IMF Forecasts Low Growth, High Debts and Prices (tags)
Ahead of IMF, World Bank and G20 Meetings, IMF Head Delivers Views on Global Economy
Nobel Laureate, Former Economy Minister and Experts Propose Improving Debt Analysis (tags)
Experts Present a Series of Papers to IMF Executive Directors Ahead of Annual Meetings
The Enemy and the Libidinal Economy of the Apocalypse (tags)
The West continues to avoid introspection by invoking the Other as pure evil. While the terminal crisis of capitalist civilization is truly global, and no emancipatory model can be seen on the geopolitical chessboard, it is also evident that today’s anti-Russian sentiment stems from a consolidated ideological framework. To West, Russians have always been an inferior race,
A look back makes the outlook easier: A speculative boom in 1929 leads to a stock market crash and recession, the budget deficit increases, the austerity policies drive the economy into a depression. Tensions within and between countries increase, scapegoats are sought, anti-Semitism and protectionism are spreading.
Our Zone of Interest: The Noise of Permanent Warfare (tags)
Wars (especially when marketed as humanitarian, defensive, or “against terror”) are, in essence, criminal means to “easy money”, which is what keeps today’s financial bubbles inflated to record-breaking highs while the actual economic conditions of millions of workers (or “inactive workforce”) are cratering at an equally record-breaking pace.
Trust in Institutions and the War Dividend (tags)
Even if almost no one wants to admit it, our “system” is obsolete, and for this reason it is now morphing into a “closed system” – totalitarian in nature. It is equally clear that the few who continue to benefit materially from the capitalist system (the 0.1%) are willing to do whatever it takes to prolong its obsolete existence. Debt is issued from one door and purchased from another.
World Leaders Meet for Spring IMF, World Bank and G20 Meetings (tags)
World leaders, finance ministers, business groups, academics and development organizations attend the Spring IMF, World Bank and G20 meetings.
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.
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.
A Phuilosopher's Critique (tags)
Because the declining middle classes are unable to see past individualism and economic self-interest, they stick with the fantasy that any loss of purchasing power is a temporary glitch awaiting systemic resolution – as if Capital were an eternal and inexhaustible mode of wealth creation.
Debt Relief, Climate and Recovery Aid Needed, Say Africa Catholic Bishops (tags)
African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces.
Brazil Chairs G20 and Vows to Address Poverty, Hunger and Climate Change as Finance Minist (tags)
The Brazilian Presidency of the G20 hosts finance ministers for their first G20 meeting this year.
IMF Says Historic Low Growth and Sluggish Economy Will Continue (tags)
The IMF forecast 3.1% global growth in 2024, a fifth of a point increase on its October projection.
COP28 Climate Summit Negotiations Focus on Commitments for Developing Countries to Adapt a (tags)
Most Developing Countries Spend More on Debt Service than on Addressing Country Climate Crisis Challenges
African Catholic Bishops: Marrakesh Meetings Should Act on “True Jubilee of Hope in Africa (tags)
World leaders attending the annual IMF, G20 and World Bank meetings should promote urgent debt relief, aid and lending policies to address the interlinked crises African countries face, noted a body that represents African Catholic Bishops.
IMF and World Bank Meetings Wrestle with Low Growth, High Interest Rates, Debt Crises and (tags)
As world leaders arrive for the Annual IMF and World Bank Meetings, the IMF forecasts the global economy to grow 3% this year, which remains below the average of growth for the two decades before the pandemic.
Jubilee USA Statement on IMF Global Financial Stability Report (tags)
The IMF releases the Global Financial Stability Report and raises global concerns over continued inflation, the banking system and climate investments.
Jubilee USA Statement on IMF World Economic Outlook Report (tags)
As world leaders arrive in Marrakesh for the Annual IMF and World Bank Meetings, the IMF releases its flagship World Economic Outlook report. The IMF projects the global economy to grow 3% this year, which remains below the average of growth for two decades before the pandemic.
World Leaders Focus on High Debt Levels and Poor Economic Growth as Morocco Meetings Begin (tags)
World leaders, finance ministers, business groups, academics and development organizations descend on Marrakesh, Morocco, for the IMF and World Bank Annual Meetings. IMF head Kristalina Georgieva reports that the global economy lost $3.7 trillion due to shocks since 2020 and that slow and unequal growth continues.
IMF Speaks: World Economy Loses $3.7 Trillion Due to Pandemic and Economic Shocks (tags)
As World Leaders Head to Morocco, IMF Leader Raises Growth and Debt Challenges
Shock therapy without end (tags)
Ukraine must not sell out its resources, minerals, fertile lands, but must be able to rebuild the infrastructure necessary for life and economy on its own. It needs living and housing space, labor laws and incomes that are attractive for the people who want to live there and, moreover, for the numerous refugees who want to return to a livable country of origin.
G20 Finance Ministers Focus on Debt, Development and Dismal Economic Outlook in Gandhinaga (tags)
On Monday, G20 Finance Ministers hold their third meeting hosted in Gandhinagar by the Indian government.
NY State Senate, Assembly Fail to Pass Taxpayer and Debt Crises Protection Legislation (tags)
S4747/A2970 Bill Champions Vow to Pass Debt Relief Legislation Within Next Year
New York Legislature Extends Session, Vote on Debt Relief Bill Pending (tags)
Religion, Development and Labor Coalition Pushes Passage of New York Taxpayer and International Debt Crises Protection Act
Can state-capitalist China inherit the USA as hegemon? (tags)
China's growth is also running on credit, and the People's Republic is similarly highly indebted as the descending Western centers of the world system.10 The Chinese deficit economy is generating even far greater speculative excesses than was the case in the U.S. or Western Europe,
IMF Forecasts Lowest Growth in Decades as World Leaders Descend on Washington for Meetings (tags)
Debt Roundtable Meetings Attempt to Break Impasse on Debt Relief From China and Private Sector
Global Growth Remains Low Amidst Debt Concerns, War and Inflation, Says IMF (tags)
Press release.
Senile Economics: Bubble Ontology and the Pull of Gravity (tags)
The entire banking system is closing in on folding, which is why it so desperately needs new inflationary liquidity to keep afloat. The Great Reset is our owners’ authoritarian attempt to respond to this systemic threat by taking control of the collateral (our lives).
Pause for Thought: Money without Value in a Rapidly Disintegrating World (tags)
The tanking economy is the cause of these “misfortunes”. What we are sold as external threats is in fact the ideological projection of the internal limit of capitalist modernity. In systemic terms, emergency addiction keeps the comatose body of capitalism artificially alive
Davos: Crises, Developing Country Debt, WB Forecasts (tags)
World Bank Cuts Global Growth Forecast as Developing Countries Struggle with Debt
UN Climate Conference Agrees on Fund to Address Climate Change Impacts in Developing Count (tags)
COP27 Agreement Asserts Climate Change Results in High Debts and Development Failures
IMF Predicts Global Economy to Lose $4 Trillion (tags)
The global economy is more fragile noted IMF Managing Director Kristalina Georgieva.
African Bishops Call for Debt Relief and Aid to Address Multiple Crises (tags)
G7 and African finance leaders should work together to remove the heavy burdens of debts in Africa, Catholic bishops and other faith leaders from the region said in Accra, Ghana, at the end of a two-day meeting.
Opportunity instead of crises and End this madness! (tags)
Almost no one asks what an economic policy looks like that no longer subordinates everything to economic growth: How to reduce the debt mountain to a reasonable level without GDP growth? How can pensions be secured without GDP growth and employment be guaranteed?
Opportunity instead of crises and End this madness (tags)
History teaches that major course corrections usually emerge from crises. However, far-sighted economists and politicians should start thinking today about how to shape a future without debt crises, without ecological and social exploitation, and without compulsive growth.
95 Theses Against the Rule of the Financial Markets (tags)
The financial markets have made themselves independent of the real economy. As the selling of indulgences led to Martin Luther's 95 Theses in 1517, the rule of speculative financial markets has led to revenue shortfalls of US cities and states. Tax havens hide between $22-33 trillion.
Myths of the Crisis and Enemy Images in the Media (tags)
The Ukrainian ambassador was quoted in the FAZ as saying: "All Russians are now our enemies". This rhetoric is classic enemy image cultivation... This homogenization is so pre-Enlightenment and always wrong.
A new quality of crisis (tags)
From the systemic urge to self-destruction arises the survival necessity of the emancipatory overcoming of capital. The capitalist regime of constraint must be transformed into history. The struggle for the transformation of the system has to be the central moment of left practice.
What will it be like after the pandemic? (tags)
From the March outbreak to the end of May 2020 alone, over forty million people filed initial claims for unemployment benefits. Images of endless lines in front of soup kitchens went around the world. In the meantime, the USA threatened to sink into chaos.
Is China in danger of collapse? and Anti-economics and anti-politics (tags)
In the process of modernization, the relationship between market and state can be boiled down to the formula of a general law: the more market, the more state... The bloated market and the bloated state can only live or die together.
Toward a new economic policy paradigm (tags)
Over the years, the institutionally enshrined budget discipline has created a considerable investment backlog. Important investments in infrastructure, education and climate protection have not taken place.
The big crash isn't just hitting the stock markets (tags)
The author reminds us that "never in history has a crisis been solved by printing money." The states and central banks had "maneuvered themselves into a dead end from which they can no longer get out" through their own fault.
Capitalism as the religion of indebtedness and debt (tags)
In capitalism, the fundamental social relation is neither exchange nor production. Rather, it is debt that dominates and supersedes every other way of recognizing and valorizing the measure between people. Those who have money are creditworthy, manifesting the sign of God's grace.
There is currently no alternative to national debt (tags)
A private economy left to its own devices is completely incapable of immanently combating the crisis. This is especially true for future-oriented investments for ecological modernization that serve climate protection. The vaccine against Covid-19, which will apparently be available shortly, would not exist without govt funding.
The Corona crisis is currently overshadowing three crises that are also currently being - covertly - negotiated: First, an economic crisis since the fall of 2019. Second, the crisis in municipal finances Third, an investment crisis, better known as an investment backlog.
Crisis rent instead of debt trap (tags)
Store closings, event cancellations, slumping orders, short-time work and job losses, especially in precarious employment, have left many unable to afford their apartments or rented commercial space. Despite initial easing, there is no end in sight.
Open Letter: Write off debt, win the future! (tags)
We are fortunate to have a creditor that does not have to fear losing its money: the ECB (European Central Bank). Our proposal is therefore very simple: let us conclude an agreement between the European states and the ECB. The ECB writes off the debt it holds (or converts it into perpetual interest-free debt).
Debts are not a problem (tags)
The Democrats have learned from their mistakes. This time they want a big stimulus package to invest in infrastructure and climate protection. This change in sentiment is partly thanks to Keynesians like Paul Krugman, who have always called for government investment when the economy is paralyzed.
The state must cushion the economic impact (tags)
Heiner Flassbeck expects a slump of the German GDP of 20-30%, Neither Trump nor Merkel said a word about stabilizing the economy. You can't just shut down the economy and then hope nothing happens. Companies, banks and people must be supported. Money must go to those now becoming unemployed..
Our normality is not returniing (tags)
If the government's response to the debt accumulated during the crisis is austerity, it will make the situation even worse. It is therefore right to call for a more active and visionary state policy that shows a way out of the crisis. What form will these policies take?
Wave of layoffs in the US election campaign (tags)
The corona pandemic triggered the most massive job losses in the USA since the Great Depression in the 1930s. Unemployment rose to its highest level in more than 70 years. In April alone, 20.5 million jobs outside agriculture were cut, according to the government
We cannot repay the Corona debts (tags)
Now there are exactly two ways to revive the economy. The first and best option is to push back the neo-liberal agenda, strengthen the trade unions...If we do not succeed in pushing companies back into the role of debtors, the economy cannot function w/o new state debts.
"We do not live in capitalism" (tags)
After the transition to Atlantic turbo-capitgalism, little can be recognized from the earlier times of the initiatives of the social market economy. In this situation, the counter-factual and fact-immune creed of all conservatives is enmeshed in a deep unconsciousness about the world.
Economics in the times of the coronavirus (tags)
Most people’s thinking is determined by the development of the Covid-19 crisis, the return of “the hour of executive power” (Gerhard A. Ritter), i.e. state of exception legislation, and the fears which it evokes as well as the economic measures in response to the health crisis.
Is Capitalism Out of Order? (tags)
Growing debt is actually not a big problem in a growing economy as long as it does not grow faster than the gross domestic product (GDP). The debt mountain of the capitalist world system is growing much faster than the world economic output.
Pope Francis and World Leaders Call for Inclusive Economy (tags)
Pope Francis addressed a small group of Finance Ministers, the head of the IMF and noted economists urging the creation of new global debt and tax policies that can reduce inequality and end poverty.
President Trump Authorizes Somalia Debt Relief (tags)
President Trump signed a year-end spending bill which authorizes the first phase of debt relief for Somalia.
Congress Passes Somalia Debt Relief (tags)
As part of the Federal government's year-end spending package or "minibus," Congress passed the first phase of debt relief for Somalia.
Pope Francis: Mauritius Reject "Idolatrous Economic Model" (tags)
Reject your "idolatrous economic model," were the words Pope Francis addressed Mauritius' political leaders with on Monday.
Mozambique Charges Former President's Son, Officials for Secret Debt Scandal (tags)
Mozambique charged the former president's son and 19 others on corruption, fraud and blackmail in relation to a $2 billion dollar loan scandal.
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,
Debt Collectors Fined and Ordered to Stop Operations (tags)
Puerto Rico Governor Ricardo Rosselló Resigns (tags)
Puerto Rico Governor Ricardo Rosselló resigned Wednesday. Protests engulfed the island for nearly two weeks after Rosselló drew criticism for offensive language in leaked communications and the FBI arrested former members of his administration on corruption charges.
States Tackle Student Debt and For-Profit Colleges Rise (tags)
Washington, DC - As Democratic presidential candidates debate student debt, States attempt to tackle what they see as a debt problem impacting their economies.
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.
Amidst Puerto Rico Financial Crisis, Island Religious Leaders Call for Global Debt and Tra (tags)
San Juan, Puerto Rico - Last week, Archbishop Roberto González—the leader of the Archdiocese of San Juan, the Secretary General of the Puerto Rico Bible Society—Reverend Heriberto Martínez and the island's Catholic Charities head, Reverend Enrique Camacho released a statement urging solidarity with countries wrestling with debt crisis and economic challenges.
Archbishop, Evangelical Leader and Head of Catholic Charities Call for Puerto Rico Pension (tags)
San Juan, Puerto Rico - Archbishop Roberto González, the Secretary General of the Puerto Rico Bible Society Reverend Heriberto Martínez and the island's Catholic Charities head, Reverend Enrique Camacho released a statement calling for support of pension agreements and debt and disaster relief for the island on Friday.
