El viejo reloj del Palacio Legislativo de La Paz marca las 12h55 horas de hoy. El Presidente de la República, Evo Morales Ayma, no puede contener la emoción y llora, los dirigentes de los movimientos sociales se confunden en un abrazo, los miles de marchistas gritan de júbilo y hacen flamear sus banderas y wiphalas, los mineros hacen detonar sus dinamitas y los campesinos hacen escuchar sus pututus. Es un día histórico para Bolivia porque el Congreso Nacional aprobó por dos tercios la convocatoria a referéndum sobre la Nueva Constitución Política del Estado para el 25 de enero de 2009.
Author Archive
La voix de la France dans le monde
Posted by seumasach on October 22, 2008
Tribune de Jean-Pierre Chevènement parue dans Le Monde, édition du 23 octobre 2008.
Le président de la République,dans son discours de Toulon, n’a pas sous-estimé la gravité de la crise. Mais il l’a réduite à la logique du capitalisme financier. Certes, il a eu raison de flétrir les excès de la titrisation qui a déresponsabilisé les banques, mais il n’a pas dit qui a encouragé cette “titrisation”. Il a surtout fait l’impasse sur la dimension géopolitique de la crise.
Posted in Uncategorized | Tagged: chevenement, financial collapse, l'europe des etatss | Leave a Comment »
Banks ADMIT They’ll Keep on Hoarding Cash
Posted by seumasach on October 22, 2008
Many people (including me) have been warning that the banks will keep hoarding cash no matter how much money the feds give them.
Now, even the banks themselves are admitting it.
Posted in Financial crisis | Tagged: stop the bailout | Leave a Comment »
Britain’s hidden debt
Posted by seumasach on October 21, 2008
Brooks Newmark
21st October, 2008
The British government often congratulates itself on its efforts to keep public finances on a stable and sustainable level. Yesterday Gordon Brown even claimed: “Debt is considerably lower than a decade ago”. However, Britain’s public debt is actually £1,866 billion, equivalent to 125.5% of GDP, nearly three times larger than the government’s published figure of £645 billion and 43.4% of GDP. This measures out as a debt of £76,475 per British household.
Posted in Financial crisis | Tagged: bankrupt Britain, financial collapse | Leave a Comment »
France: €360 billion to bail out the banks
Posted by seumasach on October 21, 2008
Antoine Lerougetel
21st OCtober, 2008
With minimal debate, the French National Assembly endorsed the government’s €360 billion rescue plan for the banks, a massive transfer of public funds to the financial elite, by a majority of 224 to 23. It is part of a coordinated €2.7 trillion action by the governments of the euro zone (15 countries whose currency is the euro) and Britain. The governing UMP (Union for a Popular Movement) was supported by the New Centre and the MoDem (Democratic Movement of François Bayrou). The Socialist Party (PS) and the Greens abstained and the Communist Party (PCF) voted against.
Posted in Uncategorized | Tagged: financial collapse | Leave a Comment »
Sarkozy calls for halt to foreign ownership
Posted by seumasach on October 21, 2008
div#related-article-links p a, div#related-article-links p a:visited { color:#06c; }
Posted in Uncategorized | Tagged: European Union | Leave a Comment »
Is Reyjavik Steering Towards EU?
Posted by seumasach on October 21, 2008
21st October, 2008
Iceland, the country hit worst by the global credit crunch, is about to get a €6 billion international rescue package. Meanwhile, the EU has said negotiations would be quick if Reykjavik wants to become a member state.
Posted in Financial crisis | Tagged: bankrupt iceland, euro, join the euro! | Leave a Comment »
The ABCs of Paulson’s Bailout
Posted by seumasach on October 21, 2008
Michael Hudson
20th October, 2008
Treasury Secretary Paulson’s bailout speech on Monday, October 13, poses some fundamental economic questions: What is the impact on the economy at large of this autumn’s unprecedented creation and giveaway of financial wealth to the wealthiest layer of the population? How long can the Treasury’s bailout of Wall Street (but not the rest of the economy!) sustain a debt overhead that is growing exponentially? Is there any limit to the amount of U.S. Treasury debt that the government can create and turn over to its major political campaign contributors?
In times past, national debt typically was run up by borrowing money from private lenders and spent on goods and services. The tendency was to absorb loanable funds and bid up interest rates on the one hand, while spending led to inflationary price increases for goods and services. But the present giveaway is different. Instead of money being borrowed or spent, interest-yielding bonds are simply being printed and turned over to the banks and other financial institutions. The hope is that they will lend out more credit (which will become more debt on the part of their customers), lowering interest rates while the money is used to bid up asset prices – real estate, stocks and bonds. Little commodity price inflation is expected from this behavior.
The main impact will be to reinforce the concentration of wealth in the hands of creditors (the wealthiest 10 percent of the population) rather than wiping out financial assets (and debts) through the bankruptcies that were occurring as a result of “market forces.” Is it too much to say that we are seeing the end of economic democracy and the emergence of a financial oligarchy – a self-serving class whose actions threaten to polarize society and, in the process, stifle economic growth and lead to the very bankruptcy that the bailout was supposed to prevent?
Posted in Financial crisis | Tagged: financial collapse, ponzi scheme | Leave a Comment »
France’s Sarkozy calls for European wealth funds
Posted by seumasach on October 21, 2008
21st October, 2008
French President Nicolas Sarkozy has called on European Union countries to set up their own sovereign wealth funds.
Posted in Uncategorized | Tagged: financila collapse, Multipolar world | Leave a Comment »
Get Mandelson! move backfires
Posted by seumasach on October 21, 2008
MOSCOW, October 21 (RIA Novosti) – Senior members of Britain’s opposition Conservative Party solicited Russia’s richest man Oleg Deripaska this summer for a donation, a mutual acquaintance told The Times newspaper in a letter.
Posted in Uncategorized | Tagged: euro | Leave a Comment »
Oligarchs turn to Kremlin for help
Posted by seumasach on October 20, 2008
Whereas in Britain the oligarchy is taking advantage of the crisis to massively increase their wealth and power, in Russia the opposite is happening.
David Litterick
20th October, 2008
The collective wealth of the 25 wealthiest Russian businessmen has fallen by $230bn (£132bn) since May, when the commodities boom peaked, according to Bloomberg calculations. Since then, equity markets across the world have tumbled, with Russia’s benchmark Micex index losing 61pc. Concerns over Russia’s strategy in Georgia have added to the impact of the credit crisis.
Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
