Every region of the World is the worst affected
Each month, the UN’s Food and Agriculture Organization (FAO) releases a monthly food price index. The release on 3 June showed that food prices have surged by 40%, the largest rise since 2011. The impact of this food price rise will grievously hit developing countries, most of whom are major importers of food staples.
Prices rise for a range of reasons, the current rise largely fuelled by the collapse of sizeable sections of the global economy during the pandemic. Warnings of general inflation due to lockdown-related pent-up demand, shipping bottlenecks, and oil price increases loom over richer states, which–due to the power of the wealthy bondholders–have few tools to manage inflation, and by poorer states, which swirl in a cataclysmic debt crisis.
Rising food prices come at a time when unemployment rates in many parts of the world have skyrocketed. On 2 June, the International Labour Organisation (ILO) released its annual World Employment and Social Outlook: Trends 2021 report, which showed, as expected, that the pandemic-related economic collapse has meant the loss of hundreds of millions of jobs and working hours.
Latin America and the Caribbean are facing a serious debt crisis
In the previous three parts we have observed the evolution of the DCs’ external debt over the last twenty years. The first part shows a dramatic increase of indebtedness, which multiplied by 2.5 with a steep acceleration from 2008 onward. The second part highlights the main threats on the DCs’ external debt, among which the growing significance of bonds, the evolution of interest rates and the depreciation of their currencies against the U.S. dollar. The third part examines the various factors that lure DCs into the debt trap: dependence on commodities, drop in foreign exchange reserves, inflating repayments, conjuncture of a multi-dimensional crisis aggravated by the COVID-19 pandemic, etc.
We deepen our analysis by focusing on various regions, starting with Latin America and the Caribbean.
Cold War on Trial: Truth Commission details horrible crimes akin to Native American genocide and slavery
With a new Cold War heating up between the U.S. and Russia and China, Witness for Peace Southwest, Addicted to War and CodePink organized a Truth Commission on the original Cold War on March 21st, which brought together the testimony of historians, activists and others who lived through the period.
Following a hearing three years ago, the Zoom event was hosted by Frank Dorrel, publisher of the popular anti-war text Addicted to War, and Rachel Bruhnke, a high school Spanish teacher and member of Witness for Peace Southwest.
In her opening remarks, Bruhnke emphasized that the Cold War should rank as one of three great crimes in U.S. history, the first two being the genocide of the native Americans, and enslavement of African-Americans.
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