Editorial: Capitalist greed threatens recession

Despite George W. Bush’s controversial bailout package (see page 5), we have by no means seen the back of the current economic crisis. Up to 1000 more banks are expected to close across the US and firms are being bailed out across Europe. This is the worst banking crisis since the Great Depression of the...

Bush finds billions for bankers

THE BUSH Administration finally gathered support for a US$700 billion plan to bail out US banks—no less than US$2000 for every person in the United States. After one false start, the Congress followed the Senate in passing the bailout package.

NSW teachers campaign to break Labor’s pay cap

NSW TEACHERS are still seeking a salary raise of 5 per cent or more and an end to restrictions on transfers. The October state council meeting of the New South Wales Teachers Federation (NSWTF) is to consider renewed state-wide industrial action over both issues.

Action can stop job cuts at Melbourne Uni

A COLD, wind-swept day did not stop over 120 Melbourne Uni staff and students joining a protest against university management’s plan to sack 20 academics in the arts faculty. The protest was called by the National Tertiary Education Union (NTEU), the union representing most staff at the university.

Does NSW really face a budget crisis?

ALMOST THE first words uttered by the new premier Nathan Rees were along the lines of “I’ve been briefed by Treasury. It’s worse than I thought. We could lose the AAA credit rating. We’ve been living beyond our means. We’ll have to tighten our belt. Sale of retail electricity will go ahead.”

Garnaut climate plan to suit big business

IN HIS final report to the government, Professor Ross Garnaut echoes the calls from industry to abolish the one measure the Rudd government has in place that will actually make any difference in the climate crisis: the Mandatory Renewable Energy Target (MRET) of 20 per cent by 2020.

Melbourne terror trial fuels Islamophobia

As the banners telling us “History is coming!” went up all over Melbourne getting ready for the AFL grand final, the verdicts came down in the trial of the Barwon 12. Twelve men were charged with being members of “a” terrorist organisation planning “a” terrorist act. Seven were found guilty, four were found not ...

Support for US war resisters grows in Canada

IRAQ WAR resisters in Canada received an important victory in late September. On September 22 Jeremy Hinzman and his family successfully appealed their deportation order. The family was scheduled for deportation the next day.

Deal between Zimbabwe’s elites will not end the crisis

IN JULY [the Zimbabwean International Socialist Organisation] reaffirmed our long-held position of the likelihood “of an elite political settlement between the ruling party and opposition around a western supported full neoliberal economic programme”. That has been proven correct with the recent formation of a ...

Selective quarantining tried in Queensland

WHILE THE restoration of the RDA would force some changes to the Northern Territory welfare quarantine legislation, it is likely that these would be modelled on the Queensland intervention legislation.

Converging against intervention in Alice

OVER 200 people from around Australia travelled to join hundreds more from the NT in a protest convergence against the NT intervention in Mparntwe-Alice Springs from September 29 to October 3. Activists camped at the “prescribed area” Mt Nancy town camp, in solidarity with all targeted Aboriginal communities.

Why is the world economy in meltdown?

With the US economy in tatters, questions are being raised about what caused the crisis and what it will mean for people around the world. Feiyi Zhang looks at the economic turmoil and what it reveals about the health of capitalism as a whole

Can China protect Australia from the economic crisis?

Kevin Rudd and many in the mainstream press once said that Australia’s economic relationship with China would provide a cushion in the current economic crisis. Tom Barnes examines the state of the Chinese economy and whether this is still true