Geordie's blog

Nouriel Roubini: "Karl Marx was right"

Geordie — Tue, 16 Aug 2011 22:25:13 +0000

Nouriel Roubini, one of the world's most well-known economists, discusses his take on the current market climate in the Wall Street Journal.

Money quote:

"Karl Marx said it right, at some point capitalism can destroy itself because you cannot keep shifting income from labour to capital without not having an excess capacity and lack of aggregate demand and that's what's happening. We thought that markets work; they're not working...it's a self destructive process."

Greece Bailout: Klein's Shock Doctrine in Action

Geordie — Mon, 03 May 2010 00:11:43 +0000

Today the IMF and Europe agreed to a €130 billion bailout package to Greece.

Greece has been under intense pressure recently. The economic crisis plunged Greece, like many other nations, into tough economic times.

As Greece has maintained consistently high levels of debt over many years, the downturns in their shipping and tourism economies have meant that they have required more and more debt in order to keep paying their bills.

However there has been a catch.

American debt-rating agencies (companies which essentially set out how much it will cost to take out a loan) recently said Greece might not pay back its debts.

Greek Prime-Minster George Papandreou has even stated that Greece is being 'attacked' on purpose.

Speaking in the Guardian he said, "This is an attack on the eurozone by certain other interests, political or financial, and often countries are being used as the weak link, if you like, of the eurozone. We are being targeted, particularly with an ulterior motive or agenda, and of course there is speculation in the world markets."

So few people are lending Greece money. This has made it impossible for Greece to get the loans it needs to keep running the country and pay back the loans it has already taken out.

And the 'shock' of the Greece financial situation is being used to destroy Greece's welfare state in what is being reported as "the most drastic overhaul of a European economy ever attempted."

Siddiqui: Immigrants and Multiculturalism face war

Geordie — Sun, 25 Apr 2010 21:07:40 +0000

Haroon Siddiqui, one of, if not 'the' best, columnists in the Main Stream Media has an article today looking at politicians who muckrake and target immigrants in order to help with their unpopularity in the polls.

Siddiqui, writing in the Toronto Star, is always very eloquent in his analysis', which using clear cut arguments to back up his opinions on the Rights and Democracy fiasco, Israeli Apartheid Week and International Trade.

In a broad swipe at several politicians and parties he accuses individuals of very low blows:

Sarkozy's standing in the polls is low, as is that of Quebec Premier Jean Charest, Harper, Ignatieff and Dosanjh. They want to climb back up on the backs of vulnerable women or by being dangerously intolerant of multiculturalism, which is the law of the land in Canada.

Ontario Government Bans Use of '“Israeli Apartheid"

Geordie — Sat, 27 Feb 2010 20:08:09 +0000

The Ontario government recently approved a motion that the term "Israeli Apartheid" should not be used.

The motion passed with unanimous support from the Ontario Tory's, Liberals and NDP.

Speaking to the Toronto Sun Conservative MPP Peter Shurman stated that "I want to be clear about what it is I’m trying to do. I want the name changed. It’s that simple. It’s just wrong."

And why is it wrong for Shurman? What stunning and well thought out rational did Shurman use to back up his condemnation of the words "Israeli Apartheid"?

Does he dispute that there are similarities between the Bantustan system in South Africa and the territory allotments to Palestinians? Did he challenge the claim that there are two different laws that exist in Israel, one for Israelis and another for Palestinians? Why did he and the entire Legislature choose to target the the term "Israeli Apartheid"?

“My problem is the name,” he said. “Israeli Apartheid Week is not dialogue, it’s a monologue. The name is hateful, it is odious and that’s not how things should be in my Ontario. It’s a term that frankly I’m sick of hearing. Get rid of this word apartheid.”

Two things.

One, Shurman never said that the term was not accurate in describing the system. Which makes sense given many South Africans and Israelis themselves use this terms to describe the treatment of Palestinians.

