By Nick Beams, 6 January 2015
The main factor in the fall in US markets appears to have been the further sharp decline in oil prices.
By David North and Joseph Kishore, 5 January 2015
The twenty-first century is no longer a novelty. As we begin the New Year, the past fifteen years provide sufficient data to allow us to identify the principal economic, geopolitical and social processes and tendencies that will determine the nature and direction of events in 2015 and the years ahead.
Figure hits $4.1 trillion
By Andre Damon, 3 January 2015
The wealth of the global financial elite soared last year amid surging stock markets fueled by cash infusions from central banks.
By Johannes Stern, 3 January 2015
International finance capital looks to the Egyptian military with enthusiasm not only for what it is doing in Egypt, but for the model the financial markets favor for every country.
By Nick Beams, 3 January 2015
ECB President Mario Draghi has taken another step to full quantitative easing amid increasing deflationary pressures.
By Dylan Lubao, 3 January 2015
Plummeting oil prices are causing Alberta and several other provinces to initiate new austerity drives and Canadian oil producers to slash investments and jobs.
By Nick Beams, 31 December 2014
Divergent central bank policies are a potential source of financial turmoil in 2015.
By Nick Beams, 27 December 2014
The ever-widening gap between financial markets and the real economy is creating the conditions for economic turmoil and the eruption of social and political struggles.
By Nick Beams, 22 December 2014
The gyrations on Wall Street last week underscore how dependent financial markets are on the supply of ultra-cheap money from the US Federal Reserve.
By Nick Beams, 16 December 2014
The worsening global slump is sending shock waves through financial markets.
By Nick Beams, 15 December 2014
Share prices fell last week amid fears that the rapid drop in oil prices is having an impact on debt markets and signals a world downturn.
By Mike Head, 13 December 2014
There are now about five times as many unemployed workers as the number of job advertisements.
By Dietmar Henning, 12 December 2014
Thirty years ago, the richest 10 percent in OECD countries earned seven times more than the poorest 10 percent. Today, the ratio is 9.5 to 1.
By Nick Beams, 11 December 2014
The state of the euro zone economy continues to go from bad to worse.
By Nick Beams, 8 December 2014
The BIS warns of the growing volatility of international financial markets despite their apparent buoyancy.
By Patrick Martin, 6 December 2014
The latest Global Wage Report by the International Labor Organization documents the international working class’s declining share of world income.
By Nick Beams, 5 December 2014
The forecasts of euro zone growth rates and inflation point to an accelerating downturn in the region’s economy.
By Nick Beams, 4 December 2014
Output grew by only 0.3 percent in the third quarter, well below expectations, accompanied by a fall in national income.
By Terry Cook, 4 December 2014
Thousands more jobs across Australia’s mining and resources sector will be eliminated as major companies restructure their operations and shelve investment plans in response to the ongoing plunge in commodity prices and slowing global demand.
By Nick Beams, 2 December 2014
Energy companies, financial markets and whole economies are being severely impacted by the oil price slide following the decision by OPEC not to cut production.
By Patrick Martin, 2 December 2014
The fall in sales reflects the fact that the disposable incomes of working-class households continue to stagnate and decline.
By Nick Beams, 27 November 2014
The growing risk of stagnation in the euro zone is accompanied by the danger of renewed financial turbulence.
By Nick Beams, 25 November 2014
The Chinese central bank’s decision to cut interest rates and a speech by the European Central Bank president point to deteriorating conditions in the world economy.
By Nick Beams, 20 November 2014
Economic stagnation in Europe and the fourth Japanese recession in six years show that the world economy is in a downward spiral.
By Peter Symonds, 19 November 2014
Prime Minister Abe called the poll just a day after economic data showed that the country was in recession.
By Nick Beams, 18 November 2014
The shock announcement that Japan’s economy shrank for the second quarter in a row dealt a major blow to “Abenomics.”
By Nick Beams, 17 November 2014
The G20 summit pledge on economic growth is belied both by the actions of the major powers and the text of the final communiqué itself.
By Peter Symonds, 15 November 2014
Even before the summit began, Australian and British leaders targeted Russia—a sign of the bitter rivalry and wrangling that will dominate the talks.
By Douglas Lyons, 15 November 2014
China’s shadow banking sector now ranks as the third largest in the world, according to a report by the Financial Stability Board.
By James Cogan, 14 November 2014
The unions’ statement to the G20 leaders is a grab-bag of issues that their privileged functionaries know will never be acted on.
By Mike Head, 14 November 2014
The event provided a revealing glimpse of what passes for “opposition” by the various Greens, liberals, anarchists and pseudo-left groups involved.
By Dylan Lubao, 14 November 2014
In a remark indicative of the big business elite’s contempt for working people, the head of the Bank of Canada said jobless youth should get “real-life experience” by working for free.
By Clara Weiss, 13 November 2014
Moscow is floating the ruble in response to the West’s policy of economic warfare against Russia.
By Mike Head, 11 November 2014
The US president’s performance highlighted the rapid intensification of Washington’s aggressive stance globally.
By Nick Beams, 8 November 2014
The growing financial madness underscores that the crisis that erupted in 2008 was a breakdown of the global capitalist economy, not a conjunctural downturn from which there would be a “recovery.”
By Robert Stevens, 1 November 2014
The restructuring is part of a three-year strategy, with Lloyds planning to make a further £1 billion a year in cost savings by 2017.
Amidst slowdown in global economy
By Barry Grey, 30 October 2014
There are growing warnings of a deflationary spiral, in which falling prices create a vicious cycle of bankruptcies and layoffs leading to more bankruptcies and layoffs.
By Jerry White, 24 October 2014
Caterpillar, Boeing, GE and GM led US manufacturers with better-than-expected third quarter profits.
By Gustav Kemper, 23 October 2014
The third round of German-Chinese government consultations took place in Berlin on October 10.
By Nick Beams, 21 October 2014
The wild swings on financial markets last week indicate that the crisis which erupted in 2008 is returning in an even more explosive form.
By Andre Damon, 17 October 2014
Hypothetically, if the growth of inequality were to proceed at last year’s rate, the richest one percent would control all the wealth on the planet within 23 years.
By Nick Beams, 16 October 2014
A day of turmoil on global financial markets has brought warnings that the conditions experienced in the financial crisis of 2008 could be returning.
By Nick Beams, 14 October 2014
The IMF and World Bank meetings produced no policies to bring about an economic recovery.
By Nick Beams, 10 October 2014
The permanent stagnation in the world economy is fuelling inter-imperialist tensions and creating the conditions for war.
By Nick Beams, 9 October 2014
The World Economic Outlook cannot explain why the IMF’s reports over the past four years have consistently over-estimated global growth.
By Nick Beams, 8 October 2014
Such reductions have been a regular occurrence since the eruption of the global financial crisis in 2008.
By Nick Beams, 4 October 2014
The sudden departure of Bill Gross as chief executive of the world’s largest bond trading firm could be a new source of instability for financial markets
By Nick Beams, 1 October 2014
According to the latest Geneva Report, with debt at historically elevated levels, any part of the world economy could set off a new financial crisis.
By Nick Beams, 26 September 2014
US corporations are increasingly using their profits to finance share buybacks rather than productive investment, spending more than $500 billion last year.
By Nick Beams, 25 September 2014
After escaping the full effects of the international financial crisis in 2008, Australia is being severely impacted by the ongoing global breakdown.
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.