Apr 022017
 

By Michael Nevradakis, 99GetSmart

karousos3-1-300x207The transcript of Dialogos Radio’s interview with economist and analyst Dimitris Karousos. This interview aired on our broadcasts for the week of March 22-28, 2017. Find the podcast of this interview here.

MN: Joining us today on Dialogos Radio and the Dialogos Interview Series is economist and economic analyst Dimitris Karousos, who is a member of the political directorate of Greece’s United Popular Front, and who has enjoyed a long career working for financial institutions within and outside of Greece. Mr. Karousos, thank you very much for joining us today.

DK: Thank you for your kind invitation.

MN: Let’s begin by discussing the recent deal that was reached between the Greek government and its European lenders. The Greek government has engaged in a big PR show, portraying this new agreement as one that will not deliver even one euro’s worth of new austerity measures, as a result of the so-called “equivalent measures” that will be adopted. This begs the question, if the net sum of these new measures is zero, then why enact them? And continuing along this line of thinking, what does the new agreement actually entail and mean for Greece?

DK: As we now find ourselves in Oscar season, it is clear that the Oscar for best director should go to the communications team of the Greek government, as their new dogma which claims that 1+1=0 is one of the most absurd things that the Greek people have heard yet. Indeed, “professor” Tsipras, by claiming that 1+1=0, seems to be reinventing the rules of mathematics. In other words, the government is attempting to claim that for every euro of austerity measures and cuts that will be enacted, there will be one euro in equivalent measures to offset those cuts. This, of course, is a blatant lie, because if there indeed will be no impact, these measures would not be needed.

The Greek government is lying, and this can be demonstrated in three ways. First, the troika—meaning the European Commission, the European Central Bank, and the International Monetary Fund—is not discussing the possibility of cuts in the special property tax and the value added tax, and indeed is not even allowing these issues to be brought to the negotiating table.

Second, the troika, instead of tax cuts, is insisting on the enactment of the so-called Juncker growth package, named after the president of the European Commission Jean-Claude Juncker. This package is essentially the European Union’s Partnership Agreement, known as ESPA, but this is not a true replacement because Greece already qualifies for funds from this agreement regardless. Therefore, somebody needs to explain how low wage earners who are now faced with a lower tax-free threshold and will be forced to pay taxes, or how pensioners who will face further cuts to their pensions, will benefit from the European Union’s Partnership Agreement, which in the first place has nothing to do with this group of people, since it is concerns only entrepreneurs and supposedly offsets these cuts.

Third, whatever “equivalent” measures are agreed upon will only begin to be enforced if and only when Greece has fully and successfully enacted new cuts to wages and pensions, as foreseen in the new austerity package with 3.6 billion euro worth of cuts.

MN: The deal which was recently reached foresees the achievement of a primary budget surplus of at least 3.5% of the Greek GDP in 2019, while we are also hearing that Greece’s primary surplus for the month of January surpassed targets. Is this a good thing, however? Are primary surpluses a positive thing for a country like Greece, with the economy in the state that it is in?

DK: Here, we should first make it clear that no economy which has found itself in a similar condition to that of Greece has been able to recover through the enforcement of strict austerity and the pursuit of surpluses.

The economists Barry Eichengreen and Ugo Panizza, in a study of theirs, examined 235 countries and found that there were only 36 cases of countries which were able to maintain, for a five year period on average, a primary budget surplus of at least 3 percent of GDP, representing 15 percent of the total sample. In the same study, they found that there were only 17 cases of countries which, over an average of eight years, maintained a primary budget surplus of at least 3 percent of GDP, representing just 9 percent of total cases. There were only 12 cases of countries which, over a ten year period, maintained a primary budget surplus of at least 3 percent of GDP. It should be noted that Germany, the strongest economy in Europe, was not one of these countries!

In other words, they are asking Greece to achieve something that not even an economy at the level of Germany’s has been able to ever achieve! It should also be added that Eichengreen and Panizza note that extraordinarily strict fiscal policies—austerity in other words—with the goal of achieving a high primary budget surplus, may in fact achieve the opposite results, leading to recession and to political and social turmoil. These policies, in other words, may lead to the opposite outcome from that which is intended.

MN: With this new agreement which has been reached, do you believe that the risk of a so-called Schauble-style Grexit has been averted, or does it remain a distinct possibility? And continuing on that frame of thought, what would this German-proposed Grexit, which would include the imposition of a dual or parallel currency, mean for Greece?

DK: Not only has the threat of a Schauble-style Grexit and the imposition of a dual or parallel currency not been surpassed, but I believe it remains the plan that will be put into place. I believe that the following will happen: once the Greek government completes the so-called “troika review” of its finances with an agreement for new austerity measures totaling 3.2 to 3.6 billion euros, the troika will break up the next installment of so-called “bailout” funds into sub-installments. Once the German elections have occurred, then a fake “crisis” between Greece and its creditors will be orchestrated, and that is when the Schauble plan, named of course after the German finance minister, will be imposed. This plan would entail Grexit and the imposition of a dual or parallel currency within Greece.

The circulation of a dual or parallel currency will mean an even more rapid internal devaluation and will signify the immediate impoverishment of the Greek populace. There will be one currency used for internal transactions, such as the payment of salaries and pensions, while whatever euros are still in circulation will be collected and used towards the payment of the national debt, which will continue to be denominated in euros.

This would be a terrible development for Greece, as this dual or parallel currency will face constant devaluation versus the euro, as it will not be hard currency and nobody will want it. If you go to the greengrocer or the bakery, for instance, they might accept the dual currency at an exchange rate far lower than the official peg set by the government. The black market for euros will flourish and the economic catastrophe will be total and complete. The introduction of what will essentially be an IOU, or script, will not only completely destroy the Greek economy but it will also discredit the idea of a national, domestic currency in the eyes of the populace.

MN: Something which, of course, is not frequently discussed by analysts, journalists, and by the mass media in general is the difference between a dual or parallel currency on the one hand, and a national domestic currency on the other hand. What is the distinction and why is one better than the other?

DK: The differences are as follows. By definition, a parallel or dual currency means that there is a different currency in use for domestic transactions, from that which is used for external transactions. A national or domestic currency, on the other hand, is a currency that is issued by a nationalized central bank, such as the Bank of Greece, which would be completely state-owned. With a domestic currency, Greece would not be borrowing the currency that it will put into circulation, it will instead mint the currency itself. It is a wealth instrument, not a debt instrument. Furthermore, a national or domestic currency means that the state itself, because it mints its own currency, does not borrow it from any other central bank.

MN: Explain for us the steps which Greece could follow in order to undertake an orderly departure from the Eurozone and return to a true domestic currency. How could the various dangers that we keep hearing about, such as the risk of hyperinflation or a catastrophic devaluation of the new currency or a difficulty in importing goods, be averted?

DK: The political party which I am a part of, the United Popular Front, also known as EPAM, has described, in detail, 15 necessary steps which are required in order for a smooth transition to take place to a new national, domestic currency.

Every step in this process is absolutely necessary, and no steps can be skipped, as it will impact the entire transition to a domestic currency. The most important of these steps are as follows:

First, disputing the legality of the debt and declaring an immediate stoppage of payments.

Second, declaring the immediate cancelation of all of the memorandums and associated legislation which completely altered the legal and political status of the Greek state and imposed the troika-led occupation.

Third, departure from the European Union and the Eurozone.

Fourth, the imposition of a national, domestic currency.

Fifth, the nationalization of the Bank of Greece, the country’s central bank.

Sixth, the imposition of capital controls in order to prevent money from leaving the country.

Seventh, the liquidation of Greece’s four major banks, while these banks remain in operation.

Eighth, enacting measures to ensure that transactions are able to take place smoothly during the period of transition to the new currency.

Ninth, ensuring the adequate supply of goods in the marketplace.

Tenth, protecting consumers and vigorously policing the marketplace and the prices of goods.

Eleventh, immediately restoring wages and pensions to pre-memorandum levels.

Finally, implementation of “seisachtheia,” an ancient Greek precedent which refers to the forgiveness of the debts of households, as well as small- and medium-sized businesses.

MN: Let’s tackle these issues one at a time… How has Greece’s membership in the European Union since 1981 and in the Eurozone since 2002 impacted Greece’s productive and industrial capacity? And, as a second part to this question, is there any possibility of Greece’s agricultural or productive or industrial capacity increasing within the European Union and within the Eurozone?

DK: There is absolutely no chance of recovery for the Greek productive sector and Greek industry as long as the country remains within the European Union and the Eurozone, especially when harsh austerity and the memorandums are being imposed. How can industry recover when taxes and pension fund contributions surpass 60 percent of a corporation’s revenue? How can the Greek economy recover when its biggest industry, tourism, is saddled with the highest tax rate in the Mediterranean region? How can the Greek economy recover when there is so much bureaucracy and political uncertainty?

The end result of all of this is that Greece’s competitiveness has dropped to 86th place worldwide, despite all of the austerity measures, the memorandums, the economic “growth” which repeatedly has been promised, and the constant “fiscal adjustment” policies and “reforms” that have been enacted. Despite all of this, Greece now ranks lower in competitiveness than countries such as Namibia, Tajikistan, Albania, and Guatemala.

MN: You have spoken about the balance of goods and services in Greece and about Greece’s foreign currency reserves. What do these statistics show and what would they mean for Greece in terms of a potential departure from the Eurozone and the EU and return to a domestic currency?

