By Barry Grey, 22 September 2020
The report documents the role that major banks knowingly play in laundering trillions of dollars in dirty money from terrorist organizations, drug cartels and assorted international financial criminals.
By Nick Beams, 19 September 2020
The US Federal Reserve’s decision to keep interest rates at virtually zero, for as far as the eye can see, has been deemed insufficient.
By Noel Holt, 19 September 2020
The Australian Manufacturing Workers Union has “bent over backwards” to assist Ovato restructure its operations.
By Jacob Crosse, 18 September 2020
Over 61 million unemployment claims have been filed in the last 6 months, with the pandemic plunging the country into a protracted economic crisis not seen since the Great Depression.
By Robert Stevens, 18 September 2020
Whatever the parliamentary arithmetic, Johnson is carrying out measures that can only deepen geopolitical fault lines.
By Nick Beams, 17 September 2020
The most commonly used phrase by Fed chair Jerome Powell at his press conference was “very strong forward guidance” in a message to Wall Street that the central bank was giving the commitments it has demanded.
By Nick Beams, 17 September 2020
The WTO decision will not see any relaxation of the US trade war against China but rather its intensification.
As Congress rejects renewal of unemployment benefits
By Jacob Crosse, 12 September 2020
With no congressional relief in sight, millions of workers are seeing meager unemployment benefits expire while layoffs continue to mount.
By Robert Stevens, 12 September 2020
Brexit epitomises the malignant growth of inter-imperialist antagonisms that are plunging the world into a brutal trade war and exacerbating the threat of military conflict.
By Roger Jordan, 12 September 2020
The government’s real agenda is for a rapid return to work, higher corporate profitability and “competitiveness,” and to advance Canadian imperialism’s predatory interests internationally.
By Niles Niemuth, 12 September 2020
According to Forbes’ list of the 400 wealthiest Americans, the super-rich now possess $3.2 trillion, enough to pay for an entire year of public education, health care, nutrition and disaster relief for millions of people.
By Jean Shaoul, 10 September 2020
The first and hardest hit have been the Gulf’s 30 million migrant workers from South Asia, the Philippines and the MENA region, who outnumber citizens in four of the six Gulf states.
By Nick Beams, 7 September 2020
The extent of the escalation is indicated by Apple, which last month saw its market capitalisation hit more than $2 trillion, having gained $1 trillion in just 21 weeks.
By Mike Head, 5 September 2020
The most severe recession since the 1930s Depression has already thrown one million out of work, with much worse to come.
By Martin Scott, 5 September 2020
The deal offers workers no guarantees but promises to further enshrine the unions’ role as enforcers of management dictates.
By Nick Beams, 31 August 2020
The key initiative announced at the gathering was the decision by the US Fed’s policy-making body to maintain interest rates at ultra-low levels for an indefinite period.
By Miguel Andrade, 29 August 2020
Twenty-eight thousand jobs have been wiped out since 2013, when the unions began pushing for systematic contract suspensions and bailouts for automakers in Brazil.
By Nick Beams, 28 August 2020
The effect of the changes is to assure the financial oligarchy that the ultra-low interest rate regime, so essential to its wealth accumulation, will continue indefinitely.
By Jerry White, 28 August 2020
Despite President Trump’s claims about a “super-V” shaped recovery, more than 27 million workers are collecting unemployment benefits and millions face the prospect of eviction and utility shutoffs.
By Kumaran Ira, 25 August 2020
The accumulation of obscene levels of wealth by a small financial aristocracy is the product of decades of austerity imposed by governments of various political colors.
By Nick Beams, 25 August 2020
US bankruptcies are running at levels higher than those following the 2008 financial crash.
By Gustav Kemper and Peter Schwarz, 24 August 2020
The tax authorities, government and judiciary closed their eyes as banks and shareholders helped themselves to €31.8 billion in public funds between 2001 and 2016.
By Alice Summers, 22 August 2020
The deal adds a further year to the ticking time-bomb of mass firings, postponing the approximately 25,000 job losses from the end of 2020 to the end of 2021.
By Shannon Jones, 21 August 2020
The number of new unemployment claims rose unexpectedly last week as workers facing mounting economic pressures due to the ending of federal supplemental jobless benefits and the end of eviction bans.
By Nick Beams, 18 August 2020
The massive Fed intervention into financial markets since March has taken to ever greater levels the parasitism that forms the modus operandi of the US economy.
