Economy

America’s Death Throes
China and Russia have already ditched the US dollar in their vast energy trade. Now China is leveraging Saudi Arabia to also abandon the greenback for oil sales. No wonder, it seems, that US policies are increasingly lashing out. US global power depends on its presumed economic prowess and military force. With its economy in [...]
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Global Debt Now 327% of the World’s Annual Economic Output, Report Reveals
A report by the Institute of International Finance (IIF) in the US has revealed that global debt levels have surged to US$217 trillion in the first quarter of 2017. This is 327 percent of the world's annual economic output (GDP). [...]
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America’s economy of death exposed
Thom talks with Dr. Richard Wolff about how the GOP health bill could kill 29,000 Americans in the next decade if implemented. He then talks with Sam Sacks and Bryan Pruitt to get their take on the healthcare bill as members of the GOP oppose it, causing a voting delay in congress, the return of camera-shy Sean Spicer to the vis [...]
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Liberty lost? Americans increasingly unhappy with levels of freedom, survey says
America is often referred to as the "Land of the Free," but as citizens prepare to celebrate the Fourth of July, their satisfaction with the country's freedom is significantly lower than it was a decade ago, according to a newly released Gallup poll. The survey found that although 91 percent of Americans were satisfied with t [...]
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Warren Buffett wants more taxes on rich Americans, single-payer healthcare
The Republican healthcare proposal amounts to a tax cut for the rich, and the US economy would benefit far more from establishing single-payer healthcare, according to Warren Buffett, one of the richest men in America. The 86-year-old Nebraskan is the chief executive of investing house Berkshire Hathaway and has a net worth o [...]
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Can the average American live off Social Security?
The answer is crystal clear. For years, Social Security has served as a key source of income for millions of retired Americans. In fact, these days, an estimated 61% of retirees rely on their benefits to provide at least half of their income. The problem, however, is that Social Security was never designed to cover seniors' livi [...]
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Chinese Factory Workers for Ivanka Trump’s Brand Make About $1 Per Hour
Here’s hoping there's rent control in China: Employees at a factory that manufactures apparel for Ivanka Trump’s clothing business earn just $62 each week, for 60 hours of work, it has been revealed. There are 80 workers at the plant, which produces clothing for Ivanka Trump’s eponymous brand as well as for Tommy Hi [...]
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Global recession more likely and coming soon, warns Saxo Bank
While markets are forecasting only a 10 percent chance of a global recession, Danish investment firm Saxo Bank puts the odds at over 60 percent. "Our main global macro outlook still maintains that recession is more likely than not in the near future (12 to 18 months) based on the global credit impulse having peaked simultaneo [...]
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‘We Lost Each Other’: Three Major Errors Which Created Chaos in the EU
On March 25, the leaders of the 27 EU member-states signed a declaration to “restart” the badly divided European Union. In an interview with Sputnik, Gian Micalessin, a military reporter with the Italian newspaper Il Giornale, spoke about the political crisis facing the EU and its future relations with Russia. [...]
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Russian ruble proves irresistible to emerging market investors, continuing its meteoric rise
The ruble continues its seemingly unstoppable rally boosted by foreign investors seeking high yield returns. The currency has gained over 30 percent against the US dollar in just over a year. On Thursday, the ruble rose 0.4 percent versus the greenback and was trading at 56.35 at 7:35am GMT, and gained 0.6 percent to 60.60 ag [...]
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Vast Majority of Americans Appalled at Trump’s Budget Plan, Poll Reveals
Americans have shown that they strongly refute almost every aspect of the proposed budget of US President Donald Trump, a plan described as perfectly mirroring the agenda of his extremely wealthy cabinet members. A new Quinnipiac poll published Friday revealed that a wide majority of US citizens oppose the sweeping cuts propo [...]
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GOP’s Planned Cuts to Medicaid Will Impoverish and Imperil Millions of Aging Baby Boomers and Seniors
One-fifth of Medicare recipients are covered through Medicaid, including nursing homes and long-term care. The House Republican leadership’s Obamacare repeal bill will not only cause upwards of 24 million people to lose their health care coverage over the next decade, as the Congressional Budget Office has said, but it will al [...]
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Child poverty in the U.S. is among the worst in the developed world
One in three American kids live in poverty, according to UNICEF. With 32.2 percent of children living below this line, the U.S. ranks 36th out of the 41 wealthy countries included in the UNICEF report. The United States ranks near the bottom of the pack of wealthy nations on a measure of child poverty. Nearly one third of U.S. c [...]
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Poroshenko Leading Ukraine to ‘Palace Coup’ by ‘Playing Along With Radicals’
Ukrainian President Petro Poroshenko blamed Ukrainian radicals for Kiev having lost control over the situation in the eastern regions of Donbass. According to the Ukrainian leader, the blockade of Donbass by radicals risks plunging Ukraine into "anarchy" and violence. [...]
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The Hardening of Society and the Rise of Cultures of Cruelty in Neo-Fascist America
Dark Times are truly upon us. There will be an acceleration of acts of violence under the Trump administration and the conditions for eliminating this new stage of state violence will mean not only understanding the roots of neo-fascism in the United States, but also eliminating the economic, political, and cultural forces that [...]
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On Contact: The Plight of the Underclass with Linh Dinh
On this week’s episode of On Contact, Chris Hedges is joined by Linh Dinh, author of “Postcards from the End of America”. Dinh traveled across the US lift up the voices of those who have been disappeared by our corporate state. RT Correspondent Anya Parampil reveals the stark statistics of those living in poverty in Ame [...]
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Capitalism in Crisis: Getting Ready for Change in the Age of Trump
The rise of Donald Trump raises opportunities and perils regarding the prospects for societal transformation and change. On the one hand, reactionary forces have been emboldened, on issues from health care reform and deregulation to militarism and taxes. But times of crisis also provide opportunities to build toward progressive [...]
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