By Nick Beams, 10 March 2020
While the collapse in oil prices triggered the sell-off, the underlying cause lies in the complete divorce of share market valuations from the underlying real economy.
By Alex Lantier, 10 March 2020
Inmates’ families protested outside prisons against the authorities’ refusal to release prisoners or provide them with protection from contagion inside overcrowded prisons.
By Andre Damon and David North, 10 March 2020
The crisis produced by the coronavirus pandemic has delivered a powerful message: the capitalist system and the needs of society are fundamentally incompatible.
Renewed protests in Chile; Michigan delivery drivers strike over healthcare
10 March 2020
Thousands participated against austerity, inequality and repression in Chile while Teamster delivery drivers manned pickets in Monroe, Michigan
By Nick Beams, 9 March 2020
Trading this week began with a fall in the price of Brent crude from $45 a barrel to $31.52, one of the biggest single-day falls in its history.
By Nick Beams, 6 March 2020
The gyrations in global stock markets have focused attention on underlying trends that are creating the conditions for another financial crisis on the scale of 2008 or even larger.
By Kevin Reed, 6 March 2020
A new report by the consulting firm Knight Frank shows that the number of super-wealthy people in the world—those with more than $30 million in assets—is projected to increase by 27 percent over the next five years.
5 March 2020
By Mike Head, 5 March 2020
The Covid-19 disaster has not yet resulted in large-scale sickness in Australia, but major companies are already unveiling job cuts due to the global impact on production, trade and travel.
By Brian Walker and Alexander Fangmann, 5 March 2020
Minuscule spending increases in K-12 education and social services would be conditional on passage of a constitutional amendment instituting a graduated income tax in the November election.
By Nick Beams, 4 March 2020
The Fed rate cut, unanimously agreed to at a teleconference on Monday evening, was the first carried out between scheduled meetings since the financial crisis of 2008.
By Ben McGrath, 3 March 2020
Prime Minister Abe has been accused of inaction will the virus spreads in the hopes of minimizing the impact on the economy.
By Andre Damon, 3 March 2020
While only a pittance is available to slow the spread of the coronavirus pandemic, which threatens to kill millions of people, unlimited funds are being made available to bail out the financial elite.
By Nick Beams, 2 March 2020
China’s National Bureau of Statistics (NBS) announced over the weekend that the manufacturing purchasing managers’ index (PMI) fell to 35.7 in February, down from 50 in January, hitting an all-time low.
By Nick Beams, 29 February 2020
One somewhat stunned investment funds manager told the Wall Street Journal: “This has been really quick, really deep, and in some respects unbelievable.”
By Dietmar Gaisenkersting, 29 February 2020
The new owners have announced that they will not retain a single store for longer than two years if necessary.
By Nick Beams, 28 February 2020
Wall Street is down more than 10 percent from the record highs of last week and the S&P 500 index has experienced its sharpest ever fall from an all-time record.
By Alex Lantier, 27 February 2020
A planned, rational deployment of worldwide medical and industrial resources is essential to keep the disease from potentially claiming millions of lives.
By Nick Beams, 26 February 2020
After reaching record highs last week, the major indexes have lost all their gains for the year, wiping out some $2.1 trillion from share values.
By Nick Beams, 24 February 2020
The OECD pointed to an “unprecedented build-up of corporate bond debt” since the financial crisis of 2008 with an increase of $2.1 trillion in 2019 alone.
By Tom Hall, 22 February 2020
The new battery plant will employ only 1,100 workers making between $15 and $17 per hour—only a quarter of the number who once worked at the now-shuttered Lordstown Assembly Plant.
By Peter Symonds, 19 February 2020
Beijing’s blunt language is an attempt to counter Washington’s relentless propaganda offensive and also to seek support from the European powers.
By Jessica Goldstein, 19 February 2020
A planned takeover of McClatchy by Chatham Asset Management will mean that the vast majority of US newspapers will be controlled by Wall Street financial firms.
By Nick Beams, 19 February 2020
The impoverishment of the working class is not an accidental outcome of the accumulation of wealth by a rapacious financial oligarchy—the two are directly linked.
By Mike Ingram, 18 February 2020
The two companies headquartered in Massachusetts announced layoffs as investors demand profitability while at least eight Bay Area tech companies have alerted the state government of job losses totaling 1,100 positions.
