Finance and the Economy

Protests Planned For TPP Ministerial Meeting In Hawaii

July 18, 2015 Mackenzie McDonald Wilkins, www.flushthetpp.org Resist! Finance and the Economy, Free Trade, Hawaii, Protest, TPP

By Mackenzie McDonald Wilkins in Flush the TPP - In less than two weeks, from July 28-31, “the United States will host a meeting of Trans-Pacific Partnership (TPP) Trade Ministers in Maui, Hawaii, preceded by a meeting of TPP Chief Negotiators from July 24-27” (USTR). People in Hawaii are leading the charge to organize protests in opposition to the meetings. The protests will educate and unite people on Hawaii against corporate imperial “trade” deals that will threaten indigenous sovereignty on the island, increase the use of GMO crops, diminish worker rights, and reward multinationals that pollute the environment on the islands and around the world. There will also be solidarity actions across the country. Many of the countries involved in the TPP negotiations are ready to close the deal, despite major concerns from other countries.

Why No One Really Wants The Trans Pacific Partnership (TPP)

July 18, 2015 James Moreland, www.economyincrisis.org Educate! Finance and the Economy, Free Trade, TPP

By James Moreland in Economy In Crisis - The New York Times has reported that the Trans Pacific Partnership (TPP) negotiations will see a wrap late July. However, many of the 12 countries still have big issues that need to be solved before this agreement can move forward. Regardless of any issues these countries may have, America is ultimately going to be the biggest loser with this trade deal. We are the largest consumer nation in the world. Countries like Vietnam, Malaysia, and Japan need our economy to continue thriving. Whatever issues they may have, they will soon get over it since they need us more than we need them. Regardless, citizens in their countries are protesting against the TPP in the streets and their protests have helped slow down the TPP. People in Japan, Canada, Australia, the U.S., and New Zealand have been up in arms about the TPP.

There Is No Nuclear Energy Renaissance

July 17, 2015 World Nuclear Industry Status Report, www.worldnuclearreport.org Resist! Energy, Finance and the Economy, Japan, Nuclear

By World Nuclear Industry Status Report - Japan without nuclear power for a full calendar year for the first time since the first commercial nuclear power plant started up in the country 50 years ago. Nuclear plant construction starts plunge from fifteen in 2010 to three in 2014. 62 reactors under construction—five fewer than a year ago—of which at least three- quarters delayed. In 10 of the 14 building countries all projects are delayed, often by years. Five units have been listed as “under construction” for over 30 years. Share of nuclear power in global electricity mix stable at less than 11% for a third year in a row. AREVA, technically bankrupt, downgraded to “junk” by Standard & Poor’s, sees its share value plunge to a new historic low on 9 July 2015—a value loss of 90 percent since 2007.

Economic Recovery? 6,000 Retail Stores Closing In US

July 17, 2015 Michael Snyder, www.theeconomiccollapseblog.com Educate! Finance and the Economy, Worker Rights and Jobs

By Michael Snyder in The Economic Collapse Blog - If the U.S. economy really is improving, then why are big U.S. retailers permanently shutting down thousands of stores? The “retail apocalypse” that I have written about so frequently appears to be accelerating. As you will see below, major U.S. retailers have announced that they are closing more than 6,000 locations, but economic conditions in this country are still fairly stable. So if this is happening already, what are things going to look like once the next recession strikes? For a long time, I have been pointing to 2015 as a major “turning point” for the U.S. economy, and I still feel that way. And since I started The Economic Collapse Blog at the end of 2009, I have never seen as many indications that we are headed into another major economic downturn as I do right now. If retailers are closing this many stores already, what are our malls and shopping centers going to look like a few years from now?

TTIP Will Force All Europeans To Take Greece’s Medicine

July 17, 2015 John Hilary, www.politics.co.uk Educate! Austerity, Europe, Finance and the Economy, Free Trade, Greece, TTIP

By John Hilary in Politics - If the Greek crisis has shown how the institutions of the EU will stop at nothing to force through their own brand of capitalist discipline, TTIP is confirmation that we will all soon be tasting the same medicine. This week sees the 10th round of negotiations towards the Transatlantic Trade and Investment Partnership (TTIP), the controversial EU-US trade deal that threatens our jobs, our public services and our democracy itself. The talks come hot on the heels of last week's pro-TTIP vote in the European Parliament, where MEPs turned their backs on their electorate in favour of a deal that will benefit only big business and the banks. The European Parliament passed a resolution on July 8 giving the green light to the continuing TTIP negotiations, despite the fact that a record 2.3 million people from across the EU have now signed a European Citizens' Initiative rejecting the deal altogether.

