Last month marked six years since the official end of the 2007-2009 recession, and, if official commentators are to be believed, six years since the beginning of the economic “recovery.” Yet by many indicators, American households are actually far worse off than they were during the depths of the 2008 crisis.
President Lyndon B. Johnson signed Medicare, the national health insurance program for Americans 65 years of age and older, into law on July 30, 1965. Medicare and the accompanying Medicaid health program for the poor were the last major social reforms enacted in the US and came at a time of intense crisis for American capitalism.
Western sanctions may result in the resurrection of a food super-power which competes with the EU on global export markets. It is now more than a year that Russia imposed its food embargo on the EU and other states which had applied sanctions to it over its absorption of Crimea and intervention in southeastern Ukraine. The results of the change-over in overseas suppliers and rising import substitution through the efforts of domestic producers have now become fairly clear.
Central America, a place of abundant wind and sunshine, is still chained to thermal power and large-scale hydroelectricity and has failed to include local communities in clean, environmentally-friendly and less invasive projects.
We are about to enter August. And that’s a special month in India. Each year, on the 15th, the country commemorates the anniversary of independence from Britain. To mark the occasion, official public celebrations take place in Delhi with flag waving and fly-pasts, and the corporate media is awash with patriotic sentiments. Behind the scenes, however, agriculture, the very heart and soul of the nation, will continue to be restructured for the benefit of foreign interests, raising the question: just where does the notion independence sit with such a policy?
After centuries of oppression, a few indigenous voices of dissent in Chiapas, Mexico, rose up to became a force of thousands - the Zapatistas. Hilary Klein's Compañeras relays the stories of the Zapatista women who have overcome hardship to strengthen their communities and build a movement with global influence. Click here to order your copy of this inspiring book today!
I have maintained since the so-called Greek Debt “crisis” began back in 2010, I believe it was, that the imposition of austerity on Greece could not possibly work and that the only solution was to write down the debt to a level that Greece could service and introduce reforms that loosen the hold the oligarchs have on the Greek economy. The current Greek government has taken the same position, and now the IMF has joined us.
“93 million: the number of people who don’t work, and don’t want work. To put some context around that last number, it is 30% of the entire U.S. population.”
Price of gold and silver in futures markets inconsistent with conditions of supply and demand in actual physical market. Supply of bullion in futures markets is increased by printing uncovered contracts representing claims to gold. This artificial increase in supply of paper bullion contracts drives down price in futures market despite high demand and constrained supply.
34 hedge funds hired former International Monetary Fund (IMF) economists to come up with a solution to Puerto Rico’s debt crisis called for Puerto Rico to avoid financial default, repay its debts by collecting more taxes, selling $4bn worth of public buildings, cut public spending, particularly education.
Debt Slave Debt Slavery Debt Bondage Debt Chains - Public DomainCould you live without debt? Most Americans say that they cannot. According to a brand new Pew survey, approximately 7 out of every 10 Americans believe that “debt is a necessity in their lives”, and approximately 8 out of every 10 Americans actually have debt right now. Most of us like to think that “someday” we will get out of the hole and quit being debt slaves, but very few of us ever actually accomplish this. That is because the entire system is designed to trap us in debt before we even get out into the “real world” and keep us in debt until we die. Sadly, most Americans don’t even realize what is being done to them.
Arizona: The University of Arizona issued another warning about mass layoffs saying the new state budget is forcing them to cut $25-million USD in operating costs! (this is actually less than the $43-million they were warning about earlier this year)
- See more at: http://www.blindbatnews.com/2015/07/economic-conditions-dire-us-airways-officially-dead-home-depot-has-killed-us-u-s-job-losses-store-closings-29-july-2015/40082#sthash.hggL4FHp.dpuf
Mateusz Piskorski, head of the Polish party Zmiana: European countries following interests of United States, forgetting about their own economic interests by waging a sanctions war against Russia, has resulted in immense losses for Europe.
The struggle in Greece has reached a new stage since Alexis Tsipras won the parliament's sanction for drastic new austerity measures, over the opposition of more than a quarter of MPs from his left-wing party SYRIZA and larger numbers among its rank and file.
Iron ore price dropped 41 percent, platinum, 19 percent, copper 18 percent and coking coal 15 percent. Slump in commodity prices eliminated tens of thousands of mining-related jobs, gold mines of South Africa, iron mines in Canada, steelworks in US.
Negotiations are due to get underway Tuesday over a $95 billion third bailout for debt-stricken Greece as reports emerged that the left-wing Syriza government is actively considering setting up a parallel currency ready for a return to the drachma.
Russian Trade Minister Denis Manturov: Russia prepared to trade military hardware for Thai rubber, fruit and vegetables as Moscow seeks to boost its ties with Asia. Russia intends to sell Thailand $160 million worth of weapons in exchange for an amount of rubber valued at same price
The BRICS New Development Bank will name its first investment in April next year and the first loan will be issued in yuan not dollar, top officials confirmed. The first president of the Bank, Kundapur Vaman Kamath said in Shanghai that the new lender will work closely with the China-led Asian Infrastructure Investment Bank.
Kim Han Gil, chairs Korea-Russia Inter-Parliamentary Council: South Korea will not join US and EU-imposed sanctions on Russia despite strong outside pressure to do so. Despite slowing global economic development Russia and South Korea managed to ensure a hefty 8.5 percent increase in their bilateral trade; exceeds $27 billion.
