Financial crisis update


This video from the USA says about itself:

Bank of America Demonstration-Rubie Curl-Pinkins

Why is Countrywide and their law firm Trott & Trott evicting a 72-year-old disabled woman from her home of 45 years, rather than accepting full payment for the house?

See http://www.moratorium-mi.org

Today, the world economic crisis continues.

Worst week for global markets since 1929: here.

Australian share market’s “black Friday”: another sign of economic crisis: here.

As share market plunges, political crisis in Thailand deepens: here.

Canada: Afghan war could cost in excess of $18 billion: here.

Ethiopian famine significantly worsens as Western powers fail to respond: here.

Turkish manufacturing sector hit hard by financial crisis: here.

NORTHERN IRELAND – MASSIVE NHS CUTS ON THE AGENDA: here.

The global economy is losing more money from the disappearance of forests than through the current banking crisis, according to an EU-commissioned study: here.

2 thoughts on “Financial crisis update

  1. OCTOBER 24-27: BAIL OUT THE PEOPLE, NOT THE BANKERS!

    A CALL TO ACTION
    Nationally Coordinated, Local Mass Actions

    The stock markets are crashing, the world economy is headed into a deep recession or even depression, and the U.S. government and its top bankers, along with their counterparts around the world, are giving what’s going to amount to trillions of dollars to bailout the richest 1 percent of the people WHILE DOING NOTHING TO RESCUE ORDINARY WORKING AND POOR PEOPLE!

    We must stand up and say no to this injustice! NOW IS THE TIME TO ACT.
    With that in mind, we are calling for Nationally Coordinated Local Days of Action on the weekend of October 24-27.

    Endorse – http://stopforeclosuresandevictions.org/stopforeclosuresendorseo27.shtml

    Volunteer/list local activity – http://stopforeclosuresandevictions.org/stopforeclosuresvolunteero27.shtml

    Donate – http://www.stopforeclosuresandevictions.org/donate.shtml

    Contact Us – http://www.stopforeclosuresandevictions.org/cmnt.shtml

    ****************************
    PLANNING MEETING IN NYC
    6:30 P.M. WEDS. OCTOBER 15
    SOLIDARITY CENTER
    55 WEST 17 ST, 5TH FLOOR
    MAIN AGENDA POINT: BUILDING A “BAIL THE PEOPLE OUT” RALLY ON WALL ST., FRIDAY, OCTOBER 24
    ****************************

    * During October 24-27, organize marches and demonstrations in front of banks, especially JP Morgan Chase, Bank of America, Wells Fargo, and Citibank, or at your local Federal Reserve Bank. Organize a teach-in or a public hearing on the Wall Street crisis, etc.

    IT’S TIME FOR THE GOVERNMENT TO DECLARE AN ECONOMIC STATE OF EMERGENCY AND GIVE DIRECT HELP TO THE PEOPLE–NOT THE BANKS

    The following are some of the growing list of emergency measures that people across the country will be raising at protests during the Days of Action:
    –Emergency moratorium on home foreclosures and evictions
    –No budget cuts in education, healthcare and all social services
    –No layoffs, extend unemployment benefits
    –No utility shut-offs
    –Debt relief for students, poor and working people
    –Protect public and private pensions
    –Jobs at a living wage

    We are asking for grassroots, community and youth organizations, trade unionists, anti-racist forces, the anti-war movement and everyone who’s just mad as hell about the “bailout” to both endorse this call, and take ownership of it. Plan actions during this period of time in your cities across the country.

    Partial List of Initiators:
    Ad-hoc National Network to Stop Foreclosures and Evictions
    Moratorium Now Coalition To Stop Foreclosures and Evictions (Michigan)
    Labor/Community Coalition to Stop Foreclosures and Evictions (L.A.)
    Service Employees International Union, Local 721
    Latino Caucus, SEIU Local 721
    Gloria Saucedo, Hermandad Mexicana Nacional
    BAYAN USA
    NY May 1 Coalition For Immigrant and Workers Rights
    Chris Silvera, Secretary Treasurer, Teamster local 808
    Brenda Stokely, New York Solidarity Coalition with Katrina/Rita Survivors
    La Peña Del Bronz
    Trabahadores Por La Paz
    Rebel Diaz
    Queers for Peace and Justice
    Women’s Fightback Network (Massachusetts)
    Frantz Mendes, President, USW local 8751 (Boston School Bus Union)
    Action Center for Justice (North Carolina)
    FIST (Fight Imperialism, Stand Together)
    Troops Out Now Coalition

    Endorse – http://stopforeclosuresandevictions.org/stopforeclosuresendorseo27.shtml

    Volunteer/list local activity – http://stopforeclosuresandevictions.org/stopforeclosuresvolunteero27.shtml

    Donate – http://www.stopforeclosuresandevictions.org/donate.shtml

    Contact Us – http://www.stopforeclosuresandevictions.org/cmnt.shtml

    National Network to Stop Foreclosures and Evictions
    c/o Solidarity Center
    55 W 17th St #5C
    New York, NY 10011
    617-522-6626
    http://www.stopforeclosuresandevictions.org

    Like

  2. “Will it work? Can they avoid a massive devaluation of capital across
    the board? I doubt it. It is likely too late to stabilise things in this
    way. Things have gone too far. The crux of the matter is that the whole
    “Atlantic” economy is in trouble, not just the financial sector.
    Consumption is collapsing in the United States, where it represents more
    than two thirds of total demand, and a good part of world demand.
    Fifteen per cent of the population is under water with their mortgages.
    Real wages in the United States have not risen since the 1970s and
    people are deeply in debt and their circumstances are eroding.
    Unemployment is way up and jobs are vanishing. Where the productive base
    of the economy is weakening drastically, a falling financial
    superstructure, finding the ground shifting under it, is unlikely to be
    able to right itself.

    “As for the politics of nationalisation of banks in the US and UK, one
    should not confuse this — as is all too common — with socialism or
    even radicalism, unless one is talking about socialism for the rich.
    This is just another desperate stop-gap measure aimed at preventing a
    full-scale debt deflation. But as a sign of the total collapse of the
    “US model” of “free market” finance capitalism, the moral and political
    consequences are vast.”

    Full article at http://links.org.au/node/677

    Like

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