Finance and the Economy

I Saw Firsthand How Excessive CEO Pay Harms Workers And Customers

March 6, 2025 Kieran Cuadras, Inequality.org. Resist! Capitalism, Congress, Finance and the Economy, wealth inequality, Wells Fargo

"Remember the 2016 “phony accounts” scandal at Wells Fargo? Executives relentlessly pressured employees to meet extreme sales quotas, leading them to create millions of fraudulent accounts without clients’ consent. As these fake accounts grew, the CEO of Wells Fargo at the time, John Stumpf, raked in bigger and bigger bonuses. After the scandal blew up, regulators hit Stumpf with fines totalling $20 million — only a small dent in the estimated $130 million he walked away with in compensation when he resigned. This is just one of countless stories of CEOs taking reckless actions to pump up their own paychecks while putting their employees and the general public at risk.

Here’s How To Buy Canadian And Fight Trump Tariffs

March 5, 2025 Melise Panetta, The Tyee. Organize! Canada, Donald Trump, Finance and the Economy, Tariffs

Escalating trade tensions between Canada and the United States have ignited a new wave of Canadian patriotism, with consumers consciously choosing made-in-Canada products as an act of economic self-preservation and national pride. U.S. President Donald Trump imposed tariffs on most Canadian and Mexican goods on Tuesday. This, along with Trump’s calls to make Canada the 51st U.S. state, has prompted Canadians to rally around the so-called “Buy Canadian” movement. Recent research indicates a significant number of Canadians are now showing a strong preference for domestic products, with many willing to modify their purchasing behaviours.

Javier Milei Is Destroying Argentina’s Economy

February 28, 2025 Ben Norton, Geopolitical Economy. Resistance Report Argentina, Colonialism, de-industrialization, Donald Trump, Elon Musk, Finance, Finance and the Economy, Javier Milei, Neoliberalism, South America

Argentina is governed by a right-wing libertarian named Javier Milei. He proudly identifies as an “anarcho-capitalist”. His career has been cultivated by powerful billionaire oligarchs, such as Eduardo Eurnekián, who employed Milei and several of his cabinet members. Milei has also enjoyed the support of US billionaires like Elon Musk and Silicon Valley oligarch Peter Thiel. US President Donald Trump considers Milei to be an obedient ally. When he campaigned for president in 2023, Milei embraced the nickname “el loco” (the madman). He brought a chainsaw to rallies, pledging to cut government down to the bone.

Deporting Immigrants And Denying Them Entry Will Hurt The US Economy

February 25, 2025 Abraham Marquez, Geopolitical Economy. Educate! Deportations, Donald Trump, Finance and the Economy, ICE, Immigration, Worker Rights

Donald Trump and his supporters base their anti-immigrant arguments on the assertion that immigrants have broken the law. Corporate media commentators reinforce this narrative, labeling undocumented immigrants as “illegal aliens” and “criminals”, while failing to mention that US immigration law can change, often quite dramatically, with each administration. Generally, immigration law evolves to meet the capitalist system’s demand for low-paid labor. Immigration and citizenship policies are not fixed standards for every individual. They have double standards rooted in racism, and have always served as a tool of institutional discrimination.

Trump Wants US To ‘Partner’ With Russia To Weaken China

February 24, 2025 Ben Norton, Geopolitical Economy. Resistance Report Antony Blinken, BRICS, China, CIA, dollar, Donald Trump, Finance and the Economy, Greenland, Henry Kissinger, Iran, JD Vance, Joe Biden, John Ratcliffe, Marco Rubio, Mike Pompeo, Panama, Panama Canal, Republican Party, Richard Nixon, Russia, Technology, Trump Administration, Tucker Carlson, Ukraine, William Burns, Zbigniew Brzezinski

The Donald Trump administration is holding talks between the United States and Russia, and he says he wants to end the war in Ukraine. Trump’s Secretary of State Marco Rubio has even proposed that the US could “partner with the Russians, geopolitically”. What is happening here? The simple answer is that this is all about China. Trump is trying to divide Russia from China, in an attempt to isolate Beijing. The United States sees China as the number one threat to its global dominance. This has been stated clearly by top officials in both the Trump administration and the previous Joe Biden administration.