DK: There is no possibility that there will be shortages of imported goods, and this is the case because Greece’s balance of goods and services, after so many years of economic depression and as a result of the internal devaluation that has taken place, is close to being balanced. In very simple terms, this means that Greece, from its exports, tourism, and shipping sectors earns all of the necessary foreign currency which it needs to pay for all of its imports. Therefore, it follows that there will be no shortage of imported goods.

In addition, according to the most recent figures available from the Bank of Greece from the third quarter of 2016, the central bank has in its reserves foreign currency totaling approximately 31.5 billion euros. At the same time, Greece’s banking system has, among its assets, a long-term foreign bond portfolio totaling 55.7 billion euro. Together, this totals almost 87 billion euros, which could be used as foreign currency reserves in the immediate aftermath of the departure from the Eurozone. Therefore, it is easy to understand that there is no chance of there being any shortages in the marketplace and that Greece’s needs would be met for several years to come.

MN: There is, of course, also the Greek public debt to contend with. Is this debt sustainable, to begin with? What would you propose regarding dealing with the debt, and what does international law and international legal precedent have to say, with regards to actions Greece could implement regarding its debt?

DK: Very much on purpose, the Greek people have been led to believe that an “unsustainable” debt is one which is very difficult to repay, but which can, at some point and after the enactment of very strict measures, be repaid. This is absolutely false! We have been led to believe this because, first of all, it has been necessary to maintain the hope that Greece, by enforcing these harsh austerity measures, will be able to repay its debt and will, as a result, accept these difficult measures.

In reality, an unsustainable debt is a debt which, no matter what a country does, cannot ever be repaid or even reduced, no matter how many measures are enforced. With mathematical certainty, such a debt will simply increase over time. This is the case in Greece. When Greece received its first so-called “bailout” the public debt was 122 percent of GDP. From 122 percent it increased to 129 percent, then 148 percent, then 170 percent, it has reached 177 percent, and is projected to increase to 188 percent and later 200 percent of GDP if we continue down this path!

The first loan agreement which Greece signed in 2010 and which, it should be stressed, was not ratified by the Greek Parliament, was a product of fraud and coercion. Articles 48 through 52 of the UN’s Vienna Convention on the Law of Treaties allow for the cancelation of a treaty or agreement when it is a product of deceit or threats. This would permit Greece, with a written statement delivered to the UN General Assembly via the UN’s Secretary General, to announce to the international community that it is denouncing its illegal public debt.

In addition, the official report of the United Nations Commission on Human Rights (UNCHR) which was published on its website on the 7th of March 2014, harshly criticizes the Greek government for its methodical and repeated violations of human rights, and specifically the individual, political, economic, social, and cultural rights of Greece’s people.

MN: In our previous interview, in January 2016, we spoke about the recapitalization of the Greek banking system which had just been completed. In what condition does the Greek banking sector find itself in today? Are we headed to yet another recapitalization, and what would such a development mean?

DK: I would argue that the Greek banking system now finds itself in worse shape than in the beginning of 2016, if we take into consideration something which the mass media and most analysts typically neglect to tell us, namely, that the deferred tax accounts for 40 percent of the equity of Alpha Bank, 71 percent of the equity of the National Bank of Greece, 75 percent of the equity of Eurobank, and 58 percent of the equity of Piraeus Bank. This alone means that a new recapitalization is coming.

Moreover, another negative and indeed tragic aspect is that, from the beginning of this year, 1.5 to 1.7 billion euros’ worth of new high-risk loans have been added to the banking system. These loans include mortgages, consumer loans, and business loans, and 80 percent of these loans have been refinanced.

In addition, 2.7 million loans, totaling almost 100 billion euros, are at the risk of default, as payments towards those loans have not been made in over three months. This is a ticking time bomb for the financial system. While this is happening, the deposits of households and individual depositors in Greece have dipped below 100 billion euro for the first time since 2003!

It is therefore clear to me that we will soon see a new recapitalization of the Greek banking system, totaling 7 to 10 billion euros.

MN: How has the British economy performed ever since the referendum result in favor of Brexit this past summer, and how do you believe the British economy will perform if and when the process of exiting the European Union is completed? Do you believe the widely-held fears of adverse economic impacts will be proven to be correct, or do you believe the opposite will be true?

DK: Even though it is surely too soon to draw a definite conclusion, what we can say from now is that in contrast with the various “Cassandras” who foresaw the total collapse of the economy of Great Britain, what we are seeing is that the British economy grew by 0.6 percent in the final quarter of 2016, exceeding expectations.

In fact, the Bank of England once again revised upward its growth projections for the British economy for 2017, raising its projection from 1.4 percent of GDP, initially forecast in November 2016, to a growth rate of almost 2 percent of GDP. The higher projection is largely a result of increased consumer spending, which has occurred despite the fear mongering that the British public faced as a result of the Brexit vote.

Two additional aspects that are important and which should also be noted is the reduction of the public deficit by 400 million Pounds and the increase in average weekly wages of British workers by 2.8 percent on a year-to-year basis.

MN: The new president of the United States, Donald Trump, seems to have taken a position in favor of Brexit and against the Eurozone, displaying an evident preference for reaching bilateral trade agreements with individual countries, rather than large-scale trade deals with the Eurozone as a whole. On a domestic basis, Trump has promised the return of domestic jobs, of factories and corporations and businesses that have left the country. How do you view the economic policies and promises of the Trump administration and what would they mean for the European and global economies?

DK: The turn inward being undertaken by the United States will gradually lead to the repatriation of U.S. dollars. As a result, it is likely that countries whose national debt is in large part denominated in U.S. dollars, as is the case with Turkey, where 65 percent of its debt as a percentage of GDP is in dollars, as well as developing countries whose major public- and privately-owned industries have outstanding loans in U.S. dollars, will face increased difficulties from the upward pressures on the dollar in the international financial markets.

In addition to all of this, we need to take into consideration the ongoing trade battle between the United States and China, and the efforts of the United States to achieve energy autonomy, and in particular, the elimination of dependence on the OPEC nations. This means the replacement of approximately three million barrels of oil per day which are currently imported, replaced by domestic energy sources. It is easy to understand that this will hurt countries like Saudi Arabia and Venezuela in particular.

As for Trump’s domestic economic policy, the jury is still out. We will just have to wait and see.

MN: Well Mr. Karousos, thank you very much for taking the time to speak with us today here on Dialogos Radio and the Dialogos Interview Series, and for your thoughtful analysis.

DK: Thank you very much for having me.

Mar 102017
 

By Michael Nevradakis99GetSmart

mercouris2-300x201This week on Dialogos Radio, we will be featuring, as part of the Dialogos Interview Seriestwo special interviews!

First, we will have the opportunity to speak with journalist, analyst, and longtime lawyer in the Royal Court of the United Kingdom Alexander Mercouris, co-founder of TheDuran.com. Joining us from London, Mercouris will provide his insights for us on a number of current issues, including the latest actions of the Trump administration, the path towards Brexit in Great Britain, anti-Russia hysteria and the establishment media’s agenda, developments in the Ukraine and Syria, and a view on the Greek government’s latest deal with its creditors and what continued austerity means for Greece.bellows

This interview will be followed up by a special feature with young Greek spoken word artist Dylan Wolfram, who will speak to us about his latest spoken word release, titled “Bellows.” In addition to this interview, we will hear two cuts from Wolfram’s recent spoken word project.

Two great interviews, all this week exclusively on Dialogos Radio and the Dialogos Interview Series!

May 312016
 

By Mihalis Nevradakis99GetSmart

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Greece’s supposedly “leftist” government of so-called “hope” and “change” did it again! It saved Greece once more! Greece can continue living the European nightmare…excuse me, dream, can remain part of the vaunted “European family” and the Eurozone, and the government once again successfully completed “tough” negotiations with its so-called European “Partners,” with a capital P, as Greece’s deferential journalistic class tends to refer to them.

Let’s take a look at this new “success story” of Greece’s government of “hope” and “change.” It is a success story so big that Greece’s already insane value-added tax of 23% will be bumped up to 24% on June 1st. It is a success story so great that the unified property tax which SYRIZA, at one time, called unconstitutional and illegal and which at one time was said to be “temporary,” will now be raised and made permanent. It is a success story so tremendous that Greece’s already paltry pension and social security payments will be slashed further, despite government lies and propaganda to the contrary. Home foreclosures and auctions will resume, without anything but the flimsiest of temporary protections for the poorest homeowners. These foreclosures and auctions will take place electronically instead of in a courthouse, under cover of darkness and without warning. In the meantime, new privatizations are coming, alongside the development of a new super-fund of sorts which will manage essentially all of Greece’s publicly-owned assets and prepare them to be sold off, at bargain basement prices. And unlike most of the people of Greece, the foreign investors who will be snatching up these assets know very well how valuable a land Greece is.

Of course, all of these privatizations, foreclosures, auctions, as well as the bundling and selling of both prime and subprime loans—where have we heard that before?–will be permitted without any transfer tax or any other taxes being levied. Because when we talk about tax evasion, we are supposed to only talk about the “bad,” “lazy,” “spendthrift” Greeks, but never the “good,” “civilized” foreign saviors in suits. And of course, this was agreed to following those aforementioned “tough” negotiations between the Greek government of “hope” and “change” and the lenders. This result had also been predicted, months in advance, by economist, analyst, and member of Greece’s United Popular Front Dimitris Karousos, but was of course ignored by the international media and of course by the trashy, biased English-language editions of Greece’s media outlets.

