Category Archives: Wealth

Headlines: CorporoEconoEcoPoliFarce


Having lost a host of entries through a browser crash, we’re feeling touched by absurdity, and so we begin with this from Taiwanese Animators:

AT&T buys DirecTV for $48.5 billion: Monopoly Media Mergers Edition

Program notes:

AT&T announced it plans to buy DirecTV, the top US satellite TV operator, for $48.5 billion in an attempt to grow beyond an increasingly hostile cellular market.

The deal was announced on Sunday. AT&T said it is offering $95 per DirecTV share in a combination of cash and stock, a 10 percent premium over Friday’s closing price of $86.18. The cash portion, $28.50 per share, will be financed by cash, asset sales, financing already lined up and other debt market transactions.

If the deal is approved by US regulators, AT&T would add 20 million DirecTV customers to its paltry 5.7 million U-verse customers, plus another 18 million DirecTV customers in Latin America.

The Wire adds more, less theatrically:

AT&T Promises to Uphold Net Neutrality for Three Years if DirecTV Deal Goes Through

In the event the $48 billion AT&T-DirecTV deal closes, the new joint company is promising to uphold the current net neutrality rules for at least three years. This promise would be valid regardless of how the FCC vote on the issue goes later this year.

In their proposal for the DirecTV purchase, AT&T issued a list of commitments, which they are calling “benefits of the transaction.”  One of these “benefits” is the following:

Net Neutrality Commitment. Continued commitment for three years after closing to the FCC’s Open Internet protections established in 2010, irrespective of whether the FCC re-establishes such protections for other industry participants following the DC Circuit Court of Appeals vacating those rules.

In the event the FCC’s paid prioritization proposal passes, AT&T won’t actually participate in the potentially multi-million dollar scheme (if they keep their promise, that is.) This is also a major show of good faith to the FCC, which will have to approve the merger.

From the Guardian, a rare cause of a faint twinge of something approaching but not exactly qualifying as joy:

Credit Suisse pleads guilty to criminal charges in US tax evasion settlement

  • Bank is first in more than a decade to admit to a crime in US and will pay more than $2.5bn in penalties

Credit Suisse Group has pleaded guilty to criminal charges that it helped Americans evade taxes, becoming the first bank in more than a decade to admit to a crime in the US. It will now pay a long-expected fine of $2.5bn (£1.5bn).

“This case shows that no financial institution no matter its size or global reach is above the law,” said the attorney general, Eric Holder. He said the years-long investigation had uncovered evidence of an “extensive and wide-ranging” conspiracy to hide taxes from the Internal Revenue Service (IRS) and the bank’s involvement in it.

“The bank went to elaborate lengths to shield itself, its employees, and the tax cheats it served from accountability for their criminal actions. They subverted disclosure requirements, destroyed bank records, and concealed transactions involving undeclared accounts by limiting withdrawal amounts and using offshore credit and debit cards to repatriate funds. They failed to take even the most basic steps to ensure compliance with tax laws,” said Holder.

From Al Jazeera America, an unsurprising correlation:

Study: Student debt worst at universities with highest-paid presidents

  • Executives at 25 universities saw 14 percent higher salary increase than national average after 2008 recession

Student debt and the hiring of relatively low-paid adjunct faculty rather than full-time professors have grown fastest at public universities with the highest-paid presidents, a new report found.

University president pay has risen dramatically in the aftermath of the 2008 financial crisis, according to the report, which focuses on 25 state universities that pay their presidents almost double the national average. Released Sunday by the Institute for Policy Studies (IPS), a progressive Washington D.C.-based think tank, the study is called The One Percent at State U — referring to the financial gains made by executives after the 2008 recession.

Nationwide, between the fall of 2009 and the summer of 2012, average executive compensation at public research universities increased 14 percent to $544,544, according to the study

Another unsurprising correlation, via KCBS:

Inner City Oakland Youth Suffering From Post-Traumatic Stress Disorder

The Centers for Disease Control said 30 percent of inner city kids suffer from post-traumatic stress disorder (PTSD). The CDC said these children often live in virtual war zones. Doctors at Harvard said they actually suffer from a more complex form of PTSD.

Unlike soldiers, children in the inner city never leave the combat zone. They often experience trauma, repeatedly.

“You could take anyone who is experiencing the symptoms of PTSD, and the things we are currently emphasizing in school will fall off their radar. Because frankly it does not matter in our biology if we don’t survive the walk home,” said Jeff Duncan-Andrade, Ph.D. of San Francisco State University.

A cross-border legal beef from the Canadian Press, with that old “corporate person” free speech once again at issue:

Canada-U.S. meat labelling row hears free speech arguments

Canadian livestock producers were in an American courtroom Monday fighting against labelling requirements blamed for having devastated their exports to the United States.

The case revolves around the free-speech rights guaranteed in the First Amendment, one of the most sacrosanct provisions of the American Constitution.

Canadian and Mexican producers, and the U.S. partners they supply, argue that those speech rights are being violated by the requirement that they stamp country-of-origin labels on meat packaging.

On to Europe, with growth at the margin from TheLocal.st:

Europe’s far right expect election gains

Europe’s far-right is looking to overcome deep divisions and establish itself as a major player in Brussels after EU elections this week where it is expected to make significant gains.

With voters tired of a European Union handing down decisions from on high, parties like France’s National Front (FN), Britain’s UKIP and Austria’s Freedom Party (FPOe) are going strong in the polls ahead of the May 22-25 ballot.

But it might not be all plain sailing in the months to come.

Ireland next, and austerity once again victimizing its victims, via TheJournal.ie:

Two rape crisis centres are to close temporarily as cuts take hold

  • The services in Clare and Tipperary will be closed for at least a month because of a €120,000 shortfall.

TWO RAPE COUNSELLING services in the Midwest are to be temporaily closed because of a funding shortfall the service estimates at €120,000.

Rape Crisis Midwest has centres in Limerick, Clare and Tipperary but is to close the latter two services for a least one month to save costs.

The service provides confidential one to one counselling to survivors of rape and childhood sexual abuse and says that it helps about 80 people a week.

Cash flowing from one end of Eurasia to another, via TheLocal.no:

Chinese tycoon agrees to buy Norway land

The Chinese property billionaire blocked from buying a huge chunk of Iceland is reportedly close to buying up a 100 hectares of the scenic Lyngen coastline.

Huang Nubo, a Communist party member who spent ten years working in the country’s propaganda ministry, on Thursday agreed to buy the site, which has already received planning permission for a series of villas, from Ola OK Giæver Jr, a local landowner, pilot and businessman.

“I can promise you a new era for Lyngen municipality. I trust that Huang Nubo will create huge and positive financial ripples throughout the north of Norway,” Giæver jr said. “There is not a better capitalist than Huang.”

Sweden next, and one way to make homelessness vanish, the neooliberal version, via TheLocal.se:

Stockholm says no to ‘freakshow’ soup kitchen

Stockholm municipality has ruled that a soup kitchen which had served hearty broth to the city’s homeless for the past two years must move on due to the risk of the city square being “turned into a zoo”.

“Nazis can march freely and water is thrown on people begging, but to create a meeting place to challenge politicians and other people to actually do something is obviously very dangerous and terrible,” Elin Jakobsson at Soup Kitchen Stockholm said in response to the decision via social media.

The organization has been active for the past two years and works both as a source of food and a monthly meeting place for the city’s homeless population. The soup kitchen requires a police permit and on Monday its application for renewal was rejected.

But it can be carried to far, of course, via TheLocal.se:

Shopkeeper charged over beggar dousing

A Gothenburg shopkeeper has been charged over the drenching of a beggar with water in front of his shop in March, an incident which sparked an outraged response on social media.

The man was charged on Monday with two counts of harassment.

The first was for an incident on March 10th when he threw a bucket of warm water at his own Hemköp window, effectively soaking a beggar sitting nearby. The second charge was for the day after, when the man did the same thing with a bucket of cold water.

On both occasions, the woman begging by the windows was drenched, and the prosecutor argued on Monday that both acts were carried out with intent.

From GlobalPost, going medieval:

In Germany, no means yes

  • A regressive definition of rape highlights the country’s stubbornly traditional attitudes toward women.

No means yes, at least in this country.

When a rape court in the state of North Rhine-Westphalia acquitted the alleged rapist of a 15-year-old girl in 2012, women’s rights advocates were outraged.

The ruling found that saying no, or even screaming it, wasn’t enough to merit rape charges. Now findings from a new study indicate that case was hardly unique, despite a European initiative to step up efforts to stop violence against women.

The number of German rape cases ending in convictions has plummeted from 22 percent to 8 percent over the past 20 years, according to a study released by the Hanover-based Criminological Research Institute of Lower Saxony

A suggestion for a foreign visitor from TheLocal.de:

Mayor urges Erdogan to cancel German trip

German politicians called on Turkish Prime Minister Recep Tayyip Erdogan on Monday to cancel an upcoming pre-election appearance to Cologne in the wake of a deadly mine disaster.

Amid mounting anger within Turkey over his response to last week’s coal mine blast in which 301 died, Erdogan faced condemnation and calls to cancel his visit next Saturday from across the political spectrum in Germany.

Erdogan is due to address supporters in Germany, where three million Turks or people of Turkish origin live, with a visit to the western city of Cologne. For the first time, some 2.6 million Turks living abroad, including 1.5 million in Germany alone, will be able to cast their votes in the August presidential vote in which Erdogan is expected to stand.

More from Deutsche Welle:

Germany urges restraint ahead of Erdogan’s planned speech in Cologne

The German government has urged Turkey’s prime minister to exercise restraint when he visits the country on the weekend. This followed calls from some German politicians for Recep Tayyip Erdogan to cancel his visit.

Chancellor Angela Merkel’s spokesman, Steffen Seibert told reporters in Berlin on Monday that as the prime minister of a “really close and important partner” nation, Erdogan was welcome in Germany, where he plans to deliver a speech to local Turks on Saturday.

At the same time, though, Seibert said the German government expected Erdogan to choose his words carefully at what he described as a “difficult” time, given the political tensions in Turkey in light of the recent mining disaster and the fact that it comes one day before the European elections.

Seibert said in light of this, the government expected Erdogan to deliver a “sensitive, responsible” speech, when he addresses thousands of his fellow countrymen and women at an indoor stadium in the western city of Cologne.

Another bankster busted, from TheLocal.fr:

Rogue trader Kerviel imprisoned in France

The former trader Jérome Kerviel was finally behind bars in France on Monday after being picked up by French police at midnight. Kerviel is due to start a three year prison sentence over his role in losing former employers Société Général €5 billion through high-risk trading.

French police arrested rogue trader Jérôme Kerviel at midnight on Sunday, shortly after he had crossed the border from Italy into France on his walk home from Rome to Paris.

A local prosecutor then announced on Monday morning that Kerviel was behind bars in the Riviera city of Nice.

TheLocal.fr again, with some reassurance for the poorest:

French income tax cuts for poorest to last to 2017

A plan to exempt France’s poorest households from income tax will not just be a one-off for this year, the government finance minister said this week. The income tax breaks will actually apply until 2017, the minister Michel Sapin said.

There was more cheer for the more hard-up tax payers in France on Monday when the finance minister Michel Sapin announced a government plan to apply the recently revealed breaks until 2017.

Sapin’s pledge comes days after French Prime Minister Manuel Valls made the headlines by announcing that the government plans to exempt 1.8 million households from the income tax burden.

From El País, Spanish repos rising:

Home repossessions up 10% in 2013

  • Spanish lenders took back nearly 50,000 properties last year
  • Figures released by Bank of Spain suggest more borrowers are handing back keys in payment

Spanish lenders repossessed 49,694 homes from defaulting borrowers in 2013, a 10% rise from a year earlier, figures released on Monday by the Bank of Spain show.

Of these, 38,961 were first residences, according to statistics provided by the banks. The vast majority of properties were empty at the time of repossession.

Meanwhile, the proportion of cases involving dation in payment, in which borrowers in arrears hand over the keys of the property to the lender that approved the mortgage to cancel debt obligations, reached 32.5% of all repossessed homes.

Pimping the rich fails to enrich, via TheLocal.es:

Spain’s ‘golden visa’ scheme fails to shine

Just 72 people have signed on to a controversial Spanish ‘visa for cash’ scheme which grants automatic Spanish residency to people who buy a property worth at least €500,000 ($685,000).

The so-called ‘golden visa’ scheme has reaped only small rewards, according to Spain’s El País newspaper.

Introduced in September 2013, the law gives foreigners who invest large sums in Spanish property, public debt and projects of general interest the right to reside in Spain.

And from thinkSPAIN, another way California is like Spain:

Worst drought in 150 years hits southern and eastern Spain

A DROUGHT of the scale not seen in over a century and a half is threatening water resources in Spain’s south and east after the lowest rainfall on record over the autumn, winter and spring.

The worst-hit provinces are Valencia and Alicante where, following a sudden and unprecedented gota fría or Mediterranean ‘monsoon’ in late August, it has barely rained between September and June.

Murcia, Albacete, Cuenca, Teruel, Cádiz, Málaga, Jaén and Almería are also at high risk – the only provinces in Andalucía which are safe are Granada, Sevilla and Huelva.

From El País, and how [to employ a sexist term] broad-minded of them:

Spanish conservatives forgive sexist remarks by their European contender

  • Women at Popular Party rally play down Arias Cañete’s views about male “intellectual superiority”

It was just a minor “slip.” Popular Party (PP) voters are writing off as unimportant statements about the intellectual superiority of men made last week by the party’s top European candidate, Miguel Arias Cañete, despite leaders’ fears they might have jeopardized his chances of winning.

Several women who attended a Sunday rally by Prime Minister Mariano Rajoy and PP secretary general María Dolores de Cospedal in Cuenca sought to play down the controversy over the sexist remarks.

During a televised debate with Elena Valenciano, his Socialist rival in next Sunday’s European elections, Arias Cañete claimed that he had held back from serious intellectual confrontation because “if you abuse your intellectual superiority, you end up looking like a sexist intimidating a defenseless woman.”

Italy next and a wiseguy lipoff lambasted via ANSA.it:

Renzi hits back after Grillo mafia jibe

  • Premier says PD marks real face of change

Premier Matteo Renzi hit back Monday after Beppe Grillo, the leader of the anti-establishment 5-Star Movement (M5S), used a Mafia jibe to suggest his political career was close to ending as the campaign for Sunday’s European elections grew increasingly venomous.

Renzi’s centre-left Democratic Party (PD) is top in most polls, but Grillo is confident his M5S, who are second in the surveys after capturing a stunning 25% of the vote in last year’s general election, can come first with a late surge.

“Renzie has been hired on a temporary project to win the European elections, but he’ll lose them,” Grillo wrote Monday on his popular blog, using a nickname that refers to the premier’s alleged attempt to come across as cool like TV’s Fonzie.

TheLocal.it notes another grime number:

Italy’s employment rate is one of Europe’s worst

  • The Italian employment rate fell to 59.8 percent last year, one of the worst in Europe, according to figures released on Monday by the European Commission.

Fewer than 60 percent of Italians aged 20 to 64 were employed in 2013, far below the EU average of 68.3 percent.

The new figure sees Italy slip to figures not seen for over a decade, with last year’s rate just higher than the 59.2 percent recorded in 2002. Between then and 2008 the situation steadily improved for workers in Italy, until the global financial crisis struck and led to a steady decline in employment.

According to the European Commission data, Italy now has one of the worst employment rates in Europe, just slightly higher than Spain’s 58.2 percent. Only Greece, with 53.2 percent, and Croatia (53.9 percent) fared worse in 2013.

ANSA.it demands:

Napolitano says EU must help on migrants

  • Italy is main entrance for flow that’s creating emergency

President Giorgio Napolitano said Monday that the European Union must provide Italy with greater help in coping with a massive wave of migrants arriving from North Africa. “Today we are faced with the absolute need to achieve a concrete, operative model of cooperation with the European Union,” Napolitano told Italian officials at the United Nations in Geneva, ANSA sources said. The Head of State added that while migrant arrivals had caused an emergency for all of southern Europe, Italy is “the main entrance”. There has been friction between Rome and Brussels after two migrant boat disasters south of Italy last week in which around 60 people are confirmed dead and many more may have lost their lives.

Rome says the EU is not doing enough to support it after it launched the humanitarian Mare Nostrum (Our Sea) search-and-rescue border operation in October, after roughly 400 migrants drowned in two wrecks off the coast of Sicily.

On Wednesday Premier Matteo Renzi accused the European Union of looking the other way as Italy struggles to cope with the crisis.

