By Nick Beams, 31 July 2018
The Trump administration is keeping a gun at the head of the EU over auto tariffs as it continues an investigation into whether to impose them on “national security” grounds.
By Nick Beams, 26 July 2018
The threat by Washington to impose a 25 percent tariff on auto imports has not been removed, but only suspended while negotiations go ahead on broader trade relations.
By Nick Beams, 19 July 2018
The deal was five years in the making but the impetus to have it finalised was increased by the US trade war measures that have targeted both parties.
OECD report details
By Patrick Martin, 6 July 2018
A report by the grouping of 36 most economically developed countries found that the proliferation of low-wage, part-time jobs has held down wage growth for workers throughout the world.
By Nick Beams, 2 July 2018
An EU submission to the US Commerce Department warns of major reprisals if the Trump administration goes ahead with auto tariffs.
After tariff measures against China
By Nick Beams, 23 June 2018
Central bankers at a meeting in Sintra, Portugal, voiced their concerns about the developing global trade war.
By Nick Beams, 4 June 2018
The statement from the G7, agreed to by Canada, the UK, Germany, France, Italy and Japan, pointed to the “negative impact of the unilateral trade actions of the United States.”
By Nick Beams, 2 June 2018
The European Union is pushing ahead with counter-measures against the US. It is expected to announce its final list of products to be targeted later this month.
By Gustav Kemper, 31 May 2018
Germany’s crisis-ridden Deutsche Bank has already slashed 6,000 jobs and closed 188 branches in the past few years.
By Alex Lantier, 30 May 2018
Financial markets are panicking and protests are being called, as bitter divisions inside the Italian bourgeoisie erupt to the surface.
By Nick Beams, 27 April 2018
The ECB appears to have adopted a “wait and see” approach on monetary policy in light of the latest eurozone slowdown.
By Nick Beams, 23 April 2018
Adopting the tone of an overlord, US Treasury Secretary Steven Mnuchin demanded that the IMF back Washington in its drive against what it claims are “unfair global trade practices.”
By Nick Beams, 21 April 2018
Under a 1977 law, president Trump could declare a national emergency in response to an “unusual and extraordinary threat” which would allow him to block transactions and even to seize assets.
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, 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, 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 Andrea Peters, 10 March 2018
Russians will head to the polls on March 18, as the Kremlin touts an economic recovery that leaves millions behind.
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, 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, 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, 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 Julie Hyland, 27 November 2017
Average earnings of workers in 2021 are expected to be lower in real terms than in 2008.
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 Jason Melanovski, 23 October 2017
Recent rallies in Ukraine’s capital point to a growing crisis of the Poroshenko regime.
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 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, 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, 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 Clara Weiss, 29 August 2017
Residents said they believe the fire was allowed to burn out of control with the aim of driving out impoverished residents in preparation for the 2018 FIFA World Cup.
By Thomas Scripps, 28 August 2017
The report’s bias in favour of employers is not an oversight, as the political establishment that Matthew Taylor speaks for has no intention of bringing “precarious employment” under control.
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, 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 Jean Shaoul, 1 July 2017
The prosecution has nothing to do with the criminal and reckless banking behaviour that precipitated the crash, but instead relates to Barclays’ rescue
By Nick Beams, 10 June 2017
Structural changes in the European economy mean low wages along with part-time and casual employment are becoming the “new normal.”
By Jean Shaoul, 27 May 2017
Former senior RBS executives have never had to make a public account of the events leading up to the bank’s collapse in 2008, when it was rescued by then Labour Prime Minister Gordon Brown.
By Marianne Arens, 5 May 2017
In a recent vote two-thirds of Alitalia pilots, flight attendants and ground crew rejected planned job cuts and pay cuts.
May Day 2017
By Nick Beams, 2 May 2017
The historic crisis of the global capitalist system is now producing the very conditions that led to the economic conflicts of the 1930s and the eruption of war in 1939.
By Nick Beams, 10 March 2017
The ECB retained its negative base interest rate, placing it on a divergent path from the US Federal Reserve.
