At Washington’s behest
By Keith Jones and Roger Jordan, 7 December 2018
The arrest and impending extradition to the US of Meng Wanzhou is a diplomatic and geopolitical provocation that has effectively blown up the US-China trade-war “truce” after less than a week.
By Nick Beams, 7 December 2018
The market turbulence on Wall Street saw the Dow off by 784 points in late morning trade which meant that the market had experienced a 1,500-point slide in a day and a half.
By Nick Beams, 5 December 2018
US share markets plunged yesterday amid fears of an escalating trade war with China as well as growing signs that the US economy is entering a recession.
Five years since Detroit bankruptcy
By Debra Watson, 5 December 2018
Moody’s Investors Service has issued major warnings about the ability to meet bond payments and financial shortfalls in the city’s public schools.
By Nick Beams, 4 December 2018
The most important difference centres on the key demand of Washington that China make far-reaching “structural” changes to its economy in the area of high-tech development.
By Andre Damon, 1 December 2018
Trump’s trip to the G20 summit in Argentina has been proceeded by demands for trade war and military escalation against Russia and China.
By Trévon Austin, 30 November 2018
Not since the combined impact of World War I and the Spanish Flu in 1918 has the country experienced such a prolonged period of decline in life expectancy.
By Nick Beams, 29 November 2018
While a deal is still possible, the chances seem very remote in light of Trump’s comments and those of other members of his administration.
By Nick Beams, 29 November 2018
Powell indicated that the Federal Reserve is not committed to further interest rate rises next year and is very attuned to the financial markets’ demands.
By Jerry White, 28 November 2018
Autoworkers and the working class as a whole cannot accept the “right” of the corporate and financial elite to shut these plants down.
For an industrial counteroffensive against job cuts!
By Jerry White, 27 November 2018
The plant closings have been facilitated by the unions and pose the need for autoworkers in the US and Canada to form independent organizations to prepare coordinated strike action.
By Nick Beams, 24 November 2018
The WTO spoke of significant economic risks if the current course continues.
By Nick Beams, 22 November 2018
The market has trended down since the start of October, led largely by high-tech stocks, but this week the falls broadened.
By Charles Hixson, 21 November 2018
Only 900 units, less than a quarter of the City’s council home building project, are set to be completed by 2025.
By Nick Beams, 20 November 2018
The sell-off was led by hi-tech stocks which are sensitive to heightened trade war tensions that impact on their global supply chains and could lessen demand for their products.
By Nick Beams, 17 November 2018
The central demand of the Trump administration is that Beijing scrap its “Made in China” program and adopt a subservient economic position in relation to the US.
By E.P. Milligan, 15 November 2018
The PG&E utility company admitted Tuesday that it had submitted an “electric incident report” moments before the outbreak of the Camp Fire, the deadliest fire in California history.
By Mike Ingram, 10 November 2018
With its purchase of the open source enterprise Linux company Red Hat, IBM hopes to compete with rival tech giants, Amazon, Microsoft and Google, particularly in the area of military cloud contracts
By John Marion, 9 November 2018
As Columbia Gas cuts corners in the restoration of service to Merrimack Valley communities, more than 1,200 skilled gas workers are still locked out by National Grid.
By Nick Beams, 6 November 2018
The Chinese president’s speech was an attempt to secure allies in the deepening trade war with the US.
By Nick Beams, 3 November 2018
The aim is either to extract major concessions from China or, failing that, create the best conditions for pressing ahead with trade war measures.
By Nick Beams, 2 November 2018
A Politburo statement reflected the growing anxiety in Beijing over the economy and the impact of US trade war measures.
By Jerry White, 1 November 2018
The United Auto Workers union has played a critical role in suppressing workers’ wages and intensifying their exploitation in the factories.
By Nick Beams, 1 November 2018
The US Commerce Department has imposed restrictions on dealings with a major Chinese high-tech firm, Fujian Jinhua, citing “national security interests.”
By Nick Beams, 31 October 2018
This lecture was delivered by Nick Beams, a member of the international editorial board of the World Socialist Web Site, at several Australian universities during September and October 2018.
