The Dominion - Capitalism

Occupy Toronto survives Eviction Day

Tim McSorley — Fri, 18 Nov 2011 10:37:44 +0000

Occupiers, city, to present arguments in court today

TORONTO—November 15 was a whirlwind day for Occupy Toronto. Residents woke to the news that an eviction order had been issued for midnight that night. At the same time, word arrived that New York's Occupy Wall Street, the heart of the Occupy Movement, was being evicted from Zuccotti park. A morning march in solidarity with protesters in New York resulted in two arrests.

Bylaw officers soon entered the park, tagging tents and other structures with eviction notices. Camp organizers met with clergy from St. James Cathedral, which technically owns a portion of the land the camp is situated on, and a General Assembly convened to discuss potential responses. The camp buzzed with nervous energy as people prepared for an eviction and the possibility of police violence. A surge of support for Occupy Toronto became evident as the day wore on, with large numbers of people streaming into St. James, and prominent support coming from unions and even some celebrities, including renowned folk singer Gordon Lightfoot.

Sid Ryan, president of the Ontario Federation of Labour, released an "Open Letter to Rob Ford": "Please take this letter as formal notice that I will be personally joining the occupiers in St. James Park tonight, along with many other labour activists and community leaders, to link arms with the Occupy Movement. We are all part of the 99 per cent. [We] have a long and proud history of support for civil disobedience. It represents the finest instincts of citizens in a democracy to correct the actions of their governments...without it, there would have been no Civil Rights, women’s rights, environmental or other seminal movements that have changed the course of history."

The eviction order, signed by City Manager Joe Pennachetti, states that protesters are being evicted due to business complaints and the need to winterize the park. While media have highlighted several complaints from business owners, the Toronto Media Co-op has reported on several business owners in the area who are supportive of or benign to the Occupy site.

Julie, a City Liaison from Occupy Toronto, said that occupiers were more than willing to help with the process of winterizing the park. “Of course we care about the park, we live in it,” she told the Media Co-op. “I contacted five people at the Parks and Rec department. The only one I could get on the phone told me that he had been instructed not to speak with people from Occupy. I left very polite messages on Thursday the 10th and Monday the 14th with four other city workers indicating our willingness to cooperate with them, and received no reply.” Lana Goldberg, another protester living at the camp, says the city has not approached Occupy Toronto regarding winterizing the park. “We would obviously be willing to work with them on doing so,” she said.

Late in the day, the tide had shifted. As a result of negotiations through the church, police had promised not to follow through with a midnight raid, and a ruling on an injunction filed by several camp members against the eviction came down. Lawyers from Green and Chercover successfully argued for a stay against the eviction until a full hearing could be held to determine its legality. The injunction was granted at 5:30pm November 15, giving the camp a temporary reprieve. The legal teams are scheduled to debate the ruling in court today, Friday, November 18, with a final decision from the judge on Monday, November 23. The lawyers for the occupiers are expected to argue that Charter of Rights and Freedoms, namely freedom of expression and freedom of assembly, protect protestors from any action against the camp.

“I think this case is about whether city by-laws trump Charter rights, which is pretty incredible if you think about it,” said Dave Vasey, an occupier living at the camp who sits on a number of committees. Meanwhile, 11 city councilors have signed a letter calling on the mayor to stop the eviction.

Some activists were unhappy with attempts to call off a planned rally in solidarity with Occupy Toronto, and with the injunction itself. Bruce Darden said “I think it's irresponsible for anyone to ever demobilize people, to thwart community members' desires or will to action...The effect [it will have] is that people will continue to look to the institutions of the one per cent, that of the courts, to solve our problems instead of trying to act together and to deal with our issue in collective spaces like the park.” In spite of this development, a large crowd gathered in St. James for a General Assembly, which went late into the night.

Protestors have vowed to stay and continue to fight the eviction.

Justin Saunders is an information technologist and journalist based in Toronto. Megan Kinch is an activist and journalist in Toronto.

Eviction night in Toronto

If AIG Goes Down...Yikes!

Geordie — Mon, 09 Mar 2009 23:48:25 +0000

Fours days before receiving a second bailout to the tune of $30 Billion, AIG issued a confidential internal memo regarding what could happen if the insurance company failed.

Doomsday scenarios included:

The potential for cascading failure of US insurance companies
The potential that US companies in foreign companies could be permanently lost to nationalization
A run on the US dollar
Destroy US retirement savings
General economic meltdown similar to that of Lehman Brothers

Happy reading!

