US stocks soared in the final hour of trading Tuesday after the Federal Reserve Board pledged to keep its benchmark interest rate at its current level of zero to 0.25 percent at least until mid-2013: here.
Ellen Brown, Truthout: “On Thursday, August 4, the Dow Jones Industrial Average fell 512 points, the biggest stock market drop since the collapse of September 2008. Why? Weren’t the markets supposed to rebound after the debt ceiling agreement was reached on Monday, avoiding US default and a downgrade of US debt? So we were told, but the market apparently understands what politicians don’t: the debt deal is a death deal for the economy. Reducing government spending by $2.2 trillion over a decade, as Congress just agreed to do, will kill any hopes of economic recovery. We’re looking at a double-dip recession. The figure is actually more than $2.2 trillion”: here.
This video from the USA is called Detroit area workers, retireees speak out on social spending cuts.
Some 30,000 Michigan college students have been removed from the state’s food stamp program: here.
Notes on the social crisis in America: here.
While Many Americans Struggle to Pay for Food, the Rich Are Back Buying $2495 Pairs of Boots: here.
US Spends Six Times More on Defense Than China, Iran and North Korea Combined: here.
USA: The walkout by 45,000 telecommunication workers against Verizon is entering its fourth day after “informal” talks between the company and unions produced no results Monday: here.
Verizon’s Workers Strike Back at Corporate Greed – You Can Join Them: here.
Telecoms firm Verizon launched legal action in New York on Wednesday in a bid to prevent strikers from picketing facilities: here.
Greece’s main civil servants’ union announced today that it will file lawsuits against the nominally Socialist government over its €50 billion (£44bn) privatisation programme: here.