The number of bankruptcies in the Netherlands has more than doubled in the first quarter of 2023, the NL Times portal reported on Sunday, citing data by Faillissements Dossier.

According to the report, cafes, restaurants, retail shops and online retailers have been the most affected businesses.

Some 781 companies and institutions reportedly went bankrupt in the country from January to March, compared to 506 a year earlier. The number of bankrupt cafes and restaurants nearly tripled to 54, the data showed.

The report attributed the growing number of insolvencies in the Eurozone’s fifth-largest economy to a sharp increase in energy prices and high inflation levels.

The Statistics Netherlands agency (CBS) said last month it would change the way it measures energy prices paid by consumers in order to improve estimates of inflation. According to CBS, it will start using transaction data from energy suppliers to determine the real costs for consumers.

Credit insurer Atradius earlier forecast that more than 4,000 companies in the Netherlands could go bankrupt in 2023 due to high energy costs, rising interest rates, and high wage demands.

RT 11/4/23

DC

 Argentinian inflation saw an enormous year-on-year surge to 104.3% in March, marking the highest annual rate since 1991, according to data released by the National Institute for Statistics and Census (INDEC) on Friday.

The inflation-rate reading for the month came in at 7.7%, higher than the median forecast of 7% among analysts polled by Bloomberg. Economists surveyed by Reuters had provided a more pessimistic outlook of 7.1%.

Total inflation for the first three months of the year was 21.7%. In February, the inflation rate hit 102.5%, meaning the price of many consumer goods has more than doubled since the same period a year ago.

The highest increase and the biggest influence on the overall index came from the cost of education, which saw a month-on-month surge of 29.1%. The massive increase was attributed to the start of the school year.

Clothing as well as food and non-alcoholic beverages, where the hike was caused mainly by the cost of meat, dairy products and eggs, increased by 9.4% and 9.3% month-on-month respectively. Also, due to a breakout of avian flu in Argentina, prices for chicken and eggs soared over 25%.

Argentina has been among the countries with the highest inflation rates for several years in a row. Buenos Aires has long tried to contain inflation but divisions have marred the nation’s economic policy. Last summer, three economy ministers succeeded one another in the space of just four weeks as the economic crisis deepened.

In December, the International Monetary Fund (IMF) approved another $6 billion of bailout money. It was the latest payout for Argentina in a 30-month programme that is expected to reach a total of $44 billion.

RT 15/4/23

DC

 UK consumers slashed spending on luxuries and dining out in March as household incomes continue to suffer amid stubborn double-digit inflation, Bloomberg reported on Tuesday, citing Barclays data.   

More than half of Barclays cardholders cut spending on luxury items and one-off treats, while six in ten trimmed expenses on eating out and purchases of new clothes, the bank said after analysing data on credit and debit card transactions.   

According to the lender, overall consumer spending grew 4% last month from a year earlier, with expenses in supermarkets climbing 7.8% – well below the rate of increase in prices for food and non-alcoholic drinks.  

Overall inflation for food and non-alcoholic beverages surged to 18% in February, the highest level since 1977.

The data indicates that British consumers are increasingly changing their shopping habits to save money amid the worsening cost-of-living crisis. Cash-strapped households are becoming more exposed as wage growth fails to keep pace with the biggest jump in prices in 40 years.

Annual inflation unexpectedly rose to 10.4% in February, marking the sixth straight month in double digits and placing further pressure on UK households.

RT 12/4/23

DC

 The price Kiwis pay for nationwide overnight postage is “ridiculously cheap” and should cost at least twice as much, the chief executive of listed company Freightways says.

Mark Troughear said on the Herald’s Stock Takes podcast that overnight $3 postage to get a small parcel from the North Island to the South was “chronically underpriced” for the undertaking required, using expensive aircraft and often unsuitable roads.

“The reality is we have some services that are just chronically underpriced. It’s nuts.

“It’s a phenomenally high level of service … For a ridiculously cheap price.”

https://www.nzherald.co.nz/business/stock-takes-postage-in-nz-chronically-underpriced-freight-ceo-warns/NZBO7GGBEJHP3OXCKD3UJNZFGE/

There are only two things certain in life – death and taxes. Christopher Bullock (1716)

With the transition to a money-free, class-free society one of these will no longer exist.

“Progressive” politicians, and their supporters, can often be heard hollering the slogan, ‘Tax the rich!’  Labour politician Denis Healey said, ‘until the pips squeak.’ It is not surprising that  the capitalist class should resist attempts to reduce the wealth accumulated from the exploitation of the working class.

“A  record number of super-rich Norwegians are abandoning Norway for low-tax countries after the centre-left government increased wealth taxes to 1.1%.

More than 30 Norwegian billionaires and multimillionaires left Norway in 2022, according to research by the newspaper Dagens Naeringsliv. This was more than the total number of super-rich people who left the country during the previous 13 years, it added. Even more super-rich individuals are expected to leave this year because of the increase in wealth tax in November, costing the government tens of millions in lost tax receipts.”

https://www.theguardian.com/world/2023/apr/10/super-rich-abandoning-norway-at-record-rate-as-wealth-tax-rises-slightly

The Socialist Party of Great Britain provides a more relevant solution to the problem of the capitalist class and their continued clinging to wealth and to power.

Don’t tax the rich – Abolish them 

http://socialiststandardmyspace.blogspot.com/2022/04/dont-tax-rich-abolish-them-2021.html

 CHARITIES are warning the increase in state pension will be wiped out by a soaring cost of living.

From today (April 10), pensioners will see their weekly payments rise by almost £19 after the government increased the rate by 10.1%.

