Finance and the Economy

Nonprofit Arts, Culture Organizations Have Lost $17.3 Billion In Pandemic

June 16, 2021 David Walsh, World Socialist Website. Educate! Art, COVID-19, Finance and the Economy, Recession

IWhile hundreds of people in the US and 10,000 globally continue to die each day, American media outlets lose no opportunity to assure their viewers and readers that the pandemic is “over.” In fact, the suffering of the population continues, long- and short-term physical and economic suffering. For example, Feeding America reports that more than 50 million people in the US experienced food insecurity in 2020, up from 35 million in 2019, while more than 42 million face the same condition this year. A new study also indicates that one-third of Americans planning to retire now say the pandemic has delayed their retirement. Artists are faring badly, along with other vulnerable and unprotected portions of the population.

Capitalism Cannot Exist Without Imperialism

June 14, 2021 Rania Khalek, Breakthrough News. Resistance Report Capitalism, Colonialism, Democratic Socialism, Finance and the Economy

Prahbat Patnaik, professor emeritus at JNU, joins Rania Khalek on her program Dispatches to discuss the argument he lays out in his book A Theory of Imperialism, which argues that capitalism was always a function of imperialism. But today’s imperialism takes a subtler less visible form than during colonialism, keeping large parts of the world in poverty through mechanisms like income deflation so that the wealthy nations can maintain access to the cheap commodities only tropical regions can produce. Imperialism also requires an army of unemployed people in the third world that are even more essential to capitalism than the army of reserve labor in the global north. Patnaik also addresses the democratic socialist ideal of turning America into Denmark but that too cannot happen without imperialism.

Public Banking Can Improve The Lives Of Workers And Help Save The Planet

June 12, 2021 C.J. Polychroniou, Truthout. Create! Finance and the Economy, Local Economy, Public Banks, Worker Rights and Jobs

The movement to create public banks is gaining ground in many parts of the U.S., particularly as part of an effort among activists and progressive lawmakers to extend banking access to low-income communities and communities of color in the post-COVID-19 economy. But how does public banking help protect the local community and assist with development? If public banks become part of the Federal Reserve — as a bill introduced by Representatives Rashida Tlaib and Alexandria Ocasio-Cortez aims to do — what would be the consequences? Leading progressive economist Gerald Epstein, professor of economics and co-director of the Political Economy Research Institute at the University of Massachusetts at Amherst, has studied the issue of public banking extensively and sheds ample light on these questions in this exclusive interview for Truthout.

Every Region Of The World Is The Worst Affected

June 11, 2021 Vijay Prashad, Tricontinental: Institute for Social Research. Educate! COVID-19, Finance and the Economy, Food Security, Health Care

Each month, the UN’s Food and Agriculture Organization (FAO) releases a monthly food price index. The release on 3 June showed that food prices have surged by 40%, the largest rise since 2011. The impact of this food price rise will grievously hit developing countries, most of whom are major importers of food staples. Prices rise for a range of reasons, the current rise largely fuelled by the collapse of sizeable sections of the global economy during the pandemic. Warnings of general inflation due to lockdown-related pent-up demand, shipping bottlenecks, and oil price increases loom over richer states, which – due to the power of the wealthy bondholders – have few tools to manage inflation, and by poorer states, which swirl in a cataclysmic debt crisis.

Fair Trade USA’s Dairy Label Fails Workers

June 11, 2021 Fair World Project. Educate! Corporatism, Fair Trade, Finance and the Economy, Worker Rights and Jobs

Fair Trade USA released a new “Fair Trade Dairy” label in partnership with Chobani. It’s a program that has been opposed by farmworker and human rights organizations since it was first announced. Now that there is yogurt on the shelf, but still no final standard released, this report looks at the label claims and evaluates “Fair Trade Dairy” based on the available standards. The critique focuses on three key areas: Inadequate standards development process Standards that are not fit for purpose Lack of enforcement mechanisms Finally, the report also reviews the rising tide of research that shows that corporate-developed and led certifications are inadequate and points instead to existing models that are better suited to defending workers’ rights and safety.

On Contact: Confronting The Ruling Elite

June 6, 2021 Chris Hedges, RT. Resistance Report Finance and the Economy, Political Power, Ruling Elites, US military

On the show this week, Chris Hedges talks to Richard Falk about the inner workings of the power elite and the institutions that do its bidding. Falk is professor emeritus of international law and practice at Princeton University, and the former United Nations human rights rapporteur in the Israeli-Occupied Territories. Falks’ new memoir, ‘Public Intellectual: The Life of a Citizen Pilgrim’, documents how he confronted entrenched political, military and economic power, especially after visiting Hanoi in 1968 at the height of the Vietnam War. During his tenure as rapporteur from 2008 to 2014, he often clashed with Israeli officials and the Israel lobby in his efforts to document and condemn human rights violations against Palestinians.

Outside Amazon Fulfillment Center, Workers Demand Tax Fairness

June 4, 2021 Michael Moore, Workday Minnesota. Create! Amazon, Finance and the Economy, Taxes, Worker Rights and Jobs

Minnesota workers unfurled a “Tax the Rich” banner outside Amazon’s MSP1 fulfillment center here today. It was a not-so-subtle suggestion to state lawmakers about how they might pay for investments in child care, paid family leave, education, infrastructure and other supports for working families. Tyler Hamilton, in his fourth year working at MSP1, said he and others inside the facility could use a little support right now. “Honestly, I’m tired,” the Maplewood resident said during a press conference organized by local unions. “And I’m not just tired from working night shift, even though I’m a night-shift guy. “I’m tired from working in this building behind me for over a year during the coronavirus pandemic and having to deal with all the stupid stuff Amazon does all the time – and they get away with.”

