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EUROPE-DEVELOPMENT: The "Indignados" Still Have Wind in Their Sails

Mon, 06 Feb 2012 00:00:00 -0800

Inter Press Service - By Cleo Fatoorehchi - Feb. 06 (News) - EUROPE-DEVELOPMENT By Cléo Fatoorehchi AIX-EN-PROVENCE, Feb 6, 2012 (IPS) - Months of protest across the European Union, sparked by indignant youth demanding an end to the brand of free market capitalism that has blighted the continent with an unemployme

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2012: The Year of the Cooperative

Thu, 02 Feb 2012 00:00:00 -0800

nationofchange.org - By Jessica Reeder - Feb. 02 (Special Report) - What do coffee growers in Ethiopia, hardware store owners in America, and Basque entrepreneurs have in common? For one thing, many of them belong to cooperatives. By pooling their money and resources, and voting democratically on how those resources will be used, they can compete in business and reinvest the benefits in their communities.

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6 Shocking Ways Capitalism Is Failing Working America

Wed, 01 Feb 2012 00:00:00 -0800

AlterNet - By Les Leopold - Feb. 01 (News Analysis) - Capitalism is coming apart at the seams and the middle-class is paying the price.

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The Austerity Debacle

Mon, 30 Jan 2012 00:00:00 -0800

New York Times - By Paul Krugman - Jan. 30 (Opinion) - Britain is doing worse this time than it did during the Great Depression. Four years into the Depression, British G.D.P. had regained its previous peak; four years after the Great Recession began, Britain is nowhere close to regaining its lost ground.

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As Romney Releases Tax Returns, Fmr Senate Investigator Says: We've Got To Start Taxing Corporations

Tue, 24 Jan 2012 00:00:00 -0800

Democracy Now - By Amy Goodman - Jan. 24 (Interview) - tax evasion could seriously cripple the already struggling economy. Blum appears in "We’re Not Broke," a documentary that premiered at the Sundance Film Festival. The film examines widespread corporate tax evasion in the United States and the increasing role of offshore tax havens. "Has [Romney] cheated? No," Blum says. "What he’s done is take full advantage of a system that has been structured the way it is because of political influence and a tremendous amount of lobbying money on Capitol Hill...

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How, Exactly, Does Trade Bring Prosperity?

Wed, 11 Jan 2012 00:00:00 -0800

Huffington Post - By Stan Sorscher - Jan. 11 (Opinion) - I work for a labor union in the aerospace industry. We are 100% in favor of trade. We make products the rest of the world wants to buy. With increased trade we expect more prosperity. Instead, we see the American economy de-industrializing and job security at historic lows. So, what's going wrong?

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300 Chinese Foxconn Workers 'Threaten Mass Suicide' At XBox Plant, Reports Claim

Wed, 11 Jan 2012 00:00:00 -0800

huffingtonpost.co.uk - By Michael Rundle - Jan. 11 (News Report) - Around 300 Chinese workers who manufacture XBox consoles took to a factory roof and threatened bosses with mass suicide over a dispute about pay, unconfirmed reports have claimed. The workers were employed at the Foxconn Technology Park in Wuhan in Hubei province. Foxconn is an independent, global manufacturing partner to companies including Apple, Microsoft and Sony.

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In Greece, fears that austerity is killing the economy - The Washington Post

Wed, 11 Jan 2012 00:00:00 -0800

Washington Post - By Anthony Faiola - Jan. 11 (News Report) - Unemployment has surged to 18.8 percent from 13.3 percent only a year ago.

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Mr. Daisey and the Apple Factory

Tue, 10 Jan 2012 00:00:00 -0800

thisamericanlife.org - By Ira Glass - Jan. 10 (Special Report) - Mike Daisey performs an excerpt that was adapted for radio from his one-man show "The Agony and the Ecstasy of Steve Jobs." A lifelong Apple superfan, Daisey sees some photos online from the inside of a factory that makes iPhones, starts to wonder about the people working there, and flies to China to meet them.