So what if people’s homes are foreclosed and thousands of households are thrown out onto the streets? So what if heating oil and gas, already insanely taxed, are taxed some more, along with basic goods and staples through direct and indirect taxation? Who cares if the self-employed and small- and mid-sized businesses will be absolutely slaughtered as a result of these new measures that were voted into law and the avalanche of taxes that they will face? Who cares if there is now zero chance of the minimum wage to be restored to the still-low pre-crisis levels, which at one time the SYRIZA government of supposed “hope” and “change” had promised? And of course, all of this does not even take into account the automatic cuts that will be implemented if Greece does not meet the strict fiscal targets imposed by its so-called saviors. Who cares about all of this? We are talking about a success story here! Of course, though, it’s a success story for the lenders—but not for Greece or for the Greek people. But, the European dream is what everyone wanted, right? So here it is, enjoy it!

And since we are talking about what is surely such a huge, unprecedented success, that must explain why the otherwise “revolutionary” and “radical” and “non gullible” and oh so clever Greek people did not take to the streets. After all, Greece remained in Europe, remained in the Euro, people still have cheese from Holland for their sandwiches (if they can afford the 24% tax, that is), so everything is A-OK, right? That must explain why Greece’s notaries called off their strike protesting the new insurance and pension bill, as soon as that very bill was passed, allowing home foreclosures and auctions to resume. That must also explain why Greece’s lawyers, with their own protracted strike, have inconvenienced ordinary Greek people whose cases have, in some cases, been postponed for years—instead of using their legal knowledge to mobilize the population and protest austerity both old and new.

Ah, but I forgot. We had the usual round of stale, old 3 and 4 and 24 hour so-called “work stoppages,” which of course left enough time for Greece’s “labor leaders”–quotations absolutely necessary—to hit up their favorite tavernas to wine and dine. Work stoppages which have been going on for decades and decades and which not once have made the slightest bit of impact other than inconveniencing people’s lives, which might very well be their real objective, instead of any actual change. For instance, we had the workers on the Athens Metro declare a work stoppage beginning at 9 pm on the night the new measures were to be voted into law. This was enough to discourage many people from coming out to protest, not knowing if they’d have a way to return home. With a low turnout of protesters assured, the work stoppage was then lifted at the last minute, just in time for the usual mass exodus from Syntagma Square once the usual dog-and-pony show between the paid agent provocateurs and the riot police which SYRIZA was at one time going to abolish, was underway.

We of course also had the journalists’ strike as well, which of course just coincidentally happened to fall in the days of final debate before the new measures were to be voted upon by Parliament. Of course, the truth here is that even if there was no strike, there would still have been no actual journalism taking place from these so-called journalists and the media outlets they work for. But just try explaining that to grandma and grandpa in the village and to Greece’s suburban neoliberal class, who still actually think they are being informed by the newscasts that they watch.

All of this is okay though, because there is hope! There is light at the end of the tunnel! We have the “savior” Yanis Varoufakis with his stylish pink t-shirts and his so-called “guerilla interviews,” that is, when he isn’t making “spontaneous” (quotations again necessary) appearances at the protests taking place in France or signing autographs in Spain. The same “heroic” Varoufakis who said that the Greek debt would be repaid in perpetuity, who pillaged the Greek public sector’s cash reserves to pay that debt to the IMF, who imposed capital controls, and who agreed to more austerity and who voted for Greece’s corrupt pro-austerity president Prokopis Pavlopoulos. This same “heroic” Varoufakis is now touting the catastrophic idea of a parallel or dual currency system for Greece as a “solution” while millions of minions lap up his every word. He is joined by the “heroic” Zoe Konstantopoulou, who also knew how to vote “yes to everything” when she was part of the SYRIZA government last year and who continued publicly supporting the government even after it sold out the referendum result of July 5th. She, too, is touting the catastrophic parallel or dual currency solution for Greece, as are fascists such as the far-right Giorgos Karatzaferis and “Sir” (quotations necessary once more) Basil Markezinis, son of a junta prime minister, both of whom have been resurrected from the political graveyard recently.

So since Greece has been saved, has remained in Europe and the vaunted Eurozone, and since there are even more “saviors” in the pipeline who will continue to save Greece well into the future, why bother protesting? The couch is nice and comfortable, is it not? And it’s easier to let the television do the thinking for you, lest you hurt your head. The same television which includes public broadcaster ERT, which is now paying private, oligarch-owned network provider DIGEA to transmit its signal digitally. A company owned by the same oligarchs that the oh so leftist SYRIZA government claims it is going to take down. The same government which will supposedly take down these oligarchs by auctioning off a limited number of television licenses to the highest bidder and the deepest pockets, while Greece’s smaller, independent local television stations are dying off, unable to afford to pay DIGEA exorbitant amounts to carry their signal. This is the same government which, unconstitutionally and in violation of European law, has shut down Greece’s National Radio-Television Committee, leaving the broadcasting landscape entirely unregulated. This is the government which claims it is restoring order to the airwaves, and there are still people who slurp up this propaganda.

Of course, television in Greece knows all about telling people horror stories from countries like Venezuela while telling people that the so-called “leftist” Alexis Tsipras wants to turn Greece just like Venezuela. What they won’t say, of course, is that Venezuela is the victim of both international economic warfare through the sharp decline in oil prices, as well as a victim of its own domestic oligarchs and cartels, who are hoarding goods to create severe market shortages in order to undermine the country’s government. What the media in Greece are also not saying is that many of these horror stories also exist in Greece today as well, in a country that is supposedly being “bailed out” and “saved” day after day by its so-called European friends and partners. What these media outlets in Greece know how to say is that Portugal, Ireland, and Cyprus are supposed “success stories” for concluding their own memorandum agreements. What is not said is that the end of the memorandum agreements has not meant the end of harsh austerity, the end of record numbers of home foreclosures and evictions, or the end of mass migration out of these countries.

And while all of this is happening, I hear many in Greece moaning and groaning about why we can’t be more like the French, who we are told are out on the streets in massive numbers to protest their own anti-labor bills. However, few people, if any, think to ask…how were these supposedly spontaneous demonstrations actually organized, with blogs and websites and hashtags and public assemblies? We saw the savior of not just Greece but apparently the whole world Yanis Varoufakis speak to the protesters in France. Who invited him? Who assured his security? Who paid for his travel and lodging? How did this speech get organized in the first place, logistically and otherwise? And how did these supposedly spontaneous demonstrations spontaneously, as we are supposed to believe, spread to 55 cities in Greece and dozens more in Europe, all on the same day and at the same time? Are we supposed to believe that after such a long period of inactivity and hibernation that everyone suddenly decided that they had enough? And in the meantime, what people in Greece are blissfully unaware of is that while they are whining about their own inactivity, the rest of the world mistakenly believes that it the Greeks who are the ones fighting back, while they are the ones staying inactive! Doesn’t anybody have even the slightest curiosity as to how these perceptions are developed and maintained, and by who?

The answer is that no, most people do not question such things. Instead, in Greece, they run off to again vote for criminals and professional liars like those in SYRIZA, while others, through their abstention from the polls, essentially legitimize the victors in this electoral process instead of giving their votes to the dozens of smaller parties and movements which are struggling to exist. Those same people might participate in yet another lame 3 or 4 hour work stoppage, or by maybe taking a walk down to the center of Athens to “protest” by standing around and drinking beer, before running home to catch Greece’s talking heads on TV again. That’s Greece and that’s the majority of the Greek populace today.

Mar 302016
 

By Mihalis Nevradakis99GetSmart

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Dear listeners and friends,

UnknownThis week on Dialogos Radio, the Dialogos Interview Series will feature an interview with Despina Kreatsoulas of the Politismos Museum, an online museum of Greek history and culture. Kreatsoulas will speak to us about the idea behind creating an online museum, about the museum’s features and exhibits, and the future plans of the museum. 

Also this week, we will feature our commentary of the weeksegment, discussing issues pertaining to freedom and independence.

All this and more, this week exclusively on Dialogos Radio! For more details, the full Dialogos Radio broadcast schedule, our podcast, our on-demand archives, our articles and written work, and our online radio station Dialogos Radio 24/7, visit http://dialogosmedia.org/?p=6154.

Best,
Dialogos Radio & Media
 
*******************************
 
Αγαπητοί ακροατές και φίλοι,
 
Αυτή την εβδομάδα στο «Διάλογος», παρουσιάζουμε συνέντευξη με τον Θάνο Χίνη, από το διαδικτυακό μουσείο «Πολιτισμός». Θα μας μιλήσει για το μουσείο και για την ιδέα ίδρυσης ενός μουσείου στο διαδίκτυο, για τα εκθέματα που παρουσιάζονται και που ενδέχεται να παρουσιαστούν, και για τα μελλοντικά σχέδια του μουσείου. 
 
Επίσης θα παρουσιάσουμε τον καθιερωμένο μας σχολιασμό, όπου θα μιλήσουμε για θέματα που αφορούν την ελευθερία, την ανεξαρτησία, και την εθνική κυριαρχία.
 
Για περισσότερες πληροφορίες σχετικά με την μετάδοση, το πρόγραμμα μεταδόσεων, το podcast μας, το αρχείο εκπομπών μας, την αρθρογραφία μας, και το διαδικτυακό μας ραδιόφωνο Διάλογος Radio 24/7, μπείτε στο http://dialogosmedia.org/?p=6158.
 
Φιλικά,
Διάλογος Radio & Media
Mar 172016
 

By Mihalis Nevradakis, 99GetSmart

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Dear listeners and friends, 

antti1-1-300x170This week on Dialogos Radio, the Dialogos Interview Series will feature a highly interesting and exclusive interview with Antti Pesonen of the Independence Party of Finland. The Independence Party advocates the departure of Finland from the Eurozone and from the European Union and is against Finland joining NATO, and in this week’s interview, Pesonen will discuss the party, its history and its platform, the dire impacts of Eurozone and European Union membership for Finland, the economic crisis that is now impacting the country, the network of European political parties and movements which are against the European Union and the euro, and about other current issues facing Greece and Europe.
 
