With military retaliation against the Taliban ruled out, the West is turning to financial reprisals. The US has frozen Afghanistan's central bank assets and global development aid is halted.
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The black swan of a financial war between China and the United States is seen as unlikely to make an appearance in 2021 after a series of events in the past few days. Photo: Reuters
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Zhou Xin co-leads the political economy team at the Post. He mainly covers economic stories but also writes about Chinese politics and diplomacy. He has previously worked for Reuters and Bloomberg in Beijing.
John Bellamy Foster is the editor of
Monthly Review and a professor of sociology at the University of Oregon. R. Jamil Jonna is associate editor for communications and production at
Monthly Review. Brett Clark is associate editor of
Monthly Review and a professor of sociology at the University of Utah.
The authors thank John Mage, Craig Medlen, and Fred Magdoff for their assistance.
The U.S. economy and society at the start of 2021 is more polarized than it has been at any point since the Civil War. The wealthy are awash in a flood of riches, marked by a booming stock market, while the underlying population exists in a state of relative, and in some cases even absolute, misery and decline. The result is two national economies as perceived, respectively, by the top and the bottom of society: one of prosperity, the other of precariousness. At the level of production, economic stagnation is diminishing the life expectations of the vast majority. At the same time, financializatio