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FATTENING WALL STREET — Mike Whitney reports on the rapid metamorphosis of new Fed Chair Janet Yallin into a lackey for the bankers, bond traders and brokers. The New Religious Wars Over the Environment: Joyce Nelson charts the looming confrontation between the Catholic Church and fundamentalists over climate change, extinction and GMOs; A People’s History of Mexican Constitutions: Andrew Smolski on the 200 year-long struggle of Mexico’s peasants, indigenous people and workers to secure legal rights and liberties; Spying on Black Writers: Ron Jacobs uncovers the FBI’s 50 year-long obsession with black poets, novelists and essayists; O Elephant! JoAnn Wypijewski on the grim history of circus elephants; PLUS: Jeffrey St. Clair on birds and climate change; Chris Floyd on the US as nuclear bully; Seth Sandronsky on Van Jones’s blind spot; Lee Ballinger on musicians and the State Department; and Kim Nicolini on the films of JC Chandor.
Archives by Tag 'Greece'
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...
One Bank to Rule Them All
MIKE WHITNEY
On Wednesday, the Federal Reserve and the central banks of Canada, England, Japan, Switzerland, and Europe launched a coordinated monetary intervention aimed at easing interbank lending in the eurozone. While the emergency action sent stocks into the stratosphere, it did ...
Just Another Goldman Sachs Take Over
PAUL CRAIG ROBERTS
On November 25, two days after a failed German government bond auction in which Germany was unable to sell 35 per cent of its offerings of 10-year bonds, the German finance minister, Wolfgang Schaeuble said that Germany might retreat from its demands that the private bank...
Germany’s “Failed” Bond Auction
MIKE WHITNEY
“We are caught, it seems, in one of those self-reinforcing loops that almost always presage a collapse.” — Michael Pettis, China Financial Markets Germany’s “failed” bund auction on Wednesday was a...
The Roads To War And Economic Collapse
PAUL CRAIG ROBERTS
November 23, 2011: The day before the Thanksgiving holiday brought three extraordinary news items.  One was the report on the Republican presidential campaign debate. One was the Russian President’s statement about his country’s response to Washington’s mi...
Meet the Global Ruling Class
STEVEN COLATRELLA
Padua, Italy. Making economics and politics appear separate is one of the chief characteristics of capitalism as a system of class rule, as Ellen Mieksins Wood has pointed out in many of her writings. But it is how politics is manifested AS economics and e...
Credit Storm Batters Europe
MIKE WHITNEY
Credit conditions in the eurozone continue to deteriorate while yields on French, Spanish, Belgian and Italian bonds move higher. Italy’s 10-year yield increased 19 basis points to 6.89 percent on Tuesday, just a stone’s throw from the “unsustainable” ...
Big Finance Moves In
MIKE WHITNEY
Greek Prime Minister Georgios Papandreou and Italian Prime Minister Silvio Berlusconi have both been forced from office and replaced by representatives of big finance. Mario Monti, who will replace Berlusconi, was formerly the European Chairman of the Trilateral Commissio...
Ireland and Greece: Blackjacked by the Banks
PATRICK COCKBURN
An American took his phlegmatic English friend to see the Niagara Falls. “Isn’t that amazing?” said the enthusiastic American. “Look at that vast mass of water dashing over that enormous cliff!” “But what,” replied the unimpressed Englishman, a...
Where Did the Left Go?
SERGE HALIMI
The Occupy Wall Street protests in the US are also directed against the Street’s representatives in the Democratic Party and the White House. The protesters probably don’t know that Socialists in France still consider Barack Obama exemplary. Is there a misunderstandin...
Europe’s Crash Landing
MIKE WHITNEY
“Italy is now mathematically beyond the point of no return.” –Barclays Capital  The situation in Europe gets more depressing by the day. Policymakers have waited too long and now events are beyond their co...
This Stupid Democracy Thing
PETER LEE
It’s finally become clear to everyone the key problem in the current Eurozone crisis is just too much democracy. Pesky voters opposed to austerity measures get in the way of efforts to cut government expenditures in order to reduce deficits and make repayment of ...
Economic Mismanagement in Europe
MARK WEISBROT
Some of us have been warning for months about the cri...
Bankers Crush Greek Democracy
DEAN BAKER
Greek Prime Minister George Papandreou touched off a firestorm last week when he proposed putting the austerity package designed by the “troika” (the I.M.F, the European Central Bank and the European Union) up for a popular vote. The idea that the Greek people might d...
