Archive for the ‘Financial Crisis (September 2008 onwards)’ Category
Faced with the Covid-19 pandemic, our lives are more worth than their profits – Fourth International European Declaration
The workers’ movement, and all progressive forces, have a duty to resist the Covid-19 Assault, and put forward practical proposals which will work at local, national, and international levels. The full text of a Fourth International Declaration is here : http://www.internationalviewpoint.org/spip.php?article6517 Key extracts are below.
Emergency measures
The organizations and activists of the Fourth International in Europe, together with their respective organizations, are in favour of a programme of emergency measures:
the injection of sufficient means for the mass availability of screening kits, the multiplication of resuscitation beds and respirators. Generalization to the entire population of suitable protective masks and biologic tests is the condition for confinement lifting. Immediate support for democratically controlled production of these means and for non-commercial research for medicines and vaccines against Covid-19.
Read the rest of this entry »“Never Waste A Good Crisis” – Big Economic Recession Coming Our Way – Irish Ruling Class Cuts “Meals on Wheels” – EU Leaders Pour Petrol ⛽️ on Flames 🔥
An Irish Warning : Sam Nolan reports his HSE “meals on wheels” service has been suspended. Friends and Comrades are rallying, Sam will be supported. Des Derwin reacts, very perceptively :
“I’m speechless. Just as an expanded service is needed. Have y’all noticed how the (Fine Gael!) state is building up its repressive apparatus for the crisis. Templemore early graduation trainees given crash course in public order (read riot control). New standing public order unit. (WTF?!) Scores of hired in Garda cars to ‘help the vulnerable’. Maybe the HSE is transferring the meals on wheels service to An Garda Siochana.”
Former SYRIZA Finance Minister Yanis Varoufakis Analyses the European Union Response :
Those of us who know how the Eurogroup works were not holding much hope yesterday. Nevertheless, Europe’s finance ministers managed to do even less than what we feared: They failed to use the fiscal compact’s proviso for loosening up fiscal policy across the euro area. They continued with the tragic error of treating a crisis of insolvency as a crisis of liquidity. And they failed to recognise that some countries, in particular those savaged by the never-ending euro crisis, need a great deal more support than others.
In short, the Eurogroup’s bazooka is no more than a pathetic waterpistol. It is time that Europeans pushed for something better than this. It is time that we organise at a transnational, paneuropean level to replace this instrument of austerity-driven recession, the Eurogroup, with an institution that can work for a majority of Europeans everywhere.
APPENDIX: The Eurogroup’s telling reference to “automatic stabilisers”
The Eurogroup communique referred to the “full use of automatic stabilisers”. What did they mean?
Here is an example of an ‘automatic stabiliser’: When people lose their job, they go on unemployment benefit. This means a transfer of money from the better off to the worse off. As the worse off, who are now unemployed, save nothing and, therefore, more of the money of the better off enters the markets. That’s what economists refer to as an ‘automatic stabiliser’ (‘automatic’ because no government decision was needed to activate it – the loss of jobs does it automatically | and ‘stabiliser’ because the higher portion of spending relative to savings boosts GDP ).
Can you see dear reader what the Eurogroup are really saying when confessing to relying to the ‘automatic stabilisers’ in the absence of concerted fiscal expansion? They are saying: Don’t worry folks. While it is true we, the finance ministers, are doing almost nothing to avert the disaster, when the disaster comes your job losses and poverty will trigger some automatic mechanism that will break the economy’s fall. A little like consoling the victims of the plague with their thought that their death will, through shrinking the labour supply, boost future wages…
Some Proposals for Resistance :
DiEM25’s answer to: What should they have done?
At the very least, the Eurogroup should have recommended to the European Council that the European Investment Bank is given the green light to issue EIB bonds worth €600 billion with the stipulation that, as part of its ongoing and recently enhanced quantitative easing program, the European Central Bank will support the value of these bonds in the bond markets. That €600 billion should be spent directly to support national health services and also be invested in sectors of the economy badly hit by the lockdown – while also nudging our economy toward greener forms of transport, energy generation etc. Additionally, the fiscal compact should be immediately side-lined and governments should effect a tax haircut for small and medium sized firms, households etc.
The above would probably be enough not to avert but to contain the recession to something like between -1% and -2% of GDP. To avert it completely, the Eurogroup should have decided to mimic Hong Kong and have the European Central Bank mint an emergency fund from which every European household is given between €1000 and €2000.
CoronaVirus 2020 – Great Hunger (Famine) 1840’s – Irish Connections, Evils of Laissez-Faire Capitalism
Joe Harrington Compares the CoronaVirus Crisis of 2020 with the Great Hunger (Famine) of Ireland in the 1840’s. Items needed by human beings for survival suddenly were unavailable, prices rocketed, and only the mega-rich could afford them. The Great Hunger killed millions of starving Irish people, millions of others emigrated. There is a connection – Laissez-Faire Capitalism. Resistance is Necessary.
