By Nick Beams, 19 April 2018
The IMF chief economist said it seemed “paradoxical” that major economies were “flirting with trade war” at a time of economic expansion.
No money for teacher pay or textbooks, but…
By Barry Grey, 18 April 2018
A series of reports released over the past week reveal that corporate America and the financial oligarchy are wallowing in record levels of wealth.
By Nick Beams, 17 April 2018
Both countries imposed the bans amid calls for more aggressive moves by US authorities against Chinese communications and telecom firms.
By Nick Beams, 14 April 2018
The apparent turnaround is motivated by two immediate considerations: the need to be seen as taking action to alleviate pressure on US farmers threatened by the China tariffs, and the search for international allies against China.
By Nick Beams, 13 April 2018
IMF chief Christine Lagarde said that as a result of easy financial conditions, global debt—public and private—has reached an all-time high of $164 trillion.
By Nick Beams, 12 April 2018
The key question is not primarily the Chinese trade surplus against which Trump rails, but Beijing’s plan to become a major source of high-tech development.
By Nick Beams, 10 April 2018
Trump’s key trade adviser Peter Navarro declared that China’s move into high-tech development was a direct threat to US economic and military dominance.
By Eric London, 10 April 2018
The report found that if inequality grows at its present rate, the world’s billionaires will eventually “own 100 percent of the world’s wealth.”
By Nick Beams, 7 April 2018
At a briefing with reporters in Beijing Friday evening, Chinese Commerce Ministry spokesman Gao Feng said the US move was “extremely wrong” and China was preparing to retaliate.
By Barry Grey, 7 April 2018
JPMorgan CEO Jamie Dimon warned of rising wages and raised the possibility of a sharp rise in interest rates to put a brake on economic growth and drive up unemployment.
By Roger Jordan, 7 April 2018
Trudeau’s protectionist measures, which help enforce Trump’s trade war tariffs, include corporatist initiatives aimed at further integrating the unions with big business and the state.
By Nick Beams, 6 April 2018
The White House said the new directive was in response to the Chinese decision to impose tariffs on $50 billion worth of American exports.
By Nick Beams, 5 April 2018
The driving force of the US action is Washington’s attempt to prevent China from developing its capacities in high technology sectors, including communications, robotics, aircraft and pharmaceuticals.
By Nick Beams, 3 April 2018
The Chinese moves appear to have had an impact on Wall Street, where the Dow was down by more than 450 points at end of yesterday.
By Nick Beams, 29 March 2018
The volatility reflects the speculative character of the share market’s rise and the fears that a global trade war could puncture this bubble.
By Nick Beams, 24 March 2018
Chinese reaction to US tariff measures has been fairly muted, so far, but government officials said they will defend their “legitimate interests.”
By Nick Beams, 23 March 2018
The Trump administration has drawn up a list of more than 1,000 products, and proposed investment bans, targeting 10 key Chinese industries.
By Nick Beams, 22 March 2018
US Trade Representative Robert Lighthizer said action would be taken outside the WTO, because China’s “state-dominated economy” rejects “market principles.”
By Nick Beams, 20 March 2018
Talks in Washington with the Trump administration will determine whether the EU proceeds with threatened measures in retaliation against the US imposition of tariffs on steel and aluminium.
By Anthony Bertolt, 19 March 2018
The retail chain is in the process of shutting down its global operations, with the jobs of some 31,000 workers in the US alone set to be eliminated.
By Tom Hall, 16 March 2018
The Democrats' support for the bill demonstrates that they are a party of the American financial aristocracy.
By Nick Beams, 15 March 2018
Trump’s intervention demonstrates that “America First” nationalism and “national security” invocations are coming to dominate his administration’s economic decisions.
By Nick Beams, 12 March 2018
US trade representative Robert Lighthizer could give his EU and Japanese counterparts no indication of the criteria for gaining an exemption.
By Nick Beams, 10 March 2018
The European Union is “counting” on being exempted from the Trump tariff measures but may get short shrift.
By Mike Head, 10 March 2018
The government argued that retaining steel production in Australia was vital for its $200 billion military spending program.
