By Joseph Kishore, 19 September 2014
There are now 2,325 billionaires in the world, and their combined wealth has increased 12 percent from last year, according to a new report from Wealth-X and UBS bank.
By Nick Beams, 19 September 2014
Another warning about the state of the world economy and the global financial system has been issued, this time from the International Monetary Fund, as G20 finance ministers and major central bankers meet this weekend.
By John Roberts, 18 September 2014
Widodo’s election promises will be watered down or ditched, as the new government presses ahead with IMF and World Bank’s demands for austerity.
By Nick Beams, 17 September 2014
The Organisation for Economic Cooperation and Development has warned of falling world growth, sub-par expansion of trade and financial turbulence.
By Nick Beams, 15 September 2014
Six years after the collapse of Lehman Brothers, the world economy has not only failed to recover, the conditions for a new financial catastrophe are in the making.
By Nick Beams, 13 September 2014
Blanchard begins by explaining that the world’s “leading economists” had no idea that a global financial crisis on the scale of 2008 could develop.
By Nick Beams, 11 September 2014
Low growth will continue to dampen employment prospects and lead to widening income inequality across the G20 countries.
By Nick Beams, 6 September 2014
Just as in the period prior to 1914, a deepening breakdown of the global capitalist system is fuelling the drive to a new world war.
By Mike Head, 6 September 2014
Real national income per person declined for the second year in a row, driven by falling export prices.
By Nick Beams, 5 September 2014
The European Central Bank has launched a new round of financial stimulus in the face of worsening economic conditions in Europe.
By Nick Beams, 3 September 2014
Monetary stimulus has failed to halt recessionary trends in the global economy.
By Andre Damon, 23 August 2014
The Obama administration’s latest settlement with Bank of America imposes a wrist-slap fine and shields bankers from prosecution.
By Nick Beams, 23 August 2014
Speaking at the Jackson Hole conference, Yellen tried to balance between the financial markets’ demands for continued cheap cash and pressure from within the Fed for a more normal policy.
By Nick Beams, 20 August 2014
If the fall in Chinese house prices continues, it will have a major impact on the financial system and the broader economy.
By Nick Beams, 15 August 2014
The sharp slowdown in credit expansion in China and the contraction in Japan will impact on the world economy.
By Nick Beams, 14 August 2014
Economic policymakers are warning that low growth is looking increasingly permanent.
By Gabriel Black, 9 August 2014
Bank of America’s deal with the Obama administration is designed to ensure that no banker will be prosecuted for the bank’s role in the criminal practices that crashed the world economy.
By Nick Beams, 8 August 2014
The policies pursued by the US Fed and other central banks are creating the conditions for another financial crash.
By Jean Shaoul, 5 August 2014
Lloyds, in which the British Treasury has a 24 percent stake following the bank’s collapse in 2008, admitted that four of its staff had defrauded the Treasury.
By Andre Damon, 31 July 2014
The US economy grew at an annualized rate of 4.0 percent in the second quarter, following a 2.1 percent contraction in the first three months of 2014.
World capitalism in 2014
By Patrick Martin, 25 July 2014
The UN Development Report provides a wealth of statistics documenting the failure of capitalism.
By Nick Beams, 23 July 2014
The central purpose of Stiglitz’s argument was to cover up the fact that growing social inequality is rooted in the very foundations of the capitalist economy.
By Nick Beams, 19 July 2014
The move by the BRICS summit to set up a development bank and emergency fund reflects dissatisfaction with US dominance of the global financial system.
By Nick Beams, 16 July 2014
The head of the BIS says the global system could be more vulnerable than before the 2008 meltdown.
By Norisa Diaz, 15 July 2014
Devastating social conditions have sparked the influx of unaccompanied minors and families from Central America.
By Nick Beams, 2 July 2014
The Bank for International Settlements has warned that the supply of ultra-cheap money to financial markets is creating the conditions for another crash.
