By Nick Beams, 19 April 2018
The IMF chief economist said it seemed “paradoxical” that major economies were “flirting with trade war” at a time of economic expansion.
By Nick Beams, 17 April 2018
Both countries imposed the bans amid calls for more aggressive moves by US authorities against Chinese communications and telecom firms.
By Nick Beams, 14 April 2018
The apparent turnaround is motivated by two immediate considerations: the need to be seen as taking action to alleviate pressure on US farmers threatened by the China tariffs, and the search for international allies against China.
By Nick Beams, 13 April 2018
IMF chief Christine Lagarde said that as a result of easy financial conditions, global debt—public and private—has reached an all-time high of $164 trillion.
By Nick Beams, 12 April 2018
The key question is not primarily the Chinese trade surplus against which Trump rails, but Beijing’s plan to become a major source of high-tech development.
By Nick Beams, 10 April 2018
Trump’s key trade adviser Peter Navarro declared that China’s move into high-tech development was a direct threat to US economic and military dominance.
By Eric London, 10 April 2018
The report found that if inequality grows at its present rate, the world’s billionaires will eventually “own 100 percent of the world’s wealth.”
By Nick Beams, 7 April 2018
At a briefing with reporters in Beijing Friday evening, Chinese Commerce Ministry spokesman Gao Feng said the US move was “extremely wrong” and China was preparing to retaliate.
By Roger Jordan, 7 April 2018
Trudeau’s protectionist measures, which help enforce Trump’s trade war tariffs, include corporatist initiatives aimed at further integrating the unions with big business and the state.
By Nick Beams, 6 April 2018
The White House said the new directive was in response to the Chinese decision to impose tariffs on $50 billion worth of American exports.
By Nick Beams, 5 April 2018
The driving force of the US action is Washington’s attempt to prevent China from developing its capacities in high technology sectors, including communications, robotics, aircraft and pharmaceuticals.
By Nick Beams, 3 April 2018
The Chinese moves appear to have had an impact on Wall Street, where the Dow was down by more than 450 points at end of yesterday.
By Nick Beams, 29 March 2018
The volatility reflects the speculative character of the share market’s rise and the fears that a global trade war could puncture this bubble.
By Nick Beams, 24 March 2018
Chinese reaction to US tariff measures has been fairly muted, so far, but government officials said they will defend their “legitimate interests.”
By Nick Beams, 23 March 2018
The Trump administration has drawn up a list of more than 1,000 products, and proposed investment bans, targeting 10 key Chinese industries.
By Nick Beams, 22 March 2018
US Trade Representative Robert Lighthizer said action would be taken outside the WTO, because China’s “state-dominated economy” rejects “market principles.”
By Nick Beams, 20 March 2018
Talks in Washington with the Trump administration will determine whether the EU proceeds with threatened measures in retaliation against the US imposition of tariffs on steel and aluminium.
By Nick Beams, 12 March 2018
US trade representative Robert Lighthizer could give his EU and Japanese counterparts no indication of the criteria for gaining an exemption.
By Nick Beams, 10 March 2018
The European Union is “counting” on being exempted from the Trump tariff measures but may get short shrift.
By Mike Head, 10 March 2018
The government argued that retaining steel production in Australia was vital for its $200 billion military spending program.
By Nick Beams, 9 March 2018
Trump’s tariff announcement expresses the turn by the United States to the types of protectionist measures that characterised the 1930s Great Depression.
By Nick Beams, 8 March 2018
The European Union hopes to avert the Trump tariff measures but at a press conference Trump singled out the EU for attack.
By Roger Jordan, 7 March 2018
Signaling the Canadian ruling elite’s readiness to support Washington in a trade war against China and other rivals, Ottawa is pleading for an exemption from Trump’s tariffs.
By Nick Beams, 5 March 2018
Trump’s trade measures are a major step in the dismantling of the system of economic relations established by Washington itself after World War II.
By Peter Symonds, 3 March 2018
Trump’s announcement of global tariffs on steel and aluminium has triggered international criticism, including from US allies that will be among the hardest hit.
By Nick Beams, 2 March 2018
In imposing a global tariff hike, rather than selective measures, Trump took the toughest option presented to him by Commerce Secretary Wilbur Ross.