By Benjamin Mateus, 18 February 2020
Beijing has come under fire from the international community, as well as its citizens, for mishandling the early stages of the outbreak.
By Andre Damon, 17 February 2020
After the UK, France and Germany announced they would not ban Chinese telecommunications company Huawei from their networks, US officials sought to threaten their NATO allies into changing course.
By Nick Beams, 17 February 2020
The chief driving force of the downturn is the fall in industrial production, with Eurostat reporting last week that output fell 2.1 percent in December, bringing the total decline for the year to 4.1 percent.
By Nick Beams, 15 February 2020
The Shelton nomination has attracted elevated attention because she is viewed as a potential choice by Trump for the position of Fed chair if he wins re-election and decides to oust the current chair Jerome Powell.
By Tom Hall, 15 February 2020
The reality of American social life is very different than the fantasy of a “blue-collar boom” which Trump delivered during last week’s State of the Union address.
15 February 2020
By Nick Beams, 14 February 2020
The unveiling of new charges underscores the distinctive approach taken by the US state towards what are in essence commercial disputes.
By Andrea Lobo, 14 February 2020
The effort by General Motors and the Confederation of Mexican Workers to certify their contract at the Silao complex is a warning to workers across Mexico about the anti-democratic content of the government’s supposed labor reforms.
14 February 2020
14 February 2020
By Nick Beams, 13 February 2020
Markets are soaring as the Federal Reserve makes clear it stands ready to inject still more cheap money into the financial system in the event of any significant market downturn.
By Nick Beams, 12 February 2020
Despite a return to work in some areas, major Chinese regions have taken on a “ghost-town ambience.”
By Mike Head, 12 February 2020
The bushfire and coronavirus disasters have had an enormous economic and social impact.
By Eric London, 12 February 2020
The announcement begins the staged process in which the Democratic Party feigns indignation over the proposed cuts only to ultimately accede to many of the demands.
By Tom Peters, 11 February 2020
A student who spoke to the WSWS described the travel ban, ostensibly aimed at stopping the spread of coronavirus, as a “dream come true” for the NZ First Party and other right-wing nationalists.
By Gabriel Lemos, 11 February 2020
The Brazilian ruling elite fears that the strike at the state-owed oil giant Petrobras will spread to other sections of public and private sector workers.
By Marcus Day, 11 February 2020
Ford’s falling profits and management reshuffling herald an acceleration of the company’s years-long turnaround plan and attacks on workers globally.
By George Gallanis, 11 February 2020
Since announcing plans last August to cut costs and boost profits as part of its drive for “organizational efficiency,” Deere has laid off 220 workers at plants across Illinois and Iowa.
By Bryan Dyne, 11 February 2020
The coronavirus contagion has become a disaster and a tragedy for the tens of thousands infected and the tens of millions who remain under quarantine.
By Kevin Reed, 10 February 2020
The Trump administration is scheduled to release a 2021 budget plan on Monday that includes deep reductions in entitlement programs and other mandatory spending while increasing funding for the military and the Department of Homeland Security.
By Nick Beams, 8 February 2020
The US Federal Reserve warned that “possible spillovers from the effects of the coronavirus in China have presented a new risk to the outlook.”
8 February 2020
By Nick Beams, 7 February 2020
In a speech this week, the governor of the Reserve Bank of Australia Philip Lowe pointed to the growing risks posed by the cheap money policies of the world’s central banks.
By George Kirby and Tim Rivers, 7 February 2020
Workers from General Motors Customer Care & Aftersales facilities and other factories in Michigan are angered by continuous forced overtime imposed in the aftermath of the 2019 UAW sellout contract.
By Tim Rivers, 7 February 2020
The move by BorgWarner is the latest step in the vast restructuring of the industry, as carmakers and supplies scramble to dominate the emerging electrical and autonomous vehicle markets.
By Naveen Dewage, 7 February 2020
The three-day walkout by graphite miners in defiance of their unions indicates the increasing radicalisation of the working class and the rapid break up of illusions in the new government.
By Nick Beams, 5 February 2020
Economic activity is at a virtual standstill in at least 21 Chinese provinces which account for 80 percent of the country’s gross domestic product and 90 percent of its exports.