But charity bosses have warned the rising cost of essentials such as food, energy, fuel, social care and accommodation will cancel out the boost, reports The Daily Mail.

https://www.thesun.co.uk/money/21994818/warning-state-pension-cost-of-living-benefits/

 Manufacturers of electric cars are using exaggerated driving ranges as the official tests to not reflect real life, a study has revealed.

More than 70 electric vehicles were analysed in independent tests by consumer champions Which? showed that real-world ranges were almost 20 per cent lower than what car makers advertised, on average.

Tests also found that electric car batteries will need around 15 per cent extra power than what has been advertised to fully charge – resulting in higher running costs.

https://www.dailymail.co.uk/news/article-11926701/Electric-car-manufacturers-use-exaggerated-vehicle-ranges-publicity-study-reveals.html

Consumer prices in the UK unexpectedly surged in February, driven by soaring food and energy bills, the Office for National Statistics (ONS) reported on Wednesday.

Annual inflation as measured by the consumer prices index ran to 10.4% last month – exceeding the 9.9% consensus forecast among economists – up from 10.1% in January, placing further pressure on British households.

The ONS attributed the sharp increase to the growing cost of fresh food, non-alcoholic drinks and the rising price of restaurant meals.

“Food and non-alcoholic drink prices rose to their highest rate in over 45 years with particular increases for some salad and vegetable items as high energy costs and bad weather across parts of Europe led to shortages and rationing,” ONS chief economist Grant Fitzner said.

Overall inflation for food and non-alcoholic drinks surged to 18%, the highest level since 1977.

The surprise surge in inflation during February followed three consecutive months of slowing price increases, which gave hope that Britain was moving further away from October’s 41-year high of 11.1%.

The data comes ahead of the Bank of England’s announcement on interest rates on Thursday and is likely to add pressure on the regulator’s decision amid an unfolding upheaval in the global banking sector. The UK central bank has been increasing borrowing costs aggressively in an effort to tame inflation.

“Given the market movements of late, this puts the Bank of England in an incredibly difficult position as it may not be enough for [it] to press pause on the rate hikes,” Richard Carter, head of fixed interest research at Quilter Cheviot, told Reuters.

Households in the country continue to struggle with soaring food and energy bills, while workers across a range of sectors have launched mass strike action in recent months amid disputes over pay and conditions.

24//23

Dave C

‘One man with an idea in his head is in danger of being considered a madman: two men with the same idea in common may be foolish, but can hardly be mad; ten men sharing an idea begin to act, a hundred draw attention as fanatics, a thousand and society begins to tremble, a hundred thousand and there is war abroad, and the cause has victories tangible and real; and why only a hundred thousand? Why not a hundred million and peace upon the earth? You and I who agree together, it is we who have to answer that question.’

William Morris 

The French are up in arms because French capitalists, through  the auspices of the executive that runs France on behalf of capitalism, wants to prolong the age at which French workers can cease to be wage slaves. Note that even having ceased to be in receipt of a wage or salary, and retired, the vast majority still remain part of the working class. The proletariat cannot be expected not to kick against the pricks when it feels the provocation warrants it. Workers are not beasts of burden but must often feel they are treated as such. The working class produces the whole cake; it should looking to own all of it, not a few crumbs. Do these protests signify a new wave of class consciousness ? Not in the sense that those protesting are calling for the replacement of capitalism by socialism. That requires a majority understanding  of, and desire for, a class free, money free, state free society in place of the present exploitative system which is run to benefit the minority. Alongside ‘Liberté, égalité, fraternité,’ the rallying cry should be, Workers of the world unite! You have nothing to lose but your chains!

‘French authorities struggled on Thursday to suppress the protests against President Emmanuel Macron’s pension reform. Over a million demonstrators took to the streets across the country in what some security sources described as an “insurrection” against the government in Paris.

Tens of thousands of workers went on strike and protesters blocked public transportation, schools and oil refineries. Attempting to break up the protests, police used tear gas, water cannons, flash-bangs and batons. Videos making rounds on social media showed heavily armored officers clubbing unarmed demonstrators. 

The  entrance to the city hall in Bordeaux, the regional capital of Nouvelle-Aquitaine, was set ablaze at one point. At least one unit of firefighters switched sides and joined the protesters. Multiple eyewitnesses described the situation as “out of control.”

“It’s war in Paris, no time to post, take care of yourself,” tweeted one independent media outlet.

Almost 150 police officers and gendarmes have been injured, Interior Minister Garald Darmanin said on Thursday evening, calling this “absolutely unacceptable” and demanding harsh punishment for the attackers.
Darmanin also told reporters that 172 people were detained for questioning about the “looting and arson” in Paris, and that 190 fires had been set in the French capital, 50 of which were still burning as of 10 pm local time.

The interior minister blamed the “extreme left” and “black bloc” anarchists for the worst of the violence.

The police estimated more than a million protesters were in the streets.

The outpouring of popular discontent was triggered by President Macron’s announcement that the retirement age will be raised from 62 to 64, starting next year. Macron insisted that the change was necessary, otherwise the pension system would go bankrupt within the next several years. 

The Elysee Palace imposed the change without consulting lawmakers, who have been trying to deal with the controversial proposal since January. Protesters responded by calling on Macron to resign. 

Appearing on TV on Wednesday, Macron said his only mistake was “failing to convince people” of the decision’s merits, but insisted he would not back down, even if that meant having to “shoulder unpopularity.”

While there is a constitutionally protected right to protest, Macron said, if the malcontents use violence, “then that is no longer democracy.” 

Though heavily criticized due to the harsh coronavirus lockdowns and mandates, Macron easily won re-election in 2022, eventually defeating Marine Le Pen by a 17-point margin. The runoff election saw the lowest turnout since 1969.’

RT24/3/23

Dave C