World economy
Despite thousands of job cuts, General Motors will receive $2.28 billion in Michigan tax credits
By Jessica Goldstein, 27 January 2020
The deal with the Michigan Strategic Fund board includes a modest reduction in the tax credit in exchange for the “flexibility” to cut more jobs.
Sri Lankan president announces major tax concessions for foreign investors
By W.A. Sunil, 24 January 2020
Colombo has reactivated its Strategic Development Projects Act in a desperate attempt to boost foreign direct investment.
Trump puts Europe in his sights for trade war
By Nick Beams, 23 January 2020
The stepped-up offensive was foreshadowed in Trump’s keynote address to the Davos annual meeting in which he said the US had pioneered “a new model for trade in the 21st century.”
Canadian judge begins hearing Washington’s geopolitically explosive demand for extradition of top Huawei executive
By Roger Jordan, 23 January 2020
Canadian authorities seized Huawei CFO Meng Wanzhou at the behest of Washington, which is seeking her extradition on the basis of bogus fraud charges.
Growing fears of global debt crisis
By Nick Beams, 22 January 2020
As the global oligarchy assembles at the World Economic Forum in Davos, Switzerland, there are mounting warning signs that global debt, fueled by cheap money from central banks, is a ticking time bomb.
Northam’s Virginia budget: Democrat gives a pittance to workers, lion’s share to wealthy
By Nick Barrickman and Elias Mahonen, 21 January 2020
The budget would give paltry increases in healthcare subsidies and teacher wages while doing nothing to undercut the state government’s support for big business.
The oligarchs assemble at Davos
By Niles Niemuth, 21 January 2020
The bankers, corporate executives and heads of state attending the World Economic Forum this week look on with fear at the eruption of social opposition all over the world.
Climate change “spin” as Davos gathering confronts mounting environmental and economic crisis
By Nick Beams, 20 January 2020
The picture presented by the WEF’s own analysis is of a socio-economic system heading for catastrophe on every front, for which the ruling elites have no answer.
Tesla under investigation by US government for defect that caused over 100 crashes
By Jessica Goldstein, 20 January 2020
The serious allegations of safety problems with Tesla’s vehicles and the suffering of the workers who build them are bound up with the subordination of the means of production to the capitalist system.
Amid poverty wages and tax cuts for the rich
JPMorgan Chase records the biggest profit of any bank in US history
By Gabriel Black, 18 January 2020
The profit bonanza on Wall Street is the outcome of a bipartisan drive to enrich the financial elite at the expense of the working class.
US and UK clash over Huawei involvement in 5G rollout
By Robert Stevens, 18 January 2020
The rollout of 5G broadband wireless networks globally is becoming an arena for the eruption of geopolitical tensions.
US-China trade deal leaves basic conflict festering
By Mike Head, 16 January 2020
The “phase one” pact does not address the core demands issued by Washington for the wholesale restructuring of the Chinese economy.
Central banks losing firepower to counter recession
By Nick Beams, 9 January 2020
The key message from the annual meeting of the American Economic Association last weekend was that central banks do not have the tools to cope with a world of low inflation and low interest rates.
Transatlantic digital tax trade war looms
By Nick Beams, 7 January 2020
France has warned of retaliation if US imposes tariffs on exports.
Russia, Ukraine reach last minute gas transit deal
By Jason Melanovski, 4 January 2020
The EU pushed for the Ukraine and Russia to accept a deal following the US announcement of sanctions against the Russian-German pipeline Nord Stream 2.
Trump sets date for signing of “phase one” trade deal with China
By Nick Beams, 3 January 2020
The signing of the “phase one” deal would not bring an end to the US trade war against China launched in May 2018 but is merely a limited truce.
Share market boom masks another financial crisis in the making
By Nick Beams, 30 December 2019
The year 2019 will go down in economic history as the great turnaround, when the world’s major central banks gave up on their attempt to return to “normal” monetary policy.
Billionaires’ wealth surged in 2019
By Barry Grey, 28 December 2019
The wealth of the world’s 500 richest people rose 25 percent in 2019, reaching a combined net worth of $5.9 trillion.
