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.
By Chris Marsden, 19 June 2013
While the G8 summit formally agreed to peace negotiations in Geneva next month, behind the scenes the US is making plans for a no-fly zone in Syria.
By Andre Damon, 14 June 2013
The Japanese stock market plunged 6.4 percent Thursday, closing down by 21 percent over the last three weeks.
By Clara Weiss, 13 June 2013
The Kremlin now claims the economy will grow by just 2.4 percent.
By John Roberts, 12 June 2013
Global corporations are scrambling to secure a share of Burma’s lucrative energy reserves and markets previously cut off by US-led economic sanctions.
By Mark Church, 10 June 2013
GDP data points to recessionary conditions taking hold as the two-decade-old mining boom breaks up.
By Andre Damon, 6 June 2013
The volatility in financial markets reflects the artificial and unsustainable character of the rise in asset prices in the midst of stagnation and slump in the real economy.
By Armando Cruz, 6 June 2013
Measures carried out by Humala, who won the presidency in 2011 promising to battle “neo-liberalism,” have placed him to the right of his predecessors.
By John Chan, 5 June 2013
The third round of “market reform” will drive the Chinese regime into an explosive confrontation with the Chinese working class.
By Christoph Dreier, 4 June 2013
In the face of rising social inequality, growing unemployment and the absence of popular confidence in the region’s governments, the International Labour Organization (ILO) warned Monday about the prospect of social unrest in Europe,
By Christoph Dreier, 1 June 2013
Though euro zone unemployment hit a two-year high in April, European governments are preparing further austerity measures.
By Jake Dean, 1 June 2013
A new report by Save the Children, Food for Thought, highlights the extraordinary impact that malnutrition has upon a child’s cognitive development.
By Nick Barrickman, 30 May 2013
US banks posted a record $40.3 billion in the first quarter of 2013, according to a report by the Federal Deposit Insurance Corporation.
By Julien Kiemle, 30 May 2013
The ultra-wealthy, banks and corporations have some $32 trillion of wealth hidden in off-shore tax havens, according to a leaked cache of information.
By Nick Beams, 27 May 2013
A key element in the Japanese stock market was the fear of a crisis if the Fed cuts back its “quantitative easing” program
By Alex Lantier, 24 May 2013
The one-day 7.3 percent drop in Japan’s Nikkei stock index came amid signs of a growing global slump and demands for attacks on the working class in Japan.
By Nick Beams, 21 May 2013
The very measures put in place to avert a crisis are creating the conditions for a new financial meltdown.
By Andre Damon, 17 May 2013
Negative economic figures released this week point to continuing stagnation in the US amidst a worsening slump internationally.
By Andre Damon, 16 May 2013
The euro area economy contracted by 0.2 percent in the first quarter of this year, which was followed by further calls for austerity.
By Andre Damon, 13 May 2013
Perhaps more than any other section of society, young people have been made to bear the brunt of the crisis that erupted in 2008.
By Nick Beams, 13 May 2013
Differences within the G-7 over economic policy are fuelled by the fact that almost five years since the global financial crisis erupted, the world economy is marked by deepening recessionary trends.
By Barry Grey, 9 May 2013
In the midst of the worst economic crisis since the Great Depression, the Dow has gained over 8,500 points, surging nearly 130 percent since it bottomed out in March of 2009.
By Nick Beams, 3 May 2013
The collapse of the European economy points to the bankruptcy of the capitalist economic order.
By Andre Damon and Stefan Steinberg, 2 May 2013
Unemployment in the euro zone hit another record in March, with no end in sight to the economic and social catastrophe gripping Europe.
By Alex Lantier, 30 April 2013
With 26 million workers unemployed in Europe, Hollande is signaling that he will keep supporting social cuts that are devastating the French and European economies.
By Nick Beams, 22 April 2013
The discussions were dominated by the realisation that there is no economic recovery in sight.
By Andre Damon, 18 April 2013
The International Monetary Fund downgraded its 2013 outlook for the world economy Tuesday amid mounting signs that the global slump is intensifying.
By Nick Beams, 17 April 2013
The downturn in the gold price decline flies in the face of market expectations that it would rise or at least remain firm.
By Bill Van Auken, 11 April 2013
The inflation spike has been driven by a sharp rise in the price of food and other consumer items, with the impact felt acutely by Brazil’s working class and poor.
By Robert Stevens, 9 April 2013
The terms dictated to Cyprus by the European Union in exchange for a bailout are predicated on the destruction of the pay and conditions of the working class.
By Julie Hyland, 4 April 2013
The punitive measures imposed on Cyprus mark a qualitative deepening of the European bourgeoisie’s class war offensive.
By Stefan Steinberg, 4 April 2013
The latest figures from the Eurostat statistics office confirm that the continent’s economic recession is taking a rising toll on jobs and living standards.
By Robert Stevens, 30 March 2013
Fresh from its financial looting of Cyprus, the European bourgeoisie is threatening to withhold funds from Greece unless it complies with mass sackings in the public sector.
By Andre Damon, 30 March 2013
Bernard Madoff, who admitted in 2009 to running a multibillion-dollar Ponzi scheme, has charged that the government-appointed trustee for his firm’s investors is ignoring evidence of major banks’ complicity in his activities.
By Jordan Shilton and Chris Marsden, 19 March 2013
Terms attached to the European Union bailout for Cypriot banks triggered heavy losses on financial markets.
By Peter Symonds, 18 March 2013
While dressed up as “free trade”, the Trans-Pacific Partnership is in reality a trade war measure.
By Stefan Steinberg, 8 March 2013
On the same day that figures were released underlining that Europe is in deepening recession, European stock markets soared to their highest levels since August 2008.
