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Inflation

The 2026 World Financial Crisis

Interest rates are rising as if this will simply compensate investors for the risk of inflation. The reality is that it will increase the economy’s inability to cope with the breakdown that is already in progress. The moral rationalization is to protect the purchasing power of creditor claims on debtors, as measured by the purchasing power of debt payments over consumer prices. The pretense is that creditors use their interest to buy goods and services. But already in the 18th century, critics of debt financing recognized that bondholders recycle most of their money into new loans.

Haitians Demand New Government Amid Protest, Increasing Energy Costs

Increasing protests in Haiti have laid bare the deep discontent of the population with the unelected government of Alix Didier Fils-Aimé, backed by the US regime. Demonstrations have intensified since May 1—International Workers’ Day—and have been marked by demands for an increase in salaries to cover the increasing costs of living, for maintenance of crumbling infrastructure, and for improvements in citizens’ quality of life, as well as calls for the de facto government’s resignation, among other grievances. Demonstrations were sparked by a drastic increase in oil prices announced by the unelected Haitian regime on April 2.

Unite Escalates Strike Action Against Below-Inflation Pay For Workers

On 20 April, Unite the Union announced that more than 1,100 workers at five Scottish universities will stage a 24-hour strike. The industrial action is scheduled for 24 April to dispute an imposed real-terms pay cut. Unite members at Glasgow, Strathclyde, Glasgow School of Art, Edinburgh Napier and Heriot Watt universities will take part. At 12:30pm on the same day, 24 April, Unite will also hold a Pay and Fair Funding Rally. The assembly will take place at the top of Buchanan Street, next to the Concert Hall and Donald Dewar statue.

Rising Gasoline Prices Lead Inflation Surge In March

On Friday, April 9 the Bureau of Labor Statistics released their report on consumer prices for March. The Consumer Price Index, or CPI surged 0.9% in March, three times as high as the price increase in February. The increase in consumer prices over the past year shot up from 2.4% in February to 3.3% in March. This year-over-year inflation rate is up by a whole percentage point from 2.3% last March, just before Trump’s “Liberation Day” tariffs. The rise in prices was led by gasoline, up 21.2% in March. While the prices for consumer goods and services other than food and energy, or the so-called “core inflation rate” only ticked up 0.2% in March, the rise in fuel prices started to spill over into other goods and services.

Rethinking Resilience In A Time Of Polycrisis

I’ve often said that a rising cost of living is the obvious way that most people will experience the creeping collapse of industrial consumer societies. In the decade prior to 2026, that was already happening due to market capture by monopolistic capital, corrupt monetary policies, and the damage to production from ecological depletion and climate destabilisation. Now it’s also happening due to avoidable conflicts, such as in Ukraine and the Gulf. That is not to downplay any one tragic situation; but by pointing to the rising prices which then necessitate a change in our living standards, emotional states, and life goals, I am trying to help more of us to see how collapse is not a sudden event in the future.

The Quiet Casualties Of War: Americans At Home

By the time most Americans encounter war, it arrives not with the thunder of artillery but with the quiet click of a gas pump. The price rolls upward in glowing red numbers. A family of four hesitates in the grocery aisle, comparing brands of eggs and milk. Parents postpone vacations. A small business owner rethinks hiring another employee. No bombs fall here; no air raid sirens pierce the night. Yet the costs ripple through American life all the same. In this quieter sense, we too are casualties of Donald Trump’s war on Iran. War has always traveled far beyond the battlefield.

The Polycrisis, Worsened By War, Is Devastating Our Global Food System

The US-Israeli war on Iran and the resultant fuel shortages are already negatively-impacting the global economy. One aspect that isn't gaining much attention is the impact of the war on an already fragile food system. Shortages and the rising prices of oil, fertilizer and pesticides are forcing farmers to make difficult choices and will lead to food scarcity this Fall. To understand where we are and what we can do to support food security, Clearing the FOG speaks with Kayla Dones of DD Geopolitics and Lauren Borsheim, a food policy analyst for Food and Water Watch who has been tracking the new Farm Bill legislation.