After the jump, fascinating electoral news from Greece, the latest from the Ukraine, Libyan turmoil, pre-World Cup jitters in Brazil, polio rising, a Thai takeover, Chinese real estate developments, Japanese Trans-Pacific intransigence, melting polar caps, other environmental woes, and the latest in Fukushimapocalypse Now!. . . Continue reading

Headlines: Pols, polls, EconoGrecoFukuNews


Today’s collection of political, economic, and environmental news headlines — plus the latest from Fukushima — begins a a “mission accomplished” entry from the Associated Press:

Tea party losing races but tugging GOP rightward

Tuesday’s high-profile primary elections may extend a streak of sorts for tea party Republicans: losing individual races but winning the larger ideological war by tugging the GOP rightward.

Tea party-endorsed candidates are struggling in Georgia, Kentucky and Idaho.

In each state, “establishment” Republican candidates have emphasized their conservative credentials — thus narrowing the party’s philosophical differences.

Democrats say it’s happening elsewhere — and that the candidates trying to give Republicans control of the Senate will prove too far right for centrist voters in November.

From the London Daily Mail, via the Dept. Of Anything for a Buck:

‘To sell baubles I find quite shocking and repugnant’: Families of workers killed on 9/11 vent fury at new museum’s tacky gift shop which stands above tomb storing 8,000 unidentified body parts of victims

  • The newly-opened National September 11 Memorial & Museum also features a gift shop
  • Many victims’ families feel the idea of a gift shop, so close to their loved-ones’ remains, offensive
  • Some 8,000 unidentified remains of victims were recently relocated to a tomb beneath the museum
  • The museum opened to victims’ families and survivors on Thursday and will open for the general public on May 21
  • Proceeds from the gift shop will go to ‘developing and sustaining’ the museum and memorial

From the Washington Post, consolidation of media continues:

AT&T, DirecTV announce $49 billion merger

AT&T announced Sunday that it was acquiring DirecTV in a $49 billion deal that would create a new telecom and television behemoth to rival cable firms — while raising fresh concerns about competition and options for consumers.

AT&T would gain DirecTV’s 20 million U.S. subscribers, a company with strong cash flows and an ability to fatten its bundle of offerings. The combined firm would be able to offer phone, high-speed Internet and pay-TV subscriptions to more customers — packages that cable firms such as Comcast have sold most successfully.

AT&T has agreed to acquire DirecTV for $95 a share, made up of $28.50 a share in cash and $66.50 a share in AT&T stock. AT&T says it expects to close the acquisition within 12 months.

More from the Department of Anything for a Buck from BuzzFeed:

New York To Keep Investments Linked To Russian Social Media Site Home to Neo-Nazi and Anti-Gay Groups

Coca Cola, McDonalds, and Burger King, keep advertising there, too.

LGBT activists have since February been pushing the city and state of New York to divest of holdings connected to the Russian social network VKontakte (VK) because it hosts the pages of hundreds of Neo-Nazi and anti-LGBT groups — but New York isn’t budging.

Duncan Obsorne, a member of LGBT rights protest group Queer Nation, told BuzzFeed the group met with both State Comptroller Thomas DiNapoli and City Comptroller Scott Stringer in April to discuss their holdings tied to VKontakte, which hosts hundreds of pages belonging to groups like Occupy Pedophilia, which entraps gay men to torture them on camera.

California’s state pension fund, CalPERS, responded to similar prodding from other LGBT activists and has sold $20 million shares in Mail.ru, which owns a 52 percent share of VKontakte and is owned by Russian oligarch Alisher Usmanov, the Financial Times reported Friday. Queer Nation helped CalPERS research and investigate material on VK that lead to the fund’s decision to divest.

More consolidatin’ from BBC News:

Pfizer in new offer for AstraZeneca takeover

US drugs giant Pfizer has made an improved offer for the UK’s AstraZeneca as it bids to tie up the largest takeover in British business history.

The new offer of £55 per share would value AstraZeneca at about £69bn.

Pfizer plans to create the world’s largest drug company, with its headquarters in New York, but based in the UK for tax purposes.

That plan has proved controversial with unions and politicians, with 6,700 UK jobs at stake.

Bankster alert from TheLocal.fr:

Goldman Sachs fears BNP Paribas guilty plea

The head of US bank Goldman Sachs has warned that guilty pleas from rivals BNP Paribas and Credit Suisse, under legal proceedings in the United States, could hurt the financial system.

The head of US bank Goldman Sachs has warned that guilty pleas from rivals BNP Paribas and Credit Suisse, under legal proceedings in the United States, could hurt the financial system.

The two European banks, under probes for violating US sanctions and abetting tax evasion, are potentially facing very heavy fines that could reach billions of dollars.

From the Guardian, hot times in the Golden State:

California governor links wildfire increase to climate change

  • Jerry Brown predicts ‘worst’ wildfire season ever
  • Last evacuees home after San Diego County fires

Drought-stricken California is preparing for its worst wildfire season ever, the state’s governor said on Sunday.

Governor Jerry Brown told ABC’s This Week that the nearly dozen wildfires that this week caused more than $20m in damage mark only the beginning. The state has 5,000 firefighters and has appropriated $600m to battling blazes, but that may not be enough.

“We’re getting ready for the worst,” Brown said. “Now, we don’t want to anticipate before we know, but we need a full complement of firefighting capacity.”

From PRI’s The World, driving away to cheaper pastures:

Toyota built Torrance into the second-largest home of Japanese Americans. Now, it’s leaving

When Toyota announced plans last month to move its US headquarters from Southern California to Texas, the announcement caught a lot of people off guard — particularly in the city of Torrance, Toyota’s American home for the past 30 years.

Torrance is just 20 miles southwest of Los Angeles and is quintessential suburbia — the kind of place people move to when they’re ready to raise their kids.

It’s long been overshadowed by its livelier neighbors, Manhattan Beach and Redondo Beach.

From United Press International, scoldin’ students over Grinnin’ Bobby B:

Haverford College commencement speaker calls students ‘arrogant’ for protesting other speaker

Former Princeton President William G. Bowen called Haverford students “immature” and “arrogant” for protesting previously scheduled commencement speaker Robert J. Birgeneau.

Haverford College’s graduating class of 2014 got a slap on the wrist from their own commencement speaker on Sunday.

William G. Bowen, former president of Princeton, called students “immature” for protesting the original speaker, Robert J. Birgeneau, who bowed out last week.

Birgeneau, former chancellor at the University of California, Berkeley, faced criticism for his handling of the Occupy movement in 2011, when he allegedly allowed campus police to use force against protesters.

On to Europe and a brouhaha in Brussels via EurActiv:

Hundreds of protesters arrested in Brussels as business leaders debate ‘maintaining citizen’s trust’

240 people were arrested on Thursday (15 May) around the European Business Summit venue in Brussels during non-violent protests organised by trade unions and citizens’ groups.

The protestors had gathered to denounce the budgetary austerity policies in Europe, and the ongoing talks on the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the USA, which they say is being negotiated “in total opacity”.

“Today multinationals are inviting political decision makers like the European trade commissioner Karel De Gucht and they are discussing putting more business in Europe,” said Felipe Van Keirsblick, the secretary general of the Belgian trade union for employees, the CNE-CNG.

From the Department of Mother Said Never Do It, via EurActiv:

EU secret revealed: Rome Treaty was signed on blank sheet

At the launch of a book on the history of the European Commission, officials revealed some of the best-kept secrets in EU history. Among them is the incredible story of the signing of the Treaty of Rome establishing the European Economic Community, on 1 January 1958.

José Manuel Barroso, the outgoing President of the European Commission, presented the second volume of a book Wednesday (14 May) telling the history of the Commission between 1973 and 1986.

The ceremony, hosted on the 13th floor of the Commission’s flagship Berlaymont building, gave Barroso the occasion to disclose unknown anecdotes, the most extraordinary of which regards the signature of the Treaty of Rome in 1957. The event was attended by many figures of post-war European integration history, including old-time surviving officials from the Commission such as Jean Rabier, born in 1919, the chief of staff of Jean Monnet, one of the “founding fathers” of Europe.

Britain next and a departure alert from EUobserver:

Brexit would be ‘very costly gamble’, warns think tank

Increased trade and regulatory costs would cost the UK economy up to 9.5 percent of its output if the UK left the European Union, according to new research by the London School of Economics.

The findings are contained in the ‘Brexit or Fixit’? report by researchers at the Centre for Economic Performance, which forms part of the university.

“Our current assessment is that leaving the EU would be likely to impose substantial costs on the UK economy and would be a very risky gamble,” the paper states.

The London Telegraph strives to tame a bubble:

Mortgages could be capped to control house prices, says Bank Governor

  • The Bank of England could step in to curb mortgage lending amid fears Britain’s booming housing market risks threatening the economic recovery, says its Governor Mark Carney

People could be stopped taking out mortgages worth many times their salary to buy new homes, the Governor of the Bank of England has said.

Mark Carney said in an interview that capping the size of mortgage ratios to salaries was one measure the Bank was considering to controlling the housing market.

The Bank was also watching to see if the Government’s Help to Buy scheme – in which the Government gives people taxpayers money to cover deposits on new homes worth up to £600,000 – was fuelling them.

The Independent totes up another austerian cost:

Cuts send rates of mental health disorders among young soaring

Rising rates of mental health disorders among children are linked to council budget cuts and health restructurings that have denied vulnerable young people early help, the Children’s Commissioner has told MPs.

Maggie Atkinson, the Children’s Commissioner for England, said more children and young people with mental health problems were being admitted to adult psychiatric wards.

In written evidence to the Health Select Committee, which is holding an inquiry into the Children’s and Adolescent Mental Health Service (CAMHS), she said: “It cannot be coincidental that the increasing concerns about child and adolescent mental health coincides with the biggest reconfiguration of health and social care services, reductions in preventative and early intervention budgets and local CAMHS budgets and therefore spending, in a generation.”

And over to Ireland, where concerns about mental health patients under the austerian regime have led one Irish hospital director to resign, reports Independent.ie:

Hospital’s clinical director resigns due to his concerns for ‘patient safety’

The clinical director of Beaumont Hospital has resigned citing his concerns for patient safety. Professor Shane O’Neill emailed his resignation to management on Friday.

In his role as clinical director, he was the hospital’s most senior doctor.

The Sunday Business Post reported Mr O’Neill’s previous correspondence with management, saying assessment of psychiatric patients in their busy accident and emergency department was “entirely unsafe”.

From Independent.ie, another diagnostic criterion of austerity on the Emerald Isle:

‘Tsunami of homelessness’ beyond crisis point, warns campaigner

Social justice campaigner Fr Peter McVerry has claimed the “tsunami of homelessness” is the worst he has ever seen.

He said that in his 40 years working with homeless people in Dublin, the housing shortage has never been as problematic as it is now and is being forced into turning people away due to a lack of capacity.

His charity – The Peter McVerry Trust – is struggling to cope with demand and says the problem is getting worse. “There are six new people becoming homeless every day and that’s the official figures. It may be more than that”.

German next, with a cash infusion from Reuters:

Deutsche Bank enlists Qatar in 8 billion-euro capital hike

Deutsche Bank (DBKGn.DE) said on Sunday it would raise 8 billion euros in new capital, with the Qatari royal family lined up as a major new investor, in a bid by Germany’s largest bank to end questions about its capital position.

The bank had already raised 10.2 billion euros in equity in 2010 and a further 3 billion euros in 2013, but that had not been enough to assuage investor concerns about its capital position as if faces increased regulatory demands.

A stake worth 1.75 billion euros has already been placed with an investment vehicle owned and controlled by Sheikh Hamad Bin Jassim Bin Jabor Al-Thani of Qatar, Deutsche Bank said in a statement. It plans to raise another 6.3 billion euros in a rights issue to existing shareholders.

Austerity in Germany, only at the bottom, via New Europe:

OECD: Germany needs more jobs, less poverty

A new report published by the Organisation for Economic Cooperation and Development (OECD) on May 13 calls on Germany to implement more measures aimed at reducing poverty.

According to the OECD, recent labour market reforms have increased the rate of unemployment and widened the social inequality gap.

“Germany’s current economic success offers a good platform for achieving sustainable and inclusive growth, but further reforms will be necessary over the medium and long-term,” the OECD reported.

On to Austria with New Europe and a boost for the right:

Austria: Populist Freedom Party strong in EU vote

Despite its Euroskeptic stance, the Freedom Party is only a few percentage points behind the Socialists and the conservative People’s Party in the May 25 race for EU Parliament seats. That’s in line with expectations of a generally strong showing of right-leaning populist parties in the EU parliamentary race.

But pollsters also say that if national elections were held now, the Freedom Party would actually win them, a stunning upset of the two establishment parties that have traditionally governed Austria.

The party’s popularity clearly reflects unhappiness with the status quo. And that’s hard to explain, when looking only at Austria’s metrics.

From Deutsche Welle, Swiss nix both guns and butter:

Swiss referendum turns down minimum wage and new fighter jets

Voters in Switzerland have rejected a proposal that would have introduced the world’s highest minimum wage. They also turned down a plan to buy more than twenty new fighter jets.

The vote count by Swiss TV showed some 77 percent of voters and 24 of the Alpine nation’s 26 cantons (states) rejecting the idea mooted by trade unions to create a minimum wage of 22 Swiss francs (20.22 euros, $24.70) per hour. Votes from the capital Bern and business center of Zurich are still to be announced.

Trade unions had argued the wage would be a way to fight poverty in a country known for its very high cost of living.

Business leaders had argued the minimum wage rate would cost jobs and erode economic competitiveness, driving Switzerland’s high costs even higher. The median hourly wage is about 33 francs (27 euros, $37) an hour.

From France, a chutzpah alert from TheLocal.fr:

French rogue trader demands to see Hollande

Rogue trader Jérôme Kerviel, facing a Sunday deadline to return to France to begin a three year prison term, has demanded an audience with President Francois Hollande.

Issuing a statement from the Italian border town of Ventimiglia, Kerviel said he wished to detail “all the serious failings” that led to his conviction after he brought one of Europe’s biggest banks to the brink of bankruptcy in 2008.

Aides to Hollande said Saturday they would consider a request from Kerviel for a presidential pardon over his role in the loss of nearly five billion euros through wildly risky trades.

From FRANCE 24, a belated act of resistance:

France extends veto power over foreign takeovers

The French government on Thursday changed its policy to increase the state’s influence in foreign buyouts and investment in key sectors, which will allow it to intervene in GE’s controversial bid for French giant Alstom.

The new rules will come into effect on Friday and cover the key sectors of energy, transport, water, health and telecoms.

“The choice we have made, along with the prime minister (Manuel Valls), is the choice of economic patriotism,” Economy Minister Arnaud Montebourg told daily newspaper Le Monde.

Portugal next and an upgrade form New Europe:

Moody’s raises Portugal’s rating to Ba2

Portugal has received its first ratings upgrade since the sovereign-debt crisis pushed it into a €78 billion rescue programme in 2011.

Moody’s Investors Service said on 9 May it upgraded Portugal’s government bond rating to Ba2 from Ba3. In addition, the rating agency placed the Ba2 rating on review for possible further upgrade.

Moody’s said  Portugal’s fiscal situation has improved more rapidly than initially targeted and the public debt ratio will start declining this year, albeit from a very high level. The budget deficit was reduced a full percentage point of GDP more than envisaged last year, indicating the government’s strong commitment to fiscal consolidation.

Off to Italy and a Bunga Bunga rebuke from Europe Online:

Ex wife lashes out at Berlusconi over unflattering tabloid shots

The ex-wife of Silvio Berlusconi on Sunday charged that following her divorce, she was being subjected to “miserable” hounding from a gossip magazine published by the family of the former Italian premier.

Earlier this month, Chi magazine printed unflattering paparazzi pictures of Veronica Lario, under the headline “The new life of Veronica.” It noted that she had “put on a bit of weight,” and asked plastic surgeons how they would operate on her.

“It hurts me that the weekly responsible for this miserable ambush belongs to my ex-husband,” the 57-year-old Lario said in a rare interview to Il Messaggero newspaper.

Next up, off to Eastern Europe with Sky News:

Balkans: Worst Floods In A Century Kill Dozens

Tens of thousands have fled their homes after Serbia and Bosnia experienced three months of rainfall in just three days.

The worst floods to hit the Balkans in more than a century have killed dozens, and there are fears that number could rise as a major river is set to be hit by a new flood wave this evening.

Tens of thousands have fled their homes in Bosnia and Serbia after three months of rain fell on the region in just three days. Thousands have also been evacuated in Croatia, where one person has died and two remain missing.

A video report form euronews:

Dozens dead, tens of thousands evacuated from Balkans flooding

Program note:

The death toll continues to rise from the flooding in the Balkans. In central and western Serbia, the rains did start to ease and waters receded in some of the worst-hit areas on Sunday, May 18.

But essential services, like power stations, have been submerged. Serbia’s EPS power utility said fresh flooding is threatening the Nikola Tesla and Kostolac power plants in Obrenovac, 30 kilometres southwest of the capital, Belgrade. Kostolac currently supplies 20 percent of Serbia’s electricity needs.

