Exclusively in the new print issue of CounterPunch
MARX: A HERO FOR OUR TIME? — Suddenly, everyone from the Wall Street Journal to Rolling Stone seems to be talking about Karl Marx. Louis Proyect delves into this mysterious resurgence, giving a vivid assessment of Marx’s relevance in the era of globalized capitalism. THE MEANING OF MANDELA: Longtime civil rights organizer Kevin Alexander Gray gives in intimate portrait of Nelson Mandela and the global struggle of racial justice. FALLOUT OVER FUKUSHIMA: Peter Lee investigates the scandalous exposure of sailors on board the USS Reagan to radioactive fallout from Fukushima. SOUTHERN DISCOMFORT: Kim Nicolini charts the rise of Matthew McConaughey. PLUS: Mike Whitney on the coming crash of the housing market. JoAnn Wypijewski on slavery, torture and revolt. Chris Floyd on the stupidity of US policy in Ukraine. Kristin Kolb on musicians and health care. And Jeffrey St. Clair on life and death on the mean streets of an America in decline
Archives by Tag 'debt'
America’s Deceptive 2012 Fiscal Cliff
MICHAEL HUDSON
When World War I broke out in August 1914, economists on both sides forecast that hostilities could not last more than about six months. Wars had grown so expensive that governments quickly would run out of money. It seemed that if...
Austerity — the Battle Cry of the 1%
MARK VORPAHL
Whether we are left with the Fiscal Cliff or a Grand Bargain, workers in the U.S. face massive cuts to programs such as Medicare, Medicaid, Social Security, unemployment insurance, Food Stamp assistance and other needed social safety nets. This is an example of “aus...
Saving the Planet or Fixing the “Debt”?
DEAN BAKER
Imagine Japan attacked at Pearl Harbor in December of 1941 and our political leaders responded by debating the best way to deal with the deficits projected for 1960. This is pretty much the way that Washington works these days. The political leadership, including t...
Democrats and the Fiscal Cliff
SHAMUS COOKE
Literally the day after the election a sudden “urgency” gripped the nation: the imminent danger of the so-called “fiscal cliff” — the national automatic tax increases and spending cuts due in January. The media screamed that the suddenly approach...
Obama and the Triumph of Small Margins
BINOY KAMPMARK
‘No way Mittiepoo!’  ‘Mitt Romney is checking the math.  That’s why its taking so long.’   The hubris, the excitement, and the ugliness of the cheering.   The swear words on social media are being cast with a good dosage of bile.  There have been “O...
American Students: the Coal Miners of Today
DARWIN BOND-GRAHAM
Bob Meister isn’t the kind of man who comes across as a radical. He’s a bespectacled grey-haired intellectual who looks comfortable in the sort of suit and tie a distinguished professor would wear. That’s probably because he is a professor, a quite disti...
The Consumer Financial Protection Bureau’s First Big Sellout
MIKE WHITNEY
So now we know why the banks fought tooth-and-nail to prevent Elizabeth Warren from heading the Consumer Financial Protection Bureau (CFPB). It’s because they were already planning their next big coup and didn’t want Warren in a position where she could make w...
Canada’s Housing Bubble Set to Burst
MIKE WHITNEY
Canada’s housing bubble is about to burst, and when it does, hundreds of billions of dollars in equity will be wiped out, unemployment will spike, and the economy will sink into a protracted slump. We know this will happen, because the same scenario unfolded in th...
The Myth That Japan is Broke
ELLEN BROWN
In an April 2012 article in Forbes titled “...
How Far is the ECB Really Prepared to Go to Save the Euro?
MARSHALL AUERBACK
Re-reading Mr Draghi’s market-moving remarks earlier this week, one gains a sense that the European Central Bank chief recognizes that the ECB has a banking run on their hand. Most market participants have understandably focused on Mr Draghi’s pledge that the ...
