21 June 2019
By Nick Beams, 20 June 2019
Fed chairman Jerome Powell gave a clear indication that rate cuts were on the table, pointing to “significant changes” in the statement of its policy-making body.
By Roger Jordan, 19 June 2019
The Trudeau government has curtly dismissed the suggestion of former Liberal Prime Minister Jean Chrétien that Ottawa use its legal prerogative to block Meng’s extradition.
By Jerry White, 17 June 2019
Workers in Chattanooga were correct to reject, for the second time, “representation” by the United Auto Workers, a corrupt agent of corporate management.
By Nick Beams, 17 June 2019
The push for an interest rate cut has increased, after Morgan Stanley’s Business Conditions Index revealed a record decline for June, falling to its lowest level since the financial crisis in December 2008.
By Nick Beams, 11 June 2019
In an interview with CNBC, Trump attacked opponents of his tariff measures within US business groups and renewed his offensive against the Federal Reserve on interest rates and monetary policy.
By Nick Beams, 10 June 2019
One financial analyst told the Wall Street Journal the markets were a “slave to liquidity, and when the Fed is accommodative, it’s a good sign for the markets.”
By Jerry White, 10 June 2019
US workers have seen a mere 1.1 percent increase in real wages over the last year.
By Nick Beams, 7 June 2019
Trump’s threat to use tariffs against Mexico over immigration has sent a shock wave through the international trading system because it makes clear the US is prepared to use economic and trade warfare measures to pursue all of its policy objectives.
By Zachary Thorton, 7 June 2019
Over 1,200 miners face a precarious future after the third-largest US coal producer declared bankruptcy.
By Barry Grey, 5 June 2019
US stock prices shot up Tuesday, reversing weeks of declines, after Federal Reserve Chairman Jerome Powell signaled that he was prepared to slash interest rates.
By Steve James, 4 June 2019
Three recent reports and surveys have exposed intensifying levels of mass poverty, alongside the grotesque accumulation of wealth by a few.
By Andre Damon, 3 June 2019
The “cold war” between the United States and China took a major step toward becoming a “hot” war over the weekend at the annual Shangri-La defense summit in Singapore.
By Nick Beams, 3 June 2019
US Defense Secretary Patrick Shanahan delivered a 40-minute blast against China accusing it of seeking “Indo-Pacific hegemony in the near-term and, ultimately, global pre-eminence in the long-term.”
By Nick Beams, 1 June 2019
In pursuit of his political agenda, Trump has made clear he is prepared to resort to the unprecedented use of economic measures, with far-reaching international ramifications.
By Nick Beams, 30 May 2019
An editorial published in the state-owned People’s Daily warned that the US should not underestimate China’s ability to fight a trade war.
By Tom Hall, 27 May 2019
The proposed deal with the French automaker will be used to eliminate “redundancies,” particularly in FCA’s unprofitable European operations.
By Anthony Bertolt, 27 May 2019
The liquidation of the clothing retailer will throw approximately 6,800 workers out of their jobs with little, if any, support.
By Nick Beams, 25 May 2019
Steve Bannon has called for Huawei, the Chinese telecoms firm, to be driven out of US and Europe, declaring this is ten times more important than any trade deal.
25 May 2019
By Nick Beams, 24 May 2019
The Financial Times cited one fund manager who said it was “panic mode” and “people are realising that the economy could be a lot slower than we thought.”
By Anthony Torres, 23 May 2019
The unions and company are using a procedure for so-called voluntary redundancies introduced in the Labor Law initiated by the Socialist Party and imposed by Macron.
By Nick Beams, 23 May 2019
The actions by the Trump administration against the Chinese telecoms giant Huawei have sent shock waves through the global economy and the international trading system.
By Andre Damon, 21 May 2019
Google and other companies have announced measures that would effectively destroy Huawei, the second-largest global smartphone maker and the world’s largest maker of telecommunications equipment.
By Nick Beams, 20 May 2019
US intelligence chiefs have held meetings with major American companies, providing them with classified information to warn of the dangers of doing business in China.
By Samuel Davidson, 20 May 2019
Police were called to stand by as nearly 1,000 workers were abruptly thrown out of their jobs at this Central Pennsylvania factory
By Patrick Martin, 18 May 2019
The main criticism of Trump’s trade policy by congressional Democrats and most presidential candidates is that the president should focus exclusively on China and enlist Canada, Mexico and the European Union in an anti-China coalition.