By Omar Ali, 17 August 2020
Huge debts, which have been accumulated chiefly through measures to bail out the banks and financial oligarchy, are being seized upon to demand intensified austerity for the working class.
By Thomas Scripps, 14 August 2020
The A-levels scandal has exposed the dirty secret of the British education system: that it is social class, not merit, that is really being graded.
By Andre Damon, 14 August 2020
The United States set two milestones on Wednesday: 1,503 people died from COVID-19 and the S&P 500 stock index reached a new high.
By Nick Beams, 13 August 2020
Since the crisis of mid-March when the market plunged and the financial system froze, Wall Street’s S&P 500 index has risen by 50 percent on the back of government corporate bailouts and the pumping out of trillions of dollars by the Fed.
By Thomas Scripps, 13 August 2020
The working class must reject all demands for sacrifice to save the economy.
By Carl Bronski, 13 August 2020
An unholy alliance of Ontario Premier Doug Ford, the federal Liberal government, and the United Steelworkers and Unifor trade unions is whipping up Canadian nationalism to justify retaliatory tariffs in answer to Trump’s “America First” protectionism.
By Owen Howell, 11 August 2020
As the economic crisis in Indonesia escalates, threatening social upheavals, the government’s efforts to reopen the country are growing more desperate.
As July report shows no let-up in mass joblessness
By Jacob Crosse, 8 August 2020
Driven by social interests irreconcilably opposed to those of the working class, congressional leaders from both parties adjourned Friday without restoring jobless pay.
By Kevin Reed, 8 August 2020
On Thursday, the US president signed two executive orders that will ban the operation of TikTok and WeChat in the US unless they are acquired by US-based companies within 45 days.
By Nick Beams, 8 August 2020
The move has been couched in terms of protecting “investor safety,” but it is another component of the economic warfare being carried out by Washington.
By Ulrich Rippert, 8 August 2020
In stepping up its attacks on airline workers, Lufthansa collaborates closely with its three unions—UFO, Cockpit and Verdi.
By Nick Beams, 6 August 2020
A major gold trading fund now holds gold equal to a quarter of that held at Fort Knox in the US and has more than the gold reserves of the Bank of Japan, the Bank of England and the Reserve Bank of India.
By Peter Symonds, 5 August 2020
US propaganda now includes allegations of Uyghur “genocide,” based on sensational accounts of forced birth control and the sterilization of Uyghur women in Xinjiang province.
By Mike Head, 4 August 2020
Workers, especially those in casual and insecure employment, will bear the burden of the sweeping “state of disaster” COVID-19 restrictions announced by Victoria’s Labor government.
By Anthony Torres and Alex Lantier, 3 August 2020
Eurostat economic figures for the second quarter of 2020 show that Europe saw its deepest and most sudden economic collapse in history.
By Nick Beams, 3 August 2020
The Fitch credit rating agency said high fiscal deficits, already present before the economic shock of the COVID-19 pandemic, have started to “erode the traditional credit strength of the US.”
As stock indexes continue their climb
By Barry Grey, 1 August 2020
The congressional stalemate over an extension of the unemployment pay supplement, which is certain to result in the total elimination or a major cut in the benefit, is a declaration of war against the entire working population.
By Jerry White, 31 July 2020
Even as the US economy suffers its sharpest contraction in history and the death toll from the pandemic surpasses 155,000, the private fortunes of America’s billionaires continue to rise.
By Nick Beams, 30 July 2020
The massive intervention by the Fed and other central banks into financial markets beginning last March has raised fears, reflected in the soaring price for gold, that currencies are being debased.
As other mid-Michigan corporations carry out layoffs
By Luke Galvin, 30 July 2020
The latest round of layoffs at Dow further exposes the long-going exploitative and controlling nature of the company’s relationship with the Midland, Michigan region.
By Nick Beams, 28 July 2020
A report published in the New York Times last week on the March crisis—the trigger for the latest round of Fed intervention—noted that speculative activity of hedge funds had pushed “critical parts of the US financial markets” towards a collapse.
By Will Morrow, 28 July 2020
The unions’ central concern is to prevent a movement of the entire working class in France and across Europe against layoffs and European Union austerity measures.
By Alejandro López, 28 July 2020
The EU bailout Iglesias calls a “breath of fresh air” is the roll-out across Europe of the model of Greek bailouts after the 2008 crash, to repay trillions of euros given to the rich.
