Peter Boyle

As I write this column the newspapers report that United States, Canadian, European and Japanese banks have combined to inject an extra US$180 billion (A$225 billion) into global financial markets. It is the latest desperate measure to try to stem the year-old global financial crisis commonly — and misleadingly — labelled the US subprime mortgage crisis.
Bruno, a supporter of Green Left Weekly, said to me last week that the political situation today reminded him of a famous quote from a story about a Sicilian prince at the time Italy’s feudal principalities were being challenged by Giuseppe Garibaldi’s “Redshirts”:
Building The Revolutionary Party: Jim Percy Selected Writings 1980-1987
Resistance Books, 2008
212 pages, $20
Available from http://www.resistancebooks.com
Every now and then the mask slips and we see the true face of the corporate dictatorship that Every now and then the mask slips and we see the true face of the corporate dictatorship that pretends to be democratic Australia.to be democratic Australia.
There is good news and bad news. Let's have the bad news first.
Which bank? Umm, the whole lot of them, actually. But let’s start with “the bank”, the Commonwealth Bank, because its profit report came out last week.
Having raised a total of $129,040 for the 2008 Green Left Weekly Fighting Fund, we are now more than half-way to our $250,000 target. Our supporters raised $5440 over the last week through donations and several successful fundraising events around the country.
Remember the “wealth effect”? Rapidly rising housing and share prices made people feel wealthy and so they borrowed big-time and became big-time spenders, and this supposedly makes for an endless economic boom. Just about every capitalist economist was singing from that cheery song sheet — until recently.
When federal environment minister Peter Garrett paid a visit to a Sydney public primary school last term he discovered that the school had installed enough solar panels to supply three-quarters of its electricity needs.
We could see this disappointment coming a mile off. First, Professor Ross Garnaut’s report tells us the global warming problem is dire and demands immediate response, but then, he comes to the diabolical conclusion that we should leave the solution to a dodgy market mechanism: carbon pollution permit trading. Now, the Rudd Labor government’s Carbon Pollution Reduction Scheme green paper on this all-important challenge offers to hand the biggest carbon polluting companies free permits to pollute.

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