Europe hit by economic slowdown

By MICHAEL SCHREIBER Below are portions of the World Political Situation Report, delivered by Michael Schreiber to the Socialist Action National Convention on Oct. 18. Capitalism’s offensive against the world’s working class—which gathered momentum as a consequence of the major economic recession that began in late 2007—continues unabated. Even in the major industrial nations, the…

The rich don’t pay taxes!

BY JEFF MACKLER Armed to the teeth with a scalding report prepared by researchers of the U.S. Senate Permanent Committee on Investigations revealing that Apple Computer had avoided paying billions of dollars in taxes on its nearly unprecedented foreign profits, members of the Senate were momentarily outraged. The senators took to the corporate media to…

The real roots of the U.S. economic crisis

By BRUCE PARDOLL I think that a comprehensive understanding of how the present U.S. economic crisis came about, and how things have considerably worsened not only since December 2007—when the Great Recession began—but also since 1974 (when wages for the working class began a steady downward slide) is greatly needed. Marxism is uniquely qualified to…

Cyprus bank crisis rocks Europe

By ANDREW POLLACK The outrage of workers in Cyprus against a plan to “save” the country’s finances by seizing cash in small depositors’ accounts forced the country’s parliament to vote unanimously in late March against it. The plan was intended to avert the wrath of the International Monetary Fund, the European Central Bank, and the…

Capitalism damns the environment

By JEFF MACKLER Capitalism, the system—Chinese, American, or European style—has struck yet another devastating blow against all humanity. One of the world’s largest solar-panel manufacturing plants, employing 10,000 Chinese workers at the city of Wuxi on China’s east coast, has declared bankruptcy—a victim of its own “success” and capitalism’s inherent drive to destruction. The Wuxi…

Congress makes workers pay for crisis

By JEFF MACKLER In today’s era of U.S. and worldwide capitalist austerity, not a day or month passes when the corporate media do not inform us that the nation faces yet another economic crisis. From the deficit crisis, in which the U.S. budget falls short $1 trillion yearly; to the “fiscal cliff” crisis, wherein “across-the-board”…

Congress: Smaller paychecks for workers

By USMAN KHAN YUSUFZAI New Year’s Day has come and gone; the impending “fiscal cliff” disaster that so occupied the fears of politicos and businessmen throughout the country has, at the 11th hour, been averted by heroic deal-making by Republican and Democratic legislators. They made some  “tough decisions” in the face of the (manufactured) crisis…