Subjects Archives: Global Economic Crisis

  • Lessons from a Long History of Dissent: From the Early Twentieth Century to Occupy Wall Street

    World Peace Forum Teach-In, Vancouver, Canada, November 12, 2011 (Modified from Notes) We are at what social theorists call a “historic moment,” in which real change suddenly seems possible.  It is therefore all the more important to learn from past struggles.  One of the first lessens of a long history of dissent from the early […]

  • Occupy Denialism: Toward Ecological and Social Revolution

    This is a reconstruction from notes of a keynote address delivered to the Power Shift West Conference, Eugene, Oregon, November 5, 2011. All of us here today, along with countless others around the world, are currently engaged in the collective struggle to save the planet as a place of habitation for humanity and innumerable other […]

  • Occupy Wall Street: An Opening to Worker-Occupation of Factories and Enterprises in the U.S.

      The Social Economy Context The Occupy Wall Street (OWS) movement has clearly expressed the hopes and great potentialities of the working class both in the U.S. and globally.  The 99 percent are speaking up and saying that they will no longer do the bidding of the 1 percent.  In essence it is the revolt […]

  • Why We Occupy, What We Know

    Occupy Eugene rally, 15 October 2011 We are here as part of the Occupy Wall Street movement, which in a few short weeks has become a global movement in hundreds of cities around the world.  We are part of the 99 percent not only in this country but the world. I have been reading the […]

  • Iran’s Massive Banking Scandal

    What’s the origin of the Islamic Republic’s biggest banking scandal? The financial conglomerate Amir Mansour Arya Investment Development Company allegedly procured several letters of credit from domestic banks totaling $2.8 billion — far above the company’s available collateral.  The Arya Group, founded by Amir Mansour Khosravi and now controlled by his son Mah-Afarid, controlled around […]

  • Living on the Edge: Economic Insecurity

    The Institute for Women’s Policy Research (IWPR) has released not one, but two, major research reports today.  Both analyze rising economic insecurity and draw on the findings from a large survey commissioned by IWPR and the Rockefeller Foundation in the fall of 2010. The first report “Women and Men Living on the Edge: Economic Insecurity […]

  • Class Warfare Indeed

    Over the last two decades or more, Republicans have been denouncing as “class warfare” any attempt at criticizing and restraining their mean one-sided system of capitalist financial expropriation. The moneyed class in this country has been doing class warfare on our heads and on those who came before us for more than two centuries.  But […]

  • The Manufactured “Financial Crisis” of the U.S. Postal Service

    September 21, 2011 Senator Joseph Lieberman Chairman of the Homeland Security and Governmental Affairs Committee United States Senate SH-706 Hart Senate Office Building Washington, D.C. 20510-0703 Congressman Darrell Issa Chairman of the Oversight and Government Reform Committee House of Representatives 2347 Rayburn House Office Building Washington, D.C. 20515-0549 If the U.S. Postal Service were forced […]

  • Two Decades of Neo-Liberal Reforms in India: The Worsening Employment Situation

    Two decades after neo-liberal economic reforms started in India as part of the agenda of imperialist globalisation, the condition of the masses of the labouring poor is worse in every part of the country except where some positive intervention has taken place to stabilise livelihoods.  The richest minority at the top of the income pyramid […]

  • Fred Magdoff on What Every Environmentalist Needs to Know about Capitalism

    What Every Environmentalist Needs to Know about Capitalism is a short, accessible introduction to the ecological crisis that is intended for a wide audience — why did you decide to write a book like this, and why now? In the fall of 2008 I attended a conference where discussion of the environment was prominent, although […]

  • The “Debt Crisis” Myth

    The prevailing understanding of economic troubles in the U.S. and Europe, the world’s two largest economies, is mistaken in a number of ways.  First: Imagine that you are driving a car down a road packed with snow and ice and you are worried about an accident.  At the same time you are ignoring the fact […]

  • Deficits, Debts, and Deepening Crisis

    Standard and Poor’s downgrades US debt, stock markets gyrate around the world, Sarkozy and Merkel perform yet another empty summit, the Chinese and Japanese economies look worrisome.  Serious commentators worry about global recession, another global banking collapse, eurozone dissolution, and austerity programs that only make matters worse.  Nouriel Roubini, famed Professor at NYU’s Stern School […]

  • Venezuela and Iran to Raise Levels of Coordination at OPEC in View of Financial Crisis

    Communiqué The president of the Bolivarian Republic of Venezuela, Comandante Hugo Chávez, communicated by telephone with the president of the Islamic Republic of Iran, Mahmoud Ahmadinejad, in the afternoon of the 15th of August, 2011. President Ahmadinejad said to President Chávez that, in this sacred month of Ramadan, he and millions of Iranians are praying […]

  • Sense and Nonsense in the Balanced Budget Debate: A Socialist Response

      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 Debt Ceiling: A Guide for the Bewildered

      It is very difficult to explain American politics to those who are not Americans and/or have not lived here long enough.  Add to that the confusion over basic economic principles, and it becomes almost impossible to explain the debt-ceiling debate to rational people. As noted by James Galbraith, this is not a fiscal crisis, […]

  • Jamaica Remains Buried Under a Mountain of Debt, Despite Restructuring

    As the eurozone authorities move closer to accepting the inevitable Greek debt default/restructuring, there are some who have pointed to the Jamaican debt restructuring of last year as a model.  It’s hard to imagine a worse disaster for Greece.  It is worth a closer look at what has been done to Jamaica, not only as […]

  • Global Oil Prices

    There was a time when global oil prices reflected changes in the real demand and supply of crude petroleum.  Of course, as with many other primary commodities, the changes in the market could be volatile, and so prices also fluctuated, sometimes sharply.  More than anything else, the global oil market was seen to reflect not […]

  • Beyond the Crisis: Markets, Planning, and a Utopian Vision Inspired by the American National Football League

    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 […]

  • 7 Things You Need to Know about the National Debt, Deficits, and the Dollar

    Introduction There are seven key points about the national debt, budget and trade deficits, and the dollar, that the public needs to understand in order to be well-informed and prepared to choose among various policy options: 1) The national debt is not literally a generational transfer.  This is easy to see because everyone who holds […]

  • Macroeconomic Policy Changes Have Helped Brazil Increase Growth, But Much More Is Needed

    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 […]