World Bank concerned about “global debt wave”
By Nick Beams, 21 December 2019
Since 2010, debt in developing economies has risen to a total of around 170 percent of their gross domestic product, up by 54 percentage points in just eight years.
Inequality and falling living standards fuel political “fragility” in Australia
By Mike Head, 21 December 2019
The financial elite’s enrichment has occurred at the direct expense of the wages, working conditions and social services of the working class.
One day after impeachment: Democrats back Trump trade, budget bills
By Patrick Martin, 20 December 2019
One day after the US House of Representatives adopted two articles of impeachment against President Trump, the House passed Trump’s top policy priority for 2019, the US-Mexico-Canada trade agreement, by a massive bipartisan margin.
Report finds US corporations paid “zero to negative” income tax rate in 2018
By Jessica Goldstein, 18 December 2019
The Institute on Taxation and Economic Policy found that 91 highly profitable Fortune 500 corporations paid zero or negative income taxes in 2018.
US-China deal a new phase in global trade war
By Nick Beams, 16 December 2019
In the longer term, the US wrecking operation against the World Trade Organisation is probably the most significant action in the global trade war.
US announces ”in principle” agreement on “phase one” US-China trade deal
By Nick Beams, 13 December 2019
Any reduction in US tariffs, will be accompanied by a so-called “snapback” provision under which they would be immediately re-imposed if it is determined that China is not abiding by its side of the deal
US trucking firm Celadon goes bankrupt leaving thousands of drivers stranded
By Steve Filips, 13 December 2019
The major logistics company closed without warning, leaving thousands of drivers stranded across the country and without jobs just before the holidays.
Amid turmoil in short-term money markets
Fed to keep interest rates lower for longer
By Nick Beams, 12 December 2019
The unanimous decision by the interest-rate setting Federal Open Market Committee came at the end of a year in which the financial markets dictated the central bank must provide cheap money.
Germany: IG Metall union announces further attacks on Daimler workers
By K. Nesan, 10 December 2019
With the help of the unions and their works council representative, the auto manufacturer wants to destroy 10,000 jobs by 2022.
“They are jamming this down our throats:” Fiat Chrysler workers denounce UAW for rushing vote on sellout contract
By Jerry White, 10 December 2019
Just days after dumping the thousand-page contract on its web site, the UAW is holding a series of snap votes which it plans to conclude by Wednesday.
Trump escalates global trade war
By Nick Beams, 4 December 2019
Responding to a question in London on whether there was a deadline for a trade deal with China, Trump said: “I like the idea of waiting until after the election for the China deal.”
Ten trillion dollars of US corporate debt set off alarm bells
By Nick Beams, 2 December 2019
One of the most significant features of the debt binge is the rise in purchase by companies of their own stock in order to boost share market valuations, with companies spending more than $3 trillion over the past five years for this purpose.
Australian bank chief resigns over money laundering charges
By Mike Head, 30 November 2019
This latest scandal does not directly involve cheating customers, but centres on allegations of evading official transaction-tracking measures.
A socialist response to the global jobs massacre in the auto industry
By Peter Schwarz, 29 November 2019
The announcement of 9,500 job cuts by the German automaker Audi is part of a global offensive against the jobs and living standards of autoworkers all over the world.
Renewed surge in US mergers
By Nick Beams, 28 November 2019
Last Monday alone, takeover deals amounting to more than $70 billion were announced as multinational firms sought to tighten their grip on the markets in which they operate.
German autoworkers protest as unions sanction wave of jobs cuts
By K. Nesan, 28 November 2019
Hardly a day passes without a large or small company announcing redundancies and savings measures in highly industrialize state of Baden-Württemberg in southwest Germany.
UAW keeps FCA workers in the dark on contract talks, painting corruption exposures as “outside distractions”
By Marcus Day, 28 November 2019
In a letter to FCA workers Monday, UAW-FCA Vice President Cindy Estrada attempted to pretend as if the corruption scandal had no bearing on otherwise pristine negotiations.
