World Economy
Obama announces fraudulent “jobs” summit
By Jerry White, November 13, 2009
Under increasing criticism over his inaction to address the mounting jobs crisis, President Obama announced Thursday that he would hold a White House forum on jobs and economic growth in December.
BBC poll shows widespread disaffection with capitalism
By Julie Hyland, November 12, 2009
A global poll by the British Broadcasting Corporation shows widespread disaffection with the capitalist free-market, including a significant opposition to capitalism per se.
California finances plummet less than three months after budget passage
By Kevin Martinez and Dan Conway, November 11, 2009
The California budget deficit of $1.1 billion comes less than 10 weeks after a balanced budget deal was reached by Governor Schwarzenegger and the state legislature.
Speculative recovery sows seeds of an even greater economic crash
By Barry Grey, November 10, 2009
The connection between soaring stock and other asset prices and a falling dollar points to the extraordinarily speculative and unstable character of what is being called a global economic recovery.
Quebec’s Liberal government to impose draconian spending cuts, fee hikes
By Louis Girard, November 9, 2009
The ruling elite views the province’s deteriorating fiscal position as an opportunity to press for changes in socio-economic policy that it has long sought, including cuts in public and social servi...
British government mounts world’s largest bank bailout
By Jean Shaoul, November 9, 2009
Alistair Darling, the Chancellor of the Exchequer, has just announced the world’s biggest bailout for a single bank in a bid to rescue the Royal Bank of Scotland (RBS).
US unemployment rate surges to highest level in 26 years
By Andre Damon, November 7, 2009
The sharp increase in unemployment has been accompanied by corresponding decline in wages and growth in the exploitation of the working class.
Documents reveal SEC complicity in Madoff Ponzi scheme
By Andre Damon, November 6, 2009
Documents relating to the investigation of Bernard Madoff released last Friday by the Securities and Exchange Commission (SEC) highlight the complicity of the US regulatory agencies in one of the bigg...
Wall Street bonuses to rise by 40 percent
By Patrick Martin, November 6, 2009
The authors of the biggest financial catastrophe in world history—executives and traders at US investment and commercial banks—will see their year-end bonuses rise by an average of 40 percent comp...
Workers’ wages to fall further, International Labour Organization warns
By Barry Grey, November 4, 2009
The International Labour Organization (ILO) warned Tuesday that global growth in workers’ real wages, which fell sharply in 2008, will decline even more in 2009, despite what is being touted by gove...
US business lender CIT files for bankruptcy
By Andre Damon, November 3, 2009
CIT Group, Inc., a major business lender, filed for bankruptcy Monday, becoming the largest recipient of Troubled Asset Relief Program (TARP) assistance to go bankrupt.
Democratic governor signs budget law
Michigan makes drastic cuts to education, social spending
By Tom Eley, November 2, 2009
Michigan’s Democratic governor on Friday signed into law a budget that drastically reduces state spending on education and social programs.
