Libya is the front line of the European and American counter-revolution. The chain of command reaches to Paris, London and Washington. Benghazi has reverted to the colonial outpost that it was when the Italians ruled – only now, in the 21st century, all of the Europeans plus the Americans get to lord over the Libyans, [...]
Director-General Juan Somavia opened the historic 100th International Labour Conference with a call for an urgent commitment to a new era of social justice and economic growth based on sustainable development to address mounting “turmoil” in the world of work. Press release | June 1, 2011 GENEVA (ILO News) — Director-General Juan Somavia opened the [...]
Challenges confronting the 100th Session of the International Labour Conference,1-17 June 2011. Inefficient growth shares out gains unevenly, thereby eroding social cohesion q Income inequality has risen in most countries, with incomes at the very top running away from average incomes. In developed economies, income inequalities have translated into wealth inequalities and may undermine social [...]
Fed policy is no solution.what these people are ignoring is that the greatest danger to the financial system, including themselves, is deflation, because deflation means, conversely with inflation, that the value of the dollars is going up, the value of the dollar is going up. So that means that debt holders—it’s going to be more [...]
Greece ? Ireland ? Portugal ? Spain ? Italy ? UK ? ? The leading monetary economist told the Wall Street Journal that this was not a liquidity crisis, but an insolvency crisis. She said that Bernanke is fighting the last war, and is taking the wrong approach (as are other central bankers).the government’s attempts [...]
Towards a very serious breakdown of the world economic and financial system At the heart of the global systemic crisis since its inception, the United States is, in the coming months, going to demonstrate that it is, once again, in the process of leading the economy and global finances into the « heart of darkness [...]
The recognition of currency war, which has been going on for years, reflects the failure of international cooperation and the failure the G-20 to find a solution of the beggar-thy-neighbor policies of almost every nation. The result has been growing geopolitical dislocation, which G-20 has yet to find a solution for. These efforts, until recently, [...]
Is the United States at long last getting serious about global imbalances, or are we risking currency wars that can end in unmitigated disaster for all? By Korkut Ertürk October 13, 2010 CREDIT: Prashant Zi (CC). Is the United States at long last getting serious about global imbalances, or are we risking currency wars that [...]
It is important to recall lessons that we once knew more confidently and which we now need to update. One lesson that we learnt in the 30s was that, when oligopoly capitalism goes into a major crisis of demand, trying to engineer an escape in the realm of paper assets is not only doomed but [...]
Can we expect that an alternative to what looks like certain death for the planet will come from the imagination that has brought about this crisis in the first place? It seems unlikely. The alternative, if there is one, will emerge from the places and the people who have resisted the hegemonic impulse of capitalism [...]