By Nick Beams, 30 June 2014
The BIS report is the latest in a series of warnings that the present financial boom is creating the conditions for another crisis.
By Andre Damon, 26 June 2014
The sharp contraction expresses the fact that, nearly six years after the 2008 crash, the US economy remains mired in slump.
By Ashley Tseng, 26 June 2014
According to the ILO, 168 million children in 2012 were subjected to “unacceptable” forms of child labour.
By Barry Grey, 20 June 2014
The Federal Reserve cut its estimate of US economic growth this year and scaled back its longer-term projection, a virtual admission that slump and falling living standards for the masses of people are here to stay.
By Andre Damon, 18 June 2014
Stress Test, the memoir published last month by former US Treasury Secretary Timothy Geithner, documents the conspiracy to prepare and execute the 2008 bank bailout from the point of view of the operation’s leading architect.
By Gabriel Black, 17 June 2014
The IMF warned Monday that unemployment and financial instability would continue to plague the US economy and recommended extending record low interest rates.
By Jerry White, 10 June 2014
A large majority of the world’s population lacks essential social protections, leading to the preventable deaths of 18,000 children each day.
By Jerry White, 5 June 2014
The World Social Protection Report 2014/15 documents the impact of austerity policies on the social safety net.
By Nick Beams, 30 May 2014
The Financial Times’ scurrilous attack on Thomas Piketty has been opposed by those working in the field of economic and social inequality.
By Andre Damon, 27 May 2014
Six years after the 2008 economic crisis, unemployment, poverty, stagnant wages, and temporary employment continue to be realities of life for broad sections of the US population.
By Joseph Kishore, 27 May 2014
In a series of articles over the past several days, and in a major editorial published on Monday, the Financial Times has launched a scurrilous attack on Thomas Piketty and his book, Capital in the Twenty-First Century.
By Jordan Shilton, 21 May 2014
The concentration of wealth in a few hands contrasts ever more horrifically with worsening impoverishment for a growing proportion of the population.
By Andre Damon, 14 May 2014
The vast redistribution of wealth from the bottom to the top that has taken place since the 2008 crash is expressed in the colossal rise in stock prices, which have nearly tripled since March 2009.
By Jerry White, 13 May 2014
The Michigan legislature is debating a series of bills to impose a permanent financial authority on Detroit that would remain in place long after the city emerges from bankruptcy.
By Shannon Jones, 10 May 2014
The layoffs include 7,000 job cuts at the firm’s investment banking operations.
By Nick Beams, 6 May 2014
We are publishing here the text of the speech given by Nick Beams, national secretary of the SEP of Australia, to the International Online May Day Rally hosted by the International Committee of the Fourth International and the WSWS on Sunday, May 4.
Link to audio
By Nick Beams, 30 April 2014
Far from being overcome, the breakdown, which began with the eruption of the global financial crisis in 2008, is intensifying.
By Nick Beams, 8 April 2014
A major IMF report prepared for a series of international financial meetings this weekend describes a world economy in permanent crisis.
By Nick Beams, 4 April 2014
China experienced an expansion of credit unprecedented in world economic history—equivalent to the size of the entire US banking system.
By Andre Damon, 24 March 2014
The OECD report documents the staggering rise of poverty, hunger, unemployment, and social distress in countries throughout the world in the aftermath of the 2008 economic crash.
By Julie Hyland, 15 March 2014
Social devastation is to be unleashed against a country that has already been subjected to the scorched earth economics of capitalist restoration.
By James Cogan, 27 February 2014
The job destruction flows directly from the cut-throat competition for market share and profits among rival transnational airline alliances since the 2008 global financial crisis.
By Ben McGrath, 20 February 2014
GM Korea plans to slash 1,100 jobs from its Gunsan factory, part of an overall assault on auto workers in Korea and internationally.