Teamsters for a Democratic Union endorses ex-Hoffa lieutenant for union president
By Steve Filips and Tom Hall, 28 November 2019
TDU’s 180-degree turn behind the thuggish Sean O’Brien exposes the critical role it plays in propping up the authority the Teamsters bureaucracy.
After union surrenders, Telangana mobilizes police to bar “fired” TSRTC workers’ return
By Kranti Kumara, 28 November 2019
The unions instructed the 48,000 TSRTC workers to end their courageous anti-privatization strike and report for work Tuesday. But the government, intent on purging the workforce, barred their way.
Growing concerns over stability of the international monetary system
By Nick Beams, 27 November 2019
Fears of a possible financial crisis are being fuelled by the experiences of the past decade of monetary policy.
OECD cuts global growth forecast
By Nick Beams, 23 November 2019
The chief economist of the Organization for Economic Cooperation and Development warned that “things are not really moving” and there was a danger that low growth could become “entrenched.”
Trump repeats threat to escalate tariffs if no China trade deal is reached
By Nick Beams, 21 November 2019
A major source of conflict is the maintenance of existing tariffs, with China demanding that all tariffs imposed after negotiations collapsed in May be removed and a mechanism be put in place to roll back those imposed before then.
Australian Strategic Forum tries to downplay danger of US-China conflict
By James Cogan, 21 November 2019
Warnings that US-China tensions could lead to war were largely dismissed by the majority of the forum speakers.
US Steel job cuts continue as it lays off workers in Indiana
By Jessica Goldstein, 19 November 2019
The recently announced layoffs are further proof that trade war measures are ultimately aimed against the working class around the world.
Fiat Chrysler workers face battle as FCA and UAW seek to maintain lowest labor costs
By Jerry White, 18 November 2019
After barely navigating past the opposition of GM and Ford workers, the UAW is now colluding with Fiat Chrysler executives to maintain the company’s cost advantage over its industry rivals.
Growth continues to slow in major economies
By Nick Beams, 15 November 2019
In its report on the latest figures from China, the world’s second largest economy, Bloomberg said the “engines of China’s economies are spluttering with exports falling, factory output slowing, investment at a record low and consumption coming off the boil.”
Trump threatens “substantial” increase in anti-China tariffs
By Nick Beams, 13 November 2019
In a speech to the New York Economic Club, Trump claimed, amid falling GDP numbers, that his administration had “launched an economic boom the likes of which we have never seen before.”
Chicago Ford workers denounce UAW contract: “They want to monitor you every minute, every second”
By Marcus Day, 11 November 2019
Anger is growing since workers have learned that the deal would allow Ford to deploy the high-tech surveillance methods increasingly perfected by Amazon.
Trump rules out rollback of China tariffs
By Nick Beams, 11 November 2019
Trump’s remarks were in response to a statement by Chinese Ministry of Commerce spokesman Gao Feng that the two sides had agreed to reduce tariffs on each other’s goods as part of any agreement.
China-led trade bloc inches forward at Asian summit
By Mike Head, 11 November 2019
The formation of the RCEP would be a blow to Washington and its drive to isolate, militarily encircle and subjugate China.
Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson, 11 November 2019
Growing layoffs at US Steel and other major US steel producers over the past three months, point to a further slowdown in manufacturing and the impact of Trump’s trade war.
Growing inequality risks social revolution, hedge fund chief warns
By Nick Beams, 8 November 2019
With one eye clearly on the upsurge in the class struggle around the world over the past months, including in the United States, hedge fund chief Ray Dalio told a business conference the growth of social inequality was a national emergency and urgent steps had to be taken to address it.
Wall Street at record highs as global growth slows
By Nick Beams, 7 November 2019
Surging stock prices amidst a slowing real economy show the class role of the central banks in supplying the financial elite with unlimited cash while workers' conditions continue to worsen.
Ford autoworkers denounce tentative deal as corruption scandal engulfs UAW leadership
By Marcus Day, 4 November 2019
The UAW-Ford deal allows for an unlimited number of buyouts of older production workers, facilitating a vast expansion of lower-paid temporary workers.
