CTU Economic Bulletin

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  • CTU Economic Bulletin No. 98

    January 2009

    Comment

    The current economic crisis was not created by workers. But they are paying for it. This financial crisis was not about too much government, too much regulation, or wages being "too high". As The Economist said this week in its leader - financial markets were 'plagued by poor regulation, dangerous incentives and the reckless use of mathematical models". There were some underlying factors such as falling productivity and low wages that pushed investment towards high risk financial products and households towards high levels of debt. But the causes of this crisis are now clearly seen as due to crazy levels of leverage, completely inadequate supervision of the finance sector and shameful exploitation of low income households using highly dubious financial products.

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  • CTU Economic Bulletin No. 97

    November 2008

    Comment

    As the Economist wryly observed this week, some in the West used to say that the only thing that could save China was capitalism: now they are saying that the only thing that can save capitalism is China.

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  • CTU Economic Bulletin No. 96

    October 2008

    Comment

    Tough times lie ahead but there is considerable uncertainty about the extent of the impact on the real economy from the global financial crisis. In the midst of this uncertainty we have an election! For workers this highlights the differences between the political parties in terms of worker rights, employment, and security. There have been welcome similarities emerging - for instance on relief for workers made redundant. But when it comes to the crunch - who is it that actually believes in enhancing and protecting workers' incomes, and work rights?

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  • CTU Economic Bulletin No. 95

    September 2008

    Comment

    As the old union song Solidarity Forever goes, "they have taken untold millions that they never toiled to earn". But now, as we witness a major meltdown in the financial system, it is trillions – not millions. And as unions have often observed, the titans of capitalism are always keen to see financial losses socialised while profits are privatised. And for these people, if there is a sticking point, it is that they want a bailout but not government equity (nationalisation) in the process.

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