Global Economic Losses Since Dawn of Pandemic Hit $3.3 Trillion (tags)
Since 2020, the global economy lost $3.3 trillion. The loss affected the most vulnerable countries hardest noted International Monetary Fund chief Kristalina Georgieva.
Economists criticize the austerity religion and demand investments. Germans ardently believe in economic fairy-tales that the 2007/2008 world financial crisis was a crisis of state indebtedness and that state debts burden future generations,
United Nations Calls for Mozambique Disaster Aid as Country Wrestles with Illegal Debt (tags)
Washington, DC - On Thursday, UN Secretary General Antonio Guterres called for more relief aid to be sent to disaster-recovering Mozambique. The country is reeling from two devastating cyclones and wrestling with debts that Mozambique's high court calls illegal.
What is a Crisis? A Retrospect on the 2008 Economic and Financial Crisis (tags)
The economic guild interprets crisis through an ideological lens. The financial crisis is redefined as a state debt crisis. Illuminating the systemic causes of crisis or discussing the crisis proclivity of the capitalist system is not possible anymore.
State Debts - The Primal German Fear (tags)
Unlike a private homebuilder, the state can be indebted and never expect the entire debt to be repaid. For most, taxes are a book with seven seals. A tax-cutting lobby exploits our unease over taxes for their purposes. Social cohesion declines and milieu egoism increases.
The World Dependent on Central Banks (tags)
The situation seems extremely contradictory. The global economic and financial system has been clinically dead since 2008. It only functions because it is artificially kept alive by the central banks like a patient in the intensive care unit $!8 trillion was pumped into the global system.
Crisis 2.0: A Policy for the 99% (tags)
The capital surpluses are a constant source of new speculative waves and maneuvers. The crisis of state finances is mainly a crisis of tax refusal. The elites shifted the tax burden from businesses and high incomes to consumer taxes and fees.
How the World Heads for the Next Crash (tags)
Governments secure the money of the rich. State debts have grown in nearly all countries of the world since 2010. Ten years after the outbreak of the financial crisis, the economy is again in a standstill or mired in crisis. Trump wants to cancel the recent bank regulations and cut corp taxes.
Statement of Solidarity With the People and Government of Greece (tags)
The following statement is issued by various progressive individuals and organizations from many parts of the world, but mostly in Asia-Pacific. A copy of the statement has already been sent to Syriza's international department.
Average wages in the US are lower than 30 years ago. Profits and income inequality explode, not investments. The austerity policy that has always worsened unemployment and economic growth is promoted as without alternative by German chancellor Merkel.
Philippine Debt Repayments from Marcos Regime Overshadow Typhoon Relief Funds (tags)
Two weeks after Typhoon Haiyan devastated the Philippines, the world has responded with astounding generosity, donating tens of millions of dollars to aid in the recovery effort--$37 million from the United States government alone. Unfortunately, since the typhoon struck on November 8th, the Philippines has spent more than $310 million paying off overseas debts, and it will spend a total of $6.7 billion this year alone. Some of those debts are from the corrupt and abusive regime of Ferdinand Marcos.
Heiner Flassbeck on the US Budget Conflict (tags)
The current ceiling of $16.7 trillion will be reached on October 17. If the political camps cannot agree on a new upper limit, the largest economy of the world will be insolvent – with possibly disastrous consequences for the world economy. This October 2013 interview is translated from German
Budget Cuts and Happy Times (tags)
For around three decades, a Troika from Wall Street, the US Treasury Department and the Federal Reserve pushed global (capital) investments with a mixture of tax cuts, cheap credits and overrated securities.
Cancellation of Illegitmate Debts Instead of Bailout Umbrellas for Financiers (tags)
The inflation of public indebtedness was an essential element for the enhanced power of financial capital. That inflation was a result of a conscious under-financing of the state and is a lever to enforce an austerity policy. Financialization intensified the pressure to precariousness.
Isle of Man Enacts Legislation to Outlaw Vulture Funds (tags)
This week, the Isle of Man passed legislation that would prevent vulture funds from exploiting the debts of some of the world’s poorest countries.
European Bank Socialism (tags)
The motto "Too big to fail" frees the financial sector from all chains. In the future, the banks will not have to assume any liability for taking irrational risks. Instead they can commit fraud without limit-in a system that already leads us to the brink and creates millions of unemployed.
