Writing from the very region that produces more clichés per square foot than any other "story" – the Middle East – I should perhaps pause before I say I have never read so much garbage, so much utter drivel, as I have about the world financial crisis.
The response of the Canadian government to the emergency in Attawapiskat shows why indigenous communities are in trouble. The community, situated in far northern Ontario and made up of 1,800 mostly Cree citizens, has announced that its situation is dire, due to a "severe housing shortage". The community has been visited by an opposition MP and filmed. The images relayed back are horrifying. There are generations of families living in flimsy tents or shacks built from mismatched plywood and covered with tarpaulins. Mould seeps through insulation and runs down the walls. Pails of excrement are being thrown in ditches. Children have chronic skin diseases brought on by poor living conditions, others have third-degree burns caused by cheap stoves. A hundred people live in a prefab trailer, crammed into rooms with just four bathrooms for all. The temperature drops a few more degrees below zero every day. It gets as low as -40C in the winter – without the wind chill. Mothers say baby shampoo freezes sitting on the shelf.
The industry's effort to overturn new regulations could push public anger past the point of no return. Wall Street is its own worst enemy. It should have welcomed new financial regulation as a means of restoring public trust. Instead, it’s busily shredding new regulations and making the public more distrustful than ever.
Inspired by the Occupy movements around the country, nearly two-thirds of a million Americans joined credit unions in the brief five weeks between the beginning of October and "Bank Transfer Day," November 5, 2011.
Financial industry insiders are grousing about a big downturn in annual bonuses. They should be thanking the rest of us - bombshell new research shows - for their continuing awesome good tidings.
Nowhere is the chasm between America's political class and its working poor more vast than in the demand to cut food stamps. Republican lawmakers want to cut the Department of Agriculture's budget for food stamps by 20%.
The eurozone banking system is on the edge of collapse as major lenders begin to run out of the assets they need to keep vital funding lines open. The European Central Bank admitted it had held meetings about providing emergency funding to the region's struggling banks, however City figures said a "collateral crunch" was looming. Senior analysts and traders warned of impending bank failures as a summit intended to solve the European crisis failed to deliver a solution that eased concerns over bank funding.
I’m writing this on December 5, 2011. The global economic debt crisis is getting worse. Later this week the European Union is scheduled to meet to find some solution to the sovereign debt crisis of several of its members.
In what was billed by the White House as a major speech on the economy, President Barack Obama on Tuesday combined a potted review of American history with half-truths and lies in an attempt to present himself as a fighter for social equality and critic of Wall Street. Obama, who has spent nearly three years in the White House single-mindedly defending the interests of the financial elite, has in recent weeks adopted this populist persona with the aim of derailing the emergence of social protest, in the form of the Occupy Wall Street protests, and seeking to channel it behind his reelection campaign.
As progressives, we must occasionally test our beliefs by venturing into the netherworld of the Heritage Foundation, Cato Institute, and American Enterprise Institute (AEI). This is a murky world, filled with half-truths and an emphasis on minor but conservative-friendly points. The issue of income and wealth distribution is a timely example.
Mansions on one side of the road, and slums on the other. People queuing for food rations, while others drive by in shiny Land Rovers with tinted windows. New data for the United States show that the "share of after-tax household income for the top 1 percent more than doubled" from 1979 to 2007, while the share of the "bottom" 20 percent of the population fell from 7 percent to 5 percent. Though varied throughout the world, these inequality statistics pervade and paint a picture of a world in which the rich profit while the poor are left further and further behind. (Image: OECD) These are just some of the sights that have confronted Danielle Nierenberg as she traveled through 30 countries to supervise the Worldwatch Institute’s report titled ‘State of the World 2011: Innovations that Nourish the Planet’
interview with Gerald Celente. Talk about the Fascism of MF Global, Goldman Sachs, and "government" in general. Celente says he's taking the rest of his money off-shore.
Here is a stunning clip from a 1991 roast of Pat Buchanan. John D. Rockefeller IV “jokes” about politicians being a tool for the Elite, the globalist hierarchy of the Trilateral Commission and the Bilderberg group, culminating in a total domination of the world. He finishes with a subtle threat about his banking and where the real power lies.
