Economy

  • Letter from the US: Racist austerity poisons Flint's water

    One of the most worst cases of environmental pollution in US history is taking place in Flint, Michigan — a suburb of Detroit that is majority African American. The citizens of this small city of 100,000 have been deliberately poisoned through their drinking water for more than a year. The worst exposure has been to lead, a known neurotoxin that, once in the body, cannot be removed. Lead harms everyone exposed to it, but it hits children especially hard. It causes permanent damage to the brain and other parts of the nervous system.

  • Clive Palmer: Turning failure into opportunity

    Clive Palmer, mining magnate, politician, “citizen of Queensland” — who accused the Greens and Greenpeace of being CIA-funded traitors — has left 237 employees of his Queensland Nickel refinery out of work and robbed of their entitlements. Palmer asserts that he bears no personal responsibility for the workers' entitlements. The focus is now on whether Palmer was still authorising expenditure for Queensland Nickel after having announced his withdrawal as a director of the company.

  • Latin America: 'Venezuela defines the progressive cycle'

    Two recent events — the victory of right-wing candidate Mauricio Macri in Argentina's presidential election in November and the win by Venezuela's right-wing Democratic Unity Roundtable in the December National Assembly elections — have radically altered South America's political map.

  • Plan B for Europe: Work to end austerity and build a true democracy

    The manifesto below was developed to promote a vision for a “plan B” against austerity and the assault on democracy by European elites. It has been signed by dozens of activists, academics and political figures, including former Greek finance finance minister Yanis Varoufakis, Barcelona mayor and housing rights activist Ada Colau, former Greek parliamentary speaker Zoe Konstantopoulou, British film maker Ken Loach and renown intellectual Noam Chomsky.

  • Crowdfunded solar energy for low-income housing

    Families struggling on low incomes and the environment will benefit from an innovative crowdfunding campaign to install solar hot water systems made by the Earthworker Cooperative in homes. The campaign is supported by organisations such as the Father Bob Maguire Foundation, Aboriginal Housing Victoria and Common Equity NSW. The first installation of a solar system funded by the "Give Tanks" campaign took place on January 12 in a home managed by Aboriginal Housing Victoria.

  • China's capitalist crisis threats world economy

    In 1978, Deng Xiaoping, who Mao Tse Tung called a “capitalist roader”, initiated an economic reform program labelled “market socialism.” Within two decades, China had managed to transition from a closed communist state to an open centre of dynamic capitalism with the greatest economic growth rates in human history. After the onset of the Global Financial Crisis (GFC) in 2008, China immediately injected $US586 billion into its economy in classical Keynesian counter-cyclical stimulus spending. The next year, it began the largest fixed investment stimulus program the world has ever seen.

  • Venezuela: Extreme poverty drops further

    Venezuela's rate of extreme poverty has continued to decline despite what the government has described as an “economic war” by right-wing opposition-aligned business sectors. TeleSUR English said on January 17 that the latest official figures showed about 4.78% of Venezuelans now live in extreme poverty. That figure is slightly lower than those reported in November, which put the extreme poverty rate at 4.9%.