When the potato failed during the mid to late 1840s there were other foodstuffs available. These were slightly out of reach of the hundreds of thousands of starving people but any chance of securing them went when the price of them increased by up to a factor of six. Only the extremely rich could afford the prices and hundreds of thousands died. We are all appalled today when we read of this but look at what is happening today with the less important sanitiser! The connection? Laissez-faire Capitalism – described as “an economic system in which transactions between private parties are absent of any form of government intervention such as regulation, privileges, imperialism, tariffs and subsidies”. Any regulations that exist have failed utterly to stop banks, vulture funds and financiers, billionaire developers and their cronies destroying lives, livelihoods, the health service and the homeless.
It is worth pointing out this, but it is also important to build community co-operation to beat the virus. We cannot depend on the 1% or their political representatives who have their eye and their interests elsewhere. If ordinary people are to build the movements that are needed to confront the rule of the super-rich we need to overcome the divisions the capitalist political and economic system has caused within our ranks. Our state does not promote co-operation as the way forward for society. Instead it promotes a dog-eat-dog culture and an everyone for themselves attitude. Even so, the thousands of people who are involved on a volunteer in their communities shown that co-operation is the default position of the human being.
This Virus problem provides with an opportunity to promote co-operation to a new level. Vicky Phelan spoke about this on the Clare Byrne Show the other night. While keeping them under pressure to put people before profit in dealing with this threat let us also go beyond the response of the state. We need to take community-based initiatives to keep the virus away from those in most danger from it. If we co-operate and look out each other in this crisis we will better realise the strengths we have when dealing with the capitalists attacks now and down the road.
Apart from this we need to keep in mind two conflicting ideas. We need to act as if we have the virus and don’t want to pass it on and at the same time we need to act as if we haven’t the virus and don’t want to get it. Not easy to do.
Fumbling in the Greasy Till – Paul Murphy TD Campaigns Against CoronaVirus Price Gouging
We need to speak out about the profiteering taking place.
Just like September 1913 – the Worst Elements of the Irish Middle Class “fumbled in the greasy till” – and “added prayer to shivering prayer” – determined to wage war on the poor. The workers were on strike, led by the Irish Transport and General Workers’ Union. The employers were led by William Martin Murphy, owner of the Irish Independent Newspaper, Spiritual Godfather of today’s Fine Gael and Fianna Fáil Parties.
Paul Murphy Declares :
I’m organising a press conference tomorrow to highlight the huge number of examples people have sent me. This is a chance to show the real impact this greed is having, and to demand price controls are implemented. The government must take action to ensure those who need masks and hand gel most get it first.
We need more people willing to speak up on this, and tell their story. Get in touch to share your story, and help end this rip off
‘September 1913 is a devastating piece of satire in which Yeats takes the well-off Catholics to task for not only their meanness and materialism but also for the shallow nature of their religious devotion. The image of the shopkeeper fumbling in the ‘greasy till’ captures the greed while the image of them adding ‘prayer to shivering prayer’ sums up their terrified devotion to the Catholic Church who were enormously influential at the time.
Yeats declares that through their greed the middle classes have made Ireland a materialistic and un-Romantic place: ‘Romantic Ireland’s dead and gone.’ By doing so they have betrayed the legacy of past heroes. The middle classes are incapable of understanding the heroes’ courage and self-sacrifice.
The repetition emphasises Yeats’ contempt for the state of contemporary Irish society. Also like many Irish political ballads it personifies Ireland as a female figure
https://prezi.com/qly2zy81pfqx/september-1913/
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Coronavirus has sparked a perfect storm of nationalism and financial speculation – Yanis Varoufakis, Former SYRIZA Finance Minister in Greece – THE GUARDIAN
Here is a fresh warning about the toxic combination of two different phenomenons – the CoVid-19 Health Crisis and a Financial Money Markets Storm, similar to the 2008 Crash.
The author is Yanis Varoufakis, the Greek Finance Minister sacked from a SYRIZA Government before it surrendered to the Austerians.
When the air is replete with inflammable materials, any given spark can cause a financial explosion, at any time.
Éric Toussaint of CADTM examines a worldwide stock market collapse.
Eric Toussaint is a historian and political scientist who completed his Ph.D. at the universities of Paris VIII and Liège, is the international spokesperson of the CADTM (Committee for the Abolition of Illegitimate Debt) , and sits on the Scientific Council of ATTAC France.