By Gustav Kemper and Wolfgang Weber, 28 July 2020
This attack has long been planned by the company, the Berlin state executive and the Verdi trade union. Now the coronavirus pandemic and impending closure of Tegel are being used as the excuse to implement it.
By Nick Beams, 28 July 2020
Frydenberg lauded the “success” of the offensive against the working class in the 1980s, just as he announced a record budget deficit of $184.5 billion for this financial year.
By Patrick Martin, 27 July 2020
The Trump administration and Democratic and Republican leaders in Congress are condemning millions of workers to destitution, hunger and homelessness.
By Will Morrow, 22 July 2020
The agreement will provide a new revenue stream for European states to give handouts to corporations, and a new mechanism for austerity across the continent.
By Nick Beams, 21 July 2020
Many large US companies are reported to have determined that earlier measures are not going to be sufficient and that increased COVID-19 cases and related shutdowns have dashed hopes for a quick recovery.
By Steve James, 21 July 2020
Ireland’s National Public Health Emergency Team has warned of a second wave of COVID-19 infection as the Central Bank warns of a “severe negative shock”.
By Shannon Jones, 21 July 2020
Congressional Democrats and Republicans are preparing to slash or eliminate the $600 weekly unemployment supplement that has been a lifeline for millions of workers laid off during the pandemic.
By Nick Beams, 18 July 2020
After securing a decision by the UK government to ban the Chinese firm Huawei from its 5G rollout, the US is pressuring the Merkel government in Germany to take the same decision.
By Robert Stevens, 18 July 2020
The collapse in the number of workers in employment takes place along with a drastic fall in hours for those remaining in a job, and a fall in wages.
By Mike Head, 18 July 2020
Governments and employers are working with the trade unions to exploit the COVID-19 catastrophe to accelerate the casualisation of the workforce.
By Jessica Goldstein, 17 July 2020
The number of new official jobless claims demonstrate a state of deep economic crisis for US capitalism.
By Trévon Austin, 17 July 2020
As many as 25,000 stores and half of the malls in the US face closure.
By Nick Beams, 14 July 2020
So far this year, top-rated US corporations have issued almost as much debt as they did in the whole of 2019, putting them on course to exceed the record debt issuance of $1.37 trillion in 2017.
As it charts depths of economic crisis
By Nick Beams, 9 July 2020
The Organisation for Economic Cooperation and Development says that up to 10 times fewer hours have been worked in some countries as compared with the first months of the 2008 financial crisis.
By Sam Dalton, 8 July 2020
An examination of the budget makes clear that highly publicized $1 billion “cut” to the New York Police Department is a complete sham.
By Robert Stevens, 7 July 2020
Workers have been laid off particularly heavily in the retail, travel, hospitality, and manufacturing sectors.
By Gustav Kemper, 7 July 2020
In common with many other businesses, Commerzbank is using the coronavirus pandemic to implement preexisting plans to shed jobs and close branches.
By Terry Cook, 7 July 2020
Employers are continuing to utilise the COVID-19 pandemic to restructure their operations, shedding thousands of jobs and cutting working conditions.
Millions in the US face catastrophe as federal unemployment relief set to expire amid surging pandemic
By Kevin Reed, 4 July 2020
The combined economic impact of the raging pandemic and the imminent cutoff of $600 weekly federal assistance is leading to a social catastrophe for millions across the US.
By Gabriel Black, 4 July 2020
The $7.9 trillion in 401(k) retirement funds will be used to buttress private equity markets and further enrich the financial oligarchy.
By Saman Gunadasa, 4 July 2020
While providing huge financial concessions to the banks and big business, the government is imposing greater economic burdens on workers and the poor.
By Jerry White, 3 July 2020
Despite Trump’s claims that the “economy is roaring back,” joblessness remains at depression levels while the reopening of businesses has produced a surge of COVID-19 cases.
By Nick Beams, 3 July 2020
Having boosted the wealth of the financial oligarchy, in the midst of economic devastation for working people, the Fed is actively considering giving the rich even more support.
Airbus cuts 15,000 jobs
By Will Morrow, 1 July 2020
Having given massive state bailouts to the corporations, the ruling class is using the pandemic to effect a historic restructuring in class relations.
By Paul Lee, 30 June 2020
Two thousand management job cuts will be followed by at least 20,000 redundancies from the remaining workforce.