February Economic Armageddon: Recap

Geordie — Sun, 01 Mar 2009 20:47:23 +0000

The meltdown of the economy is becoming so common and widespread it has been hard to keep track of everything that is going on. Briefly:

In Canada, media empires including
CTV, Torstar, Quebecor and Canwest continue to flounder along with a whole host of other media outlets across the continent.
At the same time, Canadian pension funds, most of the big banks, Nortel, Walmart Canada, GM and a number of agricultural and mining industries are being hit with massive losses.

South of the border, thing are looking a little rough for the folks in the halls of power.

Barack Obama is strutting out the biggest budget in US history which looks to (supposedly) raise taxes on the upper classes, cut Medicare to give more people health care and rip into Pentagon spending, military contractors and agri-business. The US economy meanwhile contracted 6.2% in the last 3 months of 2008.
The "Sage of Omaha", Warren Buffet is sage-no-more having admitted to $11.5 billion in losses.

Credit Crisis and Africa

Geordie — Sat, 01 Nov 2008 22:14:34 +0000

The Rwandan New Times has an interesting article on how global economic problems are affecting African industry.

The continent’s tourism sector, remittances from abroad and Aid flows will dramatically fall as a result of the global crisis.

“African governments will have to reduce their expenditure because they are not going to get as much aid. Governments should prepare themselves by concentrating on domestic growth to sustain the economies because ultimately even the export market will be affected and there will be reduced sales,” said Betty Maina, Executive Director of the Kenya Association of Manufacturers.

Credit Crisis Claims Iceland

Geordie — Wed, 08 Oct 2008 05:08:23 +0000

Iceland is nearing economic collapse as its second largest bank has been nationalized by the government.

The most free-market of the Nordic countries, it seems as if Iceland has been too heavily involved in the credit markets for the last 15 years. The Guardian reports:

Inflation and interest rates are raging upwards. The krona, Iceland's currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan. One of the country's three independent banks has been nationalised, another is asking customers for money, and the discredited government and officials from the central bank have been huddled behind closed doors for three days with still no sign of a plan. International banks won't send any more money and supplies of foreign currency are running out.

In a telling turn of events, Iceland has had to get a loan from cash-rich Russia to help stave off collapse. The Prime Minister of Iceland has reportedly stated,

"We have been calling for aid from neighboring countries and have been turned down. In times of crisis, one has to look for new friends."

Why $700 billion Won't Work

Geordie — Wed, 08 Oct 2008 04:46:10 +0000

Nouriel Roubini, one of the economists who successfully predicted the subprime crisis years ago, has been allowing full access for the time being to his blog: RGE Monitor.

Roubini, once considered a perma-bear (a perpetual pessamist about the economy) has recently looked at banking crises historically to find the best way to prevent a total economic meltdown.

Surprise, surprise, he found that the US $700 billion plan may not be the best way to go. Instead, he suggests that the way Scandinavian countries (Norway, Sweden, Finland) dealt with previous crises, may be the better method.

To understand how this works on a more understandable level, Planet Money, a spin-off of the award winning radio show This American Life has been putting out some great radio about the credit crisis and solutions.

Inside the Deal to Save the US Economy

Geordie — Sat, 27 Sep 2008 00:34:47 +0000

A strange and incredible amount of information is flowing from the Guardian about the inner workings of the $700 billion deal between Republicans and Democrats to bail out the US economy.

It's tough to judge what is real and what is fake but there some incredible stuff coming out.

According to one report, a deal had been reached by all parties until a group of hard-right, free-market Republicans met privately with McCain and threw a new "free-market" proposal into the mix.

Their behaviour at the meeting was a study in contrasts, according to press accounts. Obama, granted deference by his fellow Democrats, led off the debate.

Then [Republican minority house leader] Boehner made his move, throwing down a plan that differed wildly from the one under discussion. McCain, asked for his opinion, stayed silent - and that, according to those at the meeting, was taken by his fellow Republicans as a sign of his support for the Republican revolt.

Ironically, a Republican on the Senate banking committee, Richard Shelby, was doing his best to paraphrase the thesis of Naomi Klein's Shock Doctrine; that in a state of crisis the ideas lying around are the ones which get used:

"They're trying to push this in an emotional state, saying the sky's falling on our heads," he said. "Every time we have rushed to judgment in the past, we have paid for it."

