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Like a cancer brought under remission in one part of the body, only to pop up again elsewhere, the world capitalist economic crisis is back Last year the Greek ponzi scheme, whereby the extent of Greek national debt was hidden from its creditors (international finance...
The Occupy movement's most powerful unifying factor has been its clear and simple identification of the key problem in American society: the divide between the vast majority of the population--the 99 percent--and the richest and most powerful 1 percent. This 99...
It's a little hard to give a Howard Zinn Memorial Lecture at an Occupy meeting. There are mixed feelings that go along with it. First of all, regret that Howard is not here to take part and invigorate it in his particular way, something that would have been the dream...
All recent economic indicators point almost unambiguously to a new global recession, one which threatens to be more severe and prolonged than the 2007 crisis. While the epicentre of this developing crisis is located in the metropolitan countries, specifically the EU...
Have so many ever been so enthusiastic over a plan to beg, borrow, and steal $1.5 trillion? •Beg - Weaker European banks will have to raise over $100 billion in capital. •Borrow - Eurozone will borrow $1.4 trillion to bailout future sovereign and bank defaults. •Steal...
What if debt deflation strikes, will the Eurozone’s financial elite still bay for sound finance? Finance capital’s imposition of fiscal austerity on both sides of the Atlantic – and this at a time when private consumption and investment are stagnating – is pushing the...
Mass joblessness is an everywhere phenomenon in the developing world. The existence of an ever-growing reserve army of labour manages to keep working wages below a living minimum. Hence, the majority of the working class in any third world economy can get nicely tied...
IT is obviously silly to push for austerity in the midst of a recession, not just silly but cruel, since it prolongs the pain of unemployment. The recession is caused by a deficiency of aggregate demand. To overcome it what is necessary is an increase in demand which...