By Nick Beams, 30 June 2020
Over the past 12 years, since the financial crisis of 2008, the state has provided trillions of dollars to the banks, hedge funds and corporations, shattering the nostrums of “free market” capitalism.
By Jerry White, 26 June 2020
The US Labor Department recorded a record fourteenth week in a row in which the number applying for unemployment aid topped one million.
By Peter Schwarz, 26 June 2020
The company CEO was arrested in connection with the disappearance of 1.9 billion euros ($2 billion).
By Fred Mazelis, 26 June 2020
The city faces a June 30 deadline for a budget at a time when revenues show a $9 billion fall due to the impact of the COVID-19 pandemic.
By Nick Beams, 25 June 2020
The global economy is predicted to take a $12 trillion hit over 2020 and 2021 with the COVID-19 pandemic having a “catastrophic” effect on the world labour market.
By Ozan Özgür, 24 June 2020
Millions of workers are losing their jobs, left unable to meet basic needs as billions go to cheap loans in the interests of the ruling class in Turkey.
By Steve Filips, 20 June 2020
Airlines are slashing jobs, pay, and hours of workers in a desperate attempt to bolster profits at worker expense during the pandemic.
By Anthony Torres, 20 June 2020
After receiving a €7 billion public bailout, the French-Dutch airline is preparing to slash between 6,000 and 10,000 jobs amid the COVID-19 pandemic.
By Mike Head, 20 June 2020
The rate of youth unemployment and underemployment would be a staggering 48 percent if everyone who had lost their job was counted.
By Shannon Jones, 19 June 2020
Mass joblessness in the US is unlike anything seen since the Great Depression of the 1930s.
By Nick Beams, 19 June 2020
US Trade Representative Robert Lighthizer has delivered a broadside against the World Trade Organisation and indicated that trade negotiations with the European Union were going nowhere.
By Nick Beams, 17 June 2020
Fed chairman Jerome Powell said it would take some time before employment and economic activity returned to pre-pandemic levels.
By Oscar Grenfell, 17 June 2020
The government is winding back meagre relief measures introduced during the pandemic and intensifying an assault on working class jobs and conditions.
By Nick Beams, 16 June 2020
The report calls the economic outlook “exceptionally uncertain.” It warns that any recovery will be “hesitant” and subject to interruption by another outbreak of the pandemic.
By Alex Lantier, 16 June 2020
With Macron’s brief televised address, the ruling class is declaring an international class war against workers.
By Isaac Finn, 16 June 2020
State authorities demanded that thousands of workers give back “overpaid benefits” they have received since the start of the economic crisis sparked by the COVID-19 pandemic.
By Gary Joad, 15 June 2020
The largest health care corporations and hospital chains have collected billions in federal grants and laid off tens of thousands of health care workers, while compensating top executives hundreds of millions.
By Evan Blake, 15 June 2020
The massive education-related job losses will in many cases be permanent, with devastating repercussions for both educators and an entire generation of students.
By Nick Beams, 12 June 2020
The S&P 500 dropped by 5.9 percent after it had risen by 45 percent and returned to previous highs as a result of the boom in stocks following the injection of trillions of dollars into financial markets by the Fed.
By Nick Beams, 11 June 2020
The Fed forecast the US economy would contract by 6.5 percent this year and unemployment would be 9.3 percent with the decline in second quarter GDP “likely to be the most severe on record.”
By Nick Beams, 10 June 2020
The rise of the market, taking place in the midst of the greatest health crisis in a century, stands in stark contrast to the underlying real economy.
By Peter Schwarz, 8 June 2020
Like the previous bailouts, the latest package showers cash on the rich, concealed behind a few modest rations for families and will produce a further increase in social inequality.
By Shannon Jones, 6 June 2020
An unexpected decline in the unemployment rate in May is being used by the White House to declare the pandemic-fueled economic crisis over.
By Mike Head, 6 June 2020
The slump began before the main COVID-19 pandemic restrictions commenced, and has led to the greatest loss of livelihoods since the 1930s Great Depression.
By Shannon Jones, 5 June 2020
The economic meltdown triggered by the COVID-19 pandemic is evolving into a deep and long economic slump.
By Jean Shaoul and Stephan McCoy, 5 June 2020
Zambia has been caught in the crosshairs of US President Donald Trump’s reckless campaign to undermine China, which he views as a threat to US global dominance.
By Nick Beams, 5 June 2020
The decision by the ECB to lift its emergency asset purchasing program to €1.35 trillion was warmly welcome in financial circles.