Canadian banks are now allowing businesses to pass on credit card-associated fees to consumers. Following the recent settlement of a lawsuit against banks and credit card companies, businesses can now add a surcharge associated with credit card payments of up to 2.4 per cent per transaction. Added to the pressure of sky-high inflation, this is […]

After decades of the Canadian real estate bubble inflating steadily, the market is finally cooling down. Buying a home is increasingly becoming an unattainable dream for most working class Canadians, especially for young people. The recent rise in interest rates has thrown a bucket of ice water on the overheated market and has led to […]

Tiff Macklem, the governor of the Bank of Canada, recently told businesses that it was their duty to attack the living standards of workers for the sake of inflation. Despite the fact the corporations are making record profits, and there is absolutely zero evidence linking wages to inflation, Canada’s top banker insisted that workers must […]

This May, a collapse on the scale of the largest crashes in recent history rocked markets. The Nasdaq stock exchange fell by almost 30% in one week, and the market capitalisation of cryptocurrencies simultaneously fell by 50%. Hundreds of billions of dollars were wiped out in just seven days. Since then, there has been no recovery. The […]

Gas prices have shot up to around $2 a litre in most of Canada. This marks an increase of 50 per cent since the beginning of the year, and is a huge burden on working class families. Some academics believe that these costs are discretionary, but the reality is that most workers have no choice […]

The world economy is wracked with turbulence, buffeted by a perfect storm of war, pandemic, and protectionism. A toxic combination of inflation and recession looms for capitalism. This is a finished recipe for revolutionary explosions everywhere. “We are now living in a totally new era.” (Henry Kissinger, 9 May 2022) Share prices have been falling […]

In a recent interview, RBC CEO Dave McKay stoked fears of a “wage-driven” inflation spiral. Soaring inflation rates are a problem that’s on everyone’s minds, from central banks to families shopping at the grocery store. But the idea that inflation is caused by increases in wages is blatant bourgeois propaganda contradicted by facts. Rather than […]

The first weeks of the new year have already had their fair share of bleak news. As if the Omicron surge was not enough, working Canadian families can now look forward to a surging grocery bill. Food prices are set to increase between six and eight per cent this year, according to a new report […]

The United States is currently experiencing an inspiring wave of strikes. The giant that is the American working class is rearing its head again after 18 months of pandemic, during which it carried society on its back. With inflation on the rise, purchasing power is declining, but tens of thousands of American workers are saying […]

In the past months, the world economy has been creeping towards a state of disarray. Shops have been running out of goods, gas stations have been running out of gas, energy prices have shot up and major western harbours have become completely clogged up with swarms of ships queuing up, sometimes having to wait weeks […]