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U.S. government bailout of Silicon Valley and banks is $300B gift to rich oligarchs
The U.S. Federal Reserve printed $300 billion in a week to save collapsing banks and bail out Silicon Valley oligarchs. 93% of Silicon Valley Bank’s deposits were uninsured, over the FDIC limit of $250,000, but the government still paid them. 56% of SVB’s loans went to venture capitalist and private equity firms.
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The West no longer World leaders in 84% of critical technologies
Kailath, originally from Kerala but settled in the U.S., is one of the foremost names in the world in communications, control and signal processing. I remembered his words while reading the recent startling headlines that China has become the world leader in 37 of 44 critical technologies evaluated by the Australian Strategic Policy Institute (ASPI).
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This is how police and courts steal from poor people
I need to report a theft. Nassau County law enforcement stole $500 from my friend, Sylvester “Sonny” Jackson.
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Why the U.S. banking system is breaking up
Economist Michael Hudson responds to the collapse of Silicon Valley Bank and Silvergate, and explains the similarities with the 2008 financial crash and the savings and loan crisis of the 1980s.
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Review: Enrique S Rivera – “The Untold Story of Capitalism: Primitive Accumulation and the Anti-Slavery Revolution”
Every May 10th marks Afro-Venezuelan Day and commemorates the 1795 Coro Rebellion. The May 1795 revolutionary events are the centerpiece of Enrique S. Rivera’s The Untold History of Capitalism: Primitive Accumulation and the Anti-Slavery Revolution.
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The Washington Post is coming for your retirement benefits
When Jeff Bezos bought the Washington Post for $250 million in 2013, he didn’t transform it into a paper that elevated the perspectives of the wealthy elite—it had already been that for decades.
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How degrowth can help reduce global conflict
Defined as an equitable and democratic reduction of energy and material throughput targeted at rich nations and the globally wealthy, degrowth has grown in popularity over the last few years with growing political support.
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On Michael Lebowitz’s ‘Beyond Capital: Marx’s Political Economy Of The Working Class’
‘Beyond Capital’ helps us to understand why capitalism continues to persist despite endless crises, by drawing our attention to the messiness of human beings and the multiple circuits that reproduce capitalism as a complex and contradictory totality.
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Review of “Organising Responses to Climate Change: The Politics of Mitigation, Adaptation and Suffering”
Much has been written about climate change or, to use a more truthful term, global warming. But not much has been written about “Organising Responses to Climate Change,” which is the title of Daniel Nyberg, Christopher Wright and Vanessa Bowden’s new book.
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Amartya Sen’s work shows us the human cost of capitalist development
Indian economist Amartya Sen has posed a devastating challenge to the dominant capitalist understanding of development. But Sen’s own analytical framework doesn’t go far enough in exposing the inherently exploitative logic of capitalism.
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Capitalism in Black and Blue
Policing is inextricably linked to racism and to capitalism.
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French police attack 4th protest over pension reforms
Protesters stage a fourth round of nationwide demonstrations on Saturday against President Emmanuel Macron’s plans to reform the country’s pension system.
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Review of “Critique of the Gotha Program,” by Karl Marx
This new edition of Marx’s 1875 ‘Critique of the Gotha Program’ comes with a few surprises in translation for Marxists who have previously interpreted it as justification for the continuation of wage-labour and commodity production, under the ‘dictatorship of the proletariat’ in the ‘first phase’ of socialism/communism.
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“Crony capitalism” as an economic strategy
Gautam Adani’s calling Hindenburg’s allegations of fraud against him an attack on the Indian nation is a matter of particular significance.
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Introducing our new podcast: ‘Movies vs Capitalism’
The Lever’s new movie podcast launches.
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Danish working class opposes government’s bid to abolish public holiday to raise money for arms
The government’s decision to add an extra working day is part of its plan to raise an extra 3 billion kroner (USD 0.43 billion) for the rearmament of the country.
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A Wall Street time bomb
After reaping huge fees off workers’ savings, private equity firms’ subterfuge could imperil promised benefits for millions of workers and retirees.
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Value, price, and inflation: Immediate and structural causes
Every working person is keenly aware that prices are up.
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The lawsuit that could freeze speech against billionaires
A gas mogul’s case against Beto O’Rourke could deter candidates from ever talking about money in politics.
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Shocking inequality: Richest 21 Indian billionaires have more wealth than 700,000,000 Indians
Under the Modi government, India’s ruling classes have joined the ruling classes of the rest of the world in intensifying exploitation and earning super profits.