Finance and the Economy

G20 Pushes Ahead On Global Tax Deal

July 12, 2021 Nick Beams, World Socialist Web Site. Educate! Finance and the Economy, G20, Taxes

The finance chiefs of the G20, representing the world’s largest economies, have signed off on a deal crafted with the aim of preventing multinational companies shifting profits to low-tax havens. Under the agreement, there will be a global minimum tax of 15 percent on corporations. New rules will be developed so that large corporations, including tech giants such as Amazon and Google, will pay taxes in the countries where they obtain revenue, even if they have no physical presence there. The deal was endorsed at the meeting of G20 finance ministers and central bankers held in Venice over the weekend. Whether it is enacted remains to be seen. There are still several lower-tax countries that have refused to sign, including European Union members, Ireland and Hungary.

Hijacking The Recovery Through Hydrogen

July 9, 2021 Fossil Free Politics. Educate! COVID-19, Energy, European Union (EU), Finance and the Economy

EU Covid-19 recovery funds are supposed to drive the ‘green transition’ and move us beyond fossil fuels – but industry lobbying at both national and EU level has ensured oil and gas firms and utilities remain some of the biggest beneficiaries in Italy, the Spanish State, Portugal and France. The European Commission has said it wanted to avoid giving billions in bailouts to the fossil fuel industry. Despite sending mixed signals, to its credit, in these four cases it has tried to exclude direct financing for fossil fuel projects, including controversial carbon capture and storage (CCS). However, the hugely outsized role for hydrogen and renewable gases in national recovery plans has thrown a lifeline to the fossil fuel firms involved, as well as their main product: fossil gas.

Securing Decent Living Standards For All While Cutting Energy Use

July 6, 2021 University of Leeds. Create! Environment, Finance and the Economy, Housing, Standard of living

Fundamental changes in our economies are required to secure decent living standards for all in the struggle against climate breakdown, according to new research.

Four Day Work Week Trial In Iceland ‘Overwhelming Success’

July 5, 2021 Jon Stone, Independent. Create! Finance and the Economy, Iceland, Work Week, Worker Rights

The world’s largest ever trial of a four-day working week and reduced working time in Iceland was an “overwhelming success” and should be tested in the UK, researchers have said. More than 1 per cent of Iceland’s working population took part in the pilot programme which cut the working week to 35-36 hours with no reduction in overall pay. Joint analysis by think tanks in Iceland and the UK found that the trials, which ran from 2015 to 2019 and involved more than 2,500 people, boosted productivity and wellbeing and are already leading to permanent changes. Icelandic trade union federations, which collectively negotiate wages and conditions for most Icelandic employees, have already begun to negotiate reduced working hours as a result.

China Pulls Itself Out Of Poverty 100 Years Into Its Revolution

July 4, 2021 Vijay Prashad and John Ross, Counterpunch. Educate! China, Finance and the Economy, Poverty, Socialism

On February 25, 2021, China’s President Xi Jinping announced that his country of 1.4 billion people had pulled its people out of poverty as it is defined internationally. Since 1981, 853 million Chinese people have lifted themselves out of poverty thanks to large-scale interventions from both the Chinese state and the Communist Party of China (CPC); according to the data of the World Bank, three out of four people worldwide who were lifted out of poverty live in China. “No country has been able to lift hundreds of millions of people out of poverty in such a short time,” Xi said. When UN Secretary-General António Guterres visited China in September 2019, he gushed over this accomplishment, calling it the “greatest anti-poverty achievement in history.”

Chris Hedges Speaks On ‘American Sadism’

July 4, 2021 Chris Hedges, ScheerPost.com. Educate! Chris Hedges, Environment, Finance and the Economy, Human Rights

Sadism defines nearly every cultural, social, and political experience in the United States. It is expressed in the unchecked greed of an oligarchic elite that has seen its wealth increase during the pandemic by $1.1 trillion while the country has suffered the sharpest rise in its poverty rate in more than 50 years. It is expressed in the wanton killings by police of unarmed citizens in cities such as Minneapolis. It is expressed in the “enhanced interrogation techniques” used by the CIA at secret black sites, Guantánamo Bay, and our prisons at home. It is expressed in the separation of children from their undocumented parents, where they are held as if they were dogs in a kennel. It is expressed in the pornification of American society, where women are tortured, beaten, degraded, and sexually violated, often by numerous men...

