Tag Archives: Banks

Why Marxism is on the rise again

Capitalism is in crisis across the globe – but what on earth is the alternative? Well, what about the musings of a certain 19th-century German philosopher? Yes, Karl Marx is going mainstream – and goodness knows where it will end

By The Guardian

Class conflict once seemed so straightforward. Marx and Engels wrote in the second best-selling book of all time, The Communist Manifesto: “What the bourgeoisie therefore produces, above all, are its own grave-diggers. Its fall and the victory of the proletariat are equally inevitable.” (The best-selling book of all time, incidentally, is the Bible – it only feels like it’s 50 Shades of Grey.)

Today, 164 years after Marx and Engels wrote about grave-diggers, the truth is almost the exact opposite. The proletariat, far from burying capitalism, are keeping it on life support. Overworked, underpaid workers ostensibly liberated by the largest socialist revolution in history (China’s) are driven to the brink of suicide to keep those in the west playing with their iPads. Chinese money bankrolls an otherwise bankrupt America.

The irony is scarcely wasted on leading Marxist thinkers. “The domination of capitalism globally depends today on the existence of a Chinese Communist party that gives de-localised capitalist enterprises cheap labour to lower prices and deprive workers of the rights of self-organisation,” says Jacques Rancière, the French marxist thinker and Professor of Philosophy at the University of Paris VIII. “Happily, it is possible to hope for a world less absurd and more just than today’s.”

That hope, perhaps, explains another improbable truth of our economically catastrophic times – the revival in interest in Marx and Marxist thought. Sales of Das Kapital, Marx’s masterpiece of political economy, have soared ever since 2008, as have those of The Communist Manifesto and the Grundrisse (or, to give it its English title, Outlines of the Critique of Political Economy). Their sales rose as British workers bailed out the banks to keep the degraded system going and the snouts of the rich firmly in their troughs while the rest of us struggle in debt, job insecurity or worse. There’s even a Chinese theatre director called He Nian who capitalised on Das Kapital’s renaissance to create anall-singing, all-dancing musical.

Read more » the guardian
See more » http://www.theguardian.com/world/2012/jul/04/the-return-of-marxism

Book Review: Al Gore – “The Future – What are the drivers of Global Change.”

You can’t deny Al Gore’s knowledge & intelligence. A thought provoking book, every page of his book offers new insights. A must read book. In his book “The Future: What are the drivers of global Change”, he writes;  “The dominance of wealth & Corporate influence in decision making has so cowed most politicians that they  are scared to even discuss this existential threat in any meaningful way. (Page 323)

“With rare exceptions, the majority of legislators are no longer capable of serving the public interest because they are so dependent on Campaign Contributions from these corporate interests & so vulnerable to their non-stop lobbying.” — “It is profoundly troubling that special interests have been able to Capture Control of decision making & policy formation.” (page 326)

“ … Greece is only the best known of many examples of countries no longer able to make decisions for themselves. It must first get permission from the European Union, which supports it, and international Banks, which holds its debt.”

“U.S self-government is now about completely dysfunctional, incapable of making important decision necessary to realm control of its destiny.”

“The inequality in the distribution of wealth, property and income in the United States is now larger than at any time since 1929. The outbreak of the Occupy Movement has been driven by the dawning  awareness of the majority of Americans that the operations of democratic Capitalism in its current form are producing unfair & intolerable results. But the weakened state of democratic decision making  in the U.S. and the enhanced control over American democracy by the forces of wealth & corporate power, have paralyzed the ability of the county to make rational decisions in favour of politicians that would remedy these problems” (Page 121)

“Corporate “Persons” on the other hand now often seen to have little regard for how they can help the country in which they are based, they are only concerned about how that country can help them make more money.”

“Some political Scientists have asserted that the influence of corporations on modern governance is now almost analogous to the influence of the medieval Church during the era of feudalism” (page 125)

“Ruther Ford B – Hayes, to complain that, “this is a government of the people, by the people, and for the people no longer. It is government of corporations, by corporations & for the corporations.” (Page 106)

“It is now common for lawyers representing Corporate lobbies to sit in the actual drafting sessions where legislation is written and to provide the precise language for new laws intended to remove obstacles to their corporate business plans – usually by weakening provisions of existing laws & regulation intended to project the public interest against documented excesses and abuses. Many U.S. state legislatures often now routinely rubber stamp laws that have been written in their entirely by Corporate Lobbies.