Protests erupt after Peruvian government approves controversial Tía María mining project
By Cesar Uco, 4 November 2019
Peasant farmers have blocked roads and confronted police after Peru’s government approved construction of the mine, which will harm the fragile ecosystem of the Tambo Valley in the southern Andes.
Unifor’s attempt to impose concessions contracts on Saskatchewan workers meeting widespread opposition
By Carl Bronski, 4 November 2019
On learning that Unifor had accepted a two-year wage freeze in order to scuttle a 17-day strike, Saskatchewan Crown corporation workers denounced the union leadership from the floor of ratification meetings.
Fed guarantees more money for Wall Street as attacks on workers intensify
By Nick Beams, 31 October 2019
The markets celebrated the latest Fed decision, with the S&P 500 index posting its second record high for the week.
One year since the first Boeing 737 Max 8 crash
By Bryan Dyne, 29 October 2019
The year since the crash in Indonesia has exposed the collusion between Boeing, the federal government and the trade unions that led to the deaths of 346 men, women and children.
Euro area heads for slump as Draghi steps down as central bank chief
By Nick Beams, 26 October 2019
The eurozone economy grew by only 0.1 percent in the September quarter.
Recriminations within Brazilian ruling classes over Trump’s OECD snub
By Miguel Andrade, 24 October 2019
Contrary to expectations, the US State Department didn’t propose Brazil for OECD membership, triggering a wave of criticism of Bolsonaro for the diplomatic failure.
Major write down of Australian growth forecast as global contradictions intensify
By Nick Beams, 23 October 2019
In just 12 months, the International Monetary Fund has cut its Australian growth prediction for 2019 from 2.8 percent to 1.7 percent.
World economy “sleepwalking” to another financial crisis, warns former Bank of England chief
By Nick Beams, 21 October 2019
Mervyn King said the US would suffer a “financial Armageddon” if the Federal Reserve were not able to combat another crisis, with the world in a low growth trap.
As global economy enters synchronised slowdown
US Federal Reserve starts “quantitative easing forever”
By Nick Beams, 19 October 2019
The entire global financial system has become so dependent upon and addicted to the endless supply of ultracheap money that even the slightest move to reduce it threatens to set off a crisis.
IMF cuts growth forecast and points to rising financial risks
By Nick Beams, 17 October 2019
Significantly, the World Economic Outlook report predicted that growth in four key areas of the global economy—the US, the eurozone, Japan and China—would remain subdued for the next five years.
IMF meeting confronts “synchronized” global economic slowdown
By Nick Beams, 15 October 2019
Two years ago the global economy was experiencing an upswing with growth in nearly 75 percent of the world economy, but today lower growth is expected in 90 percent of the world.
Mack Truck, copper miners, Chicago teachers, gig economy workers
Spreading strike wave shows potential for GM workers to expand struggle to Ford and Fiat-Chrysler
By Jerry White, 14 October 2019
If the month-long strike is to be won, autoworkers must take the fight into their own hands, end the isolation imposed by the UAW, and fight for an industry-wide shutdown.
“It’s like the UAW is management:” GM strikers speak out as union moves towards sellout
By Tom Hall, 14 October 2019
Reporting teams for the World Socialist Web Site Autoworker Newsletter spoke to striking GM workers throughout Southeast Michigan over the weekend, as news emerged that the UAW is preparing to move towards a tentative agreement to shut down the four-week strike and enforce concessions.
As GM strike enters fifth week, Mack Truck-Volvo workers launch first strike in more than 35 years
By Nick Barrickman, 14 October 2019
The two American automotive strikes are part of an international movement of the working class against austerity, including 70,000 auto parts workers in Mexico and rolling strikes at GM’s South Korean plants.
Conflict erupts over European Central Bank’s return to “quantitative easing”
By Nick Beams, 14 October 2019
According to initial reports of the September meeting, as many as nine members of the 25-member governing council opposed the ECB's decision to return to “quantitative easing.”
US and China reach limited trade deal
By Nick Beams, 12 October 2019
The markets responded enthusiastically with the Dow finishing up by more than 300 points, but for all the celebrations, the agreement is very limited.
