By Gabriel Black, 15 July 2016
The House Financial Services Committee report makes clear that the Obama administration’s failure to hold criminally liable a single leading Wall Street figure is the result of a highly conscious and systematic policy.
By Nick Beams, 12 July 2016
With all efforts to return global economic growth to pre-2008 levels having failed, the ruling class’s economic theorists have turned to the promotion of protectionism and nationalism.
By Nick Beams, 8 July 2016
International Monetary Fund head Christine Lagarde warned against the dangers posed by the prospect of a “wave of protectionism.”
By Nick Beams, 7 July 2016
The suspension of cash redemptions by six property investment firms in Britain could set off a crisis extending to the banking system.
By Saman Gunadasa, 6 July 2016
The British vote threatens to exacerbate Sri Lanka’s balance of payments crisis and deepen the widespread discontent over the government’s austerity measures.
By Nick Beams, 4 July 2016
Bank of England Governor Mark Carney has warned of “economic post-traumatic stress” hitting financial markets, businesses and households.
By Nick Beams, 30 June 2016
The Brexit outcome has revealed acute problems in the “quantitative easing” program that the world’s major central banks have used to sustain the global financial system over the past eight years.
By Nick Beams, 28 June 2016
British government leaders have issued statements claiming they have the situation under control, but to no avail as financial markets continue to plummet.
By Andre Damon, 27 June 2016
The ongoing sell-off in global financial markets comes amid a chorus of warnings by international institutions that the world economy faces a deepening crisis.
By Andre Damon, 25 June 2016
The British pound plunged to a 31-year low, European stock markets crashed and US markets erased their gains for the year following the Brexit vote.
By Andre Damon, 22 June 2016
The World Trade Organization warned that protectionist measures by leading economies has hit the highest level on records dating back to 2009.
By Nick Beams, 17 June 2016
Fed chairwoman Janet Yellen’s comments on Wednesday pointed to the emergence of “secular stagnation” in the global economy, a term first developed in the 1930s.
By Nick Beams, 16 June 2016
The Fed decision to keep interest rates on hold is an expression of the fact that what were once considered “normal” operations of the capitalist economy are breaking down.
By Nick Beams, 14 June 2016
The IMF has described rising corporate debt in China as the key “faultline” in its economy, amid concerns it could have major “spillover” effects internationally.
By Nick Beams, 4 June 2016
The global economy is increasingly marked by the return of the types of economic nationalism that had such devastating consequences in the 1930s.
By Nick Beams, 3 June 2016
The decision by the US International Trade Commission to launch an investigation into 40 Chinese steel producers has far-reaching implications.
By Gabriel Black, 31 May 2016
Rent and housing costs in major cities have skyrocketed since the financial crisis, cutting into workers’ living standards and prompting concerns about a global housing bubble.
By Nick Beams, 27 May 2016
The G7 nations are seeking to ramp up military pressure against China, amid a deepening economic slump and divisions within their own ranks.
By Nick Beams, 25 May 2016
The aim of the “structural reforms” demanded by the IMF and the financial elites is the destruction of all the social gains of the European working class won in the past seven decades.
By Nick Beams, 23 May 2016
As with other major economic summits in the recent period, the weekend meeting of the G-7 could reach no agreement on co-ordinated measures to halt the stagnation of the global economy.
By Nick Beams, 18 May 2016
The IMF has reported that one sixth of Chinese business loans are on the books of companies earning less revenue than their interest payments.
By Barry Grey, 17 May 2016
The slump in major chain store sales reflects the impact of a vast reordering of class relations in the US with devastating consequences for the working class.
By Nick Beams, 5 May 2016
Just as the economics of the present period are increasingly resembling the 1930s, so are the politics.
By James Cogan, 4 May 2016
The budget is predicated on cutbacks to working-class living standards in order to finance the ramping up of military spending and corporate tax cuts.
By Barry Grey, 28 April 2016
Apple exemplifies the unprecedented and unsustainable inflation of stock prices since the Wall Street crash of September 2008.
