Upcoming Events

International | Anti-Capitalism

no events match your query!

New Events

International

no events posted in last week

Blog Feeds

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link RTEs Sarah McInerney ? Fianna Fail supporter? Anthony

offsite link Joe Duffy is dishonest and untrustworthy Anthony

offsite link Robert Watt complaint: Time for decision by SIPO Anthony

offsite link RTE in breach of its own editorial principles Anthony

offsite link Waiting for SIPO Anthony

Public Inquiry >>

Human Rights in Ireland
A Blog About Human Rights

offsite link UN human rights chief calls for priority action ahead of climate summit Sat Oct 30, 2021 17:18 | Human Rights

offsite link 5 Year Anniversary Of Kem Ley?s Death Sun Jul 11, 2021 12:34 | Human Rights

offsite link Poor Living Conditions for Migrants in Southern Italy Mon Jan 18, 2021 10:14 | Human Rights

offsite link Right to Water Mon Aug 03, 2020 19:13 | Human Rights

offsite link Human Rights Fri Mar 20, 2020 16:33 | Human Rights

Human Rights in Ireland >>

Lockdown Skeptics

The Daily Sceptic

offsite link The Battle for Informed Consent Mon Apr 15, 2024 20:00 | Dr Zoë Harcombe
The NHS says informed consent requires us to be given all the information about what a treatment involves. When Dr Zoë Harcombe tried to get this info on the Covid vaccine, however, she received nothing but obfuscation.
The post The Battle for Informed Consent appeared first on The Daily Sceptic.

offsite link Scrabble Does Not Need to be Made More ?Inclusive? Mon Apr 15, 2024 18:00 | Jack Watson
Did Mattel really need to make Scrabble more 'inclusive'? Isn?t the beauty of the game is that it?s a merciless test of verbal intelligence? Fifteen year-old Jack Watson thinks it's fine as it is.
The post Scrabble Does Not Need to be Made More ?Inclusive? appeared first on The Daily Sceptic.

offsite link Blame Tory Ministers for the NHS?s Woke-ification Mon Apr 15, 2024 16:14 | David Craig
Given the massive amount of woke bureaucracy imposed on NHS organisations by the Department of Health, it's hardly surprising that the hiring of DEI staff has been one of the fastest growing areas in our failing NHS.
The post Blame Tory Ministers for the NHS’s Woke-ification appeared first on The Daily Sceptic.

offsite link The Astrophysicist Warning About the Coming Little Ice Age: ?It?s Already Started? Mon Apr 15, 2024 13:50 | Hannes Sarv
"CO2 is not a bad gas," says Prof Valentina Zharkova, "the world actually needs more." The climate is instead driven by the Sun, argues the Astrophysicist. "Expect the next 30 years to get colder."
The post The Astrophysicist Warning About the Coming Little Ice Age: “It’s Already Started” appeared first on The Daily Sceptic.

offsite link NHS Bosses Introduce Banner Featuring 21 LGBT Flags Including ?Demiromantic?, ?Neutrois?, ?Androgyne... Mon Apr 15, 2024 11:26 | Will Jones
NHS bosses have been accused of "woke pandering" after they brought out a banner featuring flags for 21 genders and sexualities including "Demiromantic", "Neutrois", "Androgyne" and "Genderqueer".
The post NHS Bosses Introduce Banner Featuring 21 LGBT Flags Including “Demiromantic”, “Neutrois”, “Androgyne” and “Genderqueer” appeared first on The Daily Sceptic.

Lockdown Skeptics >>

Voltaire Network
Voltaire, international edition

offsite link Iranian response to attack on its consulate in Damascus could lead to wider warf... Fri Apr 12, 2024 13:36 | en

offsite link Is the possibility of a World War real?, by Serge Marchand , Thierry Meyssan Tue Apr 09, 2024 08:06 | en

offsite link Netanyahu's Masada syndrome and the UN report by Francesca Albanese, by Alfredo ... Sun Apr 07, 2024 07:53 | en

offsite link Voltaire, International Newsletter N°81 Sat Apr 06, 2024 05:21 | en

offsite link The Von Der Leyen case Fri Apr 05, 2024 15:23 | en

Voltaire Network >>

Welcome to the downward spiral!

category international | anti-capitalism | opinion/analysis author Sunday February 24, 2013 10:52author by Luke Eastwood Report this post to the editors

Despite the continued 'green shoots' talk, recovery seems increasingly far away.

It does not take a genius or even an economist to realise that we are in fact in the depths of a major depression, which is continuing to worsen. The mainstream media, especially the USA media 90% of which is owned by just 6 corporations, continues to talk up a recovery but this is pure hyperbole that an intelligent person should be able to see through.

Peak oil pundits have suggested that the effects of hitting the plateaux would be like a car that keeps stalling each time it gets into second gear. This crude analogy seems to be entirely appropriate – attempts to kick start the western economies have short-lived and limited effects because the underlying problem of relatively high production and employment costs will not go away. This is exacerbated by the high price of oil, which itself feeds into the increasingly high prices of basic commodities such as food and minerals.

So now rather than peak oil, we might be finding ourselves in a situation of peak everything! As prices rise and debt levels too the printing of more money (quantative easing) makes the situation worse by devaluing currency, making everything even more expensive, fuelling even higher inflation and continuing to reduce the buying power of every individual’s pay packet.

Economies with cheap labour and an abundance of resources (e.g. China) have done very well due to the imbalance between their production costs and those of western economies. However, as the western powers lose their buying power and people increasingly focus on necessities instead of luxuries, they too may well be affected. With a collapse in its export market China may not have a sufficiently strong local or domestic market to continue its expansion and any fiat currency based system of commerce that is not expanding is in crisis.

So what does the future hold? Simple household economics will tell you that if you don’t have enough money to cover your costs then you have to cut your spending until it is equal to or less than your household income. Using myself as a perfect example – I have relatively well paid professional employment but I have remained on the same salary to 5 years.

In truth my static salary has led to a reduction in income, in part due to inflation but also due to rises in taxes. So in order to compensate for this reduction I have had to reduce my household spending by finding better deals (e.g. cheaper insurance), providing essentials myself (food and fuel) or by simply cutting certain items from my monthly budget.

I’d consider myself fortunate that I am able to continue with my life pretty much as normal after accepting some cutbacks and adjustments. Many millions of people are not half so fortunate. In the western economies millions of people are defaulting on their debts, losing their homes and falling into poverty. Elsewhere the situation is far worse – in Egypt for instance most families spend 80% of their income just on food!

All indications are that this depression is far from over, in fact it looks set to become increasing severe in the years ahead. This situation may be exacerbated further by the currency wars that have begun and indeed by the real proxy wars between the main rival blocks (NATO and SCO) taking place in Africa and Arabia as I write.

Given this grim outlook I would consider it wise to be prepared for the worst, although I am ever hopeful that we might escape the worst case scenarios predicted by some commentators. If you can – pay off your debts; save some money as physical cash or metals; reduce your outgoings on unnecessary expenditure; become more self-sufficient. Even if things do not turn out as bad as predicted – cutting away self-indulgence and becoming more self-reliant are positive steps towards gaining more control over your own life – something worth doing even if a financial collapse is not coming.

Luke Eastwood is a writer and horticulturist living in Ireland,

Related Link: http://www.lukeeastwood.com
© 2001-2024 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy