What stance should the European left take towards the euro and its galloping crisis? This issue, which began as a theoretical discussion among radical economists in late 2009, has increasingly acquired practical political urgency: left parties are being challenged to define their position in the face of rising popular resentment at governments forking out billions in taxpayer euros to bail-out banks and indebted “Club Med” countries.
A blog of those that support the Occupy Wall Street protests, that began in New York in September and have since spread to hundreds of US cities, hosts a series of personal testimonies from ordinary people across the United States. It indicates the source of the deep anger at the corporate elite that have become rich off their suffering. A selection are published below. * * *
There is a sharp reality disconnect in the Black community. On the one hand, the Black population continues to support the first African American president, Barack Obama, by more than 90%. Yet the plight of the Black communities is at its worst condition in three decades. Official unemployment is over 16% ― twice that of whites and iabout 30% for young African Americans. Black household income is in decline and the lowest of the five major ethnic groups. Poverty is at the highest levels in 30 years.
Speaking in Rome on September 15, Lorenzo Bini Smaghi, Italian executive board member of the European Central Bank (ECB), said of the design of the euro: “The assumption was made ― largely theoretical ― that there would be no crises.” Oh, indeed. And now with Europe and the world showing every sign of dipping into a recession that will further stress Euope's common currency, what is to be done?