By Roger Jordan, 4 April 2020
Canada’s Liberal government is funnelling hundreds of billions of dollars to the banks and major corporations to guarantee the wealth of the capitalist elite.
By Nick Beams, 3 April 2020
Banks, lobby groups, major legal firms and hedge funds are all striving to get their slice of the largest corporate and financial bailout in history.
For emergency action against the destruction of jobs! Full financial and social support for all working people impacted by the COVID-19 pandemic!
Joseph Kishore—Socialist Equality Party candidate for US president, 3 April 2020
All sections of the working class must be fully compensated for the economic consequences of the pandemic.
By Nick Beams, 2 April 2020
The renewed market downturn followed statements by President Trump that US deaths from the coronavirus could be 240,000 while hinting that the toll could be even higher.
By Shannon Jones, 1 April 2020
While prepared to pocket tens of billions of dollars in federal bailout money, US airlines and automakers are imposing pay cuts and furloughs on employees.
As Wall Street finishes worst quarter since 2008
By Nick Beams, 1 April 2020
While COVID-19 was the trigger it was not the underlying cause, as the financial system was set to crash due to the dizzy rise of the markets divorced from the real economy.
By Roger Jordan, 1 April 2020
Placing profits before workers’ lives, Ontario and Quebec have declared businesses “essential” that have nothing to do with providing healthcare, food, power or other life necessities.
By Laurent Lafrance, 1 April 2020
By offering their “full cooperation” to the CAQ government during the coronavirus pandemic, the unions have opened the door for an intensified state attack on public sector workers.
By Martin Scott, 1 April 2020
Unemployment is likely to rise above 15 percent as hundreds of thousands of workers lose their jobs.
As US cases of COVID-19 surpass all other countries
By Joseph Kishore, 27 March 2020
Amidst an expanding pandemic, which is still in its early stages, the Trump administration is intensifying its efforts to force a return to work, which would endanger the lives of millions of workers.
By Shannon Jones, 27 March 2020
The number of new weekly claims for state unemployment benefits reached the staggering total of 3.28 million, an increase of 1,000 percent over the previous week, and the largest such total in history.
By Nick Beams, 27 March 2020
The extreme volatility of the markets is such that the Dow, having entered a bear market—defined as a fall of 20 percent—has now returned to bull market status, all in the space of just six weeks.
By Bryan Dyne, 27 March 2020
The top executives who oversaw the cost-cutting, layoffs and cover-ups that resulted in two crashes and the deaths of 346 people are being rewarded with billions in taxpayer money.
By Patrick Martin, 26 March 2020
The $2 trillion bill allocates the bulk of its funds to loans and grants to corporations and businesses, with some emergency aid to workers.
By Peter Schwarz, 26 March 2020
It will only be a matter of days before Dibelius and his ilk will demand that workers who refuse to risk their health by going back to work should be forced to do so.
By Nick Beams, 25 March 2020
Markets were also boosted by Trump’s push to have major lockdowns lifted regardless of the health consequences for the mass of the population.
By Andre Damon, 24 March 2020
As the death toll from the coronavirus soars and hospitals fill up, the White House and the US media are insisting that the profits of the corporate-financial elite must take precedence over the lives of millions.
By Markus Salzmann, 24 March 2020
It is still virtually impossible to be tested for the life-threatening virus and there is a lack of protective marks and other urgently needed equipment for health care workers.
By Nick Beams, 24 March 2020
The central bank’s program of quantitative easing, involving the purchases of government bonds, is now virtually unlimited.
By Patrick Martin, 24 March 2020
The wrangling between Democrats and Republicans in Washington is political theater to disguise the highway robbery being carried out by corporate America.
By Tom Hall, 24 March 2020
The order exempts “critical manufacturing” as defined by the federal Department of Homeland Security, setting the stage for a return to work in the plants weeks before the lockdown order expires.
By Hector Cordon, 24 March 2020
Two weeks after the first emergence of a coronavirus infection in its Everett, Washington, plant, Boeing has shut down production in the region.
By Nick Barrickman, 24 March 2020
After strikes by US and European Amazon workers over the danger to their health, the company’s billionaire CEO feigned concern while insisting that workers keep pumping out profits.
By Luke Galvin, 24 March 2020
The half-measure concessions, which went into effect Sunday, also included keeping stores in the rest of the United States operating with “delivery-to-door” service.
By Ben McGrath, 24 March 2020
Workers are being kept on the job, exposing themselves and their communities to greater risks.