ALARM at the economic turmoil in Europe intensified last night after the Government admitted preparations for the chaotic collapse of the euro were being “stepped up”.
Big brands such as Disney, Lego and Marks & Spencer... ■ worked up to 140 hours overtime a month; ■ were paid up to a month late; ■ claimed they were expected to work with dangerous tools and machines without training or safety measures; ■ had to work in silence and were fined up to £5 for going to the toilet without permission. Perhaps the most insidious effect of the long hours and poor wages was how it tore families apart, separating mothers and fathers from their children for all but a few days a year. Many workers were too afraid to speak to the investigators from human rights group Students & Scholars Against Corporate Misbehavior, but two women did agree to talk on condition that their names were changed.
Gerald Celente talks about the hopelessly corrupt and bankrupt American system and government.
The Bank of Korea, which controls the world's eighth-biggest foreign-exchange reserves, boosted gold holdings for the second time this year as investors sought safer assets amid Europe's debt crisis.
Watch the full Keiser Report E218 on Saturday. This week Max Keiser and co-host, Stacy Herbert, discuss big bazookas, dead whistleblowers and Hank Paulson. In the second half of the show, Max talks to Jon Thorisson about the new Eva Joly Institute and Iceland's ongoing fight for justice.
The nuclear power industry has been resurrected over the past decade by a lobbying campaign that has left many people believing it to be a clean, green, emission-free alternative to fossil fuels. These beliefs pose an extraordinary threat to global public health and encourage a major financial drain on national economies and taxpayers. The commitment to nuclear power as an environmentally safe energy source has also stifled the mass development of alternative technologies that are far cheaper, safer and almost emission free — the future for global energy.
From the dawn of the colonial era, long before they even had a national identity, Americans have always felt they had a special role in the world, though the exact nature of American exceptionalism has always been a matter of some dispute.
Jed Rakoff blocks $285m CDO settlement, arguing that the deal obscured an 'overriding public interest in knowing the truth'. Judge Jed Rakoff said the deal would have imposed penalties on Citigroup even as it allowed the bank to deny allegations that it misled investors. "In any case like this that touches on the transparency of financial markets, whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth," Rakoff wrote in his opinion.
How far should a constitutional amendment go to roll back corporate rights? And is it possible? Across the country, momentum has been building for an amendment to the U.S. Constitution declaring that the democratic rights and freedoms granted to people do not apply to corporations and corporate entities.
As the student movement grows and rallies around the country, we look at the lenders raking in cash off the backs of the U.S.'s students. Underneath the now-iconic red sculpture at Liberty Plaza, now cleared of tents and ringed by barricades plastic-cuffed together, several “students” stood draped in fake chains over their caps and gowns, brandishing debt bills instead of diplomas.
If you're looking for some good Euro-scare meat, look no further than this column from the FT's Wolfgang Münchau. The basic gist: No really, now we're getting into endgame.
British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain. As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.
On November 25, two days after a failed German government bond auction in which Germany was unable to sell 35% of its offerings of 10-year bonds, the German finance minister, Wolfgang Schaeuble said that Germany might retreat from its demands that the private banks that hold the troubled sovereign debt from Greece, Italy, and Spain must accept part of the cost of their bailout by writing off some of the debt. The private banks want to avoid any losses either by forcing the Greek, Italian, and Spanish governments to make good on the bonds by imposing extreme austerity on their citizens, or by having the European Central Bank print euros with which to buy the sovereign debt from the private banks. Printing money to make good on debt is contrary to the ECB’s charter and especially frightens Germans, because of the Weimar experience with hyperinflation.
Obama’s tour through Asia last week marked a turning point in geopolitics. On every front—diplomatic, economic and strategic—the US president set course for a confrontation with China as he sought to reassert untrammelled American dominance in the fastest growing region of the globe.
Is the world on the verge of another massive global financial collapse? Yes. The western world is drowning in an ocean of debt unlike anything the world has ever seen before, and our financial markets are gigantic casinos that are dependent on huge mountains of risk and leverage remaining very stable. In the end, this house of cards that has been built on a foundation of sand is going to come crashing down in a horrifying manner.
