In this episode of ‘Ens Interessa’ we discuss the international economic context with James Sène, president of 11Onze. The first in a series of two podcasts on the course of the recession, where we analyse the causes of the current crisis, the discourse of the media and the proposals made by 11Onze.

For more than a year now, 11Onze has been warning that the economic forecasting indices indicated that we were heading towards an unprecedented global financial crisis and a possible collapse of the international financial system. Unfortunately, it seems that the most catastrophic forecasts are coming true, leaving a bleak economic scenario in Europe.

As Sène explains, “people are feeling the effects of everything we have been saying, which seemed catastrophic, but has become true”. Public debt that has reached record highs, runaway inflation that was supposed to be temporary but has become chronic, and the inevitable rise in the cost of credit, all point to an imminent global recession.

Rhetoric that doesn’t fit reality

When it comes to finding solutions to deal with the economic blow that many families are suffering, some ‘experts’ recommend increasing consumption following the trend of ‘Buy Now, Pay Later“. But are we really solving the problem or making it worse? As 11Onze’s president points out, “this is increasing debt, creating debt to consume is exactly the wrong thing to do“.

On the other hand, the political class and the media seem to be more interested in serving their own interests than the public interest. It seems that the excuse of the conflict in Ukraine is used to justify any economic calamity and to avoid political responsibilities. “The press has a responsibility in all this, if I were editor-in-chief of some newspaper, I wouldn’t sleep, because they are not telling people the truth,” says Sène.

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