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Dems’ gift to their Wall Street donors
Democrats were set to mostly preserve, not close, a Wall Street tax loophole, before they dropped it entirely.
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Marx’s ‘Capital’
Capitalism comes into the world “dripping from head to foot, from every pore, with blood and dirt”. So concludes Marx after a lengthy account of the transition from feudalism to capitalism near the end of Capital, Volume I.
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Nationalise energy firms, unions demand as BP reports £6.9bn profits and energy bills soar
Fossil fuel firm’s profits are ‘an insult to families struggling to get by,’ TUC says.
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Inflation as a political power play gone wrong – Project Syndicate op-e
Pivotal economic crises frequently evoke multiple explanations that are all correct while missing the point.
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What would be different about a socialist economy?
The New York Stock Exchange is perhaps the premier institutional expression of the capitalist economy.
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Sanctions had no effect on Moscow yet Europe lost 4 governments: Orban
The Western strategy to weaken Russia backfires on Europe.
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Europe: caught in a trap
The major economies are moving closer to recession, if they are not already there; and yet inflation rates continue to rise (for now).
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Is China headed for a crash?
So, is this the moment of collapse in the Chinese model of development and the end of all that talk about ‘moving towards socialism’ etc? Many Western experts think so.
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Wages, prices and the minimum wage
Today the federal minimum wage is $7.25! Let that sad fact sink in. Right now you can barely buy a gallon of gas in some parts of the country with that little cash.
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Dollar decline to make Americans poorer, economist Hudson says
Dollar hegemony is the system where U.S. overseas military spending and other spending deficits result in U.S. dollar savings in foreign countries.
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Climate catastrophe vs. super profits: the real worries of the ruling class
The devastating effects of global warming are being felt by billions of people all around the world. Meanwhile, capitalist fat cats are openly downplaying the risk of entire cities being buried beneath the rising oceans as a trifling inconvenience. Like Emperor Nero before them, the rulers of this destructive system are fiddling–this time–as Rome drowns.
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Structuring the economy to give money to the rich is inflationary
I just read this NYT column by Bryan Stryker, on how Democrats can win back the working class. I have no idea how its proposals poll, but as an economic matter, they will do little to help the working class.
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Purchasing power of workers’ wages take biggest tumble in 40 years
Over the last year, real average weekly earnings fell 3.9% as inflation outpaced pay raises and average weekly hours fell by almost an hour.
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From junk economics to a false view of history: where Western Civilization took a wrong turn
It may seem strange to invite an economist to give a keynote speech to a conference of the social sciences. Economists have been characterized as autistic and anti-social in the popular press for good reason.
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Real debt trap: Sri Lanka owes vast majority to West, not China
Sri Lanka owes 81% of its external debt to US and European financial institutions and Western allies Japan and India. China owns just 10%. But Washington blames imaginary “Chinese debt traps” for the nation’s crisis, as it considers a 17th IMF structural adjustment program.
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Leverage & interconnectedness are blowing up crypto & DeFi
That’s what’s different this time: Stuff blows up because of leverage and cascades through the crypto space because everything’s interconnected.
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Investors in long-term care profit as aged and disabled residents and workers bear brunt of COVID-19
Throughout the COVID-19 pandemic, long-term care facilities were hit particularly hard as both residents and workers suffered high infection and mortality rates. A number of reports indicate that such an outcome is linked to widespread privatization.
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The anatomy of inflation
Whether the Fed can succeed in taming inflation and do so without precipitating a recession remains to be seen but is highly unlikely.
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ExxonMobil responds to Biden’s call for increased oil production
ExxonMobil responded to the US President by urging his administration to enact emergency measures.
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African Union Head calls for lifting of sanctions on Russia
Senegalese President Macky Sall highlighted the relationship that exists between Russia and African countries, recalling that the Eurasian nation “played a tremendous role in the independence of the African continent and this will never be forgotten”.