The New Green-Red Zagreb

July 2, 2021 Paul Stubbs, Tribune Magazine. Create! Croatia, Electoral Politics, Finance and the Economy, Left Politics

In the local elections held in Croatia on 16 and 30 May 2021, a left-green political platform Zagreb je Naš/Možemo! (‘Zagreb is Ours’/’Yes, We Can!’) won 23 out of 47 seats in the City Assembly, and its candidate for mayor, Tomislav Tomašević, won a convincing victory, defeating his right-wing opponent with 65% of the votes. The platform was formed in early 2017 by a group of activists from social movements and NGOs working on issues of public space, the commons, environmental concerns, independent culture, human rights, women’s rights, LGBTQ+ initiatives, workers’ rights, and more. Frequently presenting themselves with ‘one foot in activism, the other in electoral politics’, the motivation for fielding candidates in the 2017 Zagreb local elections was to advance a genuine alternative to the corrupt nationalist-populist politics that had defined local government in Croatia’s capital for two decades.

Protesters In Colombia Are Finding Ways To Break The Stigma Of Dissent

July 1, 2021 Cruz Bonlarron Martínez, Waging Nonviolence. Strategize! Colombia, Finance and the Economy, Media, National Strike

A recent satirical video has been gaining steam among Colombian youth, titled “Todo es Culpa de Petro,” **or “Everything is Petro’s fault.” The video highlights the story of a young man who has everything going wrong in his life, from missing class to getting rejected by his crush. The person behind his misfortune is revealed to be none other than leftist politician Gustavo Petro, former M-19 guerilla, senator and presidential candidate. Although the video is meant to be a joke, it does reflect the dominant media narrative — and much of the mainstream political discourse — which blames the protests that have gripped Colombia since April 28 on Petro. This is despite the fact that he has no connections to them, and they have been spontaneously organized.

Groups Rally On Capitol Hill Demanding End To Fossil Fuel Subsidies

June 30, 2021 Jessica Corbett, Common Dreams. Resist! climate crisis, Environment, Finance and the Economy, Fossil Fuels

The U.S. movement for climate justice continued a series of actions planned for the nation's capital this week with a Tuesday morning rally focused on ending fossil fuel subsidies. As high temperatures persisted in both the Northeast and Pacific Northwest—which experts and activists have connected to the climate emergency—campaigners with hundreds of progressive and green groups joined Reps. Nanette Barragán (D-Calif.), Earl Blumenauer (D-Ore.), Ro Khanna (D-Calif.), and Ilhan Omar (D-Minn.) for the rally in Washington, D.C. "I can't believe we're still talking about this," declared Lukas Ross, Climate & Energy Program manager at Friends of the Earth U.S., one of more than 500 groups behind the live-streamed event and a related letter (pdf) to Democratic leadership.

A Deadly Contradiction: The Root Of The US- China Conflict

June 28, 2021 John V. Walsh, Popular Resistance. Educate! China, Finance and the Economy, Poverty, US Hegemony

China’ overwhelming objective is clearly economic development, a policy to which it has hewed closely and which it declares for its future. That is no surprise; it is the dream of every developing nation. It is “The Chinese Dream.” If such goals were no more than words on paper, there would be no problem. But China is succeeding as is widely acknowledged now. Its economy surpassed the U.S. in terms of GDP (PPP) in November of 2014 according to the IMF and is growing faster. Over 700 million have been brought out of poverty, with extreme poverty eliminated in 2020. The middle class now comprises over 400 million people. The retail market is enormous and the ecommerce market by far the world’s largest. China is the world’s largest manufacturer and trader.

