Latin America’s ‘Made in the USA” 2014 Recession

I am not aware of anyone producing material like this her in Australia. Yet Australia’s ecnomy is well and truly mixed up in this picture.
Another recession a la 2007, and for similar reasons. In part Australians were cushioned from it, relatively speaking, by Rudd’s timely and somewhat cautious fiscal stimulus.
What would the Abbott-Hockey-Cormann- BCA response be whn it happens again? More Austerity? Probably, almost certainly … in order to protect the vultures of finance capital.

Jack Rasmus

Three major economies of Latin America—Brazil, Argentina, and Venezuela—entered recession in 2014. And in all three cases their recessions may be subtitled, ‘Made in the USA’.

After growing at 5% to 9% in annual GDP rates between 2010-2012, in 2013 all of the ‘big three’ economies of South America began to slow significantly. Both Brazil and Venezuela GDP grew at only around 1%-2% in 2013, while Argentina’s economy slowed from 9% in 2010 to 4%. Economic growth in Latin America’s other major economy, Mexico, slowed similarly—from 5.5% in 2010 to only 1% last year.

After slowing to a crawl in 2013, the bottom then dropped out in 2014. Both Argentina and Venezuela economies are projected to decline -2% to -3% this year. And with negative economic growth both quarters this past January to June, Brazil’s economy is on track to decline -0.5% to -1.0% in 2014. Elsewhere, Mexico this year…

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I am a retired left wing and labour movement activist. Before that I worked for a long time in the Australian union movement in union education, Australian and international solidarity and organising. I am also active in Cuban solidarity, the SEARCH FOUNDATION, and promoting discussion, debate and action about green socialism based on workers control and social ownership.

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