By Nick Beams, 30 October 2018
Bloomberg reported that the US is planning to introduce new tariffs covering all Chinese imports if talks fail between US President Donald Trump and Chinese President Xi Jinping.
By Nick Beams, 26 October 2018
In remarks unprecedented for a former central banker, Janet Yellen told the Financial Times that the lessons of the financial crash of 2008 were being forgotten.
By Will Morrow, 25 October 2018
The continuous growth in profits is facilitated by the Teamsters union, which functions as an instrument of UPS management and cheap labor contractor.
By Nick Beams, 25 October 2018
The tech-heavy NASDAQ index has dropped by its biggest amount in seven years, having fallen by 12 percent since its peak in August.
By Alan Whyte, 25 October 2018
The statistics highlight a fiscal and infrastructure disaster in the making.
By Robert Campion, 23 October 2018
The fall reflects the impact of a slowing Chinese economy, the impact of the US trade war measures and sharp falls in China’s share markets this year.
By Nick Beams, 22 October 2018
While the trade war launched by the US has yet to make a significant impact on growth, the official Chinese statement referred to what is called the “severe international situation.”
By Gabriel Black, 20 October 2018
In 2017, the top one percent of US wage earners received their highest paychecks ever, according to a report by the Economic Policy Institute.
By Marianne Arens, 20 October 2018
In the conflict over the Italian budget, the EU Commission takes the side of the banks, stock exchanges and credit agencies, while the government pursues a course of militarism and attacks on immigrants and workers.
By Kranti Kumara, 20 October 2018
Financial observers have said the collapse of IL&FS could have been India’s “Lehman Brothers moment”—a reference to the September 2008 bankruptcy that triggered the global financial meltdown.
By Nick Beams, 19 October 2018
Market instability is being fuelled by the worsening global economic outlook and escalating trade tensions between the US, China and other countries.
By Trévon Austin, 16 October 2018
Tens of thousands of workers at Sears are the latest victims of the ongoing “retail apocalypse” in the United States.
By Sampath Perera, 16 October 2018
Washington has served notice that it intends to leverage Pakistan’s current account crisis to disrupt Islamabad’s economic and strategic partnership with China
By Nick Beams, 15 October 2018
Two reports prepared by the IMF for its semiannual meeting pointed to the mounting problems of the global economy and financial system.
By Nick Beams, 12 October 2018
All major US indexes are now below their 200-day moving average, which is regarded as a key indicator of the market’s direction.
By Nick Beams, 11 October 2018
The main factor behind the fall appears to be the spike in yields on US Treasury bonds, which have risen sharply in recent days to above 3 percent.
By Nick Beams, 11 October 2018
The world outlook report warns that trade tensions have shifted the “balance of risks” to the downside.
By Nick Beams, 9 October 2018
A clause in the US trade deal with Canada and Mexico is aimed at nothing less than a “reset” of global trade relationships.
By Marcus Day, 9 October 2018
Under increasing pressure from Wall Street, Ford announced further restructuring efforts last week, including the planned elimination of thousands of salaried positions.
By Mike Head, 5 October 2018
The loss of “unquestionably strong” status is another indicator of a potential property and financial crash, with devastating consequences.
Forbes 400 List
By Alec Andersen, 4 October 2018
The net worth of Amazon CEO Jeff Bezos, the world’s richest individual, grew by $78.5 billion over the past year.
By Nick Beams, 3 October 2018
In a manner recalling a Mafia don, Trump made clear that the threat of auto tariffs was central in securing the trade agreement with Canada and Mexico.
By Andre Damon, 3 October 2018
The creation of the Troubled Asset Relief Program on October 3, 2008, was the initial step in a massive redistribution of wealth and restructuring of class relations in the United States and internationally.
By Roger Jordan, 2 October 2018
The revised trade pact forges a US-led North American protectionist trade bloc in preparation for economic and military conflict with Washington’s global rivals, above all China.
By Nick Beams, 2 October 2018
The IMF is set to downgrade its forecast for global growth amid rising trade tensions.
By Nick Beams, 29 September 2018
After being used against the European Union, the threat of auto tariffs on “national security” grounds was brought out against Japan and Canada this week.
