Saori Katada* poses a most compelling question: why does Japan continue to denominate so much of its accumulated export earnings in dollars? Katada frames the question slightly differently, asking why Japan has not moved from being a “supporter” of the dollar-denominated currency regime in East Asia to being a “challenger.” But it’s essentially the same […]
Geography Archives: Americas
South America, Central America, United States & Canada
Where We Stand: Monthly Review and the Credit Crisis
Sunday afternoon, October 5th, 2008, a moment at the height of a global credit crisis, the like of which has not been seen by anyone under the age of eighty. The time will come when calm has returned, and when we at Monthly Review will point to a record over the last several years of […]
In House’s Final Bailout Vote, Money from Finance Sector Sided with Bill’s Supporters
House members voting for the bailout Friday have collected 41 percent more than opponents from the industries most eager for emergency aid. Senate vote was similarly divided. WASHINGTON (Oct. 3, 2008) — Members of the House of Representatives who voted Friday afternoon in favor of the Emergency Economic Stabilization Act of 2008 had received […]
Argentina: The Crisis That Isn’t
In recent weeks there have been numerous press reports and articles indicating that Argentina is facing serious economic problems that could lead to a default on its sovereign debt. Some of these analyses compare Argentina’s current situation to that of 2001, when the government of Argentina did actually default.1 It is not only journalists and […]
Bolivia: Defeat of the Right
In the amazing series of elections in South America in the last five years, the most radical results were in Bolivia, with the election of Evo Morales as President. It is not because Morales stood on the most radical platform. It was rather that, in this country in which the majority of the population are […]
The United States and the World: Where Are We Headed?
This paper was presented at the Alexandre de Gusmão Foundation and the International Relations Research Institute’s (IPRI) “Seminar on the United States” hosted by the Itamaraty Palace (Brazilian Foreign Ministry) in Rio de Janeiro, Brazil on September 29, 2008. Introduction The United States appears to be embarking on a transition on two major fronts: its […]
Simple Solution to a Financial Crisis
Seeing how the Democrats seem incapable of figuring out the boondoggle Bernake and Paulson are in the process of engineering, I thought I might outline a modest proposal for a fair resolution to the present financial crisis. Buy two trillion dollar toxic sub-prime at 40 cents on the dollar; disaggregate, repackage and sell back […]
“Just the Facts”: Interview with Norman G. Finkelstein
Norman Finkelstein is one of the world’s most outspoken and tenacious scholars on the Israel-Palestine conflict, and a fierce critic of the way Israel’s supporters try to wield the memory of anti-Semitism as a baton to beat up on those who criticize the country’s well-documented atrocities. Author of Beyond Chutzpah: On the Misuse of Anti-Semitism […]
Confessions of a Recovering Republican
My name is Dan, and I’m a Republican. Though it’s been almost eight years since I voted GOP, the shame and regret haunt me daily. Just the sight of ‘W’ mugging for the cameras on the evening news is enough to fill me with despair. It all started innocently enough. I tried my first shot […]
The Financial Crisis: Will the U.S. Nationalize the Banks?
The political conflict over the Bush administration’s plan for a bailout of the banks, brought about both by differences with the Democrats and even more intensely with rightwing Republicans, makes it highly unlikely that Congress will be able to pass a bailout plan that can stabilize the financial situation along the lines that Secretary of […]
Oaxaca: Justice for Our Sister Marcella Sali Grace!
Justice for our sister Marcella Sali Grace! Brother and sisters, Our hearts are full of sadness and rage because our sister Sali was brutally raped and murdered 20 minutes from San Jose del Pacifico, and up to now the Oaxacan Attorney General’s Office, as is its custom, is not doing anything despite the fact that […]
The Great Wall of Boeing
On September 10 the U.S. government acknowledged that its Secure Border Initiative (SBI) was behind schedule and over budget. Promoted in 2005 as a new way to block unauthorized immigration, the $2.7 billion project was supposed to create a 670-mile physical and “virtual” fence by the end of this year along the 2,000-mile border with […]
Iran, Israel, and the Looming Threat of War
Friends, Enemies, and “Existential” Threats In the ceaseless and invariably bellicose calls for war (both open and clandestine) against Iran, perhaps one argument invoked by pro-war pundits and politicians stands out and takes pride of place above all others: Iran, it is claimed, “poses an existential threat to the state of Israel.” It’s certainly been […]
The $700 Billion Bailout Plan’s Fine Print
Treasury Sec. Hank Paulson’s $700 billion bailout plan now has a name: the Troubled Asset Relief Program, or TARP. But even as Capitol Hill debates TARP, few seem to have noticed the proposal item that puts taxpayers on the hook for future bailouts. It’s in Section 6, and the key phrase is this: “The […]
The Financial Crisis: A View from the Left
Faced with the failure of the financial sector and the possible collapse of the economic system, Republicans and Democrats are working together feverishly to come up with a plan and find the funds to save the American financial system. The Congress that has been unable to provide adequate funding to health, education, housing, public transportation, […]
Obama Shares Bush’s Goals
Barack Obama, the Democratic presidential candidate, has adopted the rhetoric of change which has captured the imagination of many Americans and non-Americans around the world. But when it comes to the foreign policy, there are enough reasons to remain sceptical. Will he adopt a foreign policy with objectives which differ from those of George Bush, […]
A Turning Point for the Global Economic System
The financial sector meltdown spelt an opportunity for the system to reinvent itself. Will the financial sector meltdown in the developed economies lead to a rethink about the path the global economy has traversed in the last few decades? Simply put, will it curb the primacy of finance, will it rein in the penchant […]
USAID, Key Weapon in Dirty War on Latin America
In a statement drafted in scrupulously selected terms and circulated with exceptional discretion, the so-called U.S. Aid for International Development (USAID) has publicly confessed to having squandered taxpayers’ money in its dirty war on Cuba. It did so in the face of warnings by certain scandalized congress members and the embarrassing revelations of audits […]
Bolivia: Indigenous Government Defies US-backed Fascists
Relative calm has returned to Bolivia following a three-week offensive of violence and terrorism launched by the US-backed right-wing opposition denounced by Bolivian President Evo Morales as a “civil coup.” This campaign of terror, centered on the four resource-rich eastern departments (Santa Cruz, Pando, Beni, and Tarija) known as the media luna (half moon), was […]
Elegy
Elegy is a fitting title for Spanish director Isabel Coixet’s recent adaptation of the short novel by Philip Roth, The Dying Animal. It is a pensive lament for its principal character, who sadly is never fully realized in this work. The film follows the life of sixty-something David Kepesh (Ben Kingsley), a professor and critic […]
