A Report on the Occupy Wall Street movement.
Finally the American public has woken up to the global call for revolution. Right now, there are more than 9000 Americans gathered at the Wall Street with one common agenda “Occupy Wall Street”. Inspired by the massive public protests in Cairo's Tahrir Square and Madrid's Puerta del Sol Square, thousands have slept outside Wall Street for the past two nights starting from 17th September. One of the protestors says “This system of permanent growth is neither sustainable nor reasonable. This system is about to collapse on its own way. We are here to make it happen a little bit faster.”
The recent stock market downswing in India and the world, in the aftermath of the downgrading of US credit rating by Standard & Poor (S&P) has graphically shown the irrationality of the economic world built around finance capital led globalization.
In this wide ranging interview, Noam Chomsky talks about his new book "Hopes and Prospects" and dwells on the issues of Haiti, the US economy and polity, the growth processes in India and China and the current political state of Latin America. We are grateful to Keane Bhatt for making this interview available to us.
A short note on the concept of Paradox of Thrift and its misunderstandin
Rohit writes at Newsclick on the debate about withdrawing/maintaining the stimulus package that the Obama administration had injected into the US economy after coming to power during a phase of grave economic crisis.
The United States is unique today among major states in the degree of its reliance on military spending, and its determination to stand astride the world, militarily as well as economically. No other country in the post–Second World War world has been so globally destructive or inflicted so many war fatalities. Since 2001, acknowledged U.S. national defense spending has increased by almost 60 percent in real dollar terms to a level in 2007 of $553 billion. This is higher than at any point since the Second World War (though lower than previous decades as a percentage of GDP).
Foster, Holleman and McChesney (Courtesy: Monthly Review) offer an incisive assessment of an imperialist state that supports its global position and social order through $1 trillion a year in military spending, most likely far exceeding that of all the other countries in the world put together, unleashing untold destruction on the world, while faced with intractable problems of inequality, economic stagnation, financial crisis, poverty, waste, and environmental decline.
“When you trade pieces of paper for other pieces of paper instead of trading them for real things, one day someone wakes up and realises the paper’s worth nothing.” Therein lies the core of the biggest crisis faced by international capitalism for the last 75 years, to be precise since the beginning of World War II.
Courtesy: Hindustan Times
We the people must now seize the time! We have always had the capability of determining our own destiny, but for various reasons, the people failed to elect the leaders who provided the correct political will. There was always some corporate or private special interest that stood in the way of the public good. And they always seemed to have the power of the purse to throw around and influence public opinion or our elected officials. The very foundation of the U.S. economy is crumbling underneath our feet. This represents a unique moment in U.S. history and we must now seize the time for self-determination--for health care, education, ecological wisdom, justice, and all the policies that will make a difference in the lives of the people including an end to all wars, including the drug war!
As the United States braces itself for the onset of a recession, much of the blame for the current downturn is being attributed to the recent subprime mortgage crisis. While boom and bust cycles in real estate markets are nothing new, what distinguishes the current crisis is that the massive run-up in home prices was driven by the proliferation of new forms of securitized finance that permitted massive sums of loan capital to be pumped into the property markets.