World economic crisis, workers fight back

Economic crisis, cartoon

According to the latest figures from the German Statistical Office and Eurostat, youth unemployment across Europe has increased by a staggering 25 percent in the course of the past two and a half years: here.

France’s banking sector and economy were the latest casualties of the wild swings on world financial markets and growing financial speculation against European government debt: here.

Italy: Premier Silvio Berlusconi’s government held an emergency meeting this evening to approve new austerity measures in a bid to appease the European Central Bank (ECB): here.

Italy’s largest union is gearing up for a general strike against Prime Minister Silvio Berlusconi’s “socially unjust” austerity drive: here.

A look at the social situation in Greece reveals the thoroughly inhuman character of the austerity measures demanded by the banks, EU and IMF: here.

US Postal Service plans to cut 220,000 jobs: here.

US postal unions pledged to defend their 630,000 members on Thursday after the US Postal Service (USPS) revealed plans to lay off 120,000 employees in breach of labour contracts: here.

A US court has granted bosses at telecoms firm Verizon a sweeping injunction that restricts picketing at the company’s facilities: here.

USA: Central Falls, Rhode Island, declared bankruptcy earlier this month. The impoverished city is devastated by a lack of basic services and a decaying social infrastructure: here.

The international financial turmoil, together with the prospects of recession in the US and Europe, has prompted a nervous response in Indian business circles and demands for further restructuring: here.

Indian bank workers strike: here.

2 thoughts on “World economic crisis, workers fight back


    While politicians argue about how to fix the US economy, many Americans don’t even have enough money to fix their homes – and jobs for people who actually build real things (like houses and stores) continue to stagnate.

    The evidence shows up in local stories like this one from The Chicago Sun-Times: “Elgin Lowe’s store among seven closed.” More than 80 people in the Chicago suburb have lost their jobs after Lowe’s – the second largest home improvement chain – abruptly shuttered seven stores nationally.

    Several factors contributed to the closing in Elgin, including “unemployment among Elgin tradesmen [that] is about 50 percent.” That is because people can’t afford new homes – and in many cases are putting off hiring contractors to do home repairs.

    But what might be most troubling is that many Americans, suffering economically, may be putting off doing many home repairs themselves because of the cost of supplies.

    The myth that somehow businesses will generate more jobs with higher tax breaks for the rich is a fiction created to fatten the wallets of corporate CEOs and shareholders. If there is less money for consumers to spend, stores like Lowe’s close and jobs are lost, not added.

    As BuzzFlash at Truthout noted before, the profit motive does not create more employment if there is not increased purchasing power.

    By giving wealthy people more money, nothing is done to stimulate demand, except maybe for Prada and yachts.

    Mark Karlin
    Editor, BuzzFlash at Truthout


  2. Pingback: Economic crisis, workers fight back | Dear Kitty. Some blog

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