Stephen Lendman

"Will [the bankers] sign our country's death warrant?"

Greece is banker occupied. Ordinary people have no say. Parliamentarians get orders and obey. Despite multiple painful austerity rounds, Troika power demands more - the IMF, EU and European Central Bank (ECB).

Money power dictates bankers get paid first. People needs are sacrificed for them. Bankers also want implementation guarantees for enacted policies and more coming. For starters, they demand cutting another 325 million euros.

European Economic Affairs Commissioner Olli Rehn said more had to be done no matter the human harm and economic ruin. Ordinary Greeks face impoverishment and neoserfdom. Since 2007, Greece's economy shrunk almost 20% en route to total collapse.

Its real debt burden approaches $650 billion, around double the reported amount. The latest bailout deal's for about $170 billion. Current debt exceeds what Greece can repay. Increasing it elevates crisis conditions. Forced austerity assures harder than ever hard times.

Rising unemployment exceeds 20%. Youth unemployment approaches 50%. Only a third without work get unemployment benefits. They're being slashed another 20%. Plans are for laying off another 150,000 state workers by 2015.

Private sector wage cuts exceeded 20%, public sector ones around 50%. Poverty affects millions. GDP's collapsing. So are pensions, Greece's life force, and the ability of most people to survive.

Read more »

Adnan Al-Daini

The mantra of growth as a cure to the economic malaise that is engulfing Europe and the US is repeated ad nauseam by economists and political pundits.  My training is in engineering science, not economics, so let us not be encumbered by economic dogma or theory. Let us go back to first principles to examine some of the prevailing economic axioms.

If we insist that western economies must continue to grow year after year for poor people even to have the basics for life, and since we know that only little of the wealth created trickles down, then before too long we will end up devouring the whole planet.  Of course, well before we reach that point, we will have degraded our environment to the point where life becomes unsustainable for all of us, rich and poor, and certainly for future generations.

How can this growth be achieved anyway? If most of the wealth created finds its way to the top 10 % (UK figures: the top 1% own 21% of wealth, and the top 10% own 53%), where is the demand going to come from?  I hope no one is suggesting we fuel it by unsustainable debt and usury, which is what brought us to this crisis in the first place.  Those at the top already have more money than they know what to do with; there is a limit to how much an individual can consume. How many cars and gadgets does an individual need? 

Yet in America 47 million people live in poverty, 50 million with no health insurance, and 1.5 million children are homeless. In the UK, 13.5 million people live in poverty (22% of the population, 29% of all children), 65,000 households are classified as homeless. We have to substantially change wealth distribution in our societies for the economic system to be sustainable.

As rich western societies, don’t we have a moral duty to do something more imaginative than simply trying to create a bigger cake in the hope that the share for the poor will increase by a sliver more?  Wouldn’t it be fairer and more effective to divide the existing cake, which is big enough, more equitably? 

Read more »

Pepe Escobar

What was the parade of European poodles thinking - that Tehran would just roll over and absorb the European Union's oil embargo, scheduled to start on July 1?

No wonder Brussels was caught as a Gucci deer in the headlights when the news started to flow that Tehran would pre-empt the move and immediately slap its own embargo of crude oil exports to six European Union countries - deeply in crisis Club Med members Portugal, Italy, Greece and Spain plus recession-hit France and the Netherlands.

It took virtually no time for Iran's Oil Ministry and then the Foreign Ministry to deny it; such a decision, technically, would have to be officially announced by the Supreme National Security Council, which also deals with the nuclear negotiations.

But only the deaf, dumb and blind wouldn't understand the message; blowback for the ridiculously counter-productive European sanctions/oil embargo package will only plunge vast swathes of Europe further into deep economic pain.

Iran supplies 500,000 barrels of oil a day to the EU. The mere threat of an Iranian embargo has already provoked an oil price spike.

Assuming Club Med countries would be able to get oil from other sources - and that's not a given; Saudi Arabia wants high oil prices with a vengeance - they would have to reconfigure their refineries to process it. Inevitably there would be shortages of gasoline; the average Italian, for instance, is already furious with the skyrocketing price of gas at the pump.

Perhaps those tens of thousands of useless Brussels bureaucrats carrying their multicolored files up and down should do something meaningful and send a letter to Washington officially congratulating the Americans for further impoverishing tens of millions of EU citizens.

Read more »

Bill Van Auken

The “tide of war is receding” is a phrase President Barack Obama has employed ad nauseam—once in his State of the Union address, twice in the course of remarks last month at the unveiling of the Pentagon's new military strategy document, once again during his speech at the United Nations, also in his announcement of troop withdrawals from Iraq and Afghanistan, and in a Veteran's Day address.

The constant repetition of this hackneyed metaphor is aimed at obscuring the obvious—that US militarism has escalated dramatically under the Democratic president and its tide threatens to engulf the entire planet.

Among the latest indications is a behind-the-scenes campaign by the chief of the US military's Special Operations Command (SOCOM) for greater autonomy in dispatching elite killer squads to every corner of the globe.

Adm. William McRaven, who heads SOCOM, is, according to the New York Times, seeking “more autonomy to position his forces and their war-fighting equipment where intelligence and global events indicate they are most needed.”

The admiral's proposal, the Times notes, “would also allow the Special Operations forces to expand their presence in regions where they have not operated in large numbers for the past decade, especially in Asia, Africa and Latin America.”

McRaven argues that “[t]hickening the Special Operations deployments in these other regions would allow the United States to be ready to respond more rapidly to a broader range of threats.”

SOCOM includes as its key sub unit the Joint Special Operations Command, or JSOC, which is made up of such outfits as the Navy Seals and the Army's Green Berets, which carry out armed missions abroad. It is one area of the US military that is being spared even the minimal cuts that are being imposed on the Pentagon budget.

Read more »