Amid Protests Greece Passes Austerity Bailout

July 15, 2015 Helena Smith and Emma Graham-Harrison in Athens, Ben Quinn, Heather Stewart and Graeme Wearden Resist! Austerity, Bankers, European Union (EU), Finance and the Economy, Greece

By Helena Smith and Emma Graham-Harrison in Athens, Ben Quinn, Heather Stewart and Graeme Wearden for the Guardian - Five years into the worst crisis to hit their country in decades, Greek MPs voted by a large majority in the early hours of Thursday morning to accept draconian austerity as the price of further bailout funds but at great personal cost to prime minister Alexis Tsipras. In a vote that saw tensions soar in and outside parliament, the embattled leader’s radical leftist Syriza party suffered huge losses as 40 MPs revolted against the measures. A total of 229 lawmakers voted in favour of the internationally mandated measures, 64 against and six abstained.

Huge International Coalition Calls For A Big Change To WTO Agenda

July 15, 2015 Deborah James, www.huffingtonpost.com Resist! Finance and the Economy, Globalization, WTO

By Deborah James in The Huffington Post - Negotiations in the WTO are heating up -- and they are going badly. In November last year, WTO members agreed to come up with a "Work Program" for resurrecting the Doha Round by July 31. As you may remember, it had been stalled for years, but since the new Director-General, Roberto Azevêdo of Brazil, took over in September of 2013, he has been shaking things up. The first WTO expansion agreement, on "Trade Facilitation," was concluded in December 2013, along with a promise to negotiate to reduce WTO constraints WTO on developing countries' ability to feed their poor. It must be remembered that developing countries only agreed to launch a new round of negotiations in order to address problems with the previous round that resulted in the founding of the WTO in 1995.

How Washington Helped Create Puerto Rico’s Staggering Debt Crisis

July 15, 2015 Michael A. Fletcher and Steven Mufson, www.washingtonpost.com Resist! Austerity, Debt, Finance and the Economy, Puerto Rico

By Michael A. Fletcher and Steven Mufson in The Washington Post - The sprawling pharmaceutical plants nestled in the hills of this town west of San Juan are testament to the unusual nature of this island’s struggling economy. The factories once employed a small army of highly trained workers that would be the envy of many other places in the United States. But those jobs — for engineers, chemists and others skilled in precision manufacturing — have been rapidly disappearing for largely the same reason they came here in the first place: policy decisions made in Washington. A generous series of tax breaks enacted by Congress shielded the profits of U.S. corporations operating here and helped transform Puerto Rico from a largely agrarian society to a manufacturing powerhouse. But what Washington gave, it also took away.

The Problem Of Greece: A Tragedy And A Lie

July 14, 2015 John Pilger, www.counterpunch.org Educate! Austerity, Europe, Finance and the Economy, Greece

By John Pilger in CounterPunch - An historic betrayal has consumed Greece. Having set aside the mandate of the Greek electorate, the Syriza government has willfully ignored last week’s landslide “No” vote and secretly agreed a raft of repressive, impoverishing measures in return for a “bailout” that means sinister foreign control and a warning to the world. These reportedly include a 50 per cent increase in the cost of healthcare for pensioners, almost 40 per cent of whom live in poverty; deep cuts in public sector wages; the complete privatization of public facilities such as airports and ports; a rise in value added tax to 23 per cent, now applied to the Greek islands where people struggle to eke out a living. There is more to come.

BRICS Putting In Place A Challenge To US Economic Domination

July 13, 2015 Mike Whitney, www.counterpunch.org Educate! BRICS, Finance and the Economy, Hegemony

By Mike Whitney in Counterpunch - Let’s cut to the chase: Leaders of the BRICS (Brazil, Russia, India, China and South Africa) realize that global security cannot be entrusted to a country that sees war as a acceptable means for achieving its geopolitical objectives. They also realize that they won’t be able to achieve financial stability as long as Washington dictates the rules, issues the de facto “international” currency, and controls the main levers of global financial power. This is why the BRICS have decided to chart a different course, to gradually break free from the existing Bretton Woods system, and to create parallel system that better serves their own interests. Logically, they have focused on the foundation blocks which support the current US-led system, that is, the institutions from which the United States derives its extraordinary power; the dollar, the US Treasury market, and the IMF.

