Economic crisis continues, but not for the rich


This video from Ireland says about itself:

Demonstration organised by ICTU against a Government with no mandate to impose severe cuts and Tax rises! All of Christy Moore singing Working Man, and some of Fintan O Toole’s thoughts.

By Nick Beams:

After the Irish bailout: The financial wolf pack targets new victims

1 December 2010

It is doubtful where there is any greater degree of mystification, in any sphere of economics or politics, than in the way financial market operations are described.

The so-called Irish bailout announced last Sunday is a striking case in point. What has taken place is not the bailout of Ireland. Rather, the Irish government has agreed to the demands from international financial markets that all the resources of the state be deployed to ensure that all Irish debts and financial assets held by banks and financial institutions are paid in full, at the expense of the working class. In other words, it is not “Ireland” that has failed and requires a bailout, but the holders of Irish debt—the European and international banks.

The agreement is expected to cost Irish families an additional €4,000 each, on top of the €4,000 they are estimated to have lost already. And, as if to emphasise that there is no line it will not cross in order to meet the rapacious demands of the financial markets, the government agreed that pension funds would contribute €17.5 billion to the bailout.

No sooner was the agreement announced, however, than the financial wolf pack began lining up its next target … Portugal, Spain or possibly Belgium.

The deepening European financial crisis underscores the fact that the collapse of the US investment bank Lehman Brothers in September 2008 was not the result of a cyclical downturn, which would be followed by “recovery”, but marked the beginning of a breakdown of the entire post-war global capitalist order.

Spain, along with Portugal, has become one of the central targets of financial market demands for further austerity measures directed at the working class: here.

Ireland’s Lesson: Take Democracy Back from the Banks: here.

Just hours after Obama pledged to work more closely with Republicans in slashing social spending, the US Congress Tuesday allowed extended unemployment benefits to expire for workers laid off for more than 26 weeks. More than 800,000 workers currently receiving extended benefits will be cut off by the end of next week, with the number increasing to two million by the end of December and five million by April: here.

For 800,000 jobless Americans, their only lifeline will run out in 14 hours. Will Congress act? Here.

As colleges throughout the United States slashed admissions, laid off staff, and raised tuition, pay for college presidents continued to soar: here.

Tax Cuts for CEOs: Good for Business of Just for the US Chamber? Here.

Two reports on executive remuneration reveal that Australia’s corporate and financial elite are taking home millions of dollars while workers and their families suffer increasing levels of financial and social stress: here.

6 thoughts on “Economic crisis continues, but not for the rich

  1. Pingback: Irish anti-austerity resistance | Dear Kitty. Some blog

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  4. Pingback: Irish voters punish pro-capitalist government | Dear Kitty. Some blog

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  6. Pingback: Financial crisis continues | Dear Kitty. Some blog

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