Finance

Finance

Stabilisation is worse than depression

June 2009

Russian officials have become optimistic again. Russia’s President Dmitry Medvedev criticizes his Minister of Finances Alexey Kudrin in public because he said that Russia’s favorable economic trends had become a thing of the past, and the Central Bank representatives joyfully speak about the growth of gold and currency reserves.

The illusion of stabilization

May 2009

There has been a distinct deficit of good news lately. News influences financial markets, and that is why leaders try to organize, distribute and manipulate the news in such a way as to convert today's headlines into tomorrow's quick profits.

The trillions that governments around the world have spent since the crisis broke out have been spent more on producing positive headlines than in instituting measures to halt the crisis.

Will China save the world from depression?

May 2009

The world is looking at China to save it from depression, but China has built its export based economy on the backs of its rural population, which is too poor to absorb the industry's output now that global demand has slumped.

Fix the crisis, not the bank’s profits!

TNI
European Cross-Sectoral Network on the combined crises
May 2009
We call upon the UN Conference on the World Financial and Economic Crisis and its Impact on Development (1- 3 June 2009), and especially the European leaders attending the event to focus on reforms that directly benefit people and the planet.

We speak as representatives of a network of European civil society organisations across many sectors, demanding a strong political change of direction. The current system results in food, climate, energy, social, financial and economic crises.

Debating Europe: The EU – ASEAN Free Trade Agreement: Region-to-region versus the bilateral approach (Video)

TNI
Charles Santiago, Helmut Markov, Ignacio Garcia Bercero
May 2009
"ASEAN should build a different kind of regionalism and not sign bilateral Free Trade Agreements with the EU", says Malaysian MP Mr. Charles Santiago in Brussels in a debate with Mr. Bercero, chief negotiator for the EU in the EU-Korea FTA and Mr.

Capitalism’s crisis and our response

April 2009

Speech delivered at the Conference on the Global Crisis sponsored by Die Linke Party and Rosa Luxemburg Foundation, Berlin, March 20-21, 2009. Week after week, we see the global economy contracting at a pace worse than predicted by the gloomiest analysts.

G-20 Summit sorely disappoints

April 2009
UK Prime Minister Gordon Brown may have declared the death of the Washington Consensus. However the G20 summit’s decision to entrust the most neoliberal institution of the IMF with overseeing the process suggests we have missed a precious opportunity for radically reforming the global economy.

The media hype over the build-up to the London summit of the Group of 20 representing the world’s biggest economies, and over the meeting’s atmospherics, was dismayingly followed by a stunning silence on the content of its decisions and their implications.

Socialism for bourgeoisie

April 2009
The Russian elite and world leaders support the same strategy to deal with the economic crisis - saving the rich by combining the worst traits of the market capitalism with the most inefficient forms of government regulation, writes Boris Kagarlitsky.

In contemporary Russia there is a popular fad to discuss economic crisis at different round tables and forums.

A tested approach to taming troubled assets

TNI
Howard M. Wachtel
April 2009
Instead of government purchasing the troubled assets, why not try a solution that has been tried before, asks Howard Wachtel - the Treasury could issue special bonds and swap them for the toxic assets held by financial institutions.

Those troubling troubled assets: What should the U.S.

London Econ Summit: Born of Good Intentions, But Ends in Disastrous Results

Robin Broad
April 2009
The governments of the largest economies in the world walked out of the summit with a plan that takes the global economy three big steps backwards.
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