By Nick Beams, 9 March 2018
Trump’s tariff announcement expresses the turn by the United States to the types of protectionist measures that characterised the 1930s Great Depression.
By Nick Beams, 8 March 2018
The European Union hopes to avert the Trump tariff measures but at a press conference Trump singled out the EU for attack.
By Niles Niemuth, 7 March 2018
Among those reportedly opposed to Trump’s trade war policy are Treasury Secretary Steven Mnuchin, Secretary of State Rex Tillerson and retired Gen. James Mattis, the secretary of defense.
By Roger Jordan, 7 March 2018
Signaling the Canadian ruling elite’s readiness to support Washington in a trade war against China and other rivals, Ottawa is pleading for an exemption from Trump’s tariffs.
By Gabriel Black, 6 March 2018
Catalyst Capital predicts that 2018 will be the biggest stock buyback year on record, with corporations spending $1.2 trillion to push up their share values.
By Nick Beams, 5 March 2018
Trump’s trade measures are a major step in the dismantling of the system of economic relations established by Washington itself after World War II.
By Peter Symonds, 3 March 2018
Trump’s announcement of global tariffs on steel and aluminium has triggered international criticism, including from US allies that will be among the hardest hit.
By Nick Beams, 2 March 2018
In imposing a global tariff hike, rather than selective measures, Trump took the toughest option presented to him by Commerce Secretary Wilbur Ross.
By Nick Beams, 1 March 2018
One of the key aspects of Fed chief Powell’s question-time comments was his views on the “continuing strength in the labour market.”
By Nick Beams, 24 February 2018
Two major initiatives by the Trump administration over the past month have ratcheted up global tensions, bringing the threat of retaliatory actions from the European Union and China.
By Nick Beams, 19 February 2018
“If we ever have a conflict, we don’t want to be buying steel [from] a country we are fighting,” Trump declared, referring particularly to China.
By Rafael Azul, 19 February 2018
Oblivious to the humanitarian crisis, participants discussed how to profit from the hurricane destruction and protect their speculative assets from US taxes.
By Nick Beams, 17 February 2018
The largest fall in markets since the crisis of 2008 has provided a damning exposure of the entire framework of bourgeois economics and a living confirmation of the analysis of Karl Marx.
By Christopher Davion, 13 February 2018
The announcement of the plan to close two plants in northeastern Wisconsin is part of an international restructuring which involves laying off as many as 5,500.
By Andre Damon, 12 February 2018
The Times has made little effort to hide the fact that its record-breaking profits have been driven in large measure by state censorship and media scandalmongering.
By Eric London, 10 February 2018
The Democratic Party provided the necessary votes to allocate $1.4 trillion for the military.
By Nick Beams, 10 February 2018
The business channel CNBC calculated that the Dow gyrated a total of 22,000 points up and down during the week.
By Tom Hall, 10 February 2018
The move by the credit ratings agency reflects fears that Ford’s “Fitness Redesign” initiative could meet with uncontrollable opposition from autoworkers.
By Nick Beams, 9 February 2018
A major feature of the turmoil has been the speed of events, with stock prices plunging and oscillating dramatically.
By Josh Varlin, 8 February 2018
The bipartisan budget plan demonstrates that both big business parties agree on military escalation and further attacks on immigrants' rights.
By Nick Beams, 6 February 2018
One of the most significant features of yesterday’s decline was its speed with the Dow plunging 900 points in just 11 minutes in an avalanche of selling.
By Nick Beams, 5 February 2018
Friday’s fall on world stock markets, in response to an uptick in US wages, demonstrates the significance of Marx's labor theory of value, which explains the inner workings of the capitalist economy.
By Wasantha Rupasinghe, 5 February 2018
Modi’s manoeuvres with ASEAN are part of India’s transformation into a frontline state in Washington’s strategic offensive against China.
By Barry Grey, 3 February 2018
The increasing market volatility takes place amidst signs of mounting working class resistance.
By Nick Beams, 2 February 2018
The major concern in financial markets is that a rise in bond yields could see an end to the rise in stock prices and even set off a major downturn.