From the Washington Post, a headline that could’ve gone in our companion compendium of headlines:

Russian President Putin builds ties in Moldova, Kazakhstan and Baltics

Vowing to defend ethnic Russians wherever they live, President Vladimir Putin has embarked on an aggressive campaign to rebuild the pride and assertiveness of the Russian people, which he says was lost in the breakup of the Soviet Union.

A week ahead of a presidential vote in Ukraine that will help determine that nation’s relationship with Russia, Putin has been devoting new power to redressing what he has called the historical tragedy that shattered the Soviet Union into 15 nations.

From annexing Crimea to collecting separatist petitions in Moldova to handing out passports to compatriots in the Baltics, Putin has spent recent weeks focused on neighboring countries, many of which have substantial ethnic Russian minorities.

After the jump, the latest from Greece, Cypriot relief, Ukrainian questions, Russian political moves, Turkish troubles, Iranian woes, African measures and countermeasures, Latin American troubles and deals, Thai turmoil, China slowdown signs, Abenomics in question, environmental woes, and the latest in Fukushimapocalypse Now!. . . Continue reading

India’s winners: Hindu fundies and neoliberals


The Indian vote is important in so many ways, given the simmering regional tensions we’ve dubbed the Game of Zones.

We begin today’s coverage with a another video report from The Real News Network featruing a Sharmini Peries interview of Nagesh Rao, a Colgate University lecturer of university studies, a post-colonial studies scholar, and an antiwar activist:

It’s a Decisive Victory for the BJP in India.

From the transcript:

RAO: Well, to start with, I think we have to see that this is a very difficult time for most Indians. Going into this election, the media and the corporate sector in India had already anointed Narendra Modi prime minister well before the voting had begun. And the candidate of corporate capital and of Hindu nationalist right wing movement is now poised to become prime minister.

As you probably know, Narendra Modi is, of course, most notorious for the fact that he at the very least didn’t do anything to stop the pogroms against Muslims in Gujarat in 2002, and he’s seen as a very divisive and authoritarian figure for many of these reasons.

PERIES: Nagesh, while Modi is–you know, his historical record has been made very public and attacked for his Hindu fundamentalism and inciting riots in terms of his history, he however in this particular election comes out not talking about any of that but talking about real issues that concern the people, like jobs. Yes?

RAO: Mhm, yes, except that the way he’s talked about these real issues has been in terms of so-called development, looking at the Gujarat model, as it’s been called. As chief minister of Gujarat, he claims to have developed Gujarat in a way that no other state has in India, and he hopes to implement that same model across the country.

The thing to recognize is that Modi’s sort of reinvention, his reinvention as a developmentalist, as someone who’s going to focus primarily on jobs, the economy, and so on and so forth, has been fairly recent in origin. Because of his success in Gujarat, sections of corporate capital anointed him precisely because they want to see all the barriers towards capital accumulation in India lifted. So further neoliberalism, further privatization, further deregulation, this is what lurks behind the model of development that’s known as the Gujarat model.

That said, that said, I think it’s important to recognize that the communalist, fundamentalist element of Modi’s being wasn’t entirely forgotten during this campaign, and he and his allies have done as much as they could to both emphasize this Gujarat model of development on the one hand, but also kind of Hindu nationalism and fundamentalism on the other.

And for more detail, we’ve extracted our Indian electoral headlines for of daily [usually] collection of political news headlines, revealing an array of significant consequences.

First, from the Times of India:

Modi to have free hand in both govt and party

Amid fierce lobbying for ministerial berths by BJP aspirants, RSS on Sunday claimed that it will not interfere with government formation, in a clear signal that Narendra Modi has a free hand in picking his team and that anxious seniors need to settle their claims with the PM-elect rather than bank on the Sangh to intercede on their behalf.

Articulating the RSS position, Sangh leader Ram Madhav said, “Sangh has not given any guidelines to BJP after its historic victory in Lok Sabha polls, nor to Modiji… RSS never keeps any remote control to perform any role in politics and government.”

However, Madhav said the Sangh may give suggestions, and expects the government to be sensitive to the Parivar’s ideological orientation. “People’s representatives who won in Lok Sabha polls are aware of the Sangh’s ideology and they know how to do work and take forward its ideology. There is no way that RSS would interfere in government’s functioning and politics. However, if required, Sangh may give suggestions,” he said.

CNNMoney covers the market reaction:

Modi win boosts Indian markets

India’s stock market surged Friday after early election results suggested a sweeping victory for Narendra Modi and the pro-business Bharatiya Janata Party.

Investors reacted to the news with enthusiasm, and Mumbai’s Sensex index advanced by more than 5% in early trading before paring gains to close 0.4% higher. The rupee strengthened by more than 1% and hit a new 10-month high against the dollar.

The prospect of a Modi-led government has helped boost India stocks by almost 13% since the start of the year. The rupee has responded too, clawing its way back from a dismal performance in 2013.

From the Economic Times, more evidence that the rich were the real winners, though by way of perspective, 10 million rupees amounts to a mere $170,740 — but in India, that’s not exactly chump change:

21 out of 26 candidates elected to Lok Sabha from Gujarat are crorepatis

Out of 73 crorepati candidates who had contested either on their respective party’s ticket or as independent in the Lok Sabha polls at the 26 seats of Gujarat, 21 BJP candidates have emerged victorious.

80.76 per cent candidates, who are elected as the Member of Parliament on 21 seats have the assets of more than one crore to around 80 crores.

The crorepati candidates who have registered victory in the 16th Lok Sabha polls include big names like country’s ‘to be prime minister’ Narendra Modi, deputy PM and veteran leader LK Advani and bollywood actor Paresh Rawal.

And USA TODAY foresees an invasion [or an exodus, seen from this side of the Pacific]:

India’s new party election could lure U.S. firms

The sweeping victory of India’s opposition party and its pro-business leader will likely create a more stable, tax-friendly investment climate for U.S. companies, analysts say.

On Friday, the Bharatiya Janata Party (BJP) and its allies won more than the 272 seats needed for a majority in Parliament, pushing the long-dominant Congress party from power and setting the stage for Hindu nationalist Narendra Modi to become the next prime minster of the world’s largest democracy.

“This is really historic,” says Milan Vaishnav, an India expert at the Carnegie Endowment for International Peace, noting it’s the first time since 1984 that India will have a single-party majority government. “It’s going to create a certain sense of stability … U.S. companies are very excited,” he says, adding Modi will govern as a “pragmatist who wants to show India is ‘open to business’.”

Breaking the Set: Indian election, labor, more


From RT America, Abby Martin’s Breaking the Set provides the critical insight on the Indian election and the rise of the fundamentalist right embodied by Narendra Modi, winner of the world’s largest election.

Of particular note is the plight of the Indian working class, overwhelmingly composed of men and women without permanent employment or benefits.

India’s Right Wing Takeover, Politicians Who Still Believe in WMDs & The End of the Cheetah

EPISODE BREAKDOWN:

On this episode of Breaking the Set, Abby Martin talks about recent comments by Iowa GOP Senate Candidate, Joni Ernst, in which she claims that Iraq did have weapons of mass destruction. Abby then speaks with Author and Professor, Vijay Prashad about India’s elections, and what they mean for the future of India’s economy, Muslim minority and relationship with Pakistan and the US. Abby then lauds the global fast food strike in which fast food workers all over the world took to the streets to demand a living wage. Abby then speaks with RT Correspondent, Anastasia Churkina about a new UCLA report showing that segregation in US public schools is actually growing. BTS wraps up the show with an interview with Dr. Laurie Marker, the world’s foremost expert on Cheetahs about the dwindling numbers of the fast land animal on earth and what we can do to preserve this majestic cat.

Headlines: EconoEcoGrecoFukuFollies redux


We begin today’s compendium of news from the worlds of economic, politics, and the enviornment — including the latest sobering news from the Fukushima nuclear reactor disaster with a march back in time to the days of the ancient Roman tax farmers with a headline from the Washington Post:

Congress moves to turn back taxes over to debt collectors

The Internal Revenue Service would be required to turn over millions of unpaid tax bills to private debt collectors under a measure before the Senate, reviving a program that has previously led to complaints of harassment and has not saved taxpayers money.

The provision was tucked into a larger bill, aimed at renewing an array of expired tax breaks, at the request of Sen. Charles E. Schumer (D-N.Y.), whose state is home to two of the four private collection agencies that stand to benefit from the proposal.

It requires all “inactive tax receivables” to be assigned to private debt collectors if the IRS cannot locate the person who owes the money or if IRS agents are unable to make contact within a year.

Some taxpayers would be spared the barrage of notices and phone calls, including innocent spouses, military members deployed to combat zones and people “identified as being deceased.”

And from United Press International, a three alarm hint of the consequences of resurrecting tax farms:

Foreclosures drive up suicide rates, study finds

“Losing assets at that stage in life is likely to have a profound effect on mental health and well-being,” said Jason Houle.

Data analysis has previously shown economic downturn to provoke an increase in suicide rates, but a new study shows an even stronger correlation between suicides and foreclosure rates.

According to research published this week in the American Journal of Public Health, higher rates of suicide are uniquely linked to spikes in foreclosures.

By comparing state-by-state suicide rates with the numbers of issued foreclosures — while accounting for other disruptive factors — the researchers were able to conclude that the correlation was “independent of other economic factors associated with the recession.”

From the San Jose Mercury News, back to the bad old days:

Report: California among worst in the nation in school segregation

As racial separation in education steadily grows, California now leads the nation in children going to school with their own kind, a UCLA study released Wednesday contends.

On the 60th anniversary of the landmark U.S. Supreme Court Brown vs. Board of Education ruling intended to dismantle segregation, the report by UCLA’s Civil Rights Project says that California students are more likely than ever to attend racially isolated schools.

In the Bay Area, most schools followed the same pattern, though were more integrated than schools in Southern California.

From Salon, one of the major reasons:

Fox News’ divisive race strategy: How O’Reilly, Hannity and Coulter intentionally tore America apart

  • False claims go unchallenged, racial fears are stoked — and political scientists discover it helps GOP at polls

Right-wing political figures have often defended the content of Fox News and other right-leaning media. A common ploy is the insinuation that the “mainstream” news establishment is in fact biased in favor of liberal ideological framings of issues or that it is actually antiwhite. For example, Sarah Palin famously blamed the “leftist lamestream media” for allegedly pressuring Newt Gingrich to soften his critique of Republican congressman Paul Ryan (while in fact the disapproval came from Fox News), and Palin again insinuated charges of political targeting when she decried the media as attacking right-wing figures with their brand of unfair “gotcha journalism.” Rush Limbaugh also compared the mainstream press to a “drive by shooter except the microphones are guns.” Limbaugh further asserted that the anti-right, mainstream media attempts to “destroy people’s careers. Then they get in the convertible, head on down the road and do it all over again, while people like you and me are left to clean up the mess with the truth. So I call them the drive-by media.”

And from United Press International, com;eting the taming of the Times:

Glenn Greenwald: Dean Baquet is too ‘subservient’ for journalism

Former executive editor of the New York Times Jill Abramson was abruptly fired this week. The lack of explanation for her dismissal has caused the newspaper to receive biting criticism.

Glenn Greenwald slammed the New York Times for the decision to make Dean Baquet executive editor, saying he will lead the newspaper into “neutered” journalism.

He may have had harsh words for Baquet but had nothing but compliments for his predecessor Jill Abramson, who was unexpectedly fired from her position earlier this week. In an interview with HuffPost Live, Greenwald said in the last ten years Abramson has been the “best advocate for an adversarial relationship between the government and the media.”

Greenwald, most famously known as the journalist to first publish the documents leaked by former NSA contractor Edward Snowden, is a strong proponent for freedom of the press and transparency in government.

From the Christian Science Monitor, another hint of things to come:

California wildfires set relentless pace months before typical season

This week, San Diego is the hardest hit. But drought, blistering winds, and unseasonably hot temperatures have produced 1,244 wildfires across the state this season, and officials expect no letup.

San Diego residents are bracing for a second day of wildfires, with temperatures expected to hit a high of 106 degrees, after at least nine fires closed schools and roads forced more than 21,000 people from their homes on Wednesday.

Thousands remain perched in front of their television sets, watching local broadcast team coverage of wildfires and hoping the wind won’t bring the fire and smoke toward their own communities.

For many Californians, the wildfire season has settled into expectation and habit. But this year, the highly flammable combination of record heat, the seasonal Santa Ana winds, and lack of rain are exacerbating the problem and producing severe fire conditions several months ahead of the usual fire season.

From the Guardian, resistance:

Fast-food strike: US workers join world protests over wages and union access

  • Calling for higher pay and the right to form a union without retaliation, fast-food workers staged protests on Thursday in 150 cities across the US and in 33 other countries

And from Al Jazeera America completing corporatization:

FCC votes to advance new Internet rules

  • In split decision, commission put forward rule change that could lead to firms being charged for fast track delivery

The Federal Communications Commission (FCC) voted Thursday to formally put forward new rules on net neutrality that may result in a two-tier delivery service to consumers.

The controversial changes being proposed could allow for providers to charge content sites like Netflix for faster service. But it would prevent them from blocking or slowing down certain websites. The proposals were widely anticipated and have been the subject of intense debate in recent months.

Opponents of the new rules staged protests outside the FCC’s headquarters.

But Deutsche Welle raises an obstacle:

German Economy Minister: ‘Google breakup may be required’

German Economy Minister Sigmar Gabriel has warned US Internet giant Google could eventually achieve such a strong market position that a breakup of the company could become an option to consider. Google was not amused.

While failing to explain how exactly to enforce a breakup of a US-based company, Sigmar Gabriel said Friday such a move could be a last resort for countries seeking to prevent Google from “systematically crowding out competitors.”

The German Economy Minister made those remarks in an op-ed published by the German Frankfurter Allgemeine Zeitung (FAZ) newspaper, painting an alarming picture of the threat posed to society by Internet companies.

“It’s about nothing less than the future of democracy in the digital age and therefore also about the self-determination of 500 million people in Europe,” Gabriel commented.

Via the Christian Science Monitor, more privatization:

Detroit bankruptcy: Bondholders balk at plan for city’s artworks

The collection is central to how the Detroit bankruptcy plan is carried out. Bondholders – one group in the bankruptcy – believe the art should be valued higher, but the judge in the case isn’t making a reappraisal easy.

Judge Steven Rhodes, who is presiding over Detroit’s efforts to emerge from bankruptcy, agreed last week to a restructuring plan submitted by the city. The plan still requires a vote by pension groups, labor organizations, and bond insurers, and state lawmakers would have to approve a $350 million cash injection from the state. But it has appeared that most groups are onboard with the plan.

A potential snag, however, appeared Thursday. In a three-hour hearing, attorneys representing two bondholders – creditors for the city that do not fare as well in the plan as some other groups – took aim at the arrangement that has been struck for the city’s art collection at the Detroit Institute of Arts (DIA). That collection is central how the plan is carried out.

The plan values the collection at $816 million, but the bondholders argue it should be worth more. A higher value for the collection could enable the city to fulfill more obligations.

On to Europe, first with BBC News:

Eurozone economic growth loses momentum

Eurozone economic growth lost momentum in the first three months of 2014, official figures show, with the growth rate unchanged from the previous quarter at 0.2%.

That was weaker than many economists had expected.

German growth picked up pace, with the economy expanding by 0.8%.

But France and Italy disappointed. The French economy failed to grow, while Italy’s contracted by 0.1%, having only just emerged from recession last year. Spain’s economy grew by 0.4% in the first quarter.

On to Old Blighty with BBC News and a truly terrible privatization:

Academics warn over child protection privatisation

A group of academics say they have serious concerns about proposals to let private contractors take over some child protection services in England.

Professor Ray Jones of Kingston University said child protection was too important to be handled by firms “driven by the profit motive”.

He said any such move could be destabilising and cause “chaos”.

BBC News again, running out of gas:

UK’s oil, coal and gas ‘gone in five years’

In just over five years Britain will have run out of oil, coal and gas, researchers have warned.

A report by the Global Sustainability Institute said shortages would increase dependency on Norway, Qatar and Russia.

There should be a “Europe-wide drive” towards wind, tidal, solar and other sources of renewable power, the institute’s Prof Victor Anderson said.

The government says complete energy independence is unnecessary, says BBC environment analyst Roger Harrabin.

The report says Russia has more than 50 years of oil, more than 100 years of gas and more than 500 years of coal left, on current consumption.

Class divisions with the London Telegraph:

One in five university graduates becomes a millionaire

  • More than two million degree-holders have a net worth of £1m or more as new statistics reveal the education gap between rich and poor

One person in five who receives university education becomes a millionaire, according to official figures.

