Financial crisis? Rich get richer “The rich grew richer last year, even as the world endured the worst recession in decades. “A stock market rebound helped the world's ranks of millionaires climb 17 percent to 10 million, while their collective wealth surged 19 percent to $US 39 trillion, nearly recouping losses from the financial crisis, according to the latest Merrill Lynch-Capgemini world wealth report. “In North America, the ranks of the rich rose 17 percent and their wealth grew 18 percent to $US 10.7 trillion.” — June 23 Reuters article.
It is with great sadness that Green Left Weekly reports the death of human rights activist Rosemarie Waratah Gillespie, 69, who unexpectedly died in Melbourne on June 21 from a stroke. An activist for more than 40 years, she was a human rights lawyer, activist, author, filmmaker, anti-capitalist, Indigenous activist and mother. Waratah lived in Port Kembla and frequently travelled to Sydney to attend meetings at Humanist House, where she was vice president of the Humanist Society. The society was just one of her many passions.
On May 30, 2010, Green Left Weekly published an article titled “Australia expels diplomat but remains ‘firm friend’ of Israel”. It contained the untrue and defamatory suggestion that Paul Howes, National Secretary of the Australian Workers’ Union, was thrilled by the killing of Palestinian Hamas commander Mahmoud al-Mabhoh in Dubai in January this year.
Green Left Weekly is taking a break. Our next printed edition will be dated June 23. Stay tuned to this website for breaking news and analysis.
Green Left Weekly — Australia’s leading non-corporate newspaper — has an ambitious target to raise $300,000 for it’s fighting fund this year. This is the amount needed to ensure we can cover all the costs associated with research, production and distribution. It’s no small thing to produce such a quality publication.
Six US banks control 60% of GDP “They are Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo. They have assets equivalent to 60 percent of our gross national product. “And to put this in perspective, in the mid-1990s, these six banks or their predecessors, since there have been a lot of mergers, had less than 20 percent. Their assets were less than 20 percent of the gross national product.”
Much of the public discussion on Prime Minister Kevin Rudd’s proposed tax reforms — made in response to the Henry tax review — has centred on the projected 40% tax on “super-profits” in the mining industry. Most people probably agree that the big mining multinationals could afford to contribute a lot more to the public purse.
Green Left Weekly stands for putting people before profit. That includes rejecting the idea that anything that people need or enjoy should be subordinate to the drive for profit, be it health care, public transport or indeed sport. But unfortunately sport under capitalism is increasingly driven by the dollar, not people's enjoyment or community participation.
According to new research, Australia's richest 1% of taxpayers — those earning more than $197,000 — accounted for 9.8% of total income in 2007-08, up from 8.8% in 2002-03.
This issue is a two-week issue, to allow GLW staff and campaigners to take part in the Resistance 2010: The World Can’t Wait! conference. The next issue will be dated May 5.