{"id":10793,"date":"2015-08-06T06:31:30","date_gmt":"2015-08-06T11:31:30","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10793"},"modified":"2015-08-06T06:31:30","modified_gmt":"2015-08-06T11:31:30","slug":"you-can-add-iraq-and-ukraine-to-the-list-of-economies-that-are-collapsing","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10793","title":{"rendered":"You Can Add Iraq And Ukraine To The List Of Economies That Are Collapsing"},"content":{"rendered":"

You Can Add Iraq And Ukraine To The List Of Economies That Are Collapsing<\/a><\/h3>\n

\"Earth<\/a>The list of nations around the globe that have collapsing economies just continues to grow.\u00a0 In recent weeks I have written about the ongoing saga in Greece, the stock market crash in China, the debt crisis\u00a0in Puerto Rico<\/a>\u00a0and the economic meltdown\u00a0in South America<\/a>.\u00a0 But there are more economic flashpoints that I have not even addressed yet.\u00a0 For example, did you know that a full-blown economic collapse is happening in Iraq right now?\u00a0 And did you know that the economy of Ukraine is contracting rapidly and that it cannot pay its debts?\u00a0 Back in 2008, the financial crisis was primarily centered on the United States, but this time around it is turning out to be a truly global phenomenon.<\/p>\n

When the U.S. \u201cliberated\u201d Iraq, the future for that nation was supposed to be incredibly bright.\u00a0 But instead, things have just gone from bad to worse.\u00a0 This has especially been true since we pulled our troops out and allowed ISIS to run buck wild.\u00a0 At this point unemployment in Iraq is at Great Depression levels, the economy is steadily contracting and government debt is spiraling\u00a0wildly out of control<\/a>\u2026<\/p>\n

But Iraq\u2019s oil industry, and the government\u2019s budget, is beingsqueezed<\/a>\u00a0by low oil prices. As a result, the nation\u2019s finances are being hit hard: the market price is now half that needed to break even, expanding the budget deficit, forecast to return to balance until the rise of IS,\u00a0to a projected 9% of GDP<\/strong>.<\/p>\n

In the past, Iraq\u2019s leaders\u00a0approved<\/a>\u00a0budgets without seriously taking into account a drop in the price of oil. Now the severe revenue shortfall is forcing leaders to cut back on new investments. Russia\u2019s Lukoil, Royal Dutch Shell, and Italy\u2019s ENI are also cutting back,\u00a0eyeing<\/a>\u00a0neighbouring Iran\u2019s pending economic opening as a safer investment.<\/p>\n

Despite\u00a0improving<\/a>\u00a0its finances after the US troop withdrawal, the drop in oil prices and the rising costs of battling IS have pushed Iraq\u2019s economy into a state of near-crisis. According to the IMF, the nation\u2019s GDP\u00a0shrank<\/a>\u00a0by 2.7% in 2014<\/strong>\u00a0andunemployment is estimated to be over 25%<\/strong>.<\/p><\/blockquote>\n

Things are even worse in another nation that was recently \u201cliberated\u201d.\u00a0 The new U.S.-friendly government in Ukraine was supposed to make things much better for average Ukrainians, but instead the economy is\u00a0absolutely imploding<\/a>\u2026<\/p>\n

The country\u2019s GDP contracted\u00a0by 6.8 percent<\/strong>\u00a0last year, and is forecast to shrink\u00a0by another 9 percent<\/strong>\u00a0this year \u2014 a total loss of roughly\u00a016 percent<\/strong>\u00a0over two years.<\/p><\/blockquote>\n

Just like in much of southern Europe, the banks are absolutely overloaded with bad loans and the entire banking system is on the verge of total collapse.\u00a0 The following comes from a\u00a0CNN article<\/a>\u00a0that was posted earlier this year\u2026<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

You Can Add Iraq And Ukraine To The List Of Economies That Are Collapsing The list of nations around the globe that have collapsing economies just continues to grow.\u00a0 In recent weeks I have written about the ongoing saga in Greece, the stock market crash in China, the debt crisis\u00a0in Puerto Rico\u00a0and the economic meltdown\u00a0in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[130,236,5983,353,1167,418,442,1239,446,447,4901,1775,3824,821],"class_list":["post-10793","post","type-post","status-publish","format-standard","hentry","category-economics","tag-china","tag-economic-collapse","tag-economiccollapseblog","tag-gdp","tag-greece","tag-imf","tag-iraq","tag-is","tag-isis","tag-islamic-state","tag-michael-snyder","tag-oil-price-collapse","tag-puerto-rico","tag-ukraine"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10793"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10793\/revisions"}],"predecessor-version":[{"id":10794,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10793\/revisions\/10794"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}