By Nick Beams, 6 August 2020
A major gold trading fund now holds gold equal to a quarter of that held at Fort Knox in the US and has more than the gold reserves of the Bank of Japan, the Bank of England and the Reserve Bank of India.
By Peter Symonds, 5 August 2020
US propaganda now includes allegations of Uyghur “genocide,” based on sensational accounts of forced birth control and the sterilization of Uyghur women in Xinjiang province.
By Mike Head, 4 August 2020
Workers, especially those in casual and insecure employment, will bear the burden of the sweeping “state of disaster” COVID-19 restrictions announced by Victoria’s Labor government.
By Anthony Torres and Alex Lantier, 3 August 2020
Eurostat economic figures for the second quarter of 2020 show that Europe saw its deepest and most sudden economic collapse in history.
By Nick Beams, 3 August 2020
The Fitch credit rating agency said high fiscal deficits, already present before the economic shock of the COVID-19 pandemic, have started to “erode the traditional credit strength of the US.”
As stock indexes continue their climb
By Barry Grey, 1 August 2020
The congressional stalemate over an extension of the unemployment pay supplement, which is certain to result in the total elimination or a major cut in the benefit, is a declaration of war against the entire working population.
By Jerry White, 31 July 2020
Even as the US economy suffers its sharpest contraction in history and the death toll from the pandemic surpasses 155,000, the private fortunes of America’s billionaires continue to rise.
By Nick Beams, 30 July 2020
The massive intervention by the Fed and other central banks into financial markets beginning last March has raised fears, reflected in the soaring price for gold, that currencies are being debased.
As other mid-Michigan corporations carry out layoffs
By Luke Galvin, 30 July 2020
The latest round of layoffs at Dow further exposes the long-going exploitative and controlling nature of the company’s relationship with the Midland, Michigan region.
By Nick Beams, 28 July 2020
A report published in the New York Times last week on the March crisis—the trigger for the latest round of Fed intervention—noted that speculative activity of hedge funds had pushed “critical parts of the US financial markets” towards a collapse.
By Will Morrow, 28 July 2020
The unions’ central concern is to prevent a movement of the entire working class in France and across Europe against layoffs and European Union austerity measures.
By Alejandro López, 28 July 2020
The EU bailout Iglesias calls a “breath of fresh air” is the roll-out across Europe of the model of Greek bailouts after the 2008 crash, to repay trillions of euros given to the rich.
By Gustav Kemper and Wolfgang Weber, 28 July 2020
This attack has long been planned by the company, the Berlin state executive and the Verdi trade union. Now the coronavirus pandemic and impending closure of Tegel are being used as the excuse to implement it.
By Nick Beams, 28 July 2020
Frydenberg lauded the “success” of the offensive against the working class in the 1980s, just as he announced a record budget deficit of $184.5 billion for this financial year.
By Patrick Martin, 27 July 2020
The Trump administration and Democratic and Republican leaders in Congress are condemning millions of workers to destitution, hunger and homelessness.
By Will Morrow, 22 July 2020
The agreement will provide a new revenue stream for European states to give handouts to corporations, and a new mechanism for austerity across the continent.
By Nick Beams, 21 July 2020
Many large US companies are reported to have determined that earlier measures are not going to be sufficient and that increased COVID-19 cases and related shutdowns have dashed hopes for a quick recovery.
By Steve James, 21 July 2020
Ireland’s National Public Health Emergency Team has warned of a second wave of COVID-19 infection as the Central Bank warns of a “severe negative shock”.
By Shannon Jones, 21 July 2020
Congressional Democrats and Republicans are preparing to slash or eliminate the $600 weekly unemployment supplement that has been a lifeline for millions of workers laid off during the pandemic.
By Nick Beams, 18 July 2020
After securing a decision by the UK government to ban the Chinese firm Huawei from its 5G rollout, the US is pressuring the Merkel government in Germany to take the same decision.
By Robert Stevens, 18 July 2020
The collapse in the number of workers in employment takes place along with a drastic fall in hours for those remaining in a job, and a fall in wages.
By Mike Head, 18 July 2020
Governments and employers are working with the trade unions to exploit the COVID-19 catastrophe to accelerate the casualisation of the workforce.
By Jessica Goldstein, 17 July 2020
The number of new official jobless claims demonstrate a state of deep economic crisis for US capitalism.
By Trévon Austin, 17 July 2020
As many as 25,000 stores and half of the malls in the US face closure.
