The United Nations’ Department of Economic and Social Affairs has forecast world growth this year of negative 2.6 percent. World trade is expected to decline by 11.1 percent—the sharpest annual contraction since the 1930s: here.
The elections to the European parliament next weekend take place in the midst of the deepest crisis of capitalism since the 1930s and an extremely tense social situation: here.
General Motors—once the largest and most profitable corporation in the world—will file for bankruptcy protection this morning. The bankruptcy of what was long the iconic symbol of the power of American industry signifies the failure of not only one company, but of American capitalism as a whole: here. See also here.
G.M.’s Road From Prosperity to Crisis: here.
Workers at car giant Vauxhall voiced fears for the future today as they were warned it could be two months before they know if their jobs are safe: here.
Two reports released last month reveal rising levels of financial stress in Australian households, particularly among those cut off welfare or denied any relief in the Rudd government’s May 12 budget: here.
Attempts by opposition Liberal leader Malcolm Turnbull to force the resignation of Prime Minister Kevin Rudd and Treasurer Wayne Swan over alleged corrupt ties to a Queensland car dealer backfired yesterday after it was revealed that an email at the heart of the “scandal” was a forgery: here.