Economy

Visit Chris Kelly's site
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.”
On May 6, women gathered in Melbourne dressed in pyjamas and hair curlers, ready for the Mothers’ Day breakfast in bed that they never get because of poverty and the stress of being a single parent. The action was to call for an end to poverty for single mothers. Council of Single Mothers and their Children (CSMC) project worker Kerry Davies told the protesters that “single mothers and their children are Australia’s poorest families and are now the single highest group of homeless people in this country”.
On April 29, more than 10,000 union members and others organised a protest on Wall Street in New York organised by the AFL-CIO union federation, Alternet.org said the next day. “The banners declared ‘Wall Street: Never Again’ and ‘Less Audis, More Audits’. Almost to a one, they echoed the clear policy demands of the day: regulatory reform, new taxes on banks and speculators, and a jobs bill.”
The proposed “bail-out” of the Greek economy by the International Monetary Fund (IMF) and European Union (EU) has set off a huge struggle with worldwide implications. On May 5, as Greek parliament debated the IMF-EU package, half a million people took over the streets of Athens as part of a nation-wide general strike. It was Greece’s largest demonstration in 30 years.
In the United States, Google-owned video-sharing site YouTube has banned the video for hip hop star M.I.A.’s new single “Born Free”, citing the graphic nature of its content. More than nine minutes long, the clip, directed by Romain Gavras, begins with heavily armed soldiers with US flags on their uniforms raiding someone’s home. The location is not known, but the setting is reminiscent of Baghdad or the Palestinian West Bank.
In the Cochabamba football stadium on April 22, diverse indigenous peoples paraded around the track, thousands of local peasants sat in the stands, and thousands more activists from around the globe waved flags and chanted on the field. A common sentiment flowed through the crowd: something historic had occurred over the previous three days during the April 19-22 World People’s Conference on Climate Change and the Rights of Mother Earth organised by the Bolivian government in Cochabamba.
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.
Bolivia's World People's Summit on Climate Change and the Rights of Mother Earth was radical, inspiring, uncompromising and exactly what was needed. Up to 30,000 people from six continents took part in the summit, which was held in the Bolivian city of Cochabamba from April 19 to 22. The huge oil spill from a BP rig in the Gulf of Mexico underscores the summit’s significance. About 800,000 litres of oil are spewing out a day. The company admits it may not be able to stop the leak for weeks — or even months.
The World People’s Conference on Climate Change and the Rights of Mother Earth held in April 19-22 in Cochabamba, adopted a People’s Agreement on tackling climate change. Some of its key points are listed below. Visit Pwccc.wordpress.com to read the full document, and other resolutions adopted by the summit. The People’s Agreement includes the following points:

Pages

Subscribe to Economy