Until the European Commission shows it has learnt the lessons of the 2008 financial crisis and demonstrates the political will to re-regulate the financial sector, it will be unable to resolve the crises in Greece, Ireland and Portugal
"The banks are ours!" Public money was used to bail out the banks, and now they are lending back to the public at interest, while governments ignore the social and environmental crises that confront society. It is time to demand real solutions that will work not only for the sake of the economy but for the lives and conditions of people on whom it depends.
After a brief period of destabilisation, self-justification and the occasional mea culpa, the very people and institutions that plunged the world into crisis have re-emerged unscathed, as the fount of truth and all reasonable policy.
This paper dissects the Japanese bubble economy in the late 1980’s and early 1990’s and the Asian Financial Crisis in 1997-98 and shows how they shaped Asia’s capacity to deal with and respond to the 2008 global financial crisis. It looks at how China emerged seemingly unscathed, but warns that the inroads of speculative financial capital into China and East Asia along with ongoing problems of over-production means that a future financial crisis is highly probable.
On 8 June the EU Parliament will vote on our response to the Eurocrisis: sign this petition by ATTAC asking them to reject the neoliberal austerity package which will make the public pay for the bank's crimes. There are alternatives to austerity.
The Greek crisis has exposed the fundamental flaws in the Euro project: it stripped countries control over the price of money and allowed political elites to undermine Europe's post-war social contract.
The Irish government announcement of a €34 billion Euro bailout, two years after the financial crisis first broke, is a reminder that little has been done to prevent it happening again just as the social costs are becoming ever more evident.
Walden Bello shares some reflections on the meaning of Seattle for change in knowledge systems, discusses how despite the deep crisis of neoliberalism, finance capital has managed to retain tremendous power, and appeals for a new comprehensive vision of the desirable society.
At the turn of the 21st century, farmland was still considered an investment backwater by most of the financial sector. Although some insurance companies have had farmland holdings for years, most financial investors found farmland, and agricultural investment in general, unappealing compared to the much higher returns to be made in financial markets.
Against all expectations, financial capital has emerged even stronger after the financial crisis having staved off regulation and putting the blame on public spending. But its victory is likely a pyrrhic one as a new crisis looms, one in which the global public could learn from victories such as reforms in Iceland and finally reassert its control over money.