The Institute for Energy and Finance presents the 20th edition of the World Crisis Monitoring.
In the modern economy, it is private consumption that determines the dynamics of growth; therefore, significant resources of state stimulus programs around the world were directed to support consumption. However, as Sergei Kondratiev shows in the section «Private consumption: no drive», this did not lead to a serious increase in consumer activity. Due to the continuing high level of unemployment, the population spent the money, received from the state, to reduce the debt burden and increase savings, and did not spend on new purchases. Both in the US and in the
The debt crisis of the euro zone flares up with renewed vigor. The need for government injections into the banking system led to a record budget deficit in Ireland of 32% of GDP and caused panic in the markets. While Irish emergency lending relieves
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