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    european central bank

    Greenpeace activists set up a mock gas station price board displaying Shell's net profit for 2022 outside of the company's headquarters in London

    IMF Says Corporate Profiteering Caused Nearly Half of Europe's Recent Inflation Surge

    "Companies increased prices by more than spiking costs of imported energy," said economists with the International Monetary Fund.

    Jake Johnson
    Jun 27, 2023

    Economists with the International Monetary Fund on Monday echoed what progressive experts and campaigners around the world have been arguing for more than a year: Corporate profiteering has been a key driver of the recent inflation surge.

    In a blog post on Monday, the IMF's Niels-Jakob Hansen, Frederik Toscani, and Jing Zhou wrote that "rising corporate profits account for almost half the increase in Europe's inflation over the past two years as companies increased prices by more than spiking costs of imported energy."

    Keep ReadingShow Less
    News
    corporate profits
    Alexis Tsipras, leader of the radical leftist Syriza party campaigns at a pre-election rally ahead of the nation's general election on January 22, 2015 in Athens, Greece.

    The Rise and Fall of Greece’s Radical-in-Name-Only Syriza Party

    Lack of experience in governance, ideological confusion, severe structural constraints, crude political opportunism, and broken promises guaranteed that Syriza’s downfall was just a matter of time.

    C.J. Polychroniou
    May 25, 2023

    On January 25, 2015, Greece’s left-wing party Syriza (Coalition of the Radical Left), which subscribed to no particular ideology but ran an election campaign that vowed to end the sadistic austerity measures that had been imposed on Greece by its international creditors, shred the bailout agreements into pieces, write off a big chuck of the debt, and create jobs for hundreds of thousands of unemployed, won the legislative elections by taking 36% of the popular vote. The result of the election sent shock waves through Europe’s political establishment and marked the return of hope for Greece and left-wing parties and movements around the world.

    It was indeed a historic victory for the Left, especially considering the fact that, ten years earlier, Syriza was struggling to gain just a few seats in the Greek parliament. The Communist Party of Greece was far more popular than the Coalition of the Radical Left, whose ranks included an array of leftists ranging from Trotskyists, Maoists, and neo-Marxists to greens and feminists. Indeed, while the Communist party had solid links with working-class people and exerted decisive influence on trade union activism, Syriza’s “impact on civil society was confined to the ideological attraction that it had for a small segment of the academia."

    Keep ReadingShow Less
    Opinion
    greece
    A lock is seen on a gate on the exterior of the U.S. Department of Treasury

    This Is Not a Repeat of the 2008 Financial Crisis, But It Is the Same Capitalist Rot

    Since 2008, governments and central banks have been trying to prop up the banks through a combination of socialism for the banks, and austerity for everyone else. The result is what we see today.

    Yanis Varoufakis
    Mar 17, 2023

    Every systemic banking crisis has a trigger that sets it off. In the case of SVB, the reason for its bankruptcy is twofold.

    Responding to worried questions raised by many about the ongoing banking crisis that started in the US with the bankruptcy of the Silicon Valley Bank (SVB), and is now affecting Japan and other countries, I can offer the following brief analysis.

    Keep ReadingShow Less
    Opinion
    capitalism

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