Tag Archives: profit

IMF has made €2.5 billion profit out of Greece loans

By Jubilee Debt Campaign

Ahead of the payment of €462 million by Greece to the IMF on Thursday 9 April, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay the IMF in full this will rise to €4.3 billion by 2024.

Read more » Jubilee Debt
See more » http://jubileedebt.org.uk/news/imf-made-e2-5-billion-profit-greece-loans

Seattle City Councilmember-elect Kshama Sawant told Boeing machinists; “The workers should take over the factories, and shut down Boeing’s profit-making machine”

Seattle City Councilmember-elect shares radical idea with Boeing workers

By Gary Horcher

SEATTLE — Seattle City Councilmember-elect Kshama Sawant told Boeing machinists her idea of a radical option, should their jobs be moved out of state

“The workers should take over the factories, and shut down Boeing’s profit-making machine,” Sawant announced to a cheering crowd of union supporters in Seattle’s Westlake Park Monday night.

This week, Sawant became Seattle’s first elected Socialist council member. She ran on a platform of anti-capitalism, workers’ rights, and a $15 per-hour minimum wage for Seattle workers.

On Monday night, she spoke to supporters of Boeing Machinists, six days after they rejected a contract guaranteeing jobs in Everett building the new 777X airliner for eight years, in exchange for new workers giving up their guaranteed company pensions.

Now Boeing is threatening to take those jobs to other states. “That will be nothing short of economic terrorism because it’s going to devastate the state’s economy,” she said.

Sawant is calling for machinists to literally take-possession of the Everett airplane-building factory, if Boeing moves out. She calls that “democratic ownership.”

“The only response we can have if Boeing executives do not agree to keep the plant here is for the machinists to say the machines are here, the workers are here, we will do the job, we don’t need the executives. The executives don’t do the work, the machinists do,” she said.

Sawant says after workers “take-over” the Everett Boeing plant; they could build things everyone can use.

“We can re-tool the machines to produce mass transit like buses, instead of destructive, you know, war machines,” she told KIRO 7.

Sawant says she was referring to “drones” when speaking of war machines. Still, she says even as they work on the lines, building airplanes daily, she believes Boeing workers are under siege.

“Workers have to realize, they have more power than they think,” she said.

Courtesy: Kirotv.com
http://www.kirotv.com/news/news/seattle-city-councilmember-elect-shares-radical-id/nbxbC/

Russell Brand: ‘Revolution Is Coming… I Ain’t Got a Flicker of Doubt’

British comedian goes off on failed paradigm, talking egalitarianism, consciousness, and filthiness of profit with the BBC

– Jon Queally, staff writer

The British left weekly New Statesman has taken a chance on an up-and-coming rogue editor, but the actor-comedian and newly welcomed progressive-minded firebrand Russell Brand seems so far to be a brilliant and elegant choice.

Tapped to guest-edit the magazine’s ‘Revolution’ issue this week, Brand is making waves both for his feature-length essay on the topic but also with a televised interview that aired Wednesday night on the BBC with veteran Newsnight anchor Jeremy Paxman.

Read more » Common Dreams
https://www.commondreams.org/headline/2013/10/24-6

China Industrial Companies’ Profits Climb a Fourth Month

By Bloomberg News

Chinese industrial companies’ profits rose for a fourth month in December, adding to signs the country’s economic rebound is gaining momentum.

Net income increased 17.3 percent from a year earlier to 895 billion yuan ($144 billion), the National Bureau of Statistics said today in Beijing, after a 22.8 percent jump in November. Earnings for the full year gained 5.3 percent.

Industrial profits may rise by an average 30 percent this year as the world’s second-biggest economy recovers from a seven-quarter slowdown, businesses start restocking and export demand improves, Standard Chartered Plc forecasts. Expansion in gross domestic product may accelerate to 8.1 percent this year from 7.8 percent in 2012, according to the median of 44 analyst estimates in a Bloomberg News survey this month. …

Read more » Bloomberg
http://www.bloomberg.com/news/2013-01-27/china-industrial-companies-profits-climb-a-fourth-month.html

The United States of Prisons

21st-Century Slaves: How Corporations Exploit Prison Labor

In the eyes of the corporation, inmate labor is a brilliant strategy in the eternal quest to maximize profit.

By Rania Khalek

There is one group of American workers so disenfranchised that corporations are able to get away with paying them wages that rival those of third-world sweatshops. These laborers have been legally stripped of their political, economic and social rights and ultimately relegated to second-class citizens. They are banned from unionizing, violently silenced from speaking out and forced to work for little to no wages. This marginalization renders them practically invisible, as they are kept hidden from society with no available recourse to improve their circumstances or change their plight.

They are the 2.3 million American prisoners locked behind bars where we cannot see or hear them. And they are modern-day slaves of the 21st century.

