All income growth of the past few years is going to the top 10 percent, without paying more in taxes. IMF says that higher taxation of the top earners would not impinge on economic growth, explains economist Michael Roberts.
President of the Republic of Namibia, Dr. Hage Geingob, discusses how his country, which achieved independence from neighboring apartheid South Africa in 1990, is now fighting for justice and economic emancipation from global banks, corporations and foreign governments seeking to extract the developing country’s natural resources.
The financial inequality across the globe has reached new extremes. The international charity -Oxfam- in its latest report “An Economy for the 1%” has a shocking revelation: “Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population.” Imagine that. Only five years earlier it took 388 of the world’s richest to reach that mark. Extreme inequality: that is the topic for this edition of the debate.
A nightmare scenario of U.S. geopolitical strategists is coming true: foreign independence from U.S.-centered financial and diplomatic control. China and Russia are investing in neighboring economies on terms that cement Eurasian integration on the basis of financing in their own currencies and favoring their own exports. They also have created the Shanghai Cooperation Organization (SCO) as an alternative military alliance to NATO. And the Asian Infrastructure Investment Bank (AIIB) threatens to replace the IMF and World Bank tandem in which the United States holds unique veto power.
From the outbreak of Europe’s debt crisis in 2010, Germany and the Troika institutions of the European Commission, European Central Bank and IMF have come to wield immense influence over the continent and the populations within it. This video examines the individuals and institutions of power in Europe.
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In the early hours of Thursday morning, July 16, the Greek Parliament passed a host of austerity measures in order to begin talks on a potential third bailout of 86 billion euros. The austerity measures were pushed onto the Parliament by Greece’s six-month-old leftist government of Syriza, elected in late January with a single mandate to oppose austerity. So what exactly happened over the past six months that the first anti-austerity government elected in Europe has now passed a law implementing further austerity measures?
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.
Just after 7 PM Greek time on Sunday, I was told that the “No” vote (Gk. Oxi) was winning approximately 60/40. The “opinion polls” showing a dead heat evidently were wrong. Bookies across Europe are reported to be losing their shirts for betting that the financial right wing could fool most Greeks into voting against their self-interest. The margin of victory shows that Greek voters were immune to media misrepresentation during the week-long run-up as to whether to accept the troika’s demand for austerity to be conducted on anti-labor lines.
Back in January upon coming into office, Syriza probably could not have won a referendum on whether to pay or not to pay. It didn’t have a full parliamentary majority, and had to rely on a nationalist party for Tsipras to become prime minister. (That party balked at cutting back Greek military spending, which was 3% of GDP, and which the troika had helpfully urged to be cut back in order to balance the government’s budget.)
Greek radical-leftist party, Syriza, has won between 35.5 and 39.5 percent of the vote in the national parliamentary election, leaving the country’s ruling New Democracy party more than 10 per cent behind, the exit-polls revealed.
In April 2014, fresh from riots in Maidan Square and the February 22 coup, and less than a month before the May 2 massacre in Odessa, the IMF approved a $17 billion loan program to Ukraine’s junta. Normal IMF practice is to lend only up to twice a country’s quote in one year. This was eight times as high. Continue reading →