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'
Fury Mounts Among Greek People
PATRICK COCKBURN
Athens Greece last week  was paralysed by a 48-hour general strike that began Wednesday and cast doubt on the unpopular government’s ability to implement reforms demanded by the European Union in return for further bailout money. Black-maske...
The Myth of Greek Profligacy
MARSHALL AUERBACK
Historically, Greeks are very good at constructing myths.  The rest of the world?  Not so much.  Reading the press, one gets the impression of a bunch of lazy Mediterranean scroungers, enjoying one of the highest standards of living in Europe while making the frugal Ge...
This is Your (Occupied) Land
REBECCA SOLNIT
Dear young man who died on the fourth day of this turbulent 2011, dear Mohammed Bouazizi, I want to write you about an astonishing year — with three months yet to run. I want to tell you about the power of despair and the margins of hope and the bonds of civi...
How Greeks Were Driven Back to the Land
PATRICK COCKBURN
Naxos “People are coming back to farms around here that they abandoned years ago so they can grow potatoes, cabbages and vegetables to help them survive the crisis,” says Petros Citouzouris, as he pruned his vines high in the mountains of Naxos...
A Coup in the European Union?
SUSAN GEORGE
European Union workers’ pretentions to better pay and working conditions, shorter working lives, munificent retirement benefits, long holidays and time off for this and that have got to be brought under control!  Enough is enough! Let ...
Is Merkel Right on Greece?
MARSHALL AUERBACK
The doom mongers are out in force.  The British Prime Minister, David Cameron, has dramatically stated that European authorities have “just a matter of weeks” to avert economic disaster.  Likewise, the mouthpiece of conventional financial “wisdom”, the Financial...
The European Debt Crisis Myth
MIKE WHITNEY
 No one opposes unity. And no one opposes a stronger, more unified Europe. What people oppose is policy; policies that slash workers wages, privatize state assets, increase unemployment, and prolong recession. That’s what people oppo...
Poverty Swallows America
ANDY KROLL
Food pantries picked over. Incomes drying up. Shelters burst...
Are Trade Deficits Really That Bad?
MARSHALL AUERBACK
In a recent piece in The Nation Thomas Geoghegan argues fiercely that few points were made more emphatically by John Maynard Keynes than his opinion  that: “no country, ever, should run up any kind of trade deficit, much less the trade deficit on steroids we a...
Europe Blinking Red
MIKE WHITNEY
German parliamentarians reaffirmed their commitment to the Euro-project on Thursday by approving an expansion of the European Financial Stability Facility (EFSF). The balloting provided the landslide victory (523 to 85) that German Chancellor Angela Merkel needed to reest...
The Real Crisis in the Eurozone
MARK WEISBROT
Three months ago I wrote ...
Can China Save the World Economy?
DEAN BAKER
That is a question that people should be asking as the other potential candidates withdraw from the race. At the moment, the economies of the United States, Europe, and Japan are all suffering from weak growth or worse. The debt crisis of eurozone countries threatens anot...
Greek Tragedy
NICK DEARDEN
Everyday the same news – Greece lurches nearer to a default, the financial markets panic, and governments come up with a few more euros or some soothing words to calm them for a few hours. The meltdown has been put off for another day. Almost every commentato...
The Great Greek Bond Bazaar
Éric Toussaint
In July-September 2011 the stock markets were again shaken at international level. The crisis has become deeper in the EU, particularly with respect to debts. The CADTM  interviewed Eric Toussaint about various facets of this new ...
Welcome to the Post-Modern Gilded Age
DAVID ROSEN
One word dominates political discourse in America today: Jobs!  It was the centerpiece of recent the debate between Republican presidential contenders and the Democratic president’s speech to the nation. The official unemployment rate stands at 9.1 percent; whe...
Hooked on Debt
MARTINE BULARD
China’s leaders, even in their wildest nationalist dreams, could not have imagined a more spectacular reversal of history than that the US should be chastened and no longer top of the (capitalist) class, appealing to China to bail it out and boost world growth. T...
The State and Local Budget Crisis
MICHAEL HUDSON
The cost of the 2011 cutbacks in federal spending will fall most directly on consumers and retirees by scaling back Social Security, Medicare, Medicaid and social spending programs. The population also will suffer indirectly, by lower federal revenue sharing with U.S. sta...
The S&P Downgrade
PAUL CRAIG ROBERTS
On Friday, August 5,  the credit rating agency, Standard & Poors, downgraded US debt from AAA to AA+. Gerald Celente’s view that S&P’s downgrade of the US Treasury’s credit rating reflects a loss of confidence in the political system was confirmed by...
Throwing America Overboard
RALPH NADER
The Boston Tea Party in December 1773 threw the East India Company’s tea overboard. The Republican Tea Party in August 2011 threw America overboard. Only in Congress, with its rules for minority rule, can a minority of the Republican Party in the House of Rep...
Robbing the Poor to Pay the Rich
CHARLES R. LARSON
Last Thursday when the market crashed, the volume on the New York Stock Exchange was 7.5 billion shares, obviously much higher than usual. The Nasdaq volume was also unusually high. If we could levy a fee of one penny for each share bought and sold in the United States, t...
The S&P’s Coup
MARSHALL AUERBACK
So the ratings agencies have reared their ugly heads again.  David Beers, head of S&P’s government debt rating unit, announced Friday night that S&P has downgraded the U.S. credit rating for the first time, from AAA to AA. It’s a sham:  S&P’s whole ana...
The Debt Cantata
DAVID YEARSLEY
That debt and sin are synonymous in Christian thought and liturgy might help explain the righteousness of Tea Party discourse, as well as the genuflections of Obama and his acolytes. It’s true that the Sojourners and other progressive Christian groups have attack...
Manufacturing a Double-Dip
DAVE LINDORFF
The chief economist at ratings agency Moodys is warning that the U.S. could be headed for a renewed recession. Calling the current situation “very perilous,” John Lonski adds that the politicians in Washington, where both parties are vying to present bu...
If Congress Fails to Meet the Debt Deadline …
Brian F. Foley
If Congress doesn’t reach a deal to extend our debt ceiling, the economy might collapse, and We the People will become We the Paupers. As the author of a new “financial advice” book, I investigate below whether some time-tested money tips might still app...
Suicide Watch
Jack Random
As grains of sand drip one by one through the hour glass, marking time as we move toward the debt ceiling deadline, the political posturing takes on the appearance of a game of chicken or Russian Roulette. The comparisons are apt but as time slips on and the postur...