By Jerry White, 28 September 2018
The central bank executives understand that investors tend to make far more money when the sword of mass unemployment hangs over workers’ heads.
By Nick Beams, 27 September 2018
For the first time since the Fed began its low-interest rate regime after the financial crisis of 2008, its base rate is above the level of inflation, indicating that wages are a key target.
By Nick Beams, 26 September 2018
The escalation of the conflict and the growing recognition that it is not a temporary spat, which can be solved through negotiations, has led to concerns in sections of the financial media.
“History never teaches anyone anything”
By Bill Van Auken, 24 September 2018
Said Gafurov, a former advisor to Vladimir Putin, defends the PO's policy on the basis that the struggle of Trotskyism against Stalinism has lost all political significance.
By Nick Beams, 22 September 2018
The historian Adam Tooze has published a detailed account of the origins and development of the global financial crisis of 2008 and its aftermath.
By Nick Beams, 20 September 2018
While China is at present the prime target, the Trump administration sees the US as being involved in an economic war against the rest of the world.
Ten years after the financial crash
By Barry Grey, 19 September 2018
The average pay of Wall Street traders and brokers rose to $422,500.
By Peter Symonds, 19 September 2018
The escalating trade war is heightening economic instability and fueling geo-political tensions, not only between the US and China, but internationally.
By Nick Beams, 18 September 2018
The world’s two largest economies have entered a rapidly-escalating trade war with vast global consequences.
By Gabriel Black, 18 September 2018
While China’s role in Africa has grown significantly in the past two decades, the United States and its allies remain the principal issuers of debt.
By Nick Beams, 17 September 2018
Commentaries on the anniversary of the Lehman Brothers collapse voice fears of another meltdown.
By Nick Beams, 15 September 2018
September 15, 2008 marked a milestone in the eruption of the most far-reaching and devastating crisis of the capitalist system since the Great Depression of the 1930s.
By Nick Beams, 10 September 2018
Trump’s threat of further tariffs means that Chinese exports into the US would be subject to increased tariffs if China carries through on its threat of retaliatory measures.
By Eric London, 8 September 2018
The Wealth X report points to the immense revolutionary potential in the present situation. The resources for the transformation of the planet on an egalitarian basis already exist.
By Nick Beams, 6 September 2018
The plunge in emerging market currencies is a product of the strengthening of the dollar and the increase in US interest rates, which is sucking capital back into American markets.
By Andrea Lobo, 5 September 2018
In his speech Monday, President Macri declared that the market had supported Argentina for two years and warned that “poverty will increase.”
By Jason Melanovski, 3 September 2018
Amid growing strikes of miners and other workers, the IMF is using the corruption of the Ukrainian oligarchy to push for social cuts.
By Nick Beams, 1 September 2018
Trump warned that if Canada did not agree to US terms “the easiest thing we can do is tariff their cars coming in,” a threat which he repeated in remarks yesterday.
By Nick Beams, 31 August 2018
The Argentine currency has lost half of its value this year and fallen to a record low against the US dollar.
By Trévon Austin, 30 August 2018
Banks and corporations are channeling the bulk of their savings from the tax cuts into stock buybacks, dividend increases and mergers and acquisitions.
By Nick Beams, 27 August 2018
The Chinese Commerce Ministry stated there were “constructive and frank” talks, but gave no indication of any further discussions in the future.
By Barry Mason, 25 August 2018
Retailers are shifting employees from secure full-time contracts to less secure ones with “less rigidity and more flexibility.”
By Nick Beams, 24 August 2018
The record-breaking stock market rally is the outcome of the relentless class war pursued by the ruling elite after the 2008 financial crash.
By Nick Beams, 20 August 2018
The basic conflict centres on the US demand that China not only lessen the trade deficit but also significantly pull back on its plan to boost its industrial and technological base.
By Matthew Taylor and Barry Grey, 18 August 2018
The typical CEO of a large firm in the US makes in a single day almost as much as the typical worker earns in an entire year.
By Deepal Jayasekera, 18 August 2018
The decline of Indian rupee is a part of a global rush by investors away from so-called emerging markets.