"Money has been privatized by stealth, the greatest privatization in history has gone unnoticed, it's time to take from the banks the power to produce money", Ben Dyson writes in his article published a few days ago by the Guardian. "You know, my son, it's really unbelievable how stupid one can be when his job depends on how stupid he can become", mama said to Forest Gump who browsed through the pages of the largest national daily newspaper - ahead of upcoming parliamentary elections - filled with invitations and promises in which desperate workers and farmers have invested all their hopes. "Well, mom", Forest replied, "if banks are evil, and if we're all angry and facing bankruptcy, then let's switch to alternative currency"!
Uprooted by a national debt crisis and a deepening recession that has eaten up their jobs, incomes and pensions, many Greeks are now returning to their families’ rural past in search of a future. Just as young graduates are moving abroad rather than risk joining the 18 percent of Greeks who are out of work, families struggling to maintain their living standards are looking for a simpler life away from the city.
The Socialist Equality Party condemns the move by New York's multi-billionaire mayor, Michael Bloomberg, to forcefully shut down the occupation of Zuccotti Park in Manhattan early Tuesday. The police raid is a blatant violation of basic democratic rights, including freedom of speech and assembly. The reasons for clearing out the protesters cited by Bloomberg, and parroted by the media and the entire political establishment, are nothing more than flimsy pretexts.
THE INCREDIBLE circus that lasted four days until a so-called "national salvation" government was finally formed is the most striking example of how deep Greece's political crisis has become. And the ruling class is facing this crisis at the worst possible time: As the financial crisis spirals out of control, both where it has struck and how deep it is hitting. The handover of governmental power to a former European Central Bank official Lucas Papadimos is a stark symbol of how decision-making has been delivered directly to the bankers--to the local and international loan sharks.
FAt the close of business on Tuesday, the debt of the federal government exceeded $15 trillion for the first time--with the largest single owner of the publicly held portion of that debt being the Federal Reserve.
The Treasury Department said Wednesday that the federal debt has climbed to a record $15 trillion — a staggering figure that caps a precipitous decade-long rise. The exact total stood at $15,033,607,255,920.32 as of the end of business Tuesday, marking a jump of $56 billion over Monday’s tally. All told, federal debt has risen $4.407 trillion since President Obama took office. It stood at $5.7 trillion in 2001, when George W. Bush moved into the White House.
WHILE the financial crisis rages around them, leading US politicians are accused of making millions of dollars through loopholes in insider-trading laws and lucrative land deals assisted by government funding.
Middle-class areas shrink as America divides into 'two-tiered society' of rich and poor
Study: 44 percent of families lived in middle-income neighborhoods in 2007, down from 65 percent in 1970. The portion of American families living in middle-income neighborhoods has declined significantly since 1970, according to a new study, as rising income inequality left a growing share of families in neighborhoods that are mostly low-income or mostly affluent.
One way you can tell that a bank is in trouble is that it suddenly starts buying full-page ads in newspapers across the country that tell us what great shape it's in and what a fine job it's doing for our communities. Such a PR push is now being made by Bank of America, which — despite its happy-face ads — is in a heap of hurt. How big of a heap? So big that it's trying to share the hurt with you and me.
Governments are supposed to fulfill the basic needs of their citizens. Ours doesn’t pretend to try.
Sick? Too bad.
Can’t find a job? Tough.
Broke? Can’t afford rent? We don’t give a crap.
Forget “e pluribus unum.” We need a more accurate motto.
We live under a f— you system.
Got a problem? The U.S. government has an all-purpose response to whatever ails you: f— you.
New York’s mayor Michael Bloomberg justified clearing the tents and other materials of Occupation from Zuccotti Park, saying the protesters will now “have to occupy the space with the power of their arguments.” This is a strange kind of logic from the 12th richest man in America, who occupies City Hall for one reason only – because he has bought the office three times since 2001. Mr. Bloomberg’s $20 billion fortune maintains him in the Executive Mansion, not the power of his arguments.
Throughout the United States, city administrations are moving to break up encampments of the Occupy movement, trampling underfoot the constitutionally protected right of assembly.
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