American Investment Industry Vanishes

Geordie — Wed, 24 Sep 2008 01:11:43 +0000

wall street.jpg

With the bankruptcy of Lehman Brothers, the sale of Merrill Lynch and the subsiqent transformation of Goldman Sachs and Morgan Stanley, the titans of Americas investment industry has now been wiped off the map.

How bad is it and what does it mean?

A couple of US Congress members who had a nice little chat with the US Fed Chairmen and the US Treasury Secretary had this to say last Friday:

"We’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally. Somber doesn’t begin to justify the words. We have never heard language like this."

But is it all a smoke-screen designed to give the Fed and Treasury complete control over bail-out money? According to economist Paul Krugman:

"Mr. Paulson insists that he wants a "clean" plan. "Clean," in this context, means a taxpayer-financed bailout with no strings attached — no quid pro quo on the part of those being bailed out. Why is that a good thing? Add to this the fact that Mr. Paulson is also demanding dictatorial authority, plus immunity from review "by any court of law or any administrative agency," and this adds up to an unacceptable proposal."

Anti-Capitalists on the Sub-Prime Crisis

Geordie — Thu, 18 Sep 2008 05:05:31 +0000

Many popular anti-capitalists are interviewed in the Guardian regarding their view on the current sub-prime crisis.

Chris Harman - Socialist Workers Party

"The whole system is unwinding; the other day we saw the biggest nationalisation in the history of humanity and that still wasn't enough.

"This could be a big moment for the left. But we really need to stand up and use the "c" word, say this is a crisis of capitalism and that people are suffering."

Sheila Rowbotham - Socialist feminist

"The problem now - unlike in the 1880s, when people discovered the ideas of socialism, and in the 1930s, when it seemed that communism was the solution - is that the left doesn't have a coherent alternative vision."

Hari Kunzru - Novelist

"In New York apparently, 12,000 jobs went, just like that, and Wall Street represents 20% of the city's jobs and something like 90% its tax base. So there's a definite sense here of systemic crisis.

"This will only genuinely become a crisis of capitalism if people generally become aware that much of the growth and prosperity produced by capitalism is a fiction."

Subprime Crisis Claims Another Major Bank

Geordie — Sun, 14 Sep 2008 21:25:04 +0000

First a series of mortgage companies. Then UK bank Northern Rock. Then Bear Sterns, followed by Fannie Mae and Freddie Mac.

Now another major US bank, Lehman Brothers, is about to crumble under the weight of disastrous decision making in the wake of the subprime mortgage crisis and ensuing credit crunch.

Lehman Brothers controls almost $700 billion in assets. According to the Guardian, the US authorities have authorized emergency trading of Lehman's shares should it file for bankruptcy.

Though the US bailouts of Bear Stearns, Fannie Mae and Freddie Mac were supposed to prevent a 'domino effect' of US banks collapsing, it appears banks are failing anyways.

Should Lehman Brothers, the fourth largest bank on Wall Street collapse "it will be one of the biggest failures in Wall Street history"...again.

BC forestry industry "in a tail spin"

Geordie — Sun, 14 Sep 2008 20:48:36 +0000

BC finance minister, Colin Hansen, has just released a report showing that forestry revenues in BC are down by 36 per cent.

Hansen was quoted in the Tyee's new election blog "The Hook" as saying: "The downturn we are seeing in the forest sector is unprecedented. Since 1993 it has never even come close to being that low."

The pine beetle, sub-prime crisis, high dollar and a series of forestry strikes in BC have all contributed to the downturn which the NDP finance critic Bruce Ralston characterized the industry as being "in a tail spin".

Freddie Mac and Fannie Mae "Nationalized"

Geordie — Sun, 07 Sep 2008 19:01:48 +0000

Over $5 trillion in troubled mortgages have been taken over (read: nationalized) by the US government. Freddie Mac and Fannie Mae (the two largest mortgage providers in the US) have been put into "conservatorship" in order to stop them from collapsing.

This is the biggest government bailout in US history and comes on the heels of Royal Bank chief executive Gordon Nixon saying that the global financial system has been "pushed to the brink".

Adbusters: the Digital Pitch, by Sean Condon

Stefan Christoff — Thu, 06 Dec 2007 14:57:13 +0000

75xDigitalPitch.jpg

Full Article at Adbusters Magazine.

Despite the privacy invasions and wrongful imprisonments in the Minority Report, the most disturbing scene in the futuristic thriller is the interactive hologram advertisements that read people’s emotions and call out to them by their name. While Philip K. Dick’s vision of a wayward security state still lies in the realm of science fiction, the personalized ads were frighteningly real...