By Nick Beams, 26 April 2016
China’s debt levels have risen rapidly since the onset of the global financial crisis in 2008, with some analysts warning that the country may experience a “Lehman” disaster.
By Nick Beams, 22 April 2016
German criticism of the ECB’s negative interest rate regime is not the result of differences over monetary policy philosophy but is rooted in the political economy of German capitalism.
By Nick Beams, 19 April 2016
The main reason for the failure to agree on an oil production freeze appears to be tensions between Saudi Arabia and Iran, which are on opposites sides in conflicts in the Middle East.
By Patrick Martin, 15 April 2016
A report by Oxfam found that the 50 largest US corporations are evading $111 billion in US taxes per year—enough to wipe out child poverty in America.
By John Braddock, 15 April 2016
Successive Labour and National governments are responsible for New Zealand laws that allow foreign trusts to carry out massive tax avoidance.
By Nick Beams, 14 April 2016
The program of economic nationalism promoted by the steel bosses, political leaders and the trade union bureaucrats leads to depression and ultimately war.
By Nick Beams, 14 April 2016
The IMF’s Global Financial Stability Report concluded that the market turbulence seen at the start of the year is not over and could be a warning of things to come.
By Barry Grey, 13 April 2016
Particularly striking is the prominence given in the IMF report to the impact of “noneconomic” factors in the deepening economic quagmire.
By Nick Beams, 12 April 2016
As global growth continues to slow, there are rising concerns that the negative interest rate policies of major central banks are worsening the situation.
By Chris Marsden, 11 April 2016
Britain stands at the epicentre of an international web of corruption serving the interests of a financial oligarchy that rules the entire planet.
By Nick Beams, 9 April 2016
The International Monetary Fund has called for enhanced global cooperation, but every tendency is heading in the opposite direction, with economic nationalism and militarism on the rise.
By Jordan Shilton, 7 April 2016
As pressure builds on Britain’s Conservative government over the tax arrangements of Prime Minister David Cameron, it is becoming clear that the Panama Papers are merely the tip of the iceberg.
By Robert Stevens, 6 April 2016
Whatever deal Tata and the government cook up with the private buyers of threatened steel plants, the trade unions will do nothing to oppose any attacks on jobs, wages and pensions.
By Andre Damon, 6 April 2016
The publication of the “Panama Papers” has exposed the criminality that pervades the financial elite and its political representatives.
UK central to global tax avoidance
By Chris Marsden, 6 April 2016
The leaked Panama Papers detailing widespread global tax avoidance place the UK at the centre of this operation.
By Nick Beams, 5 April 2016
The ever-closer integration of the global economy has led to increased financial instability and turbulence, and heightened “systemic risk.”
By Andre Damon, 5 April 2016
Documents provided to the International Consortium of Investigative Journalists tie hundreds of wealthy individuals and world leaders to offshore havens used in tax evasion and money laundering.
By Robert Stevens, 4 April 2016
The Labour Party and the trade unions have responded to the planned closure of Tata Steel’s UK plants with demands for protectionism and trade war.
By Nick Beams, 31 March 2016
The imposition of austerity is determined not by a lack of economic resources, but by the relentless logic of the profit system.
By Ben McGrath, 29 March 2016
A negative interest rate introduced in January by the Bank of Japan has done nothing to promote economic growth.
By Nick Beams, 15 March 2016
The end result of the program of economic nationalism can be seen in the experience of the 1930s, when it brought about social devastation and led to world war.
By Nick Beams, 15 March 2016
Markets are awaiting decisions by the Bank of Japan and the US Fed on monetary policies as concerns grow over negative interest rates.
By Nick Beams, 11 March 2016
The ECB’s latest measures will do nothing to boost the real economy, but only lead to further financial speculation and increase the danger of a currency war.
As Chinese exports plunge
By Nick Beams, 10 March 2016
The sharp fall in Chinese exports reflects a decline in global trade that has been expressed as well in US trade data.
By Nick Beams, 8 March 2016
The European Central Bank is to meet on Thursday amid rising concerns over the longer-term consequences of the global proliferation of negative interest rates.