The Marcos’ Legacy of Fraudulent and Illegitimate Debts (tags)
AS THE NATION remembers today the declaration of Martial Law and the imposition of the Marcos fascist dictatorship 40 years ago — we recall not only the crimes and abuses, but the valiant struggles of our people to end the tyrannical regime.
The state became indebted to bailout the banks. Now the state pays them ever higher interests. The state should guarantee the deposits of small savers, not the debts of banks to other banks or hedge funds. The financial sector must be shriveled, the sector that uncoupled.
For a European Anti-Crisis Front (tags)
Lowering the public debt burden is not an end-in-itself. Debts could serve to stimulate the economy and improve the living conditions of the victims of the crisis. Debt reduction must occur mainly by increasing the tax revenues (higher tax rates and combating tax evasion), not only by cuts.
Debt Tribunal and Green Socialism (tags)
Qualitative growth, breaking out of the box of quantitative growth, is the key to solving mass unemployment, environmental destruction and trade imbalance. A job in education costs 1/10 what a job in a chemical dye plant costs. The media is part of a system that refuses change.
Debt's History, Implication and Critical Perspectives (tags)
Graeber currently teaches social anthropology at Goldsmiths, University of London.
"The illegitimate debts must be cancelled" (tags)
A neoliberal tax policy followed for twenty years drastically lowered the taxes paid by private corporations on their profits, above all by big business. The debts are not an incomprehensible plague but the result of a conscious and completely unjust policy.
PHILIPPINES: High price of electricity is anti-women, anti-poor (tags)
MANILA, Philippines ? In a society where women are mostly in-charge of managing the household budget, higher electricity rates mean additional burdens and deeper indebtedness for Filipino women, especially those who already find it hard to make ends meet.
Philippine Congress asked to suspend interest for ?corrupted debts? in 2012 budget (tags)
MANILA, Philippines ? On the last few days of the budget committee hearings, a debt watchdog has asked the House Committee on Appropriations to follow President Benigno S. Aquino III?s example by suspending interest payments for ?corrupted debts and deals? in the proposed 2012 national government budget.
The US, the Debt Superpower (tags)
The state bailout of these gigantic real estate institutes, banks and insurances and the enormous economic package to get the crisis-weakened economy on its feet again is one of the essential causes of the present debt crisis. In two decades, $5.5 trillion was spent on a dozen wars.
Debts and a New Beginning (tags)
Problems don't disappear when they are ignored. Through deregulation, the law of profit maximization and government failure, the financial sector was expanded and made independent of the real economy. 14 million jobs could be created through the Internet.
Orange County District Attorney Helps Batterers Punish Victims (tags)
In Orange county, batterers get a free ride while victims are made to suffere
"Severe Austerity Programs will have Catastrophic Consequences" (tags)
"Instead of real growth, the financial sector has only promoted phantom growth. The state functions differently than a family. Less should be spent for unproductive purposes like the wars in Afghanistan and Iraq and unconditional bank bailout packages.."
Saving is not a Solution (tags)
The capital markets repeatedly force the real economy to its knees. The savings orgy should help heavily indebted states regain the trust of the financial markets. In a play from the madhouse, states must run into debt to bailout their money-houses.
"We are in the Greatrest Financial Bubble of all Time" (tags)
"An old world perishes as a new world arises-pictorially comparable to a caterpillar that dies because the butterfly comes to life. What is called financial crisis is only a superficial symptom.. One of the main causes of the debacle is the Americanized corporate governance." (F.Malik)
Prerequisites for Overcoming the Financial Crisis (tags)
"In analyzing financial crises, real causes should be differentiated from the side-effects. One of the essential causes for the current crisis is the discrepancy between the linear growth of the real economy and the exponential growth of financial management created by the derivative-economy,"
GERMANY: What Lessons Do We Learn from the Financial Crisis? (tags)
Rating agencies were paid by the firms to be rated. Ultimately rational individual conduct led to an irrational collective result. The lesson is clear. On the way of regulation or taxation, banks must be given a massive incentive to remain small.
FDC to G8-funded World Bank: Cancel all illegitimate debts (tags)
MANILA, Philippines. Members of the Freedom from Debt Coalition (FDC) staged a protest action in front of the World Bank office here today to demand the total and unconditional cancellation of all debts it is claiming from the Philippines and developing nations. The protest action coincided with the opening of the Group of Eight Nations’ (G8) 35th Summit in Italy which sets among its agenda the development of a comprehensive response to the global economic crisis.
