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World Bank Warns of Social Unrest
May 23, 2009
MADRID (AFP) — The global economic crisis could lead to dangerous social upheaval if certain steps are not taken, World Bank chief Robert Zoellick warned in an interview Sunday.
“If we do no take measures, there is a risk of a serious human and social crisis with very serious political implications. The stimulus measures [...]
It’s W-Shaped!
BEST BRACE FOR A W-SHAPED RECESSION
By John Authers, May 17, 2009
If you want to describe this recession, and this bear market, it seems to be easiest to give them a letter grade. At one point the debate was between a V (a sharp recovery after a sharp fall) and a U (a slower recovery with a [...]
Green Shoots or Yellow Weeds?
RGE Monitor, May 13
Many commentators are suggesting that the recent data from the manufacturing, housing market, labor markets suggest that the ‘green shoots’ of an economic recovery are blossoming. While there do seem to be some signs of improvement, ie that the pace of contraction has slowed, the most recent data may still suggest that [...]
From Crises to Commons
The Midnight Notes collective have put out a pamphlet on the crises and the opportunity of the crisis. Available for both download and sale. It’s a rock solid perspective from some of the few Autonomist Marxists writing from and about the US. Great language and check out this passage:
Let’s guarantee housing to [...]
Lex Concurs: It’s a Great Recession
Published on May 1, 2009
A pandemic of green shoots, a world infested by signs of hope of recovery, and a big market rally. The FTSE All-World index has risen by 31 per cent since its March low. The VIX index – a gauge of market fear – has more than halved from its year-end high, [...]
Open Letter to US Activists: ‘Fighting Foreclosure in South Africa’
The following open letter to US activists is a response to Ben Ehrenreich’s “Foreclosure Fightback,” published February 9 in The Nation. It is a letter of support and solidarity from a group of South African activists who have considerable experience fighting for the rights of the poor and dispossessed in post-apartheid South Africa.
The Nation welcomes [...]
Union Wants to Oust Bank of America’s Boss
Union campaigns to oust BofA chief Lewis
By Greg Farrell in New York
Published: April 20 2009 03:00
One of the largest labour unions in the US is trying to oust Bank of America chief Ken Lewis as part of a campaign to organise tens of thousands of employees across the financial services industry.
The Service Employees International Union, [...]
Irish Crisis in Store for America?
By PAUL KRUGMAN, April 20, 2009
“What,” asked my interlocutor, “is the worst-case outlook for the world economy?” It wasn’t until the next day that I came up with the right answer: America could turn Irish.
What’s so bad about that? Well, the Irish government now predicts that this year G.D.P. will fall more than 10 percent [...]
The Great Recession: U-shaped or L-shaped?
Roubini, Abedian Predict Prolonged Recession
By Claire Bisseker, April 17, 2009
Last year, the debate over how long the recession would last was between those who thought it would be “V-shaped” – a sharp fall followed by a quick rebound in global growth, with the whole recession lasting only about eight months – and those who thought [...]
America Today as Russia in 1998?
IS AMERICA THE NEW RUSSIA?
By Martin Wolf, Published: April 14 2009
Is the US Russia? The question seems provocative, if not outrageous. Yet the person asking it is Simon Johnson, former chief economist at the International Monetary Fund and a professor at the Sloan School of Management at the Massachusetts Institute of Technology. In an article [...]