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Prof. Richard D. Wolff's Global Capitalism: September 2015 Monthly Update



Published on Sep 9, 2015

Global Capitalism: Monthly Economic Update

Richard D. Wolff

Wednesday, September 9, 2015 at 7:30pm

Market Chaos and Capitalism’s Instability

Judson Memorial Church
Assembly Hall
239 Thompson Street at Washington Square, Manhattan

Co-sponsored by Democracy at Work, Left Forum, and Judson Memorial Church

These programs begin with 30 minutes of short updates on important economic events of the last month. Then Wolff analyzes several major economic issues. For this September 9, these will include:

1. China’s Economy and its Global Impacts
2. US Stock Market Instability: causes and consequences
3. Why workers’ pensions are under attack now in the US and how best to respond
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Bio: Richard D. Wolff is a Professor of Economics Emeritus at the University of Massachusetts, Amherst, and currently a Visiting Professor of the Graduate Program in International Affairs at the New School University in New York. He is the author of many books, including Democracy at Work: A Cure for Capitalism, and Imagine: Living in a Socialist USA.
Wolff hosts the weekly hour-long radio program Economic Update on WBAI, 99.5 FM, New York City (Pacifica Radio).
More: http://rdwolff.com/content/about
http://www.rdwolff.com
For more info or donations: http://www.democracyatwork.info/
Note: Used by permission of Prof. R.D. Wolff (with much appreciation & thanks to him, donations to DAW are tax deductible).


European countries must support the United Nations’ proposals for sovereign debt restructuring!

Posted on September 8, 2015 by yanisv

European countries must support the United Nations’ proposals for sovereign debt restructuring! – Open letter to the UN by 19 economists

On September 10, the United Nations General Assembly will vote on nine principles concerning the restructuring of sovereign debts. Abiding by such principles would have avoided the pitfalls of the Greek crisis, in which political representatives gave in to creditor demands despite their lack of economic sense and their disastrous social impact. This public interest resolution must be supported by all European states and brought into the public debate.

The Greek crisis has made clear that individual states acting alone cannot negotiate reasonable conditions for the restructuring of their debt within the current political framework, even though these debts are often unsustainable over the long term. Throughout its negotiations with creditor institutions, Greece faced a stubborn refusal to consider any debt restructuring, even though this refusal stood in contradiction to the IMF’s own recommendations.

At the UN in New York exactly one year ago, Argentina, with the support of the 134 countries of the G77, proposed creating a committee aimed at establishing an international legal framework for the restructuring of sovereign debts. This committee, backed up by experts of the UNCTAD, today submits to vote nine principles that should be respected when restructuring sovereign debt: sovereignty, good faith, transparency, impartiality, equitable treatment, sovereign immunity, legitimacy, sustainability and majority restructuring.

In recent decades, a debt market has emerged that states are constrained to submit to.

Argentina, standing at the forefront of these efforts, has been fending off “vulture funds” ever since it restructured its debt. These funds recently succeeded in freezing Argentina’s assets in the United States through the intervention of the American courts.

Yesterday Argentina, today Greece, and tomorrow perhaps France as well: any indebted country can be blocked from restructuring its debt in spite of all common sense. Establishing a legal framework for debt restructuring, allowing each state to solve its debt problems without risking financial collapse or the loss of its sovereignty, is a matter of great urgency in promoting financial stability.


MORE:

http://yanisvaroufakis.eu/2015/09/08/european-countries-must-support-the-united-nations-proposals-for-sovereign-debt-restructuring-open-letter-to-the-un-by-19-economists/#more-10225

LIST OF SIGNATORIES

Piketty Thomas Paris School of Economics
Varoufakis Yanis Former Greek Minister of Finance
Galbraith James University of Texas Austin
Flassbeck Heiner Former Chief Economist of UNCTAD
Guzman Martin Columbia University
Généreux Jacques Sciences Po
Keen Steve Kingston University
Colletis Gabriel Toulouse 1 University
Husson Michel IRES
Lemoine Benjamin Paris-Dauphine University
Mazzucato Mariana University of Sussex
Salais Robert IDHE, Marc Bloch
Théret Bruno Paris-Dauphine University
Timbeau Xavier Principal Director at the OFCE
Zezza Gennaro Levy Economics Institute
Dosi Giovanni Scuola Superiore Sant’Anna
Stockhammer Engelbert Kingston University
Onaran Ozlem University of Greenwich
Vatin François Paris Ouest Naterre University