By Nick Beams, 1 February 2020
Financial analysts are warning that the virus has created a more uncertain environment than the US-China trade war and its impact could be greater than that of the SARS virus in 2002–2003.
By Tom Hall, 30 January 2020
The bipartisan support for the USMCA shows that all factions in Washington agree on an intensification of economic conflict with China.
By Tomas Castanheira, 30 January 2020
Modi advocated a “strategic partnership” based on “similar ideology and similar values.”
By Nick Beams, 29 January 2020
With China contributing about one third of total growth, the world economy as a whole will feel the effects.
By Kevin Reed, 27 January 2020
Opposition is growing to the plan by the Internet Society, the non-profit organization responsible for managing the standards and protocols of the internet, to sell the top-level domain registry .ORG to the private equity firm Ethos Capital for $1.135 billion.
By Alejandro López, 27 January 2020
Speaking at the World Economic Forum, Pedro Sánchez reiterated that his new Spanish Socialist Party coalition government with Podemos is committed to austerity.
By Jessica Goldstein, 27 January 2020
The deal with the Michigan Strategic Fund board includes a modest reduction in the tax credit in exchange for the “flexibility” to cut more jobs.
By W.A. Sunil, 24 January 2020
Colombo has reactivated its Strategic Development Projects Act in a desperate attempt to boost foreign direct investment.
By Nick Beams, 23 January 2020
The stepped-up offensive was foreshadowed in Trump’s keynote address to the Davos annual meeting in which he said the US had pioneered “a new model for trade in the 21st century.”
Canadian judge begins hearing Washington’s geopolitically explosive demand for extradition of top Huawei executive
By Roger Jordan, 23 January 2020
Canadian authorities seized Huawei CFO Meng Wanzhou at the behest of Washington, which is seeking her extradition on the basis of bogus fraud charges.
By Nick Beams, 22 January 2020
As the global oligarchy assembles at the World Economic Forum in Davos, Switzerland, there are mounting warning signs that global debt, fueled by cheap money from central banks, is a ticking time bomb.
By Nick Barrickman and Elias Mahonen, 21 January 2020
The budget would give paltry increases in healthcare subsidies and teacher wages while doing nothing to undercut the state government’s support for big business.
By Niles Niemuth, 21 January 2020
The bankers, corporate executives and heads of state attending the World Economic Forum this week look on with fear at the eruption of social opposition all over the world.
By Nick Beams, 20 January 2020
The picture presented by the WEF’s own analysis is of a socio-economic system heading for catastrophe on every front, for which the ruling elites have no answer.
By Jessica Goldstein, 20 January 2020
The serious allegations of safety problems with Tesla’s vehicles and the suffering of the workers who build them are bound up with the subordination of the means of production to the capitalist system.
Amid poverty wages and tax cuts for the rich
By Gabriel Black, 18 January 2020
The profit bonanza on Wall Street is the outcome of a bipartisan drive to enrich the financial elite at the expense of the working class.
By Robert Stevens, 18 January 2020
The rollout of 5G broadband wireless networks globally is becoming an arena for the eruption of geopolitical tensions.
By Mike Head, 16 January 2020
The “phase one” pact does not address the core demands issued by Washington for the wholesale restructuring of the Chinese economy.
By Nick Beams, 9 January 2020
The key message from the annual meeting of the American Economic Association last weekend was that central banks do not have the tools to cope with a world of low inflation and low interest rates.
By Nick Beams, 7 January 2020
France has warned of retaliation if US imposes tariffs on exports.
By Jason Melanovski, 4 January 2020
The EU pushed for the Ukraine and Russia to accept a deal following the US announcement of sanctions against the Russian-German pipeline Nord Stream 2.
By Nick Beams, 3 January 2020
The signing of the “phase one” deal would not bring an end to the US trade war against China launched in May 2018 but is merely a limited truce.
By Nick Beams, 30 December 2019
The year 2019 will go down in economic history as the great turnaround, when the world’s major central banks gave up on their attempt to return to “normal” monetary policy.
By Barry Grey, 28 December 2019
The wealth of the world’s 500 richest people rose 25 percent in 2019, reaching a combined net worth of $5.9 trillion.
