While a ‘technical’ recession is no longer forecast for 2023, the BoE still expects stagnant output for next two years... and that may be the best outcome - writes Michael Roberts.
"The banking crisis that emerged last March is still on the horizon again, as rising interest rates drive down the demand for loans and corporate bankruptcies rise."
"The impact of central bank rate hikes has not been so much on driving down inflation as on accelerating economies into a slump" - in depth analysis from Michael Roberts.
The collapse of the First Republic Banks and others present a powerful argument for public ownership - Economist Michael Roberts' analyses the banking crisis.
"It ain’t over til it’s over. The latest Fed data from show that US banks lost $100bn in deposits... while the large US banks have added $67bn, the small banks have lost $120bn and foreign-owned banks $45bn."
An interview with Economist Michael Roberts on the causes of the recent banking crisis, it's impact on the real economy and more questions about finance capital and global capitalism today.