World economy

Record high income in 2017 for top one percent of wage earners in US

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.

European Union and Rome fight over Italian budget

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.

India seizes “shadow bank” to avert potential “catastrophic” impact on financial system

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.

Wall Street volatile as global economy becomes “fragile”

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.

Sears files for bankruptcy, set to close 200 stores

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.

As Pakistan seeks IMF bailout, US intensifies pressure on Islamabad

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

Another financial earthquake in the making

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.

Wall Street fall continues in day of swings

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.

Major fall on Wall Street as interest rates rise

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.

IMF revises down global growth projection

By Nick Beams, 11 October 2018

The world outlook report warns that trade tensions have shifted the “balance of risks” to the downside.

Key provision of USMCA trade deal aimed at China

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.

Ford announces plans for more layoffs amid new restructuring efforts

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.

Australian banks downgraded as concerns mount over falling property prices

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

Wealth of 400 richest Americans hits record $2.9 trillion

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.

After North America trade deal, Trump to escalate trade war against China

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.

Ten years since the 2008 bank bailout

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.

Trump touts tariffs and trade war following NAFTA renegotiation

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.

IMF chief warns of rising risks facing global economy

By Nick Beams, 2 October 2018

The IMF is set to downgrade its forecast for global growth amid rising trade tensions.

Trump threatens “strategic allies” with auto tariffs

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.

After a decade of falling pay, US Federal Reserve acts to stop “wage inflation”

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.

Federal Reserve lifts interest rates and indicates further hikes

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.

US-China trade war intensifies

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”

Russian neo-Stalinist defends Partido Obrero’s “refounding” of Fourth International

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.

Adam Tooze’s Crashed: The limitations of a Left-liberal historian

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.

The militarist component of Trump’s trade war

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

Wall Street pay up 13 percent while workers’ wages stagnate

By Barry Grey, 19 September 2018

The average pay of Wall Street traders and brokers rose to $422,500.

China retaliates against US trade war measures

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.

The implications of US-China trade war

By Nick Beams, 18 September 2018

The world’s two largest economies have entered a rapidly-escalating trade war with vast global consequences.

China’s $60 billion in aid and loans to Africa in context

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.

Ten years after Lehman: New financial crises in the making

By Nick Beams, 17 September 2018

Commentaries on the anniversary of the Lehman Brothers collapse voice fears of another meltdown.

Ten years since the collapse of Lehman Brothers

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.

US set to escalate trade war against China

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.

A record $31.5 trillion hoarded by corporate oligarchs

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.

Mounting turmoil in emerging markets

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.

Argentine government announces “emergency” measures to face deepening recession and growing unrest

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.”

IMF pushes for more social cuts in Ukraine

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.

Trade tensions increase as US-Canada talks miss deadline

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.

Turbulence hits emerging markets as Argentina’s central bank hikes interest rates to 60 percent

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.

Tax cuts boost US bank profits to record highs

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.

China-US trade talks: The divisions deepen

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.

Nearly 90,000 retail jobs lost in UK in 12 months

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.”

The class dynamics of the stock market bull run

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.

China-US talks but trade war set to escalate

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.

CEO pay up 17 percent while US workers’ wages stagnate

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.

Amidst Turkish crisis Indian rupee falls to all-time low

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.

The global implications of the Turkish lira crisis

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.

The Turkish crisis and the threat of world war

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.

Erdogan charges US “stab in the back” as Turkey crisis deepens

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.

World markets brace for impact of Turkish lira crisis

By Nick Beams, 13 August 2018

The European Central Bank has put on watch major European banks that are heavily exposed to Turkish debt.

Turkish lira plunges as US trade war measures strangle Turkish economy

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.

US-China trade war escalates

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.

Latin American elites respond to trade war with desperate “roadmap” for regional trade bloc

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…

Stock buybacks will hit $1 trillion in 2018

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.

Trump administration cuts in rent subsidies compound US housing crisis

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.

Class exploitation and the market: The secret of the $1 trillion corporation

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.

China threatens tariffs on $60 billion of US goods

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.

Chinese president under pressure over trade war with US

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.

Bottom 40 percent of Americans have a negative net income

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.

Trump set to hike tariff threat against China

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.

Trump plans a $100 billion tax bonus for the rich

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

Oracle CEO pockets $250 million after Trump tax cut

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.

Rifts emerge in US-EU trade deal

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

Workers in US face growing class battles

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.

Political warfare in Washington escalates with subpoena of Trump organization CFO

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.

Qualcomm deal scuttled: China hits back at US in trade war

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.

The Trump-Juncker agreement: A manoeuvre in the global trade war

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

Corporate tax collection rate at historic low

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.

Trade tensions intensify at G20 meeting

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.

Trump repeats threat to impose auto tariffs

By Nick Beams, 20 July 2018

If the auto tariffs go ahead, they would be the largest trade war measure invoked by the Trump administration so far.

EU and Japan sign trade deal

By Nick Beams, 19 July 2018

The deal was five years in the making but the impetus to have it finalised was increased by the US trade war measures that have targeted both parties.

Report documents plundering of US wealth through tax cuts for the rich

By John Marion, 16 July 2018

The report's data expose the lie that there is “no money” to fund basic social needs such as decent-paying jobs, health care, education and housing.

US rejects EU carve-out from sanctions against Iran

By Nick Beams, 16 July 2018

The US decision is another major economic blow against the European powers, which had looked to the nuclear agreement with Iran as opening the way for lucrative trade and investment deals.

Inflation cutting real wages of US workers

By Barry Grey, 14 July 2018

Wage stagnation amidst relatively low unemployment and accelerating economic growth is the outcome of a decades-long social counterrevolution, made possible by the trade unions’ suppression of the class struggle.