In another escalation of trade war against China
By Nick Beams, 16 May 2019
The latest US action is an escalation in what could be described as a drive to “weaponise” all arms of the state in the economic confrontation against China.
By Nick Beams, 14 May 2019
The fundamental and irresolvable contradiction of world capitalism, between world economy and the nation-state system, lies at the root of the accelerating US-China trade war.
By Nick Beams, 13 May 2019
The increasingly belligerent US rhetoric is being matched by action expected to target another $300 billion worth of Chinese goods with tariffs of 25 percent.
By Nick Beams, 11 May 2019
A week ago, a deal had been expected, but that scenario was blown up when the Trump administration accused Beijing of backtracking on its commitments.
By Shannon Jones, 11 May 2019
The global strikes and protests by Uber and Lyft drivers amid an orgy of stockholder enrichment underscore the need for workers to adopt an international socialist strategy.
By Nick Beams, 10 May 2019
Trump said talks with Chinese representatives would proceed, but “I have no idea what’s going to happen.”
By Nick Beams, 9 May 2019
The US is demanding China submit an inventory of laws and regulations it will enact to guarantee compliance with any trade deal—in effect dictating economic policy to Beijing.
By Nick Beams, 9 May 2019
In its maniacal drive for higher profits, increasingly generated by the parasitic inflation of stock prices, finance capital and its mouthpieces in politics and the media demand that more cheap money be made available through the slashing of interest rates.
On eve of trade talks in Washington
By Nick Beams, 6 May 2019
Trump’s threats, aimed at putting intense pressure on Chinese negotiators when they sit down with their US counterparts on Wednesday, could have the effect of blowing up the talks.
By Nick Beams, 4 May 2019
One of the main sticking points is agreement on the procedure by which US tariffs imposed on $250 billion worth of Chinese goods would be lifted if a trade agreement is reached.
By Robert Stevens, 1 May 2019
After it was leaked that Huawei could help build the British 5G network, the Trump administration is threatening to shut Britain out of “Five Eyes” intelligence sharing.
Preparing for World War Three
By Niles Niemuth, 30 April 2019
Nearly three decades after the end of the Cold War, the world’s capitalist elite, led by the United States, are preparing for a devastating conflict of global proportions.
By Niles Niemuth, 27 April 2019
Amazon plans to increase the exploitation of workers in the US and internationally by implementing free one day shipping for Prime subscribers to ensure ever-bigger profits.
By Nick Beams, 26 April 2019
While share prices soar, the global economic outlook has worsened, with growing signs of a downturn.
By Robert Stevens, 26 April 2019
For Corbyn’s faction, the political function of these talks over Brexit is to side-line a discussion on the political crisis facing the government that could precipitate a general election.
By Penny Smith, 26 April 2019
Ford’s thinly veiled threat to criminalize teachers’ strikes must be taken as a serious warning: emboldened by the unions’ complicity, the Tories are escalating their class-war assault.
By Nick Beams, 26 April 2019
Calls for “reform” of the capitalist economy advanced by billionaire CEOs in the US and supported by “left” economists are motivated by deep fears of the implications of the shift to the left in broad sections of the American population.
Miners’ union sells out five-month long strike at Sibanye Stillwater in South Africa
26 April 2019
The South African Association of Mineworkers and Construction Union agreed to a deal ending the five-month strike by gold miners on the same terms as the “slave labour” agreement signed with three other unions.
By Jessica Goldstein, 23 April 2019
The findings of the report showed that among OECD countries, a growing number of middle-income earners perceive “that the current socioeconomic system is unfair.”
By Deepal Jayasekera, 23 April 2019
The crisis facing Jet Airways, and which has caused it to ground all its aircraft, is part of a global crisis of the aviation industry.
By Jacob Crosse, 22 April 2019
An estimated $300 million has already been siphoned from public coffers to provide transportation access for a nonexistent factory complex.
By Nick Beams, 19 April 2019
Among the most contentious issues that remain unresolved are which US tariffs would continue force and the establishment of an enforcement mechanism.