The Political Pathology of Deficit Panic
MATTEA KRAMER
We’re at the edge of the cliff of deficit disaster!  National security spending is being, or will soon be, slashed to the bone!  Obamacare will sink the ship of state! Each of these claims has grabbed national attention in a big way, sucking up years’ worth o...
Government by the Banks and For the Banks
ELLEN BROWN
On Friday, June 29th, German Chancellor Angela Merkel acquiesced to changes to a permanent Eurozone bailout fund—“before the ink was dry,” as critics complained.  Besides easing the conditions under which bailouts would be given, the concessions included an agreeme...
China Embraces Ponzi-Bonds
MIKE WHITNEY
China is preparing to launch a program that will create the same complex debt-instruments that triggered the global financial crisis in 2008. The pilot program will allow banks to convert pools of loans into securities via off-balance shee...
Glamorous Servitude and Sexy Debt
KATHLEEN PEINE
When Earl Butz said “get big or get out”- well, they got out. It was nearing the appropriate time anyway, they were getting old enough to merit a retirement. But truly, the world of “big” requires the working class to borrow enormous amounts to achieve such...
Occupy is Alive; So is History
ROB URIE
Political leadership in the West has calcified atop a set of existing facts and trajectory that assure rebellion in one form or another until they are reconciled. In addition to the economic divides between wealth and poverty, employment and unemployment, opportunity and ...
Why the Senate Won’t Touch Jamie Dimon
ELLEN BROWN
When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal.  “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” ...
Empty Talk From the G8
VIJAY PRASHAD
WHEN the Group of Seven (G7) was formed in 1974, its charge was to provide confidence to a global population uncertain about the major structural features in the world. The members of the G7 were Canada, France, Italy, Japan, the United Kingdom, the United States and West...
Hope Reborn at the Antifest
ERIC TOUSSAINT
Sarajevo, capital of Bosnia-Herzegovina, a country ravaged by a war that between 1992 and the beginning of 1996 caused 100.000 deaths (exact figures are unavailable), is certainly looking a lot better but the social situation is dramatic. One statistic says it all: ...
The Student Debt Bomb
LAURA FLANDERS
President Obama doled out the most shocking stream of commencement cliches to the graduating class of Barnard College Monday. To offer just a taste: “The question is not whether things will get better — they always do… The question is whether ...
The Subsidized Student Loan Scam
DAVE LINDORFF
The Senate is currently deadlocked on taking action to prevent the interest on new Stafford guaranteed student loans from rising on July 1 from 3.4% to 6.8%, with Democrats saying they want to “pay for” keeping the current “lower” 3.4% rate by closing a loophole t...
When the Rich Jump Ship
DAVID MACARAY
In the wake of the 2008 financial meltdown, one of the arguments you heard Republican economists and Wall Street executives repeatedly use to defend the amounts of money being paid investment bankers and hedge fund managers was that if these guys didn’t receive exorbita...
Our Very Own Oscar Night in Rimini
MICHAEL HUDSON
I have just returned from Rimini, Italy, where I experienced one of the most amazing spectacles of my academic life. Four of us associated with the University of Missouri at Kansas City (UMKC) were invited to lecture for three days on Modern Monetary Theory (MMT) and...
America’s Lost Decade
MARK WEISBROT
The American Economic Association’s annual meetings are a scary sight, with thousands of economists all gathered in the same place – a veritable weapon of mass destruction.  Chicago was the lucky city for 2012 this past weekend, and I had just finished participating ...
Greece in Chaos
NOËLLE BURGI
“Who knows what tomorrow will bring?” people ask in Athens, Salonika and right across Greece. There’s a sense of collective imprisonment, individual uncertainty and impending catastrophe. Yet Greece has had a turbulent history, and the Greeks have always...
Rule By Troika
SERGE HALIMI
Former bankers Lucas Papademos and Mario Monti have taken over in Athens and Rome, exploiting the threat of bankruptcy and the fear of chaos. They are not apolitical technicians but men of the right, members of the Trilateral Commission that blamed western societies for b...