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Entries in Economic Crisis (11)

Friday
Feb032012

John Feffer - The Next Marx

Lenin graces the cover of a recent issue of The Economist. The Financial Times is running an entire series on the “crisis in capitalism.” Francis Fukuyama, a recovering neoconservative,makes a plea in Foreign Affairs for the left to get its intellectual act together. And that noted class warrior Newt Gingrich has been assailing Republican presidential candidate Mitt Romney for being a ruthless moneybags.

Excuse me? Does the left hand know what the right hand is doing? What parallel universe did we all just stumble into? It’s not the first time, of course, that the political spectrum has become all jumbled. Ten years ago, the 9/11 attacks sent some liberals scurrying rightward in support of the Bush administration’s extended response. The disastrous aftermath of the Iraq War then pushed even some leading neoconservative lights, like Fukuyama, in the other direction. The aftershocks of this upheaval can still be felt in the debate around the Libya intervention and the “right to protect” doctrine.

Read More:

http://www.ips-dc.org/articles/the_next_marx

Wednesday
Feb012012

We Can Now See the True Cost of Globalization

When Karl Marx called for the workers of the world to unite, it seems unlikely he had in mind an iPhone boycott. But suggestions for just such a campaign in the US have thrown the spotlight on possible abuses at firms producing goods for hi-tech giant Apple, urging the public to think again about what happens at the other end of the production pipeline that leads to its swish, minimalist stores. Stung by the criticisms, Apple boss Tim Cook told his staff last week: "We care about every worker in our worldwide supply chain," and the company is now inspecting scores of factories, providing the latest evidence that the public is no longer willing to ignore the dark underbelly of world capitalism.

Before the Great Crash, critics of globalization were isolated on the loony fringe: tear-gassed in Seattle and whacked with truncheons in Prague, as the west's leaders gathered to congratulate themselves on reaping the benefits of unfettered world trade. When the Asian financial crises of the 1990s toppled governments and forced one desperate country after another into mass impoverishment and emergency bailouts by the International Monetary Fund, the west's leaders – even many on the left – explained it away as a result of shoddy governance or poor economic management, instead of a devastating side-effect of globalization.

Read More:

http://www.guardian.co.uk/commentisfree/2012/jan/29/observer-editorial-global-capitalism-bad

Tuesday
Jan312012

Lynn Parramore - How Male Global Elites Work Hard to Fix the Economy – In Their Favor

The pomp and the platitudes. The champagne and the canapés. In the tony ski resort of Davos, Switzerland, the gemütlich gathering of global leaders for the World Economic Forum seemed like business as usual…five days of hobnobbing and male-dominated, Euro-centric jaw-flapping on the economic state of the planet. A rich and rewarding experience for the rich and rewarded.

But what about this year’s theme? Billed as “The Great Transformation,” the WEF promised sessions on rethinking capitalism, reducing inequality and solving Europe's financial crisis. Founder Klaus Schwab opened the forum with a wise observation that capitalism needs to be fixed "to serve society." Was it possible that these leaders wanted change? Had they opened their ears to the 99 percent?

Guess it depends on which society and what you mean by fixed. Because in reality, the brochure should have read: "The Great Retrenchment: with sessions on denying capitalism's failures, staying rich despite inequality, and dumping Europe's financial crisis onto the backs of ordinary people."

Read More:

http://www.alternet.org/story/153941/how_male_global_elites_work_hard_to_fix_the_economy_%E2%80%93_in_their_favor
Monday
Jan302012

Danny Schechter - Remember Rousseau: Property Rights and Human Rights Are Still At War

Listen to Danny's show (The News Dissector) every Friday at 1pm(ET) only on PRN.fm.

The conflict between property rights and human rights has entered a new chapter. It is a debate that goes back to the challenge by landowners and merchants behind the American Revolution’s war on British control over the colonial economy.

Only today, as those speaking in the name of the 99% challenge the super wealthy of the 1% (actually the .001 %) there is a new battleground in what’s known as the housing market with as many as 14 million Americans in or facing foreclosure.

The defense of property rights is the holy of the holies for the propertied classes with a whole industry set up to enforce their claims of ownership.

Read More:

http://www.disinfo.com/2012/01/remember-rousseau-property-rights-and-human-rights-are-still-at-war/

Monday
Jan302012

Can the Economy Bear What Oil Prices Have in Store?

Stop wrangling over global warming and instead reduce fossil-fuel use for the sake of the global economy.

That's the message from two scientists, one from the University of Washington and one from the University of Oxford in the United Kingdom, who say in the current issue of the journal Nature (Jan. 26) that the economic pain of a flattening oil supply will trump the environment as a reason to curb the use of fossil fuels.

"Given our fossil-fuel dependent economies, this is more urgent and has a shorter time frame than global climate change," says James W. Murray, UW professor of oceanography, who wrote the Nature commentary with David King, director of Oxford's Smith School of Enterprise and the Environment.

Read More:

http://www.sciencedaily.com/releases/2012/01/120126223609.htm