Obama's New World Order (tags)
Obama's imperial agenda
Financial Market Capitalism: Neoliberalis become State Socialists (tags)
Neoliberalism is neither new nor liberal. All freedom is demanded for capital, even though human dependence is intensified and human existences destroyed. The state becomes a functionary for neoliberal concepts. The debts of Fannie/Freddie are added to the nine trillion.
Income Distribution is Perverse (tags)
Redistribution of income is central. Another economy is necessary in which people are more important than profit percentages. A shareholder value philosophy ruthlessly downsizes and closes plants in pursuit of maximum profit.
"We are in an epoch shift" (tags)
Free markets became wild markets. The post-socialist blessing became the turbo-capitalist curse. The state allowed the monitoring of banks to be de facto privatized. Politics allowed the markets to run wild. In turbo-capitalism, contracting debts was trendy and saving was Philistine.
Changing the Rules to Keep the Ruling Class in the Drivers Seat (tags)
A better solution would be to cancel all debts.
Joint Statement on the 34th G8 Summit in Tōyako, Hokkaidō, Japan
The Great Plastic Meltdown (tags)
The real estate crisis turned out more serious than the bank's risk divisions estimated. The prices for new homes fell twelve percent in December 2007. The assets of private households shriveled two trillion dollars within a year.
As long as the policies of the rich North represent a mixture of cruel carrot-and-stick maneuvers, coupled with basic contempt for the South, we can expect more lethal North-South tensions, more powerful boomerangs hurled back at us.
US Crisis Sends Europe's Housing Market into Free Fall (tags)
Investor George Soros sees the worst economic crisis since the Second World War as the aftermath of heavy debts and the credit crunch. Speculative greed for profits and contempt for whistle-blowers led to the crisis. Will there be system correction or only cosmetics?
Who Profits From the Crash? (tags)
A criminal corruption on the highest planes is at the heart of the assets transfer. Every few decades, the real owners of the world arrange an economic crisis to steal the assets of the people. The incredible sum of $325 billion was injected into the financial system within a few days.
De-industrialization reduces the long-term wealth-formation of broad sectors of the population. An extremely high indebtedness of private households also contributes to the disastrous total deficit of the US.
CALL FOR GLOBAL ACTIONS AGAINST IMF/WORLD BANK, SEPTEMBER 14-20 (tags)
Mobilization for Global Justice (MGJ) has endorsed the following call, written and distributed by Jubilee South, a coalition of social movements throughout the Global South who are resisting illegitimate debts and IMF/World Bank policies. The statement calls on people worldwide to take action in their own communities against the IMF/World Bank the week of September 14-20, while the institutions meet in Singapore.
Disappointed Hopes in Africa (tags)
"The $40 billion promised before the summit was only a small part of Africa's total $300 billion in debts and the more than $2.4 trillion of all developing countries. The IMF, World Bank and G8 still use the debts as an instru-ment for dictating development.."
"A Subtle Form of Hypocrisy" (tags)
Between 1980 and 2003, $1.8 trillion in interests alone flowed from the South to the North. The heavy debts of developing countries more than tripled in this time period.
Call Goes Out to Ignore Debts (tags)
A movement has started preparing itself to boycott all mortgages and credit card debts and reconsider the global economy with a clean slate.
Annulling Debts as a Great Step (tags)
"The goal must be redefined beyond goods production and abstract labor, beyond the market and the state.. The great step of debt cancellation occurs when the burden can no longer be endured. The new finance capita-lism is a bubble and debt capitalism.."
How Will Bush Deal With the Deficits? Connecting the Dots to Iraq (tags)
Bush administration's perpetual war and attendant defecit spending responsible for illusory economic prolificacy.
Billions for Bankers--Debts for the People (tags)
In 1901 the national debt of the United States was less than $1 billion. It stayed at less than $1 billion until we got into World War I. Then it jumped to $25 billion.
Hypocrisy that underlies HIPC (tags)
Vultures at the IMF/World Bank use accounting tricks to starve and further impoverish the poor.
Fund AIDS NOT Foreign Debt (tags)
African governments should fund programs to combat HIV before they service foreign debts, U.N. special adviser Jeffrey Sachs said on Saturday at an Earth Summit panel discussion.