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Greyhound Canada threatens to cut bus routes

In early September, Greyhound Canada announced a plan to cut its bus services in Manitoba and north-western Ontario, unless the federal government subsidized them with an additional $15 million.  Greyhound Canada already receives subsidies from the government on the condition that it services the less profitable routes. But now, the company is claiming that it is not making enough profits from running these routes. Greyhound claims that it has been hit by the crisis and needs a “bail-out.”

Capitalism Versus Science

We are constantly bombarded with the myth that capitalism drives innovation, technology, and scientific advancement. We are told that competition, combined with the profit motive, pushes science to new frontiers and gives big corporations incentive to invent new medicines, drugs, and treatments. The free market, we are told, is the greatest motivator for human advance. But in fact, the precise opposite is true. Patents, profits, and private ownership of the means of production are actually the greatest fetters science has known in recent history. Capitalism is holding back every aspect of human development, and science and technology is no exception.

Canadian household debt reaches record numbers -- Headed for crash

New numbers about personal debt loads have come out and they point towards an impending economic catastrophe in Canada. Many politicians and economists eagerly tell the public that Canada has come through the worst of the recession and the economy will be rebounding very soon. But, the numbers tell a different story. Canada, so far, has been hit hard by the fallout of the global recession with exports of manufactured goods plummeting, but until this point the domestic markets have remained strong. This is about to change.

Housing for Profit or Homes for All?

On Saturday, April 4 2009, thousands of people from communities across BC will come together to demand immediate government action to end homelessness, build social housing, protect rental housing and raise welfare and minimum wage rates. Fightback will be joining this rally to demand "Homes For All" and a socialist solution to the housing crisis.

The Financial Crisis and the Auto Sector

The crisis in the auto industry is now affecting nearly every country. Demand for vehicles has fallen sharply all over the globe, with sales reaching lows not seen for three decades. If the main auto manufacturing companies go under, there will be millions of jobs lost and a massive blow to the rest of the economy, which would have a disastrous effect on the living conditions of millions of workers around the globe. Ordinary people all around the world are seriously questioning what is going on. What is happening? How can we save our jobs and our communities?

The crisis of world capitalism is gathering speed

The crisis of world capitalism is unfolding relentlessly and with gathering speed. First came the financial crisis (the so-called credit crunch), but now the second phase has begun - the crisis of the real economy - and it is accelerating as each day goes by. This is leading to sharp changes in consciousness, rising working class militancy and the beginnings of polarisation within the labour movement itself.

Canadian workers bear the pain of the global financial crisis

As we predicted, the global economic crisis has hit Canada. For months, finance ministers and bankers have tried to reassure Canadians that the housing bubble, the credit crisis, and sub-prime mortgages were all foreign problems that could not apply to Canada. Every day they are being proved wrong. Working class leaders need to be calling for the nationalization of industry and the banks under workers’ control as the only solution to the financial mess.

Markets routed in global sell-off – “It’s every man for himself!”

In the words of Alan Greenspan, “The crisis will mean a return to the ideological struggle between socialism and capitalism. Many of us thought that struggle was over with the collapse of the command economies, but this is not the case.” Reality is indeed coming home with a bang!

World Capitalism in Crisis

We live in exceptional times. The financial panic in the USA is creating waves that are threatening to engulf the whole world. This is rapidly transforming the consciousness of millions. Alan Woods looks at how the world economy reached the stage it has, where it is on the brink of a serious downward, so serious that it could be as worse if not worse than 1929.

Canada’s Rising Dollar: The Hidden Cost

The Canadian dollar is now on par with the American dollar for the first time in over 30 years. Judging from the media, it would seem like every Canadian has somehow magically become richer overnight and it is now time to do some big spending. But before you start throwing around your strong Canadian currency, take some time to ponder about how the strengthening of the dollar is really affecting things.