Tag Archives: costs

The Costs of Capitalism’s Crisis: Who Will Pay?

Economics Professor Richard Wolff details the problems of capitalism and urges our recognizing its obsolescence and replacing it with institutions that truly serve the people.

Talk at Church of All Souls in New York City, January 24, 2012. Camera, audio: Joe Friendly.

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Desis stay away from Occupy Wall Street

by Dr. Qaisar Abbas

Excerpt;

While the American silent majority has spoken lodging its protest throughout America, the so-called model minority of Desis seems to be in a state of perpetual silence. The affluent are part of a capitalist system which they cannot afford to oppose anyway. On the other hand, the disadvantaged communities of the diaspora are so isolated from the American society; they do not feel to be part of a grassroots movement …

…. The grassroots agitation against the exploitative capitalist system is challenging the powerful businessmen, financial institutions and politicians in the United States. The recent issue of the progressive journal “The Nation” reports the deplorable economic conditions in the United States in these figures:

  • Twenty five million Americans are unemployed who are desperately looking for jobs
  • While corporate CEOs are paid handsomely, wages of 70% Americans without college education are declining
  • One in 6 American lives below the poverty line
  • One in four homes, considered to be the largest asset for most Americans, is at the verge of foreclosure and eviction by banks for nonpayment of mortgage loans
  • Fifty million people are unable to afford health insurance as healthcare costs are soaring
  • The economy works well for the rich 1% who control 40% of the wealth
  • Multinationals have conveniently transferred domestic jobs in other countries to reduce production costs
  • The rising cost of education is becoming unbearable for youth and they are burdened with a record high education loans ….

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Who will blink first?

– U.S. Is Deferring Millions in Pakistani Military Aid

By ERIC SCHMITT and JANE PERLEZ

Excerpt;

WASHINGTON — The Obama administration is suspending and, in some cases, canceling hundreds of millions of dollars of aid to the Pakistani military, in a move to chasten Pakistan for expelling American military trainers and to press its army to fight militants more effectively.  …
….

And some is assistance like the reimbursements for troop costs, which is being reviewed in light of questions about Pakistan’s commitment to carry out counterterrorism operations. For example, the United States recently provided Pakistan with information about suspected bomb-making factories, only to have the insurgents vanish before Pakistani security forces arrived a few days later.

“When it comes to our military aid,” Secretary of State Hillary Rodham Clinton told a Senate committee last month “we are not prepared to continue providing that at the pace we were providing it unless and until we see certain steps taken.” …

…. Comments last week by Adm. Mike Mullen, the chairman of the Joint Chiefs of Staff, also reflected a potentially more confrontational approach to Pakistan. Admiral Mullen, who is retiring in two months, became the first American official to publicly accuse Pakistan of ordering the kidnapping, torture and death of the journalist, Saleem Shahzad, whose mutilated body was found in early June. …

To read complete article → THE NEW YORK TIMES

The truth about Reko Diq

By Farooq Tirmizi

How valuable is one’s wealth if it is buried underground and one has no way of getting it out? And what would one say to somebody who came along and volunteered to extract this wealth, providing all of the technical expertise and putting up the entire investment costs, and letting you keep half of the profits? Would it be fair to say that this person was indulging in exploitative behaviour? Or would we say that a fair deal was on offer?

The above scenario is not hypothetical. It is exactly what is currently going on in the case of the Reko Diq mining project in Balochistan. The Tethyan Copper Company, a joint venture between Canada’s Barrick Gold and Chile’s Antofagasta, has spent $220 million to explore the Reko Diq area and, having discovered a feasible reserve of minerals, is now willing to spend the further $3.3 billion it would take to extract the minerals. And yet it is being treated like a neo-imperialist villain out to pillage Pakistan’s national treasures. …

Read more : The Express Tribune