Once the black sheep of high finance, government owned banks can reassure depositors about the safety of their savings and can help maintain a focus on productive investment in a world in which effective financial regulation remains more of an aspiration than a reality.
The Wall Street Journal reported on January 19th that the Obama Administration was pushing heavily to get the 50 state attorneys general to agree to a settlement with five major banks in the “robo-signing” scandal. The scandal involves employees signing names not their own, under titles they did not really have, attesting to the veracity of documents they had not really reviewed. Investigation reveals that it did not just happen occasionally but was an industry-wide practice, dating back to the late 1990s; and that it may have clouded the titles of millions of homes. If the settlement is agreed to, it will let Wall Street bankers off the hook for crimes that would land the rest of us in jail – fraud, forgery, securities violations and tax evasion.
The recent article of General Leonid Ivashov (1) deals with BRICS (Brazil, Russia, India, China, South Africa) group of countries and its current and future potentials for changing the nature of civilization and the world balance of forces. In doing so, Ivashov has touched on some of the underlying macro-level historical-intellectual foundations of the developmental historical process. Continue reading
by Prof. James Petras
April 25, 2011
The class struggle continues to play a central role in the process of capitalist accumulation, albeit it takes different forms depending on the socio-economic context. In order to map out the unfolding of the class struggle it is necessary to specify key concepts related to the (a) varied conditions and dominant sectors of capital in the global economy (b) nature of the class struggle (c) the principle protagonists of class struggles (d) character of the demands (e) mass struggles.
by Prof Michael Hudson
September 29, 2010
It is traditional for politicians to blame foreigners for problems that their own policies have caused. And in today’s zero-sum economies, it seems that if America is losing leadership position, other nations must be the beneficiaries. Inasmuch as China has avoided the financial overhead that has painted other economies into a corner, nationalistic U.S. politicians and journalists are blaming it for America’s declining economic power.
I realize that balance-of-payments accounting and international trade theory are arcane topics, but I promise that by the time you finish this article, you will understand more than 99% of U.S. economists and diplomats striking this self-righteous pose.
by Rick Rozoff
June 18, 2009
On June 17, immediately after the historical ninth heads of state summit of the Shanghai Cooperation Organization (SCO) in Yekaterinburg, Russia on the preceding two days, Russian President Dmitry Medvedev and Chinese President Hu Jintao announced that their nations were drafting a joint treaty to ban the deployment of weapons in outer space to be presented to the United Nations General Assembly.
A statement by the presidents reflected a common purpose to avoid the militarization of space and said:
“Russia and China advocate peaceful uses of outer space and oppose the prospect of it being turned into a new area for deploying weapons.
“The sides will actively facilitate practical work on a draft treaty on the prevention of the deployment of weapons in outer space, and of the use of force or threats to use force against space facilities, and will continue an intensive coordination of efforts to guarantee the security of activities in outer space.”