Articles Economic Crisis

  • Canada’s Household Debt Crisis: Blame Capitalism!

    Canadian Business

    The Bank of Canada’s last report reached the same scary conclusion “Canada’s dangerous brew of debt and inflated house prices could combine to devastate the economy,” Maclean’s reports.This should ring a bell to anyone with a passing familiarity with Marxist economics and the theory of the crisis of overproduction, in particular.

  • Basic Income: Progressive Dreams Meet Neoliberal Realities

    Economic Crisis

    The model of BI that governments are working on in their social policy laboratories will not ‘end the tyranny of the labour market’ but render it more dreadful. The agenda of austerity and privatization requires a system of income support that renders people as powerless and desperate as possible in the face of exploitation and that won’t change if it is relabelled as ‘Basic Income’.

  • Pope Francis: Capitalism is “Terrorism against all of humanity”

    Economic Crisis

    “All religions want peace; it is other people who want war.” Pope Francis even calls out his own religion, pointing out that Catholicism has its own flaws and its own extremists. We are all equal, and no one religion is the best. And as the Pope himself suggests, all religions point toward the same goal, which is peace. And that’s something I think we can all get behind.

  • Portland to vote on taxing companies if CEO earns 100 times more than staff

    Economic Crisis

    The disparity between workers’ and CEOs’ pay has been rising sharply since the 1960s, when the average ratio was around 20-1. It now stands at above 200-1. Novick’s proposal would increase current corporate income taxes by 10% if a company CEO had a salary ratio of above 100-1, and by 25% for CEOs with a ratio of 250-1 or higher.

  • Who Profited From the $440 Billion Greek Bailout? Not Greeks

    Economic Crisis

    One might think that US$440 billion in loans would have helped Greece recover from the global recession of 2008-09 and the Europe-wide chronic, stagnant economic growth ever since. But no, the US$440 billion in debt the Troika piled on Greece has actually impoverished Greece even further, condemning it to eight years of economic depression with no end in sight.

  • Olympics, debt and repression

    Economic Crisis

    One thing that’s going to happen — it’s already happening in Rio — is that you are going to get a lot more repression during the Olympic Games; you’re going to get a militarization of the streets. Rio will have 85,000 security personnel trying to make sure there is no disruption and it’s going to be very regimented and very harsh.

  • The Looting Stage of Capitalism: Germany’s Assault on the IMF

    Economic Crisis

    The banks don’t want Greece to be able to service its debt, because the banks intend to use Greece’s inability to service the debt in order to loot Greece of its assets and resources and in order to roll back the social safety net put in place during the 20th century. Neoliberalism intends to reestablish feudalism—a few robber barons and many serfs.

  • ‘Everyone’s outraged’: angry Greeks foresee Grexit and drachma’s revival

    Economic Crisis

    Increasingly, Greece is a land inhabited by rich and poor. Sights that were once shocking – middle class men and women rifling through the rubbish cans on streets – are now mundane. That worries Stergiou. Just as it worries Korkidis who foresees more companies fleeing, massive tax evasion returning and the black market flourishing as people try to survive.

  • Majority of US Millennials Reject Capitalism

    Economic Crisis

    Young people in the U.S. are increasingly rejecting capitalism. According to a recent survey conducted by Harvard University, 51 percent of respondents between the ages of 18 and 29 do not support capitalism. Only 42 percent said they were in favor of the current economic system.

  • Looking the Basic Income Gift Horse in the Mouth

    Canadian Politics

    We are in a period when capitalism and the governments that represent its interests are increasing the rate of exploitation and reducing the level of social provision. That is not about to change and any redesign of income support systems we confront will be all about furthering, not limiting, levels of social inequality.

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