Twenty per cent of all adults who hold at least one university degree — more than two million people — now have wealth totalling at least £1 million, data from the Office for National Statistics show.

Almost a tenth of all British adults now own assets — property, pensions, savings and physical objects — worth £1 million or more.

The total number of millionaires in Britain has risen by 50 per cent in four years despite the recent financial crisis. The figures showed a stark gap in wealth between people with different levels of education. Only three per cent of people with no formal educational qualifications have assets worth more than £1 million.

Norway next and Obaman umbrage from TheLocal.no:

Top Obama aide raged at Norway over Nobel

  • Norway’s ambassador to the US received an angry “dressing down” from Barack Obama’s chief of staff after the US President won his controversial Nobel Peace Prize in 2009, a senior Norwegian diplomat has claimed.

Morten Wetland, Norway’s former ambassador to the United Nations, told The Local that Rahm Emanuel, nicknamed “Rahmbo” for his explosive disposition, has taken US ambassador Wegger Strömmen to task after the award was announced.

“What I know for a fact is that he gave the ambassador some words, ‘a dressing down’, with respect to this,” Wetland said. “The word ‘fawning’ was used.”
Wetland, now a partner with the Oslo lobbying firm First House, speculated that Obama’s advisors must have seen the prize as an unwelcome embarrassment.

“My guess is that the president’s staff want to be in control and not to be forced into a position that they have not been seeking themselves,” he said. “It could have been perceived that someone was consciously or subconsciously thinking about the prospect of having Obama visit Norway. Obama wouldn’t have visited Norway if it hadn’t have been for the Peace Prize.”

On to Germany, sprinting ahead with EUbusiness:

Germany sprints ahead of flagging eurozone recovery

The German economy, Europe’s biggest, sprinted ahead in the first quarter of 2014, amid a big setback for the eurozone which highlighted the fragility of the recovery, data showed on Thursday.

Germany, the region’s economic locomotive, saw growth double to 0.8 percent in the period from January to March, the strongest quarterly growth for three years and ahead of analysts’ expectations.

But the French economy, described by some economists as the weak link in Europe, turned in zero growth in the same period, highlighting divergence between the eurozone’s two biggest economies which is of deep concern to policymakers.

Austria next, with intolerance rising from TheLocal.at:

Right-wing march in Vienna

Supporters of a German right-wing radical group Die Identitaere Bewegung (The Identity Movement) are holding a march in Vienna on Saturday.

The movement, initiated by disaffected, tech-savy youth, began in France and now has groups in Germany and Austria.

The group spreads its anti-Islamic, anti-multicultural message via social media and has gained attention by posting clips of its protests on YouTube and Facebook.

France next, and the neoliberal imperative from TheLocal.fr:

Europe warns France about protectionism

The European Commission warned France on Thursday against resorting to protectionism after Paris unveiled new measures to head off hostile foreign bids for key companies.

“The objective of protecting essential strategic interests is clear when it involves security or public order and that is recognised in EU treaties,” EU Finance Markets Commissioner Michel Barnier said.

“But we also must check if this is applied in a proportionate fashion, otherwise it could amount to protectionism,” said Barnier, a French politician.

From TheLocal.fr, another quarter heard from:

US business body scolds French ‘protectionism’

  • The leading US business group on Friday called France protectionist, after Paris asserted its right to veto any foreign takeover of key French companies.

The US Chamber of Commerce said the move by Paris, announced Thursday as US industrial giant General Electric presses to buy a division of France’s Alstom, would not help the country’s economy.

“From an open investment policy perspective there is nothing about the motivations behind the recent French decree… that isn’t explicitly a mix of industrial policy and protectionism,” said Sean Heather, executive director for international policy and antitrust policy at the chamber.

Such moves are “doing nothing to increase the country’s competitiveness,” he told AFP.

From TheLocal.fr, striking news:

Flights snarled as French civil servants strike

A country-wide civil servant strike on Thursday meant headaches for travellers on Thursday with dozens of flights cancelled. Strikers are angry about a four-year pay freeze that shows no signs of thawing.

Travellers were scrambling for alternatives on Thursday after a national civil servant strike meant dozens of flights were cancelled and dozens more delayed at France’s biggest airports.

Fliers coming into and out of Toulouse, Paris and Lyon were among those stuck on the ground with at least 20, 16 and seven cancellations respectively in the first half of the day, French daily Le Parisien reported.

From the Guardian, without comment:

Unemployed people in Czech Republic are ‘missing out on office sex’

  • Social Democratic party Euro election campaign video aims to highlight plight of young adult jobless in the country

The Czech Social Democratic party (C(SSD), which is hoping to add to its seven MEPs in Strasbourg, endorsed the video posted by its youth branch, the message of which can be summed up as “unemployment is depriving people of the joys of an office fling”.

The video shows a young woman in office clothes working at a computer. After glancing at the clock, she sneaks off to the next room and can be seen in passionate embrace with a colleague behind the adjoining door.

“Everybody who wants to should be able to enjoy something a bit different during breaks. It is a shame there are half a million people who don’t have jobs,” says a voice-over accompanying the video.

Spain next, and another American arrives via El País:

US wholesaler Costco opens first Spanish megastore in Seville

  • Warehouse club confident it can overcome reticence of local customers to pay membership fee

They have managed to get 15,000 people to pay for the privilege of shopping at their store, and they haven’t even opened their doors yet.

The US warehouse club chain Costco is disembarking in Spain with a first establishment due to open in Seville today.

Though modest, this incursion into Spanish territory has not gone unnoticed by the distribution sector, which will keep a close watch on the performance of its new rival.

El País covers costs:

Overrun costs or corruption? Why Spain’s public works are in crisis

  • In six years, the government has paid out €10bn to cover excess spending on construction projects
  • The amount is equivalent to the cuts it made on health and education when it came to office
  • Arrests of nine on embezzlement charges provide latest example of an overly abused process

Between 2008 and 2014, the Public Works Ministry has paid out €5.12 billion to modify already completed works. A further €4.1 billion has been paid to cover cost overruns, along with €900 million for expropriating land. In total, over the last six years, the Public Works Ministry has had to find more than €10 billion to cover cost overruns on roads, rail and ports, the same amount that Prime Minister Mariano Rajoy announced he would be cutting from health and education spending in April 2012, shortly after he took office.

There are any number of examples: the new port complex at A Coruña was tendered in 2004 for €436 million, and then awarded later that year for €370 million, according to Spain’s Ports Authority. The job ended up costing €547 million. And more money will be required, with the final cost likely to be more than €700 million.

The Environment Ministry, the government’s other big public works spender, paid out €1.5 billion in cost overruns between 2004 and 2012 on desalination plants, dams and other projects.

From TheLocal.es, cash and a black hole:

Spain’s ‘black’ economy worth 25 percent of GDP

Spain’s illegal economy is worth a staggering 24.6 percent of its gross domestic product and the country needs to pump far more resources into its rickety tax collection regime, a top tax union said on Friday.

Spain is a world leader in fraud with around €253 billion ($347 billion) in illegal money floating around in the country’s economy in 2013, Spain’s tax office union Gestha said in a statement on Friday. This figure has also risen €50 billion since the country’s crisis kicked in in 2008.

Critically, Gestha also argues Spain that Spain is chronically short-staffed when it comes to fighting tax evasion. Spain has one tax worker for every 1,958 inhabitants, against 942 for France and 740 for Germany, the union said in its statement.

On to Italy and the latest bad numbers from ANSAmed:

Italy returned to negative growth in first quarter

  • GDP down 0.1% on last three months of 2013 – Istat estimate

Italy returned to negative growth in the first quarter of 2014, with gross domestic product (GDP) dropping 0.1% compared to the last three months of 2013, Istat said Thursday in its preliminary estimate for the period.

The national statistics agency said GDP was 0.5% down in the first quarter of this year with respect to the same period in 2013.

The figures are a big blow to Italy’s hopes of seeing a strong economic recovery after it emerged from its longest postwar recession in the second half of last year.

More austerity from TheLocal.it:

Italy’s state broadcaster braces for cuts

Prime Minister Matteo Renzi has hinted at funding cuts to Italy’s state broadcaster Rai, saying the network “must also participate” in cuts as part of the government’s spending review.

The social media-savvy prime minister took to Twitter on Wednesday to announce “The future will also arrive at Rai,” following a heated debate on the broadcaster’s leading talk show.

“Rai must also participate in the spending review,” Renzi said on Rai 3′s Balarò programme on Tuesday evening.

The prime minister would not be drawn on a specific sum of cuts to the state broadcaster, although he said Rai’s numerous regional offices could be sites of “resounding waste”.

TheLocal.it again, with a neoliberal imperative:

Italy approves postal service privatisation

Italian Prime Minister Matteo Renzi’s government on Friday approved the sale of up to 40 percent of the postal service as part of a wide-ranging privatisation programme to raise some €12 billion.

The sale “can be carried out in several stages and through a public offering,” read the statement from a cabinet meeting authorising the sale of Poste Italiane, which is expected to raise around four billion euros.

The cabinet meeting also approved the sale of Enav, the state air traffic control agency, which could bring around 1.0 billion euros into state coffers.

The government is also planning to list up to 49 percent of state-owned shipbuilder Fincantieri in the biggest privatisations in two decades as part of an effort to reduce Italy’s towering debt mountain.

From ANSA, Bunga Bunga hubris:

Pope doing job as I would have says Berlusconi

  • ‘We’re same age but I look better’ says ex-premier

Ex-premier Silvio Berlusconi on Friday said Pope Francis was doing his job exactly as he would have done if he had been elected head of the Catholic Church. “Yes, I like Pope Bergoglio. He is being pope exactly the way I would have done it,” Berlusconi said of former cardinal Jorge Mario Bergoglio.

The journalist the billionaire media mogul was speaking to noted that the pope and the centre-right leader are the same age, 77.

“The same age, but I look better for my years,” said Berlusconi.

TheLocal.it warns:

Magistrate sent bullets after Berlusconi ruling

A magistrate in Milan received bullets in the post after ordering former premier Silvio Berlusconi to do community service for tax fraud, Italian media reported on Thursday.

Public Prosecutor Ilda Boccassini received the bullets at her Milan office in April, remarking that they were the latest in a string of threats.

“I received the most recent bullets a few days ago when we decided Berlusconi should do community service,” she was quoted in La Stampa as telling Superior Council of Judiciary (CSM).

While ANSA covers the latest in growing evidence of Bunga Bunga mob ties:

Mafia arrests may be linked to Scajola

  • Two police officers among arrests, probe mole suspected

An anti-mafia round-up of 18 people on Friday – regarding alleged infiltration of the Neapolitan Camorra mafia into the northwestern Tuscan coastal area of Versilia – may be linked to last week’s arrest of former Italian interior minister Claudio Scajola, investigators said Friday.

Two police agents, working for the Italian premier’s office and the Lower House, were placed under house arrest in Friday’s anti-mafia sting, accused of breaching the confidentiality of investigations.

Information leaks indicate that investigators has focused on the hypothesis that a mole may have furnished Scajola with privileged information on criminal investigations.

And TheLocal.it, an all-too-common story:

Migrants revolt at Rome detention centre

Clashes erupted at an immigration detention centre in Rome on Thursday as around 250 people barricaded themselves inside the building, described as a place of “desperate detention” by one rights group. The protest comes in the same week a Tunisian man sewed his mouth shut in protest at a nearby facility.

Around a third of the 780 people detained at the facility in Castelnuovo di Porto, north of Rome, joined the protest on Thursday morning, La Repubblica said.

Police were brought in to break through the barricaded entrance and reportedly used a water hose to dispel some of the protesters, who threw stones at police officers, the newspaper said.

After the jump, the latest from Greece, Ukrainian anxieties, Turkish anger, Latin American troubles and a surprising alliance, the right surges to power in India, Thai coup hints, Chinese investor worries, a Japanese surge for the rich accompanied by bad news for the poor [sound familiar?], environmental woes [including the collapse of the American bee population], and the latest chapter of Fukushimapocalypse Now!. . . Continue reading

Eric J. Garcia: The Real Welfare Queen


From El Machete Illustrated:

BLOG WalMart

Chart of the day III: Polarization and plutocrats


From “Why Hasn’t Democracy Slowed Rising Inequality?” [PDF], a paper by political scientists Adam Bonica of Stanford, Nolan McCarty of Princeton, Keith T. Poole of of the University of Georgia, and Howard Rosenthal of NYU, published in the Journal of Economic Perspectives:

Why Hasn't Democracy Slowed Rising Inequality?

H/T to Kevin Drum of Mother Jones.

Our candidates of the day for liquidation. . .


Yeah, why not?

When corporations do malicious things that reek of patent [in both senses] absurdity motivated solely by greed, let’s liquidate them. Or better yet, let’s give their ownership over to the community of folks who’ve been vicitmized by their depredations.

And in that light, we bring you a delightfully bile-arousing clip from Abby Martin’s Breaking the Set:

Program notes:

Abby Martin goes over the top 5 most ridiculous patents in the US, citing everything from Amazon’s patent of white background photography to Apple’s patent of the shape of a rectangle all leading to the rise of patent trolling and a complete abuse of the system.

Chart of the day: European dark times ahead?


From the Pew Global Attitudes Survey, evidence of a pervasive European pessimism about the road ahead:

Microsoft Word - Pew Global Attitudes European Union Report FINA

Headlines: Pols, lies, eCons, and polluters


Today’s tales from the worlds of economics, politics and the environment — plus added Fukusihmapocalypse Now! — opens with hope for modest relief for some via the Guardian:

Sallie Mae and Justice Department in $60m deal over military student loans

  • US government had claimed the student loan giant imposed interest rates on service members above the 6% allowed by law

Student lender Sallie Mae has reached a $60m settlement with the Justice Department to resolve allegations that it charged members of the military excessive interest rates on their student loans, the federal government announced Tuesday.

The deal settles a government lawsuit that asserted the student loan giant violated the rights of service members by imposing interest rates above the 6% permitted by federal law and by improperly seeking default judgments against them. Separately, the Federal Deposit Insurance Corporation announced a settlement of $30m in restitution arising from allegations that the company maximized consumer late fee charges, as well as $6.6m in civil penalties.

The lawsuit was the Justice Department’s first against owners and servicers of student loans for violating rights of service members. The settlement has been filed in federal court in Delaware and is awaiting a judge’s approval.

From the New York Times, business as usual:

Citigroup Says It Has Fired 12 in Mexico Over Fraud

Citigroup disclosed on Wednesday that it had fired a total of 12 employees in Mexico, including some senior executives, in connection with a $400 million fraud involving a Mexican oil services company.

In an internal memorandum to Citigroup employees, the bank’s chief executive, Michael L. Corbat, disclosed the terminations of the employees, including several managing directors, two of whom were business heads at the bank’s Banamex unit.

“Additionally, before our investigation concludes, we expect that several other employees, both inside and outside of Mexico, may receive forms of disciplinary action as well,” Mr. Corbat said in the memo.

From the Guardian, more business as usual:

Banks return to risky business: lax standards and subprime loans

  • Big banks like JP Morgan have rewired troubling, familiar tactics as they scrounge for profit in a difficult market

With business lending sluggish and mortgage lending slumping, Wells Fargo has decided it can cut those credit standards. Last month, it raised eyebrows by cutting the minimum credit score required to qualify for an FHA mortgage. It’s also making a big push into another area of lending notorious for poor lending standards: auto loans. Forget subprime mortgages; by the end of 2013, Wells was the second-biggest subprime auto lender in the country.

At least we’re all alert to the risks tied to lending, thanks to the vivid memories of 2008. The other side of the banking business is how they manage their deposits, and the quest to replace missing profits from this part of the enterprise is much less obvious to the casual observer. Nonetheless, analyst Mike Mayo says it’s this that keeps him awake at night far more often than worrying about stupid lending practices. “We haven’t had enough loan growth yet to cause a big problem.”

Specifically, Mayo frets that bankers are too complacent about whether depositors will stick around in a rising interest rate environment – and how much they’ll have to pay out in interest rates to hang on to those deposits. Then, too, there’s the question of what the banks are doing with all those deposits in the meantime.

From the Guardian again, the elite indulges:

Christie’s racks up $745m in one night – and the bubble keeps inflating

This week’s mega-auctions are once again reaching obscenely high prices, with a Barnett Newman selling for $84.2m and a Bacon triptych close to that. Why is there no sign of a crash?

Christie’s evening sale racked up a wacky, near-incomprehensible $745m, the highest total in history for a single sale – smashing past the house’s own high estimate of $500m, and beating November’s $691.6m sale, whose own Bacon, Three Studies of Lucian Freud, set a record (in nominal terms) for the priciest painting ever. The sale established new record prices for 10 artists, including Newman, Alexander Calder, and Joan Mitchell – who became the most expensive woman at auction for a messy blue abstraction from 1960.