By Martin Scott, 24 March 2020
Tens of thousands of performers are facing an indeterminate period without work.
Mexican medical workers protest lack of supplies
24 March 2020
Medical workers in a number of cities in Mexico have staged protests over the lack of critical supplies needed to treat patients and protect doctors and nurses.
By Nick Beams, 23 March 2020
Just as the coronavirus and its health impacts were severely underestimated, so were its effects on the economy.
By Nick Beams, 21 March 2020
Beyond the precipitous fall in share prices, the crisis has been transmitted into all corners of the financial markets, leaving no asset class exempt.
By Jacob Crosse, 21 March 2020
After receiving classified intelligence briefings, at least four US senators sold millions of dollars worth of stock while downplaying the severity of the virus to the public.
Massive social disaster looms as worldwide job losses from coronavirus pandemic expected to reach 25 million
By Jerry White, 20 March 2020
The COVID-19 pandemic is now metastasizing into an immense economic and social crisis.
By Nick Beams, 20 March 2020
Major interventions by the world’s central banks have come in response to the passage of financial markets into a kind of through-the-looking-glass world in which everything is reversed.
By Nick Beams, 19 March 2020
Measures taken by central banks have failed to quell the market turmoil with calls for even greater quantitative easing.
As US Fed seeks to rescue financial markets and corporations demand bailouts
By Nick Beams, 18 March 2020
The US job losses are certain to be replicated in other major economies around the world as lockdowns extend.
By Bryan Dyne, 17 March 2020
President Trump admitted Monday that the coronavirus pandemic may not be contained in the US until at least July.
By Nick Beams, 17 March 2020
The theme of all the comments from financial analysts was that action by central banks could do nothing to halt the downward spiral.
Temporary work stoppage at Fiat Chrysler’s Warren Truck plant as wildcat strikes spread in global auto industry
By Jerry White, 17 March 2020
Actions against continued production during the coronavirus pandemic have spread from Italy to Spain, Canada and now the United States.
By Alejandro López, 17 March 2020
Spain has registered more than 9,191 infections, becoming the second country after Italy with most new infections.
By our reporter, 17 March 2020
The inadequacies are largely due to the constant cuts that have been made to the national health system over the last two-three decades, under every government, whether center-right or center-left.
By Carl Bronski, 17 March 2020
While workers are being forced by employers in the private and public sectors to labour under dangerous and unsafe working conditions, the Trudeau government is moving to provide the financial and corporate oligarchy unlimited financial assistance.
By Jacob Crosse, 17 March 2020
Regulators in just six US states—Maryland, Ohio, Pennsylvania, Indiana, Illinois and Massachusetts—have ordered casinos shut down in a criminally belated attempt to halt the spread of COVID-19.
Uruguayan teachers strike; Saskatchewan teachers begin job action
17 March 2020
Teachers in Uruguay staged a one-day strike March 11 over the government’s economic proposal, while 13,000 teachers across Saskatchewan began rotating jobs actions.
As credit markets start to freeze
By Nick Beams, 16 March 2020
In an indication of the global dimensions of the financial crisis, the Fed lowered the cost of dollars available to five other central banks via international swap lines.
Cruise ship industry announces worldwide shutdown in response to coronavirus pandemic, leaving ship workers in the lurch
By Tom Casey, 16 March 2020
While directives for employees have been changing rapidly, it’s evident that the cruise ship giants will attempt to impose their losses on the backs of their workforce.
By Nick Beams, 14 March 2020
Even with yesterday’s surge, the Dow has lost around 15 percent this week with Wall Street Journal noting it was “one of the worst in history.”
By Jessica Goldstein, 14 March 2020
Even prior to the outbreak, automakers had announced hundreds of thousands of layoffs and many plant closures.
By Kevin Reed, 14 March 2020
Workers and customers reacted with anger to the closure and liquidation of Detroit-area Art Van Furniture as further details emerged about the financial condition of the company in its Chapter 11 bankruptcy filing over the weekend.
By Nick Beams, 13 March 2020
The stock market plunge is generating a crisis in the entire financial system.
By Nick Beams, 12 March 2020
Markets are set to plunge further today following US President Trump’s virulently nationalist address yesterday evening in which he labelled the coronavirus as a “foreign virus.”
By Nick Beams, 11 March 2020
The main factor behind the Wall Street rise appears to have been the announcement of a “major” US economic relief package, prompting the belief there are profits to be made out of such measures.
