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Neoliberalism

As Stock Market Crashes, Is US Facing New Financial Crisis?

August 8, 2024 Michael Hudson, Geopolitical Economy. , , , , , , , , , , , , , , ,
Is the United States on the verge of a potential new financial crisis? This is a question that financial analysts are asking after there was a market crash on August 5. It is being compared to the famous “Black Monday” crash in the stock market in 1987. They also both happened on a Monday. So is this another Black Monday? This was the biggest market plunge since the beginning of the pandemic in 2020, when many investors were selling off their holdings, fearing that there was going to be a big recession. In fact, as of the August 5th crisis, the volatility index, the VIX, which is a measurement of how rapidly stock prices move in the S&P 500 – which is the stock market index of the 500 biggest companies on U.S. stock exchanges – the volatility index is at the highest level since the beginning of the Covid-19 pandemic.

Biden/Harris And The Irreversible Crisis Of Neoliberal Fake Democracy

July 24, 2024 ​​​​​​​Ajamu Baraka, Black Agenda Report. , , , , , ,
The replacement of Joe Biden as the presidential nominee of the democrat party was a dramatic demonstration that the lords of capital are the only segment of the U.S. population with real agency. The fact that select oligarchs, in this case, the cabal that actually runs the democrat party, can remove a presidential nominee and expeditiously anoint Kamala Harris as his replacement cannot be characterized as anything else but a coup. While this might read as extreme, the situation that African and oppressed people face in the U.S. and globally is also extreme. From killer cops who occupy cities and college campuses across the country, to genocide in Gaza, naivety is a luxury that the oppressed cannot afford.

Boeing Pleads Guilty To Criminal Fraud: The Continuing 737 Max Saga

July 14, 2024 Prabir Purkayastha, People's Dispatch. , , , , ,
Boeing has agreed to plead guilty to a criminal fraud charge regarding the two crashes of 737 Max airplanes that caused the death of 346 passengers on two flights: a Lion Air flight out of Indonesia in October 2018 and an Ethiopian Airlines flight in March 2019. Though Boeing had tried hard to convince the world that these accidents occurred due to poorly trained pilots in the third world, there was overwhelming evidence that Boeing had made significant changes to the flight control systems while hiding them from the US Federal Aviation Administration and the concerned airlines. The Seattle Times, which has done the most work in detailing the cause of the crashes and the failure of Boeing and the federal aviation regulator, described the settlement, “The plea deal… calls for Boeing to pay an additional $243.6 million fine.

How Can China Be Socialist If It Has A Stock Market?

July 9, 2024 Ben Norton, Geopolitical Economy. , , ,
China is very misunderstood. Now, one of the main reasons for this is geopolitics. The US has declared China the main so-called 'Global Threat' to its US dominance and for many years now the Western media has been extremely biased and has spread a lot of disinformation about China. And these days to be considered a so-called China expert in the West really the only qualification you actually need is to be anti-China. You don't have to actually visit the country or speak the language. But even among scholars and analysts who are a bit more neutral, there are still a lot of misconceptions about China. And especially about its economy.

Newsflash: Inequality In Neoliberal America

May 31, 2024 David Schultz, Counter Punch. , , ,
If anyone is perplexed or surprised  why Americans are so upset about the economy, they should look no further than the Income Distribution and Dynamics in America (IDDA) recent report by the Federal Reserve Board of  Minneapolis and its data site that looks at the stagnation of American income and economic mobility in America.  It unfortunately confirms what we already know—the neoliberal state benefits unevenly and in ways that confound an ability to challenge it.. America is built upon two myths, the myth of equality and the myth of the American dream. The myth of equality is the idea that we all have an equal opportunity to succeed. 

Argentina: Escalating Demonstrations Of Workers And Unemployed

May 27, 2024 Resumen English. , , ,
Just 3 days after the national series of Milei is Hunger meetings across Argentina even larger demonstrations took place again today. The sizes, collaboration and militancy of these actions are indicating a new stage in the struggle against the anti poor super neo liberal agenda of the narcissistic president. In Buenos Aires, entitled the National Workers’ Meeting  was held in the Plaza del Congreso  with thousands of fighters, called by dozens of recovered unions and sections, delegates and internal commissions, social and picketers’ organizations, student centers and popular assemblies, with the intention to set a common course to confront the offensive of the Milei government.

Venezuela Hosts World Gathering To Unite The Left For A Social Alternative 

April 29, 2024 Margaret Flowers, Clearing the FOG. , , , , ,
From April 18 to 20, more than 500 activists from around the world gathered in Caracas, Venezuela for the "World Gathering for a Social Alternative." The meeting was convened by the Simon Bolivar Institute and the ALBA Movement, and it was followed by an ALBA-TCP leaders summit, which included the ten ALBA countries and Honduras. Clearing the FOG speaks with Carlos Ron, president of the Simon Bolivar Institute, about the urgency of the gathering, what will come out of it and the next steps. Ron shared the progress Venezuela has made under the Bolivarian Revolution, the retaliation against Venezuela primarily by the United States and the importance of connecting social movements to confront the many global crises of this era.