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.
Houses Passes Disaster Aid Package for Puerto Rico, US States and Territories (tags)
On Friday, the House of Representatives passed disaster relief legislation to benefit US States, Territories and municipalities recovering from wildfires, floods and hurricanes.
UN Forum Wrestles with Funding Development (tags)
After months of negotiations and four days of formal meetings, the United Nations voted on development policies at the fourth UN Financing for Development Forum. The UN meetings convene world leaders, ministers, governments, the IMF, World Bank and development groups. The annual process attempts to implement the 2015 Addis Ababa Action Agenda, an international agreement that includes policies on debt, tax, trade, transparency and aid.
IMF Issues Debt and Financial Crisis Warnings (tags)
As the Spring World Bank and IMF meetings begin, the IMF issued concerns over unsustainable debt and a possible financial crisis in two reports. African and Latin American debt experts are releasing new analysis of growing debt at the meetings.
IMF Warns of Global Financial Crisis Risk (tags)
For the second day in a row, the International Monetary Fund raised concerns of pending financial crisis. Ahead of the Spring IMF and World Bank meetings, the IMF released the Global Financial Stability Report, warning of "vulnerabilities" in corporate debt, house values and sovereign (country) debt.
IMF Says Global Economy Faces a "Delicate Moment" (tags)
As world leaders, finance ministers, business leaders and development groups gather for the Spring International Monetary Fund and World Bank meetings, the IMF raises fresh concerns about the global economy. The IMF releases the biannual World Economic Outlook Report noting a slowdown in global growth and focusing on economic challenges that include unsustainable debt, trade tensions and the impact of natural disasters on the financial system.
Puerto Rico Debt Advisors Subject to Conflict Disclosure (tags)
After an investigation into potential conflicts of interest in Puerto Rico's debt restructuring, the island's oversight board notes it will increase disclosure requirements for advisors. The investigation began in response to a debt consultant whose affiliate company holds Puerto Rico debt.
Puerto Rico Debt Deal Receives Court Approval (tags)
Judge Laura Taylor Swain approved a deal to restructure $17 billion of Puerto Rico's $72 billion debt on Monday.
The Cure is the Sickness: Washington Consensus (tags)
Reality could replace the elite economic myths!
Judge Delays Ruling on Puerto Rico Debt Deal White House Opposes Island's Food Assistance (tags)
On Thursday, Judge Laura Taylor Swain delayed approval of a $17 billion debt deal between Puerto Rico "COFINA" creditors and the island's oversight board.
PR Debt Cancel, Judge Reviews Cofina Debt (tags)
The Oversight Board in Puerto Rico has just filed for a dismissal of $6 billion of the island's debt because they say it was contracted unconstitutionally.
Fed Says College Students Have More Debt than Previous Generations (tags)
A study released from the Federal Reserve Board notes that 70 percent of college students are graduating with more than $37,000 in debt.
G20 Discusses Preventing Financial Crisis and Small Island Economies (tags)
President Trump arrived in Buenos Aires on Thursday for the annual G20 meetings.
Debt and Tax Policies Needed to Prevent Crisis Says Finance Watchdog Group (tags)
Financial institutions, experts and economists fear a new wave of financial crises hitting countries from Ghana to Italy.
President Trump: Hurricane Relief Should not Pay Puerto Rico Debt (tags)
According to a report from Axios, President Trump told advisers that additional hurricane relief monies should not be sent to Puerto Rico as the monies could be used to pay the island's debt.
Oversight Board Reviews New Fiscal Plan for Puerto Rico (tags)
Puerto Rico's oversight board reviews a new plan on economic growth and debt payments to the island's creditors in San Juan today.
IMF Lowers Global Growth Projections and Raises Concerns of Financial Crisis (tags)
Bali, Indonesia - The International Monetary Fund released the World Economic Outlook Report and lowered global growth projections to 3.7 percent for 2018 and 2019.
After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again (tags)
September 15th marks the ten-year anniversary of the Lehman Brothers investment firm collapse, symbolizing the onset of the 2008 global financial crisis.
New Student Loan Rule Sides with For-Profit Colleges (tags)
This week the US Department of Education proposed new student "borrower defense" rules.
Senate Bill offers Debt Relief for Puerto Rico (tags)
New Senate legislation offers additional options for Puerto Rico to cut its debt. Senators Elizabeth Warren (D-MA), Bernie Sanders (I-VT), Kirsten Gillibrand (D-NY), Ed Markey (D-MA) and Kamala Harris (D-CA) introduced the US Territorial Relief Act. If Congress passes the act, US Territories that experience natural disasters could qualify for debt relief.
Finance Ministers Applaud Greece Debt Deal that Provides Aid and Continues Austerity (tags)
European Finance Ministers endorse a new Greece debt agreement that provides financing in exchange for maintaining austerity policies and economic reforms.
G7 Hurricane Debt Relief Caribbean/Small Islands (tags)
“This is the first time that Finance and Development Ministers are meeting jointly at the G7 and they can promote solutions for when financial crises and humanitarian crises collide" note Eric LeCompte, Jubilee USA Network Executive Director.
UN Forum Wrestles with Economic Policies 10 Years After Financial Crisis Islands Call for (tags)
Officials from governments, the IMF, World Bank, the private sector and NGOs meet this week at the United Nations for the Financing for Development (FFD) Forum.
Puerto Rico Governor and Oversight Board Spar on Fiscal Plan (tags)
The certification of a plan to get Puerto Rico out of debt and back to economic growth was delayed again this week.
Caribbean Religious Leaders Call for Debt Relief in Face of Disasters (tags)
From Grenada to Saint Lucia, religious leaders are calling for processes to provide debt relief in the face of natural disasters.
Debt, Corruption and Tax Policies Impact Poverty, Says Vatican at United Nations (tags)
During United Nations Human Rights Council meetings last week, Archbishop Ivan Jurkovič, the Geneva based Vatican representative stated, “We can no longer frame the debt crisis as an exclusively economic problem. It affects future generations, as well as the social conditions that allow the enjoyment of human rights of vast numbers of people entitled to the solidarity of the whole human family.”
Religious Development Group Advocates for New York Law to Stop "Vulture Funds" (tags)
Religious leaders, lawyers, academics and debt experts are meeting to discuss changing New York laws that govern debt contracts from Puerto Rico to Mozambique.
Government Shutdown Solutions Could Leave Out Disaster Aid for Puerto Rico (tags)
As the Senate and White House struggle to avert a government shutdown, US disaster victims from Puerto Rico to Texas worry a deal on relief and recovery aid will continue to be delayed.
Trillions in deficits will be paid for by trillions in cuts to vital programs necessary for low- and middle-income Americans: Medicaid, Medicare, food stamps, WIC food assistance, SNAP, Pell grants, The Legal Corporation, PBS, EPA, heating assistance, school lunches, Meals-on-Wheels...
IMF Reports Global Growth and Releases New Ways to Predict Economic Crisis (tags)
The International Monetary Fund (IMF) releases its biannual report on global economic stability and presents new indicators it says can help predict financial crisis.
Trump Calls for Puerto Rico's Debt to be "Wiped Out" (tags)
In an interview with Fox News on Tuesday, President Trump called for Puerto Rico's debt to be wiped out.
Puerto Rico and US Virgin Island Religious Leaders Issue Debt and Aid Statement As Preside (tags)
As President Trump visits Puerto Rico and the US Virgin Islands, island religious leaders are calling for aid, debt relief and measures to end child poverty. The statement is issued by San Juan's Catholic Archbishop, Roberto González Nieves, St. Thomas' Catholic Bishop Herbert A. Bevard and Evangelical Bible Society Head Reverend Heriberto Martínez.
Development Group Says Debt Relief Can Provide Quick-Recovery Aid to Caribbean (tags)
The United States Conference of Catholic Bishops (USCCB) joins other religious and development groups in their call for debt relief for hurricane-battered Caribbean islands.
Hurricane Maria Slams Dominica and Heads Towards Puerto Rico (tags)
Caribbean islands recovering from Hurricane Irma, now confront Hurricane Maria.
Caribbean Bishops and Development Groups Urge Debt Relief for Irma-Struck Islands (tags)
On behalf of Caribbean Catholic Bishops, Bishop Gabriel Malzaire called for islands dealing with Hurricane Irma to receive debt relief.
Jubilee USA: Antigua and Barbuda and Islands Dealing with Irma Should Stop Debt Payments (tags)
As Hurricane Irma heads to the US coast, a religious development group is calling for debt payments to be suspended until Antigua and Barbuda and other severely impacted Caribbean nations recover from the storm.
Mozambique Audit Reveals Corruption and Short Falls in Financial System (tags)
Ahead of President Trump's first G20 meeting in Germany this weekend, Mozambique released an audit exposing violations of the country's laws to secure now-defaulted loans.
Puerto Rico Board Meets on Anniversary of Debt Legislation (tags)
Puerto Rico's oversight board is holding its eighth public meeting in San Juan at the Sheraton Hotel Convention Center.
G7 Could Move Financing for Famine Relief, Says Religious Development Group (tags)
As G7 leaders continue to meet in Taormina, Italy, relief groups like Oxfam International are intensifying calls for aid monies to address famine.
Puerto Rico Religious Leaders Write Judge as Bankruptcy Process Begins (tags)
Puerto Rico religious leaders sent a letter to Judge Laura Taylor Swain as she presides over the first bankruptcy proceeding in San Juan to restructure more than $70 billion in debt.
Puerto Rico Bankruptcy Process Begins (tags)
Puerto Rico bankruptcy proceedings to restructure an over $70 billion debt begin on Wednesday in San Juan.
Puerto Rico Oversight Board Meets as Bankruptcy Deadline Approaches (tags)
Puerto Rico's oversight board meets on April 28th in New York and could authorize a bankruptcy process for the debt ridden island.
Puerto Rico Religious Leaders Call for Bankruptcy Ahead of "Vulture Fund" Deadline (tags)
Before May, protections expire that shelter Puerto Rico from debt lawsuits and predatory financial groups popularly known as "vulture" funds.
Global Economic Risks Ahead Warns International Monetary Fund (tags)
The International Monetary Fund (IMF) released its bi-annual report on global economic stability, warning that the financial system could face serious risks in the year ahead.
IMF Warns of "Protectionism" and Risky Investing (tags)
The International Monetary Fund (IMF) released its bi-annual report on the state of the global economy, predicting that global growth will continue steadily but slowly.
Puerto Rico Oversight Board Mediates Last Ditch Debt Negotiations (tags)
Within weeks, Puerto Rico will likely enter bankruptcy proceedings tailored by Congress specifically for the US territory.
Puerto Rico and Bondholders Agree on Electric Company Debt Deal (tags)
Puerto Rico’s electric utility company (PREPA) and bondholders reached an agreement to restructure $8.9 billion in debt, according to an announcement from the island's government.
House Rejects Puerto Rico Healthcare Amendment (tags)
The House Rules Committee rejected an amendment that would allocate Medicaid funding to Puerto Rico at an equal level to US states.
Puerto Rico Religious Leaders Ask Congress to Pass Debt Crisis Actions (tags)
"As religious leaders in Puerto Rico, we urge you to act on behalf of the 3.4 million American citizens living on the island," wrote two prominent ministers to Congress about policies to help the debt-troubled island.
Puerto Rico Governor Releases New Fiscal Plan (tags)
Puerto Rico's Governor Ricardo Rosselló released a new fiscal plan that seeks to balance the island's budget by 2019.
Congress Moves Slowly on Bipartisan Puerto Rico Recommendations (tags)
Congress has not acted on recommendations made by its Puerto Rico task force it implemented last year.
Puerto Rico Oversight Board Holds First Meeting (tags)
Independent Experts Monitor Puerto Rico Board and "PROMESA" Legislation
Mozambique President Meets IMF and World Bank As Debt and Corruption Concerns Loom (tags)
Mozambique President Filipe Nyusi is in Washington for a series of meetings with International Monetary Fund (IMF) Managing Director Christine Lagarde, World Bank President Jim Yong Kim, Secretary John Kerry and US AID's Gayle Smith.
UN Summit Reaches Debt, Tax and Trade Agreements (tags)
Member countries of the United Nations Conference on Trade and Development (UNCTAD) renewed a mandate for the UN agency on economic issues. The agreement will guide UNCTAD's work for the next four years.
Holy See Calls on UN Development Summit to Build an Inclusive Economy (tags)
Cardinal Peter Turkson, president of the Pontifical Council for Justice and Peace, called on a United Nations development summit to address debt, tax, trade and environmental policies that impact poverty.
Negotiators Struggle for Agreement on Debt and Tax Issues at UN Development Summit (tags)
A United Nations global development summit begins its fourth day of difficult negotiations in Nairobi, Kenya.
Senate Faces Puerto Rico Vote Before July 1 Deadline (tags)
The United States Senate faces a likely vote on Puerto Rico debt crisis legislation this week. Puerto Rico's Governor, Alejandro García Padilla, called on the Senate to pass the bill by July 1, when the US territory owes a nearly $2 billion debt payment. The Puerto Rico Oversight, Management and Economic Stability Act passed the House on June 9.
Religious Leaders Ask Senators to Pass Puerto Rico Debt Legislation (tags)
Religious leaders from Puerto Rico and the US mainland meet with Senators to urge them to support legislation to restructure the island's debt.
House Passes Puerto Rico Debt Crisis Legislation Senate Poised to Pass Bill Before July 1 (tags)
The House passed Puerto Rico debt crisis legislation 297-127. The Puerto Rico Oversight, Management and Economic Stability Act now heads to the US Senate for approval.
Puerto Rico Archbishop Urges Congress, Governor and Creditors to Solve Debt Crisis (tags)
Ahead of a likely House vote this week, San Juan's Roman Catholic Archbishop, Roberto González Nieves OFM, announced his support for Puerto Rico debt crisis legislation in an op-ed to The Hill.
Puerto Rico Debt Bill Heads for Full House Vote (tags)
The House Committee on Natural Resources voted 29-10 to approve Puerto Rico debt legislation for consideration by the full House of Representatives.
Argentina Returns to Bond Market after Debt Settlement (tags)
Argentina returns to the bond market after 15 years with access to limited international financing.
House Republicans Convene to Discuss Puerto Rico Legislation (tags)
Speaker Paul Ryan is holding a special meeting with Republicans to discuss the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA). Ahead of the Republican special session, Jubilee USA sent a letter from its executive director advocating passage with key changes.
Puerto Rico Congressional Negotiations Intensify (tags)
The House Committee on Natural Resources is poised to release the newest draft of Puerto Rico legislation amid tense negotiations.