Having served as an elected official in the federal government for the last quarter of the 20th century, and having observed it closely before that period, and since, I have felt a sense of shock and dismay at how quickly the integrity & efficacy of American democracy has nearly collapsed. There have been other periods in American history when wealth & corporate power have dominated the operations of government but there are reasons for concern that this may more than a cyclical phenomenon particularly recent court decisions that institutionalize the dominance & control of wealth & corporate power. “(Page 104-105)

Capitalism Becomes Questionable – by Richard D. Wolff

The depth and length of the global crisis are now clear to millions. In the sixth year since it started in late 2007, no end is in sight. Unemployment rates are now less than halfway back from their recession peak to where they were in 2007. Over 20 million are without work, millions more limited to part-time work, millions have been foreclosed out of their homes. Those who retain jobs suffer declining real wages, fewer benefits, reduced job security, and more work. This year of “austerity” began with an increase in the payroll tax rate for over 150 million wage-and-salary earners from 4.2 to 6.2 per cent (a 48% increase from 2012) — a far more significant tax event than the trivial — but wildly hyped — increase of taxes on those earning over $450,000 annually from 35 to 39.6 per cent (a 13% increase from 2012). Austerity deepens as Republicans and Democrats negotiate merely details of their agreements to cut government spending on social programs helping working people.

Between the crisis and today’s austerity policies lie the bailouts — a bought government’s program to aid mega-finance and other large corporations with unlimited funds unmatched by anything comparable for the mass of working people and smaller businesses. The bailouts worked for them, for the large corporations who secured them for themselves. For that reason, “recovery” blessed them while it bypassed everyone else. Now austerity policies shift onto the general population major portions of the costs of the crisis and the bailouts. The situation is so bad and US government complicity with capitalists at the people’s expense so exposed that the capitalist system is becoming questionable. Criticism challenges the last half-century’s treatment of capitalism as the absolutely best possible economic system, beyond any need for discussion or debate, justifiably implanted around the world by military force, etc.

First of all, this deep and long crisis undermines decades of confident assurances and predictions that another deep capitalist depression was no longer likely or even possible. Capitalism’s inherent instability overwhelmed and thus proved the futility of efforts to prevent its crises. Moreover, both conventional and extraordinary monetary and fiscal policies failed repeatedly to bring Europe, Japan, and the US out of the crisis. Central banks, international agencies, and national executives charged with economic responsibilities have, since 2007, spoken with assurance and met often, posed for media photos, puffed and threatened, made a few last-minute, stop-gap agreements, resolved to meet again and do more at the next meeting. However, the crisis continued for most people. In many places it has gotten much worse. All this challenges glib notions that capitalism’s highest authorities have the system “under control.”

Implicitly, at first, millions of people began to question whether capitalism does still “deliver the goods” as its defenders so long insisted. In the US, declining economic conditions for parents coupled with rising school debts and declining job prospects for their children suggest rather that capitalism “delivers the bads.” The widening inequalities of wealth and income that contributed to the crisis have in turn been further aggravated by it.

Continue reading Capitalism Becomes Questionable – by Richard D. Wolff

Steal bread, go to jail, steal a billion $, get bailed out

*Bank of America Bombshell: Whistleblowers Reveal Orchestrated Coverup and Massive Borrower Harm

Obama promised justice to abused American homeowners. Have they gotten it?

By Yves Smith

Editor’s Note:  In his 2012 State of The Union address, President Obama spoke of American homeowners abused by unscrupulous banks and financial institutions. Have they gotten justice? What follows is the first in a new series examining foreclosure settlements and the disturbing patterns of incomptency, malfeasance, and conflicts of interest which have marked their execution. Yves Smith of Naked Capitalism takes a deep dive into the mire of America’s mortage industry and investigates the continued suffering of the public at the hands of greedy predators.

On January 7, 2013, ten servicers entered into an $8.5 billion settlement with the Office of the Comptroller of the Currency and the Federal Reserve, terminating a foreclosure review process which was set forth in consent orders issued in April 2010. Borrowers who had had foreclosures that were pending or had completed foreclosure sales in 2009 and 2010 could request an investigation by independent reviewers, selected and paid for by the servicers but subject to approval by the OCC.

Continue reading Steal bread, go to jail, steal a billion $, get bailed out

Tradition of nonviolence originated along the banks of the Sindhu (Indus) River

Tradition of nonviolence originated along the banks of the Sindhu/Sindh (Indus) River. The American Institute of Sindhulogy (AIS) is dedicated to spreading the lessons of the ancient Sindhu-Saraswati River Civilization and its message of nonviolence. ….

Read more » American Institute of Sindhulogy

More » Congresswoman Jan Schakowsky supports American Institute of Sindhulogy’s Nonviolence Initiative

Pakistan – Chaos and capitulation

By Editorial

What was supposed to be a day for Pakistanis to show their love, respect and reverence of the Holy Prophet (pbuh), instead turned out to be a day of murder, arson, looting and much mayhem. The government may have thought that by declaring September 21 “Youm-e-Ishq-e-Rasool”, it may have grabbed the initiative from the religious and conservative elements and that the protests and outrage may perhaps have channelled into one single day. However, the events of the past two days, in particular Friday, suggest that this was a grave miscalculation. The decision seems to have only galvanised and emboldened those elements in society who believe that by burning public and private property, destroying cars and injuring and killing innocent passers-by, they are somehow expressing their love for the Holy Prophet (pbuh). To many of those who we saw burning public and private property on our television screens on Friday, the government’s holiday announcement translated into a licence to do as they saw fit, and in most cases, this was to damage and destroy whatever they could find at arm’s reach.

