By Nick Beams, 23 December 2017
In seeking to grasp the significance of the present frenzy, it is worth recalling the analysis made by Marx of previous financial bubbles, in particular those associated with the expansion of the credit system, which began in the mid-nineteenth century.
By Nick Beams, 21 December 2017
The appetites of financial speculators continue to be whetted by reports of huge gains made by hedge funds that specialise in bitcoin and other cryptocurrencies.
By Nick Beams, 18 December 2017
In a move directed against China, the US, Japan and the European Union agreed to take joint action on “severe excess capacity” in steel and other commodities.
By Nick Beams, 13 December 2017
The rise and rise of the cryptocurrency Bitcoin is the most egregious expression of the rampant speculation that has come to dominate the global economy.
11 December 2017
By Nick Beams, 8 December 2017
Consumption spending is being dragged down by historically low wage growth, rising energy costs and high debt levels.
By Nick Beams, 5 December 2017
A leading British fund manager said he is losing count of the number of “red lights” that are flashing warning signs over the state of financial markets.
By Nick Beams, 1 December 2017
The aggressive content of the last US move is indicated by the fact that it is the first “self-initiated” trade measure by the Commerce Department in more than a quarter of a century.
Amid mounting fears of financial turmoil
Departing Fed chairwoman seeks to reassure markets while warning of debt crisis and social inequality
By Nick Beams, 30 November 2017
Amid surging stock markets and warnings of a new financial bubble, outgoing Federal Reserve Chairwoman Janet Yellen made her final appearance before Congress.
By Andre Damon, 29 November 2017
The explosive rise in the price of bitcoin, the first “cryptocurrency,” has eclipsed the run-up of any comparable asset in modern history.
By Nick Beams, 13 November 2017
Trump’s tour has underscored the mounting problems US imperialism confronts globally.
By Nick Beams, 11 November 2017
In his diatribe, the US president cast aside the multilateral framework put in place by the United States itself in the aftermath of World War II.
By Gabriel Black, 10 November 2017
The latest leaks confirm that the largest companies in the world, and the ultra-wealthy that run them, use their power and wealth to park trillions of dollars offshore to avoid taxation.
By Eric London, 10 November 2017
According to a new report by the Institute for Policy Studies, Jeff Bezos, Bill Gates and Warren Buffett now own more wealth than the poorest half of the US population, some 160 million people.
By Andre Damon, 27 October 2017
As the ultra-rich grow older and wealthier, they are increasingly preoccupied with the question of “succession.”
By Nick Beams, 27 October 2017
Draghi’s supporters on the ECB governing council prevailed against a push to set a date to end its quantitative easing policy.
By Nick Beams, 24 October 2017
The use of the term “Minsky moment” could be an indication of how serious the bank chief regards the situation.
By Nick Beams, 21 October 2017
Mnuchin’s Politico interview is an unwitting admission that the world’s largest economy is dominated by financial parasitism.
By Nick Beams, 19 October 2017
Thirty years ago today, on October 19, 1987, the New York Stock Exchange experienced what remains its largest one-day fall in history.
By Nick Beams, 14 October 2017
Central banks confront an acute contradiction: attempts to normalise monetary policy may trigger a financial crisis, but continuing the flow of easy money is creating unsustainable debt levels.
By Roger Jordan and Keith Jones, 13 October 2017
The collapse of NAFTA would mark a new stage in the eruption of 1930s-style “beggar they neighbor” trade conflicts.
By Nick Beams, 12 October 2017
International Monetary Fund chief economist Maurice Obstfeld welcomed the uptick in global growth but said the “recovery” was “cyclical” and “incomplete.”
By Kranti Kumara, 11 October 2017
The Indian economy, touted by Prime Minister Narendra Modi as a high-growth haven, is increasingly mired in crisis.
By Nick Beams, 10 October 2017
Schäuble said he had “no idea when the next crisis will happen” but economists all over the world were concerned about the rise of liquidity and debt.
By Nick Beams, 7 October 2017
The record run of the Australian economy, 26 years without a recession, has “flattered to deceive,” as major economic problems come to the surface.
