Tuesday’s news links – Oct. 22, 2019

Labor

Tennessee GM Workers Vote Down UAW-GM Proposed Deal Payday Report

Why I’m Voting No on UAW’s Deal With GM: A “Third-Tier” Worker Speaks In These Times

Thousands of Volvo workers face layoffs as Mack Truck sees first strike in 35 years CNBC

JFK Airport Workers Answer Union-Busting Bosses With 24-Hour Strike LaborPress

Chicago teachers strike continues FightBack! News

Chicago teachers strike. Photo: FightBack! News

Chile

General Strike Called in Chile in Support of Protests teleSUR

Hundreds of Thousands Hold the Central Square in Chile, Despite a State of Emergency Left Voice

Bolivia

Bolivia Wants More Evo Resumen

Syria

Trump’s Syria strategy: Get out, but “keep the oil” Axios

New York Times Fakes The Record About Arming The Syrian Rebels Moon of Alabama

Everyone Is a Russian Asset Matt Taibbi

America laughed at Hillary Clinton’s remarks about Tulsi Gabbard, but her ideas fit perfectly in the intellectual mainstream

Corporate debt, fiscal stimulus and the next recession Michael Roberts

The debt owed by corporations in the major economies has risen since the end of the Great Recession in 2009. With global growth slowing and the prospect rising of an outright global recession recurring ten years after the last one, the debt held by corporations may soon become so burdensome to a sufficiently large number of companies that it triggers a round of corporate bankruptcies. The banks will then see a sharp rise in non-performing loans. That could lead to a new credit crunch as banks refuse to lend to each other.

Such a credit squeeze briefly erupted last month, when the US Federal Reserve was forced to inject over $50bn into the banking system in order to reverse a very sharp rise in inter-bank interest rates as cash-flush banks refused to help out weaker ones. The cause of that squeeze was a rise in the supply of government bonds as the Trump administration issued more to cover its rising budget deficit. Some banks were not able to fund the purchases they were committed to without borrowing.


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