The depression has started. Journalists are still coyly enquiring of economists whether or not we may be entering a mere recession. Don’t believe it for a minute. We are already at the beginning of a full-blown worldwide depression with extensive unemployment almost everywhere. It may take the form of a classic nominal deflation, with all […]
Geography Archives: United States
Iran: Comprehensive Sustainable Development as Potential Counter-Hegemonic Strategy
The questions regarding variations in social development, economic progress, and political empowerment have produced a voluminous literature over the past century, and because of the complexity of these issues, much important reflection will continue well into the future. In the early 1980s, a United Nations’ Commission coined the term “sustainable development” as a public statement […]
Choreographing Permanent War
Notwithstanding the renewed public concern about the economy in the wake of the implosion of the global financial architecture, the so-called “war on terror” remains at the forefront of the American presidential election campaign as it heads into its final stretch. Despite continuing popular opposition to Washington’s blatant empire-building policies both within the US and […]
The Mad Activist’s Declaration of Codependence
The sages of History say, Know Thyself — and I do. I used to be a peace activist, but thanks to the sages of pop-psychology, I see now that I am a codependent. Yet I refuse to be your ordinary, run-of-the-mill codependent, who’s stuck in a crappy relationship with just one needy, abusive individual. I […]
How to Think about the Crisis
The Financial Crisis Goes beyond Finance The crisis today in mortgage lending does not come as a surprise to me. I discussed the build up to the crisis in a book published last year, The Confiscation of American Prosperity.1 The book describes more than three decades of concerted efforts to restructure the economy to respond […]
Can the Financial Crisis Be Reversed?
Página/12: What is your opinion about the decision of the Treasury Department to consider taking ownership stakes in many United States banks? Do you think this is the right political-economic strategy? I mean, will it lead to the recovery of the system? JBF: The Treasury Department proposal to purchase majority shares in major U.S. banks […]
The Global Financial Crisis Has a Social Cause, Too: the World of Low Wages: An Interview with Emiliano Brancaccio
Emiliano Brancaccio is a professor of labor economics at the University of Sannio, member of Rifondazione Comunista, and advisor to the largest union of Italian metalworkers FIOM-CGIL. You maintain that the financial crisis is not purely a technical financial phenomenon but has a social cause. Why? The starting point is the weakness of the […]
Israeli Bestseller Breaks National Taboo: Idea of a Jewish People Invented, Says Historian
No one is more surprised than Shlomo Sand that his latest academic work has spent 19 weeks on Israel’s bestseller list — and that success has come to the history professor despite his book challenging Israel’s biggest taboo. Dr. Sand argues that the idea of a Jewish nation — whose need for a safe haven […]
Financial Crisis Hits Mexico: Social Crisis on the Horizon?
The international financial crisis that originated in mortgages and derivatives in the United States has spread to Europe, Asia, and Latin America, and Mexico will be significantly affected by the crisis. Government, business leaders and analysts say that for Mexico the crisis means: Less foreign direct investment. A decreasing market for its exports. Lower prices […]
Wall Street — Cold, Flat, and Broke
“Dreamed about AIG and the stock market, woke up with the urge to stock up on canned goods and shotguns.” — Michele Catalano of Long Island, an angry blogger. The month of September was cruel for Wall Street. Stormy winds blew away the venerable institutions of Wall Street and they collapsed one by one […]
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 […]
Why Japan Clings to the Declining Dollar
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 […]
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 […]
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 […]
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 […]
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 […]