By Nick Beams, 2 October 2017
Ending the “too big to fail” designation for the giant insurance group has been described as the most significant step in the Trump administration’s push for financial deregulation.
By Nick Beams, 19 September 2017
The BIS has warned that the slow pace in normalising central bank interest rates and ending quantitative easing is setting up financial markets for a shock when interest rates do rise.
By Nick Beams, 18 September 2017
September 14 was the 150th anniversary of the publication of the first volume of Capital by Karl Marx. It marked a turning point in mankind’s intellectual and historical development.
By Nick Beams, 15 September 2017
US markets are in their second-longest bull run in history, indicating a growing divergence between financial markets and the underlying real economy.
By Nick Beams, 9 September 2017
The class agenda of the ECB emerged when president Mario Draghi called for the further elimination of job protection as he backed reforms by the Macron presidency in France.
By Nick Beams, 31 August 2017
The word “recovery” is frequently used to describe the state of the world economy, but what it really reveals is the position of the ultra-wealthy.
By Nick Beams, 28 August 2017
In their speeches, neither Federal Reserve chair Janet Yellen nor European Central Bank head Mario Draghi even mentioned the massive asset purchases carried out over the past eight years.
Amid warnings of a new financial crash, Fed Chairwoman promotes illusions at Jackson Hole conference
By Nick Beams, 26 August 2017
Yellen extolled the achievements of the Federal Reserve in putting in place measures to prevent a recurrence of the 2008 financial crisis.
By Nick Beams, 22 August 2017
There are growing concerns in US and global financial circles that the rise in the US stock market that accelerated with the election of Donald Trump is heading for a major downturn.
By Nick Beams, 21 August 2017
Stephen Bannon has been forced out as Trump’s chief strategist, but his agenda of economic warfare against China has been taken up by the administration.
By Nick Beams, 18 August 2017
According to the IMF, the increased Chinese debt, resulting from government efforts to stimulate the economy, could lead to a financial crisis.
By Anna Rombach, 16 August 2017
Eggs contaminated with the toxic insecticide Fipronil have now been found in many European countries and in Hong Kong.
By Evan Blake, 28 July 2017
Bezos’s ascension to the heights of society rests on the exploitation of Amazon’s hundreds of thousands of workers worldwide.
By Nick Beams, 25 July 2017
A decade after the global financial crisis, growth rates remain well below the levels of 2008, with no sign of a return to the previous levels in the future.
By Nick Beams, 22 July 2017
A former White House advisor said the meeting had “all the signs—no joint statement, or press conference, no outcomes—of serious and sustained tensions rapidly emerging due to deep differences.”
By Roger Jordan, 21 July 2017
Washington intends to use the talks to extract concessions from corporate America’s Canadian and Mexican rivals and to forge a US-led trade bloc to confront its global rivals.
By Nick Beams, 21 July 2017
ECB president Mario Draghi said there were indications of economic growth but this was yet to translate into underlying inflation dynamics.
By Nick Beams, 18 July 2017
According to the authors of a recent study, the reason for the high cost of drugs in the US is the prevalence of a “social disease” called “maximising shareholder value.”
15 July 2017
By Nick Beams, 10 July 2017
Despite cobbling together a unanimous resolution, the G20 summit was, by any measure, the most fractious meeting of major political leaders in the post-war period.
By Nick Beams, 10 July 2017
The statement “Palace coup or class struggle: The political crisis in Washington and the strategy of the working class,” issued by the SEP (US), is grounded on the “life situation” facing the working class, resulting from the rise of financial parasitism and its domination over every aspect of economic and social life.
By Alex Lantier, 8 July 2017
Ringed by tens of thousands of heavily-armed police, the representatives of the global financial oligarchy gathered in Hamburg to hurl recriminations at one another.
By Patrick Martin, 7 July 2017
The US president associated himself fully with the ultra-right policies pursued by the nationalistic PiS government in Warsaw.
