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Dave Johnson – What China’s Currency Devaluation Means

China on Monday announced it is lowering the value of its currency about two percent in order to boost its economic growth by supporting its exporters. Traders are betting that the currency will fall further. Markets around the world are reacting negatively. What does this mean? Bloomberg Business has the currency story, in China Rattles Markets With Yuan Devaluation, China …

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Pam Martens and Russ Martens – Citigroup’s Unchecked Crime Wave Proves that America Is Headed in the Wrong Direction

Citigroup, the bank that played a central role in bringing America to its knees in 2008; received the largest taxpayer bailout in the history of finance to resuscitate its insolvent carcass; pleaded guilty to a felony count of rigging foreign currency trading in May and was put on a three year probation – is now under a string of criminal …

U.S. Trade Policy Is Pro-Rich, Not Free Trade – Dean Baker

Thomas Edsall had a very good piece on divisions in the Democratic Party over trade policy in the NYT this morning. The piece cites a large body of academic research pointing out that U.S. trade policy has played a large role in destroying manufacturing jobs and redistributing income upwards. It notes that this is the basis of the opposition of unions to …

Challenging Operation Vulture in Ukraine by MICHAEL HUDSON

Ukraine’s collapse since the February 2014 coup has become an umbrella for grabitization. Collateral damage in this free-for-all has been labor. Many workers are simply not getting paid, and what actually is being paid is often illegally low. Employers are taking whatever money is in their business accounts and squirreling it away – preferably abroad, or at least in foreign currency. Wage …