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Global Research Articles by Thalif Deen |
Posted by Admin on July 10, 2011
http://www.globalresearch.ca/index.php?context=va&aid=25562
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Global Research Articles by Thalif Deen |
Posted in Global Research, Pollution | Tagged: Babatunde Osotimehin, Executive director, Family planning, Population, United Nations, United Nations Population Fund, World population, World Population Day | Leave a Comment »
Posted by Admin on July 10, 2011
http://www.truth-out.org/ideological-crisis-western-capitalism/1310127895
(Photo: emperley3)
Just a few years ago, a powerful ideology – the belief in free and unfettered markets – brought the world to the brink of ruin. Even in its hey-day, from the early 1980’s until 2007, American-style deregulated capitalism brought greater material well-being only to the very richest in the richest country of the world. Indeed, over the course of this ideology’s 30-year ascendance, most Americans saw their incomes decline or stagnate year after year.
Moreover, output growth in the United States was not economically sustainable. With so much of US national income going to so few, growth could continue only through consumption financed by a mounting pile of debt.
I was among those who hoped that, somehow, the financial crisis would teach Americans (and others) a lesson about the need for greater equality, stronger regulation, and a better balance between the market and government. Alas, that has not been the case. On the contrary, a resurgence of right-wing economics, driven, as always, by ideology and special interests, once again threatens the global economy – or at least the economies of Europe and America, where these ideas continue to flourish.
In the US, this right-wing resurgence, whose adherents evidently seek to repeal the basic laws of math and economics, is threatening to force a default on the national debt. If Congress mandates expenditures that exceed revenues, there will be a deficit, and that deficit has to be financed. Rather than carefully balancing the benefits of each government expenditure program with the costs of raising taxes to finance those benefits, the right seeks to use a sledgehammer – not allowing the national debt to increase forces expenditures to be limited to taxes.
This leaves open the question of which expenditures get priority – and if expenditures to pay interest on the national debt do not, a default is inevitable. Moreover, to cut back expenditures now, in the midst of an ongoing crisis brought on by free-market ideology, would inevitably simply prolong the downturn.
A decade ago, in the midst of an economic boom, the US faced a surplus so large that it threatened to eliminate the national debt. Unaffordable tax cuts and wars, a major recession, and soaring health-care costs – fueled in part by the commitment of George W. Bush’s administration to giving drug companies free rein in setting prices, even with government money at stake – quickly transformed a huge surplus into record peacetime deficits.
The remedies to the US deficit follow immediately from this diagnosis: put America back to work by stimulating the economy; end the mindless wars; rein in military and drug costs; and raise taxes, at least on the very rich. But the right will have none of this, and instead is pushing for even more tax cuts for corporations and the wealthy, together with expenditure cuts in investments and social protection that put the future of the US economy in peril and that shred what remains of the social contract. Meanwhile, the US financial sector has been lobbying hard to free itself of regulations, so that it can return to its previous, disastrously carefree, ways.
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But matters are little better in Europe. As Greece and others face crises, the medicine du jour is simply timeworn austerity packages and privatization, which will merely leave the countries that embrace them poorer and more vulnerable. This medicine failed in East Asia, Latin America, and elsewhere, and it will fail in Europe this time around, too. Indeed, it has already failed in Ireland, Latvia, and Greece.
There is an alternative: an economic-growth strategy supported by the European Union and the International Monetary Fund. Growth would restore confidence that Greece could repay its debts, causing interest rates to fall and leaving more fiscal room for further growth-enhancing investments. Growth itself increases tax revenues and reduces the need for social expenditures, such as unemployment benefits. And the confidence that this engenders leads to still further growth.
Regrettably, the financial markets and right-wing economists have gotten the problem exactly backwards: they believe that austerity produces confidence, and that confidence will produce growth. But austerity undermines growth, worsening the government’s fiscal position, or at least yielding less improvement than austerity’s advocates promise. On both counts, confidence is undermined, and a downward spiral is set in motion.
Do we really need another costly experiment with ideas that have failed repeatedly? We shouldn’t, but increasingly it appears that we will have to endure another one nonetheless. A failure of either Europe or the US to return to robust growth would be bad for the global economy. A failure in both would be disastrous – even if the major emerging-market countries have attained self-sustaining growth. Unfortunately, unless wiser heads prevail, that is the way the world is heading.