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Quite a list of signatories, indeed. Greek public debt is illegal, illegitimate, and odious and this is an unprecedented call for a solution by some great minds. God speed! The letter is a short read and a must read, imho.
Posted by mother earth | Mon Sep 7, 2015, 09:24 PM (0 replies)

Don't Forget the Bernie Sanders Money Bomb on His Birthday, Sept. 8th!

http://berniemoneybomb.com/

http://observer.com/2015/08/the-great-bernie-sanders-birthday-moneybomb-is-coming/

[
THE GREAT BERNIE SANDERS MONEYBOMB IS COMING, September 8 is Bernie's birthday and the power of small donors will meet the revolution of social media

While the front pages of The New York Times and the evening broadcasts of the television news are bannering stories of candidates from Hillary Clinton to Jeb Bush raising big dough from big donors and reaping the benefits of giant Super PACs, the legions of grassroots supporters of Bernie Sanders are quietly marching across the playing fields of social media and planning a small donor moneybomb extravaganza to celebrate the birthday of their champion on September 8.

Stay tuned: the Sanders moneybomb will be a big deal that will fuel organizing for other big deals that have already begun from even larger crowds at big rallies and mass organizing for Democratic caucuses.

The concept of the small donor moneybomb was pioneered in earlier campaigns by former Republican congressman and presidential candidate Ron Paul, who like Mr. Sanders was a candidate of conviction and ideas, with a large and devoted following and savvy grassroots activists who believed in the revolutionary potential of social media.

Ron Paul’s moneybombs were brilliantly successful for his campaigns and the Sanders campaign began to pick up the moneybomb torch earlier in the campaign. The September 8 Sanders moneybomb event could well become a seminal moment in presidential politics by bringing together a political cause, an individual candidate, a progressive movement that is in a historical moment of ascendancy, and a social media revolution that has already generated exponentially larger crowds than other candidates and will promote surging turnout at presidential caucuses that will confound insiders.

Read more at: http://tr.im/wQ2OP

Posted by mother earth | Wed Sep 2, 2015, 10:49 PM (3 replies)

URGENT: Petition: Provide Bernie Sanders Secret Service protection immediately

https://petitions.whitehouse.gov/petition/provide-bernie-sanders-secret-service-protection-immediately-leading-democratic-presidential-candidate-and-senator

We petition the obama administration to:

Provide Bernie Sanders Secret Service protection immediately as a leading Democratic presidential candidate and Senator.


Bernie Sanders is a sitting U. S. Senator and a leading candidate in the presidential campaign of 2016. Recent disturbances at Bernie Sanders campaign events have shown his vulnerability with regard to potentially violent confrontations with disturbed people. In 2007, at a similar stage in that campaign, Barack Obama was given Secret Service protection by George W. Bush for exactly this reason, and he had not even experienced such disturbances yet, nor was Obama attracting crowds of over 25,000 regularly, as Senator Sanders is. This situation must not be allowed to continue a moment longer. Bernie Sanders must have immediate Secret Service protection, just as the other leading candidate does.

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I am especially concerned since Bernie has taken unprecedented brave stances on issues. Please add your name to the petition if you feel the same. In case you are unaware of his stance on the IMF, let it be known, NO candidate has ever spoken truth to power like Bernie has. There is no equal to Bernie Sanders in this race, IMHO.

http://www.huffingtonpost.com/robert-naiman/bernie-sanders-will-end-the-imfs-economic-violence-in-greece-and-africa_b_7723284.html

We should recognize and publicize the fact that Bernie Sanders is the only presidential candidate who is talking about what the IMF is doing to Greece, the only presidential candidate who has a track record of opposing the IMF, the only presidential candidate who, if elected, is likely to do anything to end the economic violence of the IMF.


When more Democrats own the fact that the IMF agenda is the NAFTA-WTO-TPP agenda with a European internationalist smiley face mask pasted on, the IMF will be on a fast train to the dustbin of history. And this is not necessarily a remote prospect - the fact that this is the fundamental identity of the IMF is well known among labor activists, for example.