By Barry Grey, 31 January 2018
The initiative heralds a further monopolization of health care by a handful of billionaire-run corporations and a further subordination of social needs to Wall Street.
By Nick Beams, 31 January 2018
Remarks by US Treasury Secretary Steven Mnuchin on the advantages of a lower dollar brought a sharp response from European Central Bank President Mario Draghi.
By Andre Damon, 27 January 2018
The 47th annual World Economic Forum was dominated by apprehension over every aspect of global politics and economics, from the possibility of a 2008-style financial collapse to the threat of a new world war.
By Johannes Stern, 26 January 2018
Merkel sought to drum up support for a European defence policy that would enable Germany and Europe to enforce their economic and geostrategic interests around the world.
By Mike Head, 25 January 2018
The “TPP 11” announcement points to the increasing isolation of the US, and the escalating tensions between the rival capitalist powers.
By Katy Kinner, 25 January 2018
Fink, whose firm manages $6 trillion in investments, has penned a worried and hypocritical letter to the world’s CEOs urging them to exercise a “positive influence on society.”
By Bill Van Auken, 24 January 2018
The gathering of the world’s oligarchs is taking place amid the breakdown of the postwar capitalist order and the eruption of great power conflict.
By Nick Beams, 24 January 2018
While attention is focused on the headline predictions of a rise in growth, there are warnings that the spurt may not last.
By Niles Niemuth, 23 January 2018
The annual survey, which reported the largest annual increase in the number of billionaires worldwide, was released to coincide with the World Economic Forum in Davos, Switzerland.
By Kranti Kumara, 23 January 2018
The WEF deliberations will be bookended by speeches from Modi, a slavish servant of big business and Hindu supremacist, and the fascist-minded billionaire, US President Donald Trump.
By K. Ratnayake, 23 January 2018
Sirisena’s cabinet walkout demonstrates the government’s crisis and points to preparations for dictatorial rule.
By E.P. Milligan, 22 January 2018
The latest bill represents yet another brazen attempt to cut regulations set in place in the wake of the now decade-old financial meltdown.
By Nick Beams, 22 January 2018
The Trump administration has declared it was a mistake to admit China to the World Trade Organisation in 2001.
By Patrick Martin, 19 January 2018
There appears to be little prospect of the Senate approving the House bill, which has no provisions dealing with the fate of young immigrants who are losing protection from deportation.
By Nick Beams, 19 January 2018
The speculative rise, and now the plunges, in bitcoin and other cryptocurrencies are indicative of broader processes in the global financial system.
By Bill Van Auken, 18 January 2018
The Global Risk Report released in advance of the World Economic Forum in Davos exposes mounting anxiety in ruling circles over the threat of war and social revolution.
By Barry Grey, 18 January 2018
The latest version of the bipartisan plan proposes even more billions to militarize the US-Mexico border, including funds earmarked for Trump’s border wall with Mexico.
By Patrick Martin, 16 January 2018
Only four days remain before congressional authorization to fund the government expires, threatening a partial shutdown of government agencies and a halt to federal paychecks.
By Nick Beams, 16 January 2018
A series of “anti-dumping” measures initiated by the United States could set in motion retaliatory action and lead to widening trade conflicts.
By Trévon Austin, 13 January 2018
The closures and mass layoffs expose the media hype surrounding Walmart’s announced raising of wages.
By Nick Beams, 13 January 2018
While the bond market has calmed since Wednesday’s sell-off, reports in the financial press indicate considerable nervousness over what the dip could signify.
By Nick Beams, 11 January 2018
The bank warned of “particularly worrying” longer-term risks associated with “subdued productivity and potential growth.”
By Trévon Austin, 6 January 2018
The modest improvement in the unemployment rate and number of jobs added over the last year are not reflective of the real situation confronting millions of workers.
By George Gallanis, 6 January 2018
Decades of deindustrialization have created unprecedented levels of social inequality, poverty and unemployment, which corporations like Foxconn can exploit.
By Nick Beams, 5 January 2018
Rather than reflecting economic health, the stock market bubble is a mechanism for the perverse and malignant upward redistribution of social wealth.