For a podcast of this commentary in English, please use thislink.
Copyright: Project Syndicate, 2011.
Posted in Truthout Articles | Tagged: debt, Economic, Economic growth, European Union, George W. Bush, Government debt, Ideology, International Monetary Fund, Joseph Stiglitz, Project Syndicate, Republican, Right-wing politics, United States | Leave a Comment »
Posted by Admin on July 10, 2011
http://www.globalresearch.ca/index.php?context=va&aid=25533
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Global Research, July 7, 2011
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While the media has gone to arms length to obfuscate the matter, there is mounting evidence that Dominique Strauss Kahnwas framed.
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According to media reports, the 32-year-old Guinean Sofitel housemaid received the modest sum of 100,000 dollars paid into her bank account. The New York Times acknowledges the payment but fails to analyze the source of these payments. In an utterly confused statement, the NYT suggests that the money was deposited in the housemaid’s account by her Guinean boy friend who is serving time in a high security prison:
According to the two officials, the woman had a phone conversation with an incarcerated man within a day of her encounter with Mr. Strauss-Kahn in which she discussed the possible benefits of pursuing the charges against him. The conversation was recorded.
That man, the investigators learned, had been arrested on charges of possessing 400 pounds of marijuana. He is among a number of individuals who made multiple cash deposits, totaling around $100,000, into the woman’s bank account over the last two years. The deposits were made in Arizona, Georgia, New York and Pennsylvania.
The investigators also learned that she was paying hundreds of dollars every month in phone charges to five companies. The woman had insisted she had only one phone and said she knew nothing about the deposits except that they were made by a man she described as her fiancé and his friends. (NYT, July 1, 2011, emphasis added)
The bank records of the housemaid, not to mention the record of her telephone calls, are known to police investigators, yet both the media and the prosecutors have failed to reveal the identity of the persons who instigated these money transfers.
The reports suggest that they may be “drug related”, thereby casually dismissing the likelihood that the money could have been part of the framing of DSK. The reports also mention that the money deposits were made “over the last two years”, thereby conveying the impression that they bear no relationship to the DSK affair.
The exact timing of these money transfers including the identity of senders are known to police investigators. Why has this information not been released?
If the 100,000 dollars had indeed been deposited into her bank account in the course of the last two years, why on earth would she be working as a housemaid?
Regime change at the IMF
Why was the substance of the housemaid’s false accusations not released at an earlier stage? Who was protecting her?
Why did the media wait to reveal information which confirms DSK’s innocence.
This information was known to the prosecutors at an early stage of the investigation, yet it was only released after the appointment of France’s Finance Minister Christine Lagarde as Managing Director of the IMF.
Lagarde’s candidacy was confirmed and accepted on June 26th. Her mandate was confirmed on June 28th following a decision of the IMF’s 24 member executive board.
Lagarde is an appointee of Wall Street and the US banking establishment. Her candidacy had been approved by U.S. Treasury Secretary Timothy Geithner on the 28th of June:
“I am pleased to announce our decision to support Christine Lagarde to head the IMF,” Geithner said in a statement hours before the 24-member IMF executive board was expected to select her as its managing director.
Careful timing. In a bitter irony, the report from the prosecutor proving DSK’s innocence was released on the day following the IMF’s executive board decision instating Lagarde as Managing Director of IMF for a five year term.
The frame-up has visibly succeeded. Who instructed prosecutors not to release this information until after the appointment of Lagarde as IMF Chief?
If this information had been revealed a few days earlier, Lagarde’s candidacy as IMF chief might have been questioned.
Regime change at the IMF has been speedily implemented, not to mention the implications of the DSK affair in relation to the French presidential elections.
Christine Lagarde commenced her five year term as IMF Managing Director on July 5th at the height of Greece’s debt crisis.
Sofar, the likely hypothesis of a frame-up directed against DSK is not being touched upon by the mainstream media.
Posted in Geo-Politics, Global Research | Tagged: Bank, Chief executive officer, Christine Lagarde, Dominique Strauss-Kahn, france, International Monetary Fund, Michel Chossudovsky, New York, New York Times, NYT, Paris, Prosecutor, Sexual assault, Timothy Geithner, United States Secretary of the Treasury | Leave a Comment »