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, 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 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
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, 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 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 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, 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 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, 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 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 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.
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 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.
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
By Barry Grey, 19 September 2018
The average pay of Wall Street traders and brokers rose to $422,500.
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.
By Nick Beams, 18 September 2018
The world’s two largest economies have entered a rapidly-escalating trade war with vast global consequences.
By Nick Beams, 17 September 2018
Commentaries on the anniversary of the Lehman Brothers collapse voice fears of another meltdown.
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.
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.
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.
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.
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.
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.
No money for wages, schools, health care, but…
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.
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.
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.
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.
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.
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
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.
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
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.
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.
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
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.
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.
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.
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.”
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.
OECD report details
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.
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.
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.
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.
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.
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.
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.
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
By Nick Beams, 23 June 2018
Central bankers at a meeting in Sintra, Portugal, voiced their concerns about the developing global trade war.
By Nick Beams, 21 June 2018
China’s “economic aggression” is denounced as threatening the US and the global economy.
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.
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.
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.
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.”
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.
US imposes steel and aluminium tariffs
By Nick Beams, 1 June 2018
The European Union said it would take immediate steps to retaliate, warning of a 1930s-style depression.
By Patrick Martin, 1 June 2018
The move is the latest step in a systematic campaign to lift even the mild restrictions on bank activities imposed after the 2008 Wall Street crash.
By Marcus Day, 1 June 2018
Fueling outrage is the company’s brazen display of corporate greed, showering investors with hundreds of millions of dollars in dividends and stock buybacks.
By Nick Beams, 31 May 2018
The White House measures are aimed at China’s efforts to develop high-tech industries.
By Nick Beams, 28 May 2018
Moves are underway in the US Congress, supported by leading Republicans and Democrats, to extend bans on Chinese telecos regarded as a threat to “national security.”
By Nick Beams, 25 May 2018
The investigation was directly linked to statements about economic preparations for war.
By Isaac Finn, 25 May 2018
The iconic company announced that profits had experienced a massive 53 percent increase to $142 million in the first three months of this year, with sales exceeding $1 billion.
By Nick Beams, 24 May 2018
The delay in imposing tariffs on China has been condemned by both sides of the US Congress as giving in to Beijing.
As US banks report record profits
By Barry Grey, 23 May 2018
As the tenth anniversary of the September 2008 Wall Street crash approaches, the token restrictions on the banks that were passed during the Obama administration are being dismantled.
By Nick Beams, 21 May 2018
The vagueness of the final, brief communiqué, left the way open for both sides to offer their own interpretations on what had been agreed.
By Nick Beams, 17 May 2018
A letter signed by 32 Democrats stated that “America’s national security must not be signed away as bargaining chip in trade negotiations.”
By Nancy Hanover, 15 May 2018
The meager pay raises and funding increases in West Virginia, Oklahoma and Arizona, hailed as “victories” by the unions and their supporters, will be funded through new attacks on workers.
On eve of teachers’ protests in North Carolina and South Carolina
By Niles Niemuth, 14 May 2018
The 500 largest corporations in the US will funnel more money into the pockets of wealthy investors than they will allocate for capital expenditures and research and development.
By Helen Hayes, 9 May 2018
The federal courts and the state government are relinquishing direct control over city operations, entrusting further budget cuts and austerity measures to the administration of Democratic Mayor Mike Duggan.
Part of Trump tax bill bonanza for the wealthy
By Patrick Martin, 3 May 2018
The iPhone and laptop maker is monetizing the Trump tax cut as a gigantic windfall for its executives and owners.
By Nick Beams, 3 May 2018
The conflict is over more than the trade deficit numbers, with the overriding concern of the US being China’s moves to develop its high-tech capacities.
By Gabriel Black, 2 May 2018
The companies have presented the merger as a critical geopolitical move in the fight against China’s development of 5G.
By Nick Beams, 2 May 2018
The European Commission said there was no basis for tariffs on “national security” grounds and it would not negotiate under threat.
By Nick Beams, 26 April 2018
Trump said there was a “very good chance of making a deal,” but if not, the US would impose “very substantial tariffs” on Chinese imports.
By Trévon Austin, 25 April 2018
A rise in working-class militancy would send the inflated share values into a precipitous decline.
By Nick Beams, 23 April 2018
Adopting the tone of an overlord, US Treasury Secretary Steven Mnuchin demanded that the IMF back Washington in its drive against what it claims are “unfair global trade practices.”
By Nick Beams, 21 April 2018
Under a 1977 law, president Trump could declare a national emergency in response to an “unusual and extraordinary threat” which would allow him to block transactions and even to seize assets.