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Canadian Peace Congress Contribution To World Peace Council Adresses Global Capitalist Crisis And Economic Desparity

September 2, 2012 in ANON NeWs, Finance, Headline, Occupy, Politics, World News

I hope you will read this presentation made by our northern neighbors and pass it along

I would note that the proposed naval base for JeJu Island in Korea would be a perfect opportunity for peace organizations here in the United States to organize demonstrations in a way which would expose Obama’s imperialist agenda. 

- Alan L. Maki

Dear sisters, brothers, comrades and friends,

 

It is my pleasure to bring you solidarity greetings from the Canadian Peace Congress. We want to

thank and congratulate our host, the Nepal Peace and Solidarity Council, for preparing this Assembly

and allowing all of the peace and anti-imperialist forces of the world to gather for this important

meeting. We also salute the people of Nepal, whose continued progressive struggle has brought

about the change from a monarchy to the Federal Democratic Republic, along with many other

important social and political developments in recent years.

 

As well, we want to thank the General Secretary and President of the WPC, for their committed and

excellent leadership over the past 4 years since our last assembly in Caracas, and the Greek Peace

Committee for continuing to provide the Executive Secretariat and headquarters.

 

This Assembly of the World Peace Council convenes at a critical moment for peace and progressive

forces worldwide. Since our last Assembly in 2008, the global capitalist crisis has continued and

deepened, and competition for resources, markets, influence and profits has grown much more fierce

and desperate. In an effort to overcome the crisis and avoid economic collapse, capitalist countries

are attacking the social, economic and political gains won by the working class over many decades of

struggle. Read the rest of this entry →

Eurozone debt crisis: should investors prepare for a Greek exit?

May 27, 2012 in Finance, Politics, Update, World News

As the euro crisis sends the stock market tumbling, investment experts remain surprisingly upbeat about equities.

By   -  telegraph.co.uk

Investors have been told that Greece leaving the euro will not be a disaster Photo: McWilliams

The chances of Greece exiting the euro intensified last week – so much so that EU leaders were warned to have contingency measures in place.

Such was the demand for safe-haven assets that investors rushed to snap up German bonds that paid a coupon of 0pc. That’s right, investors piled in to buy government bonds that will not deliver a return but are deemed among the eurozone’s safest assets.

Morgan Stanley, the investment bank, published a note on Friday to warn: “We think that the ramifications of a Greek exit are more serious than the market anticipates. While a euro zone break-up is not our base-case scenario, we raise our subjective probability to 35pc from 25pc, and reduce the timescale of this move to 12-18 months from five years.

“We believe that the most likely scenario for a divorce is a Greek exit preceded and followed by strong contagion. There are three main channels for contagion: the sovereign, the banking sector and the political situation. The countries most at risk of material contagion seem to be Italy, Spain, Ireland and Portugal.”

Brian Dennehy, a financial adviser, has already prepared his clients’ portfolios for the FTSE100 plunging to 4,000 by the end of the year. “Our clients have largely been de-risked for many months,” he said. “In practice, this means none tend to have more than 20pc in equities. Although there could be some good news if the FTSE hits these levels, if investors are unprepared the risk is that they panic into selling at precisely the wrong time.”

It has been a tortuous few days – headlines of Armageddon and the death of equities will have caused anxiety among investors. They will be asking themselves whether they should be preparing their portfolios for an exit too. Read the rest of this entry →

While Banks Have the Upper Hand, the Global Economic Crisis Will Continue

March 25, 2012 in Editorial, Finance, Headline, Politics, World News

The stock market may be up, but for working people the global political economy is likely to remain in crisis for at least another three to five years.

By William K. Tabb

Because the state of the economy looms so large in the outcome of the 2012 presidential election there is a tendency on the part of those who would like to see the president re-elected to be optimistic about recent job creation, factory orders and other indicators that there may be light at the end of the tunnel. The reality may be very different however and the changes needed go far beyond what Mr. Obama is proposing or is likely to get now or in the new Congress. The stock market may be up but for working people the global political economy is likely to remain in crisis for at least another three to five years, with high unemployment and slow growth. The character of this period makes a grim cyclical crisis worse by adding to it both a financial component and a deeper structural crisis which challenges a model of accumulation dependent on financialisation and corporate globalisation. A year ago, then European Central Bank president Jean-Claude Trichet expressed the view that the next ten years could be a ‘lost decade’. Median income in the US declined by 7% between 2000 and 2010 and the Wall Street Journal’s poll of 50 leading business economists expects the losses will not be made up before 2021. These are not the testimonies of radical Marxists (who generally hold similar opinions). Read the rest of this entry →

Argentine advice for Greece: ‘Default Now!’

February 23, 2012 in Finance, Headline, Politics, World News

Here in Argentina, when we watch the terrible things that are happening today in Greece, we can only exclaim, “Hey!! That’s exactly what happened in Argentina in 2001 and 2002…!”

­A decade ago, Argentina too went through a systemic Sovereign Public Debt collapse resulting in social turmoil, worker hardship, rioting and street fights with the police.

