Default, Debt Renegotiation and Exit When the Eurozone crisis burst out in early 2010, an RMF report identified three strategic options for peripheral countries, namely, first, austerity imposed by the core and transferring the costs of adjustment onto society at large, second, broad structural reform of the Eurozone in favour of labour and, third, exit […]
Geography Archives: Russia
Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005
Table 14 summarizes the main technical characteristics of the debt restructurings studied in this paper: the size of the exchange, the participation rate, the numbers of instruments tendered and new instruments issued, the options available to investors, etc. Table 15 contains the main results, both in terms of the level and dispersion of NPV […]
Noam Chomsky on Hopes and Prospects for Activism: “We Can Achieve a Lot”
Acclaimed philosopher and activist Noam Chomsky is Institute Professor Emeritus of Linguistics at the Massachusetts Institute of Technology. He shared his perspectives on international affairs, economics, and other themes in an interview conducted at his office in Boston on September 14, 2010. Keane Bhatt: Your new book Hopes and Prospects begins with the story of […]
The Value of Money
Paul Jay: On November 7, the president of the World Bank, Robert Zoellick, issued a statement calling for the reintroduction of some form of gold standard to establish the value of money. Why now? . . . Is Robert Zoellick’s proposal grasping at straws? Jane D’Arista: Well, what you’re saying is quite right. The […]
No Fracking Way! PA: Exemption without Taxation in the “Saudi Arabia of Natural Gas”
Part 1 Part 2 Part 1 Tom Corbett, Governor-Elect for Pennsylvania: It’s now time to come together, to tell the rest of the world — to tell the rest of the world Pennsylvania is open for business. Jesse Freeston: And that business is natural gas. Pennsylvania’s race was unique in that it was fought primarily […]
After the Midterm Elections: Hawks Up the Pressure for Military Action and Obama Sets Iran Up for More Sanctions
Tony Karon has another sharp piece this week, entitled “Israel Pressed for a Tougher U.S. Line on Iran.” For some time now, we have been forecasting an intensification of pressure on the Obama Administration, by Israel and pro-Israel constituencies in the United States, for U.S. military strikes against Iran’s nuclear infrastructure. It appears that the […]
A Modest Proposal for Overcoming the Euro Crisis
It is now abundantly clear that each and every response by the eurozone (EZ) to the galloping sovereign debt crisis has been consistently underwhelming. This includes the joint EZ-IMF operation, back in May, to “rescue” Greece and, in short order, the quite remarkable overnight formation of a so-called “special vehicle” (officially the European Financial Stability […]
Dilma’s Victory in Brazil
Like the rally led by Jon Stewart and Stephen Colbert of Comedy Central that brought hundreds of thousands of people into the streets of Washington DC on Saturday, Brazil’s election on Sunday was a contest of “Restore Sanity” versus “Keep Fear Alive.” Dilma Rousseff of the governing Worker’s Party coasted to victory against the opposition […]
Iran and Honduras in the Propaganda System: Part 2, The 2009 Iranian and Honduran Elections
As we stated at the outset of Part 1,1 there is no better test of the independence and integrity of the establishment U.S. media than in their comparative treatment of Iran and Honduras in 2009 and 2010. Iran held its most recent presidential election on June 12, 2009. This followed a typically short three-week campaign […]
G20: The United States and Neo-mercantilism
Here comes the travail of crisis. The more they talk about coordination, the more it becomes necessary to concentrate on the conflicts revealed by the very talk of coordination. The G20 finance ministers’ meeting, held in South Korea on Friday, has already been mortgaged by the case opened by US Treasury Secretary Timothy Geithner regarding […]
Wilhelm Weitling, the First German Communist
‘The founder of German Communism’ is how Engels describes Wilhelm Weitling (Engels 1975 [1843], p. 402).1 It is not a name that comes immediately to mind when considering the origins of modern communism, but he, a diligent student of the Bible, was an early comrade of Marx and Engels and deserving of greater recognition for […]
Medvedev and Chávez Sign Agreement to Build First Nuclear Power Plant in Venezuela
After a high-level meeting of the Russian and Venezuelan delegations, Venezuelan President Hugo Chávez and Russian President Dmitry Medvedev signed this Friday a series of strategic agreements, including an agreement to build the first nuclear power plant in Venezuela. The agreement, which had been negotiated during Prime Minister Vladimir Putin’s visit to Caracas last April, […]
Maduro: “Venezuela Has Sacred Right to Use Nuclear Energy for Peaceful Purposes”
The Venezuelan foreign minister characterizes as insolent the statement of the US State Department spokesperson who said that the US will closely watch Russia’s agreement to build a nuclear power plant in Venezuela. The United States has no moral high ground to stand on, since the US is using nuclear energy for military purposes. […]
A New Vision of Socialist Transition and Development
Michael Lebowitz. The Socialist Alternative: Real Human Development. New York: Monthly Review Press, 2010. It is probably fair to say that revolutionary socialism does not come naturally to everyone. Some of the young and curious pick up a grimy, twenty-page manifesto in a second-hand bookstore and never look back, but for myself it was […]
From Sugar to Services: An Overview of the Cuban Economy
Summary: In 1989, services comprised no more than 10 per cent of Cuba’s export revenues, with sugar accounting for over 70 per cent. In 2007, by contrast, it was sugar that made up 10 per cent of overseas earnings while services accounted for 70 per cent. The article provides an overview of this drastic […]
The Global Water Crisis Should Be a Top Priority Issue
In recent years, climate change seems to have elbowed out other environmental issues to become the No. 1 global problem. But the alarming problems of water — increasing scarcity, lack of access to drinking water and sanitation, pollution, flooding — are equally important and an even more immediate threat. On 28 July, the UN General […]
As’ad AbuKhalil: “The Shift from a Unipolar US World to a Multipolar World Is Overstated”
As’ad AbuKhalil, or Angry Arab as he is more commonly known after his blog The Angry Arab News Service, is in real life a most friendly and forthcoming man. A Lebanese-born author of four books on the Middle East, he is professor of political science at California State University and is visiting professor at […]
The Enigma of Capital and the Crisis This Time
Paper prepared for the American Sociological Association Meetings in Atlanta, August 16th, 2010. There are many explanations for the crisis of capital that began in 2007. But the one thing missing is an understanding of “systemic risks.” I was alerted to this when Her Majesty the Queen visited the London School of Economics and asked […]
The Language of Power: Interview with Jean Bricmont
Jean Bricmont is professor of theoretical physics at the University of Louvain, Belgium, and is a member of the Brussels Tribunal. He is the author of Humanitarian Imperialism and co-author, with Alan Sokal, of Fashionable Nonsense: Postmodern Intellectuals’ Abuse of Science. He has written critically about ‘humanitarian interventionism’ since the Kosovo war in 1999. In […]
Mr. Ahmadinejad Comes to New York
As he has every year since becoming President of the Islamic Republic, Mahmoud Ahmadinejad is coming to New York this week to attend the United Nations General Assembly. Several important U.S. media outlets have either already conducted (MSNBC, ABC) or will conduct (PBS’ Charlie Rose and CNN’s Larry King) interviews with Ahmadinejad in connection with […]