By Mike Head, 20 February 2014
CEOs are being rewarded for slashing costs, along with the livelihoods of many thousands of people.
The real face of the economic “recovery”
By Kate Randall, 7 February 2014
Despite stagnant revenues, companies are reporting booming profits on the basis of a relentless assault on jobs, wages and working conditions.
By Andre Damon, 7 February 2014
Today, President Obama will sign a bill to cut $8.7 billion from the food stamp program.
By Jerry White, 4 February 2014
The city’s “plan of adjustment” outlines a savage assault that will set a precedent to escalate the attacks on the working class throughout the US and internationally.
By Nick Beams, 4 February 2014
Equity markets have had their worst start to the year since 2010.
By Stefan Steinberg, 3 February 2014
At the Munich Security Conference, German officials moved to repudiate the restraints on German militarism that were imposed after World War II.
By Nick Beams, 1 February 2014
The roots of the “emerging markets” crisis lie in the policies initiated by the US Federal Reserve and other central banks after the global financial crisis of 2008.
By Nick Beams, 30 January 2014
Wall Street’s Dow Jones index dropped 190 points yesterday amid growing global currency turbulence.
By Oliver Campbell, 30 January 2014
The consignment of riches to the British Virgin Islands provides a glimpse into the extraordinary growth of social inequality in China.
By Nick Beams, 29 January 2014
The massive rate hike followed warnings of financial “carnage” amid growing concerns over the stability of “emerging markets.”
By Bill Van Auken, 29 January 2014
The Argentine government has responded to last week’s run on the peso with new rules allowing dollar purchases to barely 20 percent of the population.
By Keith Jones, 27 January 2014
Iran’s president travelled to the World Economic Forum in order to woo the world financial elite and reiterate the Islamic Republic’s eagerness to reach an accommodation with Washington.
By Barry Grey, 25 January 2014
Stock markets around the world plunged Friday as emerging market currencies hit record lows.
By Peter Symonds, 24 January 2014
Abe likened the current friction between Japan and China to the rivalry between Britain and Germany on the eve of World War I.
By Mike Head, 21 January 2014
The ILO noted the glaring disparity between the recovery on global financial markets and the worsening situation facing workers.
By Nick Beams, 17 January 2014
At a speech in Washington on Wednesday, IMF Managing Director Christine Lagarde warned that strengthening deflationary trends posed a threat to the global economy.
By César Uco, 15 January 2014
Petrobrás, the government-run oil company, is selling off international assets to finance its investments in offshore oil.
By Nick Beams, 30 December 2013
Rather than an upturn taking shape, warnings of “secular stagnation” are proliferating.
Humanitarianism Contested, Where Angels Fear to Tread, by Michael Barnett and Thomas G. Weiss
By Nancy Hanover, 30 December 2013
The growing nexus between imperialism and international non-governmental organizations makes the 2011 book Humanitarianism Contested, Where Angels Fear to Tread a timely read.
By Nick Beams, 24 December 2013
Far from providing a cure for the crisis of the global capitalist system, the Fed’s policies are boosting the growth of a giant economic cancer.
By John Chan, 24 December 2013
China’s industries confront serious overcapacity, and huge local government debts threaten financial stability.
By Terry Cook, 21 December 2013
Hundreds of jobs are being destroyed in Kellogg’s Project K “efficiency and effectiveness plan” to restructure its global operations.
By Nick Beams, 17 December 2013
The global economy is increasingly coming to resemble an inverted pyramid, with ever-increasing financial wealth sitting atop a contracting real economy.
By Mike Head, 14 December 2013
The breakdown was a blow to the White House, which was intent on pushing through the pact as a key part of its “pivot” to Asia.
By Stefan Steinberg and Barry Grey, 7 December 2013
The fines amount to a slap on the wrist for banks that have long since factored such sums into their accounts.
By Nick Beams, 18 November 2013
Hopes for global growth are being dashed as economic tensions intensify.
