A global economic downturn

In Summary

•Emerging markets' exports growth is now falling almost as much as they did in the great recession and tech bust

French President Emmanuel Macron greets President Uhuru Kenyatta during the G7 leaders meeting in Italy in 2017. /COURTESY
French President Emmanuel Macron greets President Uhuru Kenyatta during the G7 leaders meeting in Italy in 2017. /COURTESY

In July of 64 A.D., a great fire ravaged Rome for six days, destroying 70 per cent of the city and leaving half its population homeless. 

According to a well-known expression, Rome’s Emperor at the time, the decadent Nero, “fiddled while Rome burned.”

In Shakespeare’s Henry VI, Henry proclaims:

“Plataginet, I will; and like thee, Nero, Play on the lute, beholding the towns burn.”

The contemporary Indian writer Jeet Thayil wrote in his buzzy Bombay based book Narcopolis:

“The world is on fire; time is a bomb. Ten thousand years are not enough when so much remains to be done.”

A Polish chef called “Luckasz” had the presence of mind to grab a narwhal tusk and run after the 28-year-old British national Usman Khan who had killed two people in a terror attack in central London.

President Macron’s France experienced one of its worst losses in France’s military in more than three decades - 13 dead soldiers during an anti-terrorism mission in Mali - Two Helicopters collided in the dead of the Mali-a night.

Salif Keita, one of Mali’s best-loved musicians, released a video on his Facebook page in which he tells President Ibrahim Boubacar Keita to stop “subjecting yourself to little Emmanuel Macron– he’s just a kid.”

President Macron then holds a press conference in which he pronounces that he is not interested in Trump or in Europe’s strategic autonomy.

He just thinks that Nato has misidentified its enemy. He wants a Nato that works with Russia and China and fights against political, militant Islam. President Erdogan says

“I am talking to France’s President Emmanuel Macron, and I will also say this at NATO. First of all, have your own brain death checked. These statements are suitable only to people like you who are in a state of brain death.”

If President Macron is diagnosing Europe’s preeminent threat as militant Islam then Fortress Europe is already lost to the geopolitical grandmaster Vladimir and his bestie Xi Jinping the decimator of the Uighurs.

The fact of the matter is militant Islam has been a Western asset and a spear for regime change. It is a mind-bending Macronian misdiagnosis.

Furthermore, the global economy is on its ‘’last leg’’ to borrow @Maryam_Rajavi’s words about Iran  who tweeted ‘’The whole issue is that the Velayat-e Faqih regime is on its last leg.’’

Emerging markets' exports growth is now falling almost as much as they did in the great recession and tech bust.

Currencies from Latin America to Lebanon are crashing. India’s Narendra Modi whose calling card was economic growth in Gujarat notwithstanding his fondness for a good old fashioned pogrom is clearly embarked on a ‘’West Bank’’’ level settlement project of Kashmir.

At a private event on Saturday in New York City, Sandeep Chakravorty, India’s consul-general to the city, told Kashmiri Hindus and Indian nationals that India will build settlements modeled after Israel for the return of the Hindu population to Kashmir.

Three years ago, India was enjoying economic growth of about nine per cent.

Now the rate of expansion has slumped to just half that. The country’s gross domestic product grew by just 4.5 per cent in the July to September quarter, the lowest level since early 2013.

GDP growth was at seven per cent in the same period last year, and five per cent in the previous quarter.

Economic growth has now fallen for six consecutive quarters, a slide that can be partially attributed to the recent weakness of India’s factories.

The manufacturing sector shrank one per cent last quarter. The growth rate for agriculture was more than cut in half.

The GDP figure is the weakest recorded under Prime Minister Narendra Modi, who first swept to power five years ago promising to take India’s economy to new heights and create millions of jobs every year.

The politics of ethnocratic Nationalism are a bust.

There is no "abracadabra" and the global economy feels like that moment when everyone was dancing in the ballroom just before the iceberg hit.

Aly-Khan is a financial analyst