Author Archives: Author Not Transfered

Stock market collapse: Global economy shaking

Thursday, 4 August was a black day on world stock exchanges. In New York, the Dow Jones index fell by 4.3 per cent and the Nasdaq index closed down 5.3 per cent "and all the gains that have occurred since year end were deleted to zero" (as the financial website E24 said, 5 August). "It was an outright massacre," said John Richard, head of strategy at RBS Global Banking & Markets, to the Wall Street Journal about yesterday’s events.

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Lenin – the original dictator?

Vladimir Lenin, the main leader of the Russian revolution, made the following insightful observation in mid-1917: “During the lifetime of great revolutionaries, the oppressing classes constantly hounded them, received their theories with the most savage malice, the most furious hatred, and the most unscrupulous campaigns of lies and slander. After their death, attempts are made to convert them into harmless icons, to canonise them, so to say, and to hallow their names to a certain extent for the ‘consolation’ of the oppressed classes and with the object of duping the latter, while at the same time robbing the revolutionary theory of its substance, blunting its revolutionary edge and vulgarising it”. (State and Revolution)

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Warning: Capitalism’ a health hazard

TASC, an independent Irish think-tank, has produced a report that puts the reality of the detrimental impact of poverty, lack of education and class division on human health, in an Irish context. Eliminating Health Inequalities – A Matter of Life and Death, TASC 2011 points out, for example, that according to Census 2006, men living in the most affluent areas live 4.5 years longer than men living in the poorest areas.

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Eurozone: Last-minute rescue package

The last-minute rescue package put together by eurozone leaders on 21 July has averted an immediate Greek debt crisis. A default by Greece would have triggered a European financial crisis, with world-wide repercussions. The package, however, merely eases the Greek government’s cash-flow problem. It does little or nothing to reduce the unsustainable debt mountain or stimulate economic growth. While the eurozone leaders are heading for the beaches or the mountains, Greek workers continue to labour under the yoke of intolerable austerity measures.

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Socialist MEP calls for release of Brendan Lillis

Following approaches from friends and family of Mr Brendan Lillis, a prisoner in Maghaberry prison, who is close to death, Socialist Party MEP for Dublin, Paul Murphy, is appealing to Northern Ireland Justice Minister, Mr David Ford, to intervene with a view to allowing Mr Lillis to spend his last weeks at home on humanitarian grounds.

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US: Debt ceiling debate provides cover for historic attacks on New Deal programs

Job growth has collapsed in the last two months, with the official US. unemployment rate rising to 9.2%. Since 2008 we have entered a period of high structural unemployment with the economy stagnating and unable to effectively pull out of the recession. Yet the politicians in Washington are not talking about jobs. Instead, they are playing a dangerous game of chicken with the August 2 deadline to raise the federal debt ceiling

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