Richest 400 Americans paid lower taxes than everyone else in 2018
By Trévon Austin, 10 October 2019
The overall tax rate on the richest .01 percent was only 23 percent last year, while the bottom half of the population paid 24.2 percent.
After mid-September financial market turbulence
US Fed announces return to asset purchases
By Nick Beams, 10 October 2019
In announcing the move, Fed chairman Jerome Powell said that without sufficient reserves in the banking system even normal demands for cash could cause “outsized movements in money market interest rates.”
Little prospect of agreement as US-China trade talks set to resume
By Nick Beams, 8 October 2019
China is reported to be opposed to any all-encompassing deal on trade and changes to its economic programs along the lines being demanded by the US.
As strike enters fourth week, UAW says talks with GM have “taken turn for the worse”
By Jerry White, 7 October 2019
The hard line by GM proves that the UAW is leading the strike to defeat and makes clear that workers must respond by expanding the struggle to Ford and Fiat Chrysler.
“Capitalism is the core of the problem:” Striking GM workers call for global struggle against auto companies
By Tim Rivers and Tom Hall, 7 October 2019
GM workers on the picket discussed the need for an international strategy for the expansion of their strike with the World Socialist Web Site Autoworker Newsletter this weekend.
Canada: Five thousand public sector workers strike in Saskatchewan
By Carl Bronski, 7 October 2019
The strike, involving workers at SaskPower, SaskTel, SaskWater, SaskEnergy, the Water Security Agency and two SaskTel subsidiaries, is the largest in Saskatchewan for decades.
Bone-crushing labor prevails across the American meatpacking industry
By Brian Brown, 7 October 2019
While the meatpacking industry has historically been a dirty and dangerous occupation, taking workers lives and limbs, a dangerous job will become a lot worse with the Trump administration pushing further de-regulation.
Behind the GM strike: Wall Street wants temps for hi-tech vehicles and the UAW agrees
By Jerry White, 5 October 2019
Striking workers are resisting Wall Street’s demands for “more flexible manufacturing systems” to build electric and self-driving cars, including lower-paid temporary workers that the UAW has already agreed to.
New US tariffs escalate trade war with Europe
By Alex Lantier, 4 October 2019
The Trump administration’s announcement of tariffs on $7.5 billion on EU goods is only the latest shot in a spiraling trade war that is dragging the global economy toward recession.
Markets plunge as US enters manufacturing recession
By Andre Damon, 3 October 2019
US manufacturing activity shrunk for a second quarter in a row and the World Trade Organization said the growth in trade this year would be the lowest in a decade.
Australian central bank cuts interest rates to record low
By Mike Head, 3 October 2019
The speed and scale of the rate cuts point to alarm within the financial elite about the turmoil gripping the world capitalist economy and deepening slump in Australia.
Democrats frame impeachment drive as defense of “national security”
By Patrick Martin, 30 September 2019
There is not the slightest democratic content to the Democrats’ impeachment inquiry.
“The UAW is allowing GM to take us back to before the sit-down strikes”
Striking GM workers on picket line discuss what is at stake in their battle
By our reporters, 30 September 2019
GM workers discussed their fight to overturn decades of UAW-backed concessions, end the exploitation of temporary workers, and support the victimized Mexican GM workers.
Wall Street gives GM and UAW time to wear down strikers and impose concessions
By Tom Hall, 30 September 2019
Investors are giving GM and the UAW the time they need to wear down strikers and enforce a defeat that would shape the future of global auto industry.
As US GM strike continues
Layoffs mount in Canadian auto industry
By Carl Bronski, 30 September 2019
Over 6,000 Canadian auto assembly and parts workers have been temporarily laid off as a result of the ongoing strike by 48,000 American UAW members against GM.
Tesla autoworkers in California support striking GM workers, denounce working conditions
By Evan Blake, 30 September 2019
The rise of Tesla is part of a global restructuring of the auto industry to prepare for the production of electronic vehicles, using fewer and more poorly paid workers.
