Tag Archives: pakistan

Stacy Summary: Beware those claiming that major weather disasters like the Moscow heatwaves and fires or the Pakistan floods have nothing to do with the economy, markets or finance. Moscow’s July and August weather has not only impacted, for example, the bond market, but also the wheat market. The floods in Pakistan have not only dislocated millions of people and killed 1600, but have also caused great dislocation in agricultural markets where it has caused inflation in prices of local agricultural goods and is expected to cost the nation up to 10% of GDP. And now it has forced the nation to go to the IMF and plead for restructuring; the IMF is central to the global matrix of ne0-liberal finance so this action, too, will cause unknown knock on effects. Many have an ideology that necessitates weather events NOT be reported on, but these two events will have knock on economic, market and geo-political effects for years to come. Black them out of your memory if you must, but it doesn’t mean the costs will disappear.

• Pakistan seeks IMF loan restructuring