Also this week, we will feature our commentary of the weeksegment, where we will discuss Zoe Konstantopoulou and her forthcoming political movement. All this, plus some great Greek music, this week only on Dialogos Radio!
 
For more information, our full broadcast schedule, plus our podcasts, archives, articles and written work, Dialogos Radio 24/7 and more, visit http://dialogosmedia.org/?p=6102.
 
Best,
Dialogos Radio & Media
 
****************************
 
Αγαπητοί ακροατές και φίλοι,
 
Αυτή την εβδομάδα στο «Διάλογος», παρουσιάζουμε μια εξαιρετικά ενδιαφέρουσα και αποκλειστική συνέντευξη με τον Άντι Πεσονέν, πρώην επικεφαλής του Φινλανδικού Κόμματος της Ανεξαρτησίας. Το Κόμμα της Ανεξαρτησίας υποστηρίζει την έξοδο της Φινλανδίας από την Ευρωπαϊκή Ένωση και την Ευρωζώνη και είναι αντίθετο στην ένταξη της χώρας στο ΝΑΤΟ, και στην συνέντευξη που θα παρουσιάσουμε, ο κ. Πεσονέν θα μας μιλήσει για το κόμμα, για το πως ιδρύθηκε και για τις θέσεις του, για τις δυσμενείς επιπτώσεις από την συμμετοχή της Φινλανδίας στην Ευρωπαϊκή Ένωση και στην Ευρωζώνη, για την οικονομική κρίση που πλήττει πλέον την χώρα, για το δίκτυο Ευρωπαϊκών κινημάτων που είναι εναντίων του ευρώ και της Ευρωπαϊκής Ένωσης, και για την τρέχουσα επικαιρότητα στην Ελλάδα και την Ευρώπη.
 
Επίσης αυτή την εβδομάδα θα παρουσιάσουμε τον καθιερωμένο μας σχολιασμό, όπου θα μιλήσουμε για την Ζωή Κωνσταντοπούλου και το επερχόμενο πολιτικό σχήμα της. Όλα αυτά και πολλά άλλα, αυτή την εβδομάδα αποκλειστικά στο «Διάλογος»!
 
Για περισσότερες πληροφορίες, το πλήρες πρόγραμμα μεταδόσεων μας, το αρχείο εκπομπών και συνεντεύξεων μας, την αρθρογραφία μας, και το διαδικτυακό μας ραδιόφωνο Διάλογος Radio 24/7, μπείτε στο http://dialogosmedia.org/?p=6097.
 
Φιλικά,
Διάλογος Radio & Media
Nov 202015
 

By Mihalis Nevradakis, 99GetSmart

Dear listeners and friends of Dialogos Radio,

mosler1-300x169This week on Dialogos Radio, the Dialogos Interview Series will feature an exclusive and highly enlightening interview with well-known economist Warren Mosler. Mosler is a leading figure in the field of Modern Monetary Theory (MMT) and was also the co-founder of the Center for Full Employment and Price Stability at the University of Missouri-Kansas City. 
 
In our interview this week, Mosler will speak to us about the economic crisis in Greece and why it is, in reality, much different than often described, while also discussing the role of European Union policies in perpetuating the crisis. He will share with us his proposed solutions for combating the crisis, while also explaining to us exactly what seemingly straightforward terms such as “money” and “debt” actually mean.
 
Tune in for this excellent interview, plus our commentary of the week segment and some great Greek music, this week exclusively on Dialogos Radio!
 
For our full broadcast schedule, plus further details, our podcasts, archived programs, online radio station Dialogos Radio 24/7, and much more, visit http://dialogosmedia.org/?p=5794.
 
Recent Dialogos Radio Interviews Published in 99getsmart.com and GreekTV.com!
 
Check out our recent interviews, which have been published on 99getsmart.comand on GreekTV.com
 
Our interview with Greek-American aviation expert Bill Kalivas, on his online campaign for additional nonstop flights to be added from the United States to Greece, has recently been featured on GreekTV.com, while our interview with Panagiotis Oikonomidis of Greece’s “No Middlemen Movement” has been featured in 99getsmart.com!
 
Best,
Dialogos Radio & Media
 
**************************************
 
Αγαπητοί φίλοι και ακροατές,
 
Ενημερώνουμε τους ακροατές μας πως αυτή την εβδομάδα θα ετοιμάσουμε μόνοΑγγλόφωνη μετάδοση της εκπομπής μας. Η Ελληνόφωνη μετάδοση μας και η πολύ ενδιαφέρουσα συνέντευξη μας με τον οικονομολόγο Warren Mosler θα ακολουθήσει σε μία εβδομάδα. Μείνετε συντονισμένοι.
 
Φιλικά,
Διάλογος Radio & Media
May 122013
 

Posted by greydogg, 99GetSmart

Video: Alberto Reveron & Amira Bochenska. Thank you for all people that participates, special thanks for music – HK & les Saltimbanks (http://www.saltimbanks.fr).

Links to follow:

Take The Square http://takethesquare.net/
Marcha Bruselas https://www.facebook.com/15mMarchaBru…
Global Change https://www.facebook.com/groups/globa…
Asamblea Virtual https://www.facebook.com/AsambleaVirtual
Spanish Revolution https://www.facebook.com/SpanishRevol…
AcampadaSol https://www.facebook.com/acampadasol?…
AcampadaBcn https://www.facebook.com/Acampadabcn?…

VIDEO @ https://www.youtube.com/watch?feature=player_embedded&v=9JN8RUZxZmA#!

May 032013
 

By Iddhis Bing, 99GetSmart

Jerome Cahuzac, May 2012. Photo: Lionel Bonaventure

Jerome Cahuzac, May 2012. Photo: Lionel Bonaventure

“What bothers me is that I still have an account open with UBS… The only way to close it is to go there? With an account open there I’m fucked, since UBS is not necessarily the most hidden of banks. It stinks. Is any sort of proxy possible?…Above all, so that the holdings somehow stay at UBS and can be managed from here. It’s a word game pure and simple.”

Jerome Cahuzac was, until March 19, Budget Minister in François Hollande’s socialist government, in charge of the enforcement of tax laws during a time of fiscal crisis and high unemployment.

Regarded as one of the more effective ministers in the new government, Cahuzac lost little time before lowering the boom. He grilled members of the new administration about their finances, pointedly asking Marylise Lebranchu if there wasn’t a zero missing from her husband’s tax declaration, and in September 2012, announced a 19.6% levy on plastic surgery, an industry with powerful clients which may have felt untouchable, not least because Cahuzac is a plastic surgeon.

On December 5, 2012, the Mediapart website published the recording transcribed above, claiming it was Cahuzac’s voice speaking to a third party about a secret Swiss bank account.1

Despite his ardent denials over the next three months – first that the voice was not his, and later that the account had been closed in 2010 – Cahuzac’s position became untenable. He resigned his post and made a public apology.

Such are the twists and turns of fate that, in November, 2012, Cahuzac announced a crackdown on tax fraud and on April 2 of this year appeared before anti-corruption judges Renaud Van Ruymbeke and Roger Le Loire to face charges of concealing his UBS account (« blanchiment de fraude fiscale »).

Undeclared income transferred to a second country – in this case, Switzerland – in order to avoid taxes in the person’s home country – in this case, France – was and is a crime. As such, the actions Cahuzac confessed to on the phone tape are but a miniscule yet revealing part of the worldwide tax avoidance game which was detailed in the Invisible Money series on this site. The scandal in France is still in its initial stages. Deniability has now been exhausted. More bankers will come under pressure from prosecutors and more information about other tax evaders will leak out.

Cahuzac was able to hold on for more than three months because of support from within the Hollande regime. Pierre Moscovici, Minister of the Economy, cleared Cahuzac of wrong doing on February 5 and publicly embraced him in the Assembly, while Prime Minister Jean-Marc Ayrault stated he had “total confidence” in his Budget Secretary. The position taken by the Socialist government raises many questions about both the veracity of their public statements as well as their competence. People in France, from different parts of the political spectrum, find the assertion that they didn’t know about Cahuzac’s hidden holdings after early December to be stretching credulity past the breaking point.

Part of President François Hollande’s response was the swift passage of the bill requiring his ministers to register their holdings in the public record. They are now available on-line; the entire country can see how much each minister is worth. While not exactly a millionaire’s club, it comes close. Hollande has spent a good deal of his time since Cahuzac’s resignation on trade trips, to Morocco and last week, China.

On April 2, Cahuzac made a public statement to the effect that he had been “trapped in a spiral of lies and went astray,” and that his UBS account, some 600,000 Euros, had not been added to in a dozen years, was closed in 2010 and the monies would be returned to France. With his rugged good looks and forthright manner it was a splendid “modified, limited hang-out,” to steal a phrase from Richard Nixon.

Reality has continued to spiral out of control since then, with more information becoming public. There remain many problems with Cahuzac’s account.

This article, although it breaks no new ground, attempts to review important aspects of the story for English-speaking readers. L’Affaire Cahuzac is much more than the story of a fallen minister: it’s an x-ray of the French class system in which one can observe how one gets ahead these days. Cahuzac’s contacts and alliances among politicians and Important People are legion as are his friendships with those behind the scene.

Tax evasion has become a way of life for those in the upper strata of society, in France as in other countries. People do what they think they can get away with, and Cahuzac’s case provides but one example of how it’s done. French newspapers speak of the “scandals doubtless to come.”

