The House of Representatives gave final approval on Friday October 3 to the $700 billion bailout for the financial system, reversing course to authorize what may be the most expensive government intervention in history. BY DAVID M. HERSZENHORN, The New York Times/Truthout INTERNATIONAL Posted by Bulatlat Washington – The House of Representatives gave final approval…
Category: International
From Empire to Democracy
BY HOWARD ZINN The Guardian UK/Truthout INTERNATIONAL Posted by Bulatlat This current financial crisis is a major way-station on the way to the collapse of the American empire. The first important sign was 9/11, with the most heavily-armed nation in the world shown to be vulnerable to a handful of hijackers. And now, another sign:…
Let the Rich Bail Them Out
“If a bailout is needed, if taxpayer money must be placed at risk, if we are going to bail out Wall Street, it should be those people who have caused the problem, those people who have benefited from President Bush’s tax breaks for millionaires and billionaires, those people who have taken advantage of deregulation who…
Towards a Second Cold War?
Fevered rhetoric aside, in practice the cold war was a tacit compact in which each of the contestants was largely free to resort to violence and subversion to control its own domains: for Russia, its Eastern neighbors; for the global superpower, most of the world. Human society need not endure – and might not survive…
‘Cuban Five’ Mark 10 Years of Unjust Detention
Last Sept. 12 marked the 10th year since the political prisoners known as the “Cuban Five” – Gerardo Hernandez, Antonio Guerrero, Ramon Labañino, Fernando Gonzales, and Rene Gonzales were arrested and detained in Miami, Florida. BY ALEXANDER MARTIN REMOLLINO INTERNATIONAL Bulatlat Last Sept. 12 marked the 10th year since the political prisoners known as the…
The Political Economy of the Current (2008) Capitalist Financial Crisis
The very philosophy of the acquisition of wealth of capitalism is becoming a bane to the majority world people who are seeking deeper and deeper into poverty because of the desperate resuscitation of dying capitalism by their governments. For indeed the sufferings of the vast majority of the people is the price for the continued…
The Great Switch: Banks Rob People
The US government is on the verge of making an unprecedented financial commitment, likely to cost $700 billion, to buy the bad securities held by large US and foreign financial institutions. Having driven our economy to the edge of financial destruction, the Lords of Finance now want the public to put up the money needed…
US ‘In Need of Rebellion,’ says Howard Zinn
Al Jazeera speaks to Howard Zinn, the author, American historian, social critic and activist, about how the Iraq war damaged attitudes towards the US and why the US “empire” is close to collapse. BY ALJAZEERA.NET Posted by Bulatlat Q: Where is the United States heading in terms of world power and influence? HZ: America has…
Big Banks Go Bust: Time to Reform Wall Street
We must go further in fixing the financial sector – most importantly by downsizing it. The financial sector accounted for more than 30 percent of corporate profits in 2004. Back in the 1950’s and 1960’s, the country’s period of most rapid growth, the financial sector accounted for less than 10 percent of corporate profit. BY…
The Global Financial Crisis and its Implications for Workers of the World
As the US falls into recession, the rest of the global economy is being sucked downwards with it. The collapse of credit instruments originating in the U.S. is also weakening the financial balance sheets of banks and other overseas holders of these investments, affecting not just the banking sector but also stock markets abroad. Banks…
On the Global Economic and Financial Crisis
BY IBON FOUNDATION* INTERNATIONAL The deep problems of the imperialist-dominated world capitalist system are in very sharp focus today. The majority of humanity has long suffered unremitting poverty and exploitation – but the people are being pushed into even greater difficulties by the current episode of intense economic and financial crisis which is feared to…