By Barry Grey, 28 December 2017
It is impossible to seriously address a single major social issue without breaking the political and economic stranglehold of the financial oligarchy over society.
By Nick Beams, 23 December 2017
In seeking to grasp the significance of the present frenzy, it is worth recalling the analysis made by Marx of previous financial bubbles, in particular those associated with the expansion of the credit system, which began in the mid-nineteenth century.
Over token Democratic opposition
By Barry Grey, 21 December 2017
The Democrats support tax cuts for corporations and did nothing to seriously oppose this naked piece of class legislation.
By Nick Beams, 21 December 2017
The appetites of financial speculators continue to be whetted by reports of huge gains made by hedge funds that specialise in bitcoin and other cryptocurrencies.
By Gabriel Black, 20 December 2017
The merger is expected to lead to as many as 10,000 layoffs.
By Nick Beams, 18 December 2017
In a move directed against China, the US, Japan and the European Union agreed to take joint action on “severe excess capacity” in steel and other commodities.
By Nick Beams, 14 December 2017
While she dismissed the impact of bitcoin on the financial system, Yellen was reminded by one questioner that her predecessor, Ben Bernanke, had said in 2007 that the sub-prime bubble would have no broader effects.
By Nick Beams, 13 December 2017
The rise and rise of the cryptocurrency Bitcoin is the most egregious expression of the rampant speculation that has come to dominate the global economy.
By Jerry White, 11 December 2017
The jobs report provides further evidence that the much vaunted economic “recovery” in the US has overwhelmingly benefited Wall Street at the expense of the working class.
11 December 2017
By Nick Beams, 8 December 2017
Consumption spending is being dragged down by historically low wage growth, rising energy costs and high debt levels.
By Nick Beams, 5 December 2017
A leading British fund manager said he is losing count of the number of “red lights” that are flashing warning signs over the state of financial markets.
By Barry Grey, 1 December 2017
A measure that will further restructure American society to benefit the ruling oligarchy at the expense of the mass of the population is being rushed through Congress without so much as a public hearing.
By Nick Beams, 1 December 2017
The aggressive content of the last US move is indicated by the fact that it is the first “self-initiated” trade measure by the Commerce Department in more than a quarter of a century.
Amid mounting fears of financial turmoil
Departing Fed chairwoman seeks to reassure markets while warning of debt crisis and social inequality
By Nick Beams, 30 November 2017
Amid surging stock markets and warnings of a new financial bubble, outgoing Federal Reserve Chairwoman Janet Yellen made her final appearance before Congress.
By Barry Grey, 29 November 2017
Congress, backed by the Trump White House, is hurtling toward the implementation of the most brazen and far-reaching corporate raid on the federal Treasury in US history.
By Andre Damon, 29 November 2017
The explosive rise in the price of bitcoin, the first “cryptocurrency,” has eclipsed the run-up of any comparable asset in modern history.
By Genevieve Leigh, 28 November 2017
As the Trump administration strips media regulation and antitrust laws, media conglomerates are planning even further consolidation.
By Patrick Martin, 28 November 2017
The conflict between Trump and the Democrats over control of the Consumer Financial Protection Board is being conducted with utter cynicism on both sides.
By Patrick Martin, 27 November 2017
A meeting of leading Republicans and Democrats Tuesday begins the last-minute deals to provide $1.5 trillion for the wealthy at the expense of working people.
By Gabriel Black, 27 November 2017
The deal would result in the largest vertically integrated content and distribution company in the world.
By Eric London, 27 November 2017
The wealth of Amazon CEO Jeff Bezos, together with the trillions of dollars hoarded by his fellow billionaires, could be used to wipe out poverty, disease, and social misery.
By Patrick Martin, 20 November 2017
The tax bill passed by the House of Representatives Thursday targets college and graduate students for savage economic attack to fund a bonanza for the super-rich.
By Andre Damon, 18 November 2017
The tax bill passed by the US House of Representatives Thursday marks a new milestone in the transformation of the United States into an oligarchy.
By Barry Grey, 16 November 2017
The attack on access to health care for ordinary Americans is an example of the tax scheme’s fleecing of working people to pay for the tax windfall for the rich.