By Margot Miller, 16 February 2017
Planned changes to the tax and benefit system mean that the poorest 10 percent in society will be 3.1 percent worse off, which translates into a loss of £314 a year.
By Clara Weiss, 11 January 2017
The report reveals the miserable living conditions facing broad sections of the working class and the peasant population who lack access to basic elements of civilization.
By Steve James, 28 December 2016
The Scottish National Party government are hoping to directly benefit from the Brexit debacle by laying claim to additional powers for the Scottish parliament.
By Alex Lantier and Marianne Arens, 23 December 2016
As Europe slides ever deeper into slump, tens of billions of euros are to be handed to the financial aristocracy in a bailout that only sets the stage for more social attacks.
By Chris Marsden, 21 December 2016
The Fine Gael government opposes demands by the European Union that the American technology giant pay $13 billion in back taxes.
By Elisabeth Zimmermann, 20 December 2016
More than one in five Germans work for a wage of less than €10 per hour.
By Ennis Wynne, 20 December 2016
The attack on the living standards of the working class is set to intensify due to Finland’s escalating economic crisis.
By Katerina Selin, 19 December 2016
The latest developments at Humboldt University are linked to the drastic austerity policy of the Berlin Senate regarding higher education.
By Richard Tyler, 12 December 2016
Mark Carney compared the crisis today with the period of revolutionary upheavals that swept across Europe in 1848.
By Nick Beams, 10 December 2016
The move increases the odds of a government bailout that would impose major losses on small investors and bondholders.
By Nick Beams, 9 December 2016
President Mario Draghi emphasised that “uncertainty prevails everywhere” and it was very difficult to assess the long-term impact of the “radically new administration” in the US.
By Marianne Arens, 8 December 2016
Italy’s Senate voted in favour of the budget and thus cleared the way for Renzi’s resignation.
By Julie Hyland, 7 December 2016
Following seven years of austerity, the EU insists that Athens impose an extra €4.2 billion in austerity savings and further labour reforms, including abolishing collective bargaining.
By Nick Beams, 29 November 2016
Finance capital sees the referendum as a test of whether Prime Minister Renzi can push though “market restructuring” of the banking system and deepen attacks on the working class.
By Elisabeth Zimmermann, 29 November 2016
According to the latest study by the Bertelsmann Foundation, 118 million people live in poverty in the EU. This equates to one in four EU citizens.
By Nick Beams, 26 November 2016
The European Central Bank has warned of increased financial turbulence as a result of the rise in interest rates and the trade policies of a Trump administration.
By Robert Stevens, 24 November 2016
Workers whose living standards have already been devastated face more years of brutal austerity.
By Nick Beams, 21 October 2016
The decision by the ECB not to indicate the future of its bond-buying program reflects deep divisions inside the central bank with growing opposition from Germany.
By Nick Beams, 8 October 2016
The currency’s sudden fall on Friday was a warning that capital inflows needed to finance the British current account deficit could dry up.
By Nick Beams, 1 October 2016
The contradiction between booming financial markets and intractable slump in the underlying economy is assuming an ever more explosive form.
By Ulrich Rippert, 30 September 2016
Following the plunge in Deutsche Bank’s share price to its lowest level since 1983, Germany’s second largest bank, Commerzbank, has announced a major restructuring.
By Nick Beams, 29 September 2016
Both the World Trade Organisation and the International Monetary Fund warned of an increase in protectionist measures alongside a fall in the rate of world trade growth.
By Nick Beams, 27 September 2016
The turmoil surrounding Deutsche Bank is only the sharpest expression of a crisis gripping the whole of the European banking system.
By Alex Lantier, 23 September 2016
Despite a deepening economic slump, European Central Bank chief Mario Draghi signaled continued austerity against workers and handouts to the banks.
By Nick Beams, 15 September 2016
The ensuing eight years have shown that the financial crisis of 2008 was not a conjunctural downturn but a breakdown in the very foundations of the global capitalist economy.
By Nick Beams, 9 September 2016
The European Central Bank has kept its monetary policy on hold but there are growing concerns about what it can do as deflationary pressures continue.