The Corporate Media Misfire on Donald Trump & the Bernie Sanders Solution



Published on Aug 24, 2015


The corporate media pundits have been utilizing the candidacy of Donald Trump as a distraction from the grassroots revolution of Bernie Sanders. And, they have unleashed a monster. Sane Progressive calls out the media strategy behind this disaster and implores the right and left to unite behind the one candidate who will serve us all. Time to stop hurling stones at each other and perpetuating the division that keeps us all oppressed.

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She's got a great series of videos going...I'm enjoying these, how about you? I think she knocks it outta the park, spot on.

There really is a populist/progressive social movement starting up, I'm loving every moment, and I know this is just the beginning. There is a long road ahead when you are fighting an entrenched, corporate system bent on taking our voices & replacing everything we hold dear with their vision of America.

Sane Progressive on 'Republican Troll' Narrative to Squash Legitimate Political Debate



Published on Aug 20, 2015


The Hillary Clinton campaign and supporters have issued a remarkably anti-democratic talking point that has taken hold across social media sites. They are purporting any critique or criticism of Clinton's record is bashing and divisive. Additionally, it asserts that those are challenging her record on the merit are not progressives or Democrats, at all. We are smeared as undercover Republican Troll Political operatives who are being sent out to divide the party. This is not only false, it is insulting to those of us who believe that a MANDATORY part of the primary process is investigating candidates and sharing relevant information with fellow liberals. The fact that her record reads as a betrayal to liberal values and policies, so much so that it reads as a smear, is not the fault of the messenger who point it out but of the politician who enacted those betrayals. This is typical smear/kill the messenger to silence legitimate debate. It has no place in a democratic process. It is manipulative. Hell, it is downright Orwellian. And, in a time when Social Media is the last outlet citizens have to counter the falsehoods of the corporately owned television, radio, and news publications, it can't be allowed to stand.
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Any of this sound familiar?

Bernie Sanders Supporters, You say you want a Revolution?



Published on Aug 22, 2015


Bernie Sanders has called for a POLITICAL REVOLUTION. Sane Progressive takes a look at what that really means and what it will require to seriously respond to such a solemn challenge. Much more then is being currently discussed right now.
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This is exactly how I feel. We are fighting an entire system, remember that.

Banking Terrorists Declare War On Global Economy



Sam Seder talks with Max Keiser on the economic terrorists...yeah they are the real ones & no one is stopping them.

What If The "Crash" Is as Rigged as Everything Else? Charles Hugh Smith, Of Two Minds

August 26, 2015

Take your pick--here's three good reasons to engineer a "crash" that benefits the few at the expense of the many.

There is an almost touching faith that markets are rigged when they loft higher, but unrigged when they crash. Who's to say this crash isn't rigged? A few things about this "crash" (11% decline from all time highs now qualifies as a "crash" don't pass the sniff test.

Exhibit 1: VIX volatility Index soars to "the world is ending" levels when the S&P 500 drops a relatively modest 11%. The VIX above 50 is historically associated with declines of 20% or more--double the current drop.

When the VIX spiked above 50 in 2008, the market ended up down 57%. Now that's a crash.

MORE:
http://www.oftwominds.com/blogaug15/rigged-crash8-15.html

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In the game where everything is rigged, EVERYTHING is deliberate. Apparently, Charles is familiar with Naomi Klein's Shock Doctrine.

Smoke and Mirrors of Corporate Buybacks Behind the Market Crash



Published on Aug 25, 2015

Michael Hudson, the author of Killing the Host: How Financial Parasites and Debt Destroy Global Economy, says the stock market crash on Monday has very little to do with China and all to do with short-termism and buybacks of corporations inflating their own stocks.

Transcripts:
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=14550

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Michael Hudson explains the latest "crash", as usual he lays it out so we can all understand. It may be the popular thing to blame China, but guess what? It's not them. As we've come to expect there's a lot of corruption via the banksters' & corporations' manipulations. We are not in recovery, we are in realization of how corrupt & phoney & enabled the whole damned system is. When fines instead of prison is all they face, who care about law?
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