Economy

Little more than 10 years after the Global Financial Crisis, the world economy faces another crash. Last time, the trigger was so-called “sub-prime” mortgages; but this time, it is a virulent virus — COVID-19 — writes Graham Matthews.

Blame for the dramatic fall in international stock markets in the last week of February has widely been pinned on the COVID-19 outbreak. However, the likelihood of a stock market crash was in place well before the virus emerged, writes Neville Spencer.

In Kochland, Charles Leonard gives us a glimpse of a company that has built itself into every aspect of US life while avoiding any accountability or transparency, writes Alex Salmon.

The movement against Emmanuel Macron's pension reforms is entering a new phase. Lisbeth Latham takes a look at this historic movement.

Banks are hated for good reasons: they rip off and abuse ordinary customers while helping their richest clients spirit away ill-gotten gains. They help keep the poor poor while making the rich even richer, writes Peter Boyle.

A survey released on the eve of the World Economic Forum has found that just 18% of people believe capitalism is working for them.

Unsurprisingly, the poll, conducted by public relations firm Edelman, also found that trust in capitalist institutions remains higher among "wealthier, more educated, and frequent consumers of news” than the mass population.

According to the report, "distrust is being driven by a growing sense of inequity and unfairness in the system".

The cracks in Prime Minister Emmanuel Macron's neoliberal government are beginning to show and the strikes are continuing to broaden, writes John Mullen.

On January 14–17, fresh strikes and demonstrations took place across France.

According to media reports, several French ports were blocked by a 72-hour strike by members of the Confédération Générale du Travail (CGT), as part of the ongoing mass transportation strikes over Prime Minister Emanuel Macron’s attacks on the pension system.

The CGT called a 72-hour walk-out starting from January 14 and for pickets on January 17, in what the union has called “opération ports morts” (operation dead ports).

While the rise of the Chinese economy has often been touted as a miracle, many economists have pointed out some alarming risks.

Louay Alzaher, a member of the Iraqi community in Brisbane, told Green Left Weekly that corruption, food shortages and high levels of unemployment have been the catalysts of the protest movement that has erupted in Iraq.

“The significance of the Iraqi movement is enormous, as it seeks to fight for the freedom of Iraq from control and influence, including the total removal of United States military bases from the country,” said Alzaher.

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