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Part II – Port of Churchill Closure - Nightmare facing Northern Communities

seven stories from the suicide epidemic plaguing canadas indigenous youth 1461613689In this continuation of our two-part analysis of the repercussions of the Port of Churchill closure, we detail the economic depression facing the North, the impact of the world capitalist crisis on the resource extraction sector, the social crisis facing nothern communities and the struggle against anti-aboriginal racism.

Part I - Port of Churchill closure – Niki Ashton supports community’s call for nationalization!

Nationalize PortIn response to the closure of the Port of Churchill a movement has arisen demanding that the port be nationalized to save the jobs in this strategic industry. Manitoba NDP MP Niki Ashton has come out in support of this demand for nationalization against the latest symptom of the crisis of capitalism. We support the call by Ashton and the community. In part one of this two-part article we detail the struggle in Churchill.

Canada's own Panama Scandal: Rich Cheat with Impunity using Tax Havens

panamapapersThe hypocrisy of the rich has never been more glaring since the release of the Panama Papers. While the rest of the world is reeling about the scandal, we cannot forget Canada's own tax haven. Canada is not immune to the scandalous use of tax havens among the rich and famous. At least 350 wealthy Canadians listed in the documents have been implicated in the shadowy practices of tax dodging. This has proven what many Canadians already knew: that there is one set of rules for the rich, and another more punishing set of rules for everyone else.

Notes on the global economy: drowning in oil and credit

Financial crisis past and presentGlobal markets gave fallen 7.1% since January 1st, their worst start since 1970. George Soros, the renowned business magnate, says the situation developing in China reminds him of the period prior to the banking crisis of 2008. Former US treasury secretary Larry Summers has said, "The global risk to domestic performance in the US, Europe and many emerging markets is as great as any time I can remember."

Bank Bonuses Rise Amid Economic Crisis: Nationalize Them Under Workers’ Control!

After laying off 4,664 workers, Canada’s top six banks have recorded a combined profit of $35 billion and set aside a bonus pool of $12.5 billion for their executives at the end of 2015. It has become evidently clear that Canada’s bankers have not felt the pain of the economic crisis the same way as the working class and impoverished.

Canada’s housing bubble at bursting point

Through the spring and summer of 2015, Canadian housing prices – driven almost entirely by Toronto and Vancouver markets - saw feverish growth. Such rapid inflation in prices - which drives people out of the cities, places the homeless and vulnerable on the streets, and prevents young people from starting out on their own - results from the irrationality of capitalism, where housing is viewed as an investment for the rich rather than an actual home.

The Liberal Plan: Austerity with Better Hair

justinTrudeau and the federal Liberals have successfully duped the Canadian electorate into thinking they are a left-wing party. The tragedy is that the “balanced budget” policy of Tom Mulcair’s NDP allowed them to pull off this trick.

Trans-Pacific Partnership: A trade deal only the 1% could love

TPPThe march to globalized capitalist rule will not end with the TPP. So long as capitalism exists, the trend towards monopoly and the ever-increasing power of ever-larger multinational corporations will only continue, with workers in different countries left to compete for scraps from the bosses’ table.

Supply-Management: A Crisis in Canadian Dairy and the Marxist Solution

Canada cowThe signing of the Trans-Pacific Partnership trade agreement has brought attention to one of the most overlooked facets of the Canadian economy – that is, the system of supply-management in dairy. Now more than ever Canadians must be wondering what this system is, how it affects them, and why it has drawn the ire of foreign governments. What exactly is happening in the Canadian dairy industry? And what do Marxists propose to do about it?

As Election Looms, Canada falls into Recession

recessionThe Bank of Canada (BoC) has now acknowledged that the Canadian economy likely contracted by 0.6% from January to March, and by 0.5% from April to June. With this, Canada, for the first time since the 2008-2009 financial collapse, has entered into a recession.