Tenants Proposes Affordable Housing Trust Fund

June 28, 2021 Frank Morris, NPR in Kansas City. Create! Finance and the Economy, Housing, Land trusts, Police budget

The Marching Cobras drill team kicked off an energetic, two-hour rally over the weekend, led by the housing advocacy group KC Tenants. Saturday's rally took place outside Gabriel Towers, a lower-income apartment building that lost air conditioning for weeks last summer, sparking the formation of a tenant union and calls for a federal investigation. One of the event's speakers, Sabrina Davis, said she is disabled and has slid from bad to worse housing in recent years. But she said her complaints about insects and leaks fell on deaf ears. “In Kansas City today, in the world today, in this housing market, my landlord does have all the power over me," Davis says.

Biden Extends Eviction Moratorium For One Last Month As Crisis Looms

June 26, 2021 Sharon Zhang, Truthout. Educate! Class Struggle, Evictions, Finance and the Economy, Housing

The Centers for Disease Control and Prevention (CDC) announced on Thursday that it would be extending a moratorium on evictions until July 31. This will be the last time the CDC extends the moratorium, the Biden administration said. The moratorium was originally scheduled to end at the end of this month on June 30. Over 6 million Americans are behind on rent payments, according to recent Census Bureau data, meaning that many are likely to face the possibility of eviction when the moratorium is lifted. The Biden administration is hoping that the extension will help to stymie a potential crisis, officials said, but emphasized that the postponement will last only “one final month.”

Here’s Where People Of Color Can’t Access Opportunity Without A Car

June 24, 2021 Kea Wilson, Streets Blog. Educate! Class Struggle, Finance and the Economy, Systemic Racism, Transportation

Even the most transit-rich cities in America are failing to connect people without cars — who tend to be disproportionately low-income or people of color — to job opportunities, a new analysis finds. Analysts at TransitCenter comprehensively measured disparities in public transportation access among demographic groups in six major cities between February 2020 and February 2021, a period during which some of society’s most enduring inequities were only magnified by the COVID-19 pandemic. All six of the cities analyzed in the group’s new Transit Equity Dashboard — Chicago, Los Angeles, New York, Philadelphia, the San Francisco Bay Area, and Washington — rank in the top 10 largest transit systems in the United States by ridership (a seventh portal for the Boston region is forthcoming).

‘One Of The Most Important Numbers That No One Has Ever Heard Of’

June 23, 2021 Jessica Corbett, Common Dreams. Educate! Biden administration, climate crisis, Environment, Finance and the Economy

A new analysis shared with the Biden administration on behalf of the advocacy group Friends of the Earth highlights concerns about how the U.S. government will calculate the social cost of planet-heating emissions—official figures that can notably impact policy and spending decisions. The comment (pdf) sent to the Office of Management and Budget—authored by experts at the Applied Economics Clinic (AEC), a Massachusetts-based nonprofit consulting group—comes as the administration seeks input on determining the social cost of greenhouse gases (SC-GHG). "The social cost of greenhouse gases is one of the most important numbers that no one has ever heard of," said Karen Orenstein, director of the Climate and Energy Program at Friends of the Earth (FOE) U.S., in a statement Tuesday.

Outrage At ProPublica Tax Leaks Underscores Their Importance

June 22, 2021 Ari Paul, Fairness And Accuracy In Reporting. Educate! Class Struggle, Finance and the Economy, Media, Taxes

A ProPublica report (6/8/21) on the leaked federal tax documents of super-wealthy individuals has bolstered the economic left’s argument that the US economy is set up in favor of the wealthiest. The report doesn’t show illegal activity; that’s what makes it so damning. According to ProPublica, it “demolishes the cornerstone myth…that everyone pays their fair share and the richest Americans pay the most.” Examining the leaked taxes of billionaires like Jeff Bezos, Michael Bloomberg, Warren Buffett and Elon Musk, the investigation found that the wealthiest can—perfectly legally—pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.

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