By Nick Beams, 7 July 2017
The steel issue is only the sharpest expression of a wider conflict that goes to the very nature of trade relations among the major powers.
By Bill Van Auken, 7 July 2017
The G20 summit convenes today in Hamburg, Germany in an atmosphere of global crisis and multisided conflicts that point to the emergence of a new prewar period.
By Alex Lantier, 6 July 2017
As Trump arrived in Poland, Xi’s state visit in Berlin highlighted growing US-EU tensions over Asia.
By Nick Beams, 27 June 2017
While noting an upturn in the global economy, the BIS said sentiment had swung more than facts and a series of “tensions” and “paradoxes” remained.
By Nick Beams, 24 June 2017
The Beijing government is concerned about purchases of overseas assets using financial mechanisms outside their control.
10 June 2017
By Nick Beams, 10 June 2017
Structural changes in the European economy mean low wages along with part-time and casual employment are becoming the “new normal.”
By Mike Head, 8 June 2017
Without spending by deeply-indebted households, the country would officially be in recession.
By Nick Beams, 6 June 2017
Far-reaching structural changes in the economy, above all the rise of low-paid part-time labour, have undermined the assumptions on which the Fed’s policies have been based.
By Joy Bose and Kranti Kumara, 3 June 2017
According to industry reports, India’s IT sector could eliminate 600,000 jobs over the next three years.
31 May 2017
By Nick Beams, 29 May 2017
While there have been divergences at previous G7 meetings, this year the participants were unable to paper over their differences in the final communiqué.
By Peter Schwarz, 27 May 2017
Nearly a decade after the 2008 financial crisis, the conflicting interests among the imperialist powers have reached a point at which they can no longer be reconciled through talks and diplomacy.
By Nick Beams, 26 May 2017
The sharp reaction of the Chinese finance ministry to the Moody’s downgrade decision signifies that that economic and political contradictions facing the Xi Jinping regime are increasing.
23 May 2017
By Nick Beams, 22 May 2017
Held over the weekend, the meeting of trade ministers from the 21 members of APEC abandoned any commitment to resist protectionism.
By Nick Beams, 19 May 2017
US productivity growth is running at around one third its level before the global financial crisis of 2008.
By Jerry White, 17 May 2017
The job cuts explode the myth propagated by the Trump administration and the news media about the US economy reaching “full employment.”
By Nick Beams, 16 May 2017
In launching the initiative, Chinese president Xi Jinping emphasised the need for “win-win co-operation,” but there are significant tensions surrounding the project.
By Nick Beams, 12 May 2017
Apple’s market valuation and cash holdings illustrate a major shift in the mode of profit accumulation and how share values increasingly result from financial manipulation.
By Nick Beams, 5 May 2017
There is conjecture about what Apple intends to do with its cash pile, but one thing is certain: it will be used for forms of speculation and financial manipulation.
May Day 2017
By Nick Beams, 2 May 2017
The historic crisis of the global capitalist system is now producing the very conditions that led to the economic conflicts of the 1930s and the eruption of war in 1939.
By Nick Beams, 28 April 2017
The Trump administration has signalled that it will take an aggressive economic nationalist stance in negotiations on NAFTA after making moves to withdraw altogether.
By Gustav Kemper, 25 April 2017
Since the beginning of 2017, the two rail companies have been engaged in secret merger negotiations behind the backs of their employees.
By Nick Beams, 24 April 2017
Pledges to “resist protectionism,” long included in statements issued by the world’s major global economic institutions, are now regarded as too controversial.
By Nick Beams, 22 April 2017
The stock market has lifted but consumer spending is falling and industrial production is flat.
By Nick Beams, 20 April 2017
The IMF reports make clear that none of the underlying problems that have beset the world economy since the eruption of the global financial crisis in 2008 has been resolved.
By Nick Beams, 18 April 2017
While forecasting a “cyclical recovery”, IMF managing director, Christine Lagarde has said a “sword of protectionism” hangs over the world economy.
By Nick Beams, 15 April 2017
There is no meaningful distinction between industrial and finance capital because, in the end, all capital is finance capital, an important study has found.