By Nick Beams, 17 April 2019
Trump has repeatedly attacked the Fed after Wall Street last year experienced its worst December result since the depths of the Great Depression in 1931.
By Patrick Martin, 16 April 2019
As a consequence of Trump’s 2017 tax cut for the wealthy, the number of Fortune 500 companies paying no federal income taxes has doubled.
16 April 2019
By Gustav Kemper and Peter Schwarz, 12 April 2019
The German government is pushing for the combination of Deutsche Bank and Commerzbank to establish a financial behemoth capable of competing with the US and China.
By Nick Beams, 11 April 2019
The IMF reported that industrial production and investment remained weak in many advanced and developing economies, and world trade had yet to recover.
By Nick Beams, 8 April 2019
Proposals by Trump to fill two vacancies on the Fed’s board of governors have brought denunciations of political stacking.
By Nick Beams, 6 April 2019
Trump emerged from a meeting with chief Chinese trade negotiator Liu He to say it would take at least four weeks to reach an agreement as he declined to set a date for a summit with Chinese President Xi Jinping.
By Kevin Reed, 5 April 2019
The preliminary report by the Ethiopian Aircraft Accident Investigation Bureau shows that a faulty angle-of-attack sensor was behind the crash on March 10 that killed 157 passengers and crew.
By Joe Mount, 5 April 2019
Since 2014, over 12,000 publicly-owned assets with a total value of over £9.1 billion have been sold off, including libraries, health clinics, youth centres and public spaces.
Amid auto layoffs and warnings of manufacturing “bloodbath”
By Nick Beams, 4 April 2019
IMF Managing Director Christine Lagarde noted that while two years ago 75 percent of the global economy was experiencing an upswing, today 70 percent is in a slowdown.
By Jacob Crosse, 3 April 2019
Retirees have been given two options—either convert all or a portion of the previously held policy into a new plan, and begin making payments, or watch it evaporate.
By Dan Conway, 1 April 2019
A small layer of investors and company employees have become multimillionaires and billionaires, while hundreds of thousands of drivers struggle to make ends meet on poverty level wages.
By Nick Beams, 30 March 2019
The issue of enforcement has been at the centre of US demands, with Washington wanting the right to impose tariffs on China without any retaliation.
By Alex Lantier, 29 March 2019
Rome’s endorsement of China’s Belt and Road Initiative in the face of explicit US disapproval points to deep tensions between US and European imperialism.
By Nick Beams, 29 March 2019
Bloomberg has reported that the amount of global bonds with negative yields has topped $10 trillion, an indication of the growing uncertainty in financial markets.
By Baris Demir, 26 March 2019
The Turkish lira depreciated by more than 5 percent last Friday, just nine days before nationwide local elections in which the ruling AKP is expected to suffer significant losses.
By Fred Mazelis and Mark Witkowski, 25 March 2019
The development is the latest and most extreme expression of the gentrification and inequality that has reached unprecedented levels in the capital of American capitalism.
By Marianne Arens, 22 March 2019
The “reddito di cittadinanza” (citizen income) is a vanity project of the co-governing Five-Star Movement that will not change Italy’s stark social inequality.
22 March 2019
French public sector strikes; further protests in Algeria; union ends wage strike at South Africa’s Sibanye Gold without an agreement
22 March 2019
The World Socialist Web Site invites workers and other readers to contribute to this regular feature.
By Patrick Martin, 18 March 2019
Attacks on workers are paying off for the bosses at Ford, Boeing, Blue Cross Blue Shield and other giant corporations.
By Nick Beams, 14 March 2019
The questioning of US Trade Representative Robert Lighthizer centred almost exclusively on the content and progress of trade talks with Beijing.
By Nick Beams, 12 March 2019
The key US demand is that China must make “structural” changes to its economy, including abandoning state subsidies to major industries.
By Nick Beams, 11 March 2019
Last week the OECD cut its growth forecast for advanced economies in 2019 from 1.8 percent to 1 percent, with Europe taking the brunt of the downward revision.
US “retail apocalypse” expected to exceed annual high with more than 1,100 store closures announced in one day
By Trévon Austin, 9 March 2019
More than 6,300 stores are already set to close in 2019 already surpassing the total number of closures last year.
