In a desperate move to boost US growth, the Federal Reserve has launched QE2, a second round of quantitative easing. Its main effect will be to devalue the dollar, an attempt to boost its exports at the expense of its rivals, particularly China. This unilateral action by US imperialism can only intensify the currency wars and trade conflicts. socialistparty.net reports.
Ann Orr writes about the increasing problem of mortgage defaults : In December 26,271 mortgage holders were behind in their mortgage re-payments due to the dramatic increase in unemployment. And Michael Murphy writes about the government's plans for another bank bailout.
By Stephen Boyd
THE FIANNA Fail and Green government would like you to believe that the budget has hit everyone equally, but this is a bared-faced lie. The two budgets we’ve had so far in 2009 have cost the "average family" approximately €7,000 a year. Every section of the working class and middle class were hit by the budget.
By Michael Murphy
IN A graphic validation to the old adage “one law for the rich and one for the poor”, the decision of the Fianna Fail/Green Party government to buy the bad debts from the Irish banks for up to €90 billion while making cuts to the poorest sections of society in the form of social welfare Christmas payments and rent allowance is a scandal.
