By John Chan - WSWS
The [Chinese Communist Party] laid the basis for the rapid rise of billionaires and multi-millionaires through cheap state credit, infrastructure projects, government support for key industries, widespread privatization of state enterprises, opening of the economy to international capital, and above all, ruthless police-state repression of a massively expanding working class that provides the necessary cheap labour.
More Obama handouts to corporate favorites and the super-rich.
America's economy is sick and getting sicker. Since 2008, working households have struggled through the early stages of a protracted global depression, getting worse. While corporate profits recovered, workers experienced growing poverty, homelessness, hunger, and high unemployment.
By PAUL CRAIG ROBERTS - Counterpunch
Labor Day is an anachronism. It should be renamed Corporation Day or War Day to celebrate the success of Bush/Obama in eliminating labor unions as a countervailing power to corporate power and the elevation of War as the highest goal of the American state.
Following his meeting with Secretary Napolitano, Minister Toews also announced that Prime Minister Harper and U.S. President Obama will meet in early fall where they will be updated and provide further directions on plans for a North American security perimeter. There are fears that any deal reached could be lopsided with Canada giving up more than it gains. Over the last number of years, Canada has already enacted many U.S. security measures.
By ARNO J. MAYER - August 26, 2011
For a while it looked as if Western Europe’s imperial-colonial era had drawn to a close and as if the imperial benefits and burdens it bequeathed to the U.S. were about to be liquidated, as well. But this turns out to be a gross historical misconstruction.
By Noam Chomsky - Znet
...[I]t is “a common theme” that the United States..."is in decline, ominously facing the prospect of its final decay.” It is indeed a common theme...and with some reason. But an appraisal of US foreign policy and influence abroad and the strength of its domestic economy and political institutions at home suggests that a number of qualifications are in order...[D]espite America’s decline, in the foreseeable future there is no competitor for global hegemonic power.
"Karl Marx had it right. At some point capitalism can destroy itself because you cannot keep on shifting income from labor to capital without not having excess capacity and a lack of aggregate demand, and that's what's happening." -- Nouriel Roubini
The US economy is the big exception in global capitalism: its national credit and the wealth of the world are the same.
By Shamus Cooke - August 16, 2011
For the wealthy and corporations this is a life and death struggle. The Great Recession has already bankrupted the banks and corporations who were not fit enough to survive under a crumbling market economy. The existing companies are thus forced to squeeze more work for less pay out of their workers, since labor is the most flexible cost of any business. Pushing labor costs down -- and...social programs -- is thus the priority of the corporations and their paid-for politicians across the globe, since the global economy is tightly connected and they all play by the vicious rules of the market.
Despite a deepening global depression, establishment economists are in denial. On June 9, the Wall Street Journal said those surveyed expected slow, steady growth through 2011, despite high US unemployment, a housing depression, European sovereign debt in crisis, and the unreported insolvency of major French and other banks.
A new publishing house in Minneapolis, Subsect Press, will be releasing a book to describe how a non-hierarchical, regenerative and anti-capitalist society can meet human needs.
With its loan business, the banking industry achieves something remarkable. In its hands, money is capital — many times over. It makes the deposits of its cash depositors grow through interest payments. It puts money at the disposal of its loan customers, which strengthens their power to generate profits and both obligates and enables them to make interest payments. The net interest generated by the banking industry increases the capital with which it conducts its business.
One sign is the enormous worldwide financial shock, erasing nearly $8 trillion of equity wealth since late July. Another is teetering global economies, notably across Europe and America. Still another is growing poverty, deprivation, and despair for millions without jobs, enough income, or futures.
Forced austerity is hammering workers globally because Obama and other Western leaders won't provide help when it's most needed. As a result, living standards are plummeting as economies teeter.