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William I. Robinson: Global Rebellion – The Coming Chaos?

William I. Robinson: Global Rebellion – The Coming Chaos?

By William I. Robinson Global elites are confused, reactive, and sinking into a quagmire of their own making, says author. Santa Barbara, CA - As the crisis of global capitalism spirals out of control, the powers that be in the global system appear to be adrift and unable to proposal viable solutions. From the slaughter of dozens of young protesters by the army in Egypt to the brutal repression of the Occupy movement in the United States, and … Read entire article »

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Econ4: Economists Statement in Support of Occupy Wall Street

Econ4: Economists Statement in Support of Occupy Wall Street

We are economists who oppose ideological cleansing in the economics profession. Equally we oppose political cleansing in the vital debate over the causes and consequences of our current economic crisis. We support the efforts of the Occupy Wall Street movement across the country and across the globe to liberate the economy from the short-term greed of the rich and powerful “one percent”. We oppose cynical and perverse attempts to misuse our police officers and public servants to … Read entire article »

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Julio Huato: On Radicals and Economists

Julio Huato: On Radicals and Economists

By Julio Huato It will sound strange, but economists as a crowd are — just like the rest of us — human beings crushed by the existing social order.  Since their role as the secular priests of capitalism is to rationalize the status quo, then they are crushed twice.  Not that they will get much sympathy from us for it, but they are crushed by the social order and — on top of that — they are crushed … Read entire article »

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Gerry Gold: “Go Time” Has Arrived

Gerry Gold: “Go Time” Has Arrived

By Gerry Gold   The sudden appearance of the global contraction over the summer is inducing a state of chaos amongst the governments of the world’s major economies. Three years after the financial crash all attempts to bring about a recovery lie in ruins. Italy’s Berlusconi government yesterday announced VAT-rises as a further provocation to mass street protests and strikes against its previous round of austerity measures in an attempt to forestall a downgrade of its debt. Greece’s finance minister Evangelos … Read entire article »

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Horace Campbell: US Credit Downgrade – The Chickens Coming Home to Roost

Horace Campbell: US Credit Downgrade – The Chickens Coming Home to Roost

By Horace Campbell On Friday August 5, 2011, one of the world’s leading credit rating agencies, Standard & Poor’s (S&P), downgraded the United States’ top-notch AAA rating for the first time ever in the United States’ history. S&P cut the long-term US rating down to AA+ with a negative outlook, citing concerns about budget deficits and political gridlock. In their statement justifying the downgrade the S&P stated that, “The downgrade reflects our opinion that the fiscal consolidation … Read entire article »

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Mumia Abu-Jamal: A Grand Bargain… For Surrender

Mumia Abu-Jamal: A Grand Bargain… For Surrender

By Mumia Abu-Jamal Mumia Abu-Jamal is an award-winning journalist who chronicles the human condition. He has been a resident of Pennsylvania’s death row for twenty-nine years. Writing from his solitary confinement cell his essays have reached a worldwide audience. His books “Live From Death Row”, “Death Blossoms”, “All Things Censored”, “Faith of Our Fathers”, “We Want Freedom”, and the recently released “Jailhouse Lawyers” have sold hundreds of thousands of copies and been translated into nine languages. … Read entire article »

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Joshua Clover: Autumn Of The Empire

Joshua Clover: Autumn Of The Empire

By Joshua Clover Giovanni Arrighi The Long Twentieth Century: Money, Power and the Origins of Our Times  Verso, 2010. 432 pp. Giovanni Arrighi Adam Smith in Beijing: Lineages of the Twenty-First Century  Verso, 2009. 418 pp. Richard Duncan The Dollar Crisis: Causes, Consequences, Cures 2nd Ed. Wiley, 2005. 324 pp. Robert Brenner The Economics of Global Turbulence Verso, 2006. 369 pp.   Part 1: Flight to Safety In the early days of the crisis everything was written on the waters, shifting moment to moment. Most eloquent was the mercurial renaming … Read entire article »

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Ian Traynor: Greece Set To Default On Massive Debt Burden, European Leaders Concede

Ian Traynor: Greece Set To Default On Massive Debt Burden, European Leaders Concede

By Ian Traynor: Bailout fund may be used to buy back Greek debt.  Markets in turmoil amid escalating anxiety. European leaders bowed to the inevitable and conceded that Greece is likely to default on its massive debt burden, which would be a first among the 17 countries using the euro. They also abruptly shifted tack in the eurozone debt crisis by raising the possibility of using the eurozone’s bailout fund to buy back Greek debt on the markets, meaning sizeable … Read entire article »

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David Harvey: The Vote to End Capitalism