By Peter Symonds, 7 March 2016
The Chinese Communist Party’s only “plan” is to further open the economy for private investment, both foreign and domestic, in the hope that it will drive economic growth.
By Nick Beams, 4 March 2016
As the “BRICS model” of economic growth disintegrates, conditions are emerging for another financial crisis.
By John Ward and Peter Symonds, 3 March 2016
The emergence of huge overcapacities in China’s basic industries is intimately bound up with the continuing worldwide economic slump.
By Nick Beams, 2 March 2016
Fears of where the global economy is heading led former British Labour shadow chancellor Ed Balls to warn of “echoes of the 1930s.”
By Nick Beams, 29 February 2016
Despite calls for fiscal stimulus by the International Monetary Fund, the only area in which the major economic powers are increasing their spending is on the military.
By Kranti Kumara and Keith Jones, 27 February 2016
Longstanding tensions between India’s BJP-led government and the country’s central bank over how to revive India’s flagging economy have intensified in the run-up to Monday’s budget speech.
By Nick Beams, 26 February 2016
The G-20 meeting in Shanghai is riven by the widening divisions between the major capitalist powers as the crisis of the global economy intensifies.
By Gustav Kemper, 23 February 2016
Fears of collapse and panic sell-offs on the stock market have halved Deutsche Bank’s value over the course of a year to €20 billion.
By Nick Beams, 23 February 2016
The lowering of interest rates, quantitative easing and now negative interest rates are only compounding financial instability and laying the basis for another crisis.
By Mike Head, 20 February 2016
The ongoing collapse of commodity prices has placed question marks over the exposure of the banks to losses in the resources sector.
By Nick Beams, 19 February 2016
The Organisation for Economic Cooperation and Development said global growth has “practically flat-lined” and financial instability risks are on the rise.
By John Ward, 19 February 2016
For the past seven years, speculative property investment has maintained growth in China, but this has laid the foundation for a broader crisis.
By Nick Beams, 17 February 2016
The latest statistics from the world’s second and third largest economies underscore the worsening world downturn.
By Andre Damon, 12 February 2016
The global sell-off expresses growing fears that the trillions pumped into the financial system since 2008 have done nothing to improve its underlying health, and may have sown the seeds for a crash on an even greater scale.
By Nick Beams, 9 February 2016
The growing financial crisis in China, marked by capital flight and mounting concerns over debt levels, is accompanied by increasing doubts about the stability of the entire global banking system.
By Nick Beams, 5 February 2016
The conventional wisdom was that the fall in oil prices would boost the economy, but this soothing scenario has been shattered.
By Peter Symonds, 5 February 2016
Ezubao was part of the largely unregulated peer-to-peer online finance industry that has drawn in millions of small investors with the offer of high returns.
By Nick Beams, 2 February 2016
The Chinese steel industry recorded a loss of more than $9 billion for 2015, in the clearest expression of China’s economic slowdown.
By Nick Beams, 30 January 2016
A quarter of the world’s gross domestic product now emanates from countries with negative official interest rates, an unprecedented situation in the history of world capitalism.
By Nick Beams, 28 January 2016
A downturn in the share prices of two major companies, Apple and Boeing, was responsible for more than half of yesterday’s fall in the Dow.
By Nick Beams, 25 January 2016
Stock markets recovered some of their losses at the end of the last week, but the underlying trend in the world economy is slower growth and outright recession.
By Nick Beams, 21 January 2016
The turmoil on global markets is an expression of the breakdown of the mechanisms and structures that have sustained world capitalism over the past quarter-century.
By Andre Damon, 19 January 2016
This year’s World Economic Forum in Davos, Switzerland takes place against the backdrop of a deepening global crisis and soaring inequality.
By Barry Grey, 18 January 2016
After more than seven years of bailouts and trillions in virtually free cash for the banks and financial markets, the real economy has not only not recovered from the Wall Street crash of 2008, it is rapidly deteriorating.
By Barry Grey, 16 January 2016
Friday’s selloff, with the EURO STOXX/50 index down 2.37 percent and all of the major US indexes lower by well over 2 percent, caps off the worst-ever yearly opening for Wall Street.
