World Economy
Financial markets plunge on fears of renewed recession
By Alex Lantier, August 5, 2011
Stock markets in Europe and the United States plunged yesterday, amid growing fears of a further downturn of the global economy, along with a large-scale debt crisis emerging in Europe and rising global tensions over the weakness of the US dollar.
Further signs of economic downturn in Australia
By Mike Head, August 5, 2011
Anxiety is mounting in business circles about the impact of the recessionary trends emerging in the US and Europe, and their flow-on effects in China.
US job cuts hit 16-month high in July
By Barry Grey, August 4, 2011
The number of announced job cuts in the US rose to a 16-month high in July, according to a report released Wednesday by the outplacement consultancy firm Challenger, Gray & Christmas.
Sharp fall in consumer spending, manufacturing in US
By Andre Damon, August 3, 2011
Economic data released this week provides further evidence that economic growth in the US has virtually come to a halt. The Commerce Department reported Tuesday that consumer spending fell by 0.2 percent in June, the first monthly decline since September of 2009. Personal income increased a negligible 0.1 p
US economy stalls as growth rate drops to 1.3 percent
By Andre Damon, July 30, 2011
Commerce Department figures released Friday showed a further decline in the growth rate of US GDP.
Obama and the debt ceiling
By Patrick Martin, July 29, 2011
The House Republicans have been able to use the debt ceiling as a political lever to force spending cuts because Obama embraced this stratagem as well.
Sharp decline in income of Germany’s low-wage earners
By Dietmar Henning, July 25, 2011
The gap between rich and poor in Germany is steadily increasing. In particular, those surviving on low incomes have suffered a dramatic fall in income.
Democrats, Republicans push for deeper US spending cuts
By Patrick Martin, July 25, 2011
The latest turn in the Washington talks on slashing social spending sets the stage for an even more right-wing outcome.
Obama steps up campaign for “tough choices” on Medicare, Social Security
By Patrick Martin, July 23, 2011
Negotiations continue between the White House and House Republicans on a plan to raise the federal debt ceiling tied to $3 trillion in cuts in social spending.
Profits soar amid mass layoffs
By Andre Damon, July 23, 2011
As dozens of major corporations announced increased second-quarter profits this week, the US working class was hit with a disastrous new round of mass layoffs.
Pakistan Peoples Party budget imposes further IMF-dictated austerity
By Ali Ismail, July 22, 2011
The austerity budget that Pakistan’s PPP-led coalition government is implementing in the 2011-12 fiscal year is a conspiracy against the country’s workers and toilers.
Fierce tensions in run-up to euro-zone emergency summit
By Peter Schwarz, July 21, 2011
The euro zone emergency summit, which takes place on Thursday in Brussels, is seen as critical for the future of the euro and the European Union.
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