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The economic illiteracy of economists | Mark Weisbrot

Tue, 10 Jan 2012 00:00:00 -0800

The Guardian - By Mark Weisbrot - Jan. 10 - The American Economic Association's annual meeting is red-letter day for 'the dismal science'. And dismal it proved The American Economic Association's annual meetings are a scary sight, with thousands of economists all gathered in the same place – a veritable weapon of mass destruction. Chicago was the lucky city for 2012 this past weekend, and I had just finished participating in an interesting panel on "the economics of regime change" , when I stumbled over to see what the big budget experts had to say about "the political economy of the US debt and deficits". The session was introduced by UC Berkeley economist Alan Auerbach, who put up a graph of the United States' rising debt-to-GDP ratio, and warned of dire consequences if Congress didn't do something about it. Yawn. But the panelists got off to a good start, with Alan Blinder of Princeton, former vice-chairman of the US Federal Reserve, describing the public discussion of the US national debt as generally ranging from "ludicrous to ...

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Factory data offer glimmer of hope - Financial Times

Mon, 02 Jan 2012 16:18:12 -0800

Financial Times - Jan. 02 - Factory data offer glimmer of hopeFinancial TimesFranz Fehrenbach, chief executive of Germany's Bosch, the world's biggest supplier of car parts, said: “We are bracing ourselves for further weakening in economic growth but so far we don't foresee a global recession. ...and more »

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U.S. Manufacturing Competitiveness in Global Trade

Wed, 28 Dec 2011 00:00:00 -0800

Huffington Post - By Jared Bernstein: - Dec. 28 (News Analysis) - we're toward the low end of the advanced economies in terms of compensation costs. Second, in dollar terms, manufacturing compensation costs have increased much faster elsewhere over the past decade

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Oil Slick From Massive Spill in Nigeria Threatens Coastline, May Be Largest Spill in a Decade

Tue, 27 Dec 2011 00:00:00 -0800

Democracy Now - By Amy Goodman - Dec. 27 (News Report) - Communities along Nigeria’s Niger Delta have been put on alert following a major oil spill from the oil giant, Shell. The massive oil slick is making its way to the Nigerian coast, threatening local wildlife and massive pollution along the shore. Much of the available information about the spill comes from the company responsible for it, Royal Dutch Shell, which says less than 40,000 barrels have leaked so far. But Nigeria’s National Oil Spill Detection and Response Agency says the spill could be three times as large. It comes just four months after the United Nations said it would take 30 years and around $1 billion for a small section of the delta to recover from environmental damage caused by Shell and other companies.

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High & Low Finance: A Central Bank Doing What Central Banks Do

Wed, 21 Dec 2011 00:00:00 -0800

New York Times - By Floyd Norris - Dec. 21 (News Analysis) - The European Central Bank has loaned $639 billion to 523 banks to keep credit flowing. It turns out that may be enough to stem the European crisis for at least a few years.

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President Obama’s view of fraud “from 40,000 feet” (without an oxygen mask)

Tue, 20 Dec 2011 00:00:00 -0800

New Economic Perspectives - By William K. Black - Dec. 20 (Fact Check) - Hallucinations occur at high altitude when you become oxygen deprived. Let’s review the bidding on the Bush/Obama record in prosecuting the elite control frauds that drove the ongoing crisis. There are no convictions of the Wall Street elites that made, purchased, packaged, and sold millions of fraudulent liar’s loans. There are no federal prosecutions of the major banks that committed over 100,000 fraudulent foreclosures. There are a few settlements that sound like large dollar amounts, but are merely what even Obama concedes to be the (deeply inadequate) “cost of doing (fraudulent) business.” Fraud pays – it pays enormously and our elites now commit it with impunity as a means of becoming wealthy. We have just witnessed the travesty of Wachovia admitting to criminal conduct in their (grotesquely weak) settlement with the Department of Justice (which has a policy of no longer prosecuting large corporations that commit crimes) – and having the SEC refuse to require Wachovia to make similar admissions in its settlement. All this, the President implicitly or even explicitly concedes.

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Our leadership is dire, but we mustn't despise government | Jeffrey Sachs

Sat, 17 Dec 2011 00:00:00 -0800

The Guardian - By Jeffrey Sachs, The Guardian - Dec. 17 - Our leaderships, in thrall to big business, are failing in so many places all at the same time. But we can't give up on them The year 2011 will be remembered as the year of failed summits. Governments proved themselves time and again to be failures at addressing the growing crises engulfing the world, whether the eurozone debacle, climate change, or budget politics in the US and Europe. Next year is likely to be worse, as electoral politics will further impede decision-making in the US, France and several other countries. Why should governance be so poor in so many places at the same time? There are several factors at play. Globalisation has undermined the manufacturing base of most of the high-income economies, costing millions of jobs and leading to stagnant or falling living standards for a large part of the workforce, especially those with basic skills and modest education attainment. The US has lost around 8-9 million manufacturing jobs since the peak in that sector in 1979, just as ...

