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Who guards the guardians? IMF and Standard and Poor'sBy Michael Collins The International Monetary Fund (IMF) and Standard and Poor's are highly placed guardians of the world economy. IMF is supposed to teach developing nations how to be just like us, i.e., onerously indebted to the big banks. Standard and Poor's is the keeper of the credit, ratings that ripple through the economy and impact hundreds of millions. Nobody elected these folks. They were begotten, not made. After IMF finished helping Egypt, Tunisia, and Libya with privatization and free markets, those nations descended into chaos and they're now broke, all of them, with lower living standards to boot. (See IMF Rates Up Dictatorships Just Before Revolutions) Michael Collins May 26, 2012 - 2:06am
( categories: Global Financial Crisis )
Speaking Of AusterityWhen you compare them head-to-head, the Obama and Romney tax plans are nearly identical:
Actor 212 May 24, 2012 - 9:43am
( categories: Economics | Economics: USA | The Markets | USA | USA: Campaign 2012 | USA: Domestic Issues )
Eurozone just about 100 percent in favor of pro-growth strategy, dumping austerity
German Chancellor Angela Merkel is like a phlegmatic dominatrix. She enjoys delivering pain, lots of it, but she does so in a sluggish fashion, without any flair. She's had a free ride for too long. Now, her day has come. Merkel is the last impediment to throwing austerity overboard in Europe and the United States. Correction: the last impediment to appearing to throw austerity overboard. Obama gave up the rhetoric of austerity before the kickoff of his 2012 campaign. His opening speech in Columbus, Ohio was so populist-infused; you might have thought he was campaigning against himself. Newly elected President of France François Hollande arrived at the right time to lead the move away from austerity. Andrew Grice of The Independent noted, "The French leader said the EU had to consider all ways to increase growth. And eurobonds are part of the discussion." Michael Collins May 24, 2012 - 12:45am
( categories: Global Financial Crisis )
Paul Krugman on Euro Rescue Efforts 'Right Now, We Need Expansion'The interview was conducted by Martin Hesse and Thomas Schulz | May 24 Tina May 23, 2012 - 11:45pm
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![]() Is there hopeSocialism rears its beautiful head (Article by Gar Alperovitz via Common Dreams).
Might as well try something new - the old way isn't working.
steeleweed May 23, 2012 - 9:07am
( categories: Economics: USA )
Facebook I.P.O. Raises Regulatory ConcernsBy Evelyn M. Rusli & Michael J. De La Merced | New York | May 23 After publicly warning about challenges in mobile advertising, Facebook executives held conference calls to update their banks’ analysts on the business. Analysts at Morgan Stanley and other firms soon started advising clients to dial back their expectations. One prospective buyer was told that second-quarter revenue could be 5 percent lower than the bank’s earlier estimates. Raja May 23, 2012 - 7:08am
Nasa chief hails new era in spaceJonathan Amos | May 22 a new era, indeed;-) nymole May 22, 2012 - 2:32pm
Google completes purchase of Motorola MobilityMay 22 Chinese authorities said Google must keep its mobile software, Android, free for other device makers for up to five years. The acquisition is Google's biggest to date. Raja May 22, 2012 - 1:57pm
Is Not Aging Anti-Evolution?That's the pretty interesting, if simplistic, question posed by The Atlantic:
Actor 212 May 22, 2012 - 9:19am
( categories: Economics: USA | Environment | Health Issues | Human Rights | Liberties | Media Criticism | MSM Criticism | Ruminations | Science )
"Is there any place for democracy in a regime of bureaucratic oversight designed to appease markets?"John O'Brennan cuts to the heart of the Eurozone crisis, outlining the political consequences of issuing aloof, one-size-fits-all austerity requirements from afar:
The whole thing. Read. h/t RCW. matttbastard May 21, 2012 - 12:02pm
'Our imperative is to promote growth and jobs,' G-8 Leaders
The joint statement (full text after the jump) from the G-8 meeting near Washington, DC,documents the utter failure of the very leaders who issued it. Were they capable leaders with the least knowledge of economic downturns, the statement would not be necessary. Nevertheless, they deserve some credit for admitting their deficiencies. (Image Banksy) The joint statement has some weasel words like "We commit to fiscal responsibility" to balance the urgent words about growth and jobs". That reflects the atavistic positions of the austerity faction, German Chancellor Angela Merkel and British Prime Minister David Cameron. Merkel suffered a huge set back in the Westphalia state elections with her Christian Democratic Party losing 25% to 50%. Corporate media maintains that her popularity as a leader is higher than ever. Merkel's comrade, PM Cameron is also pushing austerity. Nobody can pretend that his polling is any better than his party. The Conservatives were wiped out in local elections and Cameron is going down without a life jacket. The closing paragraph is the give away. The urgent need for growth needs to accommodate "the importance of intellectual property rights (IPR) to stimulating job and economic growth" We will regulate our way out of this crisis by taking the Yellow Brick Road to oppressive copyright laws. What a relief! They're serious. Michael Collins May 20, 2012 - 3:55pm
( categories: Global Financial Crisis )
"It's a war between peoples and capitalism"The Guardian's Helena Smith talks to Greek leftist leader Alex Tsipras:
Even the old capitalist robber-barons understood that the way to get wealthy was to create wealth for all while making sure you kept the lion's share. Neoliberal austerity policies are just asset stripping under a false banner. Steve Hynd May 19, 2012 - 12:13pm
Consumers Are The Real Job CreatorsVia The Mahablog, here's the TED conference talk from Amazon.com venture capitalist Nick Hanauer that was initially judged too politically hot to release which now everyone is talking about. And here's the transcript.