Congress Releases Draft Puerto Rico Bill to Address Financial Crisis (tags)
The House Committee on Natural Resources released draft legislation to address Puerto Rico's debt crisis.
Report Questions Florida Payday Lending Rules (tags)
A new report by the Center for Responsible Lending says “payday” lending fees cost Florida residents $2.5 billion over the past decade.
Supreme Court Hears Puerto Rico Bankruptcy Case (tags)
The US Supreme Court hears arguments on whether Puerto Rico's courts can restructure about $20 billion of the US territory's $72 billion debt.
Puerto Rico Governor Calls for Halt on Debt Lawsuits (tags)
Puerto Rico's Governor Alejandro García Padilla says Congress should put a hold on litigation against the indebted US territory until a proposed Congressional solution to its debt crisis is in place.
Argentina Lower House Repeals Laws to Support Hedge Fund Debt Deal (tags)
Argentina's lower house of Congress voted 165-86 to repeal two laws that blocked the country from settling its decade-long debt dispute with a group of "hold-out" investors.
Radio Spots Focus on Puerto Rico Crisis Ahead of Sunshine State Presidential Primary (tags)
A religious development organization is running radio spots focused on resolving Puerto Rico's debt crisis on 238 stations across Florida.
Jubilee USA Launches Puerto Rico Radio Spots Ahead of Super Tuesday (tags)
The religious development coalition Jubilee USA is launching radio spots focused on Puerto Rico's debt crisis ahead of "Super Tuesday" presidential primary elections.
US Judge Plans to End Argentina Debt Sanctions (tags)
US District Judge Thomas Griesa agreed to lift injunctions on Argentina that could pave the way to ending the country's decade-long debt dispute with "hold-out" hedge funds.
Puerto Rico House Approves Utility Reform Bill: Part of Proposed Debt Deal (tags)
Puerto Rico's House of Representatives approved legislation to reform its highly indebted public utility company "PREPA."
US Judge Explores Lifting Argentina Sanctions After Country Offers $6.5 Billion (tags)
US District Judge Thomas Griesa ordered "hold-out" investors on Thursday to explain why various sanctions on Argentina should not be lifted.
Congressional Hearing Examines Puerto Rico Debt Crisis (tags)
The US House of Representatives held its second hearing on Puerto Rico's debt crisis this year. The hearing focused on potential legislative solutions including bankruptcy protection and an economic oversight board
Puerto Rico Cuts Services as Budget Gap Grows (tags)
Puerto Rico's government continues to cut public services as the economic crisis worsens. The Government Development Bank announced this week that the island's budget gap is $2 billion higher than expected. The prison system in Puerto Rico can no longer pay a vendor that feeds inmates. Some special education teachers are no longer being paid.
Argentina Negotiates Debt Dispute with "Holdout" Hedge Funds (tags)
Argentina begins negotiations with groups that sued the country for more than $1 billion after it's 2001 default.
Puerto Rico Plans to Default on New Year's Day (tags)
Puerto Rico plans to default on part of its $1 billion debt payment due January 1.
Puerto Rico Population Drops 10% Over Past Decade (tags)
Census Bureau estimates Puerto Rico's population shrinks by 10%, mostly during the island's financial crisis.
Congress Excludes Puerto Rico Bankruptcy Provision in Omnibus Bill (tags)
Extension of bankruptcy protection to Puerto Rico not included in Congress' omnibus budget deal.
At UN, Archbishop Calls for Puerto Rico Negotiations (tags)
Puerto Rico Archbishop Calls for Negotiated Settlement to Island Debt Crisis. Catholic Leader Asks "Vulture" Funds to Stop Lobbying Congress.
Pope Francis' Jubilee Year Begins (tags)
Pope Francis began the Catholic Church's "Jubilee Year of Mercy" at St. Peter's Square with a public mass and ceremony attended by 50,000 people. Pope Francis opened a "Holy Door" at St. Peter's Basilica to officially launch the year-long celebration with its themes of mercy and solidarity for the poor.
Supreme Court to Review Puerto Rico Bankruptcy (tags)
The Supreme Court announced it will review a lower court decision blocking Puerto Rico from restructuring portions of its debt under the Puerto Rico Recovery Act.
Puerto Rico Avoids Default Governor Announces Revenue "Claw-Back" to Fund Government Ser (tags)
Puerto Rico doesn't default under outrageous debt structuring.
Hedge Fund Threatens Trade Tribunal to Sue Peru for Old Military Debt (tags)
A US hedge fund is threatening to sue Peru for $5.1 billion over decades-old military debts it bought.
Pope Francis Calls for UN to Address "Oppressive" Lending (tags)
Puerto Rico’s Religious Leaders Call for Debt Relief and End to Austerity (tags)
Puerto Rico’s religious leaders called for debt relief in the face of the $72 billion financial crisis burdening the Caribbean US territory. At a press conference in San Juan, leaders of the principle religious groups laid out six principles to resolve the crisis.
Differing Views on China (tags)
China
Thomas Piketty: Germany has never repaid its debts. It has no right to lecture Greece (tags)
Conservatives, especially in Germany, are about to destroy Europe and the European idea, all because of their shocking ignorance of history... Germany is really the single best example of a country that, throughout its history, has never repaid its external debt.
Crisis, Debt and the Development Perspective, 123 pp (tags)
700 free movies, 700 free E-books and 450 free audio books are ours at www.openculture.com. Enjoy the feast - in the land of disconnect and reversible cups!
Greece's SYRIZA Party Splits Ahead of Snap Elections (tags)
Greece
Greek Rape and Pillage Bailout Deal: Germany Wants More (tags)
Greece
Greece and Troika Agree on Bailout Deal in Principle (tags)
Greece
United Nations Votes for Global Bankruptcy Principles (tags)
Troika Bandits Want More from Greece (tags)
Greece
CFPB Fines Predatory Student Lending Practices; Religious Organizations Pray for Relief (tags)
Synagogues and churches held prayer services for students as the Consumer Financial Protection Bureau fined Discover Bank $18.5 million for illegal student lending practices. The bank must repay students $16 million, pay a $2.5 million civil penalty and reform its lending practices. The Bureau accused Discover of overstating the minimum amount due in billing statements, misrepresenting students' total interest payments and engaging in illegal debt collection practices. The penalty is the first of its kind by the Bureau against a student loan company. "This fine sends a strong message to companies that take advantage of students," said Eric LeCompte, executive director of the religious anti-poverty coalition Jubilee USA Network, which advocates for responsible student lending policies. "Predatory lending traps students in debt." This past weekend, 64 faith communities from 26 states prayed and acted for fair student lending policies as part of Jubilee USA's national interfaith "Jubilee for Students" prayer event. In 2012 and 2013, the event pushed congressional legislation to stop federal student loan interest rate increases.
Puerto Rico's Debt Crisis (tags)
Puerto Rico
Pope Francis Will Not Fall For Lies Jerry Brown (tags)
California residents are being taken for a bunch of fools by Governor Jerry Brown & wife's political cabal. CAP & Trade's hundreds of billion$ being given to political cronies was the real plan from the very formation of this state legislation.
IMF: Greek Debt Untenable (tags)
Greece
Pope Francis Calls for Global Bankruptcy Process (tags)
Pope Francis called for an international bankruptcy process in a news conference as he left Latin America on Monday. According to the Associated Press, when asked about the Greek debt crisis, Francis stated, "if a company can declare bankruptcy, why can't a country do so and we go to the aid of others?" Francis offered further comments noting that too many countries are struggling with high debts and he suggested a United Nations bankruptcy proposal could be the solution.
Greece
Entrapping Greece in Debt (tags)
Greece
Looming Greek Capitulation to Troika Bandits? (tags)
Greece
Irresponsibly Calling Argentina's President Kirchner Anti-Semitic (tags)
Argentina
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.
Greek Voters Reject Financing Plan (tags)
Article on recent election in Greece, concerning its debt.
Greek Bailouts for Creditors, not Economic Recovery (tags)
Greece
Ukraine: Rogue State Deadbeat (tags)
Ukraine
Tsipras Surrenders to Troika Demands (tags)
Greece
Troika Rejects Greek Bailout Extension (tags)
Greece
Greece Announces Referendum on Bailout Terms (tags)
Greece
Nepal Post Earthquake Aid Falls Short of Goals: No Debt Relief Pledged at Nepal Recovery C (tags)
This week's Nepal donor conference pledged $4.4 billion in aid to Nepal, short of the $6.6 billion Nepal requested for earthquake recovery. About half of the total financing is loans and half is grants. Nepal did not receive any pledges of debt relief while world leaders gathered in Kathmandu. The International Monetary Fund (IMF) said Thursday Nepal will not qualify for its new emergency debt relief trust fund. "The initial aid pledges are helpful and we can close the $2 billion gap quickly with debt relief," said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. "One of the quickest ways that the World Bank, Asian Development Bank and governments can deliver rebuilding grants is by canceling debt." Nepal spends $600,000 a day paying its debt, or more than $35 million since the first April earthquake. The World Bank and the Asian Development Bank pledged a combined $1.1 billion in new concessional loans and grants. Nepal already owes the World Bank and Asian Development Bank approximately $3 billion. Although the World Bank has not announced plans for a debt relief fund, the IMF created the Catastrophe Containment and Relief Trust in the wake of the Ebola crisis and cancelled $100 million of West Africa's debt. IMF spokesperson Gerry Rice said Thursday Nepal met the first requirement for relief but that the earthquake did not cause enough total economic damage. Rice did not reference whether or not damage to Nepal's "productive capacity" pulled another trigger for the fund to release about $23 million in debt relief.
Nepal Conference Hopes to Raise $6.6 Billion in Post Earthquake Aid Debt Relief Could Be (tags)
Nepal Conference Hopes to Raise $6.6 Billion in Post Earthquake Aid Debt Relief Could Be Part of Nepal Recovery Plan
G7 Raises Alarm on Shadow Banking System (tags)
Jubilee USA Network, G7 Summit, Global Stability
At G7 Summit Trade and Debt Policies Take Center Stage; Bishops Call on G7 to Enact Global (tags)
G7, Jubilee USA Network, Debt
G7 Finance Ministers Focus on Growth in Face of High Debt (tags)
Washington DC - G7 finance ministers gather in Dresden, Germany, to discuss promoting "sustainable growth" in the face of growing global debt. US Treasury Secretary Jacob Lew is among the ministers gathering. The meeting takes place amid debt crises in the Eurozone and the developing world. The ministers meet after the International Monetary Fund (IMF) reported slow economic growth and increased debt burdens during the IMF/World Bank Spring Meetings. "It's impossible to experience sustainable growth, when wealthy and poor countries are struggling with unsustainable debts," stated Eric LeCompte, Executive Director of Jubilee USA Network, who is in Dresden for the meetings. The finance ministers gathered in Dresden include Joe Oliver of Canada, Michel Sapin of France, Wolfgang Schäuble of Germany, Pier Carlo Padoan of Italy, Taro Aso of Japan, George Osborne of the United Kingdom and Jacob Lew of the United States. Jubilee USA joined Jubilee Germany in Dresden for several G7 outreach events organized on the growing debt crisis.
Kiev Reneges On Its Debt Obligations (tags)
Ukraine
Devastated Nepal Daily Pays $600,000 on Debt (tags)
Nepal underwent another earthquake on May 12 amid recovery from the April 25 quake. It owes billions of dollars of debt to the World Bank, the Asian Development Bank, the International Monetary Fund and foreign lenders. Anti-poverty organization Jubilee USA Network states that debt relief would aid Nepal's recovery efforts.
Governments Negotiate UN Agreement on Global Development (tags)
The United Nations, International Monetary Fund (IMF), World Bank and finance ministries are meeting in New York to finalize an agreement for the Financing for Development Conference (FfD) to be held in Addis Ababa, Ethiopia, in July
World Bank and IMF Announce $1.1 Billion in Debt Relief for Chad (tags)
The International Monetary Fund (IMF) and the World Bank announced $1.1 billion in debt relief for Chad. The money comes through the IMF and World Bank's two major debt relief programs: the Heavily Indebted Poor Country Initiative (HIPC) and the Multilateral Debt Relief Initiative (MDRI). Chad is the 36th country to receive HIPC relief and the first since 2012. Chad is the fourth-least developed country in the world. More than half its population lives in poverty.
Aftershocks Pummel Highly Indebted Nepal: Poor Country Spends 217 Million Annually on Debt (tags)
As Nepal experiences aftershocks from Saturday's earthquake, it may find relief in the IMF's Catastrophe Containment and Relief Trust, a fund that cancels the debt of poor countries in crisis.
World Bank Announces Package of Aid and Loans to Ebola-Affected Countries (tags)
The World Bank announces $650 million in new concessional loans and grants for Liberia, Guinea, and Sierra Leone at the start of the Spring IMF and World Bank Meetings.
IMF Reports Debt and Human Crises Drive Uneven Growth (tags)
Global Stability and Economic Outlook Reports Released
Grenada Reaches Debt Deal as Caribbean Mired in Debt Problems (tags)
Grenada Could Influence Global Debt Negotiations
Greece Proposes Plans to Tackle Tax Evasion and Corruption (tags)
Greece submitted a list of economic reforms to the European Union (EU) in an effort to secure emergency financing.
Hypocritical and Hippocratic Economic Policy in Europe (tags)
The crisis is multilayered-a bank crisis, a crisis of wealth distribution and a misallocation of capital between long-term real investments and virtual financial investments.. The frugal Schwabian housewife is not a suitable model.
Greece Surrenders to Troika (tags)
Greece
Greek Election: Mixed Messages, Hold the Cheers (tags)
Greece
oil
United Nations Votes for Process to Create Global Bankruptcy Framework (tags)
UN Process Could Limit Default and Stop Predatory Funds
African Mayors Call for Debt Cancellation for Ebola-Stricken West Africa (tags)
G20 Moves Forward on Ebola Debt Relief Plan.
US Brings Jubilee Ebola Debt Relief Request to G20 (tags)
Treasury Secretary Lew Brings Jubilee USA Request for Debt Relief for Ebola-Stricken Countries to G20. US Seeks to Move IMF to Cancel $100 Million in Debt for Sierra Leone, Liberia and Guinea.
Debt Payments Dwarf Reconstruction Aid on Philippine's Typhoon Haiyan Anniversary (tags)
Religious, Development and Environmental Groups Petition World Bank for Debt Relief
Hedge Fund Seeks Sanctions Against Argentina (tags)
Judge Gives Court-Appointed Mediator More Power to Resolve Dispute
Fed
IMF Annual Meetings Focus on Inclusiveness and Global Job Growth (tags)
"The risks the IMF raises are real. We need to address inequality if we are going to grow the global economy," said Eric LeCompte, Executive Director of the religious anti-poverty organization, Jubilee USA.