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Lawmaker warns USTR on labor in Trans-Pacific pact

Thu, 15 Dec 2011 00:00:00 -0800

Yahoo! News - Dec. 15 (News Report) - A Republican lawmaker on Wednesday warned the Obama administration that Congress could reject a proposed Asia-Pacific trade deal if the White House pushes too hard on language to protect workers rights.

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Ex-Greek PM George Papandreou on Greece's Fiscal Crisis and Why He Backs Occupy Movement

Fri, 09 Dec 2011 00:00:00 -0800

Democracy Now - By Amy Goodman - Dec. 09 (Interview) - In an exclusive interview, we speak with former Greek Prime Minister George Papandreou, who is attending the U.N. climate change summit in Durban, South Africa. Papandreou was forced to resign last month when he suggested holding a national referendum to allow the Greek people to have a say in whether they would accept the European Union’s bailout plan which would necessitate severe austerity cuts. We speak to Papandreou about the financial crisis, the role of banks and the importance of the growing Occupy Wall Street movement. "The Occupy Wall Street movements ... are saying something very, very specific. That inequality in the end is an inequality of power. And we need to redistribute power, not just money. Power –– and this is I think the Democratic challenge that we have today," Papandreou says. [Rush transcript to come. Check back soon.]

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Gingrich On Climate Change

Wed, 07 Dec 2011 00:00:00 -0800

FactCheck - By Brooks Jackson - Dec. 07 (Fact Check) - Newt Gingrich went too far when he claimed that “I’ve never favored cap-and-trade.” It’s true he’s never favored the approach taken by Democrats, but he said in 2007 that he would “strongly support” cap-and-trade if combined with “a tax-incentive program for investing in the solutions”.

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Despite Praise for Its Austerity, Ireland and Its People Are Being Battered

Mon, 05 Dec 2011 00:00:00 -0800

New York Times - By Liz Alderman - Dec. 05 (Special Report) - The Irish example points to the dangers of simply squeezing ordinary people to pay off creditors rather than sharing the burden more broadly.

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Mohamed A. El-Erian: Prepare for a Different Financial Landscape

Mon, 05 Dec 2011 00:00:00 -0800

Huffington Post - By Mohamed A. El-Erian - Dec. 05 - With the European crisis continuing to dominate the news, many people now realize that today's global economy faces an unusually uncertain outlook.

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Time of reckoning for the euro zone

Sun, 04 Dec 2011 18:27:07 -0800

Reuters - Dec. 04 - WASHINGTON (Reuters) - Failure by European leaders at their summit this week to fix the fatal flaw in the euro zone, its lack of political union, would risk tremendous market upheaval, a rupture of the

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Richard Wolff: Eurozone Woes Result From Mating of Our "Dysfunctional" Political, Economic Systems

Fri, 02 Dec 2011 00:00:00 -0800

Democracy Now - By Juan Gonzalez - Dec. 02 (News Analysis) - Richard Wolff: Eurozone Woes Result From Mating of Our "Dysfunctional" Political, Economic Systems European leaders are preparing to unveil their plans for addressing the sovereign debt crisis that’s threatened to tear apart the eurozone. Both France and Germany are expected to push for changes to the eurozone treaty, including centralized oversight of national budgets and tighter reins on debt

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Flipping Through DNC Playbook on Romney

Thu, 01 Dec 2011 00:00:00 -0800

FactCheck - By Eugene Kiely, Lori Robertson, Robert Farley, Brooks Jackson, D’Angelo Gore, Scott Blackburn, Lalita Clozel - Dec. 01 (Fact Check) - The Democratic National Committee casts Mitt Romney as an untrustworthy flip-flopper in a lengthy Web video, but pads a long list of examples with some falsehoods and distortions. It's true that Romney has changed or modified his position on some major issues -- including abortion, a federal assault weapons ban and Reaganomics, as the DNC says. But the video strains the truth ... More >>

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News Analysis: New Warnings of Euro Zone Danger — News Analysis

Wed, 30 Nov 2011 00:00:00 -0800

New York Times - By Steven Erlanger - Nov. 30 (News Analysis) - In Europe there are growing concerns that even an aggressive intervention by the European Central Bank will not be enough to stabilize the markets and preserve the euro. Money flows, but what Euro Zone lacks is glue.

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