By Nick Beams, 24 February 2018
Two major initiatives by the Trump administration over the past month have ratcheted up global tensions, bringing the threat of retaliatory actions from the European Union and China.
By Nick Beams, 19 February 2018
“If we ever have a conflict, we don’t want to be buying steel [from] a country we are fighting,” Trump declared, referring particularly to China.
By Nick Beams, 17 February 2018
The largest fall in markets since the crisis of 2008 has provided a damning exposure of the entire framework of bourgeois economics and a living confirmation of the analysis of Karl Marx.
By Nick Beams, 10 February 2018
The business channel CNBC calculated that the Dow gyrated a total of 22,000 points up and down during the week.
By Nick Beams, 9 February 2018
A major feature of the turmoil has been the speed of events, with stock prices plunging and oscillating dramatically.
By Nick Beams, 6 February 2018
One of the most significant features of yesterday’s decline was its speed with the Dow plunging 900 points in just 11 minutes in an avalanche of selling.
By Nick Beams, 5 February 2018
Friday’s fall on world stock markets, in response to an uptick in US wages, demonstrates the significance of Marx's labor theory of value, which explains the inner workings of the capitalist economy.
By Wasantha Rupasinghe, 5 February 2018
Modi’s manoeuvres with ASEAN are part of India’s transformation into a frontline state in Washington’s strategic offensive against China.
By Barry Grey, 3 February 2018
The increasing market volatility takes place amidst signs of mounting working class resistance.
By Nick Beams, 2 February 2018
The major concern in financial markets is that a rise in bond yields could see an end to the rise in stock prices and even set off a major downturn.
By Nick Beams, 31 January 2018
Remarks by US Treasury Secretary Steven Mnuchin on the advantages of a lower dollar brought a sharp response from European Central Bank President Mario Draghi.
By Andre Damon, 27 January 2018
The 47th annual World Economic Forum was dominated by apprehension over every aspect of global politics and economics, from the possibility of a 2008-style financial collapse to the threat of a new world war.
By Johannes Stern, 26 January 2018
Merkel sought to drum up support for a European defence policy that would enable Germany and Europe to enforce their economic and geostrategic interests around the world.
By Mike Head, 25 January 2018
The “TPP 11” announcement points to the increasing isolation of the US, and the escalating tensions between the rival capitalist powers.
By Katy Kinner, 25 January 2018
Fink, whose firm manages $6 trillion in investments, has penned a worried and hypocritical letter to the world’s CEOs urging them to exercise a “positive influence on society.”
By Bill Van Auken, 24 January 2018
The gathering of the world’s oligarchs is taking place amid the breakdown of the postwar capitalist order and the eruption of great power conflict.
By Nick Beams, 24 January 2018
While attention is focused on the headline predictions of a rise in growth, there are warnings that the spurt may not last.
By Niles Niemuth, 23 January 2018
The annual survey, which reported the largest annual increase in the number of billionaires worldwide, was released to coincide with the World Economic Forum in Davos, Switzerland.
By Kranti Kumara, 23 January 2018
The WEF deliberations will be bookended by speeches from Modi, a slavish servant of big business and Hindu supremacist, and the fascist-minded billionaire, US President Donald Trump.
By K. Ratnayake, 23 January 2018
Sirisena’s cabinet walkout demonstrates the government’s crisis and points to preparations for dictatorial rule.
By Nick Beams, 22 January 2018
The Trump administration has declared it was a mistake to admit China to the World Trade Organisation in 2001.
By Nick Beams, 19 January 2018
The speculative rise, and now the plunges, in bitcoin and other cryptocurrencies are indicative of broader processes in the global financial system.
By Bill Van Auken, 18 January 2018
The Global Risk Report released in advance of the World Economic Forum in Davos exposes mounting anxiety in ruling circles over the threat of war and social revolution.
By Nick Beams, 16 January 2018
A series of “anti-dumping” measures initiated by the United States could set in motion retaliatory action and lead to widening trade conflicts.
By Nick Beams, 13 January 2018
While the bond market has calmed since Wednesday’s sell-off, reports in the financial press indicate considerable nervousness over what the dip could signify.
