By Nick Beams, 12 October 2019
The markets responded enthusiastically with the Dow finishing up by more than 300 points, but for all the celebrations, the agreement is very limited.
By Trévon Austin, 10 October 2019
The overall tax rate on the richest .01 percent was only 23 percent last year, while the bottom half of the population paid 24.2 percent.
After mid-September financial market turbulence
By Nick Beams, 10 October 2019
In announcing the move, Fed chairman Jerome Powell said that without sufficient reserves in the banking system even normal demands for cash could cause “outsized movements in money market interest rates.”
By Jerry White, 5 October 2019
Striking workers are resisting Wall Street’s demands for “more flexible manufacturing systems” to build electric and self-driving cars, including lower-paid temporary workers that the UAW has already agreed to.
By Alex Lantier, 4 October 2019
The Trump administration’s announcement of tariffs on $7.5 billion on EU goods is only the latest shot in a spiraling trade war that is dragging the global economy toward recession.
By Andre Damon, 3 October 2019
US manufacturing activity shrunk for a second quarter in a row and the World Trade Organization said the growth in trade this year would be the lowest in a decade.
As GM tries to cut health benefits for workers on strike, Federal Reserve prepares more handouts to Wall Street
By Andre Damon, 19 September 2019
The federal government wants unlimited amounts of cash to be provided to the financial system in the event of a stock market downturn.
By Nick Beams, 5 September 2019
Manufacturing survey results from around the world point to a significant slowdown with no signs of increased activity in the coming months.
By Nick Beams, 2 September 2019
The new measures, to be followed by further imposts in December, have hit a wide range of consumer products, amid growing concerns of a recession in the global economy and the US.
By Nick Beams, 31 August 2019
An extraordinary intervention by former New York Federal Reserve president Bill Dudley reflects rising political tensions, fuelled by the growing prospect of a US recession.
By Nick Beams, 27 August 2019
Reporting on the meeting, the Financial Times noted that that “there was a sense that things would never be the same again.”
By Nick Beams, 24 August 2019
Tweets by Trump in response to tariff measures by Beijing were his most belligerent to date, taking aim not only against China, but US corporations and the Federal Reserve.
By Jessica Goldstein, 22 August 2019
The recent layoffs in suburban Detroit serve to shatter any illusion that workers' jobs and living standards can be protected through trade war measures.
By Will Morrow, 22 August 2019
The report demonstrates how the financial markets serve as a mechanism for the transfer of wealth up the income scale, from the working class to the corporate elite.
By Nick Beams, 16 August 2019
The gyrations in financial markets and the growing signs of recession—threatening to set in motion a crisis even more severe than that of 2008—pose vital political issues before the working class in every country.
By Nick Beams, 15 August 2019
Amid growing concerns that low interest rates and “quantitative easing” will not be enough to stave off a new global downturn, there is a deep fear in ruling circles of mounting opposition in the working class.
By Nick Beams, 10 August 2019
The British GDP data ended a week of deepening uncertainty in financial markets and growing fears of a recession in major areas of the global economy.
By Nick Beams, 8 August 2019
A global currency conflict will take the economic warfare being waged by the US against “strategic competitors” such as China as well as its nominal allies to a new level.
By Nick Beams, 6 August 2019
Stock markets fell sharply around the world yesterday, amid fears of a currency war, after China allowed its currency, the renminbi, to pass through the benchmark of 7 to the US dollar.
By Nick Beams, 3 August 2019
In its analysis of the latest turn in the trade war, the South China Morning Post said China had to decide either to a walk away from the negotiations or make major concessions to the US.
By Nick Beams, 2 August 2019
The decision to impose a 10 percent tariff on $300 billion worth of Chinese goods, covering a wide range of consumer products, represents the most significant intensification of the more than year-long trade war to date.
By Nick Beams, 1 August 2019
The Fed decision makes clear that the pumping of ultra-cheap money into the financial system by central banks for the benefit of the financial oligarchy has become the “new normal.”
By Shannon Jones, 30 July 2019
Continuing sales declines, led by China and India, are leading to massive job losses and attacks on autoworkers as transnational companies seek to maintain high levels of return.
