Archive for the ‘Poverty’ Category
Max Keiser: European banks are technically bankrupt
Jul 13, 2012 by PressTVGlobalNews
When it comes to the eurozone debt crisis: there is one fundamentally important question: Can countries in trouble implement all the necessary austerity programs and still grow their economy enough to pay off the remaining debt? Take Spain for example: 100 billion euros recently in a bailout, or for restructuring as they called it, accompanied by a 60 billion euro austerity package, in a country with an almost 25% unemployment rate. Greece: 360 billion euros in debt, again accompanied by harsh austerity cuts: unemployment there at 22.5%. France has its own debt crisis, heavily invested in Greece’s loans. And in Italy: economy will contract by 2.4 percent or more this year, doubling the official government forecast of a 1.2 percent shrinkage. In this news analysis, we will make the case with our guests how almost all European countries find themselves confronted with debt problems, as the world is awash in so much debt that according to some economists, it can never be paid back without printing money, as is the case with the US.
Money printing devalues the currency and subsequently, property, homes, businesses and everything else. Political solution for Americans – more of the same.
His article posted on Salon.com today, Sunday, October 30, 2011 is here. He answers the driving question: but what can we do about all of this? He offers a good start:
(1) Ever since I began writing about politics, the most frequently asked question I’ve encountered has been: but what can we do about all of this? The reason I find the Occupy movement to be one of the most important, exciting and inspiring political developments of the last decade is that it provides the definitive answer to that question. Though still in what I hope is its incipient stage, this protest movement proves that citizens of all different backgrounds and even ideologies (though sharing common interests) possess the ability to unite, pose a threat to seemingly invulnerable power factions, and demand change beyond the mere act of voting once every two years — and that they can endure and even grow in the face of abusive police force. Though it has already accomplished substantial good, the protest movement hasn’t yet achieved all of that, but it has provided the template and made manifest the possibility. Read the rest of this entry »