By Nick Beams, 10 March 2020
While the collapse in oil prices triggered the sell-off, the underlying cause lies in the complete divorce of share market valuations from the underlying real economy.
By Alex Lantier, 10 March 2020
Inmates’ families protested outside prisons against the authorities’ refusal to release prisoners or provide them with protection from contagion inside overcrowded prisons.
By Andre Damon and David North, 10 March 2020
The crisis produced by the coronavirus pandemic has delivered a powerful message: the capitalist system and the needs of society are fundamentally incompatible.
Renewed protests in Chile; Michigan delivery drivers strike over healthcare
10 March 2020
Thousands participated against austerity, inequality and repression in Chile while Teamster delivery drivers manned pickets in Monroe, Michigan
By Nick Beams, 9 March 2020
Trading this week began with a fall in the price of Brent crude from $45 a barrel to $31.52, one of the biggest single-day falls in its history.
By Nick Beams, 6 March 2020
The gyrations in global stock markets have focused attention on underlying trends that are creating the conditions for another financial crisis on the scale of 2008 or even larger.
By Kevin Reed, 6 March 2020
A new report by the consulting firm Knight Frank shows that the number of super-wealthy people in the world—those with more than $30 million in assets—is projected to increase by 27 percent over the next five years.
By Mike Head, 5 March 2020
The Covid-19 disaster has not yet resulted in large-scale sickness in Australia, but major companies are already unveiling job cuts due to the global impact on production, trade and travel.
By Brian Walker and Alexander Fangmann, 5 March 2020
Minuscule spending increases in K-12 education and social services would be conditional on passage of a constitutional amendment instituting a graduated income tax in the November election.
By Nick Beams, 4 March 2020
The Fed rate cut, unanimously agreed to at a teleconference on Monday evening, was the first carried out between scheduled meetings since the financial crisis of 2008.
By Ben McGrath, 3 March 2020
Prime Minister Abe has been accused of inaction will the virus spreads in the hopes of minimizing the impact on the economy.
By Andre Damon, 3 March 2020
While only a pittance is available to slow the spread of the coronavirus pandemic, which threatens to kill millions of people, unlimited funds are being made available to bail out the financial elite.
By Nick Beams, 2 March 2020
China’s National Bureau of Statistics (NBS) announced over the weekend that the manufacturing purchasing managers’ index (PMI) fell to 35.7 in February, down from 50 in January, hitting an all-time low.
By Nick Beams, 29 February 2020
One somewhat stunned investment funds manager told the Wall Street Journal: “This has been really quick, really deep, and in some respects unbelievable.”
By Dietmar Gaisenkersting, 29 February 2020
The new owners have announced that they will not retain a single store for longer than two years if necessary.
By Nick Beams, 28 February 2020
Wall Street is down more than 10 percent from the record highs of last week and the S&P 500 index has experienced its sharpest ever fall from an all-time record.
By Alex Lantier, 27 February 2020
A planned, rational deployment of worldwide medical and industrial resources is essential to keep the disease from potentially claiming millions of lives.
By Nick Beams, 26 February 2020
After reaching record highs last week, the major indexes have lost all their gains for the year, wiping out some $2.1 trillion from share values.
By Nick Beams, 24 February 2020
The OECD pointed to an “unprecedented build-up of corporate bond debt” since the financial crisis of 2008 with an increase of $2.1 trillion in 2019 alone.
By Tom Hall, 22 February 2020
The new battery plant will employ only 1,100 workers making between $15 and $17 per hour—only a quarter of the number who once worked at the now-shuttered Lordstown Assembly Plant.
By Peter Symonds, 19 February 2020
Beijing’s blunt language is an attempt to counter Washington’s relentless propaganda offensive and also to seek support from the European powers.
By Jessica Goldstein, 19 February 2020
A planned takeover of McClatchy by Chatham Asset Management will mean that the vast majority of US newspapers will be controlled by Wall Street financial firms.
By Nick Beams, 19 February 2020
The impoverishment of the working class is not an accidental outcome of the accumulation of wealth by a rapacious financial oligarchy—the two are directly linked.
By Mike Ingram, 18 February 2020
The two companies headquartered in Massachusetts announced layoffs as investors demand profitability while at least eight Bay Area tech companies have alerted the state government of job losses totaling 1,100 positions.
By Benjamin Mateus, 18 February 2020
Beijing has come under fire from the international community, as well as its citizens, for mishandling the early stages of the outbreak.