By James Lerner, 9 September 2016
Millions have been plunged into poverty as the wealth of the elite has soared.
By Nick Beams, 6 September 2016
At the conclusion of the summit, IMF managing director Christine Lagarde also addressed these issues warning that economic growth had been “too low for too long for too few.”
By Nick Beams, 2 September 2016
International Monetary Fund managing director Christine Lagarde has said the world economy could suffer from “disappointing growth for a long time to come.”
By Nick Beams, 30 August 2016
With the business cycle set to enter a “dangerous” phase, central bankers are concerned that interest rates are already so low they will not be able to counter any economic downturn.
By Barry Grey, 5 August 2016
The rate cut, together with other measures announced by the bank, will pump 170 billion pounds ($223 billion) into the UK’s financial markets.
By our reporter, 2 August 2016
The continued slump in the real economy is in marked contrast to the ongoing and ultimately unsustainable speculative frenzy on international share markets.
By Tom Eley, 1 August 2016
Second-quarter gross domestic product figures for the US and Europe show a further slowing in economic growth and business investment.
By Verena Nees, 1 August 2016
The city is increasingly divided: discernible poverty and a growing housing crisis for many families—wealth and success for a super-rich glitterati.
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 Katerina Selin, 6 July 2016
While the Syriza government is throwing pensioners into even more dire poverty, they are also selling off state property to foreign investors.
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, 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 Katerina Selin, 17 June 2016
The Syriza-led government, elected on a wave of opposition to austerity, is presiding over a sweeping sell-off of state assets for the benefit of the Greek and European financial elites.
By Jean Shaoul, 14 June 2016
While the press have called the revelations “extraordinary” and “shocking,” implying that the events behind the collapse of BHS are a “one-off,” these corporate practices are the norm.
By Nick Beams, 11 June 2016
As the pile of negative yielding government debt passes the $10 trillion mark, it has been described as a “supernova that will explode one day.”
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 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 Julie Hyland, 14 May 2016
IMF head Christine Lagarde warned that in the event of a vote to leave the European Union, the UK could enter into recession.
By Clara Weiss, 7 May 2016
Household debt has more than doubled in Russia since 2008, with the total currently $159 billion.
By Nick Beams, 5 May 2016
Just as the economics of the present period are increasingly resembling the 1930s, so are the politics.
By Jean Shaoul, 26 April 2016
Pension obligations will be transferred to the taxpayer, while the corporate heads’ own tax obligations are wiped out, courtesy of debt-financed transactions and off-shore tax havens.
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 Robert Stevens, 20 April 2016
The focus of the Brussels summit on the global steel crisis was “promoting structural adjustment” through job losses, deregulation and trade war measures against China.
By Dietmar Henning, 18 April 2016
The granting of bonuses to executives at VW illustrates how management is reacting to the exhaust emissions scandal, which has resulted in losses and potential fines.
By Jordan Shilton, 16 April 2016
The referendum on the UK’s membership in the European Union is taking place under conditions of a deepening crisis for the Conservative government of David Cameron.
By Alex Lantier, 16 April 2016
Criticisms by German officials of easy-money policies at the European Central Bank were bitterly denounced by British, French, and US media and politicians.
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.
Defend jobs in the steel industry!
By the Socialist Equality Party (Britain) and Partei für Soziale Gleichheit (Germany), 9 April 2016
The only way to fight the destruction of tens of thousands of steel jobs in the UK and Germany is a struggle for the international unity of the working class.
By Dietmar Henning, 8 April 2016
The proposed merger of Tata Steel and the steel division of Thyssen Krupp would be accompanied by an assault on jobs and pensions in the European steel industry.
By Dietmar Henning, 4 April 2016
The link between income and “years lived in good health” is even clearer than the link between income and life expectancy.
By Robert Stevens, 31 March 2016
Neither Labour leader Corbyn nor the trade union bureaucracy proposes any struggle by steel workers in defence of their jobs.
By Dietmar Henning, 29 March 2016
Works councillors and union functionaries have already indicated they are prepared to cooperate in implementing the cuts, the first step to a further wave of consolidations.