By a commentator for Tjen Folket Media. Originally published on 15.08.2019. All direct quotes have been translated from the original Norwegian by Tjen Folket Media.
The Oslo Stock Exchange has had its largest stock fall this year. The kroner fell, and there have been similar falls on the markets in the US, UK, and Asia. Meanwhile, the German economy has fallen as well. There are signs in the economy that in the past 50 years have foreshadowed recession. Are we standing before the next great crisis in capitalism?
Næringsavisen E24 reports today (15.08.2019) of a new fall on the Oslo Stock Exchange and a fall in oil prices:
‘Fallet på Oslo Børs tiltar etter dupp i oljeprisen’
They write:
Today’s developments come after both the Stock Exchange and Wall Street noted the year’s sharpest fall on Wednesday, after the yield curve on the two- and ten-year government bonds in both the US and UK inverted.
The stock fall is at an annual high on the Oslo Stock Exchange, after falls in the aforementioned countries and in Europe’s «motor», the German economy, along with falls in the markets in Asia.
Recession is an economic retreat, and is often defined as a retrogression in Gross National Product in two consecutive quarters.
E24 also writes that the Norwegian kroner has been weak against both the USD and the Euro.
‘Brå kronesvekkelse etter rentebeslutning’
Changes in the Norwegian economy will affect people in their personal economy, especially among the poorest.
International signs may indicate that we stand either before, or at the cusp of, a new cyclic crisis. E24 writes on the market fall in Asia, after the fall in US and UK markets:
‘Asia-børser faller etter rentealarm i USA’
They write:
Most Asian stocks follow the footsteps of the global market, and fell clearly on Thursday.
On Wednesday, the yield curve on the two- and ten-year government bonds in both the US and UK inverted, a phenomenon that has signaled every recession for the past 50 years.
And:
The three indices on Wall Street started trading Wednesday with a clear fall, and the downturn increased in volume throughout the evening.
According to NRK, the downturn was the year’s largest.
Paradoxically, VG reported this week that Norwegians were largely optimistic in regards to the economy:
‘Økende økonomisk optimisme blant nordmenn’
Capitalism’s economies have no scientific explanation for the crises. They describe them in accordance with their surface phenomena, based on where the crisis manifests first. To understand the fundamental cause of crises, own must refer to Marxism.
TFM will publish a short text on how capitalism must lead to crisis within the next few days.
Additional Sources:
Resesjonstegn i USA og Storbritannia
Germany Nears Recession and Chinese Factories Slow in Trade War Fallout
Stock markets fall after China trade warning
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