Nicaragua – A Revolution Worth Defending

June 1, 2021 Jorge Capelán and Stephen Sefton, Telesur English. Educate! Finance and the Economy, Nicaragua, Sandinista Revolution, Solidarity

In a recent article "Washington: new attempt to overthrow the Nicaraguan government" Pablo Jofre Leal recognizes that Nicaragua, is the target of imperialist aggression by the U.S. and its regional pawns, more than ever now in this election year. He also notes the absurdity of the US authorities' declaration that Nicaragua is a danger to US national security and observes how the media routinely falsely portrays Nicaragua as a dictatorship, focusing its hate campaign mostly on President Comandante Daniel Ortega. Jofre Leal accurately and correctly summarizes that Nicaragua, like Bolivia, Cuba and Venezuela is the object of a conspiracy between the U.S. and its European allies to destabilize the country through economic warfare, psychological warfare, and the financing of opposition organizations and politicians.

Tech Giants Face Rising pressure from shareholder activists

May 27, 2021 Rebecca Klar, The Hill. Resist! Big Tech, Finance and the Economy, Shareholder activism, Worker Rights and Jobs

Activist shareholders are pushing for the proposals to be adopted during this week’s annual meetings, the first to be held after a year that’s included nationwide Black Lives Matter protests, a deadly riot at the U.S. Capitol and challenging working conditions for many on-site workers in the tech industry.

The Violence And Economic Destruction Caused By US Sanctions In Venezuela

May 25, 2021 Gregory Wilpert and Joe Sammut, Venezuelanalysis. Educate! Finance and the Economy, US Sanctions, Venezuela

US economic sanctions against Venezuela are a violent and illegal form of coercion, seeking regime change through collective punishment of the civilian population. The motives are fairly clear from the public statements of US officials. The number of Venezuelans who have died as a result of these sanctions has been estimated in the tens of thousands, and this has certainly increased substantially over the past two and a half years that have elapsed since the last available mortality data

Draft Legislation Would Put Gig Workers Into Toothless ‘Unions’

May 23, 2021 Joe DeManuelle-Hall, Labor Notes. Educate! Finance and the Economy, Gig Workers, New York (NY), Worker Rights and Jobs

New York - An effort backed by the New York State AFL-CIO would create a new bargaining scheme for app-based workers without addressing the question of whether or not these workers are legally “employees.” Labor Notes obtained a draft version of the legislation that is being negotiated by unions and app employers. Workers for apps like Uber, Lyft, and DoorDash are currently considered independent contractors; most in the labor movement consider them misclassified, a tactic the companies use to avoid paying the full cost of benefits. These workers are blocked from unionizing by antitrust laws, and don’t have the protection of the National Labor Relations Board (or many other protections).

Renters in Berlin have a radical plan to seize apartments from landlords

May 22, 2021 Thomas Colson, Business Insider. Resist! Finance and the Economy, Germany, Landlords, Tenant Rights

Like many cities around the world, rents in the German capital of Berlin have soared in recent years, doubling in the last decade alone. But unlike many other cities, the people of Berlin are actually doing something about it. First residents persuaded the local authorities to bring in a rent cap that instructed landlords to freeze rents at 2019 levels. However, that was overturned by Germany's federal court in April, which ruled the measures unconstitutional. Now local campaigners are planning something even more radical: a bid to nationalize thousands of privately owned apartments in the city. Specifically, campaigners want the government to take apartments from real estate firms that own more than 3,000 apartments, place them into public ownership, and rent them out at more affordable rates.

After Strike, Workers Resoundingly Reject Contract At Volvo Truck Plant

May 20, 2021 Jane Slaughter, Labor Notes. Resist! Finance and the Economy, Protests, Virginia, Worker Rights and Jobs

The 2,900 members of UAW Local 2069 had voted by 98 percent to authorize a strike; they hit the bricks April 17. Though union officials were close-mouthed about bargaining goals, rank and filers wanted to get rid of the two-tier wage system they had worked under for years. The strike was solid, shutting down the largest Volvo truck manufacturing facility in the world. But 13 days later many workers were dismayed when their union sent them back to work and said they would be told later what had been bargained. It wasn't easy finding out the tentative agreement's contents. A “highlights” pamphlet was distributed, but unlike the UAW's practice at the Big 3 automakers, the entire proposed agreement was not put online. Workers could get a copy at the union hall, and soon the thick document was brought into the plant and copied.

Lies, Damn Lies, and Inflation

May 19, 2021 Hamilton Nolan, In These Times Educate! Austerity, Economic, Finance and the Economy, Propaganda

Now, inflation is actually here. Never mind the fact that the Fed believes that inflation can be kept under control, and that more government spending is in order — all popular media coverage of inflation occurs in the frame of fear. A little evidence of inflation combined with a lot of fear of inflation will be the formula for turning inflation into a political weapon in service of austerity.

How corporations buy and sell food made with prison labor

May 19, 2021 H. Claire Brown, The Counter Educate! Finance and the Economy, Food and Agriculture, Prison Labor, Worker Rights

In 2011, Leprino Foods, the $3 billion company that supplies all the mozzarella to Papa John’s, Pizza Hut, and Domino’s pizza chains, lost its buffalo milk supplier in India. Water buffalo milk isn’t easy to find in the United States, especially not as much as a company as big as Denver-based Leprino could use. The animals are finicky, sometimes refusing to give milk at the sight of a stranger, and they produce only a fraction of the milk that cows make. But Leprino was in luck: One of its existing suppliers, which soon became one of the largest buffalo dairies in the United States, agreed to step in, and the milk began to flow. Leprino trademarked the slogan “with a kiss of buffalo milk” for Bacio, its premium mozzarella line marketed to independent pizzerias.

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