Some economic and political conclusions
By Nick Beams, 9 March 2019
Over the past decade, as a result of policies carried out by the US government, financial authorities and the US Federal Reserve, trillions of dollars have been pumped into financial markets, lifting the Dow and the S&P 500 by more than 300 percent.
By Nick Beams, 8 March 2019
The decision by the ECB came as a result of what President Marion Draghi characterised as “substantial” downward revision of growth estimates for the region.
By Nick Beams, 7 March 2019
The increased deficit is an expression of the inherent contradictions of Trump’s “America First” trade agenda, within the framework of a globalised economy.
By Nick Beams, 5 March 2019
The Trump negotiators are insisting that the US retain the right to impose tariffs if it considers a deal has been abrogated and China should not impose any retaliatory measures.
By Nick Beams, 2 March 2019
A statement from Meng’s defence lawyers objected to the Canadian decision in the face of what it called “the political nature of the US charges.”
By Simon Whelan, 2 March 2019
Some 19,000 high street jobs have been lost or put at risk in the two months since Christmas.
By Nick Beams, 1 March 2019
The US Trade Representative made it clear the fundamental question is “structural reforms” in the Chinese economy.
By Andre Damon, 27 February 2019
A growing movement of the working class confronts the entrenched power of a financial oligarchy intent on expanding its wealth and domination over society.
By Jerry White, 27 February 2019
After concealing news about the strike in Mexico for six weeks, the Detroit Free Press acknowledged that it has forced Ford to halt production due to a lack of steering wheels.
Despite talk of “progress” in trade negotiations
By Nick Beams, 26 February 2019
The key point in US demands on any agreement is that China opposes a unilateral decision on compliance by Washington, insisting it must be determined by a joint evaluation.
By Nick Beams, 25 February 2019
Trump said that if “additional progress” were made in the negotiations, he would plan a summit meeting with China’s President Xi Jinping.
By Jacob Crosse, 25 February 2019
Promoted by the unions and the pseudo-left, the “Fight for $15” campaign has been utilized by the Democratic Party to institutionalize poverty wages for millions of workers.
By Nick Beams, 23 February 2019
The Wall Street Journal has reported that the German government is “leaning towards letting Huawei … participate in building the nation’s high-speech internet infrastructure.”
By Nick Beams, 21 February 2019
A Commerce Department investigation is believed to state that auto imports constitute a “threat.”
By Nick Beams, 16 February 2019
The next round will be virtually the last chance to reach a formal agreement before March 1, after which the US will increase tariffs—from 10 to 25 percent—on $200 billion worth of Chinese goods.
By Nick Beams, 15 February 2019
The top 1 percent in the US now owns about 40 percent of household wealth, increasing its share by at least 10 percentage points since 1989.
By Mike Head, 13 February 2019
Growing signs of a global downturn and a domestic slump saw Australia’s central bank suddenly reverse course on interest rates.
As China-US trade deadline nears
By Nick Beams, 12 February 2019
Prospects for a US-China trade deal took a blow last Thursday when US President Donald Trump ruled out a meeting with China’s President Xi Jinping before the expiration of a March 1 deadline.
By Jacob Crosse, 11 February 2019
The beleaguered retail chain lives to die another day as remaining workers are left with an uncertain future
By Nick Beams, 8 February 2019
While the Trump administration put a degree of positive “spin” on last month’s discussions, little progress has been reported on the key US demands.
By Alex Johnson, 4 February 2019
According to Reuters, drug manufacturers raised the prices of more than 250 prescription drugs, including the world’s top-selling medicine, Humira.
By Nick Beams, 2 February 2019
A statement issued by the White House at the conclusion of the discussions said Trump had reiterated that the US will increase tariffs unless an outcome is reached.
By Nick Beams, 2 February 2019
The financial elites on Wall Street, addicted to the supply of ultra-cheap money as they appropriate the wealth produced by the labour of billions of workers, dictate economic policy.
By Jacob Crosse, 1 February 2019
This is the second time the Foxconn investment, promoted by the Trump administration as proof that its tax cuts would benefit workers, has been significantly reduced.
In the wake of December’s market turbulence
By Nick Beams, 31 January 2019
The Federal Reserve’s statement yesterday dropped its language stating that further rises would be appropriate.
By Saman Gunadasa, 31 January 2019
The Sri Lankan government has assured the IMF of its commitment to “strong” austerity measures.