“Shit, Jerome, you’ve got a few contradictions!”

Jerome Cahuzac, 60 years old, has used the rural department of Lot et Garonne as his political base for years. Until March of this year he represented it in the National Assembly. (French law allows politicians to hold multiple positions at the same time; for a few days after he resigned his ministry he publicly toyed with the idea of keeping his elected post.)

Trained as a surgeon, he began his medical career as a cardiologist before changing, in the early ’90s, to the lucrative profession of plastic surgery, where he specialized in hair transplants.

From 1988 to 1991, he worked for the government under Minister of Social Affairs Claude Evin, on policy relating to cigarettes and alcohol as well as pharmacology and medicines. In 1993, while maintaining his plastic surgery practice, he set up Conseil Cahuzac, where he acted as a “purely technical advisor” to the pharmaceutical laboratories. At the Conseil, he worked closely with Daniel Vial, the lobbyist’s lobbyist, the man who knows everyone in the “Paris that counts.”

A member of the Socialist Party since 1977, he first ran for the National Assembly in the Lot et Garonne in 1997, picking up other offices such as regional Counsellor General and Mayor of Villeneuve-sur-Lot along the way. A rebarbative critic of the Sarkozy government’s handling of finances and debt, he was also known as the “hairsplitter” in his position as the president of the Assembly’s Commission of Finances. (In short, make a lot of noise but do little, as Edouard Perrin learned when he tried to interest the Assembly in his findings on tax evasion.) He has, at various times, either worked for or taken Michel Rocard, Lionel Jospin, Dominique Strauss Kahn and François Hollande as his mentors.

He is known to frequent the Cercle de l’Union interalliée, and is a member of the Grand Orient de France, whose ruling counsel has now asked for his suspension.

In 2000, he made the now-fatal phone recording. In June of 2008, Remy Garnier, a pol from the Lot et Garonne, tried to interest Eric Woerth of the UMP (Sarkozy’s party) in allegations that Cahuzac had a Swiss bank account. No takers. Likewise, the far-right National Front has been suspiciously quiet throughout a debacle that should play to their benefit, saying only that they believe in the presumption of innocence. In 2007, Cahuzac was found guilty of paying a Filipina maid 250 Euros a month for 40 hours work off the books. He paid a fine and later helped the woman become legal in France.

So much for the Official Story, which raises a few questions of its own.2 Let’s look at a little more closely at Jerome Cahuzac’s other life.

Although he joined the Socialist Party in 1977, he has maintained long-standing connections to the right and far right through personal relationships. Jean-Pierre Emié is a close friend of thirty four years. Emié has ties to GUD, a far-right student union and was, until 2004, counsellor to the National Front for Paris and its suburbs. It was Emié who introduced Cahuzac to Philippe Peninque, the lawyer who opened Cahuzac’s UBS account. (Peninque and Emié share an office on Rue Marbeuf.) Peninque, a militant ideologue in GUD during his student days, is one of Marine le Pen’s “shadow advisors.”

Gilles August, Cahuzac’s lawyer until earlier this month (April, 2013), is a former member of UNI, a conservative student union. Manuel Valls, Minister of Security in the Hollande government, celebrated his 50th birthday at August’s house last summer, in company with Cahuzac and numerous stars from the firmament: singers Patrick Bruel and Nolwenn Leroy, the Marseille real estate mogul Marc Pietri, TV producer Michel Drucker… Cahuzac is a militant sportif, and one of his bike partners is (or was) Patrick Sayer of Eurazeo Investment Bank, a member of the CAC40, the upper crust of the French Bourse.

Among the many clients at Cahuzac’s plastic surgery practice were former GUD militants, Philippe Peninque, Stephane Fouks of Havas Worldwide Marketing, Socialist Party leader François Patriat, as well as, by Cahuzac’s admission, one Hervé Dreyfus.

Jerome Cahuzac’s younger brother, Antoine, worked at CCF (Crédit Commercial de France) from 1985 to 1988, and again from 1994 to 2000 in a variety of different capacities before taking a senior position at HSBC Bank France.

None of this is grist for the conspiracy mill but it does establish just how deep and wide ranging Cahuzac’s contacts are within French society. When Jean-Pierre Emié complained to Cahuzac that, “Shit, Jerome, you’ve got a lot of contradictions, you’ve got robbery and delinquence in Villeneuve and you support Socialist immigration and security policy!” Cahuzac did not seize on the particulars but replied, like the song says, on a whole other level: “Who doesn’t have contradictions? You, Jean-Pierre, you don’t have any contradictions?” Cahuzac once characterised himself as a “maquisard,” a resistance fighter; a man capable of many disguises and identities. In his case, the war being fought is entirely on behalf of the career of one Jerome Cahuzac.

Reyl & Co.

If Jerome Cahuzac is the fuse that lit the scandal, the dynamite – at least the first stick of dynamite to explode – is definitely the private investment bank Reyl & Co. Or as one of Mediapart’s sources put it, “If there’s one den of thieves that has as its clients French show biz personalities, captains of industry and politicians, it’s Reyl.” 3

The history of Reyl closely parallels what we might call The Golden Age of Tax Evasion, with an explosive growth of revenue in the first decade of this century when cheating on taxes reached the level of a national sport.

Reyl & Co. was founded by Dominique Reyl in 1978 as a private management company in Geneva. For twenty years or so it was indistinguishable from dozens of other financial “boutiques.” With increased pressure from the European Union on big banks like UBS, the unregulated, extremely discreet Reyl & Co. came into its own, converting into a full-fledged bank in 2010. Its modus operandi is to advise clients how they might conceal their money behind unnamed accounts or fictive organizations, giving them the ability to disavow holdings at one of the large banks.

A massive sum of money left Switzerland in 2010, the year Jerome Cahuzac “closed” his account. New regulations had come into effect: the Swiss had agreed to furnish information about certain kinds of accounts to the EU. His money did not come back to France; it moved to Singapore, where along with Hong Kong, Reyl had established subsidiaries. From Singapore it moved “off-shore,” to fiscal paradises with names like Wind Charm Corporation, Fame Eagle Corporation, Oceania City International Inc., Sunny Ridge Group Limited, Jade Green Investments Limited, Moonlite Overseas LTD. in the Seychelles – all Reyl subsidiaries. To add yet another layer of secrecy, these transaction are carried out by middlemen like Swiss-Asia Holding Ltd., so that nothing can be traced back to Reyl or its clients.4

Further questions regarding Cahuzac’s accounts are raised by my sources in the banking industry. In his confession the ex-Budget Minister employed the figure of 600,000 Euros to describe his holdings in Switzerland. This is obviously a very strict definition. 600,000 – barely enough, as one joker commented, to buy a modest apartment in Paris – is the kind of figure held in a individual’s name, while a significantly larger amount is hidden behind the bank’s firewall. Is Jerome Cahuzac the beneficiary, either directly or indirectly, of other non-declared accounts in Switzerland? Did he only confess to the one account that could be traced back to him?

Second, Singapore law makes it impossible for non-residents to transfer money into their banks in amounts less than 1,000,000 Euros. If Cahuzac’s Swiss account was closed in 2010, and the money transferred to Singapore, as he has confessed, exactly how much was transferred? This second line of inquiry obviously casts doubt on the veracity of Cahuzac’s “confession” as to just how much money he had in Switzerland in the first place.

Who is the man on the other end of the phone line in that call from 2000? Who was Cahuzac speaking to? Obviously an intimate, at least financially. We may never know for certain but one thing we do know: undeclared money traveling from France to Switzerland does not travel by check or wire or any other traceable route. It crosses the border by suitcase or van. And for that the services of a porter are required. A discreet porter who knows how to keep quiet.

Enter Hervé Dreyfus, according to Le Temps Dominque Reyl’s half-brother, a man who is a senior partner at both Reyl & Co. and Raymond James Asset Management International (“managers for private clientele”) in Paris – an off-shore specialist. A man with a myriad of contacts, who knows how to lay low: there are few photos of him in circulation. A man Jerome Cahuzac claims he met only once – in his office, for a “transplant consultation.” They must have had a lot to talk about: Dreyfus is, or was, as bald as an egg.

If what Cahuzac says is true, Dreyfus, who has advised Nicholas Sarkozy’s ex-wife Cecilia among many others, is one of the few important people in France he doesn’t know.

Dreyfus and Cahuzac’s younger brother Antoine both worked at Credit Commercial de France in the 1990s, where Dreyfus was responsible for “portfolio management for non-resident private citizens” (according to his biography on the Raymond James site) and both men worked in European markets. It’s hard to imagine the two men not knowing each other.

Mediapart and Antoine Peillon, author of The 600 Billion Missing in France, have named Dreyfus as Reyl’s “delivery man for French affairs.” Mediapart went further: on December 10, 2012 the site flatly stated that Dreyfus is Cahuzac’s money manager. Neither Dreyfus nor the younger Cahuzac have spoken publicly since the scandal broke.

This is just the beginning. More names with secret accounts in Switzerland and elsewhere are sure to follow. The French are incensed: Gerard Depardieu at least had the grace to leave the country rather than pay. The other rich stay home, complain endlessly about taxes and hide the loot elsewhere. Cahuzac’s slow motion striptease, a little bit of truth at a time, gave them three extra months to move the money around. It will be interesting to see who flees across the border or to the prosecutor first, Jerome Cahuzac or Hervé Dreyfus. Or, to use a homely metaphor, who serves whom on a platter.

