World

In early August, ￡500 billion was wiped off the value of the largest British companies. The United States stock market fell by the largest amount since the early days of the financial crisis in 2008. The panic has now spread to Asian markets. On August 5, British markets continued to slide. The banks, locus of the 2008 calamity, have been worst affected. Barclays, Lloyds Banking Group and RBS stopped trading in their shares after prices collapsed.

On my first day in Cuba, in 1967, I waited in a bus queue that was really a conga line. Ahead of me were two large, funny females resplendent in frills of blinding yellow; one of them had an especially long bongo under her arm. When the bus arrived, painted in Cuba's colours for its inaugural service, they announced that the gringo had not long arrived from London and was therefore personally responsible for this breach in the United States' blockade. It was an honour I could not refuse.

Speaking to CNN en Espanol on July 27, Bolivian President Evo Morales said “When presidents do not submit to the United States government, to its policies, there are coups.” His comments are backed by attempts by the US and Bolivia’s right wing to bring down his government. Recently released WikiLeaks cables prove the US embassy was in close contact with dissident military officers only months before a coup attempt was carried out in September 2008. But the close relationship between the US and Bolivia’s military has a long history. War on drugs

At least 15 people were killed on August 5 by security forces cracking down on protests in cities and towns throughout Syria, the August 6 Gulf News said. Escalating protests and government violence have marked every Friday since the Arab Spring reached Syria in March. But government violence has escalated since the military’s July 31 assault on the city of Hama, whose streets had been under the control of protesters since June.

For more news on the global boycott, divestment and sanctions campaign against Israel, see Electronic Intifada's BDS Beat South African students renew call to boycott Israel Representatives of South Africa’s oldest and largest student bodies in Johannesburg denounced an upcoming visit by a delegation of Israeli officials and propagandists to South African college campuses in an August 3 press conference, ElectronicIntifada.net said on August 5.

The article below is an abridged August 2 editorial from Socialist Worker (US). * * * If your eyes are glazing over at the large numbers and the complicated mechanics of the deal to cut US$2.1 trillion from the United States federal budget over the next decade, here’s a short summary of the agreement: Screw the sick, poor and the elderly while imposing a permanently lower standard of living for working people, all while helping bankers and the rich grab a greater share of society’s wealth.

United States: Land of the 1% “The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealth rather than income, the top 1 percent control 40 percent. Their lot in life has improved considerably. Twenty-five years ago, the corresponding figures were 12 percent and 33 percent … “One response might be to celebrate the ingenuity and drive that brought good fortune to these people, and to contend that a rising tide lifts all boats. That response would be misguided.

As the United States prepares itself for the approaching 2012 presidential election, voters in primaries to select the Republican candidate find themselves inundated by a selection of arch-conservative contenders vying for the opportunity to seize the nomination. Guided by “God”, free-market economics and corporate tax cuts, Congresswoman Michelle Bachmann, darling of the right-wing Tea Party, appears at the forefront of such arch-conservative efforts to enter the White House and set in motion an uncompromising far-right agenda.

Venezuelan foreign affairs minister Nicolas Maduro has criticised the US government for having an “absurd and extremist” policy with regards to Venezuela. Maduro made the comments after the publication of a report in late July that outlines the US government’s tactics for dealing with transnational criminal organisations. The document cites Venezuela as a country that promotes a “permissive environment for narco-trafficking and terrorist organisations”.

United States: The nonsense battle over debt Dean Baker Policy debates in Washington are moving ever further from reality as a small elite moves to strip benefits that the vast majority need and support. The battle over raising the debt ceiling is playing a central role in this effort. The United States is running extraordinarily large budget deficits. The size of the annual deficit peaked at 10% of GDP in 2009, but it is still running at close to 9% of GDP this year.

Recently released United States embassy cables from Bolivia have provided additional insight to the events leading up to the September 2008 coup attempt against the Andean country’s first indigenous president. On September 9, 2008, President Evo Morales expelled then-US ambassador Philip Goldberg as evidence emerged that Goldberg and embassy officials had been meeting with several key civilian and military figures involved in an unfolding coup plot.

How do YOU suggest we cut Britain's deficit then? You'll be asked this if you ever oppose a cost-cutting scheme, such as merging the sewerage system with the library service or something. So here's one answer, we could pay a bit less to ATOS, a private company that receives ￡100 million a year from the British government for assessing who should be cut off from disability benefit.