By Nick Beams, 11 January 2018
The bank warned of “particularly worrying” longer-term risks associated with “subdued productivity and potential growth.”
By Trévon Austin, 6 January 2018
The modest improvement in the unemployment rate and number of jobs added over the last year are not reflective of the real situation confronting millions of workers.
By George Gallanis, 6 January 2018
Decades of deindustrialization have created unprecedented levels of social inequality, poverty and unemployment, which corporations like Foxconn can exploit.
By Nick Beams, 5 January 2018
Rather than reflecting economic health, the stock market bubble is a mechanism for the perverse and malignant upward redistribution of social wealth.
By Barry Grey, 28 December 2017
It is impossible to seriously address a single major social issue without breaking the political and economic stranglehold of the financial oligarchy over society.
By Nick Beams, 23 December 2017
In seeking to grasp the significance of the present frenzy, it is worth recalling the analysis made by Marx of previous financial bubbles, in particular those associated with the expansion of the credit system, which began in the mid-nineteenth century.
By Nick Beams, 21 December 2017
The appetites of financial speculators continue to be whetted by reports of huge gains made by hedge funds that specialise in bitcoin and other cryptocurrencies.
By Nick Beams, 18 December 2017
In a move directed against China, the US, Japan and the European Union agreed to take joint action on “severe excess capacity” in steel and other commodities.
By Nick Beams, 13 December 2017
The rise and rise of the cryptocurrency Bitcoin is the most egregious expression of the rampant speculation that has come to dominate the global economy.
By Nick Beams, 8 December 2017
Consumption spending is being dragged down by historically low wage growth, rising energy costs and high debt levels.
By Nick Beams, 5 December 2017
A leading British fund manager said he is losing count of the number of “red lights” that are flashing warning signs over the state of financial markets.
By Nick Beams, 1 December 2017
The aggressive content of the last US move is indicated by the fact that it is the first “self-initiated” trade measure by the Commerce Department in more than a quarter of a century.
Amid mounting fears of financial turmoil
Departing Fed chairwoman seeks to reassure markets while warning of debt crisis and social inequality
By Nick Beams, 30 November 2017
Amid surging stock markets and warnings of a new financial bubble, outgoing Federal Reserve Chairwoman Janet Yellen made her final appearance before Congress.
By Andre Damon, 29 November 2017
The explosive rise in the price of bitcoin, the first “cryptocurrency,” has eclipsed the run-up of any comparable asset in modern history.
By Nick Beams, 13 November 2017
Trump’s tour has underscored the mounting problems US imperialism confronts globally.
By Nick Beams, 11 November 2017
In his diatribe, the US president cast aside the multilateral framework put in place by the United States itself in the aftermath of World War II.
By Gabriel Black, 10 November 2017
The latest leaks confirm that the largest companies in the world, and the ultra-wealthy that run them, use their power and wealth to park trillions of dollars offshore to avoid taxation.
By Eric London, 10 November 2017
According to a new report by the Institute for Policy Studies, Jeff Bezos, Bill Gates and Warren Buffett now own more wealth than the poorest half of the US population, some 160 million people.
By Andre Damon, 27 October 2017
As the ultra-rich grow older and wealthier, they are increasingly preoccupied with the question of “succession.”
By Nick Beams, 27 October 2017
Draghi’s supporters on the ECB governing council prevailed against a push to set a date to end its quantitative easing policy.
By Nick Beams, 24 October 2017
The use of the term “Minsky moment” could be an indication of how serious the bank chief regards the situation.
By Nick Beams, 21 October 2017
Mnuchin’s Politico interview is an unwitting admission that the world’s largest economy is dominated by financial parasitism.
By Nick Beams, 19 October 2017
Thirty years ago today, on October 19, 1987, the New York Stock Exchange experienced what remains its largest one-day fall in history.
By Nick Beams, 14 October 2017
Central banks confront an acute contradiction: attempts to normalise monetary policy may trigger a financial crisis, but continuing the flow of easy money is creating unsustainable debt levels.
By Roger Jordan and Keith Jones, 13 October 2017
The collapse of NAFTA would mark a new stage in the eruption of 1930s-style “beggar they neighbor” trade conflicts.