By Nick Beams, 14 January 2016
The sharp downturn in US markets has come amid a series of statements by banking officials that the conditions for a new financial crisis are rapidly developing.
By Peter Symonds, 13 January 2016
The economic slowdown, which is exposing massive overcapacity and high levels of debt, is threatening to trigger an upsurge in the class struggle.
By Nick Beams, 12 January 2016
The Shenzhen Composite Index has fallen by more than 20 percent so far this year, wiping off almost $1 trillion from share values.
By Mike Head, 12 January 2016
A new year sharemarket rout highlights Australian capitalism’s acute vulnerability to the slowing growth and signs of economic instability in China.
By Nick Beams, 9 January 2016
The impact of events in China points to the worsening situation facing major Western corporations.
By Andre Damon, 8 January 2016
The continued sell-off points to growing fears of a divergence between stock market values, which have been rising for nearly six years, and the slowdown of the world economy.
By Nick Beams, 7 January 2016
The fall in oil prices to their lowest level in 11 years points to deepening recessionary trends that increase the risk of defaults in high-risk, high-yield bonds.
By Barry Grey, 5 January 2016
The indicators of a deepening crisis in production sent shock waves through the financial markets because they portend the looming collapse of a vast speculative house of cards built up since the 2008 Wall Street crash.
By Jerry White, 4 January 2016
Class conflict will become an ever-more dominant feature of life in 2016 as the ruling classes in the US and around the world demand that workers pay for the global economic crisis.
By Barry Grey, 31 December 2015
IMF Managing Director Christine Lagarde wrote that global economic growth next year would be “disappointing” and the outlook for the medium term had also deteriorated.
By Joseph Kishore and David North, 31 December 2015
It is characteristic of a period of crisis that more and more the essential nature of capitalism—a system of exploitation, inequality, war and repression—comes into alignment with the everyday experiences of broad masses of people.
By Nick Beams, 30 December 2015
Economic developments in 2015 were dominated by intensifying recessionary trends throughout the world economy.
By Nick Beams, 22 December 2015
The decision to end the Doha Round signifies the end of the multilateralism that formed a crucial foundation of post-World War II economic expansion.
By Nick Beams, 19 December 2015
The growing turbulence in financial markets is a manifestation of deepening recessionary trends in the global economy.
By Barry Grey, 17 December 2015
Fed Chair Janet Yellen stressed that further increases would be incremental and gradual and interest rates would remain abnormally low, triggering a sharp rise in US stock prices.
By Nick Beams, 15 December 2015
The price of oil is at its lowest point for seven years with natural gas prices at the lowest level in more than a decade, sparking a crisis in the bond markets.
By Barry Grey, 14 December 2015
The mounting crisis in the junk bond market has profound and convulsive implications for the entire credit system, in the US and internationally.
By Patrick Martin, 14 December 2015
Even in the face of a growing threat to human survival, the leaders of rival capitalist nations are incapable of serious action to combat global warming.
By Peter Symonds, 14 December 2015
The downward slide in the renminbi’s value threatens other Asian export-dependent countries and heightens the danger of a currency war.
By Barry Grey, 12 December 2015
The global slowdown, reflected in collapsing prices for oil and other basic commodities, is now wreaking havoc on the corporate bond market.
By Nick Beams, 10 December 2015
Corporate defaults are on the rise, not only in the energy sector hit by falling prices, but across the board.
By Nick Beams, 8 December 2015
Junk bonds are heading for their first losses since the global financial crisis, indicating the present stock market boom may be living on borrowed time.
By Nick Beams, 5 December 2015
The renminbi’s elevation to the status of a global reserve currency is an expression of vast shifts in the world economy that underlie the rise in geopolitical tensions.
By Mike Head, 2 December 2015
The investment figures throw into doubt the government’s efforts to talk up the country’s economic prospects.
By Nick Beams, 1 December 2015
The decision to include the Chinese renminbi as an international reserve currency will be viewed by Beijing as a step forward but it is a two-edged sword.