The world suffered the economic equivalent of a heart attack in 2008-9, triggered by the collapse of the Wall Street bank Lehman Brothers. The current condition of the global economy isn't as acute. But a raft of bad economic data over the last couple of months point to a patient whose breathing is starting to become much more irregular.
Across the core of the capitalist system, economies are either slowing, stagnating or contracting. In the United States, the rebound from the crisis was already the weakest on record, hovering at around two percent annual growth. But this has weakened further, slipping to 1.7 percent in the latest set of GDP figures. This is despite four years of $1 trillion plus government deficits and huge injections of cash into the economy by the Federal Reserve, the central bank, on top of that. And it could get worse.