World Economy
One in six Americans in poverty in 2008
By Tom Eley, October 21, 2009
A revised analysis of 2008 US census data shows that nearly 50 million Americans, 15.8 percent of the population, lived in poverty.
Signs of the US dollar’s demise
By John Chan, October 19, 2009
An article the Independent on October 6 entitled “The demise of the dollar” is credited with adding to the recent weakness of the US dollar and the rise of gold prices.
Pakistani military launches offensive into South Waziristan
By James Cogan, October 19, 2009
The Waziristan offensive under pressure from Washington is the latest chapter in the history of mercenary relations between the US and Pakistani governments.
Bailed out insurance giant AIG plans $198 million in new bonuses
By Andre Damon, October 17, 2009
American International Group, which has received nearly $200 billion in bailout funds from the federal government, is slated to pay out $198 million in bonuses.
More than 1 billion hungry, UN agencies report
By Tom Eley, October 15, 2009
More than 1 billion people will go hungry in 2009, two UN agencies reported on Wednesday, an increase of over 100 million people in one year.
The American way of debt: Turning a profit by preying on the poor
By Nancy Hanover, October 14, 2009
A section of business has turned the growth of poverty into a gold mine. Standing behind the big banks are several layers of an increasingly complex and parasitic finance industry. At the bottom are t...
Citigroup spins off subsidiary to pay trader $100 million
By Andre Damon, October 14, 2009
Citigroup announced Friday plans to sell its energy-trading subsidiary Phibro to Occidental Petroleum, the fourth largest US energy company. The $250 million sale is largely designed to fulfill Citigr...
Dollar devaluation and the working class
By Barry Grey, October 13, 2009
There are growing signs of a major shift in world currency alignments. Since March, the US dollar has steadily declined, depreciating by 13.3 percent on a trade-weighted basis. Last week the decline a...
White House defends inaction on jobs crisis as unemployment grows
By Jerry White, October 13, 2009
President Obama’s leading economic advisor said Monday that the US was well on the way to recovery, while acknowledging that higher levels of unemployment may become a permanent feature even after e...
Vietnamese economy hit by global crisis
By John Braddock, October 12, 2009
According to the Ministry of Planning and Investment, Vietnam’s year-on-year economic growth slowed to 3.9 percent in the first half of 2009, down from 6.2 percent in 2008 and 8.5 percent in 2007, a...
In wake of IMF meeting
Dollar plunge highlights fault lines in global economic “recovery”
By Barry Grey, October 10, 2009
The US dollar fell to a 14-month low against other currencies Thursday, capping several days of downward volatility in the immediate aftermath of the semi-annual meetings of the International Monetary...
US: Pennsylvania enters fourth month without a budget
By Samuel Davidson, October 9, 2009
Pennsylvania began its fourth month without a budget as schools, social service agencies, childcare providers and other social services were forced to close or make deep cuts for lack of funds.
