Subjects Archives: Financialization

The Crisis, especially in Europe, is all-consuming.  Every day our minds are hijacked by its latest twist.  Here in Athens, a general strike almost brought the government to its knees and has kick-started a process that will, inevitably, lead to what can only be described as regime change. While history is preparing the next regime […]

From 2004 to 2010, Brazil’s economy grew at an average of 4.2 percent annually, or more than twice as fast as it had grown from 1999-2003; or for that matter, more than twice as fast as its annual growth from 1980-2000.  This was despite the impact of the world recession of 2009, which left Brazil […]

  Executive Summary: The Brazilian economy grew by 4.2 percent annually from 2004-2010, more than double its annual growth from 1999-2003 or indeed its growth rate over the prior quarter century.  This growth was accompanied by a significant reduction in poverty and extreme poverty, especially after 2005, as well as reduced inequality.  This paper looks […]

The term financial liberalisation is used to cover a whole set of measures, such as the autonomy of the Central Bank from the government; the complete freedom of finance to move into and out of the economy, which implies the full convertibility of the currency; the abandonment of all “priority sector” lending targets; an end […]

Since early this morning, PAME members have symbolically occupied the Ministry of Economy and Finance, calling upon workers to rise up and stop the government’s barbaric anti-labor measures.  All out for the demonstration today, Omonoia Square, 7 PM.  General Strike! The All Workers Militant Front, PAME, is a coordination center of Greek trade unions, founded […]

  Over 800 homeowners, clergy, and workers converged in Columbus, Ohio to directly confront JPMorgan Chase and deliver a message that Wall Street banks need to pay their fair share and stop foreclosing on America. For more information, visit <npa-us.org>, <ohorganizing.org>, and <showdowninamerica.org>.   var idcomments_acct = ‘c90a61ed51fd7b64001f1361a7a71191’; var idcomments_post_id; var idcomments_post_url; | Print  

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.

  10 April 2011 Congratulations to the people of Iceland! The Repudiate the Debt Campaign welcomes and applauds the decision of the people of Iceland to reject the bank bail-out that would subsidise the wealthy elite.  They showed great courage in rejecting the terms and conditions and in resisting the pressure from the European Union […]

The Case-Shiller 20-City index fell sharply again in December, dropping a full percentage point from its November level.  This is the third consecutive month that it has fallen by at least 1.0 percent.  It is now down by 4.3 percent from its peak in July.  Nineteen of the 20 cities had a drop in prices.  […]

  Testimony before the Insurance, Commerce, and Labor committee, 17 February 2011 Statehouse Mobilization against SB 5 and Kasich’s Anti-Worker Agenda Date: Tuesday, February 22, 2011 Time: 1 PM Location: Ohio Statehouse, 1 Capitol Square, Columbus, OH Click here for more info. My name is Sherry Linkon, and I’m John Russo.  Thank you for giving […]

We, the student and precarious workers of Europe, Tunisia, Japan, the US, Canada, Mexico, Chile, Peru and Argentina, met in Paris over the weekend of the 11th-13th of February, 2011 to discuss and organize a common network based on our common struggles.  Students from Maghreb and Gambia tried to come but France refused them entry. […]

There is much confusion about the current economic situation, among left media and organizations as well as in the mainstream media.  This is certainly understandable given its complexity.  But what many are referring to as causes are symptoms of a deeper underlying problem — in other words, sparks that produced the Great Recession by igniting […]

  A national campaign is now fully launched to make local public sector employees pick up a major share of the costs of economic crisis.  Years of rising spending and falling revenue have carved a path of destruction through federal, state, and local budgets.  Deficits and debts have mounted, eroding taxpayer support for government spending […]

In his State of the Union address, President Obama insisted on the need to protect Social Security and ensure that future generations can depend on it.  Nevertheless, it appears that some in Congress are considering major changes to the program.  Unfortunately, many people do not understand the program’s solvency or the likely importance that it […]

Introduction and Summary: In “The Role of Prices in Measuring the Poor’s Living Standards,” Christian Broda, Ephriam Leibtag, and David E. Weinstein (2009) use proprietary data — the 2005 Nielsen Homescan dataset — to analyze differences by income level in the prices paid for food.  They find that Nielsen households with incomes above $60,000 pay […]

The Crash of 2008 and its ghastly aftermath was not just an economic crisis but also a crisis aided and abetted by economics. Previously I have written about the Econobubble (the handmaiden of the “real” Bubble) and the toxic theories of economists who were very recently rewarded with the Nobel Memorial Prize in Economics.  Following […]

Phases of Imperialism Lenin dated the imperialist phase of capitalism, which he associated with monopoly capitalism, from the beginning of the twentieth century, when the process of centralization of capital had led to the emergence of monopoly in industry and among banks.  The coming together (coalescence) of the capitals in these two spheres led to […]

This is not the first time thousands of classified documents have been “liberated,” revealing to a stunned public how their government has waged a concerted war of disinformation against them for the purposes of bending their will to the demands of a pointless war: a war on the altar of which the deceived public are […]

  Listen to the interview with Samir Amin: Can you tell me very briefly what your book Ending the Crisis of Capitalism or Ending Capitalism? is about? The title of my book is indicative of the intention.  The title, in a provocative way, is Ending the Crisis of Capitalism or Ending Capitalism in Crisis?  As […]

  Michael A. Lebowitz will deliver the Fourth Annual Lecture in Memory of Nicos Poulantzas (“Building Socialism of the 21st Century: The Logic of the State”) on Wednesday, 8 December 2010, 7 PM, at the auditorium of the Goethe Institute (Omirou St. 14-16) in Athens, Greece. Mr. Lebowitz, is Marxism still relevant today?  I ask […]