By Nick Beams, 16 August 2018
Ten years after the 2008 financial crisis, the growing intensity of economic warfare threatens to collapse the financial house of cards created by the multi-trillion-dollar bailout of the global banking system.
By Bill Van Auken, 15 August 2018
Underlying the reckless and punishing attack by Washington on Turkey’s economy are predatory geostrategic aims that are threatening to drag humanity into a new world war.
By Bill Van Auken, 14 August 2018
The Turkish president vowed to retaliate against “traitors” undermining the economy as the lira slid again precipitously on Monday.
By Nick Beams, 13 August 2018
The European Central Bank has put on watch major European banks that are heavily exposed to Turkish debt.
By Alex Lantier and Halil Celik, 11 August 2018
President Trump is trying to use trade tariffs to compel Ankara to step up attacks on the working class and totally subordinate its foreign policy to US imperialism’s demands.
By Nick Beams, 9 August 2018
The US has threatened to impose tariffs on another $200 billion of Chinese products, possibly by the beginning of September following public hearings to be held later this month.
By Andrea Lobo, 9 August 2018
The escalating trade-war measures between the major global economies are accentuating the rabid competition between Latin American ruling elites for investments and trade.
No money for wages, schools, health care, but…
By Barry Grey, 8 August 2018
Trillions are being squandered on inflating stock prices and the fortunes of the CEOs and big investors, while the real wages of US workers continue to decline.
By Kate Randall, 6 August 2018
With rents rising and construction of affordable apartments lagging, Trump is implementing a punitive policy that will exacerbate the already dire housing crisis.
By Andre Damon, 4 August 2018
Apple, awash in profits extracted from workers all over the world, has become the first corporation to officially reach the $1 trillion milestone.
By Nick Beams, 4 August 2018
Coming on top of the tariffs already imposed on $34 billion worth of US goods, the new measures would mean that around 85 percent of US exports to China would be covered.
By Peter Symonds, 4 August 2018
Just months after constitutional changes enabling him to stay in office indefinitely, Xi Jinping is reportedly facing internal criticism from party elders and factional rivals.
By Gabriel Black, 3 August 2018
A report by Reuters shows that nearly half of the US population does not earn enough money to cover expenses and is increasingly dependent on unsustainable levels of debt to survive.
By Nick Beams, 2 August 2018
The US is actively considering escalating proposed tariffs on an additional $200 billion worth of Chinese goods to 25 percent up from the initial level of 10 percent.
By Niles Niemuth, 1 August 2018
The Trump administration is preparing to change the calculation of the capital gains tax so as to funnel billions more to the top 10 percent.
As US workers’ wages continue to fall
By Niles Niemuth, 31 July 2018
By the end of the year, American corporations will have enriched their top executives and investors with $2.5 trillion obtained through stock buybacks, increased dividend payments, and mergers and acquisitions.
By Nick Beams, 31 July 2018
The Trump administration is keeping a gun at the head of the EU over auto tariffs as it continues an investigation into whether to impose them on “national security” grounds.
As UPS, steel and telecom companies demand wage freezes
By Jerry White, 30 July 2018
Employers are not only refusing to relent on wages, they are doubling down and demanding new givebacks on healthcare, pensions and work rules.
By Alec Andersen, 27 July 2018
The subpoena comes in the wake of an abortive effort to impeach Deputy Attorney General Rod Rosenstein by Republican members of the House Freedom Caucus.
By Nick Beams, 27 July 2018
The collapse of the takeover has far-reaching implications for other high-tech companies that had been waiting for the outcome of the Qualcomm-NXP deal before proceeding with their own plans.
By Nick Beams, 26 July 2018
The threat by Washington to impose a 25 percent tariff on auto imports has not been removed, but only suspended while negotiations go ahead on broader trade relations.
Seven months after Trump’s tax cut
By Gabriel Black, 26 July 2018
The trillions in deficits created by the tax cuts for the rich will be used to justify further slashes to critical social programs that millions of Americans rely on.
By Nick Beams, 23 July 2018
Rather than addressing any of the trade conflicts ripping through the world economy, the main work of the G20 meeting was to craft a statement that avoided them.