By Nick Beams, 14 July 2020
So far this year, top-rated US corporations have issued almost as much debt as they did in the whole of 2019, putting them on course to exceed the record debt issuance of $1.37 trillion in 2017.
As it charts depths of economic crisis
By Nick Beams, 9 July 2020
The Organisation for Economic Cooperation and Development says that up to 10 times fewer hours have been worked in some countries as compared with the first months of the 2008 financial crisis.
By Sam Dalton, 8 July 2020
An examination of the budget makes clear that highly publicized $1 billion “cut” to the New York Police Department is a complete sham.
By Robert Stevens, 7 July 2020
Workers have been laid off particularly heavily in the retail, travel, hospitality, and manufacturing sectors.
By Gustav Kemper, 7 July 2020
In common with many other businesses, Commerzbank is using the coronavirus pandemic to implement preexisting plans to shed jobs and close branches.
By Terry Cook, 7 July 2020
Employers are continuing to utilise the COVID-19 pandemic to restructure their operations, shedding thousands of jobs and cutting working conditions.
Millions in the US face catastrophe as federal unemployment relief set to expire amid surging pandemic
By Kevin Reed, 4 July 2020
The combined economic impact of the raging pandemic and the imminent cutoff of $600 weekly federal assistance is leading to a social catastrophe for millions across the US.
By Gabriel Black, 4 July 2020
The $7.9 trillion in 401(k) retirement funds will be used to buttress private equity markets and further enrich the financial oligarchy.
By Saman Gunadasa, 4 July 2020
While providing huge financial concessions to the banks and big business, the government is imposing greater economic burdens on workers and the poor.
By Jerry White, 3 July 2020
Despite Trump’s claims that the “economy is roaring back,” joblessness remains at depression levels while the reopening of businesses has produced a surge of COVID-19 cases.
By Nick Beams, 3 July 2020
Having boosted the wealth of the financial oligarchy, in the midst of economic devastation for working people, the Fed is actively considering giving the rich even more support.
Airbus cuts 15,000 jobs
By Will Morrow, 1 July 2020
Having given massive state bailouts to the corporations, the ruling class is using the pandemic to effect a historic restructuring in class relations.
By Paul Lee, 30 June 2020
Two thousand management job cuts will be followed by at least 20,000 redundancies from the remaining workforce.
By Nick Beams, 30 June 2020
Over the past 12 years, since the financial crisis of 2008, the state has provided trillions of dollars to the banks, hedge funds and corporations, shattering the nostrums of “free market” capitalism.
By Jerry White, 26 June 2020
The US Labor Department recorded a record fourteenth week in a row in which the number applying for unemployment aid topped one million.
By Peter Schwarz, 26 June 2020
The company CEO was arrested in connection with the disappearance of 1.9 billion euros ($2 billion).
By Fred Mazelis, 26 June 2020
The city faces a June 30 deadline for a budget at a time when revenues show a $9 billion fall due to the impact of the COVID-19 pandemic.
By Nick Beams, 25 June 2020
The global economy is predicted to take a $12 trillion hit over 2020 and 2021 with the COVID-19 pandemic having a “catastrophic” effect on the world labour market.
By Ozan Özgür, 24 June 2020
Millions of workers are losing their jobs, left unable to meet basic needs as billions go to cheap loans in the interests of the ruling class in Turkey.
By Steve Filips, 20 June 2020
Airlines are slashing jobs, pay, and hours of workers in a desperate attempt to bolster profits at worker expense during the pandemic.
By Anthony Torres, 20 June 2020
After receiving a €7 billion public bailout, the French-Dutch airline is preparing to slash between 6,000 and 10,000 jobs amid the COVID-19 pandemic.
By Mike Head, 20 June 2020
The rate of youth unemployment and underemployment would be a staggering 48 percent if everyone who had lost their job was counted.
By Shannon Jones, 19 June 2020
Mass joblessness in the US is unlike anything seen since the Great Depression of the 1930s.
By Nick Beams, 19 June 2020
US Trade Representative Robert Lighthizer has delivered a broadside against the World Trade Organisation and indicated that trade negotiations with the European Union were going nowhere.
19 June 2020
By Nick Beams, 17 June 2020
Fed chairman Jerome Powell said it would take some time before employment and economic activity returned to pre-pandemic levels.
By Oscar Grenfell, 17 June 2020
The government is winding back meagre relief measures introduced during the pandemic and intensifying an assault on working class jobs and conditions.
