Have you heard of Jaz Brisack, Liz Fong-Jones and Chris Smalls? Continue reading
Besides the lingering COVID-19 pandemic and the on-going climate crisis, which will be accompanied by an energy crisis, not to mention the coming migration crisis, the world could be facing two man-made major crises in the years to come, i.e. an economic and financial crisis and a hegemonic war crisis. Continue reading
The most perceptive ancient historians and philosophers could not have foreseen a time when a certain type of mass convenience and abundance becomes a threat to democracy, justice and dispersed power. Welcome to the incarcerations of the credit card payment systems Gulag and the corporate state’s drive to stop consumers from paying with cash. Continue reading
Losing two coworkers to domestic violence over a three-year span left Emily Brannon and other members of United Steelworkers (USW) Local 310L reeling. Continue reading
At the end of July, an economic adviser working for Bank of America wrote a memo that got leaked. It made bluntly explicit the long-standing common knowledge among savvy investment advisers: those “economic policies” debated among politicians, economists, and dutiful mass media operate at two different levels. On the public level, debaters discuss what “we” need to do to fix “our economy’s problems.” It reeks of that “we are all in this together” language that reminds us of commercial greeting card poetry. On the other, private level, insiders discuss how the government should respond to economic problems in ways that boost employers’ profits even if at employees’ or the public’s expense. Insiders express their preferred solutions in that nicely neutered term: “policies.” Continue reading
Crypto is going to crash and could take your savings with it. Continue reading
Workers at two stores among the hundreds of Trader Joe’s locations nationwide are hoping to join a newly formed independent union.
There was a big lie that modern corporations sold to American workers in the late 20th century and into the first decade of the 21st century: It was that profit-driven entities could make both employees and customers happy enough that no interventions like worker unions or strong federal regulations were needed. Continue reading
The federal minimum wage of $7.25 an hour has not been raised since 2009. That’s the longest period without an increase since the minimum wage was enacted, meaning today’s minimum wage is actually worth far less than it was in 2009. Continue reading
Removing the taboo around talking about money, two collectives are helping people work toward securing their financial well-being.
Financial health is the elephant in the room that we avoid talking about in social situations, at work, and even with our loved ones, despite the fact that financial well-being has a profound effect on how we think and feel. A review of 32 studies conducted on the dynamics of financial well-being and mental health between 2001 and 2019 found that a person’s financial situation has a “significant impact” on their mental health, with financial hardship being frequently associated with increased stress, anxiety and depression. Yet, financial well-being remains a taboo subject. Continue reading
Starbucks Workers United is racking up victorious union votes in one branch after another of the iconic American coffee chain. A young California-based worker-organizer explains why this organizing campaign is different.
At only 19 years old, Joe Thompson is one of the youngest lead organizers with Starbucks Workers United (SWU), the umbrella organization at the forefront of one of the most exciting labor successes of the last few years. Thompson, who started working at the coffee chain at age 16, told me in a recent interview, “Starbucks likes to claim it’s super-progressive, and a lot of workers there are, but we’re the ones actually holding Starbucks accountable to that standard.” Continue reading
BESSEMER, Ala.—Shoving merchandise around Amazon’s giant warehouse in Bessemer, Ala., isn’t easy, Isaiah Thomas says. It also isn’t safe. Continue reading
On Friday, April 1, Amazon—America’s wealthiest, most powerful, and fiercest anti-union corporation, with the second-largest workforce in the nation (union-busting Walmart being the largest), lost out to a group of warehouse workers in New York who voted to form a union. Continue reading
No country has successfully challenged the U.S. dollar’s global hegemony—until now. How did this happen and what will it mean?
Foreign critics have long chafed at the “exorbitant privilege” of the U.S. dollar as global reserve currency. The U.S. can issue this currency backed by nothing but the “full faith and credit of the United States.” Foreign governments, needing dollars, not only accept them in trade but buy U.S. securities with them, effectively funding the U.S. government and its foreign wars. But no government has been powerful enough to break that arrangement—until now. How did that happen and what will it mean for the U.S. and global economies? Continue reading
Don’t believe the optimistic hype about wages “naturally” rising. About one-third of American workers are shockingly underpaid as a result of the federal government’s continued refusal to raise the minimum wage.