David Harvey: The Vote to End Capitalism

By David Harvey: How does capitalism get reproduced over time? This question has puzzled political economists from the seventeenth century onwards. Many simple models have been devised to answer this very complex question. While none of them are fully satisfactory, many insights are to be had from studying them and in these times of deep and frustrating troubles it is very important that we do just that. One such model can be extracted from the works of Karl … Read entire article »

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Jérôme E. Roos: Lagarde To Earn $467,940 Plus $83,760 Benefits As IMF Chief

Jérôme E. Roos: Lagarde To Earn $467,940 Plus $83,760 Benefits As IMF Chief

By Jérôme E. Roos: While workers in ‘bailed out’ countries are having their wages cut, incoming IMF chief Christine Lagarde will receive a raise and earn more than Obama. In the midst of the greatest economic downturn since WWII and an embarrassing sexual assault scandal involving its previous managing director, the International Monetary Fund announced that it will give its new boss a raise. Christine Lagarde, who took over the reigns at the IMF yesterday, will earn $467,940 per year plus a $83,760 … Read entire article »

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David Graeber: 5,000 Years Of Debt

David Graeber: 5,000 Years Of Debt

By David Graeber: The real dirty secret is that if the deficit ever completely went away, it would cause a major catastrophe. Answering today’s OFF-SET questions is David Graeber, who teaches anthropology at Goldsmiths College, University of London. He is the author of “Towards an Anthropological Theory of Value,” “Lost People,” and “Possibilities: Essays on Hierarchy, Rebellion and Desire.” His new book is entitled “Debt: The First 5,000 Years,” and in it, Graeber indeed examines the historical significance of debt, … Read entire article »

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Richard Dienst: Greece, Cradle of “Debtocracy”

Richard Dienst: Greece, Cradle of “Debtocracy”

By Richard Dienst: Richard Dienst is the author of Still Life in Real Time: Theory after Television and The Bonds of Debt, and a co-editor of Reading the Shape of the World. He teaches in the Department of English at Rutgers University. Here, in a special guest post for Verso, Dienst comments on the film Debtocracy. Soon after the 17 June 1953 workers’ uprising in the DDR, Bertolt Brecht wrote a poem called “The Solution.” He wanted to mock the official response to … Read entire article »

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Dominic Basulto: What Happens When Anonymous Gets A Bank?

Dominic Basulto: What Happens When Anonymous Gets A Bank?

By Dominic Basulto: The same people who brought you Wikileaks are back, and this time, they’ve created a virtual currency called Bitcoin that could destabilize the entire global financial system. Bitcoin is an open-source virtual currency generated by a computer algorithm that is completely beyond the reach of financial intermediaries, central banks and national tax collectors. Bitcoins could be used to purchase anything, at any time, from anyone in the world, in a transaction process that it … Read entire article »

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Paul Mason: Greek Default – End Of The World Or Small Patatas?

Paul Mason: Greek Default – End Of The World Or Small Patatas?

By Paul Mason: I got briefed heavily last week that if Greece defaults it could be another Lehman style event. Indeed, so did everybody else. The world’s media took this up and, lo, round about midnight sometime after the last Molotov cocktail was thrown on 15 June 2011, Angela Merkel decided there should be no private sector exposure to any soft rollover of Greek debt. I am now beginning to wonder. There is a lot of noise out … Read entire article »

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Yanis Varoufakis: Misleading Parliaments – The Essence Of Greek Bailouts Mk1 & Mk2

Yanis Varoufakis: Misleading Parliaments – The Essence Of Greek Bailouts Mk1 & Mk2

By Yanis Varoufakis: Misleading parliament is, in normal times, frowned upon by the political class. Misleading several parliaments at once is, on the other hand, the current state of play in the European Union. Consider yesterday’s (non-) decision regarding Bailout Mk2 for Greece, and the associated drama concerning the July installment leftover from Bailout Mk1. Yesterday the Eurogroup ‘decided’, with the Greek PM’s approval, that unless the Greek parliament passes Austerity Mk2 (which goes hand in hand with … Read entire article »

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Robin Hahnel: Rollback of Social Reforms

Robin Hahnel: Rollback of Social Reforms

By Robin Hahnel: (video) Length: 2 min 36 sec. Robin is Professor of Economics at Portland State University and author of “Economic Justice and Democracy: From Competition to Cooperation”. … Read entire article »

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Ezequiel Adamovsky: Anti-Capitalism

Ezequiel Adamovsky: Anti-Capitalism

By Ezequiel Adamovsky: An excerpt from a new book forthcoming from Seven Stories Press. [scribd id=56838617 key=key-2fnhs44p0ba0qn2pp5ry mode=book] … Read entire article »

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