How Capitalism Flopped
DEEPAK TRIPATHI
In the struggle against global laissez faire capitalism that has brought the current economic collapse, protesters won an important victory last week in Britain, while stalemate continued in Greece. The alliance between the church, the main financial district called the C...
The Iron Heel and the Resistance
ALEXANDER COCKBURN
Three years of President Obama, as of today. Count and weep. Just over a year from now Americans will be deciding whether to reelect Barack Obama or… probably Mitt Romney. In the latter case this is to assume that that Mitt, a Mormon and family man – both danger flare...
On Western Democracy
PAUL CRAIG ROBERTS
Every day that passes adds to the fraudulent image of what is called Western democracy. Consider that the entire Western world is outraged that the Greek prime minister announced that he is going to permit the Greek people to decide their own fate instead of having...
Is Super Mario Printing Already?
MIKE WHITNEY
“Italy’s borrowing costs have spiked higher towards levels that forced Greece, Ireland and Portugal to be bailed out. The yield on Italy’s ten-year bond is up another 0.32 percentage point at 6.43 percent, a new euro-era high. A yield above 7...
Occupy the European Central Bank
DEAN BAKER
In the last month, people from around the country and around the world have picked up on the Occupy Wall Street theme of retaking the country from the wealthy. Insofar as this sentiment gathers force in Europe, there is probably no place better for people to plant themsel...
Victory for Democracy in Greece!
DANIEL KOVALIK
The title of this piece should have been the title of the news stories today about the surprise announcement by the Greek Prime Minister that, instead of forcing but another round of draconian austerity measures upon the Greek people, the Greek government will instead be ...
The Never-Ending Eurofiasco
MIKE WHITNEY
Imagine if the local fire chief, in the spirit of conservation, decided he’d use no more than 1,000 gallons of water to put out any given house fire. Do you think the citizens would support that policy if their town was burned to the ground? And, yet, this is the sa...
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...
The Secret Republican
ANDREW LEVINE
“Conspiracy theories” have a bad press.  But sometimes conspiracies are real and sometimes conspiracy theories do account for what they purport to explain.  Whether they do or not is an empirical question.  Because real world politics is propelled by multiple, hete...
Greece on the Brink
BRANDON JOURDAN
Athens. In Athens, Greece, there are all the elements of a low-intensity conflict zone. Greece has become ground zero of the Eurozone’s fiscal crisis. The latest strikes are seen by many to be historic in a country with a rich tradition of protests. ...
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...
Battling Capital
VIJAY PRASHAD
“Private capital tends to become concentrated in few hands, partly because of competition among the capitalists, and partly because technological development and the increasing division of labor encourage the formation of larger units of production at th...
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...
Alternative Ways Out of the Debt Crisis
ERIC TOUSSAINT
CADTM: During this talk, you have claimed that Greece is forced to choose between two options: either to eat humble pie, resigning itself to turning to the Troika; or to refuse the dictates of the markets and the Troika by suspending repayment and cal...
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 ...
Greece and the Debt Crisis in Europe
ERIC 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 stage in the crisis.   ...
Eurozone At Death’s Door
MIKE WHITNEY
“After almost two years of fighting to contain the region’s debt crisis and providing the biggest share of three European bailouts, Chancellor Angela Merkel is laying the ground for what markets say is almost a sure thing: a Greek default.” ...
The Eurozone is Headed for a Crash
MIKE WHITNEY
Bank funding costs are rising, liquidity is being choked off, and interbank lending has started to stall. A full-blown crisis can still be averted, but leaders will have to knuckle down and resolve the political issues fast. Otherwise the 17-member monetary union will fra...
Crisis and Class Struggle in the Eurozone
VICENTE NAVARRO
To understand the situation in the countries at the periphery of the European Union, four countries within the Eurozone, Portugal, Ireland, Greece and Spain, we have to understand the political context they have in common. All of them were governed by fascist or fascist-l...
Deathwatch for the Euro?
MARSHALL AUERBACK
Forget about the S&P downgrade, which has had ZERO impact on the global equity markets. The downgrade was supposed to mean that it would be more likely that the US government would not be able to pay its debt than previously assumed.  If the markets took this warning...
The Revolt of the Aganaktismeni
YORGOS MITRALIAS
Two weeks after it started the Greek movement of ‘outraged’ people has the main squares in all cities overflowing with crowds that shout their anger, and makes the Papandreou government and its local and international supporters tremble. It is now more ...