Tag Archives: systemic

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.

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American strategy in Afpak

About the US soldier going postal in afghanistan…

By Omar Ali

I wrote this comment on the SWJ site and I just thought it would be interesting to see what people here think of the American “strategy” (or lack of one) in Afghanistan.
The killings today, while tragic and awful, are themselves indicative of nothing new beyond one soldier going nuts…could and does happen in most wars and more likely when a war has stretched on for a while and more likely with soldier and locals being different people (not necessarily different nationalities..pakistani soldiers in Bangladesh or even some Indian soldiers in Kashmir could feel equally surrounded by aliens). It will have a huge propaganda effect though. Anyway, my comment is more about the US strategy: what is it? what should it be? What would it be if you were president?

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Security Council Calls for War Crimes Inquiry in Libya

The U.N. Security Council called for an international war crimes investigation into “widespread and systemic attacks” against Libyan citizens.

By EDWARD WYATT

The United Nations Security Council voted unanimously on Saturday night to impose sanctions on Libya’s leader, Col. Muammar el-Qaddafi, and his inner circle of advisers, and called for an international war crimes investigation into “widespread and systemic attacks” against Libyan citizens who have protested against the government over the last two weeks.

The vote, only the second time the Security Council has referred a member state to the International Criminal Court, comes after a week of bloody crackdowns in Libya in which Colonel Qaddafi’s security forces have fired on protesters, killing hundreds.

Also on Saturday, President Obama said that Colonel Qaddafi had lost the legitimacy to rule and should step down. His statement, which the White House said was made during a telephone call with Chancellor Angela Merkel of Germany, was the strongest yet from any American official against Colonel Qaddafi.

The Security Council resolution also imposes an arms embargo against Libya and an international travel ban on 16 Libyan leaders, and freezes the assets of Colonel Qaddafi and members of his family, including four sons and a daughter. Also included in the sanctions were measures against defense and intelligence officials who are believed to have played a role in the violence against civilians in Libya. …

Read more : The New York Times