Economy

Supporters of Momentum, which helps organise supporters of Jeremy Corbyn's agenda.

The rise of veteran socialist MP Jeremy Corbyn to become leader of the British Labour Party has caused a political earthquake.

With hundreds of thousands of people flooding into the Labour Party in support of his anti-austerity platform, Corbyn has not just survived a coup by the corporate-media backed Labour establishment, but was re-elected with a greater mandate — using his victory speech to argue in favour of fighting for “socialism of the 21st century”. 

Filipino President Rodrigo Duterte’s statement declaring his intentions to “separate” from the United States in both military and economic relations should be welcomed, but it’s easier said than done. Hence the president’s constant “backtracking” on his statements.

Given the president’s inconsistency, the question is posed: What does it mean to be an anti-imperialist government today? And is lining up with China (and to a lesser-extent Russia) an anti-imperialist positioning?

As part of this year's Anti-Poverty Week, a conference in South Australia A looked at how a lack of jobs is changing the nature of unemployment into an increasingly long-term phenomenon.

Economist and author of Capital in the 21st Century Thomas Piketty gave a lecture entitled “Is Increasing Inequality Inevitable?” to a full house at the Sydney Opera House Concert Hall on October 23.

Piketty presented detailed research on growing income inequality compiled by a number of scholars and sourced directly from national taxation and income statistics from primarily advanced capitalist countries, as well as some statistics from a number of the BRICS countries (Brazil, Russia, India, China and South Africa).

The tribulations of major European banks, starting with “venerable institutions” like the Monte dei Paschi di Siena (the world’s oldest bank) and Deutsche Bank (Germany’s largest), have raised the spectre of a repeat of the crash of 2008 — a “Lehman Brothers times five” in the words of one market analyst.

Deutsche Bank has been found to be seriously under-capitalised, both according to the standards set under the Basel III international bank regulation standards and according to its own targets. The same goes for British giant Barclays.

Long-term US activist Angela Davis addressed an overflowing lecture theatre at Melbourne University on October 24.

In a wide-ranging lecture and discussion, Davis looked at the criminalisation and incarceration of communities most affected by poverty and racial discrimination.

Davis drew upon her own experiences in the 1970s, when she spent 18 months on trial after being placed on the FBI’s “Ten Most Wanted List”.

Members of the National Union of Workers (NUW) at Caltex’s site in Lytton, Queensland voted to start indefinite industrial action on October 25.

NUW members decided to take indefinite action following attempts by the company to effectively cut workers’ wages by 15%. They had been pursuing a modest annual increase in line with the Consumer Price Index, to protect their current conditions.

A new report has found that methane leakage and fugitive emissions from unconventional gas fields are likely to be much higher than industry estimates, largely because it is neither accounting for nor reporting on them.

The Federal Court has overturned the federal government’s decision to allow a $180 million deep sea port on Melville Island near Darwin without an environmental assessment.

Approval of the Port Melville oil and gas marine supply base on the banks of the near pristine Apsley Strait was reversed on October 21 after legal action by the Environmental Defenders Office (EDO) on behalf of Environment Centre NT (ECNT).

The decision means the operation of the base at Port Melville now has no Commonwealth approval and all operations must cease.  

Anti-WestConnex tollway protesters picketed along the street in Salisbury Road, Newtown, on October 28, in opposition to attempts to carry out a test drill at the site. The drilling is part of the geological survey work required for possible future tunnelling under the nearby Royal Prince Alfred Hospital (RPAH).

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