By Jean Shaoul, 13 April 2017
The Libor scandal revealed not only the criminality of the global financial system centred in London, but the massive web of corruption and complicity involving governments and financial regulators the world over.
By Nick Beams, 12 April 2017
The IMF analysis of labour’s share of income is consistent with the essential logic of capital as revealed by Marx.
By Nick Beams, 11 April 2017
Trump officials struck a conciliatory tone following discussions on trade with Chinese president Xi Jinping, but Commerce Secretary Wilbur Ross said he expected “tangible results.”
By Nick Beams, 1 April 2017
US President Donald Trump signed two protectionist executive orders Friday, signalling a return to the kind of measures that proved so disastrous in the 1930s.
By Nick Beams, 30 March 2017
Two major international economic organisations, the IMF and the OECD, have voiced concerns about the impact of the US protectionist trade agenda on the stability of the world economy.
By Nick Beams, 24 March 2017
The post-World War II economic and trading order, constructed in the main by the US, was the product of a push to prevent the kind of protectionist and trade war measures that led to the Second World War.
By Barry Grey, 23 March 2017
Whatever the short-term trend on the financial markets, Tuesday’s downturn reflected the underlying unsustainability of the massively inflated stock valuations.
By Nick Beams, 20 March 2017
While attempts were made by G20 finance ministers to downplay the significance of the breach with the US, the decision to drop resistance to protectionism is a significant step towards a global trade war.
By James Cogan, 18 March 2017
Despite concerns expressed about protectionism, the most obvious feature of the Chile summit was the manner in which various states pursued their own national trade agendas.
By Nick Beams, 10 March 2017
The ECB retained its negative base interest rate, placing it on a divergent path from the US Federal Reserve.
By Nick Beams, 7 March 2017
The Trump administration has issued a document making clear that it is taking aim at the World Trade Organisation and agreements that have governed international trade in the post-World War II period.
By Nick Beams, 6 March 2017
The Chinese government has cut its target in an attempt to address growing problems in the country’s financial system.
By Nick Beams, 3 March 2017
The massive rise in Snap Inc. stock took place amidst a surge in US markets, which has seen $3 trillion added to share values since the election of Trump.
By Nick Beams, 28 February 2017
The objective logic of Trump’s agenda of economic war, based on “America First” leads inexorably to military conflict.
By Nick Beams, 23 February 2017
A World Bank report found that growing political uncertainty was a significant factor in the further decline in world trade growth in 2016.
By Saman Gunadasa, 22 February 2017
The country has been severely hit by the continuing global downturn and a prolonged drought that has destroyed key crops and driven up the prices of staple foods.
By Nick Beams, 21 February 2017
Speaking on behalf of European capital, the London-based Financial Times has described the trade policies of the Trump administration as a “clear and present danger” to the global trading and monetary system.
By Mike Head, 23 January 2017
Ending the Trans-Pacific Partnership is not a retreat into US isolationism but a ramping up of the offensive, commenced under Obama, to reassert American hegemony in Asia.
By Nick Beams, 21 January 2017
The atmosphere at the World Economic Forum was a mixture of bewilderment over the disintegration of the present global order, coupled with fears as to where it might be leading.
By Kranti Kumara, 18 January 2017
Demonitisation has forced farmers to sell to wholesalers at fire-sale prices, depressed consumer demand, and led cash-short employers to lay off workers en masse.
Oxfam issues report on eve of Davos conference
By Nick Beams, 17 January 2017
The report, released as the world’s billionaires converge on Davos, Switzerland, reveals that global inequality is even more pronounced than previously recognized.
By Nick Beams, 14 January 2017
The central theme of the World Economic Forum report for this year’s annual gathering of the global elites is that the very legitimacy of “market capitalism” is being called into question.
By Nick Beams, 11 January 2017
The United States was the guarantor of the post-war economic order based on the lowering of tariffs and trade barriers under the rubric of “free trade,” but Trump’s “America First” agenda signals the collapse of that order.