Food Shock Is Inevitable Due To The Iran War

Global food prices hit their highest levels on record after the 1970s energy crisis, triggered by conflict in the Middle East, once inflation is corrected for. Could we be headed for a new record – the worst food shock ever – as fuel, fertiliser and pesticide prices skyrocket because of the turmoil in Iran? Faced with soaring costs, many farmers are likely to plant less in the coming weeks, leading to shortfalls and rising food prices later this year. This is already happening, but just how bad it will get depends on many factors, from how long the war continues to how hard global warming-fuelled weather extremes hit crops this year.

Naming And Shaming Food Barons

Growing up in Northern California, Peet’s was always treated as a local coffee shop. The first location of the chain founded in 1966 was just a 15-minute train ride from my childhood home in the East Bay. Yes, Peet’s had locations across the United States, but it still felt like an alternative to the corporate behemoth of Starbucks.  That changed in 2012 when Peet’s was acquired by JAB Holding Company, a secretive firm based in Luxembourg. Peet’s wasn’t the only locally-loved chain integrated into what is now a global empire that sells more coffee than Starbucks. 

US Wartime Economy: Bombshell Layoffs, Exploding Oil Prices

It is often claimed by bourgeois economists, historians and politicians that endless war has been good for the U.S. capitalist economy, providing jobs in weapons production and the rebuilding of what U.S. bombs destroy. For example, the high school and college textbook “America’s History” (2011) argues throughout its telling of every war — from the 19th-century Civil War to the 1940s World War II, from the 1960s and 1970s slaughter in Vietnam to the 1991 and 2003 “shock and awe” bombings and occupation of Iraq — that U.S. wartime economies turned domestic capitalist economic recessions and depressions into general boom times for the population.

Trump’s Economy Is Hurting Americans

President Donald Trump is boasting about the economy one year into his term. He claims that inflation has been defeated, growth is unprecedented, incomes are rising, and his tariffs are generating hundreds of billions for the U.S. economy. This is all hogwash, according to progressive economist Gerald Epstein, a leading global authority on macroeconomic policy and finance. In the exclusive interview for Truthout that follows, Epstein explains how, in reality, Trump’s policies have created an affordability crisis, and the growing deficit and humongous public debt are now bringing the country close to a tipping point.

Why So Many Young Families Are Stuck Renting, Delaying Kids

The youngest of Millennials will hit 30 years old this year. For them and their older Millennial-counterparts, this is supposed to be the stage of life where people buy homes, have kids and settle into the textbook version of stability. But the reality for far too many Americans is something entirely different. It means delaying marriage, delaying children, delaying homeownership — and adopting pets to save them from college tuitions and pediatric specialists. It’s not because an entire generation is collectively bucking the way “adulthood” used to be.

Instacart’s AI Experiments Are Costing Americans

Somewhere, a mom taps through her grocery app while waiting in the school pickup line, purchasing a box of Wheat Thins for $5.99. Across town, someone else scrolls through the same grocery app and adds the exact same box of Wheat Thins to their cart. For them, the crackers ring up at $6.99. It is the same item, from the same store, at the same time, but one unlucky shopper is stuck paying a higher price. Neither shopper has any idea this pricing game is even being played. This is not a hypothetical scenario. Increasingly, it’s happening all over the country. Right now, grocery delivery app Instacart is conducting large-scale, hidden pricing experiments on unsuspecting shoppers to determine just how much money they can extract from customers on the groceries they buy to feed their families.

Canada Has Become A Hostage Of Its Own Housing Bubble

At the beginning of the millennium home prices began rising faster than incomes. As time went on, housing became less and less affordable. When the global financial crisis hit in 2008 real estate values continued their rapid growth even as markets crashed in the United States and Britain. For a quarter-century rising housing costs outpaced wages, pricing out generations of Canadians and pushing thousands into homelessness. What would it take for home-price-to-income ratios to return to the level of the early aughts? What would need to happen for housing to become affordable again?

Cost-Of-Living Crisis Persists For US Workers

“I’m drowning in debt,” says Samuel De La Cruz, a 34-year-old aspiring software engineer (once a highly stable, almost foolproof career) struggling to make ends meet. Stories like his are increasingly common for millions of US households. Yet, on December 9, the White House released a self-congratulating statement claiming that the cost-of-living crisis in the United States is being reversed under the Trump Administration. The president’s cartoonish claims of an “A++++” economy are starkly at odds with the day-to-day experience of the vast majority of the population.
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