Trump escalates trade war against China

By Nick Beams, 12 July 2018

The statement issued by the US trade representative was that of an imperial overlord whose word is law, to be obeyed without question, with any opposition to be met by escalating reprisals.

The class war over wages

By Eric London, 12 July 2018

In an article published Tuesday, the Wall Street Journal worries that “rising wages are beginning to eat into the profits of some US companies.”

Wall Street rebounds after federal jobs report shows continued wage stagnation

By Alec Andersen, 7 July 2018

U.S. stock indexes saw a significant increase Friday in response to the June jobs report, which showed continuing wage stagnation.

Trade war and the political independence of the working class

By Nick Beams, 7 July 2018

On the eve of World War II, Leon Trotsky wrote that that the bourgeoisie “toboggans with closed eyes towards an economic and military catastrophe.” Eighty years on, his words have a profound resonance.

OECD report details

A global economic “recovery” without wage increases

By Patrick Martin, 6 July 2018

A report by the grouping of 36 most economically developed countries found that the proliferation of low-wage, part-time jobs has held down wage growth for workers throughout the world.

Trump fires opening shot in trade war against China

By Nick Beams, 6 July 2018

The US president has already threatened to impose additional tariffs on up to $400 billion worth of Chinese goods if Beijing retaliates.

Ten years after the Wall Street crash, record stock buybacks and mergers

By Gabriel Black, 5 July 2018

The money-mad fixation of the financial oligarchy on ever rising share values is starving society of resources and preventing any social problem from being addressed.

Trudeau beats nationalist drum as Canada imposes retaliatory tariffs against US

By Roger Jordan, 4 July 2018

Ottawa is waging trade war not to defend workers and their livelihoods, but to protect the markets and profits of Canadian big business.

Escalating trade war starts to make economic impact

By Nick Beams, 3 July 2018

Chinese stock markets have continued the fall over the first six months of the year that has wiped some $2 trillion off market valuations.

GE dropped from the Dow Jones Industrial Average

By John Marion, 3 July 2018

The removal of the last of the original 12 Dow Jones components is a symbolic milestone in the financialization of the American economy.

European Union warns of global trade war if US auto tariffs go ahead

By Nick Beams, 2 July 2018

An EU submission to the US Commerce Department warns of major reprisals if the Trump administration goes ahead with auto tariffs.

Trump goes with Mnuchin plan on Chinese investment

By Nick Beams, 28 June 2018

The move appears to have been motivated to a considerable extent by Wall Street’s reaction to a more hardline proposal that prompted the Dow to fall at one point by 500 points on Monday.

Citing tariffs, Harley-Davidson to move US production to Europe

By Jacob Crosse, 27 June 2018

In response to the developing trade war between the US and Europe, motorcycle maker Harley-Davidson said it is shifting some production to international facilities.

Trade war fears hit global markets

By Nick Beams, 26 June 2018

The Trump administration reportedly plans to invoke powers allowing the president to impose sanctions on the grounds of a “national emergency.”

After tariff measures against China

Trump threatens to escalate trade war with Europe

By Nick Beams, 23 June 2018

Central bankers at a meeting in Sintra, Portugal, voiced their concerns about the developing global trade war.

Trade war and the eruption of economic nationalism

By Nick Beams, 22 June 2018

As in the 1930s, the re-emergence of trade war and protectionism are accompanied by the most grotesque forms of right-wing xenophobia and authoritarianism.

White House report lays out economic war against China

By Nick Beams, 21 June 2018

China’s “economic aggression” is denounced as threatening the US and the global economy.

Trump escalates trade war with new tariff threat against China

By Nick Beams, 20 June 2018

The latest moves by the US administration brought a fall in stock markets amid growing concerns that trade war will have a significant impact on investment and global supply chains.

Washington launches trade war measures against China

By Ben McGrath, 16 June 2018

The decision by the Trump Administration to initiate a trade war between the world’s two largest economies will contribute to the already growing tensions and danger of military conflict in the Asia-Pacific region.

Court sanction of AT&T-Time Warner merger strengthens corporate grip on news and entertainment

By Barry Grey, 13 June 2018

Coming just one day after the termination of net neutrality, the federal court ruling sets the stage for the further consolidation of monopoly control and suppression of oppositional points of view.

After G7 summit, Merkel calls for European rearmament

By Johannes Stern, 13 June 2018

German Chancellor Angela Merkel declared that Germany “must promote our principles and values in Europe, potentially in alliance with Canada or Japan”

Recriminations, threats between US and allies continue after collapse of G7 summit

By Barry Grey, 12 June 2018

The level of acrimony and division following the unprecedented failure of the latest in a long line of summits points to a fundamental and irreparable breakdown of the post-World War II economic order.

US-European tensions erupt at the G7 summit

By Andre Damon, 9 June 2018

The bitter denunciations of America’s trade war measures by its closest allies are just one manifestation of the divisions ripping apart the world geopolitical order.

Mexico responds to Trump’s trade war measures with tariffs on US goods

By Rafael Azul, 9 June 2018

Retaliating against US steel and aluminum import tariffs, the government of Mexico imposed tariffs on 71 products exported by the United States.

G7 conflict set to deepen at leaders’ summit

By Nick Beams, 7 June 2018

The G7 has been called the G6 plus one, as Canada, the EU and Japan seek to coordinate their response to US tariffs.

Deep divisions over US trade policies at G7 finance ministers meeting

By Nick Beams, 4 June 2018

The statement from the G7, agreed to by Canada, the UK, Germany, France, Italy and Japan, pointed to the “negative impact of the unilateral trade actions of the United States.”

Backlash against US over tariffs

By Nick Beams, 2 June 2018

The European Union is pushing ahead with counter-measures against the US. It is expected to announce its final list of products to be targeted later this month.