23 December 2019
By Nick Beams, 21 December 2019
Since 2010, debt in developing economies has risen to a total of around 170 percent of their gross domestic product, up by 54 percentage points in just eight years.
By Mike Head, 21 December 2019
The financial elite’s enrichment has occurred at the direct expense of the wages, working conditions and social services of the working class.
By Patrick Martin, 20 December 2019
One day after the US House of Representatives adopted two articles of impeachment against President Trump, the House passed Trump’s top policy priority for 2019, the US-Mexico-Canada trade agreement, by a massive bipartisan margin.
By Jessica Goldstein, 18 December 2019
The Institute on Taxation and Economic Policy found that 91 highly profitable Fortune 500 corporations paid zero or negative income taxes in 2018.
By Nick Beams, 16 December 2019
In the longer term, the US wrecking operation against the World Trade Organisation is probably the most significant action in the global trade war.
By Nick Beams, 13 December 2019
Any reduction in US tariffs, will be accompanied by a so-called “snapback” provision under which they would be immediately re-imposed if it is determined that China is not abiding by its side of the deal
By Steve Filips, 13 December 2019
The major logistics company closed without warning, leaving thousands of drivers stranded across the country and without jobs just before the holidays.
Amid turmoil in short-term money markets
By Nick Beams, 12 December 2019
The unanimous decision by the interest-rate setting Federal Open Market Committee came at the end of a year in which the financial markets dictated the central bank must provide cheap money.
By K. Nesan, 10 December 2019
With the help of the unions and their works council representative, the auto manufacturer wants to destroy 10,000 jobs by 2022.
“They are jamming this down our throats:” Fiat Chrysler workers denounce UAW for rushing vote on sellout contract
By Jerry White, 10 December 2019
Just days after dumping the thousand-page contract on its web site, the UAW is holding a series of snap votes which it plans to conclude by Wednesday.
By Nick Beams, 4 December 2019
Responding to a question in London on whether there was a deadline for a trade deal with China, Trump said: “I like the idea of waiting until after the election for the China deal.”
By Nick Beams, 2 December 2019
One of the most significant features of the debt binge is the rise in purchase by companies of their own stock in order to boost share market valuations, with companies spending more than $3 trillion over the past five years for this purpose.
By Mike Head, 30 November 2019
This latest scandal does not directly involve cheating customers, but centres on allegations of evading official transaction-tracking measures.
By Peter Schwarz, 29 November 2019
The announcement of 9,500 job cuts by the German automaker Audi is part of a global offensive against the jobs and living standards of autoworkers all over the world.
By Nick Beams, 28 November 2019
Last Monday alone, takeover deals amounting to more than $70 billion were announced as multinational firms sought to tighten their grip on the markets in which they operate.
By K. Nesan, 28 November 2019
Hardly a day passes without a large or small company announcing redundancies and savings measures in highly industrialize state of Baden-Württemberg in southwest Germany.
UAW keeps FCA workers in the dark on contract talks, painting corruption exposures as “outside distractions”
By Marcus Day, 28 November 2019
In a letter to FCA workers Monday, UAW-FCA Vice President Cindy Estrada attempted to pretend as if the corruption scandal had no bearing on otherwise pristine negotiations.
By Steve Filips and Tom Hall, 28 November 2019
TDU’s 180-degree turn behind the thuggish Sean O’Brien exposes the critical role it plays in propping up the authority the Teamsters bureaucracy.
By Kranti Kumara, 28 November 2019
The unions instructed the 48,000 TSRTC workers to end their courageous anti-privatization strike and report for work Tuesday. But the government, intent on purging the workforce, barred their way.
By Nick Beams, 27 November 2019
Fears of a possible financial crisis are being fuelled by the experiences of the past decade of monetary policy.
By Nick Beams, 23 November 2019
The chief economist of the Organization for Economic Cooperation and Development warned that “things are not really moving” and there was a danger that low growth could become “entrenched.”
By Nick Beams, 21 November 2019
A major source of conflict is the maintenance of existing tariffs, with China demanding that all tariffs imposed after negotiations collapsed in May be removed and a mechanism be put in place to roll back those imposed before then.
By James Cogan, 21 November 2019
Warnings that US-China tensions could lead to war were largely dismissed by the majority of the forum speakers.