Amid all the good news about successful labor organizing and job growth in the United States is the stark reality that wages continue to remain inexcusably low even as inflation rises. A new government report by numerous agencies, including the U.S. Treasury Department, came to the stark conclusion that corporate power is suppressing wages. Continue reading
The government wants your money. Continue reading
Inflation! Inflation! Everyone’s talking about it, but ignoring one of its biggest causes: corporate concentration. Continue reading
While efforts to secure paid leave benefits are stalled at the federal level, states and cities are moving forward. In the latest victory, the District of Columbia has granted hundreds of thousands of private-sector workers 12 weeks of paid time off, up from a maximum of eight weeks. Continue reading
Inflation is plaguing consumer markets, putting pressure on the Federal Reserve to raise interest rates to tighten the money supply. But as Rex Nutting writes in a MarketWatch column titled “Why Interest Rates Aren’t Really the Right Tool to Control Inflation” . . . Continue reading
The January jobs report from the Labor Department is heightening fears that a so-called “tight” labor market is fueling inflation, and therefore the Fed must put on the brakes by raising interest rates. Continue reading
As Bitcoin prices rise, so will the incentive to mine it, creating a feedback loop that spells trouble for the climate.
For advocates of cryptocurrency, the promise of an economic future that is managed by a blockchain (a decentralized database that is shared among the nodes of a computer network, as opposed to being held in a single location, such as a central bank) is compelling. For anyone paying attention, the rapid expansion of cryptocurrency has been stunning. In 2019, the global cryptocurrency market was approximately $793 million. It’s now expected to reach nearly $5.2 billion by 2026, according to a report by the market research organization Facts and Factors. In just one year—between July 2020 and June 2021—the global adoption of cryptocurrency surged by more than 880 percent. Continue reading
The Fed has options for countering the record inflation the U.S. is facing that are more productive and less risky than raising interest rates.
The Federal Reserve is caught between a rock and a hard place. Inflation grew by 6.8% in November, the fastest in 40 years, a trend the Fed has now acknowledged is not “transitory.” The conventional theory is that inflation is due to too much money chasing too few goods, so the Fed is under heavy pressure to “tighten” or shrink the money supply. Its conventional tools for this purpose are to reduce asset purchases and raise interest rates. But corporate debt has risen by $1.3 trillion just since early 2020; so if the Fed raises rates, a massive wave of defaults is likely to result. According to financial advisor Graham Summers in an article titled “The Fed Is About to Start Playing with Matches Next to a $30 Trillion Debt Bomb,” the stock market could collapse by as much as 50%. Continue reading
Friday’s jobs report from the Department of Labor was a warning sign about the US economy. It should cause widespread concern about the Fed’s plans to raise interest rates to control inflation. And it should cause policymakers to rethink ending government supports such as extended unemployment insurance and the child tax credit. These will soon be needed to keep millions of families afloat. Continue reading
Last week, the Fed’s policy committee announced it would both end its bond-buying program and likely raise interest rates sooner than had been expected. “Inflation is more persistent and higher, and that the risk of it remaining higher for longer has grown,” Fed chair Jerome Powell explained. Continue reading
It is hugely significant that even one café out of thousands in the iconic Starbucks coffee chain has beaten back the company’s union-busting tactics to choose collective power in the workplace.
The iconic American coffee chain, Starbucks, employs hundreds of thousands of people in nearly 9,000 cafés nationwide. And yet, the news that a handful of Starbucks employees at one café in Buffalo, New York, recently voted to join Workers United—an affiliate of SEIU—made headlines nationally. The New York Times called it a “big symbolic win for labor,” while the Washington Post hailed it as a “watershed union vote.” Social media feeds were replete with joyous posts celebrating the vote. The café, located on Elmwood Avenue, was the only one out of three union-voting Starbucks locations in Buffalo that successfully chose to unionize. Continue reading
This is the most opportune time for millions of workers in Big Box retail stores and fast-food outlets to form unions. McDonald’s, Walmart, Amazon, Starbucks, Dunkin Donuts, Burger King, and other giant chains are having trouble finding enough workers. Some of these companies are even paying signing bonuses and upping low pay. Continue reading