International Monetary Fund Releases Plans to Stop Predatory Hedge Funds (tags)
The International Monetary Fund (IMF) released new proposals for preventing predatory hedge funds and hold-out investors from blocking debt restructurings. The paper proposes a series of reforms to debt contracts, including strengthened collective action clauses and a modification of the pari passu clause that hold-out hedge funds used to sue Argentina.
Argentina's Christina Fernandez de Kirshner's UN Address (tags)
predatory capitalism
Argentina Faces US Contempt Hearing (tags)
US Federal Judge Thomas Griesa scheduled Argentina to appear for a contempt hearing on Monday, September 29. At issue is Argentina's failure to follow a court order to only continue to pay the 92% of bondholders who restructured after the country's 2001 default if Argentina pays a group of hold-out hedge funds. Argentina organized payment to restructured bondholders via an Argentine bank to avoid paying the hedge funds. The hedge funds, popularly known as "vulture funds," are asking the judge to hold Argentina in contempt and fine the South American country $50,000 per day.
UN Vote Tuesday Could Create Global Bankruptcy Process, Deter Predatory Funds (tags)
The UN General Assembly votes Tuesday at 3pm (EDT) on a resolution that could create a global bankruptcy mechanism. Such a process could protect poor countries from predatory funds and limit future defaults. Jubilee USA's leadership, a group of religious leaders and financial experts sent a letter to United States UN Ambassador Samantha Power urging her to support the resolution.
UN Treaty Could Enact Global Bankruptcy Process and Stop Predatory Funds (tags)
The UN General Assembly votes Tuesday on a convention that could enact a global bankruptcy process and stop predatory hedge funds. Bolivia proposed the resolution that if voted upon is expected to pass by a majority. The executive board officers of Jubilee USA sent United States UN Ambassador Samantha Power a letter urging her to support the resolution. Jubilee's 400 US faith communities are holding the Ambassador in prayer as she prepares to vote.
United Nations Small Islands Conference Fails to Address Major Debt and Tax Crisis (tags)
As the Third International Conference on Small Island Developing States (SIDS) continues in Samoa, the agreed upon final outcome statement fails to address the major debt and tax crises facing many of the attending countries. According to the World Bank, 10 of the 30 most heavily indebted countries in the world are small islands.
Banks and Investors Challenge Predatory Funds Solutions Fall Short of Comprehensive Prot (tags)
The International Capital Market Association (ICMA), a group of banks and investors, released a new debt framework this morning aimed at reducing the ability of predatory funds and holdout investors to undermine debt restructuring. The plan was created after meetings convened by the US Treasury Department in the wake of Greece's debt restructuring and comes in the aftermath of the landmark debt case between Argentina and NML Capital.
Banks and Investors Call for New Debt Rules In Wake of Argentina Hedge Fund Case (tags)
The International Capital Market Association (ICMA), a group of banks and investors, will call Friday for reforms aimed at preventing repeats of the Argentina/NML Capital debt dispute.
Argentina Debt Payments Blocked by US Court (tags)
The Argentine government announced Thursday that it transferred funds to the Bank of New York Mellon to pay the 92% of bond holders who restructured after Argentina's 2001 default.
High court rules that financiers are more sovereign than Argentina (tags)
Although the corporate press has attempted to reduce Argentina’s debt to a simple morality tale of a debtor being obligated to pay back its creditors, the picture becomes much clearer once we understand the odious nature of Argentina’s debt.
IMF Releases Paper on Ending Predatory Behavior (tags)
The International Monetary Fund (IMF) officially released a major paper focused on increasing stability in the financial system and preventing predatory hold-out behavior in debt restructuring.
Argentina Responds to Supreme Court with Debt Swap Plan (tags)
In reaction to an adverse Supreme Court ruling against Argentina, President Cristina Fernández de Kirchner announced that Argentina would offer new bonds to its creditors governed under Argentine law. The proposed debt swap would involve the 92% of the country's creditors that agreed to restructure in the wake of the country's 2001 default. While the debt swap proposes an alternative for the South American country to avoid paying hold-outs, it fails to reverse the global implications on debt markets, debt restructuring and financial stability.
Supreme Court Refuses Argentina Debt Case (tags)
Supreme Court Refuses Argentina Debt and Validates Hedge Fund Predatory Behavior
Argentina Battles in Two World Cups (tags)
While National Team Prepares to Face Bosnia, Government Fights Hedge Funds at US Supreme Court
IMF Reviews International Financial Crises Solutions (tags)
As the IMF reviews solutions to international financial crises, religious and development groups urge reforms to protect the poor.
Supreme Court Justices Consider Hearing Argentina Hedge Fund Debt Case (tags)
US Supreme Court justices will decide next steps in the Argentina vs NML Capital debt case today. The case dates back to 2001 when Argentina defaulted on its debts and a group of predatory hedge funds purchased some debt for pennies on the dollar. The hedge fund NML Capital leads a group of hold-out creditors in suing the country for more than $1 billion. The case will set a precedent that will impact the functioning of the global financial system. Supreme Court justices will decide to formally hear the case or ask the US Justice Department to issue an opinion.
Argentina Files Final Response Urging SCOTUS to Accept Predatory Hedge Fund Debt Case (tags)
Argentina filed its final Supreme Court response to hedge fund NML Capital urging the high court to take the case that the Financial Times calls "the debt trial of the century." Jubilee USA filed an Amicus Curiae brief in March noting that the precedent in the case will impact debt restructurings, poor country access to credit and debt relief programs designed to help people living in extreme poverty. The US government and the International Monetary Fund support Argentina. On June 12th, the Supreme Court is scheduled to discuss whether or not it will hear the case.
Global Jubilee Movement Meets Pope Francis (tags)
Pope Francis welcomed members of the global Jubilee movement to the Vatican on Wednesday as they were received for high level meetings with Vatican Secretary of State Cardinal Pietro Parolin and Cardinal Peter Turkson, head of the Pontifical Council for Justice and Peace. The Catholic Church, various Christian Churches, Jewish groups and trade unions founded the global Jubilee campaign that successfully cancelled more than 130 billion dollars in sovereign debt and has won tax policies to benefit people living in the poorest countries of the world.
Caribbean Religious Leaders Demand Debt Forgiveness (tags)
Caribbean religious leaders gathered in Grenada last week to demand an end to austerity and debt policies harming poor communities in the region.
Supreme Court Hears Argentina Predatory Hedge Fund Discovery Case (tags)
High Court Decision to Hear Broader Landmark Debt Case Pending
IMF Annual Meetings Focus on High Debt Burdens and Global Inequality (tags)
The annual International Monetary Fund (IMF) and World Bank meetings are focusing on the role of high debt burdens in both global economic recovery and increasing inequality. At the onset of the meetings, the G24 released an IMF statement noting that the IMF's failure to implement quota reform and the outcome of the US Supreme Court Argentina/NML Capital case impacts global inequality.
IMF World Economic Outlook: Economy Improves for Some as Inequality Persists (tags)
Debt Restructuring Process Discussed by IMF and G20
Plundering Ukraine for Profit (tags)
Ukraine
79 Religious and Development Institutions Join SCOTUS Filing in Argentina/NML Capital Case (tags)
Jubilee USA Network, a religious anti-poverty coalition, along with 78 other religious and development groups filed with the US Supreme Court in the case between Argentina and NML Capital
Jubilee USA Files to Supreme Court in Landmark Debt Case (tags)
75 Religious and Development Institutions Join SCOTUS Brief to Ensure Global Poor are Heard
The US Occupy Movement - Since the Eviction from the Squares (tags)
Robert Ogman studied social theory at The New School in New York and was active in the alterglobalisation movement. Following the evictions of the Occupy encampments in late 2011, he met with and interviewed participants. Today he lives in Berlin.
Argentina Requests Supreme Court Reverse Federal Court Rulings that favor Predatory Hedge (tags)
Argentina officially requested that the US Supreme Court hear an appeal in a debt case that will impact people living in extreme poverty around the world. The case dates back to Argentina's 2001 default, after which 92% of all Argentine bond holders restructured their defaulted debt. Predatory hedge fund, NML Capital leads a small group of holdouts who won judgments for payment in lower US Courts. NML Capital never invested in Argentina and bought the debt cheaply after Argentina's default. Because sovereign lending is contracted in the United States, the precedent the case sets impacts some of the poorest economies around the globe and allows these hedge funds to target assets that benefit poor people. The International Monetary Fund, the Paris Club, legitimate investors, the US and most governments oppose this predatory behavior because it cancels the benefits of debt relief, makes sovereign debt restructuring more difficult and limits credit to poor countries.
Argentina Files Final Supreme Court Appeal in Global Hedge Fund Debt Case (tags)
Religious Community Joins IMF, Legitimate Investors and Governments in Opposing Exploitative Hedge Fund Behavior
Jubilee USA Urges Business and Political Leaders at World Economic Forum to End Corporate (tags)
Washington, DC - Heads of state, financial ministers, celebrities and representatives from many of the worlds most powerful corporations are meeting in Davos, Switzerland for the 2014 World Economic Forum.
Supreme Court Decides to Hear Argentine Objection to Predatory Hedge Funds Targeting Argen (tags)
The Supreme Court will review a lower court's order for banks to give information on Argentine assets, including those assets held outside of US jurisdiction, to a group of hedge funds seeking to collect from Argentina's 2001 default. Additionally, the High Court will review if it is legal for these predatory hedge funds to target assets for collection outside of a US jurisdiction.
Philippines’ Foreign Debt Payments Dwarf Relief Aid After Typhoon Haiyan (tags)
More than a month after Typhoon Haiyan devastated the Philippines, the country has paid approximately $900 million in debt repayments—more than twice as much as it’s received in pledged aid from countries around the world to support the recovery effort.
Predatory Hedge Funds and Argentina Face Supreme Court Showdown in Landmark Global Poverty (tags)
Argentina is expected to appeal to the US Supreme Court by mid-February in response to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds. The precedent the case sets will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. At the same time, debt holders who restructured their debt with Argentina have hired lawyers to help negotiate the dispute between holdout hedge funds and Argentina. Nearly 93% of debt holders restructured their debt with Argentina after the 2001 default. The majority of bondholders are concerned that their settlements could be disrupted if hedge funds win the final ruling.
Philippines: Justice for Ka Norvict! (tags)
Akbayan Partylist condemns the cold-blooded murder of its fisherfolk leader Honorio “ Norvict” Baculao in Bohol. Ka Norvict, as he is fondly called by comrades in the civil society community and social movements, had just attended a municipal assembly of civil society groups and basic sectors in Getafe, Bohol on Tuesday when he was shot in the head by a lone gunman. We extend our deepest condolences to his family, friends and comrades who are grieving his loss.
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.
class war
International Monetary Fund Reviews International Bankruptcy Process for Sovereign Countri (tags)
International Monetary Fund Reviews International Bankruptcy Process for Sovereign Countries
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
The United States of Inequality (tags)
class war
Video: Jon Stewart tries to end government shutdown (tags)
"Private banks create money out of nothing and lend it to us...Money is gambled on financial markets...Money supply doubled in seven years 2000-2007 in the UK...Bailing out banks perpetuates a system that will never work..Money should only be used for productive purposes."
U.S. Supreme Court Will Not Take Argentina and NML Capital Debt Case (tags)
The U.S. Supreme Court decided not to take the landmark debt case between Argentina and bondholders led by NML Capital, a hedge fund that buys the debt of countries in financial crisis. Argentina is expected to file a second petition in the coming months that the Supreme Court will review and decide again if it will hear the case.
police state
Public Banking Avoids Today's Debacle (tags)
banking
Whither Occupy Wall Street? (tags)
class war
G20 Focuses on Debt, Taxes, Corruption, Syria and IMF Quotas (tags)
G20 Focuses on Debt, Taxes, Corruption, Syria and IMF Quotas
Norwegian Audit Finds Loans to Developing Countries Don’t Follow New Lending Standards (tags)
Supreme Court Considers Taking Hedge Fund/Argentina Case with Global Poverty Impacts (tags)
The US Supreme Court is considering whether or not to accept an international debt case that will impact global poverty and poor country access to credit.
America's Student Loan Racket: Stiffer Debt Boondage Coming (tags)
class war
Are Japanese Bonds Signaling Trouble? (tags)
economy
Debt jubilee: Revolutionary change or reform to stabilize capitalism? (tags)
Canceling the world’s debts would be a welcome reform, but in itself wouldn’t challenge the world capitalist system without a debt jubilee being one piece of a more comprehensive struggle.
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.
Greater Grand Theft Cyprus (tags)
class war
Argentina Payment Plan Would Protect Poor Hedge Fund Holdout - NML Capital - has Until Apr (tags)
Defending IMF Financial Terrorism (tags)
class war
Why Don't Politicians Care about the Working Class? (tags)
The national debt is not the most important problem to address. Reversing the polarization of the labor market is much more important.
New BRICS Development Bank Announced (tags)
banking
Payday Loans: Modern Day Usury (tags)
usury
class war
class war
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.
Fiscal Cliff Postmortems (tags)
class war
More Evidence of Chupacabra than Bipartisan Fiscal Cliff Hype (tags)
The bipartisan hype over the so-called "fiscal cliff" is an attempt my the status quo to institute severe austerity measures that would effect seniors, disabled and other people dependent upon the social safety net that is set up on the chopping block by BOTH Democrats and Republicans. There may be more evidence of the mythical chupacabra (goat sucker) than there is proof of any upcoming fiscal cliff. Either way we are dealing with some really mangy bloodsuckers!
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.
From Financial Crisis to Stagnation: An Interview with Thomas Palley (tags)
"The way economies are organized and function is significantly the product of social choices, not the product of nature. Over the past thirty years we (society) have embraced a set of economic ideas..."
In show of power, financiers impose will on Argentina’s Navy (tags)
Billionaire speculator buys bonds of indebted countries at pennies on the dollar and then uses every means possible to get them to pay him for the full value, regardless of the cost to those countries’ people.
“IMF is dead, a walking dead” - FDC Philippines (tags)
MANILA, Philippines – As the first female chief of the International Monetary Fund (IMF) visited the country for the first time and met with Pres. Benigno S. Aquino III Friday morning, debt watchdog Freedom from Debt Coalition staged a protest near the Malacañan Palace, in solidarity with the peoples of the Eurozone.