Amid significant fall in investment
By Nick Beams, 27 July 2019
Data on investment and industrial production show that pro-corporate tax cuts have not produced the resurgence in manufacturing and investment forecast by Trump.
By Patrick Martin, 27 July 2019
Alexandria Ocasio-Cortez and Rashida Tlaib, both members of the Democratic Socialists of America, voted for a bill that includes a record $738 billion for the military.
Amid growing signs of global slowdown
By Nick Beams, 25 July 2019
The conflict has become more fraught since the US Commerce Department decided to place Huawei on its entity list, effectively banning it from supplies of US components for its operations.
By Patrick Martin, 24 July 2019
The plan will boost military spending to record levels and reassure Wall Street.
By Nick Beams, 24 July 2019
The bogus character of the agenda advanced by Warren, who has described herself as “capitalist to the bone,” is underscored by the measures she advances to meet the signs of a deepening crisis.
By Zachary Thorton, 23 July 2019
Another coal giant has declared bankruptcy, leaving devastation in its wake as hundreds of workers are out of work and owed thousands of dollars in unpaid wages.
By Nick Beams, 22 July 2019
The participants at the conference were acutely conscious of the fact that what was at stake in their deliberations to establish a new world economic order was nothing less than the survival of their rule.
By Nick Beams, 20 July 2019
Trump is demanding that the Fed drop all pretence of “independence” and openly serve as an instrument of Washington’s economic war against its global competitors.
As US senators deepen attack on Huawei
By Nick Beams, 18 July 2019
Because it functions as a transhipment hub for final destinations in the rest of Asia, a sharp decline in exports from Singapore last month points to an economic slowdown across the region.
By Clare Hurley, 16 July 2019
Bezos’ $137 billion combined wealth could pay the annual median rent for all 250,000 Amazon workers in the US for 100 years.
By Nick Beams, 11 July 2019
Fed Chairman Powell’s testimony to Congress yesterday was warmly welcomed by the financial markets, with Wall Street’s S&P 500 index at one point surpassing 3,000, a new record.
As economic conflicts intensify
By Nick Beams, 8 July 2019
Under conditions of its relative economic decline, the US regards China's industrial and technological development as intolerable, and will use all methods necessary to prevent it.
By Nick Beams, 25 June 2019
The fact that Laffer’s theories were exposed as economic nonsense from the outset did not in any way lessen their influence because they encapsulated the unrelenting drive for increased wealth that has dominated the ruling elite over the past four decades.
By Jessica Goldstein, 22 June 2019
Because of the furnace shutdowns, hundreds or even thousands of workers could eventually lose their jobs worldwide.
As contract talks set to begin
By Jerry White, 21 June 2019
The industry publication Automotive News says the automaker will demand the hiring of more low paid temps and cuts to existing health care benefits.
By Bryan Dyne, 21 June 2019
The airline captain’s statement to Congress exposed the negligence of Boeing and questioned the relationship between the company and regulatory agencies.
By Nick Beams, 20 June 2019
Fed chairman Jerome Powell gave a clear indication that rate cuts were on the table, pointing to “significant changes” in the statement of its policy-making body.
By Nick Beams, 10 June 2019
One financial analyst told the Wall Street Journal the markets were a “slave to liquidity, and when the Fed is accommodative, it’s a good sign for the markets.”
By Jerry White, 10 June 2019
US workers have seen a mere 1.1 percent increase in real wages over the last year.
By Nick Beams, 7 June 2019
Trump’s threat to use tariffs against Mexico over immigration has sent a shock wave through the international trading system because it makes clear the US is prepared to use economic and trade warfare measures to pursue all of its policy objectives.
By Zachary Thorton, 7 June 2019
Over 1,200 miners face a precarious future after the third-largest US coal producer declared bankruptcy.
By Barry Grey, 5 June 2019
US stock prices shot up Tuesday, reversing weeks of declines, after Federal Reserve Chairman Jerome Powell signaled that he was prepared to slash interest rates.
By Andre Damon, 3 June 2019
The “cold war” between the United States and China took a major step toward becoming a “hot” war over the weekend at the annual Shangri-La defense summit in Singapore.