By Nick Beams, 2 November 2013
There are growing concerns that the world financial system could be heading for another crash on the scale of 2008, or even larger.
By Peter Symonds, 12 October 2013
Coming on top of the postponed attack on Syria, Obama’s cancelled trip disconcerted US allies and raised questions throughout Asia about Washington’s ability to meet its commitments.
By Mike Head, 12 October 2013
The Abbott government confronts falling growth rates, collapsing mining investment and rising unemployment.
By Nick Beams, 10 October 2013
Even if a US default is averted, the latest IMF World Economic Outlook report points to deepening recessionary trends in the world economy
By Joseph Santolan, 10 October 2013
With Obama canceling his trip to South East Asia, Kerry is trying to offset Beijing’s temporary advantage by escalating Washington’s provocative rhetoric.
By Peter Symonds, 9 October 2013
Hanging over the meeting was the looming threat of a US default if the Congress fails to lift the ceiling on US government debt.
By Nick Beams, 23 September 2013
The central concern of the Fed is not the real economy and the worsening conditions faced by hundreds of millions of working people, but the need to maintain the inflation of asset prices.
By Julie Hyland, 14 September 2013
London School of Economics’ John Van Reenen describes the fall in workers’ wages as “stunning—and something that did not happen in previous postwar recessions in Britain”.
14 September 2013
We are republishing here two articles posted on the World Socialist Web Site in the immediate aftermath of the collapse of Lehman Brothers, as the tumultuous events surrounding the greatest financial crisis since the 1930s were unfolding.
By Bill Van Auken, 7 September 2013
With mounting opposition at home and abroad to war against Syria, the Pentagon is reportedly preparing for far more extensive bombing of the country than originally suggested.
By Nick Beams, 3 September 2013
Speculative capital is on the move in anticipation of Fed “tapering.”
By Keith Jones, 31 August 2013
The value of the Indian rupee continued to slide this week, forcing India’s central bank to take emergency measures.
By Barry Grey, 27 August 2013
Almost overnight, the hot money that had boosted the “emerging economies” has stopped pouring in, and these countries have been hit with a massive flight of capital back to the US and other “developed” countries.
By Kranti Kumara and Keith Jones, 21 August 2013
India’s corporate media is increasingly voicing fears that the country could soon confront a current account crisis akin to that in 1991, when India was forced to seek an emergency bailout from the IMF.
By Nick Beams, 19 August 2013
Lower growth and mounting financial problems in the “emerging markets” are a new source of instability in the world economy.
By Nick Beams, 13 August 2013
The actual course of economic events may proceed far more rapidly and turbulently than the forecasts indicate.
By Nick Beams, 6 August 2013
US net investment is barely 4 percent of output, even with pre-tax corporate profits at record highs.
By Deepal Jayasekera, 27 July 2013
India’s Congress Party-led United Progressive Alliance government has announced further “pro-investor” reforms in a desperate bid to increase foreign capital inflows.
By Sampath Perera, 25 July 2013
Nawaz Sharif’s new government agreed to further austerity and pro-market reforms to be eligible for a bailout.
By John Chan, 25 July 2013
The IMF pointed to the widely-cited fears over China’s total loan issuance.
By Nick Beams, 11 July 2013
The world economy is moving still further away from what were once considered “normal” conditions.
By Andrea Peters, 10 July 2013
Russia’s minister of finance announced plans last week to address a $33 billion budget shortfall with cuts targeting the working class.
By Kranti Kumara, 5 July 2013
There are increasing fears within the Indian elite that the rupee’s plummet—it has lost more than 10 percent of its value since April—could cascade into a current account crisis.
By Nick Beams, 25 June 2013
The renewed turmoil on global financial markets underscores the fact that none of the problems that erupted in the 2008 meltdown have been overcome.
By John Chan, 22 June 2013
The dramatic credit tightening in China since early June points to an emerging financial crisis with global implications.