Philippines: FDC clamor for the Freedom of Information (FOI) Bill (tags)
Freedom of Information (FOI): A Key to Freedom from Debt and Economic Justice
Will Unions Fight Fiscal Cliff Cuts to Medicare and Social Security? (tags)
With pro-Obama election posters still visible in most union halls across the country, the President has already taken steps towards selling out not only labor unions (again) but all working people. But this isn’t the “ordinary” sellout that working people have come to expect from Democrats — this is an attack of historic proportions.
Greece: Profile of a Failed State (tags)
Greece
Predicting Protracted Hard Times (tags)
class war
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.
Debt Forgiveness Or Death! (tags)
These are the only two choices for the global elite as history does not lie.
Bona Fide Eurozone Crisis (tags)
class war
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.
class war
World Bank Opposes Palestinian Sovereignty (tags)
rights
class war
Emergency Central Bank Intervention Coming? (tags)
class war
Approaching Financial Abyss (tags)
class war
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.
World Economies on Life Support (tags)
class war
Economist Richard Wolff Supports "Lesser" Evil Voting (tags)
We finally heard from the self-proclaimed Marxist economist, Richard Wolff, on the presidential elections, on KPFA, 94.1 FM, 6 p.m. news, 7/15/12, on his view of the elections and it was a shameful, anti-Marxist, lesser evil line, especially considering Wolff is a founding member of the Connecticut Green Party.
Philippine government a "show-off" (tags)
MANILA, Philippines - The Philippine government’s decision to extend a US$1-billion loan to the International Monetary Fund (IMF) to supplement the Fund’s Financial Transaction Plan (FTP) of $456 billion to contain the economic crisis in Europe is an “arrogant pretension of a country very much in debt,” according to the Freedom from Debt Coalition (FDC).
Faith Groups Call on Congress to Protect Student Loans (tags)
Heading for Economic Collapse (tags)
class war
class war
Spain: The Latest Shoe to Drop (tags)
class war
Contagion Affects Europe (tags)
Class war
America's Student Loan Racket (tags)
student loans
Looming Economic Realities (tags)
class war
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.
Defending the Indefensible (tags)
class war
Support The Davis Dozen! Drop All Charges! (tags)
The “Banker's Dozen” were served with arrest notices one month after the U.S. Bank on UC Davis campus closed its doors for good, following weeks of protests against the university's privatization, its collusion with corporate profiteers, and the banks' role in increasing student costs and student debt. Twelve people are now threatened with 11 years each in jail and one million dollars in fines for a conspiracy to sit down. Privatization and austerity continue, more unpopular than ever. The university's policy of criminalizing dissent to protect and impose its policies continues, as it must in the face of increasing resistance.
Millionaire's Tax is the Best Debt Brake (tags)
Sahra Wagenknecht is a leader of the Left party, Die Linke, in the German Bundestag and author of "Freedom instead of Capitalism." Learning from other cultures is a strength, not a weakness. The University of British Columbia had a tuition freeze for 6 or 7 years and kept tuition at $2300.
class war
The Systemic Causes of the Crisis (tags)
The crisis is 30 years old, not 4 years old. The causes of the crisis can be found in the real goods-producing economy, not in the financial markets. The wildly proliferating financial markets did not drag the industry into crisis but kept alive the industry through credit-financed demand.
Readying the Greek Corpse for Burial (tags)
class war
Greece: The Epicenter of Global Pillage (tags)
class war
Banker Occupied Europe and America (tags)
bankers
Financial Oligarch Power Raping Greece (tags)
class war
Forecasting Economic Decline (tags)
class war
Whistling Past the Graveyard (tags)
class war
So much crisis was never analyzed with a crisis-conditioned satisfaction guarantee! Instead of seeking culprits, we must seek the systemic causes of the indebtedness dynamic. These gigantic debt mountains were necessary to keep capitalism functioning. Fewer and fewer workers can producer more and more goods in an ever-shorter time.
The New Normal: Economic Weakness and Decline (tags)
class war
The Financial System as a Parasite of the Economic System (tags)
In the global tax competition over tax revenues collapsing worldwide, states are run by a global financial and banking system and made into debtors. The factors taxes and labor are effectively marginalized as mere costs to be shifted. Taxes and labor (straw) are transformed into gold.
Ongoing Global Economic Crisis (tags)
class war
Shock Strategy for Europe (tags)
The cocktail of social cuts, deregulation and privatization struck societies like a blow. The economy hit the wall; social securities were taken away. The debt problems were used as "timely opportunities" to gain new ground for the free market.
Deepening Global Financial Trouble (tags)
class war
"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.
Global Economic Tremors (tags)
class war
Alternative for the Euro Zone (tags)
In a new study, leftist economists from a dozen EU countries criticize the policy of the German government in the Euro crisis. Its analysis and the proposed solutions are wrong. The state deficits are not the cause of the crisis. The financial crisis caused the state deficits.
Wrecking Europe to Fix It (tags)
class war
The Crisis, Trust and Homeowners (tags)
Capitalism cannot function any more without credit-financed debt on account of its increasing productivity. The recession will come because the indebtedness-dynamic can hardly be maintained with which the capitalist zombie-economy is kept alive in its pseudo-life.
Bailouts, Bondage and Political Bankruptcy (tags)
class war
Brazil: I have a dream… (tags)
But the best part of the dream was that the President commanded down the interest on the public debt to zero, and with it this year alone, remained over two hundred and fifty billion to invest in development, infrastructure, health, education, security and everything else even paying more than five hundred billion of other charges of the same debt.
Central Bank Intervention: Much Ado About Nothing (tags)
class war
At Risk Eurozone Sovereign Credit Ratings (tags)
Eurozone
Spreading Eurozone Contagion (tags)
class war
Coming: Big Austerity Cuts (tags)
class war
Supercommittee Strikes Out (tags)
debt crisis
Eurozone Doomsayer Got it Right (tags)
economy
America's Student Loan Debt Bondage (tags)
class war
War: The Wrong Jobs Program (tags)
Deepening Debt Contagion (tags)
economy
Book Review: "The Great Crash or the Century Crisis" by Elmar Altvater (tags)
Capitalism is at an end and the whole world is drawn into the mess. Preventing this is an ethical imperative and a political duty. The multiple crisis has dragged on for years. The political class allows this to happen. Political answers to the debacle can only be found with clarity on causes.
Financial Terrorism Rules Eurozone (tags)
economy
Kicking the Cannes Down the Road (tags)
economy
Dissing Europe's Flawed Bailout Scheme (tags)
class war
Critical thinking and cultural shock have the power to turn the world upside down (like Jesus' parables and zen koans). Trivializing structural/systemic economic problems as motivational, psychological, bumps in the road or industrial accidents is a perversion.
Eurozone Bailout Deal: Hold the Cheers (tags)
class war
class war
Halloween-inspired protest greets World Bank chief in Manila (tags)
Manila, Philippines – It was an early Halloween at the World Bank office here Thursday afternoon.
Global Economic Crisis Deepens (tags)
economy
Foreclosure Purgatory, MA Rules Against Buyer Of Foreclosed Home, Million Tainted (tags)
2011 Foreclosures is showing us what is coming on the horizon, ? Cloud on title?. (cloud) n. an actual or clear outstanding claim on the title to real property. ?Clouds? can include an old mortgage or deed of trust with no recording showing the secured debt was paid off, a failure to properly transfer all interests in the real property to a former owner, a previous deed which was improperly written or signed, an unresolved legal debt or levy by a creditor or a taxing authority, or some other doubtful link in the chain of title. Often the ?cloud? can be removed by a quiet title action, by finding a person to create or execute a document to prove a debt had been paid or corrected. Title companies will refuse to insure title to be transferred with a ?cloud,? or they will insure ownership except for (?insure around?) the ?cloud.
economy
Troubled Eurozone Finance Capital (tags)
economy
The crisis is 30 years old, not three years old. The causes of the crisis should be tracked down in the real goods-producing economy, not in the financial markets. The financial markets were keep alive up to the collapse of the speculative bubble by credit-financed demand.
Free Resources to Fight Bill Collectors
Occupy Demands And Civil Disobedience Guidelines (tags)
Demand one: Restoration of the living wage.
Imploding Bubble Economies (tags)
economy
Hard Times Getting Harder (tags)
economy
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.
Politics in the Crisis Trap (tags)
A discontinuance of debt-financed economic programs leads to an economic slack period resulting in stagnation and recession. Crisis policy finds itself in a philosophical paradox. The political class can only choose between more indebtedness up to state bankruptcy (with hyper-inflation) or harsh austerity programs.
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.
Obama's Budget Deal: Neoliberal March in the US (tags)
What should be the state's role in the future? What values and priorities should be set in a time when public resources become scarcer under the pressure of state indebtedness? Less state, less support for the unemployed, poor and sick occurs along with a free ride for billionaires and big corporations.
BTL:House Republicans Attempt to Hold 2012 Budget Hostage to Repeal of Environmental Regul (tags)
Interview with David Goldston, director of government affairs with the Natural Resources Defense Council, conducted by Melinda Tuhus
Activists Discuss Debt Debate, Wonder How We Let Right Control It (tags)
Congressmember Bob Filner, San Diego labor leader Lorena Gonzalez and three other speakers appeared as part of a panel convened by Activist San Diego for their regular meeting August 15. The ostensible purpose was to discuss the recent debate in Washington over raising the nation's debt ceiling, but it soon turned into a discussion of how the Right managed to take over the debate, frame it the way they wanted and get virtually everything they wanted -- including promises of large cuts in government spending that will only worsen the economy and risk not only a double-dip recession but an outright depression. Filner talked not only about President Obama's willingness to concede the domestic agenda to the Republicans but his and the Democrats' Congressional leaders utter unwillingness to end the unaffordable wars in Afghanistan, Iraq and Libya.
From the Debt Showdown into Recession (tags)
The scenario of an economic double-dip is very likely without additional economic measures. The budget cuts may bring about a recession. The republicans in Congress threaten to concoct an economic crisis if they are not allowed to cut spending. Our greatest problem is low spending.
class war
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.
America's Cratering Economy (tags)
economy
BTL:GOP Extortion Forces Deep Budget Cuts with No Tax Increases on the Wealthy (tags)
Interview with Dave Johnson, fellow at Campaign for America's Future, conducted by Scott Harris
economy
FAV ON THE ?DEBT CEILING? DRAMA AND ?COMPROMISE? IN THE US CONGRESS (tags)
? The Dark Days of August Spreads its Gloom.? The Justice for Filipino American Veterans (JFAV) and its allied organizations is appalled by the so ?called ?debt ceiling crisis? drama and its compromise solution that did not tax the rich but passed the burden to the working poor of this nation. The JFAV is alarmed due to the fact, the bill speaks not of cutting ?defense spending? but ?security spending,? which includes the Department of Veterans Affairs. (DVA) Instead of scaling back the forces of war, repression and domestic surveillance, these ?security? cuts may easily be aimed at veterans' health care and retirement benefits.
Bipartisan Debt Deal Betrayal (tags)
class war
Heading for Economic Ruin (tags)
class war
Political Washington Fiddles While Rome Burns (tags)
class war
BTL:Looking to 2012 Election, Republicans Enact Voter Suppression Legislation Across the U (tags)
Interview with Wendy Weiser, director of the Democracy Program at the Brennan Center for Justice at the New York University School of Law, conducted by Scott Harris
America: Heading for Tyranny and Impoverishment (tags)
scoundrel government
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.
The Debt Ceiling: Where Are the Grownups? (tags)
The fact that the ruling elites haven't stepped in and forced the President and Congress to raise the debt ceiling, the way they did in October 2008 to push through the TARP big-bank bailout, suggests either that the corporate ruling class likes the "shock treatment" agenda being pushed by the Tea Party -- force a default on U.S. debt so the President and Congress will have to eliminate the welfare state virtually overnight -- or that the Tea Party has become the ruling class's Frankenstein, a monster it can no longer control.
The Fix Is In: Washington's Planned Social Contract Destruction (tags)
economy
Video: Michael Hudson on Democracy Now (tags)
Pushing Crisis: GOP Cries Wolf on Debt Ceiling in Order to Impose Radical Pro-Rich Agenda
BTL:"Gang of Six" Senate Debt Ceiling Deal Would Make Deep Cuts to Social Security Benefit (tags)
Interview with Eric Kingson, co-director of the Strengthen Social Security Campaign, conducted by Scott Harris
Video: Debt Ceiling Debate "Fraud" (tags)
David Swanson: Polling shows majority of Americ ans want to tax the rich and cut the military before cutrting social programs.
Debt Ceiling Debate Charade Masks Planned Entitlement Cuts (tags)
criminal plan
BTL:Obama Adopts GOP Agenda, Offers Deep Cuts in Social Safety Net Programs to Get Debt Ce (tags)
Interview with Richard Eskow, senior fellow with Campaign for America's Future, conducted by Scott Harris
U.S. Election 2012- Socialist Stewart Alexander: Don?t raise the debt limit (tags)
Presidential Candidate Stewart Alexander says ?Working people should not fear the August 2nd deadline to raise the debt ceiling; the government will not collapse. It is time for President Obama and the professional politicians to attend credit counseling.?
Greek Tragedy Goes Global (tags)
financial terrorism
Meaner Tougher IMF with Lagarde (tags)
financial terrorism
Sen. Bernie Sanders Reads the Riot Act (tags)
Bernie Sanders Reads the Riot Act, Senate Transcript: The Rich Get Richer, the Poor Get Poorer, and the Middle Class Disappears
Banker Occupation of Greece (tags)
financial terrorism
IMF Financial Terrorism (tags)
financial terrorism
Global Economic Crisis Deepening (tags)
Depression
Greece must deny to pay an odious debt (tags)
In times of harsh neoliberal austerity and limited national sovereingty, the denial to pay an odious and illegitimate debt is a moral, political and social need. (by Nicolas Mottas/American Chronicle)
America's Student Loan Racket: Soaring Default Rates (tags)
student loans
Videos on Debt and Recession: Michael Hudson, Richard Wolff and Dean Baker (tags)
We face a worldwide downward spiral and the capture and instrumentalization of the state by big capital. We face a repressed 40-year crisis of capital, a neoliberal counter-revolution of reduced corporate taxes, wage stagnation, language distortion and state indebtedness,
S & P Downgrade Targets Entitlements (tags)
serfdom
"We will not abandon our committment to Social Security" (tags)
"This is my vision for America-a vision where we live within our means while still investing in our future; where everyone makes sacrifices but no one bears all the burden; where we provide a basic measure of security for our citizens and we provide rising opportunity for our children.."
Tax Day Protests on April 18th! (tags)
Several groups are planning different Tax Day (April 18th) protests against austerity, tax loopholes for the rich, and the banksters.
Icelanders Vote on Predatory Bailout (tags)
bailouts
OBAMA IN BRAZIL - ONLY IF IT GOES OF KNEES (tags)
The American empire sinks and us Brazilian we won't sink with it.