By Nick Beams, 16 June 2020
The report calls the economic outlook “exceptionally uncertain.” It warns that any recovery will be “hesitant” and subject to interruption by another outbreak of the pandemic.
By Alex Lantier, 16 June 2020
With Macron’s brief televised address, the ruling class is declaring an international class war against workers.
By Isaac Finn, 16 June 2020
State authorities demanded that thousands of workers give back “overpaid benefits” they have received since the start of the economic crisis sparked by the COVID-19 pandemic.
By Gary Joad, 15 June 2020
The largest health care corporations and hospital chains have collected billions in federal grants and laid off tens of thousands of health care workers, while compensating top executives hundreds of millions.
By Evan Blake, 15 June 2020
The massive education-related job losses will in many cases be permanent, with devastating repercussions for both educators and an entire generation of students.
By Nick Beams, 12 June 2020
The S&P 500 dropped by 5.9 percent after it had risen by 45 percent and returned to previous highs as a result of the boom in stocks following the injection of trillions of dollars into financial markets by the Fed.
By Nick Beams, 11 June 2020
The Fed forecast the US economy would contract by 6.5 percent this year and unemployment would be 9.3 percent with the decline in second quarter GDP “likely to be the most severe on record.”
By Nick Beams, 10 June 2020
The rise of the market, taking place in the midst of the greatest health crisis in a century, stands in stark contrast to the underlying real economy.
By Peter Schwarz, 8 June 2020
Like the previous bailouts, the latest package showers cash on the rich, concealed behind a few modest rations for families and will produce a further increase in social inequality.
By Shannon Jones, 6 June 2020
An unexpected decline in the unemployment rate in May is being used by the White House to declare the pandemic-fueled economic crisis over.
By Mike Head, 6 June 2020
The slump began before the main COVID-19 pandemic restrictions commenced, and has led to the greatest loss of livelihoods since the 1930s Great Depression.
By Shannon Jones, 5 June 2020
The economic meltdown triggered by the COVID-19 pandemic is evolving into a deep and long economic slump.
By Jean Shaoul and Stephan McCoy, 5 June 2020
Zambia has been caught in the crosshairs of US President Donald Trump’s reckless campaign to undermine China, which he views as a threat to US global dominance.
By Nick Beams, 5 June 2020
The decision by the ECB to lift its emergency asset purchasing program to €1.35 trillion was warmly welcome in financial circles.
By Alejandro López, 5 June 2020
Thousands of Nissan workers, their families and sympathisers are striking, protesting and blocking roads to protest the automaker’s decision to shut down its Barcelona plant.
By Nick Beams, 4 June 2020
The Congressional Budget Office has reduced its forecast for US growth over the next decade by a cumulative $7.9 trillion, equivalent to 3 percent of gross domestic product.
By Marianne Arens, 4 June 2020
The unions are on the side of those raking in billions in aid to keep the German stock market bubbling.
By Mike Ingram, 3 June 2020
Dozens of workers will be replaced with artificial intelligence software that will automatically select content and manage news production.
By Will McCalliss, 2 June 2020
With a maximum $6.3 million deficit looming, Brookline lays off $20 million’s worth of teachers in the name of “flexibility.”
By Kevin Reed, 2 June 2020
The merger of the wireless carriers Sprint and T-Mobile has already resulted in the loss of 6,000 retail jobs as the combined firm is moving aggressively to close down as many as 2,000 Metro prepaid phone stores across the country.
By Tom Peters, 30 May 2020
More than a third of the population is in financial difficulty, as the Ardern Labour Party-led coalition government presides over tens of thousands of job cuts.
By Nick Beams, 29 May 2020
The move to establish the new fund comes amid warnings that the effects of the pandemic on the European economy are far more serious than had been initially anticipated.
By Elliott Murtagh, 29 May 2020
The City University of New York system is beginning to implement sweeping budget cuts triggered by New York state’s estimated $13.3 billion loss in tax revenue due to the COVID-19 pandemic.
By Oscar Grenfell, 29 May 2020
The unions have committed to a sweeping pro-business overhaul of workplace conditions and industrial relations on the pretext of the pandemic.
By Jerry White, 29 May 2020
Major US corporations that have received billions in government bailout money are slashing thousands of jobs while protecting their corporate executives and biggest shareholders.