Incarceration Nation

It’s no secret that America imprisons more of its citizens than any other nation in history. With just 5 percent of the world’s population, the US currently holds 25 percent of the world’s prisoners. “In 2008, over 2.3 million Americans were in prison or jail, with one of every 48 working-age men behind bars,” according to a study by the Center for Economic and Policy Research(CEPR). That doesn’t include the tens of thousands of detained undocumented immigrants facing deportation, prisoners awaiting sentencing, or juveniles caught up in the school-to-prison pipeline. Perhaps it’s reassuring to some that the US still holds the number one title in at least one arena, but needless to say the hyper-incarceration plaguing America has had a damaging effect on society at large.

The CEPR study observes that US prison rates are not just excessive in comparison to the rest of the world, they are also “substantially higher than our own longstanding history.” The study finds that incarceration rates between 1880 and 1970 ranged from about “100 to 200 prisoners per 100,000 people.” After 1980, the inmate population “began to grow much more rapidly than the overall population and the rate climbed from “about 220 in 1980 to 458 in 1990, 683 in 2000, and 753 in 2008.”

The costs of this incarceration industry are far from evenly distributed, with the impact of excessive incarceration falling predominantly on African-American communities. Although black people make up just 13 percent of the overall population, they account for 40 percent of US prisoners. According to the Bureau of Justice Statistics (BJS), black males are incarcerated at a rate “more than 6.5 times that of white males and 2.5 that of Hispanic males and “black females are incarcerated at approximately three times the rate of white females and twice that of Hispanic females.”

Michelle Alexander points out in her book The New Jim Crow that more black men “are in prison or jail, on probation or on parole than were enslaved in 1850.” Higher rates of black drug arrests do not reflect higher rates of black drug offenses. In fact, whites and blacks engage in drug offenses, possession and sales at roughly comparable rates. ….

Read more » AlterNet

China’s ‘Cake Theory’

‘Cake Theory’ Has Chinese Eating Up Political Debate

by Louisa Lim

What goes on inside China’s leadership is usually played out behind the closed oxblood doors of the compound where the top leaders live. This year, though, a political debate has sprung out in the open — and it has leaders and constituents considering how to move forward politically.

This ideological debate comes as China gears up for a once-in-a-decade political transition. The country’s future top leaders seem almost certain, with Xi Jinping in line for president and Li Keqiang on track for premier. Horse-trading is under way for other leadership positions, however, sparking a debate that could define China’s future.

The Chongqing Model: Equal Slices

In recent months, the streets of the city of Chongqing have been ringing with song. These are not spontaneous outbreaks; they’re government-mandated sessions, requiring employees to “sing the red,” patriotic songs praising China.

This is a leftist vision of China’s future, with powerful echoes of its Maoist past.

It’s the brainchild of Bo Xilai, Chongqing’s party secretary and the son of a revolutionary elder, Bo Yibo, one of the “eight immortals” of Communist China. Bo Xilai has taken a three-pronged approach by “smashing the black,” or attacking corruption and organized crime, with what some say is a disregard for the rule of law. His approach also includes putting in place measures to help those left behind by China’s economic boom.

“The government intervenes to correct the shortcomings of the market economy,” says Yang Fan, a conservative-leaning scholar at China University of Political Science and Law and co-author of a book about the Chongqing model.

“There are projects to improve people’s livelihood by letting migrant workers come to the city, by building them cheap rental places and allowing them to sell their land to come to the city,” he says.

This is where it comes to what’s been dubbed “cake theory.” If the cake is China’s economy, the Chongqing model concentrates on dividing the cake more equally.

The Market-Driven Guangdong Model

The competing vision, based in the province of Guangdong, focuses on making the cake bigger first, not dividing it. In economic terms, the Guangdong model is a more market-driven approach, pushing forward development ahead of addressing inequality.

“The Guangdong model aims to solve the concerns of the middle class,” says Qiu Feng, a liberal academic from the Unirule Institute of Economics. “It’s about building society and rule of law. It wants to give the middle class institutionalized channels to take part in the political process. Its basic thought is co-opting the middle class.”

He says the “Happy Guangdong” approach is aimed not at those left behind, but at those who have profited from the economic boom.

Guangdong’s party secretary, Wang Yang, has criticized the Chongqing model, saying people need to study and review Communist Party history, “rather than just singing of its brilliance.” In political terms, he’s throwing down the gauntlet at his rival, Bo Xilai.

Finding A Way Forward

Both these politicians are fighting for a place — and influence — inside the holiest of holies: the Politburo Standing Committee. This comes against a background of criticism of the current leadership from a surprising quarter.

“The bureaucracy is corrupt. Power has been marketized. Governance has been industrialized,” says Zhang Musheng, a consummate insider. “Local governments are becoming riddled with gangsters.”

Zhang’s father was secretary to China’s Premier Zhou Enlai. This makes him what’s known as a “princeling.” He’s attended a number of meetings held by children of former leaders, where criticism of the current leadership has been aired.

Despite their grievances, they came to one conclusion.

“China’s such a complicated society. Right now, it can’t leave the Communist Party. So the Communist Party must reform and improve,” Zhang says. “Although it’s criticized, right now there is no social force which can replace the Communist Party.”

Those are the key questions: how to reform or even if the Communist Party can reach consensus over which model it follows. ….

Read more » NPR