By Nick Beams, 12 October 2017
International Monetary Fund chief economist Maurice Obstfeld welcomed the uptick in global growth but said the “recovery” was “cyclical” and “incomplete.”
By Kranti Kumara, 11 October 2017
The Indian economy, touted by Prime Minister Narendra Modi as a high-growth haven, is increasingly mired in crisis.
By Nick Beams, 10 October 2017
Schäuble said he had “no idea when the next crisis will happen” but economists all over the world were concerned about the rise of liquidity and debt.
By Nick Beams, 7 October 2017
The record run of the Australian economy, 26 years without a recession, has “flattered to deceive,” as major economic problems come to the surface.
By Nick Beams, 2 October 2017
Ending the “too big to fail” designation for the giant insurance group has been described as the most significant step in the Trump administration’s push for financial deregulation.
By Nick Beams, 19 September 2017
The BIS has warned that the slow pace in normalising central bank interest rates and ending quantitative easing is setting up financial markets for a shock when interest rates do rise.
By Nick Beams, 18 September 2017
September 14 was the 150th anniversary of the publication of the first volume of Capital by Karl Marx. It marked a turning point in mankind’s intellectual and historical development.
By Nick Beams, 15 September 2017
US markets are in their second-longest bull run in history, indicating a growing divergence between financial markets and the underlying real economy.
By Nick Beams, 9 September 2017
The class agenda of the ECB emerged when president Mario Draghi called for the further elimination of job protection as he backed reforms by the Macron presidency in France.
By Nick Beams, 31 August 2017
The word “recovery” is frequently used to describe the state of the world economy, but what it really reveals is the position of the ultra-wealthy.
By Nick Beams, 28 August 2017
In their speeches, neither Federal Reserve chair Janet Yellen nor European Central Bank head Mario Draghi even mentioned the massive asset purchases carried out over the past eight years.
Amid warnings of a new financial crash, Fed Chairwoman promotes illusions at Jackson Hole conference
By Nick Beams, 26 August 2017
Yellen extolled the achievements of the Federal Reserve in putting in place measures to prevent a recurrence of the 2008 financial crisis.
By Nick Beams, 22 August 2017
There are growing concerns in US and global financial circles that the rise in the US stock market that accelerated with the election of Donald Trump is heading for a major downturn.
By Nick Beams, 21 August 2017
Stephen Bannon has been forced out as Trump’s chief strategist, but his agenda of economic warfare against China has been taken up by the administration.
By Nick Beams, 18 August 2017
According to the IMF, the increased Chinese debt, resulting from government efforts to stimulate the economy, could lead to a financial crisis.
By Anna Rombach, 16 August 2017
Eggs contaminated with the toxic insecticide Fipronil have now been found in many European countries and in Hong Kong.
By Evan Blake, 28 July 2017
Bezos’s ascension to the heights of society rests on the exploitation of Amazon’s hundreds of thousands of workers worldwide.
By Nick Beams, 25 July 2017
A decade after the global financial crisis, growth rates remain well below the levels of 2008, with no sign of a return to the previous levels in the future.
By Nick Beams, 22 July 2017
A former White House advisor said the meeting had “all the signs—no joint statement, or press conference, no outcomes—of serious and sustained tensions rapidly emerging due to deep differences.”
By Roger Jordan, 21 July 2017
Washington intends to use the talks to extract concessions from corporate America’s Canadian and Mexican rivals and to forge a US-led trade bloc to confront its global rivals.
By Nick Beams, 21 July 2017
ECB president Mario Draghi said there were indications of economic growth but this was yet to translate into underlying inflation dynamics.
By Nick Beams, 18 July 2017
According to the authors of a recent study, the reason for the high cost of drugs in the US is the prevalence of a “social disease” called “maximising shareholder value.”
By Nick Beams, 10 July 2017
Despite cobbling together a unanimous resolution, the G20 summit was, by any measure, the most fractious meeting of major political leaders in the post-war period.
By Nick Beams, 10 July 2017
The statement “Palace coup or class struggle: The political crisis in Washington and the strategy of the working class,” issued by the SEP (US), is grounded on the “life situation” facing the working class, resulting from the rise of financial parasitism and its domination over every aspect of economic and social life.