Boggling enough on its own, the $744m sale came just a day after the end of Frieze New York, where untold millions changed hands, and on the heels of Christie’s own warm-up auction highlighting the “gritty, underbelly-esque side of contemporary art,” a rather ludicrous phrase to describe $134.6m worth of safe, predictable painting and sculpture. And collectors are set to do it all again Wednesday, when Christie’s rival Sotheby’s mounts its own evening sale.

“We are not in a bubble,” Christie’s CEO Steven Murphy insisted after the sale on Monday. To which the correct response is the one Mandy Rice-Davies gave during the Profumo scandal: “He would, wouldn’t he?” All the same, here are four theories on why the bubble keeps inflating, and why it may be a while before it bursts.

From the Los Angeles Times, a light frost in Hades?:

Howard Jarvis group won’t oppose bill to close Prop. 13 loophole

The staunchest defender of California’s politically untouchable property-tax initiative, Proposition 13, has tacitly approved a bid to change the landmark law for the first time since voters passed it 36 years ago.

The Howard Jarvis Taxpayers Assn., the anti-tax group named for the champion of the 1978 measure, dropped its opposition to a bill that would clamp down on companies avoiding higher property taxes when they buy commercial real estate by using a corporate ownership maneuver.

“I think that the withdrawal of our opposition, at least for now, suggests that we don’t see this as a direct threat to Prop. 13,” said Jon Coupal, president of the Jarvis group, whose crusade for the law sparked a nationwide tax revolt.

From BBC News, a story to shake you up:

Water extraction for human use boosts California quakes

Extracting water for human activities is increasing the number of small earthquakes being triggered in California.

A new study suggests that the heavy use of ground water for pumping and irrigation is causing mountains to lift and valleys to subside.

The scientists say this depletion of the water is increasing seismic activity along the San Andreas fault.

Another California water story, this time from the East Bay Express, reporting on Governor Jerry Brown’s Bay Delta Conservation Plan [BDCP]:

The Water Tunnel Boondoggle

  • Experts say the eye-popping costs of Governor Brown’s plan to build two giant water tunnels far outweigh the financial benefits. And taxpayers may be left holding the bag.

The project — along with the costs of mitigating the damage wrought by it — also promises to be hugely expensive. Two water agencies — the Westlands Water District, which services about seven hundred farms in a vast strip of desert in the western San Joaquin Valley, and the Metropolitan Water District, which supplies 19 million Southern Californians with water — plan to cover the majority of the costs of the tunnels, an estimated $15 billion, along with any economic damage they cause to the Delta.

But even as the project’s public comment period draws to a close next month, the state has yet to develop a clear financial plan for the tunnels. Moreover, the relatively few financial facts that do exist are hotly contested. The Department of Water Resources, for example, often states that the entire plan will cost a total of $25 billion, yet many economists think that, when interest on the bonds is factored in, the true figure will run closer to $70 billion.

In terms of benefits, state officials say the tunnels will generate an overall net gain of roughly $5 billion for California’s economy. But other water experts contend the plan could actually result in an annual net loss of about $100 million a year for water contractors backing the project.

From the Los Angeles Times, more ominous signs of a deadly summer to come in the Golden State as a record drought continues:

San Diego County fires: ‘It’s like a scene from Armageddon’

Brush fires broke out in more than half a dozen spots in northern San Diego County and spread at a dangerous pace as hot, dry, erratic winds, backed by record temperatures, raked Southern California for a second day Wednesday.

The fires forced evacuations of schools, businesses, homes, a mobile-home park and Cal State San Marcos, along with causing massive traffic jams and stretching firefighting resources almost to the breaking point.

The most destructive of the blazes was the Poinsettia fire in Carlsbad, which burned several hundred acres, hopscotching between pricey neighborhoods near brushy canyons.

And another faint hope for reform from within via the Guardian:

Google investors press for code of conduct on tax

Proposal by group of activist investors will be voted on at annual shareholder meeting and is opposed by Google board

A group of activist investors are calling on other Google shareholders to press the company to adopt a code of conduct on tax that would bring its corporate structures back in line with its “Don’t be evil” motto.

“A set of principles to address misalignments between Google’s tax strategies and its commitments to employees, communities, shareholders and the environment would help protect long-term value,” they argue in a proposal to be voted on at Google’s annual shareholder meeting on Wednesday.

The proposal has been made by Domini Social Equity Fund, which has close to $1bn of assets, and five other investors in the internet firm. It is opposed by the Google chairman, Eric Schmidt, and his board.

From the Register, surrendering to the corporate tracking imperative online:

Mozilla agrees to add DRM support to Firefox – under protest

  • ‘We don’t like it, but we have to use it’

Mozilla has announced that it will add Encrypted Media Extensions (EME) for digital rights management into a future build of Firefox, even if the organization disagrees with the technology on principle.

The World Wide Web Consortium (W3C) is to add EME into the specifications for HTML5 at the behest of Microsoft, Google, and Netflix. Sir Tim Berners-Lee supports the move, but Mozilla had been objecting to the plans as technically unnecessary. However, it has decided to cave.

“We have come to the point where Mozilla not implementing the W3C EME specification means that Firefox users have to switch to other browsers to watch content restricted by DRM ,” said Chief Technology Officer Andreas Gal.

Opening shots from an academic battle from USA TODAY:

For-profit colleges, student advocates lobby Obama

As the Obama administration prepares to establish new rules governing for-profit colleges later this year, student advocates and the career college industry are waging a fierce battle to shape the coming regulations.

Stakeholders on both sides of the debate are ramping up their push on the administration just as the public comment period on a proposed “gainful employment” regulation is set to close May 26.

Under the proposal that the administration unveiled in March, colleges would have to demonstrate that graduates’ debt load on average does not exceed 30% of their discretionary earnings or 12% of their total earnings.

And another national shame, reported by former Secretary of Labor Robert Reich in the UC Berkeley Blog:

How the right wing is killing women

According to a report released last week in the widely-respected health research journal, The Lancet, the United States now ranks 60th out of 180 countries on maternal deaths occurring during pregnancy and childbirth.

To put it bluntly, for every 100,000 births in America last year, 18.5 women died. That’s compared to 8.2 women who died during pregnancy and birth in Canada, 6.1 in Britain, and only 2.4 in Iceland.

A woman giving birth in America is more than twice as likely to die as a woman in Saudi Arabia or China.

And another national shame, via The Contributor Network:

REPORT: Children as Young as 7 Working in US Tobacco Fields

  • An international rights group is pushing the federal government and the tobacco industry to take further steps to protect children working on U.S. tobacco farms.

A report released Wednesday by Human Rights Watch claims that children as young as 7 are sometimes working long hours in fields harvesting nicotine- and pesticide-laced tobacco leaves under sometimes hazardous conditions. Most of what the group documented is legal, but it wants cigarette makers to push for safety on farms from which they buy tobacco.

Human Rights Watch details findings from interviews with more than 140 children working on farms in North Carolina, Kentucky, Tennessee and Virginia, where a majority of the country’s tobacco is grown.

New enterprise struggles from the New York Times:

The Bud Light-ification of Bud

There’s a pressing economic reason for the pot industry to get better if it is to survive, aside from its formidable legal challenges. The plant is relatively cheap and easy to grow, and not complicated to process either. Left to the whims of the open market — meaning ignoring taxes and regulations — the price of a joint could plummet to the price of a tea bag or a packet of sugar. So how will investors help the market mature while still making money?

The market for marijuana is nothing like the market for corn or wine or tobacco — at least not yet — and the reasons start in the ground: Marijuana growing and processing is downright bush-league compared to modern American agribusiness. Much of the pot produced in the United States still comes from illegal or semi-legal grow sites, even given the surge of production and processing in states with recreational or medicinal laws. And strains remain understudied and underanalyzed, compared with the wheat in your cereal or even the marigolds in your garden.

The inefficiencies continue to pile up after the harvest. Marijuana has to be cured, then trimmed, before it is sold, and much of this work is still done by hand. Workers use scissors to cut away tough outer leaves and expose the smokable part of the plant. It’s a labor-intensive process, the kind that in other instances is completed by a machine, like a thresher or a cotton gin.

And from the Japan Daily Press, still time to resist:

U.S. sees no conclusion to Trans-Pacific Partnership negotiations anytime soon

The stalemate is still on as the nations included in the Trans-Pacific Partnership are not expecting a conclusion to be met in the negotiations anytime soon. With a ministerial meeting happening in Singapore this month, members of what will be the world’s biggest free trade deal are yet to finalize the deal as both Japan and the United States, both key economies in the deal, failed to reach a conclusion on the negotiations last month.

While many expected progress to happen when US President Barack Obama himself went to Japan last month to discuss this, many were disappointed to learn that further talks are needed to come to a final agreement. The deadlock remains to be because of Japan’s refusal to give up tariffs on key products such as farming produce and automobiles, both the bread and butter of the Asian nation. This has affected widely the negotiations of the 12-nations included in the TPP as they wait for the final outcome of the talks between Japan and the U.S. The countries included in the TPP will meet in Singapore this week to give updates regarding other talks. They are expected to outline other details including regulations on labor, intellectual property and the environment as soon as the deal has been ironed out.

For our first European story, a plaintive pontifical plea from ANSA:

Pope condemns ‘massacre’ of migrants at sea as ‘shameful’

  • Francis asks for prayers for people fleeing homelands by boat

Pope Francis on Wednesday condemned the “massacre” of desperate migrants who are killed in boat disasters on the Mediterranean Sea as they flee their homelands for a new life in Europe. During his weekly general audience, the pope said it was “shameful” that thousands of migrants are killed on the seas between North African and the southern borders of Italy.

Shortly before he spoke, police in southern Italy said they had arrested two alleged human smugglers who authorities say deliberately caused a boat carrying as many as 400 migrants to sink off the coast of Libya Monday to induce an Italian sea rescue.

So far, 17 have been confirmed dead and more than 200 rescued but as many as 200 more are still missing.

Next, via EUbusiness, another hint of things to come:

Eurozone industrial output slips back in March: Eurostat

Eurozone industrial output fell in March, official data showed on Wednesday, consistent with recent data showing the economic recovery to be patchy so far.

Industrial output in the 18-nation eurozone dropped 0.3 percent in March compared with the figure for February when it gained 0.2 percent, the Eurostat statistics agency said.

Compared with March 2013, eurozone industrial output was down 0.1 percent, after posting a year-on-year gain of 1.7 percent in February.

From Europe Online, another form of resistance to the austerian imperative:

Brussels expects stronger resistance to austerity in next EU assembly

The European Commission believes that it will be harder to get the European Parliament to approve austerity legislation after this month’s elections, internal documents seen by dpa showed Wednesday.

The European Union’s executive arm acknowledged that based on polling trends, the staunchest backers of recent budget discipline reforms, the conservative European People’s Party (EPP) and Alliance of Liberals and Democrats for Europe (ALDE), will be “substantially weakened.”

“Some of the winning coalitions” that supported reforms in the outgoing Parliament, which had “the EPP and ALDE at their core,” are likely to “no longer be sufficient to reach a majority” in the next EU assembly, according to an analysis by the commission’s economic and financial department.

EurActiv raises an objection:

Norway accuses Apple of breaching EU consumer law

Apple’s iCloud service violates European law by giving itself the right to change its terms and conditions at any time, without notifying its customers, according to a complaint lodged 13 May by the Norwegian Consumer Council.

The council, a government agency, earlier published a study accusing Apple iCloud’s terms of service of violating consumer rights and privacy before the complaint to Norway’s Consumer Ombudsman.

The unfair practice complaint is based on the EU’s directive on unfair terms in consumer contracts. Because people often store important information in the cloud, such as documents and photos, it is particularly important they understand the contract, the council said.

On to Britain and xenophobic fears fail to materialize, via Sky News:

East European Migrant Influx Fails To Emerge

The number of migrants from Romania and Bulgaria has fallen since border controls were lifted but rose over the long-term.

The number of Romanians and Bulgarians working in the UK has fallen by 4,000 since transitional controls on immigration were lifted on January 1.

Figures from the Office of National Statistics show 140,000 people born in one of the two countries were employed between January and March this year.

That is down from 144,000 between October and December, suggesting concerns about mass immigration following the New Year have been unfounded.

And some positive numbers from BBC News:

UK unemployment rate falls to five-year low

The number of people out of work in the UK fell by 133,000 to a fresh five-year low of 2.2 million in the three months to March, official figures show.

The jobless rate also fell to a five-year low of 6.8%, the Office for National Statistics (ONS) said.

The number of people in work rose to 30.43 million, the highest since records began in 1971, helped by a rise in self-employment. Average earnings in the three months to March were up 1.7% from a year earlier.

But other numbers hint of another reality, via the Independent:

Anger as Employment Minister Esther McVey denies food bank use is linked to welfare reforms

Charities and politicians have reacted with anger to a claim by the Employment Minister that the dramatic rise in the number of people using food banks has nothing to do with the Government’s welfare reforms.

In a letter to the Scottish government, Esther McVey said “the rise in food banks predates most of the welfare reforms this Government has put in place”, adding that there was “no robust evidence linking food bank usage to welfare reform”.

Figures from the Trussell Trust, Britain’s biggest food bank provider, have shown that demand has increased by more than 300 per cent in the past year.

Sky News hints at a bankster victory:

Banks Warn Regulator On ‘Illegal’ Bonus Rules

Bank of England proposals to toughen bank bonus rules could be legally unenforceable, a document obtained by Sky News warns.

New rules that would force bankers to wait more than a decade to get their hands on bonuses would breach “the principle of natural justice” and leave lenders exposed to costly legal challenges, a trade body has warned.

In a document obtained by Sky News, the British Bankers’ Association (BBA) argued that plans to apply clawback provisions retrospectively would be illegal in Brazil, France, Germany and Mexico, countries in which UK-based lenders such as HSBC have a substantial presence.

The BoE’s proposals would force banks to reclaim variable compensation from senior employees for up to six years after it has been handed over and spent.

On to Norway and trepidation from TheLocal.no:

Norway slashes growth forecast on oil slowdown

Norway’s government on Wednesday slashed its growth forecast for this year, citing a slowdown in spending by the key oil sector in the Nordic country.

In a revised budget the government said the Norwegian economy is now forecast to grow by 1.9 percent in 2014, compared to the 2.5-percent increase expected in the original budget submitted last November.

This forecast concerns the country’s “mainland” GDP, which leaves out fossil fuels and maritime transport and is preferred as an indicator in Norway
since it excludes the strong cyclical variations related to oil, one of the country’s main exports.

However the purchase by the oil sector of goods and services is included in the country’s “mainland” GDP calculation, and the finance ministry expects this to stabilise then decrease.

Hypocritical criticism of the day award goes to. . .Well, you get the idea. And imagine if the U.S. had the same priorities as one of the happiest nations on earth. From TheLocal.se:

‘Swedes prioritize welfare and jobs above security’

No one doubts the Swedes’ ability to fight, but they do doubt Nato-ambivalent Sweden’s commitment to helping its neighbours, argues former US defence attaché to Sweden Bruce Acker.

In the wake of Russian annexation of Crimea, the Swedish defense debate has intensified over the nature of its security structures and partnerships. The Swedish solidarity declaration of 2009 is frequently criticized for being unresourced and therefore weak:

On to Austria and a slowdown from TheLocal.at:

Verbund shuts five power plants

Verbund, Austria’s leading electricity company, is mothballing five power stations to cut costs.

The company said it would temporarily decommission several combined cycle gas-fired power plants in Austria and France, including the 848-megawatt Mellach power station that was commissioned only three years ago.

Additionally, a coal-fired power plant in Dürnrohr and an oil-fueled plant in Styria will be closed, the company added.

The reason for the closures is the “massive disruption in the European electricity market” and “sector-wide economic pressures”, Verbund said. It hopes the restructuring will lead to “lasting economic improvements”.

TheLocal.at again, with a shortfall:

Austrian army ‘going broke’

The Austrian army is in serious financial trouble – so much so that regiments can’t afford fuel and soldiers are forced to march on foot.

Defence Minister Gerald Klug (SPÖ) has said that with its current budget the army “is no longer financially viable”.

His staff have done an analysis of the army’s current saving plan and found that by autumn it won’t even be able to afford its fuel bill.

And a good use for a house linked to a murderous xenophobe extraordinaire from TheLocal.at:

Hitler’s house to become migrant centre?

A long-running debate over the future of the house where Hitler was born finally appears set to be resolved.

The Renaissance-era structure, located near the central square of the picturesque town of Braunau in Upper Austria, is considered prime real estate.

At a recent ‘Birthplace Summit’, held at the Interior Ministry in early May, the house’s current owner and representatives from Braunau met with Austria’s Interior Ministry to discuss the fate of the controversial building.