By Stefan Steinberg, 6 March 2013
Those responsible for a redivision of social wealth for the benefit of the banks are seeking to portray themselves as advocates of ordinary Europeans.
By Barry Grey, 2 March 2013
The grim economic statistics coincide with new moves by the European Union and the Obama administration in the US to slash social spending and public-sector jobs and wages.
By Barry Grey, 28 February 2013
The real beneficiaries of the policy Bernanke reaffirmed was reflected in the surge of share values on global stock markets.
By Nick Beams, 25 February 2013
The share sell-off in reaction to concerns over the Fed’s quantitative easing program shows that markets are floating on a sea of liquidity created by central banks.
By Nick Beams, 18 February 2013
The G20 declaration will have virtually no impact on the development of a currency war.
By Andre Damon, 15 February 2013
The economy of the 17-member euro zone contracted 0.6 percent in the last three months of the year, underscoring the depth of the economic slump gripping the world economy.
By Nick Beams, 15 February 2013
The meeting of G20 finance ministers and central bankers in Moscow over the next two days is being held amid a deep contradiction in the global capitalist economy.
By Clara Weiss, 7 February 2013
The budget for 2013-2015 provides for massive cuts in the spheres of culture, education and health, while the share going to military spending will rise to 6.1 percent of GDP.
By Andre Damon, 7 February 2013
US financial regulators increasingly rely on “independent investigators” who, in the guise of helping regulators find wrongdoing, help financial firms cover up their fraudulent activities.
By Joe Mount, 5 February 2013
Youth unemployment continues to rise in the UK, with a new study forecasting that 86,000 more workers under the age of 25 will be without jobs this year.
US stocks near record highs
By Barry Grey, 2 February 2013
The enthusiastic response of the financial markets to the jobs report underscores the stark divergence between the fortunes of the financial elite and the broad mass of working people.
By Barry Grey, 31 January 2013
The Commerce Department report highlights the disconnect between the bleak economic conditions facing working people and the staggering rise in corporate profits and stock and bond prices.
By Andre Damon, 28 January 2013
Newly released data shows that the economies of Germany, Britain and Spain contracted in the fourth quarter of 2012.
By Peter Symonds, 26 January 2013
The new Abe government is pursuing an aggressive nationalist program on two fronts: remilitarisation and a unilateralist monetary policy.
By Kate Randall, 23 January 2013
Five years after the outbreak of the global financial crisis, world economic growth has decelerated and the jobless rate is projected to continue to rise until at least 2017.
By Barry Grey, 17 January 2013
More than four years after the September 2008 financial meltdown on Wall Street, there is no end in sight to the economic crisis.
By Barry Grey, 5 January 2013
Fewer than one in five unemployed workers found a job last month, and the total number of jobs remained 4 million below the peak at the start of 2008.
By Nick Beams, 3 January 2013
Almost six years after the first signs of financial crisis and more that four years after the crash of 2008, “recovery” in the global economy is more remote than ever.
By Nick Beams, 28 December 2012
The monetary policies of the world’s major central banks threaten to repeat, in another form, the conflicts of the Great Depression.
By Andre Damon, 22 December 2012
Not only has the Libor swindle exposed the criminality of the banks, it has laid bare the nexus of corruption and complicity involving governments and financial regulators the world over.
By Andre Damon, 20 December 2012
The Libor scandal has laid bare the rampant criminality in the operations of the world's major banks.
By Barry Grey, 13 December 2012
The financial mafia that bestrides the American economy and controls the political system is, in practice, above the law.
By Deepal Jayasekera, 13 December 2012
Last week’s debate and vote on opening India to Walmart and other giant retailers has underscored the support of all sections of India’s political establishment for big business’ economic agenda.
By Ernst Wolff, 11 December 2012
A New York court ordered Argentina to settle debts totalling $1.33 billion with hedge fund NML Capital by December 15.
By Stefan Steinberg, 10 December 2012
Discussions between European Union finance ministers on the formation of a banking union for the euro zone broke down last Tuesday.
By James Brewer, 6 December 2012
Citigroup’s announcement of global layoffs, the first step in the restructuring plan of its new CEO, was met with enthusiasm by investors.
By Bryan Dyne, 29 November 2012
In its most recent report, the Organization for Economic Cooperation and Development revised its forecast for the world economy, sharply cutting projections and warning of the possibility of a “deep recession and deflation.”
By Keith Jones, 29 November 2012
An Ontario Superior Court judge has ordered Toronto Mayor Rob Ford to vacate the office on December 10 after finding him guilty on conflict of interest charges.
By Nick Beams, 23 November 2012
China and India will not be able to provide the basis for a new period of global growth
By Alex Lantier, 23 November 2012
On November 19, the credit rating agency Moody’s downgraded France’s sovereign debt by one notch from Aaa, the top rating, to Aa1.
By John Chan, 23 November 2012
International and local business elites are pressing for a new round of economic restructuring in China, especially targeting state enterprises.
By Peter Symonds, 22 November 2012
Obama’s pivot to Asia is part of a comprehensive campaign to maintain US dominance in Asia on every front—diplomatic, economic and strategic.
By Andre Damon, 21 November 2012
JPMorgan Chase and Credit Suisse will pay $416.9 million to settle charges by the Securities Exchange Commission that they lied to investors about the quality of mortgage-backed bonds.
By Mike Head, 17 November 2012
Standard & Poor’s drew parallels between Australia and Spain, and warned that Australia could risk losing its AAA credit rating.
By Robert Stevens and Jordan Shilton, 13 November 2012
A meeting of euro zone finance ministers on Monday delayed a further 31.5 billion euros in aid to Greece.
By Nick Beams, 10 November 2012
The series of measures put in place by governments and financial authorities to prevent a financial meltdown and depression are reaching the end of their limited effectiveness.