Global Recession Looking Imminent as Coronavirus Fears Meet Oil War

Published: March 9, 2020, 4:41 p.m.

In this segment of By Any Means Necessary, hosts Sean Blackmon and Jacquie Luqman are joined by Dr. Jack Rasmus, an economist, radio show host, & author of "The Scourge of Neoliberalism," to talk about the all-out price war hitting the oil markets, why the collapse of asset markets as the Coronavirus guts global demand has led us to this moment, why this news immediately sparked a selloff and likely means we're almost certainly in a global recession now, how the US fracking industry originally managed to upend traditional energy markets and how it may be affected now, why fracking companies overextended on junk bonds are likely to face extinction, why the decision to maintain low interest rates means there's no longer any ammunition left in the Fed's holster and it will have to engage in further large-scale quantitative easing and tax cuts, how the overuse of those tools to fatten corporate profits means their efficacy has been severely reduced, why the impact of the Coronavirus pandemic will be felt most acutely by working people.