Iddhis Bing

Paris

April 30, 2013

Footnotes

1 The phone conversation was inadvertantly recorded in 2000 by Michel Gonelle, Cahuzac’s rival in the 2001 municipal elections in Villeneuve-sur-Lot (Lot-et-Garonne), on his phone machine. Cahuzac, having spoken to Gonelle, believed he had terminated the call when he began a second conversation about his private finances. Gonelle, for whom the tape was a “heavy weight” he carried for 12 years, furnished the recording to Mediapart in 2012.

2 Questions are now being asked about his privileged relationship with the pharmaceutical companies and whether it affected his work for the government in 1988-1991 and, given his access to health officials, afterward; what exactly was the nature of the “purely technical advice” he gave to Big Pharma at his consulting agency – did it amount to government access?; whether it’s true that many of his hair transplants were done off the books. Finally, what is the real extent of his wealth, and how was it acquired?

3 « S’il y a bien une officine qui avait comme clients français des personnalités du show-biz, des grands capitaines d’industrie, et des hommes politiques, c’est Reyl. » Unnamed sources can say whatever they like. Unlike the average rumor mongers, Mediapart’s sources in L’Affaire Cahuzac have been proven right. Believe what you like.

4 Swiss-Asia is a “booking platform” operating between banks and financial management companies in different countries. Its on-line prospectus says, “Swiss-Asia Holding Pte. Ltd. operates from the core of its investment universe, where proximity and access to investment opportunities make it possible to produce superior returns with a pro-active and efficient risk monitoring. While Swiss-Asia’s mission is to build a sustainable “East meets West” style of Asset Management out of Singapore and Hong Kong, its dedicated team strives itself to provide High Net Worth Individuals, Financial Institutions and Corporate clients with the best-in-class asset-management, advisory and execution services.” Which reads like it was written on Ecstasy on the sundeck of a yacht passing through the Straits of Malacca.

Plenty more Bing here: 

 

Dec 032012
 

TERRORS AND IDYLLS OF THE EXILE

Iddhis Bing

This is NOT a political piece like many of the worthy and informative articles on 99 GetSmart. Every once in a while the present writer gets out and into trouble of a different kind. 

It could be nothing more than a freak of geography, wherein God’s Creatures are tossed around the globe like so many storm-tossed mariners but even taking that into account, the sheer strangeness of the occasion is worth musing on for a minute or two: a small circle of Americans, none of them church-going, most of them strangers to one another, sitting around a cocktail table in the night club of a corporate hotel, where water was unthinkable and a glass of wine 29 Euros; the platonic, pre-fabricated cocktail table itself, the same in every dive the world over: there might be one factory on the whole planet, in Chicago, Cuzco or Mandalay that makes every single one of them; three quarters of us strangers to each other, black and white, who would never so much as look in the hotel door or even go down that block in our day to day, our knees knocking against the lip of the table (which may be the reason for the explosion later on), sitting in an environment faux to the max, everything “pre-designed” and meant to signify a certain easy complacency with the ways of the world; all of us there for one purpose beyond the unspoken one of sitting in a small circle with unknown others who may or may not have shared our reasons for exile, or even our taste – because we were all Americans in Europe, and however often that sort of gathering ends up a real disaster, we were willing to chance it. That purpose being to hear a small group of gospel singers, who were willing to sing for us sinners in an environment that shouted hoshannas to easy money from every corner.  We were grouped around the table for the simple reason that we came from the same wilderness, the forest of America, a country now so far away we might not even be able to find it on a map.

We came to hear the Baptist-Methodist delivery of Sweet Jesus, who no matter how endlessly he procrastinates over his return – and where actually would he go to be received hospitably? A certain irreducible number of Americans are sure it must be the U.S.A. but, by God, we’d have that socialist hanging from a tree before the sun went down – delivers musically.

The waiter was, like the song says, very kind. No matter how many times we said “pas encore” when he came for our order, he smiled and deferred. A Kabuki drama, full of deference and hidden motives. We were playing a role, that of indigent Americans on foreign soil, no less than he, who isn’t a waiter when he’s at home. We had snuck in the side door, so to speak: one of our party was related to the oldest and most venerable of the singers, Elsa Harris, who has joined the Victory Singers for a brief tour of the Continent. And there we were, not buying drinks, getting to know each other, and listening. I don’t know how often black and white sit down together in the States these days, but it isn’t often; and less so here. What did I have to do with the religious message of Jesus this and Jesus that? Absolutely nothing. But tonight at least, Jesus wasn’t going to be denied, here on the home ground of the cults that made his name. (To compress two thousand years of history into a single sentence, if Paul hadn’t ventured to Greece and Peter to Rome, no would even know who the troublemaker from Galilee is.)

So there we sat, thirsty in a temple of Mammon, listening not to some dumb hotel jazz but voices: heavenly, ardent, righteous. We watched in a kind of open-eyed stupor.

Someone someday should do a full-length study about the way the Godless French flock to gospel performances, the price of the ticket, the way they sit there agog as if they were, finally, after a weary week of the worst despotism imaginable – the ordinary – at an authentic happening, and how, within twenty minutes or less, they are smiling, clapping and flapping their arms like the rawest yokels at the county fair. Well, the French are notoriously ever in search of a new exotic flavor – but surely they do not believe. So they are once again playing a role. And yet… What sounds to me like the worst pandering to Jesus, emblematic of just how primitive religion is in my country, they applaud more fervently than they ever did the Belgian priest LeMaitre’s announcement that the universe is expanding infinitely in all directions. When we come over, the Euros like to see us primitive, in bear skins if possible, chanting a noisome litany of pseudo-sacred truths. It reassures them.

It is for that reason among many others that I cannot completely convince myself that Europe is so very done with God just yet. He is, I suspect, waiting in the wings somewhere, fidgeting, eager to try on a new outfit of shiny, theatrical garb. Where and when are the questions. Make of that what you will.

The Victory Singers are a small group, five ladies and two men, one piano, and not one of those enormous choirs decked out in flowing robes whose posters adorn public walls in city after city here on the Continent, leading one to the suspicion that there are many wise black folk who have decided that singing for their supper in Europe is a far better deal than heading home to be an unemployment statistic and member of a race that some 47.3% of my countrymen will never truly accept as Americans at all. (“So happy to be here among the real people,” the pols whistle when they land in rural Kansas or South Carolina.)

(I know: Obama won reëlection resoundingly despite the fact that he is a savage, tom-tom beating African bent on hauling America against its will to a socialist paradise. It must have happened because… because an influential and odious character named Withers, who happens to be a cartoon, came out for Romney, and that gave America pause to think. Stranger things have happened. In any case, America is not to be understood – it kills those who try; it can only be accepted as is, contradictions intact.

What was it like for a white Christian in the South to go into the voting booth and, against pressure from his preacher and his boss, vote for a man they are taught to despise? That interests me. Of course they routinely vote for men who cannot be trusted with either their dollars or their daughter…)

And so there they were on stage in jeans, eloquent testimony to the Poor Church which, no matter the indignities of the week, gets up early Sunday to testify that God is with them each step of the way, a claim I find absurd but not laughable, utterly unproven but worthy, for a host of reasons, of respect.

And what did they sing? Our Homeric Hymns, the originals lost, replaced by a multitude of versions derived from the first template, variants comingling in the spirit, each telling a different story depending on who steps up to sing it. No one should be shocked to hear lines in Tell ’em I’m a Child of God appear to very different ends in Don’t Think Twice, It’s All Alright. Or perhaps the singer in the Detroit church where Child of God was recorded listened to Dylan… – nothing out of the ordinary there. But if you trace the song back, you will end up not with a modern day believer singing for Jesus but a fugitive, an escaped slave, rain-soaked and shivering, who had no name to give him or herself and nothing more than A Child of God as a password and a desperate hope of shelter. An exile, in short, in his or her own country. That may or may not fit your definition of political but it is the human context in which many gospel songs were born.

I don’t know if I have conveyed the full strangeness of the evening, which seems to me now to have taken place in a hall of mirrors that would beggar Versailles. What were the Victory Singers doing at Le Méridien Etoile, an American chain of businessman’s hotels near Porte Maillot? There they were, five robust ladies testifying to the power of the name Jesus on the small stage of the imaginatively named Jazz Club (no Sluggos or Five Spot for the corporate set) and there we were in the front row, stranded until one of our party gave in and confessed, “Ah, hell, my husband died. I ain’t poor these days. I’ll go a round.”  (How often do Methodists or Baptists or Seventh Day Adventists play for the cocktail crowd?) And there they were, the French making up the majority of the audience, there because they were staying in the hotel and it beat a Friday night watching television, or because even with the lowest rate of church attendance in Europe, their magnificent cathedrals empty of believers, they wanted to hear evidence of those who do believe. Vicarious thrills. And like I say, they put on, in their awkward way, just like mountain folk who come down from the hills to see some two-headed miracle.

Fiery condemnation will get you nowhere except a pulpit and, in any case, the occasion was too strange and sublimely discordant for such judgments. The only thing that could have topped the proceedings was if they announced that a production of Leroi Jones’s Dutchman would follow the second set. I wonder if the small crowd would have gone for that.

As it was, we had to content ourselves with the lady a few feet away who got a little too into it, kneeing the cocktail table and sending her tall, 50 Euro phizz flying into the air. It promptly landed and gave her a nice bath in Coco-Schnapps or whatever she was drinking. Uproar. Catastrophe. Something for the waiters to do – at last. They leapt into action with napkins and condolences. The singers kept belting it out the whole time.