By Nick Beams, 1 June 2019
In pursuit of his political agenda, Trump has made clear he is prepared to resort to the unprecedented use of economic measures, with far-reaching international ramifications.
By Tom Hall, 27 May 2019
The proposed deal with the French automaker will be used to eliminate “redundancies,” particularly in FCA’s unprofitable European operations.
By Anthony Bertolt, 27 May 2019
The liquidation of the clothing retailer will throw approximately 6,800 workers out of their jobs with little, if any, support.
By Nick Beams, 24 May 2019
The Financial Times cited one fund manager who said it was “panic mode” and “people are realising that the economy could be a lot slower than we thought.”
By Andre Damon, 21 May 2019
Google and other companies have announced measures that would effectively destroy Huawei, the second-largest global smartphone maker and the world’s largest maker of telecommunications equipment.
By Samuel Davidson, 20 May 2019
Police were called to stand by as nearly 1,000 workers were abruptly thrown out of their jobs at this Central Pennsylvania factory
By Nick Beams, 11 May 2019
A week ago, a deal had been expected, but that scenario was blown up when the Trump administration accused Beijing of backtracking on its commitments.
By Shannon Jones, 11 May 2019
The global strikes and protests by Uber and Lyft drivers amid an orgy of stockholder enrichment underscore the need for workers to adopt an international socialist strategy.
By Nick Beams, 10 May 2019
Trump said talks with Chinese representatives would proceed, but “I have no idea what’s going to happen.”
On eve of trade talks in Washington
By Nick Beams, 6 May 2019
Trump’s threats, aimed at putting intense pressure on Chinese negotiators when they sit down with their US counterparts on Wednesday, could have the effect of blowing up the talks.
By Nick Beams, 4 May 2019
One of the main sticking points is agreement on the procedure by which US tariffs imposed on $250 billion worth of Chinese goods would be lifted if a trade agreement is reached.
By Robert Stevens, 1 May 2019
After it was leaked that Huawei could help build the British 5G network, the Trump administration is threatening to shut Britain out of “Five Eyes” intelligence sharing.
By Niles Niemuth, 27 April 2019
Amazon plans to increase the exploitation of workers in the US and internationally by implementing free one day shipping for Prime subscribers to ensure ever-bigger profits.
By Nick Beams, 26 April 2019
While share prices soar, the global economic outlook has worsened, with growing signs of a downturn.
By Jessica Goldstein, 23 April 2019
The findings of the report showed that among OECD countries, a growing number of middle-income earners perceive “that the current socioeconomic system is unfair.”
By Jacob Crosse, 22 April 2019
An estimated $300 million has already been siphoned from public coffers to provide transportation access for a nonexistent factory complex.
By Nick Beams, 19 April 2019
Among the most contentious issues that remain unresolved are which US tariffs would continue force and the establishment of an enforcement mechanism.
By Nick Beams, 17 April 2019
Trump has repeatedly attacked the Fed after Wall Street last year experienced its worst December result since the depths of the Great Depression in 1931.
By Patrick Martin, 16 April 2019
As a consequence of Trump’s 2017 tax cut for the wealthy, the number of Fortune 500 companies paying no federal income taxes has doubled.
By Nick Beams, 11 April 2019
The IMF reported that industrial production and investment remained weak in many advanced and developing economies, and world trade had yet to recover.
By Nick Beams, 8 April 2019
Proposals by Trump to fill two vacancies on the Fed’s board of governors have brought denunciations of political stacking.
By Nick Beams, 6 April 2019
Trump emerged from a meeting with chief Chinese trade negotiator Liu He to say it would take at least four weeks to reach an agreement as he declined to set a date for a summit with Chinese President Xi Jinping.
By Kevin Reed, 5 April 2019
The preliminary report by the Ethiopian Aircraft Accident Investigation Bureau shows that a faulty angle-of-attack sensor was behind the crash on March 10 that killed 157 passengers and crew.
Amid auto layoffs and warnings of manufacturing “bloodbath”
By Nick Beams, 4 April 2019
IMF Managing Director Christine Lagarde noted that while two years ago 75 percent of the global economy was experiencing an upswing, today 70 percent is in a slowdown.