Continue reading Pakistan – Chaos and capitulation

State Bank has no Board Director from Sindh

By: Dr Ali Akbar Dhakan, Karachi, Sindh

There is an old maxim that the cry of an oppressed or Victim never goes heedless but its bring Allah`s calamity and catastrophe for the oppressors. Since the creation of the world, the history tells that the society wherein the principle of might is right has been adopted, neither the fate of that society has flourished nor solidarity has achieved sound footings. I have expressed here my worries and woes experienced in the service career of State Bank of Pakistan which is the central Bank or the authority to regulate and control the monetary related affairs of the country.

Continue reading State Bank has no Board Director from Sindh

Taliban are generating funds through bank robberies, protection rackets and kidnappings – BBC

Taliban’s brisk trade of kidnapping in Karachi

In Pakistan’s largest city, Karachi, police say the Taliban are generating funds through bank robberies, protection rackets and kidnappings.

Abductions are particularly lucrative, with ransom demands sometimes running to millions of dollars. The BBC’s Orla Guerin reports on how the militants are making inroads in Pakistan’s financial capital.

When the doctor had a gun put to his head by a man on motorbike in the evening traffic last month, he thought it was a robbery. He readily handed over his mobile phone and his wallet.

But when he was forced from his car, he realised that he was the prize. A routine journey to his clinic ended with imprisonment in a Taliban hideout.

“They blindfolded me and tied my hands behind my back. I was kept in a small space, with a low roof, but they gave me food and a pillow to rest on,” said the softly spoken father of four. For security reasons, we are not revealing his identity. ….

Read more » BBC

In India, the courts are acting on the problem of the pollution in Sindhu river, it would be better if the clowns in the Pakistani courts would do something real to save the river Sindh from pollution instead of playing petty power grab games.

PIL to save River Sindh: HC appoints commissioner

Srinagar: Jammu and Kashmir High Court here on Wednesday appointed a commissioner to ascertain allegations levelled in a Public Interest Litigation (PIL) that illegal constructions have come up along the banks of River Sindh.

An official said that Justice Hakim Imtiyaz Hussain and Justice Hasnain Massodi appointed Registrar Judicial, Kaneez Fatima, as commissioner and directed her to inspect along with Tehsildar Kangan the site and submit report within two weeks.

The PIL was submitted by advocate Qazi Rashid Shamas. The petitioner alleges that structures were being built on the river bed at three places— Mamar, Murgund and Knagan in violation of various statutes.

“In the process water is getting polluted and if immediate steps for retrieving river from encroachments and removing illegal constructions are not undertaken, the river environment and the surrounding ecology faces threats and hazards,” reads the PIL.

Continue reading In India, the courts are acting on the problem of the pollution in Sindhu river, it would be better if the clowns in the Pakistani courts would do something real to save the river Sindh from pollution instead of playing petty power grab games.

Sindh’s discomfort with surging foreign debts

By Sabihuddin Ghausi

Mounting foreign loan burden has started telling on the nerves of Sindh’s economic managers. Officials at the Sindh Secretariat at Karachi complain of inflated cost of foreign funded projects that are thrust on them. “ All projects are virtually designed by the donors but are attributed to us without the consent of provincial political leadership and the concerned officials,” confided an official.

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ROLE OF BANKS TO HELP THE FLOOD AFFECTED PEOPLE IN PAKISTAN

by Dr Ali Akbar Dhakan, Karachi, Sindh

Since denationalization, liberalization and privatization of banks in Pakistan mostly 1980s, the private banks and foreign banks have earned Trillions of Rupees as profit yearly. At present there are 4 bank in public sector, 4 specialized banks, 25 private local banks, 7 foreign banks, 8 development financial institution and 7 micro finance banks.Since their start, they have earned not less than about 20 billion each every year. If we see their performance they have done no service for the common people of Pakistan .They have earned their profit for their owners (Seths ) and they keep that money in foreign countries for their future safety and children and families to live abroad with luxuries and lavish expenditures .In the days of tragedy and calamities throughout the country Pakistan, they must have felt their utmost duties and responsibilities to bring back all the money kept by them in the foreign countries and donate at least rupees 2 billion each bank to rehabilitate and accommodate our devastated people who are bravely facing with the hardships and odd times in the floods.

Continue reading ROLE OF BANKS TO HELP THE FLOOD AFFECTED PEOPLE IN PAKISTAN