“I have nothing more to lose.” These were the words of Lebanese citizen Sali Hafiz after storming a bank with a toy gun to withdraw her own money. Her widely publicized action, which she said was to pay for her sister’s medical bills, triggered a second wave of bank “robberies” in Lebanon. Despite this, the […]
Tag: Economic Crisis
Is the Next Financial Crisis Around the Corner?
In the wake of the most severe recession since the 2008 financial crisis, even historically low interest rates and Biden’s unprecedented government expenditures might not be enough to protect the US economy from total collapse—at least not in the long term. With the unemployment rate finally recovering from historic highs and GDP growth back on […]
No End in Sight for the Venezuela Stalemate
Over the past few years, the economic and political situation in Venezuela has gone from serious to cataclysmic. Under the lead of President Nicolás Maduro, the United Socialist Party of Venezuela seized nearly complete control of the country. They gutted the power of the opposition-led legislature by handing legislative authority to a “Constituent Assembly” elected […]
Striking Out: Why Strikes Weaken Union Positions Politically
The GM strike, beginning in September of 2019, is set to be the largest strike of the past 18 years. In fact, 2018 as a whole saw the largest number of strikes in decades and support for labor unions has polled at a 20 year high with candidates like Bernie Sanders highlighting their importance in […]
Venezuela: A Textbook Case of How Socialism Breeds Dictatorship
With the largest oil reserves in the world, Venezuela was once the wealthiest nation in Latin America. But today, it is experiencing a historic economic collapse that has forced over 2.3 million citizens to flee the country. Since 2013, Venezuela has lost a third of its gross domestic product while inflation rates have soared at […]