Iceland has been experiencing a major financial crisis this year which has seen unprecedented measures by its government. One of these measures has included a proposed loan from Russia worth €4 billion. This and other actions such as nationalisation of its major banks has invited international reactions including a move from Britain. A set of articles explains the situation.
Britain's anti-terror laws can be deployed for all sorts of ends — as Iceland has just discovered. Writes Connor Gearty for the Guardian.
John Bellamy Foster is editor of Monthly Review magazine, a leading socialist magazine published in the United States. Time and again, MR as it is popularly known has written theoretically about the crisis ridden nature of capitalism and had predicted the current financial crisis long ago. Foster talks to Pagina 12, an Argentinian newspaper published from Buenos Aires. Interview, courtesy MRZINE.org .
Members of Congress were told they could face martial law if they didn't pass the bailout bill. This will not be the last time.
"In the "About" section on our webpage we say: Monthly Review has kept a steady viewpoint. That point of view is the heartfelt attempt to frame the issues of the day with one set of interests foremost in mind: those of the great majority of humankind, the propertyless. But of course that audience cannot afford the subscriptions that make it possible for Monthly Review to exist, nor likely the web access that would make it possible to read us online. For those on whose financial support we rely, no doubt their endangered pension funds are now uppermost in their minds, and reasonably so. Yet the contradiction is that they are not those whom, in the last analysis, we seek to address."
Pragoti carries this post from Monthly Review as a mark of solidarity.
For the neo liberal mandarins of the North Block and the Yojona Bhawan a reading of the latest Guardian column by the Nobel Laureate Joseph Stiglitz would be very much in order.Stiglitz has candidly observed on the refusal of the US Congress to approve the bailout package of the Bush Administration –"A sad day for Wall Street, but it may be a glorious day for democracy ".He has reasoned" In environmental economics, there is a basic concept called the polluter pays principle. It is a matter of fairness, but also of efficiency. Wall Street has polluted our economy with toxic mortgages.
Pepe Escobar, the senior News Analyst for the Real News Network, in his own inimitable style describes the latest bailout moves made in the US to address the financial crisis. A computer generated transcript is also provided along with the video. Video, courtesy Real News Network.
আমেরিকায় এই মুহূর্তে যে সঙ্কট হয়েছে, অর্থনীতি ও ব্যঙ্ক বাদে প্রধান বলি বাজারের একছত্র ক্ষমতা সম্পর্কে এই অন্ধ বিশ্বাস। গ্রেট ডিপ্রেশনের সময় একবার প্রমানিত হয়েছিল যে বাজার সর্বেসর্বা নয়। আজ আবার হল। লাগামছাড়া খোলা বাজার যে কী ভয়ঙ্কর সমস্যা তৈরি করে, আমেরিকা তা হাড়ে-হাড়ে টের পাচ্ছে।
But what the [financial] crisis [in the world's capital markets] does is to undermine the ideology of neo-liberalism which gives the Left a chance to intensify its struggle against neo-liberalism. And in so far as the recession that is arising will hurt not just the workers and peasants but even sections of the middle classes which have hitherto been beneficiaries of neo-liberalism, the soil for this struggle will be more fertile now. So, the short answer to this question is that the Indian policy-makers left to themselves will not change course, but we have to make them change course. Eminent economist Prabhat Patnaik replies exclusively to a set of interview questions from Pragoti's Editorial Team. Prabhat Patnaik is a leading Marxist economist, and is a professor at Centre for Economic Studies and Planning at Jawaharlal Nehru University. He is also the vice-chairman of the Planning Board in the state of Kerala.