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.
By Nick Beams, 29 January 2019
The US is demanding China scrap its program for future economic development by implementing so-called “structural” changes.
By Andre Damon, 29 January 2019
The move marks a major escalation of the United States’ economic, geopolitical and military offensive against China.
By Nick Beams, 25 January 2019
The decision to hand the keynote address to the newly installed fascistic president of Brazil, Jair Bolsonaro, demonstrated the political orientation of the global elites at Davos.
By Nick Beams, 24 January 2019
The top-level meeting will be crucial in determining whether the US proceeds to impose a 25 percent tariff on Chinese goods when the March 1 deadline for negotiations expires.
By Jacob Crosse, 24 January 2019
After decades of loyal service Shopko employees are to be laid off and their pensions raided so that wealthy executives can reap millions of dollars in bonuses and fees.
As global elites gather at Davos
By Nick Beams, 22 January 2019
The UK-based charity Oxfam International has reported that the wealth of the world’s billionaires grew by $900 billion last year, a rise of 12 percent, while 3.8 billion people—half the world’s population—saw their wealth decline by 11 percent.
By Nick Beams, 22 January 2019
National Bureau of Statistics head Ning Jizhe said the economy faced “downward pressure” and pointed to a “complicated and severe external environment” resulting from the US trade war.
Head Start, school lunches and social programs targeted for elimination
The Congressional Budget Office points US spending priorities towards “great power” conflicts: Part Two
By Guillaume Garnier and Nancy Hanover, 21 January 2019
A recent CBO report insists that the vast majority of discretionary appropriations be allocated to the US military machine and its ever-expanding wars, while outlining “options” for eviscerating social services and public education.
Auto jobs massacre widens
By Marcus Day, 19 January 2019
The auto giants are seeking to terrorize an increasingly insurgent workforce into submission, as the companies confront slumping sales, a looming economic crisis and significant financial pressures.
By Roger Jordan, 19 January 2019
The Canadian government feels it can act so provocatively because its demonization of China is part of a broader offensive against Beijing led by US imperialism.
By Gabriel Black, 19 January 2019
The US regards the “Made in China 2025” initiative as a major threat to its own global economic and strategic domination.
By Nick Beams, 18 January 2019
The gathering of global elites is very mindful of the mounting international class struggle, with “social anger” increasingly prevalent.
By Nick Beams, 15 January 2019
The bank cut its June forecast for global growth of 3 percent this year to 2.9 percent and warned that “the risks are growing that growth could be even weaker than anticipated.”
By Jessica Goldstein, 14 January 2019
Against the backdrop of Sears’ threatened liquidation, Macy’s and other department retailers suffered severe stock drops and announced plans for more store closures.
By Mike Head, 12 January 2019
Two reports raise the spectre of a financial crisis that would blow up the pre-election claims of both the Coalition government and the Labor Party.
By Peter Symonds, 10 January 2019
The negotiations consisted of US officials insisting that Beijing meet a long list of demands, but offering nothing in return other than not proceeding with higher tariffs.
By Roger Jordan, 9 January 2019
Although Ottawa has been a key partner in Washington’s confrontation with Beijing, ruling circles want Trudeau to go even further and ban Huawei from Canada’s 5G network.
By Jessica Goldstein, 9 January 2019
Sears Holding Corp. has put liquidation on hold as hedge fund manager and asset stripper Eddie Lampert, its primary shareholder, revised a bid to purchase the company’s assets.
By Peter Symonds, 9 January 2019
Washington’s aggressive stance was underscored by the provocative dispatch of a US destroyer to challenge Chinese claims in the South China Sea on day one of the trade talks.
By Saman Gunadasa, 7 January 2019
The IMF suspended the final $500 million installment of its $1.5 billion loan to Sri Lanka last November after bitter infighting erupted within Colombo’s political elite.
By Oscar Grenfell, 5 January 2019
A marked slump in the property market is one expression of broader recessionary tendencies.
By Andre Damon, 5 January 2019
The Federal Reserve, responding to Thursday’s stock market selloff, declared it was “listening” to the markets and ready to scrap its plans to raise interest rates.
By Andre Damon, 4 January 2019
The economic warfare pursued by the Trump administration with the support of broad sections of the US political establishment is coming home to roost in the form of a global slowdown spreading to the United States.
By our reporters, 3 January 2019
A White House meeting Wednesday showed no change in the ongoing standoff between Trump and congressional Democrats.
By Nick Beams, 3 January 2019
A key Chinese economic index has indicated lower growth as talks on US-China trade tensions are set to begin.
By Alexander Fangmann, 3 January 2019
The Cuban government is cutting back on the consumption of energy and other goods as a result of stagnant growth, a fall in exports and the decline in oil subsidies from Venezuela.
Stock buybacks reach $1 trillion
By E.P. Milligan, 31 December 2018
It is now clear the vast majority of the corporate spending of the tax windfall has gone to the further enrichment of a tiny parasitic layer of investors and CEOs.
By Nick Beams, 29 December 2018
This week registered the first gain for the financial markets in three weeks, but they remain on course to record the worst December since 1931.
By Nick Beams, 27 December 2018
Even with yesterday’s jump in share prices, both the Dow and the S&P 500 are on track for their worst December since 1931, in the midst of the Great Depression.
Fed attempt at calming markets fails
By Nick Beams, 22 December 2018
Both the S&P and the Dow are on track for their worst December performance since December 1931, during the Great Depression.
By Peter Symonds, 22 December 2018
The 1MDB scandal was a significant factor in ousting the long-reigning UMNO government and reorienting Malaysian foreign policy away from China.
By Alex González, 21 December 2018
The plan is aimed at keeping workers in Central America from migrating to Mexico and the US.
By Nick Beams, 20 December 2018
The Dow fell on the announcement of the rate increase and then dropped even further as Fed chairman Jerome Powell addressed a news conference, with traders reportedly yelling “Stop this guy talking.”
By Nick Beams, 18 December 2018
With all indexes now in “correction” territory, having fallen more than 10 percent since their highs, Wall Street is on track to record its biggest annual decline since 2008.
By Nick Beams, 15 December 2018
The China slowdown is part of a global process, exposing the fraudulent claim that the global economy had finally “turned the corner” after the deep recession produced by the financial crisis a decade ago.
By Nick Beams, 11 December 2018
Concerns over global growth are a significant factor in the ongoing slide and volatility in US markets, with signs of a downturn reflected in the fall of commodity prices.
By Andre Damon, 8 December 2018
Meng’s arrest and confinement—without bail and on tendentious and opaque charges potentially carrying a sentence of 60 years—amount to little more than a kidnapping.
As Dow drops another 560 points
By Nick Beams, 8 December 2018
The longest bull market in history has rested on the suppression of the class struggle by the trade union bureaucracy, which is breaking apart.
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.