For decades however, the shadow of Adolf Hitler – its most infamous son – has hung over the former guest house, creating a constant headache for Braunau’s administration.

On to Spain with thinkSPAIN and political provocation:

Mock ‘abortion package tour’ travel agency launched in protest over Spanish law reform

CAMPAIGNERS fighting the proposed restrictions on abortion announced by Spain’s minister of justice have set up a spoof travel agency offering trips to Europe for women wishing to terminate a pregnancy.

Dubbed ‘Abortion Travel – the agency that shouldn’t exist’, the pretend online ‘company’ offers packages to London, Paris and Berlin ranging from 1,940 euros to 2,620 euros.

Its organisers even give women advice relating to where to travel to in Europe depending upon how far gone their pregnancy is and the national law relating to their stage of gestation.

TheLocal.es covers a dismal ratio:

Spain: One vacancy for every 110 jobseekers

Spain had only one job opening for every 110 unemployed people in the final three months of 2013, the second worst rate in the European Union, a new study released on Wednesday shows.

Before Spain’s economic crisis kicked off in 2007, this rate was one job opening for every 17.5 jobseekers, the latest labour market bulletin by job agency Asempleo and financial consultants Afi shows.

Only Cyprus had a worse ratio: there the ratio was one job per 154 people searching for work.

The lack of job openings in Spain — where the official unemployment rate is 25.93 percent — is also in stark contrast with the EU average for the final quarter of of 2013. That figure was 12.3 unemployed people for each job on offer.

Italy next and a Bunga Buna bloviation from ANSA:

Berlusconi says accord with Renzi ‘useless’

  • Forza Italia leader says party will vote as it sees fit

Ex-premier Silvio Berlusconi said Wednesday that continuing an accord with Premier Matteo Renzi on government reforms would be “useless”. Instead of advance agreements, he said, his opposition centre-right Forza Italia (FI) party would decide for itself how to vote on each reform measure.

“It is useless to make arrangements before,” any vote, Berlusconi said in a television interview with Rai.

“We expect to see the reforms in Parliament (and) if we believe they are the best, we will vote for them,” and otherwise, FI will vote against the measure, he added.

TheLocal.it asks for a helping hand:

‘EU officials asked US for help to oust Berlusconi’

EU officials asked the US government for help to oust Silvio Berlusconi from the Italian premiership at the height of the economic crisis in 2011, a former advisor to US President Barack Obama has claimed.

Tim Geithner, former US treasury secretary, said that he refused to cooperate in a plot against the then Italian prime minister in the autumn of 2011. “European officials contacted us with a plot to find a way of forcing the Italian Premier Berlusconi to stand down,” Geithner was quoted in La Stampa as saying in his new book – Stress Test: Reflections on Financial Crises.

The EU officials wanted their US counterparts to refuse to back an Italian rescue package from the International Monetary Fund (IMF) unless Berlusconi resigned, Geithner alleged. The former treasury secretary claimed that he refused to go along with the plot, telling the Europeans “we cannot have blood on our hands.”

Blissful high level ignorance from ANSA:

Napolitano didn’t participate in Berlusconi ‘plot’ meetings

  • Geithner book feeds speculation Berlusconi was felled in 2011

President Giorgio Napolitano said in a statement Wednesday that he did not participate in any of the international meetings in which European officials allegedly plotted to bring down Silvio Berlusconi’s government in 2011.

Rumours that the third Berlusconi’s government was scuppered by a conspiracy were fueled this week by a new book by former US Treasury secretary Timothy Geithner. The former Treasury secretary wrote that in 2011, at a G-20 meeting, Europeans were pushing the White House to get involved in pressuring Berlusconi out of office, as Italy risked a Greek-style financial meltdown with the spread between Italian 10-year bonds and their German counterpart ballooning to over 500 points and yields above 7%.

Napolitano was instrumental in engineering the emergency technocrat administration led by ex-premier Mario Monti that replaced Berlusconi’s administration in November 2011.

After the jump, the latest anxieties from Greece, More Ukrainian turmoil and Russian retaliation [including a lethal blow the U.S. space program], a Georgian courtship, Turkish outrage, agrofuel and presidential woes in Latin America, Australian austerity run amok, a blow for GMOs in Pakistan, Thai turmoil, Southern Korean economic woes, bubble-plugging measures, corruption and economic and corporate imperialism in China, economic winners and losers in China, Trans-Pacific Partnership wheeling and dealing, MERS warnings, historical tragedy, and the latest chapter of Fukushimapocalypse Now! . . .
Continue reading

The latest digital currency: Say hello to Potcoin


Forget Bitcoin, the next new virtual currency is Potcoin, created to get around the Obama administration’s hypocritical decision to crush state-legal cannabis clinics, whether full-scale legalized or limited to medical marijuana, but cutting off their ability to use the banking system.

From China’s CCTV:

Developers Introduce Potcoin

Program notes:

Hendrik Sybrandy reports from Denver, Colorado where entrepreneurs have come up with their own version of bitcoin tailored to the marijuana industry.

And a reminder why we used the adjective “hypocritical” to describe Barry O:

The Infamous Bogartin' Barry O

The Infamous Bogartin’ Barry O in his Occidental College daze

And what the hell, a song to go with it from Berkeley’s own Country Joe McDonald:

Chart of the day: That malignant student debt


From a new report from the Pew Research Center examining the pernicious burden of student debt on the rising [and hopefully eventually uprising] generation. Click on the image to enlarge:

BLOG Student debt

Headlines: Pols, EconoEnvirofails, more


Today’s headlines from the worlds of economics, politics, and the environment begins with business as usual from BuzzFeed:

Biden’s Son, Polish Ex-President Quietly Sign On To Ukrainian Gas Company

Revelations that Hunter Biden and Aleksander Kwasniewski serve on the board of a company controlled by a Yanukovych ally raise serious conflict of interest questions for Western countries’ Ukraine policy.

U.S. Vice President Joe Biden’s youngest son has joined the board of a gas company owned by an ally of Ukraine’s fugitive ex-president Viktor Yanukovych and a key European interlocutor with Kiev who was previously president of Poland.

The move raises questions about a potential conflict of interest for Joe Biden, who was the White House’s main interlocutor with Yanukovych while the latter was president and has since spearheaded Western efforts to wean Ukraine off Russian gas.

Company documents in Cyprus show that Joe Biden’s son, R. Hunter Biden, became a member of the board of directors of Burisma Holdings, which describes itself as Ukraine’s largest private natural gas producer, on April 18. Burisma announced Hunter Biden’s appointment in a press release Monday on its website which was quickly picked up by Russian state media.

And from the McClatchy Foreign Staff, Third World America:

U.S. alone among Western countries on lack of paid maternity leave, UN finds

The United States is the only Western country — and one of only three in the world — that does not provide some kind of monetary payment to new mothers who’ve taken maternity leave from their jobs, a new U.N. study reports.

Two other countries share the U.S. position of providing “no cash benefits during maternity leave,” according to the report, which was released Tuesday by the International Labor Organization: Oman, an absolute monarchy in the Persian Gulf; and Papua New Guinea, a South Pacific nation where the U.S. State Department says violence against women is so common that 60 percent of men in a U.N. study acknowledged having committed a rape.

The other 182 countries surveyed provide either a Social Security-like government payment to women who’ve recently given birth or adopted a child or require employers to continue at least a percentage of the worker’s pay. In 70 countries, paid leave is also provided for fathers, the report said, including Australia, which introduced 14 days of paid paternity leave last year, and Norway, which expanded its paternity leave from 12 to 14 weeks.

From the Associated Press, signs of a dangerous summer ahead in the Golden State:

Wildfire forces 20,000 evacuations near San Diego

Wildfires pushed by gusty winds chewed through canyons parched by California’s drought, prompting evacuation orders for more than 20,000 homes on the outskirts of San Diego and another 1,200 homes and businesses in Santa Barbara County 250 miles to the north.

No homes were reported damaged in either fire, but hundreds were considered threatened. The rugged terrain and unseasonably warm temperatures made firefighting even more difficult.

The flames that erupted in the fire-prone Rancho Bernardo area of San Diego quickly grew to 700 acres, driven by hot, dry Santa Ana winds that whipped through areas dotted by hilltop estates and pricey new housing tracts.

From TheLocal.fr, with a reminder that the figures refer to the total populations, not per capita consumption:

Americans topple French as biggest wine drinkers

For the first time, the United States has snatched from France the title of the world’s top wine consumer, according to a report released on Tuesday. France’s wine mastery already was threatened earlier this year.

Global wine consumption fell marginally in 2013 and the United States outstripped France as the top consumer, the International Organisation of Wine and Vine (OIV) said Tuesday.

Consumption dipped 1 percent last year to 238.7 hectolitres of wine in the global market worth 73 billion euros ($100 billion).

The United States was the top consumer for the first time at 29 million hectolitres, with domestic production accounting for four-fifths, said Jean-Marie Aurand, the head of the intergovernmental organisation that compiles global statistics for the industry.

The Mainichi cites a slowdown:

U.S. retail sales rise a scant 0.1 percent in April

  • U.S. retail sales growth slowed in April, with consumers shopping less online and cutting back on purchases of furniture and electronics.

The Commerce Department said Tuesday that seasonally adjusted retail sales rose just 0.1 percent last month, after surging 1.5 percent in March following a harsh winter that had curtailed shopping.

Several economists said the April figures might have been depressed because of seasonal adjustments connected to a later than usual Easter. Still, the modest sales suggest that consumers may remain cautious during the still-slow economic recovery. Higher sales would help drive faster growth because consumers account for about 70 percent of the economy.

From the San Francisco Chronicle, plutocrat behaving badly [and he’s Al Gore’s bosom buddy]:

Martins Beach billionaire evades questions on stand

The billionaire landowner who bought a popular beach in San Mateo County and then locked out the public was evasive and uncooperative when questioned Monday about his decision, stating repeatedly he “did not recollect” conversations, letters or legal documents.

Vinod Khosla testified during the civil trial in San Mateo County Superior Court that he did not remember why he set up two limited liability companies to buy Martins Beach, what amount he paid for the property, when he bought it or why the decision was made to keep the public out.

The Silicon Valley venture capitalist remained calm but gave no ground during the intense questioning – sometimes tinged with disbelief and sarcasm – by the lead attorney for the Surfrider Foundation, which sued Khosla for blocking the only access road to the beach. Khosla explained that he never had a conversation about the property without his lawyers present, a strategy that allowed him to invoke attorney-client privilege for virtually every question whose answer he could recollect.

A global story, via Xinhua:

Global economy still faces considerable risks: leading economic organizations

World economy still faces various risks despite its recent improvements, and further efforts on growth and consolidation are needed, said heads of world’s leading economic organizations on Tuesday.

High unemployment, significant output gap, low investment, rising inequality and slowdown in emerging economies still have an impact on global growth prospects, said chiefs of the Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), the World Bank, the International Labor Organization (ILO) and the World Trade Organization (WTO) in a joint statement with German Chancellor Angela Merkel released after their meeting in Berlin.

“The global economy has noticeably improved, but is still far from a robust, sustainable growth,” the statement said.

And form the Japan Times, the neoliberal agenda marches on:

Nations narrowing gaps on TPP: Amari

The 12 countries involved in the haggling over a Pacific free trade agreement are narrowing their differences on intellectual property rights, one of the issues blocking the conclusion of the pact, Akira Amari, minister in charge of the Trans-Pacific Partnership negotiations, said Tuesday.

“There has been confrontations between emerging and developed economies in the area of intellectual property, but things are moving forward considerably,” Amari said.

“But I am aware that we have yet to reach an agreement” on the issue, Amari told reporters.

On to Europe and a pessimistic EurActiv:

Poll: Most Europeans believe ‘the worst is still to come’

With the European elections opening next week, a new survey shows that most Europeans believe the crisis is not over yet and that “the worst is still to come”, although the trend is slightly improving.

A Eurobarometer study released by the European Commission on Monday (12 May) shows Europeans are still depressed about their future.

44% Europeans believe “the impact of the crisis has already reached its peak” while 47% believe “the worst is still to come”.

Britain next, and a bubble only the rich can love from Sky News:

Property Boom Leaves Many Unable To Buy

A combination of soaring house prices and falling real wages is making home ownership an ever more distant dream for some.

The proportion of English and Welsh homes selling for over £1m has more than doubled during the Great Recession, in the latest evidence of the property market boom.

In London a record 7% of all home sales listed by the Land Registry in the year to March were for £1m or more – a sharp increase from the 3% level when Britain slid into recession in 2008.

Ireland next, and a confidence game from Independent.ie:

Consumer confidence hits seven year high

CONSUMER confidence rose again last month to hit a seven-year high.

The increase is despite household finances being under continued pressure, especially with the advent of water charges.

KBC Bank and the Economic and Social Research Institute said the index of consumer sentiment jumped to 87.3 in April, from 83.1 in the previous month.

This is the highest level since January 2007.

How Swede it is, from TheLocal.se:

All but three percent of Swedes lead ‘happy’ lives

A comprehensive survey of the 28 EU member states revealed that an EU-high 91 percent of Swedes believe immigrants contribute significantly to society, and 97 percent are satisfied with their lives.

All but 3 percent of Swedes are happy with their lives. At least, that’s according to an EU report published on Tuesday.

“I’m astonished by the results,” Swedish anthropologist Gillis Herlitz told The Local. “Swedes nowadays complain about everything.” The report revealed that Swedes were the most positive nationality in the EU when it came to both life satisfaction and perceptions of immigrants.

Germany next, and a curious move from TheLocal.de:

City to give alcoholics beer to clean streets

A planned taxpayer-funded project in western Germany to get unemployed alcoholics and drug addicts cleaning streets has sparked controversy by offering those who take part beer as part of their compensation.

The “Pick-up” initiative, planned by charity Addict Support Essen to start in mid-June, offers addicts beer – along with food and medical treatment – in exchange for working three to six hours a day collecting litter off streets.

They will also get “pocket money” of €1.25 per hour, similar to the established “one-euro-jobs” which employ unemployed and homeless people in Germany for public projects at an hourly rate of €1.

Deutsche Welle gets instructions:

OECD urges Germany to reduce poverty risk

The Organization for Economic Cooperation and Development (OECD) has criticized Germany for not doing enough to prevent a growing number of people from sliding into poverty. It called for a speedy action plan.

The organization of the world’s leading 34 industrialized nations pointed out in its latest biannual report on Tuesday that Germany’s recent economic upswing had failed to reach the weakest in society.

“The relative poverty risk and pronounced income inequality have remained unchanged over the past couple of years,” the reports said. The report also pointed out that it had become harder for low-paid workers to move up.

OECD Secretary-General Angel Gurria called on the government to prepare reforms quickly to rectify the current situation. “Germany must act now,” he told reporters in Berlin.

More from TheLocal.de:

Germany has more jobs, but more inequality

Germany must do more to reduce poverty risks made worse by reforms to the labour market that have reduced joblessness but widened inequality, the Organization for Economic Cooperation and Development said on Tuesday.

“Germany’s current economic success offers a good platform for achieving sustainable and inclusive growth, but further reforms will be necessary over the medium and long term,” the OECD wrote in a new report.

Presenting the report at a news conference, OECD secretary general Angel Gurria said that reforms were usually enacted in times of crisis when there was no other option.

Off to France and a disturbing sign of that ol’ hard times intolerance from TheLocal.fr:

France sees 78 percent rise in homophobic acts

France may have taken the historic step of legalising gay marriage last year, but it appears the landmark social reform came at a cost. The number of reported homophobic acts increased in 2013 by a staggering 78 percent, according to a watchdog group.

In 2013 there was a homophobic physical attack every two days in France, which represented a rise of 54 percent on 2012.

That is just one of the worrying stats contained in a new report by French gay-rights organisation SOS Homophobie, which monitors the levels of homophobia in the country.

Spain next, and more troubling numbers from ANSAmed:

Spain: 4 million jobless lack unemployment benefits

  • EPA says only 32.5% get them, labor ministry says 58.9%

The length of the economic crisis and recession in Spain has led to four million jobless not receiving any sort of unemployment benefits or social assistance, according to the Labour Force Survey (Encuesta de Población Activa, EPA) released on Tuesday.

The survey was on the first quarter of 2014. The EPA report shows that 32.5% of the unemployed receive benefits, while a labor ministry report released in March had instead put the figure at 58.9%.

TheLocal.es sticks close:

Spanish love affair with EU still going strong

They may have endured spending cuts and tax hikes overseen by Brussels, but Spaniards still seem surprisingly pro-EU and keen to vote in this month’s European elections.

Crawling out of a crisis in which European authorities helped bail out its banks but approved pay freezes for ordinary Spaniards, Spain is nevertheless a cheerleader for European integration — a once-marginal state that has done well in the union.

More than 58 percent of Spaniards are still in favour of the European Union against just under 30 percent who are against it, according to a study published last week by Spain’s Centre for Sociological Studies (CIS).