The Arab Revolutions and the Democratic Imagination (tags)
The Arab democratic uprisings have brought a rush of nostalgia to many people who staged their own democratic revolutions years earlier. As they watched events unfold in Cairo’s Tahrir Square on Al Jazeera and CNN, that feeling of “all that is solid melting into thin air,” as Marx would have put it, returned to many of those who went to the barricades during the original People Power Revolution in the Philippines in 1986.
Oppose Brown’s cuts in California! Education must be a social right! (tags)
In his latest budget, California Governor Jerry Brown, a Democrat, is proposing drastic cuts that will affect the lives of students and workers throughout the state, including $1.4 billion in cuts to higher education. The net wealth of the 19 richest Californians is more than ten times the entire amount of proposed budget cuts!
Economic Turmoil in 2011 (tags)
economic trouble
America Replicating Japan (tags)
stagnation here like Japan
Permanent Debt Bondage from America's Student Loan Racket (tags)
mega-theft
13 Episodes of Rocky and Bullwinkle (tags)
Hope like the immigrant is often annoying and unwelcome. Maybe disillusionment can be a new beginning (cf. Doug Henwood, Left Business Observer).
Who's Behind the Deficit Crisis (tags)
From the U.S. to Europe media and politicians are singing the same tune: "budget deficits must be drastically reduced -- by cutting social programs -- so that global bond investors do not threaten the economy." Not since the "war on terror" was announced has government policy been so shrouded in confusion and unanswered questions. In the same way we are not to ask how U.S. foreign policy has angered millions in the Middle East, we must remain equally silent about questioning the recent history behind the current "deficit crisis.”
Destructive Neoliberal Austerity (tags)
austerity, not stimulus coming
Ruling on Behalf of Wall Street's "Super Rich": The Financial End Time has Arrived (tags)
"Alas, the Obama administration has backed the Geithner-Bernanke policy that “the economy” cannot recover without saving the debt overhead. The reality is that it is the debt overhead that is destroying the economy. So we are dealing with the irreconcilable fact that the Obama position threatens to lower living standards from 10% to 20% over the coming few years – making the United States look more like Greece, Ireland and Latvia than what was promised in the last presidential election. Something has to give politically if the economy is to change course. More to the point, what has to give is favoritism for Wall Street at the expense of the economy at large. What has made the U.S. economy uncompetitive is primarily the degree to which debt service has been built into the cost of living and doing business. Post-classical “junk economics” treats interest and fees as payment for the “service” for providing credit. But interest (like economic rent and monopoly price extraction) is a transfer payment to bankers with the privilege of credit creation. The beneficiaries of providing tax favoritism for debt are the super-rich at the top of the economic pyramid – the 2% whom Mr. Obama’s tax giveaway will benefit by over $700 billion. If the present direction of tax “reform” is not reversed, Mr. Obama will shed crocodile tears for the middle class as he sponsors the Deficit Reduction Commission’s program of cutting back Social Security and revenue sharing to save states and cities from defaulting on their pensions. One third of U.S. real estate already is reported to have sunk into negative equity, squeezing state and local tax collection, forcing a choice to be made between bankruptcy, debt default, or shifting the losses onto the shoulders of labor, off those of the wealthy creditor layer of the economy responsible for loading it down with debt."
The IMF Dictates More Than Ever (tags)
"Many developing countries that were independent in food production at the start of the 1980s import food necessary for their populations today. The subsidized agriculture of western countries has flooded the cou9ntries of the South. Haiti imports the rice that it once cultivated.."
Quantitative Easing: Elixir or Poison? (tags)
QE indeed poison as being used
Congressional Fleecing the Public Legislation (tags)
congressional fleecing
BILL GATES & WARREN BUFFETT ARE OILING THE INTERNATIONAL POOR$ $QUEAKY WHEEL NOT AMERICA$ (tags)
THEY PRETEND FOR THEIR FAMILY & FRIENDS TO CARE DEARLY ABOUT THEIR FELLOW MAN OTHER THEN THEIR FELLOW NEEDY AMERICANS.... --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
BRAZIL THAT FHC WANTS TO DESTROY (tags)
Brazilian former-president will die from envy.
Prohibition of Interest in Islamic Finance (tags)
Since the early 70s, Islamic economics was introduced to world of finance as a new instrument, whose purpose was to follow an economic system based on Islamic Shari'a or the law of Islam. One of the main elements of the system is the prohibition on interest rates.
Prohibition of Interest in Islamic Banking and Finance (tags)
Since the early 70s, Islamic economics was introduced to world of finance as a new instrument, whose purpose was to follow an economic system based on Islamic Shari'a or the law of Islam. One of the main elements of the system is the prohibition on interest rates.
Restore Financial Sanity (tags)
Restore Financial Sanity and the People's Wealth
PHILIPPINES: New Economics for a New Administration (tags)
The dominant feature of the Arroyo administration was pervasive corruption, but its most destructive legacy in the long term will probably be its policy failures. The ascent to power of a new president, backed by a new Congress, provides the opportunity for a fundamental shift in policy in order to end poverty and re-launch the Philippines on the road to development.
What “Jobless Recovery” Means in Capitalism (tags)
The phrase “jobless recovery” entered the capitalist lexicon in 2002. But since then nobody want to be associated with these phrase. Although a lot of economist tried to use this term as a byword. Still noboy want to own up to this infamous phrase. The term “jobless recovery “ had been associated with the terms of momentary statistical growth and corporate profits on books of accounts and in the stock market rather than in terms of production, employment and improvement of the people's living conditions.
Deficit Hysteria: Wrongheaded in Times of Depression (tags)
proposed policies are wrecking economies
Philippine President-elect Aquino dared to reverse mom’s neo-liberal policies (tags)
MANILA, Philippines — Akbayan party-list Representative Walden Bello on Tuesday dared President-elect Benigno Aquino III to reverse his mother’s neo-liberal policies that he said have killed Philippine agriculture and industry.
BRAZIL IN 2025: DESTRUCTION or DEVELOPMENT (tags)
Brazil commemorates... but the black clouds didn't vanish.
How Recessions Cause Wars and Revolutions (tags)
A quick glance around the globe reveals a ruined international economy, wars and more wars in the works, and revolutionary movements aplenty — all connected phenomena. No, the apocalypse is not coming; but the international economic system currently used to arrange the social order is crumbling, taking everyone down with it. The global capitalist system is in far worse shape than most people realize: it may only take the tiny economy of Greece to go bankrupt to break this camel’s back — and finally the word “recession” will be antiquated and “depression” will be in vogue.
Emergency Brake for Speculators (tags)
The private indebtedness brought about by unscrupulous financial managers mainly in the US was almost completely transferred to state budgets.
The Global Economic Crisis: Riots, Rebellion and Revolution (tags)
"In the same month, the highest-ranking general in the United States, “Adm. Michael Mullen, chairman of the Joint Chiefs of Staff, ranks the financial crisis as a higher priority and greater risk to security than current wars in Iraq and Afghanistan.” He explained, “It's a global crisis. And as that impacts security issues, or feeds greater instability, I think it will impact on our national security in ways that we quite haven't figured out yet.”[22] Rest assured, they’ve figured it out, but they don’t want to tell you."
Debt Dynamite Dominoes: The Coming Financial Catastrophe (tags)
-When the crisis is over, the middle classes of the western world will have been liquidated of their economic, political and social status. The global economy will have gone through the greatest consolidation of industry and banking in world history leading to a system in which only a few corporations and banks control the global economy and its resources; governments will have lost that right. The people of the western world will be treated by the financial oligarchs as they have treated the ‘global South’ and in particular, Africa; they will remove our social structures and foundations so that we become entirely subservient to their dominance over the economic and political structures of our society.-
Selling Out America to Wall Street (tags)
pillaging American wealth
Elite democracy leads to corruption of wealth distribution, language and community. "We must be wounded to be healed" (Dorothee Soelle).
The Economic Crisis Ends; the Political Crisis Begins (tags)
First Iceland, then Ireland, now Greece. Much of Europe is mired in inescapable debt and bankrupt nations, the result of crashing banks, bank bailouts, and soaring unemployment. The U.S. and U.K. watch from a distance, knowing their turn is next. The European corporate-elite — like their American counterparts — lavished non-stop praise on the “bold yet necessary” decision to bail out the banks; the economy was supposedly saved from “impending collapse.” But every action has an equal but opposite reaction. Bailing out the banks saved the butts of dozens of European bankers, but now millions of workers are about to experience a thundering kick in the ass.
The Neolbieral Restructuring of California State Government (tags)
state budget cuts, the imposition of fee increases at post-K-12 educational institutions and the prospect of the passage of a water bond in November 2010 foreshadow the successful imposition of the neoliberal model on California
What Obama Isn't Telling American Workers (tags)
A lot is happening in the tumultuous realm of global economics. The “Great Recession” has caused tectonic shifts internationally, with outcomes that will dramatically change the lives of millions of people in the U.S. and beyond. And while Obama is acknowledging this fact with repeated references to “a new world order,” he isn’t explaining how this adversely affects working-class Americans.
After the recent unemployment numbers were announced, smug politicians promising economic recovery stuttered a bit. This wasn’t supposed to happen. Mainstream economists were predicting a smooth upswing in employment, but in September 263,000 more jobs were lost, 62,000 more than August. Obama reacted predictably to the surprise. He first pointed out that “employment is the last thing to recover from a recession,” and concluded that “…we are going to need to grind out this recovery, step by step.” Brilliant.
September-October 2009 National Immigrant Solidarity Network Monthly News Alert! (tags)
No Immigrant Bashing! Support Immigrant Rights!
Debt Collection Arbitration Scam EXPOSED (tags)
Collection Agencies and Arbitrator's have not been at arm's length, producing unfavorable results for consumers. Learn your rights! You may be eligible for a refund or to participate in a class action lawsuit.
dogfight promoter vick reinstated by nfl (tags)
one more reason to kill your tv
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.
America lets audit the fed who controls our money (tags)
We're almost there! HR 1207 (to Audit the Fed) has a whopping 207 co-sponsors. Can you believe we've made it this far? Here's the latest, and what you can do to push HR 1207 over the top:
the Deeper Origins of the Economic Crisis (tags)
For all the horror the global economic crisis has caused for so many people, one progressive consequence has emerged: many of these people are becoming politically conscious — searching for information to better understand their political and economic system. They want to know how things got the way they did and what can be done about it. Unfortunately, much of the resulting analysis has focused too little on actual causes, and too much on abstract financial details and other consequences of deeper economic problems. Therefore, the typical explanation of the economic crisis goes as follows: depression-era financial regulations were tossed aside, and banks were allowed to merge into new institutions that then invented ways to transform debts into assets, which were gambled away on the stock exchange to the tunes of trillions of dollars. All of which is true. What’s missing, however, is why.
U.S. Taxpayers Should Not Be A Pawnshop to Guarantee California Bonds (tags)
How Will California/America Recover Economically If Gasoline Hits Four to Five Dollars A Gallon, As Predicted Yesterday By Major News?
Reviewing Ellen Brown's "Web of Debt": Part VI (tags)
Part VI of Federal Reserve Plunder
Reviewing Ellen Brown's "Web of Debt:" Part V (tags)
Part V of Federal Reserve plunder
Reviewing Ellen Brown's "Web of Debt:" Part IV (tags)
Federal Reserve plunder Part IV
Reviewing Ellen Brown's "Web of Debt:" - Part III (tags)
Federal Reserve plunder Part III
Reviewing Ellen Brown's "Web of Debt" - Part I (tags)
Federal Reserve debt entrapment 101
Barack Obama: Crime Boss (tags)
Obama's criminal partnership with Wall Street
Obama's New World Order (tags)
Obama's imperial agenda
Obama's Latest No Banker Left Behind Scheme (tags)
the looting of America
Banks get Bailout,Public gets Credit Card Usury!!! (tags)
"If you're able to charge 30 percent or, in a payday lender case, 200 or 300 percent, you don't care so much if the loan-in fact, you actually want the loan not to be repaid. You want people to go into debt. You want to accumulate this interest. ..........................................................................
VIDEO: Capitlaism Hits the Fan (tags)
Richard Wolff teaches economics at the University of Massachusetts at Amherst. From 1820 to the 1970s, higher productivity led to higher wages. In the last 30 years there has been an explosion of profit along with stagnant wages.
Monetary and Fiscal Failure, Fraud, and Fear of What's Next (tags)
looting the treasury continues with militarism ready to confront dissent
PHILIPPINES: Thousands of Women Marched to Demand Full Employment (tags)
Amidst a deepening economic crisis engendered by the global financial meltdown, thousands of women workers belonging to the Alliance of Progressive Labor (APL) poured out into the streets of key Manila, Cebu, Davao, General Santos and Cotabato, on the occasion of the International Women’s Day to demand full employment and equality between women and men.
Systemic Failure: Capitalism "Lays an Egg" (tags)
deepening economic crisis
Dispatches from the Front Lines of the Economic Crisis (tags)
economic conditions worsening
Toxic Plans for Toxic Assets (tags)
Obama stimulus from hell.
Philippines: Don’t revive the “Monster of Morong, Bataan” (tags)
Freedom from Debt Coalition (FDC) to Philippine Congress: Don't revive Bataan Nuclear Power Plant
Banks Injure Economic Stimulus Plan by Jacking up Credit Card Interest (tags)
Could banks jacking up credit card interest during a horrendous recession—delay U.S. economic recovery and destroy the expected benefits of the Economic Stimulus Plan?
A New Administration, Tired Old Policies (tags)
Counterproductive policies heading America for depression
Philippines: Don’t revive the “Monster of Morong, Bataan” (tags)
Freedom from Debt Coalition (FDC) to Philippine Congress: Don't revive Bataan Nuclear Power Plant
Demand a "Bailout" on your Credit Card Debt & Interest!!! (tags)
If these very same "Bailed_Out Banks" are freely being extended hundreds of $Billions and even $Trillions of dollars of "Free Money" (courtesy of the unwitting US taxpayers!) to offset their "self created" financial calamity,then why shouldn't American consumers also be "Bailed Out" of their vastly inflated and exploitive cedit card debt plus interest payments!!!
Marx and the credit crunch (tags)
"Companies were not afraid to buy the hands that fed them. A symbiotic relation exists between companies and the state. Companies can buy politicians to operate in a legal jungle."
World and US Situation, 2008 (tags)
For more than two years, we revolutionaries had observed the impending total unravelling and complete discredit of the "free market" pretense of monopoly capitalism and the full bankruptcy of the policy of "neoliberal globalization." But the leaders of the US and other imperialist countries and the puppet states were always lying and boasting about the so-called strong fundamentals of their economies. Only recently have they been compelled by the circumstances to admit that the US and global capitalist system are beset by the worst economic and financial crisis since the Great Depression.