By Jacob Crosse, 3 April 2019
Retirees have been given two options—either convert all or a portion of the previously held policy into a new plan, and begin making payments, or watch it evaporate.
By Dan Conway, 1 April 2019
A small layer of investors and company employees have become multimillionaires and billionaires, while hundreds of thousands of drivers struggle to make ends meet on poverty level wages.
By Nick Beams, 30 March 2019
The issue of enforcement has been at the centre of US demands, with Washington wanting the right to impose tariffs on China without any retaliation.
By Nick Beams, 29 March 2019
Bloomberg has reported that the amount of global bonds with negative yields has topped $10 trillion, an indication of the growing uncertainty in financial markets.
By Fred Mazelis and Mark Witkowski, 25 March 2019
The development is the latest and most extreme expression of the gentrification and inequality that has reached unprecedented levels in the capital of American capitalism.
By Patrick Martin, 18 March 2019
Attacks on workers are paying off for the bosses at Ford, Boeing, Blue Cross Blue Shield and other giant corporations.
By Nick Beams, 14 March 2019
The questioning of US Trade Representative Robert Lighthizer centred almost exclusively on the content and progress of trade talks with Beijing.
By Nick Beams, 12 March 2019
The key US demand is that China must make “structural” changes to its economy, including abandoning state subsidies to major industries.
By Nick Beams, 11 March 2019
Last week the OECD cut its growth forecast for advanced economies in 2019 from 1.8 percent to 1 percent, with Europe taking the brunt of the downward revision.
US “retail apocalypse” expected to exceed annual high with more than 1,100 store closures announced in one day
By Trévon Austin, 9 March 2019
More than 6,300 stores are already set to close in 2019 already surpassing the total number of closures last year.
Some economic and political conclusions
By Nick Beams, 9 March 2019
Over the past decade, as a result of policies carried out by the US government, financial authorities and the US Federal Reserve, trillions of dollars have been pumped into financial markets, lifting the Dow and the S&P 500 by more than 300 percent.
By Nick Beams, 7 March 2019
The increased deficit is an expression of the inherent contradictions of Trump’s “America First” trade agenda, within the framework of a globalised economy.
By Nick Beams, 5 March 2019
The Trump negotiators are insisting that the US retain the right to impose tariffs if it considers a deal has been abrogated and China should not impose any retaliatory measures.
By Nick Beams, 2 March 2019
A statement from Meng’s defence lawyers objected to the Canadian decision in the face of what it called “the political nature of the US charges.”
By Nick Beams, 1 March 2019
The US Trade Representative made it clear the fundamental question is “structural reforms” in the Chinese economy.
By Andre Damon, 27 February 2019
A growing movement of the working class confronts the entrenched power of a financial oligarchy intent on expanding its wealth and domination over society.
By Jerry White, 27 February 2019
After concealing news about the strike in Mexico for six weeks, the Detroit Free Press acknowledged that it has forced Ford to halt production due to a lack of steering wheels.
By Jacob Crosse, 25 February 2019
Promoted by the unions and the pseudo-left, the “Fight for $15” campaign has been utilized by the Democratic Party to institutionalize poverty wages for millions of workers.
By Nick Beams, 23 February 2019
The Wall Street Journal has reported that the German government is “leaning towards letting Huawei … participate in building the nation’s high-speech internet infrastructure.”
By Nick Beams, 21 February 2019
A Commerce Department investigation is believed to state that auto imports constitute a “threat.”
By Nick Beams, 16 February 2019
The next round will be virtually the last chance to reach a formal agreement before March 1, after which the US will increase tariffs—from 10 to 25 percent—on $200 billion worth of Chinese goods.
By Nick Beams, 15 February 2019
The top 1 percent in the US now owns about 40 percent of household wealth, increasing its share by at least 10 percentage points since 1989.
By Jacob Crosse, 11 February 2019
The beleaguered retail chain lives to die another day as remaining workers are left with an uncertain future
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 Nick Beams, 29 January 2019
The US is demanding China scrap its program for future economic development by implementing so-called “structural” changes.
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.