The Victory ladies were a bit agog themselves. They had been to the Eiffel Tour earlier in the day for the first time in their lives. The piano player sighed wearily, “I stayed in bed. I’ve already done it three times,” (you can interpret that any way you like) but the ladies were beaming. Not a cathedral – the Eiffel Tower, which no Parisian goes near.                                    Iddhis Bing December 3, 2012

Feb 172012
 

 

* YO NO PAGO! REPORT FROM BARCELONA BY MIKIFUS

Source: Take The Square

I’m going to make a report, explaining my personal view of some of the last protests in Spain, wich I think could be really interesting in many other places.

This is the situation:

In Spain, public transport is being affected by the austerity and the companies decided to lower the salaries, fire the employees and increase the price of the service. There was no needing of anything of this, they’re just taking profit.

Also, the public transport increases every year the price, it’s normal because salaries also increase.
This year the salaries are freezed because of the crisis (only some governors increased theirs…), so the price of the transport shouldn’t increase.

Well, they did it, 12% of increasing. So fucking nice, privatization of healthcare, families on the streets, closing of public schools… Everybody is having fun.

This is the reaction:

Most of people does nothing, you know.

Well, public transport it’s not a basic need, so it’s nothing to care so much, there are worse things out there. But the ideas on how to solve it are really interesting: an increase of price has become an opportunity to use the services for free!

Based on the greek movement, we are starting one with the same name: “I don’t pay”, in spanish: “Yo no pago”. Of course Occupy/15m gives support and the movement medias are being used to collaborate.

This movement started with a massive jumping inside the metro (underground,subway I never know how to call it in english), it was a success and yesterday the did it again.

Yesterday in Madrid the metro station was sorrounded by a lot of police and 5 persons were arrested, the protesters made also an improvised demonstration.

In Barcelona was so nice, nobody did nothing to stop it, the doors were open and blocked for hours and workers or police didn’t care. Everybody could enter for free and some random people also joined the demonstration inside the midtown big station.

You’ll find photos and videos here: https://twitter.com/#!/search/yonopago

These ones are great: http://yfrog.com/h65vvbrj
http://www.youtube.com/watch?v=PltYATuelmg

And today I was surprised when reading about a new parallel movement: “Yo no paro”, in english: “I don’t stop”, literal translation makes it not understandable, I would call it “I won’t stop them”. This is a calling made by the public transport workers from Madrid, they said that they’re not going to ask the people for the tickets nor stop them when jumping the doors in solidarity with the “yo no pago”.

READ and VIDEO @ http://takethesquare.net/2012/02/02/yo-no-pago-report-from-barcelona-by-mikifus/

PHOTOS @ http://yfrog.com/h65vvbrj

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* ALTER(NATIVE) TV

Source: When the Crisis hit the Fan

Alter TV's offices (Photo: Kostas Kallergis)

[…] This is the story of Alter TV, one of the 6 private free-to-air channels in Greece.

The station is in a state that we call is “epischesi ergasias” (επίσχεση εργασίας), a phenomenon of the Greek job market I presume. So what is it? It’s something like a strike. When an employee owes several salaries to his employees, they have the right to proceed to an “epischesi ergasias”, which means that they still go to work, but are refusing to work because of the employer’s arrears. The difference with the strike is that they are not losing their wages while practicing it. They go to thei posts to show their readiness to work (though refusing to produce) and, in some cases, to protect the company’s personal (movable) property in case of bankruptcy. But let’s take the story from the beginning.

According to its employees, Alter TV got into financial trouble last year but managed to re-emerge as the second (and at times first) most popular news channel (based on the main news bulletins’ ratings). The channel is mainly owned by three men, the father and son Kouris and Kostas Giannikos who was also responsible for the day-to-day running of the place (the Kouris family had 51% of the shares, Giannikos had 25% and the rest was free floating on the market). In the past years he went on a borrowing spree, getting loans in the name of the Alter TV and then using them to create a network of sister companies which were totally depended  on Alter. A music company, Legend, which produced music CDs that were advertised solely on Alter. Modern Times was a publishing house whose books were also heavily advertised by Alter. At a time when publishing houses could not afford to advertise books on TV, Modern Times could advertise any piece of junk they wanted on prime time and see them easily in the Top-10 list. The employees of the channel were employed not only to produce the channel’s programs but a series of tv ad clips which were done for the sister companies at a dirt cheap cost. The station also sold great parts of its advertising time slots in advance without securing a constant cash flow. As a result, when the Greek financial crisis became a fact in this country the station went into trouble. The employers started owing a month’s salary at the beginning and were paying their employees at an increasingly unpredicted way. A salary after 1,5 month, another one after 2 and so on.

Right now the owners owe between 8 and 12 salaries to their employees who have been in a state of “epischesi ergasias” for more than 2 months. Kostas Giannikos left the company and focused on his other companies which also ran into financial troubles. The employees at his financial newspaper “Investor’s World” are also in a state of “epischesi ergasias” now. Alter TV’s new Board of Directors has told the employees that there is a possible investor who is willing to take over the channel but they can’t mention his name. According to their plan, out of 650 employees about one third (286 employees) will have to be laid off. They’ll get 70% of what is owed to them and will receive their compensations after 12-24 months. The ones who’ll stay will get 60% of what is owed to them, they’ll have to work for free for the coming months until the company officially enters the protection of Article 99 (Bankruptcy Law which protects about-to-bankrupt companies from creditors). Oh yes, there will also be a renegotiation (sic) of their salaries with 10%-30% cut according to their previous salaries.

The employees did not accept this proposal and are waiting for another solution. In the meantime they have been using the station’s frequency to broadcast messages against the owners, the Kouris family.

As they told us, it was their reply to a cheap and dirty propaganda war launched by the Kouris family against its own employees. This can best be depicted by a front page of Avriani newspaper (owned by the Kouris family) which, at an attempt to blame and shame the employees, gathered all salary expenses in the past two years, including the salaries of celebrity tv presenters, changed the amount to drachmas and published this: […]

READ / PHOTOS / VIDEO @ http://whenthecrisishitthefan.com/2012/02/16/alternative-tv/

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* GREECE IS OUT OF TIME, AGAIN

By Yves Smith, NakedCapitalism

There is definitely something odd happening in Europe. I can’t quite put my finger on it, so I thought I would list out my musings on the topic and see what I can come up with.

Firstly, overnight there was talk that the ECB appears to have entered into a bond swap deal with Greece:

The national central banks in the euro zone are set to exchange their holdings of Greek bonds into new bonds in the run up to a private sector debt deal to avoid taking any forced losses, euro zone sources said on Thursday.

The euro zone is putting the finishing touches to a second bailout deal for Greece for finance ministers’ approval on Monday, paving the way for a debt swap with its private creditors needed to avoid a ruinous default in March.

The deal, which aims to halve in nominal terms what Greece owes to investors, slashing its debts by 100 billion euros, is set to include a legal requirement for bondholders to accept losses. This would have put the ECB in a tricky position, leaving it open to claims it was financing governments. […]

READ @ http://www.nakedcapitalism.com/2012/02/greece-is-out-of-time-again.html

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* BANKERS OCCUPIED EUROPE AND AMERICA

By Stephen Lendman

[…] Attorney Dimitri Lascaris has family in Greece. His sister’s letter explained harm times there, saying:

In fall 2009, their family income declined. Their carpentry business only works sporadically. Customers with outstanding balances can’t pay. They prioritize other obligations like food, rent, mortgages, water, electricity and health insurance, etc.

“Slowly, cash has become more and more scarce for our customers, and therefore for us.”

In 2012, empty stores with rent signs are everywhere. Businesses still operating feature sales with 50 – 70% discounts. Once crowded markets became “deserted urban centers.”

“Suicides, drug abuse, prostitution, and crime have infiltrated village life….Other friends of ours have died of heart attacks, stressed to the limit by debt, or worse, the loss of their cars, homes,” and livelihoods.

Businesses have to beg customers to pay something, anything “because food or heat in the dead of winter has become an issue for us….We are all now at the mercy of anyone with money at hand to help our family survive, let alone aspire to a better life.”

The same scenario threatens Europe, especially in troubled Eurozone countries and Latvia where wages were slashed 30% and people haven’t enough to live on.

The more pounds of flesh extracted, the less able economies can grow. Greeks must either leave or rebel. The alternative’s letting politicians and bankers bleed them dry. There’s no in between, and what’s happening there’s heading for Portugal, Italy, Spain, Ireland, and eventually all Europe, Britain, and America. […]

READ @ http://sjlendman.blogspot.com/

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* AUSTERITY IN GREECE: THE ‘SHOCK THERAPY’ KILLING THE PATIENT

By Common Dreams Staff

As Greek officials continue negotiations with their creditors over further austerity measures demanded to receive a bailout package, years of harsh cuts have been steadily unraveling Greek society with soaring unemployment, increasing homelessness and financial insecurity.

