Archives January 2012
What do the elites meeting in Davos, Switzerland have in common with the welfare state recipients in the third world nations? At least a couple of things. Both have immensely benefited from capitalism, yet both groups point to it as an evil system, responsible for things such as inequality and social injustice. Neither of the two groups say what kind of Capitalism they are referring to; Corporate Capitalism or real free market Capitalism.
South Sudan said on Friday it was preparing to gradually shut down oil production within two weeks after Sudan said it had started seizing southern oil to compensate for what it said were unpaid transit fees.
The same 1 percent that used, abused and desecrated Capitalism to bring about the current crisis will now claim that a centralized system controlled by themselves is the only way out of it. Enter the Global Technocracy.There is no doubt that when everything is said and done, the Davos conference on the world’s economy will conclude that Capitalism, not corporate greed, is to blame for the current economic and financial crisis. This conclusion can already be drawn from comments made by elite economists and corporate leaders as the Davos meeting starts off on Swiss soil on Wednesday.
Who are the real villains on Wall Street? When it comes to institutionalized greed and corruption, nothing tops the too-big-to-fail banks like JP Morgan Chase, Bank of America and Goldman Sachs. But these financial giants form only one part of the financial oligarchy. Lurking in the shadows are aggressive hedge funds that are just as lethal to our economic well being. If Goldman Sachs is a vampire squid, as Matt Taibbi so aptly named it, then hedge funds are like schools of piranhas or sharks, eager to strip the financial carcass to the bone.
The number of people unemployed in Spain hit an “astronomical” level of 5.4 million at the end of 2011, Prime Minister Mariano Rajoy said on Saturday. The figure is more than 400,000 higher than the level reached in the third quarter of 2011, when the unemployment rate hit a 15-year high of 21.5 percent, the highest in the industrial world.
Standard & Poor’s will cut the credit ratings of Italy, Spain and Portugal by two notches and downgrade France and Austria by one notch, a French newspaper said Friday, without citing its sources.
Venezuelan President Hugo Chavez said on Sunday that his country would not recognize any ruling by a World Bank tribunal in a multibillion-dollar arbitration case with Exxon Mobil Corp.
On a recent trip to West Africa, the newly appointed managing director of the International Monetary Fund, Christine Lagarde ordered the governments of Nigeria, Guinea, Cameroon, Ghana and Chad to relinquish vital fuel subsidies. Much to the dismay of the population of these nations, the prices of fuel and transport have near tripled over night without notice, causing widespread violence on the streets of the Nigerian capital of Abuja and its economic center, Lagos. Much like the IMF induced riots in Indonesia during the 1997 Asian Financial Crisis, public discontent in Nigeria is channelled towards an incompetent and self-serving domestic elite, compliant to the interests of fraudulent foreign institutions.
Governments of the world’s leading economies have more than $7.6 trillion of debt maturing this year, with most facing a rise in borrowing costs.