He is the author of Debt System (2019), Bankocracy (2015); Glance in the Rear View Mirror. Neoliberal Ideology From its Origins to the Present, Haymarket books, Chicago; “Debt, the IMF, and the World Bank, Sixty Questions, Sixty Answers”, Monthly Review Press, New York, 2010. He has published extensively in this field. He is a member of the Fourth International leadership.
Nationalism and speculation have seldom had a better opportunity to combine forces as the one riding today on the coattails of Covid-19, known as the coronavirus. When Covid-19 leapfrogged from China to Italy, even ardent Europeanists normally appreciative of open borders joined the deafening calls to end freedom of movement across Europe’s national borders – a longstanding demand of nationalists. Meanwhile, the money men speculating on government debt are performing a classic flight from Italian to German government bonds, seeking the financial safety that only the continent’s hegemon can offer during any crisis. As if in a bid to remind us of the great contradiction of our times, Covid-19 is illuminating gloriously the freedom of money to transcend a borderless financial universe while humans remain as fenced in as ever.
Coronavirus has sparked a perfect storm of nationalism and financial speculation – THE GUARDIAN
https://www.yanisvaroufakis.eu/2020/03/09/coronavirus-has-sparked-a-perfect-storm-of-nationalism-and-financial-speculation-the-guardian/
— Read on www.yanisvaroufakis.eu/2020/03/09/coronavirus-has-sparked-a-perfect-storm-of-nationalism-and-financial-speculation-the-guardian/
The Virus – Apocalypse Now?
This is a very gloomy CoronaVirus Warning – and it is credible.
The Monster Is Bursting Through Our Door
Pentecostal Christians – and probably many others – believe that at ‘the end of days’, which precedes the Second Coming of Christ, the Four Horsemen of the Apocalypse will ride out.
The Four Horsemen are generally interpreted as being pestilence, death, famine, and war. If Pentecostals are thinking logically (as if) they should be expecting to see the Lamb of God some time soon.
In the wake of wars that have killed more than 500,000 since 2001 and an accelerating environmental crisis dramatised by the Australian firestorms, the current Covid-19 outstrips dystopian science fiction stories like Outbreak. What American Marxist author Mike Davis described as ‘The Monster at Our Door’ has, in a rather different form, burst through the door. Read the rest of this entry »
Fianna Fáil’s O’Callaghan supports national govt idea – Family Squabbles on the Right Wing of the Irish Political Establishment Nearing a Conclusion.
For nearly 100 years, since the foundation of the partitioned Irish State in 1921, Governmental Power has alternated between the dominant Fianna Fáil Party and its junior sibling Fine Gael – Tweedledum Versus Tweedledee. The February 8 2020 General Election Result ended this sham – FFFG between them secured 72 seats, well short of the required 80 seat majority. Until now a FFFG plus GG (Gombeens and Greens) Coalition Government looked likely as the third Irish Civil War party, Sinn Féin, was rejected by FFFG – considered to be too left-wing, especially by FF.
Now, a leading FF TD, Jim O’Callaghan, has changed the tune – we might see a SFFFFG Coalition.
Fianna Fáil TD Jim O’Callaghan has said that Fianna Fáil may have been too definitive in ruling out a government with Sinn Féin and said he would “go along” with the idea of a national government to deal with the coronavirus.
Fine Gael TD Martin Heydon insisted a functioning government was in place and that there were daily meetings of the emergency committee dealing with coronavirus.
He said the Taoiseach would have no issue in talking to other leaders and there was already full dialogue between the Minister for Health and other health spokespeople.
— Read on www.rte.ie/news/politics/2020/0308/1120949-government-formation/
Coronavirus is not responsible for the fall of stock prices – International Viewpoint – online socialist magazine
When the air is replete with inflammable materials, any given spark can cause a financial explosion, at any time.
Éric Toussaint of CADTM examines a worldwide stock market collapse.
Eric Toussaint is a historian and political scientist who completed his Ph.D. at the universities of Paris VIII and Liège, is the international spokesperson of the CADTM (Committee for the Abolition of Illegitimate Debt) , and sits on the Scientific Council of ATTAC France.
He is the author of Debt System (2019), Bankocracy (2015); Glance in the Rear View Mirror. Neoliberal Ideology From its Origins to the Present, Haymarket books, Chicago; “Debt, the IMF, and the World Bank, Sixty Questions, Sixty Answers”, Monthly Review Press, New York, 2010. He has published extensively in this field. He is a member of the Fourth International leadership. Read the rest of this entry »
FFFGGG Government Emerges in Ireland
A Fianna Fáil/Fine Gael/Green/Gombeen (FFFGGG) Government Emerges – a Treble F Treble G GeeGee is galloping towards the winning post – lots of dosh waiting in the trough for the greedy nags.
Tomás Ó Flatharta 