not only to repeatedly downgrade its growth forecasts, but to now predict a fall in World GDP in dollar terms, the first since 2009. This is a reflection of the crisis-ridden world we are in.