The Federal Reserve Abolition Act (tags)
Abolishing the Fed.
Petition against the expropriation of french (and also européen) farmer’s famili (tags)
Hello, dear américain friends We invite you to see this petition below and if you are in agreement with its contents then why not add your signature? In advance thank you for your support
Excess Debt and Deflation = Depression (tags)
the worsening economy
The Global Economic Crisis - Bad and Worsening (tags)
the crisis is deepening
Obama's Economic Dream Team? (tags)
indeed for Wall Street bankers
The Federal Reserve: History of Lies, Thievery, and Deceit (tags)
Former Congressional Candidate, 6th District N.J. "I place economy among the first and most important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt." Thomas Jefferson
Hope in Common, by David Graeber (tags)
We seem to have reached an impasse. Capitalism as we know it appears to be coming apart.
Worse Than the Great Depression? (tags)
a distinct possibility
Philippine social movements storm US Embassy (tags)
Philippine social movements hit G-20 summit’s exclusivity, call for a new and democratic world order
The Death of Capitalism (tags)
This latest crisis may be the last one that capitalism can survive.
The deepening economic crisis.
More from the Front Lines of the Financial Crisis (tags)
The worst is yet to come.
Public Enemy Number One (tags)
Fed- engineered crisis.
Growing financial crisis.
Past sins are coming home to roost.
The October Surprise - Global Panic (tags)
It's not over.
The United States of America Claims Bankruptcy! (tags)
After taking on more than 14 trillion in Federal debt, the housing market in the United States dropped 40%, and the United States was burdened with another 10 trillion dollars in mortgage debt. The FED’s spending did not stop there, another 2 trillion was spent bailing out companies and banks. US treasuries faltered and failed as global wealth funds dumped the dollar. FANTASY? Economic Fascism and The United States
US Real Estate: From Goldmine To Money Pit (tags)
Mortgage Backed Securities and Derivatives are Flawed and Failing. The mortgage debt problem is simple really, it has been a total mis-appropriation of equity. The equity lost on flat screen TV's, boats, new cars, vacations, and other living expenses; is equity lost forever. This loss of equity spent on consumer goods and expenses is a pyramid scheme of hyper-capitalism that is flawed and failing. Equity not spent on the property the equity comes from, is equity lost forever, a mis-appropriation of funds, and inappropriate; it is a failing economic model.
Cash Available—To Bailout Wall Street, Protect Taxpayers from $700 BN Debt (tags)
Levying a tax on Wall Street stock transactions will help insure that American Taxpayers are not left holding the bag “again.”
The government-business looting of America.
Congress Please Don’t Do It (tags)
Bottom line the middle class was already on the decline and should this bailout be implemented the middle class as we know it will disappear and after all the dust settles and everything is said and done, it boils down to the rich will get richer and the poor will get poorer and the poor is who pays.
Pulling the plug won't mean the end of the world; there is an alternative. Let's do a Kevorkian on this rotten system.
The biggest systematic looting of the US Treasury in history (tags)
The great depression is about to repeat itself. Investment banks and deposit banks are failing, money has frozen up. No loans business or personal. No money available for employers to make payroll. There will be millions of Americans with no jobs and therefore no money. Basics such as gas and food will be hard to come by and many American families will go to bed at night hungry
The Bailout is a Crime. Demand Socialized Housing! (tags)
If we're going to buy the debt, we want the collateral.
The Bailout! News! From Just One Human! (tags)
ACTUAL NEWS! AN OPEN LETTER FROM ONE CITIZEN OF THE PLANET --TO AMERICA'S PRESS --ON A HISTORIC, SHOCKING, WEEKEND. PLEASE FORWARD WIDELY:
The Homeless Move to Bushville. (tags)
This is what I have been watching the wires for, a report revealing the 21st. century Hooverville.
Reviewing Danny Schechter's "Plunder" (tags)
A masterful account of the subcrime crisis.
Nationalization of Freddie Mac (tags)
The Nationalization of the mortage industry by the government shows how easily the goverment can nationalize healthcare and other services. The steady now increased offensive by the bosses over the past 30 years is because of a failure of union leadership by throwing all their resources into funding the Democrats and supporting the "team" concept.
MGM, Dubai Fall Behind on $3.5 Billion Loan for Las Vegas Plan (tags)
July 29 (Bloomberg) -- MGM Mirage and Dubai World are late in raising as much as $3.5 billion for their $11.2 billion CityCenter project in Las Vegas because banks saddled with debt to casinos and hotels are wary of making new loans.
Joint Statement on the 34th G8 Summit in Tōyako, Hokkaidō, Japan
Potential Future Hyperinflation (tags)
Potential economic trouble ahead.
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.
F. William Engdahl's "A Century of War" - Part II (tags)
Part II of this epic book.
Philippines: Greed, Corruption and Illegitimate Debt (tags)
Greed is defined as an excessive or uncontrolled desire for or pursuit of money, wealth, food, or other possessions especially when this denies the same goods to others. It is reprehensible acquisitiveness, an insatiable longing for power, and supremacy in order to advance individual interests at the cost of other's well being.
CO 2 'Follows Temperature Rises' in Past Climate Changes (tags)
This is unequivocally true. The three ice cores of Greenland and the Antarctic have all shown this to be a fact.
Interview with Kurt Richebacher (tags)
"The dangers that loom on the currency front are immense. The US trade deficit and the accumulated foreign indebtedness have reached a scale that defies any possible action by central banks." Dr. Richebacher is a former economist of the Dresden Bank.
Nationa debt now at $9 trillion - your share is $30,000 (tags)
The national debt is now at $9 trillion. That means each and every one of the 300 million people in the USA owes $30,000 toward that debt. But if you include the other debt each person in the USA owes four times that or $120,000 toward the national debt
The Bank of the South: An Alternative to IMF and World Bank Dominance (tags)
Latin America's alternative to the IMF and World Bank
California Scheming:Rudy Giuliani,Paul Singer, Vulture Funds Africa,GenesisIntermedia (tags)
In many ways it is Adnan Khashoggi as well as Paul Singer who are financing the campaign of Rudy Giuliani through money they made in the GenesisIntermedia pump and dump penny stock scam that collapsed around 9/11/01as well as money stolen from U.S. taxpayers and impoverished countries in Africa as well as Peru who were ripped off by the W Bush-Paul Singer 'Vulture Funds' fraud in which W Bush put U.S. funds in accounts directed at 3rd world debt only to have Mr. Singer come along and empty those accounts for his and the Republican Party's personal cash cow that was used to attempt changing California electoral voting system in favor of Rudy Giuliani and the Republican Party !
Philippines: Another Scandal rocks Arroyo regime (tags)
ZTE deal to cost US$527 million after 20 years of repayment
Stock Market Meltdown - First Signs of Global Economic Rout
Gloria Arroyo’s Economy: NOT WORKING (tags)
Today, Philippine President Gloria Arroyo will again address the Congress to give a report on the achievements of her government, and at the same time express her primary focus for the next year. As she did during her previous State of the Nation Address (SONA) speeches, she may yet again boast the economic feats of her administration, including the strengthening of the peso and the recent booming of the stock market.
Philippines: On Mrs. Arroyo’s 7th State of the Nation Address (tags)
"Gloria's economy is not working." This is what the Freedom from Debt Coalition (FDC) said of Mrs. Arroyo's flamboyant and rosy economic claims; two days shy from the Executive's 7th State of the Nation Address (SONA) this 23rd of July.
MAKE A MINT GETTING REPRESENTATIVE GOVERNMENT; HAVE A PARTY (tags)
Ceasar, Nero, and Hitler all said they were elected, too. Without Representative Government (a Properly-functioning Grand Jury), who knows whether they were or not (as now), it's impossible....without a bill, at least, everytime wrongdoing's officially-alleged. Have your parties and save more lives than any MD could, now.
Iraq, Iran, China, Talabani, the Kurds, and Israel (tags)
While U.S. forces continue to surge China achieves a diplomatic coup with Iraq expanding its influence and protecting its investments in Iran.
Loan defaults escalating: Big Finance and governments Responsible (tags)
Many articles have been written on the tactic of pervasive and continuous debt as a form of economic social management. However, few financial ‘wizards’ and politicians understood the ramifications of such a tactic. To meet regular needs average people have been forced to borrow at rates never before seen. As a result of the created necessity to borrow large amounts and the ease of obtaining large loans, a rapid increase in loan defaults is occurring. Perhaps statistical information on the ‘spike’ in long term debt servicing and mortgagee defaults highlights the failure of the debt strategy. Hailed at the time as the optimum method of economic and social management, today it is proving to be just another strategy of big business appropriating more at the expense of EVERYTHING and everyone else.
RP fails to get rating firm’s confidence vote (tags)
THE Philippines failed to secure a confidence vote from one of three important foreign credit-rating companies, after the country’s revenue-generating agencies missed collection targets for the first quarter. In a statement issued Friday night, Standard & Poor’s Ratings Services said it kept its credit-rating outlook for the country, currently stable, dashing government hopes that the rating company would lift the same to positive.
Top 8 Reason for Iraq Invasion (tags)
It’s spring of 2007, four years deep into Iraq occupation .Here’s a mature top 8 reasons that combined to trigger and perpetuate this invasion/occupation what used to be the sovereign nation of Iraq.
FBI Raids John Doolittle, Investigates Abramoff Lobbyist Scandal (tags)
Would like to remind the FBI agents investigating John Doolittle's involvement with lobbyist Jack Abramoff to remember Doolittle's interference with FDIC regulators who attempted to investigate C. Hurwitz's role in the Texas S&L collapse!!
Conservative Lunacy and Public Paralysis (tags)
The Australian Federal Treasurer, Peter (supercilious prick) Costello today impetuously let one cat out of the (tactics) bag! Responding to a question relating to the economy, Costello took the opportunity to state that “the people wouldn’t trust their mortgages to the opposition party or to the leader of the opposition”. Tired fear tactics aside, Costello’s statement relates directly to the crippling debt the Australian public has been experiencing since the conservatives took office (hint!) The conservatives are the problem not the solution.
Chavez forgives Nicaragua's debt to Venezuela (tags)
Chavez forgives Nicaraguas debt to Venezuela Lets see the rich first world behave as magnanimously! VIVA CHAVEZ
Brazilian Republic, 117 years; alienation or development? (tags)
Benjamin Franklin in his "A Modest Enquiry into the Nature and Necessity of Paper Currency" (1729) he demonstrated for his contemporaries and the posterity that a state is ridicule to take loaned money, having been he himself charged to print pounds at Philadelphia.
Civil society groups denounce Singapore government, IMF-WB for barring activists (tags)
Jubilee South and the Freedom from Debt Coalition of the Philippines, two of the proponents and lead organizers of the International Peoples Forum vs the IMF and World Bank, denounce the latest move of the Singapore government to prevent the exercise of freedom of speech and peaceful assembly.
The State of the Philippine Education (tags)
Getting “Dumb & Dumber” under Gloria Macapagal Arroyo
Semiotic Sequences and Cultural Appropriation (tags)
I have recently discovered that donning a cleaner’s garb or waiter’s apron is a passport to a wealth of knowledge. A very rich harvest of information is available to every non-descript person in a service industry. A typical but dated example (I do not wish to compromise my current activities) would be an overheard conversation between two bankers regarding the then new strategy of reducing (their) costs while simultaneously narrowing the options/freedoms of the population. The banks and other large financial institutions decided that it would be far more expedient and profitable to run their businesses utilising a strategy of perpetual debt rather than temporary debt. ‘Joe and Josephine’ citizen were about to become perpetual debtors or economic slaves.
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.
Behind the Lies of the Australian Prime Minister (tags)
It’s not difficult to arrive at an accurate assessment of the present Oz leadership, the government of John Howard. Love Howard or not, he has the local population eating his lies like it was manna from heaven. Howard’s treasurer recently announced that the Oz government was out of debt, in view of a national foreign debt of $493 billion, the highest ever recorded by an astronomical ‘mile’, the announcement of no government debt becomes meaningless double-talk. But which figure does the public prefer to embrace? The lie of course, it’s far more comforting – the media’s emphasis on the treasurer’s remarks at the expense of the horrendous crippling debt is not unintentional.
Pension cuts and inequality wiping out retirement for American workers (tags)
For a growing number of US workers, dreams of a decent retirement are quickly evaporating as companies shift retirement costs onto workers, in the form of deductions from already declining wages, in order to maintain profits in a competitive global economy. In the wake of the post-World War II business boom, US workers were granted certain limited concessions in a three-legged system of retirement security that included individual savings, government programs and private employer pensions. Between the 1940s and the 1980s, private pensions with a guaranteed payout (also known as defined-benefit pensions), became a standard component of compensation for a large section of the American workforce.
America's Glorious Empire of Debt (tags)
Economists have all become like rich notables in the time of Trajan, doing the emperor's work whether they are on his payroll or not.
LIFE OVER DEBT & POVERTY IN AFRICA: THE REAL STORY (tags)
Leaders address the most pressing and widespread challenges facing the African continent
The South is Bled White (tags)
Since the Asian crisis and the 1980s, we have had massive net capital flows from the South to the North. The South is systematically bled white under the present conditions of the world economy.
Returning Money to the People (tags)
Please share this with those you know who are tired of being a financial slave because they have been duped into accepting a fraud!
The Federal Reserve is Privately owned (tags)
The secret to enslaving a nation.
Something we need to be concerned about, the U.S. debt to foreign countries, lets not pay (tags)
The U.S. stands a good chance of becoming a third world country in the future. I just heard on Nightline that "our" government helps pay for the war in Iraq by taking out loans from other countries like China. What a stupid thing to do.
Geldof, Bono and Live 8 Are Blairpoop and Bushit. (tags)
Today the U.K. newspaper The Independent published an article by Stuart Hodkinson which finally exposes the truth about Bob Geldof and Bono
Shays Fought the Revolution's Final Battle (tags)
Shays Fought the Revolution's Final Battle, and We Lost
JUST SAY NO TO DEATH BY BALLOT:A.D.PARTY'S SCIENTIFIC BALLOT ANALYSIS (tags)
STOP CALIFORNIANS' DEATHS AND DEBTS, BEFORE THEY OCCUR (BY BALLOT): GET ACCOUNTABILITY AND AVAILABLE-TRAINING FOR ALL STATE BALLOT ADMINISTRATORS, BEFORE THESE ASSAULTS (AND WORSE) HAPPEN AGAIN, REGARDING BALLOTS (AND BEFORE MORE CONTRIBUTIONS ARE STOLEN).....[TAKE-BACK YOUR GOVERNMENT, BEFORE IT'S DYSFUNCTION TAKES MORE PEOPLES' LIVES]
Learn about the financial fraud that has enslaved you your whole life!
