Geography Archives: Portugal

The President, Senators, Congresspersons, media representatives, and many ordinary people speak often, these days, about Washington “learning to live within our means.”  Last Friday, the private rating company, Standard and Poor’s (S&P), said the riskiness of lending to the US had risen because the US was not living within its means (i.e. borrowing too much).  […]

All money managers’ eyes were on the U.S. jobs report this morning after the U.S. stock market yesterday suffered its biggest drop since 2009 and panic surged through financial markets worldwide.  The headline numbers were not as bad as many had feared: the U.S. economy added 117,000 jobs in July and the unemployment rate edged […]

  The Republicans have successfully changed the main emphasis of the economic debate from job creation to deficit control.  Why the urgency for balanced budgets?  After all, this anemic “recovery” has set itself apart from all previous post-war turnarounds precisely by its manifest failure to generate jobs.  Economic growth needs to considerably exceed 3% per […]

The Euro is crashing today to record lows against the Swiss Franc, and interest rates on Italian and Spanish bonds have hit record highs.  This latest episode in the Eurozone crisis is a result of fears that the contagion is now hitting Italy.  With a two-trillion dollar economy and $2.45 trillion in debt, Italy is […]

  We are 47 people from 22 organizations in 18 countries (Zimbabwe, Mozambique, Democratic Republic of the Congo, Rwanda, Angola, Uganda, Tanzania, Kenya, Zambia, South Africa, Central African Republic, Brazil, Mexico, Indonesia, Portugal, USA, France, and Germany).  We are farmers and staff representing member organizations of La Via Campesina, along with allies from other farmer […]

The European authorities are playing a dangerous game of “chicken” with Greece right now.  It is overdue for U.S. members of Congress to exercise some oversight as to what our government’s role is in this process, and how we might be preparing for a Greek debt default.  Depending on how it happens, this default could […]

  Are the member states of the Eurozone responsible for the Euro crisis the ones having problems servicing their debt?  The majority of people in Europe believe that this is the case.  Therefore, indebted countries like Greece, Portugal and Ireland must subject themselves to a brutal austerity program of savage cuts in welfare spending, diminishing […]

A sword of Damocles, we are told, is hanging over Greece.  Even the Greek EU commissioner says that Greeks must accept that their country will be run, nay micromanaged, by a committee of foreign creditors, or else Greece will be kicked out of the eurozone. This threat is found upon a flagrant lie.  Greece cannot […]

The current global capitalist crisis began with the severe contraction in the housing markets in mid-2007.  Welcome to Year Five.  A usual inventory of where things stand begins with the good news: the major banks, the stock market, and corporate profits have largely or completely “recovered” from the lows they reached early in 2009.  The […]

  Address to the Conference “Debt and Austerity: From Southern Countries to Europe,” Athens, Greece, 6-8 May 2011 Honorable guests, Dear participants, Comrade activists, Fellow fighters, The Greek initiative for the establishment of a Committee for the Accounting Audit of Its Public Debt welcomes you to this very important three-day event for the exchange of […]

1. Introduction: The Twin Recycling Problems in Brief

Europe’s crisis is caused by its institutional failure to confront two recycling problems: a debt recycling problem and a surplus recycling problem.

On the progressive potential of small, quasi-autonomous states (like Scotland, Ireland, Greece, Portugal, etc.). . . . The strong Scottish accent was conspiring with the noisy pub background to make it difficult for me to understand the words spoken in my ear by an imposing trade union figure.  Thankfully, I managed to decipher his words, […]

On April 18, Standard and Poor’s (S&P), one of three “rating companies” that control that industry, revised its outlook on the safety of long-term US debt from “stable” to “negative.”  There are only two reasonable reactions to this announcement, although the usual business and political leaders are promoting their usual spins. We may dispense quickly […]

Or what’s behind Germany’s hesitant statements on Greek debt restructuring, Ireland’s move against subordinated bondholders, and the ECB’s stance on interest rates. . . . Europe is at it again, trying to pretend that it has stemmed the tide of insolvency through its program of lending huge amounts of money (at high interest rates) to […]

Executive Summary: This paper is the third installment in a series (the first and second editions were in 2001 and 2005) that traces a long-term growth failure in most of the world’s countries.  For the vast majority of the world’s low- and middle-income countries, there was a sharp slowdown in economic growth for the two […]

When the current economic crisis hit, the Obama campaign blew away Bush and McCain by promising hope, change, and a solution that would overcome this crisis and prevent future crises.  Likewise some governments in Europe came to power based on public fear reacting to the global meltdown.  Ongoing crisis, mass economic pain, and deepening public […]

We the undersigned believe that there is a pressing need for an Audit Commission to examine Greek public debt.  Current EU and IMF policy to deal with public debt has entailed major social costs for Greece.  Consequently, the Greek people have a democratic right to demand full information on public and publicly-guaranteed debt. The aim […]

As everyone knows, Muammar Gaddafi is an authoritarian dictator.  Authoritarian dictators are a dime a dozen in world history, though, so that is not what would distinguish him from the rest of his kind in history books.  What might make him stand out is this: in the twilight of his autocratic career, Gaddafi had become […]

Jean Tulard is a historian, specializing in the French Revolution and revolutions in general.  According to Tulard, the future of the Tunisian uprising will depend on the role played by the army. In a month of uprising, the Tunisian people has successfully toppled the Zine El-Abidine Ben Ali regime.  Is it a revolution? Right now […]

For the past few months global attention, especially in the international financial media, has been focussed on the eurozone.  The reasons are obvious.  The group of countries that make up the European Union together constitute the largest economy in the world.  Instability within it — which now seems inevitable, no matter how the current problems […]