economy

In 2009, economist Steve Keen walked from Canberra to Mount Kosciuszko after losing a bet that the Australian housing market would crash 40% after the Global Financial Crisis (GFC). However, he had been one of the few economists who actually predicted the coming of the GFC. And he still maintains that a crash in the Australian housing market is coming.

The Production of Money: How to Break the Power of the Bankers
Ann Pettifor
Verso
London, 2017
192 pages
Fictitious Capital: How Finance is Appropriating Our Future
Cederic Durand
Translated by David Broder
Verso
London, 2017
176 pages

It had been planned to be a lavish celebration on the Pnyx hill next to the Acropolis in Athens where the citizenry would hold popular assemblies in the ancient democratic period.

The angry aftermath of the forest fires last month put paid to Greek Prime Minister Alexis Tsipras hosting European Union and other luminaries in such a way. The event was to mark the formal end of the country’s subordination to the austerity memorandums enforced on it by the “troika” of the European Commission, the European Central Bank (ECB) and International Monetary Fund.

With growing concern over the possibility of a trade war between China and the United States, Marty Hart-Landsberg takes a look at the issues at stake.

In January, cryptocurrency Bitcoin dropped from a high of US$19,850 to US$6000. It has since risen to a more stable value of about US$10,000, but the wild ride of Bitcoin is a dangerous development in capitalism that should make us wary.

In Tokyo on January 24, 11 Pacific Rim countries including Australia reached an agreement to sign a revived Trans-Pacific Partnership (rebranded the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, CPTPP).

The huge free trade deal almost fell into oblivion last year when US President Donald Trump pulled his country out, citing concerns for the loss of US jobs.

Gilbert Achcar, a socialist writer who has long followed the Arab world, says the current Tunisian revolt, with protests against spending cuts and austerity breaking out across the country this month, was a “foreseeable” continuation of the Arab Spring uprisings of 2011.

Archar spoke to Calian Mace and Hala Kodmani in a January 14 interview first published in French daily Liberation. The version below is reprinted from International Viewpoint.

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OK, it’s (almost) official. The zombie Trans-Pacific Partnership, widely criticised as a huge, undemocratic corporate power grab, has been restored to life

What’s the latest move and is it irreversible?

Anyone who had the pleasure of hearing Jon Faine’s dismemberment of the gig economy, as represented by the hapless Brent Thomas, Head of Public Policy at Airbnb ANZ, on ABC Radio last year will never forget it.  

It was excruciating. You could hear the air going out of poor old Brent when Faine pressed him on how much tax Airbnb actually pays in Australia, and pressed him and pressed him. 

Tens of thousands of people have taken to the streets of cities and towns throughout Iran since December 28 in militant protests against the theocratic regime that has ruled the country since the 1979 revolution. 

That revolution overthrew a pro-Western monarchy. But while the working class was its driving force, and trade unions and socialist organisations played a decisive role, it was hijacked by the Shia religious establishment. The new regime was as brutal and committed to capitalism as the overthrown monarchy — although with a foreign policy generally hostile to the West.

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