French ex-President Jacques Chirac dead at 86
By Alex Lantier, 30 September 2019
The ubiquitous hailing of Chirac by the ruling establishment reflects above all the former Gaullist president’s ability to appeal to the political and class prejudices of the affluent middle class.
Daimler-Benz workers in Germany support GM strikers
By Gregor Link and K. Nesan, 23 September 2019
German autoworkers in the city of Stuttgart support the strike of their American counterparts, against the auto companies and the union, as a model for their own upcoming struggles.
Jeff Pietrzyk, former aide to UAW vice president Joe Ashton, charged with criminal conspiracy
By Jessica Goldstein, 23 September 2019
Pietrzyk sat on the 2011 UAW-GM National Negotiating Committee, which pushed through a miserable sellout contract that maintained a pay freeze and the hated two-tier system.
The GM strike is in danger
By Marcus Day, 23 September 2019
While the weeklong strike by General Motors workers in the US has won the support of workers throughout the world, the UAW is working out a strategy to strangle it as quickly as possible.
Labor Notes, DSA line up with UAW bureaucrats against GM strikers
By Shannon Jones and Barry Grey, 23 September 2019
In the face of the UAW’s strategy of isolating and betraying the powerful strike by US General Motors workers, middle-class “left” groups like Labor Notes and the Democratic Socialists of America are working to keep strikers chained to the union apparatus.
Autoworkers at GM, Fiat Chrysler and Ford react to UAW’s starvation strike pay
By Tom Hall, 20 September 2019
Yesterday’s article detailing how the union has used the strike fund as a slush fund for UAW officials elicited a strong response from autoworkers.
As GM tries to cut health benefits for workers on strike, Federal Reserve prepares more handouts to Wall Street
By Andre Damon, 19 September 2019
The federal government wants unlimited amounts of cash to be provided to the financial system in the event of a stock market downturn.
Video: GM workers speak out on strike
By our reporters, 16 September 2019
GM workers from the Flint Assembly and Romulus Engine plant spoke to the World Socialist Web Site on the issues behind the walkout of 46,000 GM workers.
“The rank and file have to take control!”
Ford, Fiat-Chrysler workers call for all-out strike alongside GM workers
By WSWS Autoworker Newsletter, 16 September 2019
Workers are demanding an all-out fight against the companies and the corrupt UAW, which only called a strike after forcing GM workers to cross picket lines against striking janitors.
“The rank and file have to take control!”
Ford, Fiat-Chrysler workers call for all-out strike alongside GM workers
By WSWS Autoworker Newsletter, 16 September 2019
Workers are demanding an all-out fight against the companies and the corrupt UAW, which only called a strike after forcing GM workers to cross picket lines against striking janitors.
Germany: IG Metall union concludes pact with corporate bosses and government against workers
By Ulrich Rippert, 16 September 2019
The union is offering to cooperate in “structural changes” that will boost the profits of the auto companies.
Two years on, Foxconn’s Wisconsin boondoggle continues under Democrats
By Jacob Crosse, 16 September 2019
With the aid of state and local government officials, the Foxconn swindle rolls on even as job expectations fell short for the second year in a row.
US autoworkers shut down General Motors
The WSWS Editorial Board, 16 September 2019
The strike by 46,000 GM auto workers marks a major escalation of class struggle in the United States and internationally.
The Brexit crisis and the struggle for the unity and political independence of the working class
By Thomas Scripps, 16 September 2019
The authoritarian turn represented by Johnson’s prorogation of parliament is the most advanced expression of the breakdown of the traditional mechanisms of parliamentary rule.
Countdown to contract fight: In final week before contract expires, autoworkers gear up for struggle against companies and UAW
By Tom Hall, 9 September 2019
A ferment is taking hold among autoworkers, who are determined to win back everything that has been taken from them.
Hurricane Dorian: Tens of thousands homeless in the Bahamas as damage assessed on Canadian coast
By Nick Barrickman, 9 September 2019
Post-tropical storm Dorian continues to destroy homes and livelihoods along Canada’s Atlantic coast as a humanitarian disaster intensifies in the Bahamas.
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