Notes on the global economy: drowning in oil and credit

Financial crisis past and presentGlobal markets gave fallen 7.1% since January 1st, their worst start since 1970. George Soros, the renowned business magnate, says the situation developing in China reminds him of the period prior to the banking crisis of 2008. Former US treasury secretary Larry Summers has said, "The global risk to domestic performance in the US, Europe and many emerging markets is as great as any time I can remember."

Bank Bonuses Rise Amid Economic Crisis: Nationalize Them Under Workers’ Control!

After laying off 4,664 workers, Canada’s top six banks have recorded a combined profit of $35 billion and set aside a bonus pool of $12.5 billion for their executives at the end of 2015. It has become evidently clear that Canada’s bankers have not felt the pain of the economic crisis the same way as the working class and impoverished.

Canada’s housing bubble at bursting point

Through the spring and summer of 2015, Canadian housing prices – driven almost entirely by Toronto and Vancouver markets - saw feverish growth. Such rapid inflation in prices - which drives people out of the cities, places the homeless and vulnerable on the streets, and prevents young people from starting out on their own - results from the irrationality of capitalism, where housing is viewed as an investment for the rich rather than an actual home.

The Liberal Plan: Austerity with Better Hair

justinTrudeau and the federal Liberals have successfully duped the Canadian electorate into thinking they are a left-wing party. The tragedy is that the “balanced budget” policy of Tom Mulcair’s NDP allowed them to pull off this trick.

Trans-Pacific Partnership: A trade deal only the 1% could love

TPPThe march to globalized capitalist rule will not end with the TPP. So long as capitalism exists, the trend towards monopoly and the ever-increasing power of ever-larger multinational corporations will only continue, with workers in different countries left to compete for scraps from the bosses’ table.

Supply-Management: A Crisis in Canadian Dairy and the Marxist Solution

Canada cowThe signing of the Trans-Pacific Partnership trade agreement has brought attention to one of the most overlooked facets of the Canadian economy – that is, the system of supply-management in dairy. Now more than ever Canadians must be wondering what this system is, how it affects them, and why it has drawn the ire of foreign governments. What exactly is happening in the Canadian dairy industry? And what do Marxists propose to do about it?

As Election Looms, Canada falls into Recession

recessionThe Bank of Canada (BoC) has now acknowledged that the Canadian economy likely contracted by 0.6% from January to March, and by 0.5% from April to June. With this, Canada, for the first time since the 2008-2009 financial collapse, has entered into a recession.

Target store closures part of mass retail layoffs across Canada

Facade of Target store

Tens of thousands of Canadian workers are set to swell the ranks of what Karl Marx called the “reserve army of labour” following a wave of layoffs in the service industry. The elimination of 17,600 jobs at Target stores – one of the largest mass layoffs in recent history – is only the most egregious example in a series of announcements that also included the elimination of 350 positions at Tim Horton’s and up to 1,000 job losses at Future Shop.

2015: The storm clouds are gathering

As they danced away the Old Year and welcomed the New with, as usual, copious quantities of the finest champagne, the bourgeois from New York to London must have felt a satisfying glow of confidence. Seven years after the 2008 calamity, are they not still firmly in command? All this reminds one of the mood of false confidence that must have existed in the ballroom of the Titanic just before someone on deck spotted the dim outline of an iceberg. Hovering over this merry carnival of money-making, those with eyes to see could already detect the gathering storm clouds.


Tim Hortons-Burger King merger: What it means to workers

In light of Burger King’s recent acquisition of Tim Hortons, economic and political pundits on both sides of the border have been debating about the motivation of this $12.5-billion takeover.  In reality, there is no debate since it is clear that the deal — accompanied by the relocation of Burger King’s headquarters to Canada — is all about dodging taxes and increasing profits for the bosses while workers get left behind. 

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