Economy

Venezuela's socialist president Nicolas Maduro told a crowd of supporters on May 15 that to increase productivity and help alleviate scarcity of basic products facing the South American nation, all businesses and factories closed down by their owners would be seized and handed over to their workers so production could be restarted. “A stopped factory [is] a factory turned over to the people,” Maduro said. “The moment to do it has come, I'm ready to do it to radicalise the Revolution.”

Last year, Puerto Rico's governor announced it simply did not have the money to repay its US$72 billion debt — on bonds owed mainly to US financiers. On May 2, the US's Caribbean colony defaulted on $400 million that was due on that day. A further $2 billion is due on June 1.

Italy's militant trade union centre, the General Confederation of Labour (CGIL), drew tens of thousands onto the streets of Rome on May 7 to denounce the secretive Transatlantic Trade and Investment Partnership (TTIP) deal between the EU and the US. Demonstrators gathered in San Giovanni Square held up anti-TTIP banners reading: “American chicken stuffed with hormones on our tables? Stop TTIP.” Other posters proclaimed: “People before profits” and “Free circulation? For people not capital,” while chanting slogans denouncing the treaty.

Spain's anti-austerity party Podemos and older left-wing party United Left announced on May 9 that they had reached a preliminary agreement to run on a joint platform before Spain's new general election on June 26.

Bernie Sanders addresses a huge crowd in Sacramento, California. Photo via US Uncut. More than 15,000 supporters of U.S. Democratic presidential candidate Bernie Sanders gathered in Sacramento’s Bonney Field stadium in California as part of an event organized by the senator’s campaign ahead of the major primary in the state next month.

Socialist Alliance WA launched its election campaign launch on May 7 at a well-attended function at the Navy Club in Fremantle.

John Bellamy Foster is the editor of US-based Marxist journal Monthly Review. His most recent book, written with Paul Burkett, is Marx and the Earth: An Anti-Critique (Brill, 2016). The French magazine La Revue du Projet asked him to reply to three questions on ecology and Marxism.

In the wake of Obama's historic visit, the Cuban Communist Party held its 7th Congress on April 16-19 in the Havana Convention Centre. Beneath a backdrop featuring a huge likeness of Fidel Castro, PCC secretary Raul Castro delivered the main report on behalf of the Central Committee. Fidel being Fidel, many Cubans would have been reassured by his surprise appearance at the closing session on the eve of his 90th birthday. Traditionally, PCC congresses are the culmination of a months-long process of consultation with the Party's activist base and the wider Cuban society.

Jeremy Corbyn's Labour Party defied expectations and Labour's Sadiq Khan has ended Conservative Party rule in London in May 5 local elections across Britain. In what some labeled the most racist British election campaign in years, Khan won the London mayoralty to become the city's first Muslim mayor. The victory capped off a series of results where Labour's socialist leader Jeremy Corbyn, under fire from the mediaand right-wing of his own party, defied expectations that his party would suffer serious losses due to his left-wing views.

Scott Morrison and Malcolm Turnbull have delivered a budget for the billionaires. They claim that opposition to their tax cuts for the rich is “class warfare”. But the truth is that they are the ones waging naked war against the ordinary people of Australia. People earning less than $80,000 — the large majority — get absolutely nothing from this budget. The top 10% of taxpayers get three quarters of the benefits while the top 1% get almost half (47%) of the tax cuts.

The Victorian budget, presented by Treasurer Tim Pallas on April 27, is in surplus, due largely to a big increase in stamp duty revenue, to a record $6 billion a year. This revenue is a result of Melbourne's real estate boom. House prices have been rising rapidly. But the number of homeless people has also been rising rapidly. There has been a marked increase in the number of homeless people begging on the streets.

Could things get any worse for the proposed Transatlantic Trade and Investment Partnership (TTIP) deal between the United States and the European Union? On May 2, a hugely damaging leak of TTIP texts confirmed exactly what everyone had feared about the deal — with all its hugely pro-corporate provisions on display for everyone to see.