Argentine Student Movement Erupts Against Milei’s Adjustment

April 25, 2024 People's Dispatch. , , , , , ,
“We do not want them to take away our dreams. Our future does not belong to them,” said the president of the Argentine University Federation (FUA), Piera Fernández de Piccolini, to an overflowing Plaza de Mayo during the march in defense of public universities on April 23. The protest organized by student groups and educators unions was also supported by labor unions and left parties. At the Plaza, hundreds of thousands chanted: “The country is not for sale!” “Education is a fundamental human right because it reduces inequality,” added Piccolini, who read the closing declaration of the mobilization.

The Israeli Agricultural Industry: A Strategic Weakness

April 4, 2024 Batoul Suleiman, Orinoco Tribune. , , , , ,
Since the beginning of the brutal war waged by the Zionist enemy on Gaza, the agricultural industry in the Zionist entity has witnessed a significant shortage of agricultural labor. The Israeli government issued a decree prohibiting Palestinian workers—some of whom work in the agricultural sector—from entering the Occupied Territories. This was accompanied by the departure of around 8,000 Thai workers from the Occupied Territories at the beginning of the war. This crisis posed a challenge for Zionist farmers, especially in the Gaza Envelope.

Western Climate Agenda Goes Against African Development

March 6, 2024 AL. Sene, Black Agenda Report. , , ,
The exuberance of carbon and biodiversity offsets reached its pinnacle in Africa with several governments signing deals to concede vast sections of their primary forests to global carbon markets. Essentially, carbon and biodiversity offsets are premised on the flawed logic that forests, rangelands, mangroves and other important ecosystems of the world peripheries can serve as carbon sinks and neutralise the ecological effects of the unsustainable economic growth of the imperial core. The 2022 Land Gap Report estimates that the total area of land needed to meet climate pledges is almost 1.2 billion hectares globally.

How To Go From Neoliberalism To A Productive, Sustainable Economy

February 10, 2024 Radhika Desai and Michael Hudson, Geopolitical Economy. , , ,
In our last show, which we entitled “The Debt Explosion: How Neoliberalism Fuels Debt Crises“, we promised that our next show would be about what the solution is, what is the solution to the myriad problems that we were describing. And that is indeed what we are going to discuss today. The solution, we feel, in the United States and in all countries that have gone down the road of neoliberalism and financialization involves a root and branch reform of the financial system. And this would be the foundation for the urgent economic transformation. It will be the single largest component of the economic transformation that so many of us realize we also badly need.

Capitalism And Drug Trafficking In Ecuador

February 4, 2024 Andrés Tapia Arias and Andrés Madrid Tamayo, People's Dispatch. , , , , , , ,
Ecuador is experiencing a wave of organized crime violence that is linked to structural problems. It is the product of a complex context divided between the increase in poverty, new drug routes worldwide and the emergence of a local narco-bourgeoisie. Amid all this, a global crisis of neoliberal capitalism, and consequently, the decomposition and rupture of the social pact between classes, peoples and hegemonic blocks. In this context, the Government of Daniel Noboa has decided to confront the wave of drug crime that is drowning Ecuador through the declaration of internal armed conflict. In other words, war against the poor, forcibly financed by the poor, supported by the middle class, and certain sectors that have been trapped by the Government’s punitive discourse.

We Know A Different World Will Be Born Out Of This Mess

January 26, 2024 Vijay Prashad, Tricontinental: Institute for Social Research. , , , ,
‘The West is in danger’, warned Argentina’s new president, Javier Milei at this year’s World Economic Forum (WEF) meeting in Davos, Switzerland. In his dangerously appealing style, Milei blamed ‘collectivism’ – that is, social welfare, taxes, and the state – as the ‘root cause’ of the world’s problems, leading to widespread impoverishment. The only way forward, Milei declared, is through ‘free enterprise, capitalism, and economic freedom’. Milei’s speech marked a return to the orthodoxy of Milton Friedman and the Chicago Boys, who pushed forward an ideology of social cannibalism as the basis for their neoliberal agenda.

Global 1% Own 43% Of Financial Assets

January 18, 2024 Ben Norton, Geopolitical Economy. , , , , , ,
The world’s richest 1% own 43% of global financial assets, and the wealth of the top five billionaires has doubled since 2020, while 60% of humanity – nearly 5 billion people – collectively got poorer, according to a report by Oxfam, a leading international humanitarian organization. Oxfam published the study, “Inequality Inc.”, to coincide with the World Economic Forum meeting of corporate oligarchs and Western government officials in Davos, Switzerland this January. The five richest people on Earth in 2023 were Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett. Their combined wealth skyrocketed from $340 billion in 2020 to $869 billion just three years later.

The Rich Get Richer While Global Poverty Deepens

January 17, 2024 Tanupriya Singh, People's Dispatch. , , , , ,
The wealth of the world’s top five richest men has more than doubled since 2020 while 4.8 billion people, or 60% of humanity, have been further impoverished. At this rate, while it could only take a decade for the world to have its first trillionaire, it will take 229 years to ensure that no person is living in poverty. These findings are part of a new report titled Inequality Inc. published by Oxfam International, released on the eve of the World Economic Forum meeting in Davos, Switzerland. “We’re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires’ fortunes boom.
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