Greece Not Alone: 22 Countries In Debt Crisis; 71 Could Be Soon

July 12, 2015 Staff, www.jubileedebt.org.uk Educate! Austerity, Banking, Debt, Finance and the Economy

By Staff for Jubilee Debt Campaign -- This report finds that the level of such debts owed between countries has risen from $11.3 trillion in 2011 to $13.8 trillion in 2014, and predicts that in 2015 they will increase further to $14.7 trillion. Major global debtors, including the US, UK, France, India and Italy, have been increasing their debts with the rest of the world, whilst Germany, Japan and Russia have been increasing their surpluses. Debts owed by low income countries are also increasing rapidly, with Mozambique the most indebted country – public and private sector – in the world as a proportion of GDP. Lending to low income countries has trebled since 2008, driven initially by borrowing by countries to cope with the impacts of the global financial crisis. This has been followed by an increase in ‘aid’ being given as loans, including through multilateral institutions such as the World Bank.

Ireland Showed We Can Get By Without Banks

July 12, 2015 Patrcick Cockburn, www.independent.co.uk Create! Banking, Finance and the Economy, Greece, Ireland

By Patrick Cockburn for the Independent - Shuttered banks are a striking physical symbol of economic disaster, but even they are not proof that the final dénouement is at hand. I recall a six-and-a-half month strike that closed all banks in Ireland in 1970 which was meant to have similarly calamitous results as predicted for Greece today, but in fact had very little destructive impact. Contrary to expectations, Irish people rapidly found other ways of carrying out the functions previously performed by the banking industry. The economist Michael Fogarty, who wrote the official report on the bank dispute, was quoted by the Irish Independent as saying that “the services of the clearing banks proved by no means as indispensable as would have been expected before the dispute”. Others take the example of the Irish bank strike as evidence that much of what banks do is a “socially useless activity”. My father was not alone in enjoying the crisis which turned out to be no such thing. Almost half a century later, many Irish people remember with relish how they successfully replaced the banks with other ways of dealing with payment and credit.

“Guerrilla Warfare Against A Hegemonic Power”

July 12, 2015 Ellen Brown, www.ellenbrown.com Resist! Banking, Europe, European Union (EU), Finance and the Economy, Greece

By Ellen Brown for Web of Debt - Banks create money when they make loans. Greece could restore the liquidity desperately needed by its banks and its economy by nationalizing the banks and issuing digital loans backed by government guarantees to its ailing businesses. Greece could provide an inspiring model of sustainable prosperity for the world. But it is being strangled by a hegemonic power in a financial war that is being waged against us all. As reported in Zerohedge, the Greek government was prepared to pursue three “nuclear options” to protect the deposits of the Greek people: (1) nationalize the banks, (2) launch a parallel currency in the form of electronic California-style IOUs, and (3) use the Greek central bank’s printing press to issue euros.

China’s Stock Market Falls, A New Global Financial Crisis Next?

July 11, 2015 Jack Rasmus, www.telesurtv.net Educate! China, Finance and the Economy

By Jack Rasmus in TeleSur - In short, what goes on in China reverberates financially, and economically, throughout the world. And there is no reason to believe that a 150% escalation in China stock prices will stop at a 30% correction that has occurred to date. There might be a short halt to the decline—as there has been three times since it began. But it is almost certain to resume. How serious an impact it will have on the global economy will depend a great deal on what contagion effects occur, first within China itself and then beyond to the global economy. What happens in China may also coincide with contagion effects in Europe from a potential Greek exit. And if the two developments turn out worse than anticipated, global investors everywhere may just decide to pocket their super profits from financial asset speculation to date and run.

Greece: Latest Battleground In Elite’s War On Democracy

July 10, 2015 George Monbiot, www.theguardian.com Educate! Democracy, Europe, Finance and the Economy, Greece

By George Monbiot in The Guardian - Greece may be financially bankrupt, but the troika is politically bankrupt. Those who persecute this nation wield illegitimate, undemocratic powers, powers of the kind now afflicting us all. Consider the International Monetary Fund. The distribution of power here was perfectly stitched up: IMF decisions require an 85% majority, and the US holds 17% of the votes. The IMF is controlled by the rich, and governs the poor on their behalf. It’s now doing to Greece what it has done to one poor nation after another, from Argentina to Zambia. Its structural adjustment programmes have forced scores of elected governments to dismantle public spending, destroying health, education and all the means by which the wretched of the earth might improve their lives.

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