Two, replace the word "Israeli" with "South African" in Shurman's quote and it makes about as much sense as it would have in the 1980's.

Canada Excluded from New South American Regional Body

Geordie — Tue, 23 Feb 2010 23:21:54 +0000

As reported in the BBC:

Latin American and Caribbean nations have agreed to set up a new regional body without the US and Canada. The new bloc would be an alternative to the Organisation of American States (OAS), the main forum for regional affairs in the past 50 years.

The new bloc is called Community of Latin American and Caribbean States. It joins a number of new regional bodies in Latin America which have recently been developed including the Bolivarian Alliance for the Peoples of Our America (ALBA), Petrocaribe S.A., and the Union of South American Nations, all of which have been promoting regional integration. A regional currency similar to the EURO, called the SUCRE is also being planned.

Toronto Police Racially Profile Man, Lie in Court...AGAIN!

Geordie — Fri, 27 Nov 2009 02:30:18 +0000

For the second time, a judged has concluded that Toronto Police have engaged in racial profiling and lying to Ontario Superior Court when dealing with Irshad Ahmed.

According to the Toronto Star and National Post, Superior Court Justice Frances Kiteley found police had lied in their explanation of why they pulled Mr. Ahmed over exactly one year ago to this day. The judge concluded in her decision, "I am compelled to draw the inference that Mr. Ahmed was investigated and arbitrarily detained because of his race."

Last year in a separate case, Superior Court Justice William Bassel found that officers lied and racially profiled Ahmed last year when used excessive force Tasering him.

Report: Unwanted Armed Guards + Mohawk Land = Bad Idea

Geordie — Fri, 27 Nov 2009 02:04:40 +0000

An internal Report from the Canadian Border Services Agency, warned that arming border guards at a controversial border crossing could result in violence.

According to a story in the Toronto Star, the crossing on Akwesasne Mohawk land at the Ontario-Quebec-New York border was to be staffed by armed guards in May 2009.

Six months before, the report claimed that doing so could lead to violence and "further damage the border agency's relationship with local Akwesasne Mohawks".

The day before guards were to get guns, 400 Mohawks had camped near the border crossing. According to the guards, threats of violence were issued causing the guards to abandon their posts.

Mohawks make up 70% of the cross border traffic at the crossing and demonstrated against the arming of the guards stating that it was a threat to their sovereignty and that they would evict the federal government if the guards were armed.

Speaking in the Cornwall Standard-Freeholder Akwesasne Mohawk Grand Chief Tim Thompson said MP Stockwell Day, Public Safety Minister at the time, refused to meet with the Mohawk Council of Akwesasne over the issue.

Finance Minister Rejects Push for "Tobin Tax"

Geordie — Thu, 12 Nov 2009 23:17:02 +0000

A proposal by UK Prime Minister Gordon Brown for a global tax on financial transactions to fund bank bailouts has been rejected by Canadian Finance Minister Jim Flaherty, according to the CBC.

"That’s not something that we would want to do. We’re not in the business of raising taxes," said Flaherty.

A a global tax on financial transactions (also known as a Tobin Tax) was first proposed by economist James Tobin as a means of regulating out-of-control speculation in financial markets.

Brown's proposal was also rejected by the US.

Oliver Stone: New Movie on Hugo Chavez

Geordie — Fri, 04 Sep 2009 21:28:33 +0000

A trailer for Oliver Stone's new movie, South of the Border.

Stuff White People Like: NDP Federal Convention

Geordie — Wed, 15 Jul 2009 03:14:50 +0000

Our friends at Rabble bring us news that the latest NDP convention in Halifax this August will be a pretty white affair.

As can be gleamed from the convention speakers: "7 out of 7 featured speakers at the convention are white; 6 of them are men. 9 out of 9 headshots are of white people. For that matter 18 out of the 18 people pictured on this page are white. Seriously?"