Trump Provides An Opportunity To Change The Way We Look At Food

February 23, 2025 Lois Ross, Rabble. Create! Canada, Donald Trump, Finance and the Economy, Food and Agriculture, Tariffs, Trade War

As the political and economic instability created by the goings-on south of the border continue, it is time for all of us to recall how we arrived at this juncture. It is also time to acknowledge that, despite common belief, there has never really been “free” trade with the United States, but rather only a series of measures that have encouraged the unhealthy integration of the Canadian economy into that of our southern neighbours and the ensuing enrichment and concentration of wealth in the hands of transnational corporate giants. Throughout these so-called free trade agreements (FTA, FTAA, NAFTA, CUSMA) the US has often filed unfair trade practice complaints that have led to international trade dispute panels.

Musk’s Access To US Treasury Payments Risks Global Financial Meltdown

February 10, 2025 Kurt Cobb, Resilience. Educate! Donald Trump, Elon Musk, Federal funding, Finance and the Economy, Financial Crisis, Global Economy, US Treasury Department

Whether or not you share the zeal for cuts in government spending embraced by President Donald Trump and his billionaire sidekick Elon Musk, you should know that giving Musk and his callow team of computer coders access to payment systems at the U. S. Department of Treasury risks a global financial meltdown. It doesn’t make such an event certain, but it lowers the odds considerably. Here’s why: First, the U.S. Department of Treasury processes some $6 trillion in payments each year. If that system were to come to a halt for even a relatively short period of time, the consequences would be devastating, not only for the U.S. economy but for the global economy as well.

‘Quantitative Easing With Chinese Characteristics’

February 9, 2025 Ellen Brown, Scheer Post. Create! Banks, China, Debt, Finance and the Economy, History, Infrastructure, Public Banks

China went from one of the poorest countries in the world to global economic powerhouse in a mere four decades. Currently featured in the news is DeepSeek, the free, open source A.I. built by innovative Chinese entrepreneurs which just pricked the massive U.S. A.I. bubble. Even more impressive, however, is the infrastructure China has built, including 26,000 miles of high speed rail, the world’s largest hydroelectric power station, the longest sea-crossing bridge in the world, 100,000 miles of expressway, the world’s first commercial magnetic levitation train, the world’s largest urban metro network, seven of the world’s 10 busiest ports, and solar and wind power generation accounting for over 35% of global renewable energy capacity.

Trump’s Tariffs Could Cause Huge Global Crisis

February 5, 2025 Michael Hudson and Ben Norton, Geopolitical Economy. Resistance Report Banks, Canada, China, Donald Trump, Finance, Finance and the Economy, Joe Biden, Mexico, Russia, Tariffs, Venezuela

The US designed the global financial system in a way in which the US dollar is at the center, and other countries need to get access to dollars to pay off their dollar-denominated debt, and to pay for imports. Yet, in order for this system to work, the US has to run a deficit with the rest of the world, a current account deficit, so other countries can get those dollars. But Trump wants to disrupt this. He says he wants to tariff other countries to reduce the US trade deficit, which means that other countries won’t be able to get the dollars they need to pay off their debt and to pay for imports.

Inflation Poses Unique Challenges For Worker Co-Ops

February 5, 2025 Kenzie Love, Grassroots Economic Organizing. Strategize! Finance and the Economy, Inflation, Wages, Worker Cooperatives

Inflation is top of mind for many Canadian small and medium-sized businesses (SMEs) these days. A recent survey of Canadian SMEs found 90 percent of them had been impacted by inflation, and another survey of 500 Canadian accountants revealed inflation as the most significant financial threat to Canadian SMEs. With the vast majority of Canadian worker co-ops being SMEs, it’s reasonable to assume that they’re also feeling these pressures. But delving deeper into the issue suggests that while worker co-ops face some of the same challenges as conventional businesses regarding inflation, how they respond is likely to be different.