United States Congressional Record, March 17, 1993 Vol. 33, page H-1303
Documents point to 911 attack on America by White House crime families (tags)
Sioux City, Iowa -- September 4, 2005 -- TomFlocco.com -- According to leaked documents from an intelligence file obtained through a military source in the Office of Naval Intelligence (ONI), on or about September 12, 1991 non-performing and unauthorized gold-backed debt instruments were used to purchase ten-year "Brady" bonds. The bonds in turn were illegally employed as collateral to borrow $240 billion--120 in Japanese Yen and 120 in Deutsch Marks--exchanged for U.S. currency under false pretenses; or counterfeit and unlawful conversion of collateral against which an unlimited amount of money could be created in derivatives and debt instruments.
"The US economy grows but depends on the rest of the world supplying hundreds of billions of more goods to the US every year than come from the US.. This will not last forever.."
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.."
Greenspan Foreknowledge of London Bombings ??? (tags)
"Two days before the London subway bombings, Fed-Master Alan Greenspan flushed nearly $40 billion in liquidity into financial markets. The sudden activity was an astonishing departure from the current policy of tightening interest rates to stifle inflation. The Chairman has not explained his erratic behavior, but there’s growing speculation that Greenspan may have had information about the likelihood of terrorist attacks and decided to “preemptively” head-off a run on the markets."
BTL:Neoliberal Conditions Attached to G8 Debt Relief Plan for... (tags)
...Poor Nations Exacerbate Poverty ~ Interview with Bill Fletcher, president of Trans Africa Forum, conducted by Between the Lines' Scott Harris
BTL:World Bank/IMF Fail to Agree on Plan to Cancel Debt or Increase Aid to... (tags)
...Poorest Nations ~ Interview with Virginia Setshedi, of the South African Anti-Privatization Forum, conducted by Between the Lines' Scott Harris
THE NEW AMERICAN SLAVERY (tags)
---------------- REPUBLICAN BANKRUPTCY LAW EXPLAINED ----------------
From World Bank to America Bank (tags)
President Bush had a hard time explaining to the unenlightened rest of the world why he proposes a man completely lacking in development experience, international credi-bility in combating poverty and ability to forge international consensus.
The New American Slavery (tags)
How do you like it? Dry?
It is our present leadership we should fear. Let us not be a nation so cowardly that it can be bullied by the implication that criticism is unpatriotic.
"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.
An Immodest Proposal for An Idea. (tags)
We need to show the nazis in America that real Americans stick up for their own. No chicken f**king matter what they do or don't worship, look like or honorably do for a living; an idea of sticking up for everyone. Everywhere. We need to wear the Islamic Cresent.
Washing Away the Lies about Disaster Relief (tags)
As the fervor dies down and the media stops their fanatical coverage of this event, moving on as they inevitably do to the next celebity basketball match or the next pentagon press release, what will happen to the tsunami victims?
couldn't believe what I wrote... hoped someone there might be ablel to validate this...
BEWARE: THERE'S NO SUCH THING AS A FRIVOLOUS LAWSUIT (tags)
> The "Proposition on the Ballot" to deny citizens (attorneys and private citizens, alike) the right to use their courts (and juries: grand and otherwise) is an illegal, Constitution-opposing, effort to steal Trillions and establish an International-Criminal-Regime, right here in California.....to further endebt and destabilize the state and nation, rendering our peoples less-capable of securing their lives and properties against criminal activities (expanding crime and debt, beyond their already-recod, warring, levels).....
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.."
Our $8 Trillion Headache (tags)
Since taking office, George W. Bush taking has taken the national debt (in decline thanks to four years of surpluses) on an upwards trajectory -- and now he needs a $690 billion. Grand total? $8 TRILLION!
BTL:At Their Georgia Summit, G-8 Nations Fail to Cancel Debt for... (tags)
...World's Poorest Countries~ Interview with Njoki Njehu, director of the 50 Years is Enough Network, conducted by Between the Lines' Scott Harris
Crime Expansion Results From Failures To Implement Mandatory Jury Trials (tags)
IN ADDITION, ONE SHOULD REMEMBER THAT THE FAILURE TO IMPLEMENT THE MANDATORY JURY TRIALS (WHICH THE LATER-MENTIONED SCIENTIFIC GOVERNMENT TRAINING PROGRAMS PROVE SUPPORT AND DEFENSE OF THE U.S. CONSTITUTION REQUIRES, IN IRAQ) IS CAUSING CRIME EXPANSION (INCLUDING THE NEED TO DUALLY/FORCEFULLY RESOLVE MATTERS, AS THE ONLY FORM OF RESOLUTION AVAILABLE) AND, THEREFORE, THE FAILURE TO IMPLEMENT THESE PROGRAMS, MINIMALLY, MAKES THEM (THE ADMINISTRATION) PRINCIPALS TO THE NEWLY-REPORTED AMERICAN-MURDERS IN IRAQ (CIVILIAN AND MILITARY) AND FUTURE MURDERS, AS WELL (UNTIL THEY'RE IMPLEMENTED, AT LEAST)...
ADMINISTRATION OBSTRUCTS DUE-FUNDING;DEATHS NEGLIGENT HOMICIDES (OR WORSE) (tags)
ADMINISTRATION OBSTRUCTS DUE-TRAINING; DEATHS THAT RESULTED ARE NEGLIGENT HOMICIDES (OR WORSE)
[PFMPE] the commandments of men (tags)
Requires Bush, as purported messenger of God, to provide God's message on central banking.
Is China weeks away from 'Great Depression'? (tags)
Already in need of a $45 billion bailout, the CBRC suspended all lending for three days. The enormity of China's banking problem is dawning on everyone--the system is nearing meltdown.
The Relevance of Marxism (tags)
Some predictions Marx made during his analysis of capitalism that have proved to be accurate and one that has yet to come to pass.
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.
This is the world that has been pulled down over your eyes to blind you from the truth...
Is Bush a bigger liar than Clinton? (tags)
George W. Bush and his sleazy gang have but one guiding principle that dominates all they do. They use public power and influence for private gain and will do just about anything to keep the power in order to keep the gain.
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.
America's Future: Endless Enemies, Endless Debt (tags)
America is going to hell! After WWII, it began to be slowly taken over by wily intriguers, wearing pin stripe suits. These grasping men (some were women, too) have been using primarily our federal government, the U.S. Congress, the CIA, NSA, the IMF, the mass media, corporations, banking facilities and our foreign policy, to make us more foes around the globe, while serving their own greedy ends. In the process, these schemers have grown extremely powerful at the expense of the Republic. They rarely choose to hold any office and prefer to operate from behind the scenes. I call them, “The Wire Pullers” (See Jonathan Kwitny’s “Endless Enemies” for some examples of how this exploitation works.)
President Kennedy the Fed and executive order 11110 (tags)
How America has slowly been enslaved by banksters, worthless paper they designed and printed, and a fraud so bold none would suspect it!
Rush Limbaugh's loss negligible on Clear Channel's revenue (tags)
Despite the Limbaugh controversy, Clear Channel announced a record third quarter on revenues of $2.54 billion. Limbaugh is expected to return on November 17 with his base of listeners, advertisers, and stations intact.
PAYING TWICE, PEOPLE LOVE DOUBLE TAXATION
midnight special bookstore (tags)
just got this email -- please forward
Republican spending orgy (tags)
So here we are three years later, with not only a Republican Congress but a Republican president, too -- and the federal spending train is racing out of control. The Bush administration estimated last week that the government will end the current fiscal year with a budget deficit of $455 billion. Over the next five years, the public debt is expected to rise by $1.9 trillion.
Bush's Fiscal Policy Not Creating New Jobs (tags)
How about that "jobs and growth" plan from the $350 billion in tax cuts that President Bush proposed and Congress signed?
VOTE FRAUD AND THE BANKRUPTCY OF THE UNITED STATES (tags)
Michael Rivero Proudly Boasts of having been Banned from Free Republic for his heresy in telling truth unwelcome to Freeper "sensibilities". He is currently Web Master at http://www.whatreallyhappened.com/
SAME
The Minimum Wage is No Wage at All (tags)
Can't get much more "minimum"
U.S. Government of the rich, by the rich, and for the rich (tags)
How has the secretive U.S.-based IMF/World Bank economically enslaved poor countries?
MOODY'S International Ratings Co. URGES TURKEY TO ACCEPT US TROOPS; Backs ISRAEL's Ratings (tags)
International ratings Co. MOODY's is URGING TURKEY TO ACCEPT US TROOPS QUICKLY, (so as not to lose US $$$) and at the same time re affirms ISRAEL'S ratings because of expected US $$$$$.
The Wealth-Transfer Machine (tags)
If you want to know how the country is controlled you have to understand the basics of how it's done. How is done - by keeping you poor and manipulating the politicians through the use of money and debt. These are not trivial issues and require some work to understand. However, if you want to understand it is worth the effort.
Lawsuit filed demanding apartheid reparations from transnational corporations (tags)
Several groups have filed suit against the banks and other transnational corporations that financially propped up the apartheid government of South Africa during the sanctions era. The transnationals that funded the apartheid repression must be held accountable for their actions, and should pay reparations.
US reached debt limit, unemployment rampant (tags)
US national debt nears $6.4 TRILLION limit, so the US Treasury Dept. asks for higher debt ceiling for the Fed Govt; U.S. Economy in Worst Hiring Slump in 20 Years...
Which Direction is the US Heading? (tags)
For non-economists, income millionaires obviously have much less reason to spend this extra money than households keeping their heads above water with several jobs.. When Bush began his term of office, the Budget Office forecast surplus of $3 trillion..
Hypocrisy that underlies HIPC (tags)
Vultures at the IMF/World Bank use accounting tricks to starve and further impoverish the poor.
[PFMPE] Promising Prosperity, and Delivering Perpetually Multiplied Indebtedness (tags)
Since banking-imposed instability and maldistribution of wealth paved the way to pretend central banking was a solution for banking-imposed instability and maldistribution of wealth, we have a century of the Democrat and Republican parties, tied to the purse strings of the instrument of multiplying indebtedness they ostensibly founded on our behalf.
Qwest and Bank of America Accused of Defrauding Retired Teachers (tags)
The California Teachers Retirement System sued Qwest Communications and Bank of America for engaging in "fraudulent schemes" that cost the teachers' fund millions of dollars.
Why the Fed Murdered JFK (tags)
JFK's efforts to prevent "Pax Americana" and Executive Order 11110 would have severely cut into the profits and control of the banking establishment....
TIAA-CREF sells off all of its World Bank Bonds (tags)
The largest US pension company has sold off all of its World Bank Bonds because, they say, their returns aren't very attractive. Source of the story: www.globalethicsmonitor.com, a service of Agence France Presse.
[PFMPE] Leaders Fit For Fools (tags)
Here we stand, willing victims of a system which not long ago collapsed the world's "economies."
World Bank and International Monetary Fund strangle economies of Third World (tags)
The World Bank’s origins go back to the Bretton Woods conference of July 1944, when leaders from 43 nations assembled to start building the global economy in the aftermath of World War II. U.S. Treasury Secretary Henry Morgenthau, hoping to avoid another worldwide depression, called for creation of institutions that would create “a dynamic world community in which the peoples of every nation will be able to realize their potentialities in peace.”
Debt Relief Still Failing (tags)
Despite the fact that thousands die daily as a result of international debt, a leaked IMF and World Bank report shows that they will refuse to provide significantly deeper and broader debt cancellation for impoverished nations at their Annual meetings this September.
Click on the link, to get rid of credit card debt. the debt is nothing less than fraud, that is why with the right knowledge you don't have to pay it off.
Debt "SLAVERY" and Mind Control (tags)
The illusion called debt and the clowns of the three ring circus, may they all burn in Hell!!
Sachs says: 'Forget Debt, Spend on AIDS' (tags)
Columbia University economist Jeffrey Sachs says poor countries should simply stop making debt service payments and spend that money on health & education instead. As Jubilee South says, "Don't Owe, Won't Pay."
Fighting back against the debt: Today on Radio IMC-LA (tags)
“Those who are forcing our governments to find ways to repay the debt are planning our own life and our own death.... We need to stand up at least as forcefully and as purposefully as those people who every day work to ensure that this unjust and illegitimate debt will be repaid.” --Miguel Gil, Dominican Republic
Today's Voice :Life in Prison for Stealing 13 Packs of AA Batteries (tags)
The Media tells us what is wrong with the world; Voice4change will tell you what to do about it! Our member organizations are busy organizing, so we want to bring their message to you. Our affiliates are doing great work every day. They need your support…We will be their link to you. Sign on to www.voice4change.org
Imagine America without slavery! It is possible!
"Pig Nation": editorial cartoon by Mike Flugennock (tags)
Americans, don't let our brave troops' sacrifices be in vain! Flex up that credit card, do your duty! Consume for your Country!
Third World Debt Deemed Illegal (tags)
People's Tribunal on the Debt in Porto Alegre finds $1.8 trillion in debt illegal; World Bank, IMF & other lenders guilty of genocide
Argentina: How To Establish Mathematically Perfected Economy (tags)
The world's "financiers" would not have us understand how "Argentina's" "economy" collapsed under insoluble debt — because the debt of Argentina was ultimately multiplied beyond the means of Argentina, without rendering Argentina anything but multiplying debt.
How the IMF/WB make domestic economic policy in Argentina (tags)
Transcript of a story told by Beverly Keene of Servicio Paz y Justicia (Service for Peace and Justice) and Jubilee South, both in Argentina.
LIFE AND DEBT Goes Nationwide (tags)
LIFE AND DEBT /*** (Not rated) October 26, 2001 New Yorker Films presents a documentary produced and directed by Stephanie Black. Narration written by Jamaica Kincaid. Running time: 86 minutes. No MPAA rating.
Belizean People Earn Protection of Nature in US-Nature Conservancy 50% Debt Swap (tags)
Courtesy of Environmental News Service. Thank you all for covering this.
Genoa: who are the protesters? (tags)
Standoff A lone protester confronts a phalanx of Italian carabinieri in downtown Genoa. Photo: Darko Bandic, AP
Redemption Bonds For Slavery's Bonds: THE DEBT Reviewed (tags)
In the 1980s, in the midst of the Reagan era, Randall Robinson, executive director of TransAfrica played a key role in putting the end of apartheid on America’s political agenda. With his new book, The Debt, he’s out to do the same for the issue of reparations for slavery. Read this book, and you will see with new eyes.