By Robert Stevens, 28 May 2020
Project Birch follows on from the handing over of nearly a trillion pounds in the form of quantitative easing of £645 billion and £330 billion in business loans.
With US states facing a $230 billion loss in education funding, Betsy DeVos channels public assets to private schools
By Evan Blake, 28 May 2020
Facing an unprecedented budget crisis in every state, the ruling class is working to impose the full burden of the pandemic on the working class through massive austerity, including an evisceration of K-12 public education.
By Genevieve Leigh, 27 May 2020
A large body of research shows that young people, especially those without a college degree, are particularly vulnerable during economic downturns.
Hundreds of thousands of Americans face homelessness during pandemic as states begin lifting restrictions on evictions
By Trévon Austin, 26 May 2020
Across the US, moratoriums on eviction proceedings and home foreclosures, set in place during the onset of the pandemic, have either been lifted or are set to expire early next month.
By Alex Lantier, 26 May 2020
Four plants in France, three in Spain and tens of thousands of jobs worldwide are targeted amid a savage restructuring of the global auto industry.
By Dietmar Gaisenkersting, 26 May 2020
With the approval of hedge funds and the IG Metall trade union, the supervisory board of Germany’s Thyssenkrupp company has decided to break up the industrial group.
Maryland Democratic Party officials cite coronavirus crisis to impose sweeping budget cuts on workers
By Ray Coleman, 26 May 2020
Democratic Party officials in Montgomery County seized upon the COVID-19 crisis to impose austerity upon county employees, many of whom are working on the front lines of the pandemic.
By our reporters, 26 May 2020
The trade unions, like the counterparts around the world, are assisting the government and the employers.
By Nick Beams, 25 May 2020
Premier Li Keqiang said the government had refrained from setting a GDP target because foreign markets were so uncertain.
Global rental car giant Hertz added to growing list of US corporations filing for Chapter 11 bankruptcy
By Jessica Goldstein, 25 May 2020
The restructuring has already begun with Hertz laying off or furloughing about one fourth of its workforce, or 16,000 workers, since March.
As hundreds across Europe die daily from coronavirus
By Jordan Shilton, 23 May 2020
Piling one lie on another, the EU Commission claimed its guidelines would restore “transport services across the EU while protecting the health of transport workers and passengers.”
By Shuvu Batta, 23 May 2020
Uber has slashed jobs for its white-collar workers while it restructures its business in response to its fall in share values and drop in ride requests.
By Alex Findijs, 23 May 2020
The design of the program will inevitably lead to a disproportionate share of funding flowing to large firms.
By Niles Niemuth, 23 May 2020
The class logic at play in the homicidal push to reopen the US economy before the spread of the coronavirus has been controlled is becoming increasingly clear.
By Niles Niemuth, 22 May 2020
According to some estimates, the real unemployment rate has already hit 22.5 percent, which is nearing levels reached during the depths of the Great Depression in 1933.
By Nick Beams, 22 May 2020
While the Fed has taken limited measures to try to curb some of the riskier activities of the banks that sparked the 2008 crash, the dangers have simply been shifted to other areas of the financial system.
By Peter Schwarz, 22 May 2020
Merkel and Macron see the coronavirus crisis as an opportunity to strengthen their countries’ position in the world market and reorganise the European economy in the interests of the major corporations.
By Gary Joad, 22 May 2020
According to the Bureau of Labor Statistics, 43,000 health care workers lost their jobs in March, while 1.4 million more lost their jobs in April.
By Helen Halyard and Kevin Reed, 22 May 2020
The WSWS spoke with Karissa, 27, about her experiences over the past eight weeks since she and her fiancé lost their jobs when the coronavirus pandemic hit the Detroit area.
By Kevin Reed, 21 May 2020
The DOJ case will reportedly raise “concerns that Google uses its dominant search business to stifle competition.”
By Dietmar Gaisenkersting, 19 May 2020
Germany’s largest department store group, the merged Galeria Kaufhof Karstadt, is to close almost half of its stores.
By Jessica Goldstein, 19 May 2020
The decline of traditional “brick and mortar” retail is part of a protracted process which has spanned decades. The COVID-19 pandemic has accelerated processes which were already well underway.
By John Braddock, 19 May 2020
While handing over billions to big business through the COVID-19 crisis, Labour’s budget boosts the military and prepares a sweeping assault on the social position of the working class.
By Mike Head, 18 May 2020
Successive Australian governments have been in the forefront of imposing tariffs and other restrictions on imports from China.