While appealing to people of colour has rarely been at the top of the NDP agenda it's pretty amazing to see them totally absent from a major NDP convention. Especially considering organizers were able to squeak in an NHL defenceman and his Carbon Neutral Challenge.

Tamils Protest on Toronto Freeway - Photos

Geordie — Wed, 20 May 2009 03:33:39 +0000

Photos by James Clark, Megan Hope and Enid Godtree.

1. Thousands of Tamils converge on Toronto's Gardiner Expressway on May 10th for almost 4 hours shutting down a key artery in the City's road network. The protest was part of a series of actions in Toronto contesting the war in Sri Lanka and the Canadian governments actions or lack thereof.

2. People get a unique view of a section of the City normally over-run with cars going 80 kph. Tamils had previously shut down major sections of the City including a 4 day protest on University Ave.

3. One of many Tamil Tiger flags at the event. Tiger supporters were prevalent amongst the protesters, many of whom were calling for a separate Tamil state in addition to an immediate ceasefire.

4. Police tactics at the event were relatively non-confrontational. Protesters were allowed to come and go from the ramp and bring in supplies (coffee,food, blankets). Protesters who biked to the event to join the demonstration created the rare sight of bikes locked up to the guard rails on the Expressway.

5. One of many vigils. Protesters were totally peaceful.

6. Toronto Police, OPP and RCMP were called into the protest. Police discussing tactics with other units.

7. Riot Police form at one end of the protest.

8. A small group of police begin beating protesters before other police order them to stop. 4 are arrested.

9. Tamils agree to end the demonstration peacefully and march to Queen's Park (the Ontario legislature)...but not everyone gets away unscathed.

10 days later, the Sri Lankan government declares a conventional victory over the Tamils. The leader of the Tamil Tigers is declared killed.

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.

Cuba at 50 - In Photos

Geordie — Tue, 24 Feb 2009 04:40:31 +0000

anniversary flags.JPG

anniversary crowd1.JPG

anniversary crowd3.JPG

anniversary crowd4.JPG

Pastors for Peace1.JPG

revolution poster1.JPG

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Santiago celebrations.JPG

Flag.JPG

Photos by Gwalgen Geordie Dent and Sharmeen Khan

1. The backdrop to the Cuban anniversary celebration in Havana.

2-4. The 50th anniversary celebration. Reported in The Miami Herald the next day: "No big celebrations in Havana Cuba on the 50th anniversary of the Revolution."

5. Cuban cars. The economy has picked up with more petrol, automobiles and consumer goods.

6. A "Cuban 5" sympathy banner in Havana.

7. Quotes by Fidel on a wall in Santiago de Cuba

8. Cuban oil fields. Cuba recently found major deposits of tar-sands-like oil off the coast.

9. Pastors for Peace Caravan

10-11. 50th anniversary billboards in Santiago de Cuba near the Moncada: a major revolutionary-historical monument. Cuba has little to no commercial advertising.

12. The square in Santiago de Cuba where the revolution was officially launched 50 years ago. Raul Castro spoke here 2 days later for the anniversary.

EU & Canada Free Trade Deal: Huh?

Geordie — Sun, 08 Feb 2009 21:55:38 +0000

Was reading the less-than-stellar analysis of Globe Opinion writer Jeffrey Simpson the other day when I noticed this little gem:

France and Canada are on the same wavelength on issue after issue, including Afghanistan and trade (Canada and the European Union are entering serious talks about a free-trade agreement). They both opposed the invasion of Iraq.

Canada and EU free trade deal? I read a lot of news so I was wondering why I hadn't seen more of this before.

A quick google search found a couple of news pieces here, here and here about the issue, but this could potentially be major.

I'm no fan of free trade and think NAFTA should be abolished, but do believe in the benefits of fair trade as long as never-ending growth isn't part of the deal.

Canada's trade has been almost entirely dependent on the US since colonization. Would a free trade agreement with the EU mean less dependence? Would Canadian standards plummet on certain issues? What would the impacts on social justice, the tar sands, mining and other issues be?