The economic crisis that erupted in 2008 did affect Spanish views of the EU. A European Commission study showed that the ratio of people who thought Spain had benefitted from the EU was much higher at 75 percent in 2007.

Italy next, with rising doubts form TheLocal.it:

Support for EU plummets in Italy – survey

Support for the European Union is on the rise across some of the continent’s major economies apart from Italy, a study by the Pew Research Centre has revealed.

As voters head to the European elections, which get under way on May 22nd, the survey found that there has been a 12 percent decline in support for the EU among Italians since 2013.

The survey was conducted in France, Germany, Greece, Italy, Poland, Spain and the United Kingdom.

Favourable sentiment towards the economic bloc has been on the decline in Italy in since 2012, falling from 59 percent that year to 46 percent in the recent survey.

After the jump, the latest from Greece, belated Hungarian vengeance, Ukrainian turmoil, Russian retaliation, Turkish tragedy, Israeli corruption, a Latin American warning and troubles in Brazil, Pakistani busts, Indian electoral exuberance, a warning from Thailand, economic anxieties and death by testing in China, more financial woes in Japan, controlling your dreams, and the latest Fukushimapocalypse Now!. . .   Continue reading

Quote of the day: Call it ‘inverted fascism’


From “Excess capital and the rise of inverted fascism: an historical approach,” by New Zealand economist John Robuinson, in Real-World Economic Review [PDF]:

Under the dominant free enterprise ideology, the collective has been downgraded and stripped, with the reduction of the stabilising influence of public ownership. There is no longer am insistence on adequate pay and conditions, and many regulations set in place to deal with the previous great recession have gone. There have been extraordinary payments to managers of financiakl institutions, coupled with significant reductions in higher tax rates. The crises following 2008 have been dealt with by support to the major financial institutions, which have contributed significantly to the collapse, while the general population suffers. This is nothing more than a modern phase of class struggle. In an evolution warned against by President Eisnhower in 1961, the military-industrial complex has become the military-industrial-financial complex.

This is not a free market. It is a control economy, controlled by a wealthy class for their own benefit. The oligarchy, widely referred to as the “one Percent”, is a unified class. Firmly in control of the state, with political dominance, high rewards for loyalty, a ubiquitous advertising propaganda system, mass surveillance, and more.

Such central control reverse the standard fascist pattern. Mussolini described his fascism as a single party state that incorporated corporatism into its rule. He said that fascism should more appropriately be called Corporatism because it is a merger of state and corporate power. Viewing the nation as an integrated collective community, fascists see pluralism and diversity as a dysfunctional aspect of society, and justify a totalitarian state as a means to represent th nation in its entirety. In systems behaviour terms this is a direct attack on diversity and separation, the balance of power, that provides equality and stability to modern nations.

Mussolini would have the state control the corporates, destroying any balance of power. Now it is the corporates that control the state. The current situation in many Western nations is inverted fascism with the corporations incorporating the power of the state as the inverse of the past fascist model. This has been developed by the ranks of lobbyists with their large staffs and monetary largess that is used to indoctrinate and finance politicians (senator and congressmen in the USA) inculcating them with policies that suit the corporates. This is corporate fascism.

The oligarchic class is in control of agencies like the IMF, advising or forcing nations to open up to multinationals. The once powerful Third World non-aligned movement has been crushed with developing nations forced to move away from self-reliance, to open their economics to international finance and foreign ownership. Insistence that nations borrow money led many into massive debt and the poverty trap. The great control organizations, both national and international, served the wealthy, with beliefs and policies that increase inequalities and make the world safe for capitalism.

Headlines: EcoEconoDystopic pols, ecofails


Straight into it, starting at home with an offering from Reuters:

Weaker U.S. personal earnings, home-price expectations: New York Fed survey

Americans expected weaker personal earnings growth and home prices, according to a survey done last month by the Federal Reserve Bank of New York.

The survey, released on Monday, showed median earnings growth expectations dropped to 2 percent, the lowest so far this year, thanks in part to respondents with lower education levels.

Median home price-change expectations slipped for the fourth straight month to 3.8 percent, the lowest since the survey was launched in June 2013, when the result was 4.7 percent. The New York Fed said the most recent decline was driven by higher-income households.

From the New York Times, emphasis added:

Plaintiff in Silicon Valley Hiring Suit Maligns Deal

Apple has more than $150 billion in the bank, eclipsing the combined cash reserves of Israel and Britain. Google, Intel and Adobe have a total of about $80 billion stored up for a rainy day.

Against such tremendous cash hoards, $324 million is chump change. But that is what the four technology companies have agreed to pay to settle a class action brought by their own employees.

The suit, which was on track to go to trial in San Jose, Calif., at the end of May, promised weeks if not months of damaging revelations about how Silicon Valley executives conspired to suppress wages and limit competition. Details of the settlement are still under wraps.

Added misery from the Washington Post:

Jobless contend with weight gain as they search for work

A subject long ignored by policymakers, and one that unemployment counselors are too sheepish to raise with job seekers, the link between bulging waistlines and joblessness is now of intense interest to researchers studying the long-term effects of the country’s economic malaise.

Recent studies and surveys have shown a distinct relationship between unemployment and obesity, particularly for lower-skilled workers who struggle to find work — a search made more challenging by their weight.

In Hagerstown, where blue-collar jobs have gone overseas or to cheaper parts of the country, 8.4 percent are unemployed — well above Maryland’s 5.9 percent rate. Last month, Gallup identified the area as the third-heaviest place in the United States, with almost 37 percent of its residents obese. Local studies put the number even higher.

ThinkProgress offers a ray of sunshine:

Vermont Passes The Highest State Minimum Wage In The Country

Vermont’s minimum wage will rise from $8.73 to $10.50 over the next four years under a bill that won final passage just before the legislative session ended on Saturday. The measure puts Vermont on track to have the highest minimum wage of any state in 2018, higher than a handful of states whose pay floors will rise to $10.10 under laws approved this year.

“I will be proud to sign it,” Gov. Peter Shumlin (D) said of the bill. The final version will phase in the higher wage in order to win nearly unanimous support in both chambers. The state’s minimum wage was already indexed to inflation.

The Green Mountain state is the seventh to enact a minimum wage hike this year and the fourth to crack the $10 mark. Delaware and West Virginia lawmakers raised their wages above $8 an hour. Minnesota raised the minimum wage for most large companies to $9.50. And Hawaii, Maryland, and Connecticut each established $10.10 minimum wages.

But MintPress News notes another ominous sign:

The Minimum Wage Employees Of The Future, Today

A boom in self-service kiosks in restaurants have some people wondering if technology is replacing minimum wage workers.

“People don’t go into business to create jobs; they go into business to make money,” wrote Jonah Goldman for Omaha.com in opposition to the president’s push to raise the nation’s base pay. “Labor is a cost. The more expensive labor is, the more attractive nonhuman replacements for labor become. The minimum wage makes labor more expensive. Obama knows this, which is why he so often demonizes ATMs as job-killers.”

Those who buy into this line of thought point to Panera Bread’s recent announcement that it will be replacing some of its manned registers with self-help kiosks. Panera’s kiosks will enable customers to look at pictures of the prepared dishes, make their selections from mounted touchscreens and pay for their orders by credit or debit card without the help of a cashier. Customers would then take a pager — which would inform them when their food is ready — and be seated, with a server delivering orders as they are ready. Customers will also be able order tableside, using a smartphone or a tablet.

Panera CEO Ron Shaich, however, insists that this is not being done to reduce labor costs. “The dirty little secret in the food industry is one in seven orders is wrong. We’re one in ten, a little better than average,” said Shaich in an interview. “Half of those inaccuracies happen during order input.” Shaich insists that only one or two registers in each restaurant will be replaced by the kiosks and that the kiosks are meant to improve issues with checkout speed. They would also facilitate food customization to accommodate a growing population of picky eaters.

And form USA TODAY, austerity’s most hapless victims:

Psychiatric beds disappear despite growing demand

Across the country, it’s getting harder to find a psychiatric hospital bed for patients in crisis, doctors and advocates say.

States have been reducing hospital beds for decades, because of insurance pressures as well as a desire to provide more care outside institutions. Tight budgets during the recession forced some of the most devastating cuts in recent memory, says Robert Glover, executive director of the National Association of State Mental Health Program Directors.

States cut $5 billion in mental health services from 2009 to 2012. In the same period, the country eliminated at least 4,500 public psychiatric hospital beds — nearly 10% of the total supply, he says.

North of the border to more austerian castoffs from BBC News:

Canada faces ‘crisis’ on indigenous living conditions

Canada faces a “crisis” over the living conditions of its aboriginal residents, the UN special rapporteur for the rights of indigenous peoples has said.

James Anaya said Canada had taken “positive steps” but that “daunting challenges” remained, including a lower level of “well-being”.

He said aboriginal women and girls remained vulnerable to abuse, and noted a lack of trust of the government.

On to Europe with the Guardian:

IMF chief Lagarde warns Europe’s crisis isn’t over

Europe’s financial crisis is not over, and that the Ukraine crisis could derail the global recovery, Christine Lagarde has warned today, urging against a “false sense of security” in the euro area.

The managing director of the International Monetary Fund said that weak bank lending, and low inflation rates, posed serious threats to the European recovery.

In an interview with Germany’s Handelsblatt, Lagarde cautions against undue optimism, just because countries (such as Ireland) have emerged from their bailout programmes.

And another alarm from EUbusiness:

Europeans still gloomy about economy, ahead of EU vote

Support for the EU is slowly rising ahead of European Parliament elections, but most Europeans remain gloomy about the economy and complain their voices are not heard in Brussels, a poll found.

Fears about immigration are also coloring public opinion in the run-up to polls later this month with most Europeans believing that newcomers are a burden on their already struggling economies, the Pew Research Center found.

The survey was conducted across seven key European Union members — Britain, France, Germany, Greece, Italy, Poland and Spain — from March 17 to April 9 among 7,022 people.

Britain next, and peculiarly convenient austerity, at least for banksters, from the Guardian:

City fraud cases on brink of collapse in growing row over legal aid cuts

  • Appeal court ruling could derail high-profile prosecutions designed to clean up London’s financial markets

The biggest City fraud cases since the crash of 2008 are close to collapsing because of the government’s cuts to legal aid. The refusal of barristers to work at the government’s new low rates has already led to Judge Anthony Leonard throwing out charges against five men accused of conning investors out of their savings by selling them land at grotesquely inflated prices.

If the court of appeal upholds the verdict on Tuesday, a string of prosecutions designed to clean up London’s financial markets may be dropped. Last week, solicitors for alleged insider dealers caught in the Financial Conduct’s Authority’s Operation Tabernula – the most ambitious and expensive investigation into the City – said they would seek to have the charges against their clients thrown out.

Colin Nott, who represents Richard Baldwin, one of six defendants who are due to stand trial in September, said he could not find a QC to represent his client. Unless the fight between the coalition government and the legal profession stopped, it would be impossible for Baldwin to have a fair trial. Detectives told the Observer that they feared an investigation into the manipulation of Libor rates, welcomed by chancellor George Osborne, could also come to nothing.

Plutocratic hubris on the Emerald Isle from the Irish Times:

Trump and environmentalists on collision course

  • Billionaire hints he hopes to extend Doonbeg golf links course across EU-protected sites at the property

Donald Trump looks set for a collision course with environmentalists after strongly hinting yesterday he hopes to extend his Doonbeg golf links course across EU-protected sites at the property.

The course – originally designed by Greg Norman – omitted EU-designed Special Areas of Conservation (SAC) from the 18-hole course design.

At his press conference in Shannon yesterday, Trump said: “Greg Norman couldn’t use the right land. A lot of people would say ‘that’s strange, why didn’t you use the right land?’ I don’t want people to say that anymore.”

Germany next, and politically acceptable targets from TheLocal.de:

Germans accept gays more, immigrants less

Tolerance of homosexuality has increased in nearly all German states since the fall of the Wall 25 years ago, but acceptance of immigrants who keep their traditions has declined, according to a study published on Monday.

Published on Monday by the Bertelsmann Foundation, the social cohesion study showed tolerance for social diversity had grown since reunification. The report stated that there was a “more relaxed approach” towards sexual minorities.

Even in Bavaria, ranked as the least tolerant of the western German states, acceptance of homosexuality had increased.

Immigrants on the other hand, were still being met with scepticism, with fewer Germans considering immigrants to be an “enrichment of cultural life in the country”.

France next, and controversial consolidation from New Europe:

France drawing ire with plans to redraw nation’s map, erasing borders to save money

France’s administrative regions — Normandy, Alsace, Burgundy, etc. — have long been part of the identity of citizens of this diverse country. Now, merging some of them is seen as a logical way to save money on bureaucracy, and the French support it — as long as it’s someone else’s turf.

The recent proposal of France’s new prime minister to cut the number of regions in half by 2017 is provoking sharp disputes — especially in areas with strong historical identity. It’s somewhat like erasing the state lines between Texas and Oklahoma.

A poll suggests that 68 percent of the French believe the measure to be a necessity — but 77 percent reject the disappearance of their own region. Polling agency LH2 questioned 5,111 people nationwide in February and March. The margin of error was 1.4 percentage points.

“This is where we will learn who the real reformers are and who are the conservatives,” French President Francois Hollande said this month on national TV. He’s trying to counter his image as a man afraid of unpopular cost-cutting reforms that many economists say his nation needs in order to thrive.

More Francoausterity from ANSAmed:

Crisis: France, cuts for ministry expenses by 15% in 3 years

In a framework letter concerning the 2015-17 budgets sent over the weekend to the government’s ministries, the premier asked for a 15% cut in ordinary expenses by 2017 and expenses in general including pensions.

”There is an across-the-board objective but is has to be adapted to different ministries”, a government source was quoted as saying by Les Echos over complaints from a number of ministries already targeted by significant cuts last year. The austerity measures don’t only concern ordinary expenses but also aid to State institutions (universities, weather services, chambers of commerce and research centres), which will have to shrink 2% a year in the next three years, and investment operations so there is no specific number indicated but a more general call to operate under a tight budget, especially in terms of expenses for real estate, computer technology and support services. As far as the number of employees is concerned, the framework letters asked for an overall stabilization which will translate in a 2% cut for some ministries, necessary to compensate new hires in schools, the judiciary and police.

On to Switzerland and another form of anxiety, with a price tag of $24.79 an hour from the Guardian:

Switzerland: referendum may herald world’s highest minimum wage

  • Business leaders uneasy at prospect of 18 May vote on proposal to increase minimum to 22 Swiss francs an hour

Swiss business leaders shocked by past popular votes on executive pay and immigration are wary of a referendum on 18 May that could see Switzerland adopt the world’s highest minimum wage of 22 Swiss francs (£14.70) an hour.

A recent opinion poll by gfs.bern found that 64% of voters were against the proposal, made by the SGB union and supported by the Socialist and Green parties. But Switzerland’s system of direct democracy, with frequent popular votes on social, political or economic matters, has brought surprises before: the Swiss unexpectedly voted in February to curb EU immigration.

“I’m feeling uneasy about the upcoming vote,” said Ralph Mueller, division head at electronic components maker Schurter.

On to Italy and a Bunga Bunga wiseguy unmasking from the Independent:

Silvio and the Cosa Nostra: Berlusconi’s links with Italian organised crime confirmed

Silvio Berlusconi – Italy’s former Prime Minister and one of the world’s most recognisable politicians – did business with the mafia for nearly two decades.

That is the conclusion of the country’s Supreme Court of Cassation in Rome. The billionaire tycoon, nicknamed the Teflon Don, worked with Cosa Nostra, the Sicilian Mafia, via his conduit and former senator Marcello Dell’Utri after judges sentenced Dell’Utri to seven years for mafia association.

Three-time premier Berlusconi, 77, has always denied rumours that mob links were behind the large and opaquely sourced investments used to kickstart his construction and media businesses in the 1970s and 1980s.

After the jump it’s on to Greece and the latest economic and political crises, the unfolding Ukrainian saga, Europe’s Bulgarian blues, a Turkish legal hit, In Afghan fields the poppies grow, a Uruguayan rebuke for Obama, Aussie austerity China’s burst real estate bubble and elite spending, Japanese economic woes, a full slate of major environmental developments, and Fukushimapocalypse Now!. . .

Continue reading

Bernie Sanders: Who are the Koch Brothers?


America’s only socialist in the national legislature, Sen. Bernie Sanders, I-Vermont, schools colleagues on the Koch brothers Tea Party funders and opponents of Social Security, Medicare, Medicaid, the minimum wage, and all other programs helping our poorest and weakest.

From his vlog:

He’s absolutely correct that our mainstream media have been negligent in exploring just who these men from Wichita really are, given that most of the agenda they fund so massively is antithetical to the views of most of the rest os us.