France 24 reports that the middle class is disappearing with people living “on the brink”:

Jobless rates in Greece are soaring, with nearly 21 percent of the total active population, and roughly 50 percent of those under 25 years-old, unemployed. Maria (not her real name), in her thirties, has a good job in the Greek labour ministry. She thinks the real unemployment figures are considerably higher than the official numbers cited by authorities. “Many people are not registered as job seekers,” she said. “Often they’re hopeless; they think that declaring themselves as unemployed won’t help them get anywhere.” […]

‘People living on the brink’

“With my situation here five years ago, I would have considered buying an apartment,” Maria explained. “Today, it’s impossible. We don’t even plan on having children now, because it would be too hard to raise them in proper conditions.” In less than a year, her salary was cut by more than 18 percent. “And I was hired after the biggest salary cuts for civil servants [imposed after the first austerity plan in May 2010].” […]

The lowering of the minimum monthly salary for those under 25 years of age from 586 to 360 euros has certainly not helped young Greeks trying to make ends meet. “On 586 euros a month, you may be able to live with a roommate and have enough to eat every day in Athens,” Maria said. “But you can’t pay for transportation, telephone or internet bills. Everyone seems to think it’s only about numbers and figures, but 11 million Greeks are affected. The middle class is disappearing; there is no working class, only people living on the brink.” […]

READ and VIDEO @ http://www.commondreams.org/headline/2012/02/16-2

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* THE FARCE-HOLE GETS DEEPER: OBAMA’S “ROBO-SETTLEMENT FOR VOTES” COST TO TAXPAYERS: $40 BILLION

By Tyler Durden, ZeroHedge

Plunging deeper into the farce-hole, the FT reports tonight that Obama’s foreclosure settlement with the banks over their improper seizure of tax-paying US citizens’ homes will in fact be subsidized by those very same US taxpayers. It is a hidden clause (that has not been made public yet) that allows the banks to count future loan modifications under the $30bn (taxpayer funded) HAMP initiative towards their $35bn agreement to restructure obligations under the new settlement. As the FT goes on to note, BofA will be able to use future mods made under HAMP towards the $7.6bn in borrower assistance it is committed to provide – which means, in a (as TARP inspector general Neil Barofsky describes) ‘scandalous’ turn of events the bank will receive payments for averting a borrower default and be reimbursed by the taxpayer for the principal write-down. We have much stronger words for how we are feeling about this but Barofsky sums it up calmly “It turns the notion that this is about justice and accountability on its head”. Are the Big Five banks truly beyond the law?

FT: US Taxpayers to subsidize $40bn housing settlement

>US taxpayers are expected to subsidize the $40bn settlement owed by five leading banks over allegations that they systematically abused borrowers in pursuit of improper home seizures, the Financial Times has learnt.

[…]

As if the banks have not been spoon-fed enough over the past three years? We look forward to the mutually assured destruction spin (what would happen if they had to ‘spend’ that money themselves?) that will be propagandized should this be questioned openly and perhaps a glance at the level of bank reserves sitting on the Fed balance sheet might bring the citizenry off the couch, away from American Idol, and at minimum write a sternly worded text message to their closest BFF on Facebook.

Just to be clear: the guilty party in a fraud against taxpayers has their ‘punishment’ paid for by the innocent taxpayer who had the crime committed against them? ok, thank you.

READ @ http://www.zerohedge.com/news/housing-settlement-be-taxpayer-funded-confirming-big-five-banks-are-beyond-law

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* CONSUMER FINANCIAL PROTECTION BUREAU LAUNCHES “MAKE LIFE EASEIR FOR LOBBYISTS” TOOL

By Yves Smith, NakedCapitalism

I’m pretty gobsmacked by the link (hat tip reader Scott S) to a webpage at the Consumer Financial Protection Bureau which says it is written by Richard Cordray: “We want to make it easier for you to submit comments on streamlining regulations.”

There is more than a little bit of NewSpeak in this idea. “Streamlining regulations” is generally right wing code for “eliminating/relaxing regulations.” Admittedly, Elizabeth Warren during her brief time as de facto head of the nascent CFPB, proposed and launched a project to simplify mortgage disclosure forms to combine two required forms into one and make them easier to understand. Banks, needless to say, opposed the idea.

Warren has long believed that improved disclosure for retail products was a win-win for consumers and financial services firms. I saw her speak in March 2010 and she mentioned how a standard credit card agreement in 1980 fit on one piece of paper. Today, with all the various riders, they come in at 30 pages. While greater clarity is obviously beneficial to the borrower, it also saves the banks’ costs. […]

READ @ http://www.nakedcapitalism.com/2012/02/consumer-financial-protection-bureau-launches-make-life-easier-for-lobbyists-tool.html

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* U.S. TO CUT FUNDS FOR WATER TESTING AT BEACHES

The EPA plans to cut $10 million in grants it gives annually. Water quality advocates worry that swimmers and surfers will be at even greater risk of illness.

By Tony Barboza, Los Angeles Times

Health testing at beaches in California and across the nation is at risk of being cut under a plan to eliminate federal funds for monitoring whether the water is too contaminated to swim in.

Citing the “difficult financial climate,” the U.S. Environmental Protection Agency said in its budget request this week that it would do away with $10 million in grants it gives each year to state and local agencies in coastal and Great Lakes states to test for tainted water.

“While beach monitoring continues to be important to protect human health and especially sensitive individuals,” the EPA said in an emailed statement, “states and local governments now have the technical expertise and procedures to continue beach monitoring without federal support.”

But state and local officials have struggled to pay for health testing along California’s busy coastline in recent years, and water quality advocates worry that swimmers and surfers will be at even greater risk of getting sick if the federal funds evaporate.

The proposed cuts come as the agency is drafting new nationwide beach water quality standards, which have been panned by environmental groups as being even weaker than the 1986 rules they replace. […]

READ @ http://www.latimes.com/news/local/la-me-0216-beach-testing-20120216,0,7019192.story

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* FACE MASKS, SNIPERS AND AERIAL SURVEILLANCE: CHICAGO’S NEWEST ANTI-PROTEST MEASURES REVEALED

By Yana Kunichoff, Truthout

[…] As part of the expanded powers given to Mayor Rahm Emanuel for the May summits, the city has authority to accept contracts for goods or services without approval of the City Council or the expected competitive bidding process. The face shields and aerial surveillance technology are the first use of this allowance.

Chicago police officers, and any law enforcement the city chooses to deputize under the measures put in place for NATO/G8, will be equipped with 3,000 new face shields that “will fit easily over gas masks,” according to The Chicago Sun-Times.

[…]

Chicagoist also reported that Chicago will get the latest in aerial surveillance equipment, according to the press release from a company called Vislink:

The airborne units will transmit to four strategically located ground-based receiver sites providing city-wide coverage and the ability to simultaneously receive real-time images from two aircraft for viewing at the Office of Emergency Management and Communications (OEMC) operations center. An additional three receive systems will be installed in the city’s mobile command vehicles to facilitate field operations. […]

READ @ http://www.truth-out.org/face-masks-snipers-and-aerial-surveillance-chicago-newest-anti-protest-measures-revealed/1329343318

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* INSTEAD OF BEING DISGUSTED BY POVERTY, WE ARE DISGUSTED BY POOR PEOPLE THEMSELVES

Empathy has crashed. No more cruel to be kind. We must simply be cruel.

By Suzanne Moore, Guardian UK

She is there whenever I go the shops. Every time I think she can’t get any more skeletal, she manages it. Wild eyes staring in different directions, she must have been pretty once. I try not to look, for she is often aggressive. Sometimes, though, she is in my face and asking me to go into the shop, from which she has been banned, to buy her something. A scratchcard. She feels lucky. “Maybe some food?” I suggest pointlessly, but food is not what she craves. Food is not crack. Or luck. She has already lost every lottery going.

An addict is the author of their own misfortune. Her poverty is self-inflicted. All these hopeless people: where do they all come from? It is, of course, possible never to really see them, as their distress is so distressing. Who needs it? Poverty, we are often told, is not “actual”, because people have TVs. This gradual erosion of empathy is the triumph of an economic climate in which everyone, addicted or not, is personally responsible for their own lack of achievement. Poor people are not simply people like us, but with less money: they are an entirely different species. Their poverty is a personal failing. They have let themselves go. This now applies not just to individuals but to entire countries. Look at the Greeks! What were they thinking with their pensions and minimum wage? That they were like us? Out of the flames, they are now told to rise, phoenix–like, by a rich political elite. Perhaps they can grow money on trees?

Meanwhile, in the US, as this week’s shocking Panorama showed, people are living in tents or underground in drains. These ugly people, with ulcers, hernias and bad teeth, are the flipside of the American dream. Trees twist through abandoned civic buildings and factories, while the Republican candidates, an ID parade of Grecian 2000 suspects, bang on about tax cuts for the 1% who own a fifth of America’s wealth. To see the Grapes of Wrath recast among post-apocalyptic cityscapes is scary. Huge cognitive dissonance is required to cheerlead for the rich while 47 million citizens live in conditions close to those in the developing world. […]

READ @ http://www.guardian.co.uk/commentisfree/2012/feb/16/suzanne-moore-disgusted-by-poor

AUDIO: America’s Poor @ http://www.bbc.co.uk/iplayer/episode/p00nm3fm/Assignment_Americas_Poor/

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* 5 LESSONS FROM THE RISE OF THE BRICs

By Derek Thonpson and Max Fisher, The Atlantic

In 2001, Jim O’Neill, the chairman of Goldman Sachs asset management, famously predicted the four fastest-growing emerging markets for the decade. We know that foursome by the acronym BRIC: Brazil, Russia, India, and China. That the economic world remembers his prediction owes as much to the handiness of the acronym as it does to the accuracy of his forecast. China, India, and Brazil are among the most dynamic and exciting emerging powers in the world. Indeed, to call them “emerging” feels like a slight. India is the world’s largest county, China the world’s largest manufacturer, and Brazil the Western Hemisphere’s most vibrant expanding consumer economy. (Russia, the runt of the group, is beset by awful demographics and a weak private sector outside of its natural resources.)

As investors and economic analysts cast about for the next batch of high-growth markets, let’s pause to recall the lessons from the BRICs: (1) Work on the middle-income transition plan; (2) Trade, trade, trade; (3) state capitalism can work; (4) corruption kills; (5) strong civil society matters. […]

READ @ http://www.theatlantic.com/international/print/2012/02/5-lessons-from-the-rise-of-the-brics/253045/