By Andre Damon, 17 February 2020
After the UK, France and Germany announced they would not ban Chinese telecommunications company Huawei from their networks, US officials sought to threaten their NATO allies into changing course.
By Nick Beams, 17 February 2020
The chief driving force of the downturn is the fall in industrial production, with Eurostat reporting last week that output fell 2.1 percent in December, bringing the total decline for the year to 4.1 percent.
By Nick Beams, 15 February 2020
The Shelton nomination has attracted elevated attention because she is viewed as a potential choice by Trump for the position of Fed chair if he wins re-election and decides to oust the current chair Jerome Powell.
By Tom Hall, 15 February 2020
The reality of American social life is very different than the fantasy of a “blue-collar boom” which Trump delivered during last week’s State of the Union address.
By Nick Beams, 14 February 2020
The unveiling of new charges underscores the distinctive approach taken by the US state towards what are in essence commercial disputes.
By Andrea Lobo, 14 February 2020
The effort by General Motors and the Confederation of Mexican Workers to certify their contract at the Silao complex is a warning to workers across Mexico about the anti-democratic content of the government’s supposed labor reforms.
By Nick Beams, 13 February 2020
Markets are soaring as the Federal Reserve makes clear it stands ready to inject still more cheap money into the financial system in the event of any significant market downturn.
By Nick Beams, 12 February 2020
Despite a return to work in some areas, major Chinese regions have taken on a “ghost-town ambience.”
By Mike Head, 12 February 2020
The bushfire and coronavirus disasters have had an enormous economic and social impact.
By Eric London, 12 February 2020
The announcement begins the staged process in which the Democratic Party feigns indignation over the proposed cuts only to ultimately accede to many of the demands.
By Tom Peters, 11 February 2020
A student who spoke to the WSWS described the travel ban, ostensibly aimed at stopping the spread of coronavirus, as a “dream come true” for the NZ First Party and other right-wing nationalists.
By Gabriel Lemos, 11 February 2020
The Brazilian ruling elite fears that the strike at the state-owed oil giant Petrobras will spread to other sections of public and private sector workers.
By Marcus Day, 11 February 2020
Ford’s falling profits and management reshuffling herald an acceleration of the company’s years-long turnaround plan and attacks on workers globally.
By George Gallanis, 11 February 2020
Since announcing plans last August to cut costs and boost profits as part of its drive for “organizational efficiency,” Deere has laid off 220 workers at plants across Illinois and Iowa.
By Bryan Dyne, 11 February 2020
The coronavirus contagion has become a disaster and a tragedy for the tens of thousands infected and the tens of millions who remain under quarantine.
By Kevin Reed, 10 February 2020
The Trump administration is scheduled to release a 2021 budget plan on Monday that includes deep reductions in entitlement programs and other mandatory spending while increasing funding for the military and the Department of Homeland Security.
By Nick Beams, 8 February 2020
The US Federal Reserve warned that “possible spillovers from the effects of the coronavirus in China have presented a new risk to the outlook.”
By Nick Beams, 7 February 2020
In a speech this week, the governor of the Reserve Bank of Australia Philip Lowe pointed to the growing risks posed by the cheap money policies of the world’s central banks.
By George Kirby and Tim Rivers, 7 February 2020
Workers from General Motors Customer Care & Aftersales facilities and other factories in Michigan are angered by continuous forced overtime imposed in the aftermath of the 2019 UAW sellout contract.
By Tim Rivers, 7 February 2020
The move by BorgWarner is the latest step in the vast restructuring of the industry, as carmakers and supplies scramble to dominate the emerging electrical and autonomous vehicle markets.
By Naveen Dewage, 7 February 2020
The three-day walkout by graphite miners in defiance of their unions indicates the increasing radicalisation of the working class and the rapid break up of illusions in the new government.
By Nick Beams, 5 February 2020
Economic activity is at a virtual standstill in at least 21 Chinese provinces which account for 80 percent of the country’s gross domestic product and 90 percent of its exports.
By Nick Beams, 1 February 2020
Financial analysts are warning that the virus has created a more uncertain environment than the US-China trade war and its impact could be greater than that of the SARS virus in 2002–2003.
By Tom Hall, 30 January 2020
The bipartisan support for the USMCA shows that all factions in Washington agree on an intensification of economic conflict with China.
By Tomas Castanheira, 30 January 2020
Modi advocated a “strategic partnership” based on “similar ideology and similar values.”