Elizabeth Warren’s Mother’s Day thoughts


An excerpt from Democratic Underground:

[T]he deck has been stacked against working moms for years. And even though women are the main breadwinners, or joint breadwinners, in two-thirds of the families across the country, it’s only getting worse.

When I was a law professor, I spent years studying why middle class families were going broke. In my academic research on bankruptcy, I uncovered some grim facts:

  • In one year, more women will file for bankruptcy than graduate from college.
  • Having a child is the single best predictor that a woman will end up in financial collapse.
  • Single moms are more likely than any other group to file for bankruptcy – more likely than the elderly, more likely than divorced men, and more likely than people living in poor neighborhoods.
  • Single moms who had been to college are actually 60% more likely to end up bankrupt than their less educated sisters.

Women get hit hard. They still earn, on average, only 77 cents to the dollar that her male colleague earns. Bloomberg analyzed census data to find that women are paid less in 264/265 of major occupations – in 99.6% of jobs, women get paid less than men. Yet Republicans have blocked the Paycheck Fairness Act – a law that would make sure women don’t get fired just for asking what the guy down the hall makes.

Minimum wage workers haven’t gotten a raise in seven years, and today nearly two-thirds of minimum wage workers are women. Mothers of very young children disproportionately work low-wage jobs in every state in the country. A minimum wage job no longer keeps a mother and baby above the poverty line, yet Republicans continue to block legislation to raise the minimum wage.

Headlines: eCons, pols, hate, polluters. . .


Today’s collection of headlines from the worlds of politics, economics, and the environment — plus the latest episode of Fukushimapocalypse Now! Beguns with a frightener from The Observer:

Why global recovery could depend on China’s taste for luxury

  • Attitudes are changing in China, but western export hopes are pinned on a swelling middle class embracing its inner consumer

China’s looming coronation as the world’s largest economy, years ahead of schedule, is probably not particularly surprising in one sleepy corner of Oxfordshire. Around half of the international visitors who flock to Bicester retail village are Chinese nationals, making the one-hour train trip from London, or using the fleet of special coaches that head there each day – to stock up on luxury goods.

A World Bank-backed report has declared that the country’s national currency, the yuan, will go further than previously thought in the hands of the Chinese consumer and that this supercharged purchasing power will push the world’s second-largest economy ahead of the US this year.

This could be the century of the Chinese consumer, now a figure of central importance for luxury goods companies including some of the biggest retail names in Britain.

Closer to home with disorder in the courts from the Los Angeles Times:

Cutbacks in California court system produce long lines, short tempers

California Chief Justice Tani Cantil-Sakauye remembers the moment she learned that the Kings County Superior Court had resorted to holding a garage sale to raise money.

“That was a day of extreme humiliation and embarrassment to me,” Cantil-Sakauye said.

During her three years as chief justice, recession-driven cutbacks in California’s huge court system have produced long lines and short tempers at courthouses throughout the state. Civil cases are facing growing delays in getting to trial, and court closures have forced residents in some counties to drive several hours for an appearance.

TechCrunch covers hypocrisy from Obama appointees:

FCC Said To Tweak Proposed Net Neutrality Rules, But Preserve Pay-For-Speed

Call it a non-fix: According to the Wall Street Journal, FCC Chairman Tom Wheeler has tweaked the language of his proposed rules to allow content providers to pay for faster delivery of their content across an ISPs network.

He has not recanted that proposal. Instead, according to the Journal, “the new language by FCC Chairman Tom Wheeler to be circulated as early as Monday is an attempt to address criticism of his proposal unveiled last month that would ban broadband providers from blocking or slowing down websites,” but would still let companies that are content-intensive “pay [ISPs] for faster delivery of Web content to customers.”

Doesn’t that feel precisely the same as the plan before? Yes, but, this time, the Journal continues, we’re going to have “language that would make clear that the FCC will scrutinize the deals to make sure that the broadband providers don’t unfairly put nonpaying companies’ content at a disadvantage.” So, the paid advantage would be “fair.” Defining that isn’t going to be easy.

Heading north of the border, Canada’s effort to sway American legislators via the Toronto Globe and Mail:

Canada’s $207,000 oil sands ad: Putting a price on deception

The ad in The New Yorker is pretty, if not quite arresting. The full-page photo on the inside back cover – prime real estate in the United States’ leading upmarket magazine – features a pristine river meandering through a lush mountain valley, untouched by humanity. It is not a tourism ad. It is designed to convince influential Americans that the Keystone XL pipeline is environmentally safe, even desirable.

What is clever about the ad is not the photo; it is the headline and the succinct lines of copy beneath it. They are slick pieces of propaganda – misleading without being outright lies. Of course, advertising is all about propaganda. But this ad is unconscionable because you, the Canadian taxpayer, paid for it. The rate for a full-page ad in that location, according to Condé Nast, publisher of The New Yorker, is $207,000 (U.S.).

The ad appeared in the April 14 issue and was sponsored by GoWithCanada.ca, the federal government site that is trying to convince the skeptical that the Alberta oil sands – known as the tar sands to non-Canadians – and the export pipelines that would allow the megaproject to thrive for decades are a “secure, responsible source of energy for the global market” (“Keystone” does not appear in the ad).

On to Europe and another hint of darker days to come from the Guardian:

Mario Draghi drops hint of imminent move to tackle risk of deflation

  • European Central Bank boss signals that a move could come once his economists produce forecasts for inflation in June

European Central Bank boss Mario Draghi has dropped his broadest hint yet of imminent moves to head off deflation when he said policy makers at the bank were “comfortable” about action in early June.

Upward pressure on the euro eased and yields on government bonds fell after the ECB president expressed concern that weak growth and the possible knock-on effects from the Ukraine could derail the eurozone’s fragile recovery.

Although Draghi announced no change in policy following the meeting of the ECB’s general council in Brussels, he signalled that a move could come once his in-house economists produce updated forecasts for inflation in the first few days of next month.

From Sky News, elite-a-palooza:

Billionaire Britain: New Nation Of Super-Rich

This year’s Sunday Times Rich List reveals Britain has more billionaires per head of population than any other country.

More than 100 billionaires are now living in Britain – the first time the milestone has been reached.

According to this year’s Sunday Times Rich List, 104 billionaires with a combined wealth of more than £300bn are now based in the UK – more than triple the number from a decade ago.

Britain has more billionaires per head of population than any other country, while London has more than any other city with 72.

News Corp Australia covers a British plutocrat behaving badly:

British millionaire Shoja Shojai ‘fathered seven children with harem of women he held against their will in Spain’

A BRITISH millionaire accused of fathering seven children with a harem of aspiring models he kept against their will has been arrested.

Shoja Shojai, 56, allegedly met many of the women in London and convinced them to move to his mansion in Spain, telling them he was an oil tycoon who was friends with Barack Obama.

Police were called to the luxurious Arabic-style mansion in the hills above Marbella when one of the women filed a domestic violence claim against him, T he Telegraph reports.

Nine of the women, mostly in their 20s, who live at the mansion claim Shojai lured them to Spain under false pretences, abusing them and forcing them to cover the 6500 pound ($11,6700) monthly rent.

From the Guardian more of London’s billionaire attracting power:

London property empire amassed by controversial German landlord

  • Henning Conle, who has reputation for shabby buildings and disgruntled tenants in Germany, has snapped up almost £2bn of prime London real estate

A German landlord with a reputation for shabby buildings and disgruntled tenants has emerged as one of the biggest investors in London property in recent years.

Henning Conle, 70, has snapped up almost £2bn of prime real estate, including a series of historic buildings in central London, raising inevitable questions about where he got his money from.

The portfolio includes buildings that house department stores such as Liberty and House of Fraser, the Kensington Roof Gardens complex, the London offices of Manchester United and the art deco Shell Mex House on the Strand.

While Sky News covers more austerian casualties:

‘Overworked’ Doctors Fear Missing Illnesses

  • More than eight out of 10 family doctors say they worry about failing to spot serious conditions because of their workloads.

More than eight out of 10 GPs have said they fear missing serious illnesses in patients because they are so overworked, according to a survey.

Nine out of 10 family doctors, meanwhile, feel their general practices do not have sufficient resources to provide high quality care.

The survey was carried out by the Royal College of General Practitioners, the professional membership body for family doctors.

Off to Scandinavia with the Christian Science Monitor:

Nordic cuddly capitalism: Utopia, no. But a global model for equity

The cuddly capitalism of the Nordic nations provides an economic equity that makes a middle class lifestyle the norm, where the sharp edges of worry about the cost of health care, elder care, child care, and education simply don’t exist. But is it a sustainable model for anyone but the pragmatic North?

And these countries have pioneered public policies, the effects of which – if not the tax burden – are the envy of the common man worldwide: from universal preschool and paternity leave to vocational training schools and voucher programs for private schools.

Some of it is hype, which naysayers love to shoot down, as in the recent viral Guardian article that spelled out “the grim truth behind the ‘Scandinavian miracle.’ “ Much of Nordic success has happened because the countries are small, nimble, and, until recently, homogenous. But problems do loom on the horizon, with growing inequality and anti-immigration sentiment, stubborn youth unemployment, and education scores dropping in Sweden and one of the world’s star education performers, Finland.

But by so many measures, the Nordic countries simply work well, sustaining the security of a welfare state while being unabashed capitalists and innovators, adapting to change, and doing so with a long tradition of pragmatic consensus. The region tops charts on equality, transparency, and innovation.

New Europe covers risks:

Norway’s economic risks predicted by OECD

Norway’s economy faces two risk factors that threaten its overall development, warned the OECD in its latest Economic Outlook which was released on May 6.

These two risk factors, according to the Organisation for Economic Co-operation and Development, are the price of oil and the real estate market.

“The ripple effects from a weak oil sector may be greater than expected,” the OECD concludes in its report, which also notes that the country is still volatile when it comes to changing oil prices.

On to France and another green movement from RT:

Hundreds march across France to legalize cannabis

Hundreds of protesters all over France have been rallying demonstrating in favor of legalizing cannabis. The event coincides with the so-called world march for the legalization of the drug.

In Paris, protesters gathered on Bastille Square on Saturday, after Cannabis Without Frontiers, an organization struggling to legalize marijuana in the country, called for the rally.

The crowd chanted “Marie-Jeanne!” in a reference to the nickname for marijuana in France. Many of the protesters held joints or leaves of marijuana, dancing to reggae music.

From TheLocal.fr, the Great Game continues:

Hollande bids to boost Caucasus ties

French President Francois Hollande starts a three-day visit to the South Caucasus on Sunday as he seeks to bolster European ties on Russia’s southern doorstep amid the crisis in Ukraine.

French President Francois Hollande starts a three-day visit to the South Caucasus on Sunday as he seeks to bolster European ties on Russia’s southern doorstep amid the crisis in Ukraine.

Hollande was due to arrive in the Azerbaijani capital Baku around 6:00 pm Sunday, on the same day separatists in eastern Ukraine held referendums on breaking away from the country.

And the London Telegraph covers the bankster blues:

Cinema producer warned over ‘Dominique Strauss-Kahn film’

  • French producer of film closely inspired by downfall of IMF boss warned that Dominique Strauss-Kahn’s wife will “destroy his life”

The producer of a film which appears to chart the spectacular downfall of Dominique Strauss-Kahn has said he was warned that the estranged wife of the former IMF chief would “destroy his life”.

The accusation will heighten controversy over the film Welcome to New York, which premieres next weekend at Cannes despite being shunned by festival organisers.

Producer Vincent Maraval also repeated his claims that the French political and media “elite” had done their best to prevent the film, which has Gérard Depardieu in the lead role, being made

On to Lisbon and moderately good news from the Portugal News:

Unemployment slightly down

Portugal’s unemployment rate closed the first quarter on 15.1%, down 2.4% on the same period in 2013 and down 0.2% on the previous quarter according to figures released by the National Institute of Statistics.

The institute reported some 788,100 persons were without employment and down by 138,700 and 19,900 people on annual and quarterly bases respectively with the former figure amounting to a 15% drop but also accounting for those who have left the workforce in the meanwhile.

The figures show that there was a total of 4.427 million people in employment, an annualised rise of 1.7% but down 0.9% on the final quarter of 2013.

Italy next, and a populist pander from EUbusiness:

Italy’s Grillo makes Nazi jibe against Schulz

Italian anti-establishment firebrand Beppe Grillo on Sunday likened European Commission presidency candidate Martin Schulz to a Nazi comic book character after Schulz compared him to Stalin and Hugo Chavez.

Grillo’s blog carried a photoshopped picture of Schulz as a Nazi whipping Italian Prime Minister Matteo Renzi and his post said that the European Parliament’s German president “has no shame in talking crap”.

Grillo said Silvio Berlusconi was “not completely wrong when he called him a kapo”, or concentration camp guard, recalling an infamous speech made by the then prime minister to the European Parliament in 2003.

Grillo called Schulz a “sturmtruppen” — a reference to a comic book series — and said he was a “krapo”, a combination of the word “kapo” and “crapun” — a dialect word meaning “big head” that was used to refer to Italian fascist dictator Benito Mussolini.

From BBC Sport, more overt racism, soccer-style:

AC Milan: Bananas thrown at players by Atalanta fans

AC Milan players had bananas thrown at them during a 2-1 defeat at Atalanta.

Guinea international Kevin Constant and Netherlands midfielder Nigel de Jong picked up two bananas thrown onto the pitch, while Milan players appeared to sarcastically applaud the home support.

Fans were warned the game would be suspended if there was a repeat.

“Whoever threw the banana on the pitch deserves to have a coconut thrown back at them,” Atalanta boss Stefano Colantuono told Gazzetta dello Sport.

“They’ve ruined what was a great afternoon.”

After the jump, good news for Greek neoNazis, electoral violence in the Ukraine, Brazilian angst, waiting for Chinese promises in Africa, Indian elections and hankering for U.S. fracking, Indonesian Shariah second thoughts, Thai troubles continue, economic warning signs from China, Japanese casino dreams, environmental woes, and the latest chapter of Fukushimapocalypse Now!. . . Continue reading

Solidarity Beyond Borders: A call for action


BLOG Europe

The growing movement to resist the neoliberal demands of austerity now being imposed across Europe will be taking action this week.

From their website:

Solidarity beyond borders – Building democracy from below

Call for Action

The programs of austerity and privatizations imposed by the Troika decide on the lives of millions of people in Europe. Together with people in Europe and the whole world we resist the rehabilitation of capitalism on the backs of employees as well as unemployed, retirees, migrants and the youth. Together with them we say: “We don’t owe, we won’t pay!”

While the European Union crisis regime builds more and more borders in order to divide, exploit and oppress us, new transnational movements are arising. We are social movement activists, altermondialists, migrants, precarious and industry workers, party members and unionists and many more, who want to connect our struggles and powers beyond nation-state lines. During the week before the elections for the European Parliament we call for the spirit of the multitude of these social movements to build real democracy from below.

We call for an international week of decentralised actions from May 15-25, 2014. Be part of it!

Starting on the symbolic date of the 15M movement in Spain, we aim for strong, united, internationally visible actions from May 15-18.

Beyond these days there will be actions in many cities in many countries linked to one another by the broader perspective of a transnational movement for democracy, solidarity and commons.

Then, in autumn, we will bundle our strength again – this time to prevent the new tower of the European Central Bank from opening in Frankfurt. We invite you to join the action days! Be creative and participate with your own initiative!

Build #Democracy

In times of crisis, we are told, there is no alternative to austerity.

But people pay, suffer, and die, while banks have been bailed out with billions of euros. Debt and exploitation, wealth and precarisation, are two sides of the same coin. The authoritarian crisis regime doesn’t represent us. Its true mission – to serve capital – is masked by the supposedly ideology-free benchmarks of finance. The crisis cannot be solved by more neoliberal adjustments. It destroys our social rights, cuts social spendings, and fixes economic redistribution in favor of capital, setting locations in competition with one another.

Capitalism is the crisis. Poverty is not only the result of unemployment and of unjust decisions enacted by governments, but is also the effect of a longer transformation, accelerated by the political management of crisis. Global capitalism divides rich and poor, migrants and citizens, even citizens and citizens, and exploits our creative and productive forces for profit. Is it freedom to choose between precarity or unemployment? Let us fight for social and economic equality in order to build real democracy from below!

Read the rest.

H/T to Corporate Europe Observatory.

Must-see video: Edward Snowden explains it all


Though it’s a mere eight minutes long, this video from LeakSourceNews features Edward Snowden in a comprehensive statement explaining both the extent of National Security Agency surveillance and its implications for folks like thee and we.

Ad while Washington officials justify the program for its alleged success in defeating terrorist attacks, as Snowden notes, it hasn’t prevented a single incident.

He also hints at even more disturbing revelations to come.

Edward Snowden on state surveillance