So simply explained even your rightwing uncle would get it if he didn't have his fingers in his ears going "la-la-la". Steve Hynd May 18, 2012 - 12:26pm
( categories: Economics )
Vermont first state to ban frackingMontpelier, VT | May 17 "This is a big deal," Gov. Peter Shumlin said Wednesday. "This bill will ensure that we do not inject chemicals into groundwater in a desperate pursuit for energy." Shumlin said fracking contaminates groundwater and the science behind it is "uncertain at best." He said he hopes other states will follow Vermont's lead in banning it. Raja May 18, 2012 - 1:58am
Chomsky: Plutonomy and the precariatNoam Chomsky writes that "The current US economy is built on 'growing worker insecurity' - people who are too busy and poor to make demands," and has a couple of new terms for us. Plutonomy refers to the rich, those who buy luxury goods and so on, and that's where the action is. They claimed that their plutonomy index was way outperforming the stock market. As for the rest, we set them adrift. We don't really care about them. We don't really need them. They have to be around to provide a powerful state, which will protect us and bail us out when we get into trouble, but other than that they essentially have no function. These days they're sometimes called the "precariat" - people who live a precarious existence at the periphery of society. Only it's not the periphery anymore. It's becoming a very substantial part of society in the United States and indeed elsewhere. And this is considered a good thing. Steve Hynd May 16, 2012 - 7:20pm
Told You SoNot sure exactly when I said it, but I did predict that Greece would exit the Euro. I also said that it should leave the Euro sooner, rather than later and do so on its own terms. Now elite opinion has decided it's okay for Greece to exit. Mostly because the neoliberals have already raped the economy there. You heard it here first. Sean Paul Kelley May 16, 2012 - 1:59pm
Is Google Doomed?One might begin to see the seeds of its decline here:
Actor 212 May 16, 2012 - 9:39am
FadbookThe results of this poll sort of reflect my own feelings and experiences with Facebook:
Actor 212 May 15, 2012 - 8:44am
( categories: Miscellany | Arts & Culture | Media Criticism | MSM Criticism | Ruminations | Science | Technology | The Markets )
Greek deadlock heightens fears of full European economic crisisHoward Schneider & Anthony Faiola | May 14 European stock indexes fell, with Greece’s market now at a 20-year low, while the euro currency continued a recent decline against the dollar. U.S. stocks also fell. Raja May 14, 2012 - 10:48pm
( categories: AgonistWire | Economics | Europe | European Union | Global Financial Crisis | Global Politics and Culture )
Tens of Thousands Protest Austerity in 80 Spanish CitiesRaphael Minder | Madrid | May 13 Over all, protesters gathered in about 80 Spanish cities, but again, one of the biggest turnouts was in Puerta del Sol, the Madrid square that almost a year ago became the center of a nationwide, youth-led movement seeking to overhaul Spain’s political parties and other traditional institutions. About 40,000 people gathered in the square on Saturday evening, while a similar number of protesters rallied in a square in Barcelona. Raja May 14, 2012 - 6:57pm
JPMorgan loss fuels calls for simplificationTom Braithwaite | New York | May 14 Queues of worried depositors did not form outside Chase branches. Black limousines of Wall Street chief executives did not descend on the Federal Reserve for crisis talks. nymole May 14, 2012 - 4:43pm
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![]() ( categories: AgonistWire | Economics )
Easy PickingsBarack Obama taking on Mitt Romney's abysmal job creation record is a little like critiquing Stalin's abysmal human rights record:
Actor 212 May 14, 2012 - 9:54am
( categories: Economics: USA | Histories | USA: "Occupy Protests" | USA: Campaign 2012 | USA: Presidency )
"Only the little people pay taxes"From the Guardian's letters column:
Things aren't very much different in the U.S. I wonder just how the collected wealth of the top 0.1%, say, compares to the national debt here. Steve Hynd May 11, 2012 - 5:34pm
Banks prepare for the return of the drachmaDouwe Miedema & Sarah White | London | May 11 From the end of the Soviet Union - which spawned currencies such as the Estonian Kroon and the Kazakh Tenge - to the introduction of the euro, they have had plenty of practice in preparing their systems to cope with change. Planning behind the scenes has been underway since Europe's debt crisis erupted in Greece in 2009, said U.S.-based Hartmut Grossman of ICS Risk Advisors who works with Wall Street banks. "A lot of the firms, particularly in Europe and also here, have been looking at that for a long time," said Grossman, who added that the latest Greek political crisis had brought matters "to a little bit of a head". "But there really has been contingency planning at all of the financial institutions for that to happen ... Greece leaving the euro zone is not a new idea," he said. Tina May 11, 2012 - 2:56pm
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![]() Mediating between the corporeal self and corporate societyOccupying Money. While it is natural to explain social issues in the general context to which they relate, the result is usually that the conversation goes in circles or divides into opposing sides. I think that to really peel away the processes at work, we should examine what is going on from the perspective of basic physical processes. As Newton said; “For every action, there is an equal and opposite reaction.” We need to understand what compels our actions and what the reactions will be, if we are understand where humanity is going. continue reading after the jump brodix May 11, 2012 - 1:19pm
( categories: Economics )
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