Some months before Argentina exploded, then-President Fernando de la Rúa – forced to resign at the height of the 2001 crisis – had called back as finance minister the notorious pro-banker, Trilateral Commission member and Rockefeller/Soros/Rhodes protégée Domingo Cavallo.

Cavallo was the gruesome architect of Argentina’s political and economic capitulation to the US and UK when he was President Carlos Menem’s foreign minister and economy minister in the ’90s. Read the rest of this entry →

How Greece could take down Wall Street

February 23, 2012 in Finance, Headline, World News

In an article titled “Still No End to ‘Too Big to Fail,’” William Greider wrote in The Nation on February 15: “Financial market cynics have assumed all along that Dodd-Frank did not end ‘too big to fail’ but instead created a charmed circle of protected banks labeled ‘systemically important’ that will not be allowed to fail, no matter how badly they behave.”

That may be, but there is one bit of bad behavior that Uncle Sam himself does not have the funds to underwrite: the $32 trillion market in credit default swaps (CDS). Thirty-two trillion dollars is more than twice the U.S. GDP and more than twice the national debt.

CDS are a form of derivative taken out by investors as insurance against default. According to the comptroller of the currency, nearly 95% of the banking industry’s total exposure to derivatives contracts is held by the nation’s five largest banks: JPMorgan Chase, Citigroup, Bank of America, HSBC, and Goldman Sachs. The CDS market is unregulated, and there is no requirement that the “insurer” actually have the funds to pay up. CDS are more like bets, and a massive loss at the casino could bring the house down. Read the rest of this entry →

Crisis and the People in Greece

February 22, 2012 in Finance, Headline, Occupy, Politics, Update, World News

By: Stavros Panagiotidis

“They are not frightening us, they are just making us furious!”

The so-called negotiations between the Greek Government and the Troika (European Union – International Monetary Fund – European Central Bank) have come to the prescribed result. A cut on the minimum wage of 22% (and up to 40% for the rest), which means that people in Greece will have to live on a 400 Euro monthly income, combined with a 15% cut on the already extremely low pensions and the dismissal of 150.000 public servants, has been decided.

The announcement of the governments’ intentions created waves of rage in Greece and the General Confederation of Trade Unions called for a 48-hour strike. On Sunday, the day of the voting procedure, an enormous demonstration took place. Hundreds of thousands of demonstrators flooded all the streets around the Parliament. The provocative action on the side of the police forces (along with the propaganda of dominant media saying that the people gathered were not more than 20,000!) proved the governments’ fear of the people’s reactions and its decision to destroy the demonstration and terrorize the citizens. The first task was accomplished when police forces, after hours of terrorizing attacks against people in the nearby streets, without any excuse attacked the main body of the demonstration shooting gas bombs inside the blocks, causing many people to faint out, get injured or even suffer suffocation for a few moments. More than 50 demonstrators went to the hospitals, injured or with respiratory problems and once again the Internet was flooded with videos showing the police’s illegal actions. Read the rest of this entry →

Greece in Flames After Austerity Measures Pass

February 13, 2012 in Finance, Headline, Occupy, Politics, Update, World News

Numerous buildings were burned during the clashes in central Athens on Sunday. (PANAYIOTIS TZAMAROS/REUTERS) )

Fires raged in Athens overnight with reports that more than 40 buildings had been set ablaze in a violent response to the Greek parliament’s passage of an unpopular austerity package negotiated with its European creditors – the EU, ECB, and IMF – in exchange for a tranche of new bailout funds.

Reuters reports:

Cinemas, cafes, shops and banks were set ablaze in central Athens and black-masked protesters fought riot police outside parliament before lawmakers voted on the package that demands deep pay, pension and job cuts — the price of a 130 billion euro ($172 billion) bailout needed to keep the country afloat.

State television reported the violence spread to the tourist islands of Corfu and Crete, the northern city of Thessaloniki and towns in central Greece. Police said 150 shops were looted in the capital and 34 buildings set ablaze.

Altogether 199 of the 300 lawmakers backed the bill, but 43 deputies from the two parties in the government of Prime Minister Lucas Papademos, the socialists and conservatives, rebelled by voting against It. They were immediately expelled by their parties. [...]

The rebellion and street violence foreshadowed the problems the Greek government faces in implementing the cuts, which include a 22 percent reduction in the minimum wage — a package critics say condemns the economy to an ever-deeper downward spiral.

Read the rest of this entry →

Greece – leader urges lawmakers to pass austerity bill

February 12, 2012 in Finance, Headline, Politics, Update, Video Perspective, World News

Greek PM Lucas Papademos has warned parliament of “uncontrollable economic chaos” if it fails to approve a new austerity bill that will cut 15,000 public-sector jobs and lower the minimum wage by 20 per cent.

The Greek parliament is asked to take a historic responsibility, to examine and authorize the new economic program of Greece, the pre-condition for financing the country over the coming years,” Papademos said in a televised address on Saturday.

Read the rest of this entry →