GARY RYNHART: Multiple global crises portend even darker times ahead

Multiple crises are compounding each other, indicating troubled waters ahead, the writer argues. Picture: 123RF/SOLERF

Was any of this foreseeable? Take yourself back to 2019. While some like Bill Gates had predicted a global virus, few would have countenanced what transpired because of the Covid-19 pandemic. Cities shuttered; borders closed. A global work-from-home experiment.here were indications that the simmering conflict could escalate, but few would have envisaged where we are now. A global cost-of-living crisis, 20-million tonnes of food commodities blocked.

Second is recession. The World Bank predicts recession is likely for many countries. At present there is uncertainty, which results in a lack of confidence to invest. Money stands still. This has led to the current uncertainty, economic stagnation and ever-increased inequality. These ingredients usually result in the appearance of political charlatans trading on xenophobia, populism and easy promises. The most recent 2008 global financial crisis created a fertile environment for political reactionaries such as Donald Trump, Rodrigo Duterte and Jair Bolsonaro, and reactionary processes such as Brexit.

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