China’s Shocking DeepSeek AI Pops US Big Tech Monopoly Bubble

January 29, 2025 Ben Norton, Geopolitical Economy. Resistance Report Artificial Intelligence, Big Tech, China, DeepSeek, Finance and the Economy, OpenAI, Science and technology, Stock Market

China is making enormous progress in the development of artificial intelligence technology, and it has set off a political and economic earthquake in the West. The stocks of US Big Tech corporations crashed on January 27, losing hundreds of billions of dollars in market capitalization over the span of just a few hours, on the news that a small Chinese company called DeepSeek had created a new cutting-edge AI model, which was released for free to the public. The UK’s leading newspaper The Guardian described DeepSeek as “the biggest threat to Silicon Valley’s hegemony”.

Biden’s Pernicious Presidential Legacies

January 24, 2025 Dr. Jack Rasmus, World Financial Review. Educate! Finance and the Economy, Inflation, Joe Biden, US Foreign Policy

Trump’s proposals to radically transform much of US economic and social policy are being rapidly rolled out during the first week of his administration. How much he succeeds or fails in that transformation will depend on a number of factors. High on the list of such factors is the residue of conditions and policies leftover by the Biden administration—i.e. the legacies of the Biden years. Those legacies will play an important role influencing, and perhaps even determining, how Trump may fare in implementing his plans. So what are the legacy policies and conditions?

Serving The Oligarchs: A Look Back At Biden And Forward At Trump

January 21, 2025 Margaret Flowers, Clearing the FOG. Podcast - Clearing The FOG Democrats, Donald Trump, Finance and the Economy, Joe Biden, US Imperialism, Wars and Militarism

As the Biden presidency ends, Clearing the FOG takes another look at Biden's legacy. This time the focus is on his economic and foreign policies. Margaret Kimberley, the senior editor of Black Agenda Report and author of "Prejudential: Black America and the Presidents," describes Biden in the context of a country founded upon settler colonialism and chattel slavery. She discusses Biden's responsibility for the war in Ukraine, the genocide in Palestine and brutal interference in Latin America and the Caribbean. Kimberley also speaks about what can be expected from the new Trump administration given some of his cabinet choices.

Biden’s Legacy: Genocide Abroad, Economic Despair At Home

January 20, 2025 Natalia Marques, People's Dispatch. Educate! Class Struggle, Cost of living, Donald Trump, Finance and the Economy, Genocide, Homelessness, Housing, Israel, Joe Biden, Medicaid, Palestine, Palestine solidarity movement, United States

46th US President Joe Biden officially leaves office Monday, January 20, to be succeeded by former President Donald Trump. Trump’s promises in the name of “saving American workers” have raised alarm for people across sectors of society, including migrant workers who are gearing up for mass deportations, and unionized workers who are preparing for Trump’s attacks on labor rights. Trump’s loyalty to multi-billionaires has also given the working class of the US great cause for concern. Meanwhile, in contrast, the Democrats have attempted to position themselves as the real defenders of working people.

BRICS Expands To 54.6% Of World Population By Adding Nigeria

January 19, 2025 Ben Norton, Geopolitical Economy. Resistance Report Africa, BRICS, Finance and the Economy, Global Economy, Indonesia, Nigeria, OPEC

BRICS continues to grow. On 17 January, it officially admitted Nigeria as a new partner country. Nigeria has the world’s sixth-largest population, with the biggest population on the African continent. In addition to being Africa’s second-largest economy, Nigeria is the number one oil producer on the continent. With the addition of Nigeria, BRICS now has 10 full members and nine partners. At the BRICS summit in Kazan, Russia in 2024, the organization adopted a comprehensive plan to transform the international monetary and financial system, by challenging the dominance of the US dollar and promoting trade and settlement in local currencies. Together, the extended BRICS+ group represents 54.6% of the world population.

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