Economic malaise widespread across the continent. Italy; longest recession in history, unemployment figures; Southern Europe appalling levels. France, unemployment record highs. Finland, worst unemployment figures; 13-years.. Greece is not the problem. It’s a symptom of the problem.
China reported massive increase in its gold holdings of 600 tons, dumped hundreds of billions of dollars worth of U.S. Treasuries last 15 months, $224 billion offloaded in last 90 days
Copper just hit a six-year low, Morgan Stanley warning that this could be the worst oil price crash in 45 years, Chinese economy is suddenly stalling out, world trade is falling at the fastest pace since the last financial crisis.
India is very serious about shifting towards renewable energy, reducing imports of coal by 70 million tons; $17 billion a year. Disastrous consequences for Australia, India's largest coal export partner.
The coalition to create UN tax regime, impose global tax includes more than 130 national governments and dictatorships funded by European Union and globalist billionaires such as Bill Gates, did manage to create "Tax Inspectors Without Borders."
Saudi Arabia, usually considered a close ally of the US, plans to invest ten billion US dollars in Russia in the coming years. The agreement between Saudi Arabia and Russia is a sensitive geopolitical setback for the United States,
steep increase in the sales tax from 13 to 23 percent. The new rates have been imposed on basic goods, from cooking oil to condoms, coffee, diapers as well as to popular services; taxi rides, restaurants and ferry transport to the Greek islands. The tax hikes are part of a package of austerity measures that also include pension cuts.
Friday,China's announcement it bought over 600 tons of gold in "one month", Chinese FX reserves come via China's US Treasury holdings, are being aggressively sold, to the tune of $107 billion in Treasury sales so far in 2015. China is forced to liquidate US Treasury paper even though it does not want to, merely to fund a capital outflow unlike anything it has seen in history.
The Greek debt crisis implications should be analyzed at global scale. No matter what kind of deal Athens and Brussels reach, nobody can say what is in store for Greece and the European Union. If the whole Europe is affected, it will give rise to ripple effect to encompass the whole world. No fundamental solutions on the agenda of talks conducted by state officials.
Greek government spokeswoman Olga Gerovasili: Greece intends to strike a new deal with international creditors before August 20. Pursuant to the eurozone summit’s decision of July 12 ratified by the Greek parliament and published in the government’s newspaper, Greece is required for the start of talks with creditors "to change the value-added tax, amend its tax system.
President of Greek Banks Association Louka Katseli appealed to citiznes to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months.“Let’s all help our economy,” Katseli urged Greeks and added “If you take your money out of your chests and houses which are not safe in any case and deposit at banks, this will enhance liquidity.”
“Τhere will be no need to “haircut” deposits in the future if we all act responsibly.”
Puerto Rico Director of the Office of Management and Budget Luis Cruz: “It is the government’s priority to provide public services health, safety, education, we will not be transferring funds from these assignments to pay the debt, "ratcheting up the pressure to restructure the island’s $72 billion debt burden.
Extent of massive government intervention to halt plunge in Chinese stock market revealed last week by figures showing major state-owned banks have made available $200 billion to boost share prices. Massive bank intervention one of a series of measures initiated by government and financial authorities to halt plunge that was threatening economic and political stability.
Greek banks are reopening Monday after a forced 3-week closure. Greek government kept daily cash withdrawal limit at 60 euros ($65), added a weekly limit. Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases.
Precious metals are nearing their multi-decade lows as the stronger dollar, safer financial markets and lack of inflation in the advanced nations have all undermined demand for the non-yielding passive and low-liquid assets.
The IMF has confirmed it has received about €2 billion from Greece, which means the country is no longer in arrears. The Greek Finance Ministry has said it started payment of €6.8 billion to the IMF and the ECB.
German Chancellor Angela Merkel again ruled out proposals to write off some of Greece's debt, assures Berlin is supporting a flexible repayment plan for the debt-laden country. Said any talk of Greece exiting the eurozone was off the table, would lead to “predictable chaos.”
At the center of a decision by leaders at the summit. In the event of no agreement, Greek assets of [EUR 50 bn] shall be transferred to an existing external and independent fund; Institution for Growth in Luxembourg.”The Institution for Growth counts German Finance Minister Wolfgang Schäuble on its board, chairmanship alternates between German Minister of Finance and Minister for Economic Affairs.
Organic supermarket chain Whole Foods coming under fire for reportedly paying Colorado prison inmates $ 1.50 an hour to cultivate its fish, milk and gourmet cheese products. The company and its CEO John Makey, whose net worth is more than $100 million, have faced controversy before over overpricing food products, restrictions on unions.
Court in Athens found Hochtief, German construction company running Athens International airport avoided paying VAT for 20 years, estimates more than $545 million (€500m) for VAT arrears; with other outstanding payments it might have to pay $1.1 billion (€1bn)." "Under Troika austerity Greeks lost $436 million (€400m) from salary cuts".
Six-and-a-half month strike that closed all banks in Ireland in 1970 had little destructive impact. Irish people found other ways of carrying out functions performed by banking industry. Services of the banks proved by no means indispensable as would have been expected, evidence much of what banks do a “socially useless activity”.
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