Economy

The onset of the Global Financial Crisis can be dated to July 2007, when two Bear Stearns hedge funds holding almost US$10 billion in mortgage-backed securities collapsed. That same month, bankers at Lehman Brothers paid themselves $US5.7 billion in bonuses. Little more than a year later, Lehman Brothers filed for bankruptcy with debts of $US613 billion. It was the largest bankruptcy in history.

George Bender, a 68­-year­-old cotton farmer from Chinchilla, Queensland, took his own life on October 14. His family lays the blame squarely with the coal seam gas (CSG) industry he had fought against for a decade.

Will Portugal finally see the end of the austerity imposed over four years by the right-wing coalition of the Social-Democratic Party (PSD) and Democratic and Social Centre—People's Party (CDS-PP)?

Will Portugal finally see the end of the austerity imposed over four years by the right-wing coalition of the Social-Democratic Party (PSD) and Democratic and Social Centre—People's Party (CDS-PP)?

The spreading scandal of Volkswagen's falsifying of emission tests to evade regulations has begun to expose the cozy connections between the German government and the company. A recent article in the New York Times said: “There exists a revolving-door climate in which leaders glide between tops posts in government and auto firms.” But a recent settlement between the US government and General Motors reveals similar corruption.

Statue of Guaicaipuro. Photo: Correo del Orinoco. A statue of Caribe indigenous resistance hero Guaicaipuro was unveiled on October 12 by Venezuelan President Nicolas Maduro to commemorate the Day of Indigenous Resistance. Guaicaipuro, an indigenous chief of the Caribes, led one of the most successful resistance campaigns against invading Spanish colonial forces throughout the 1560s and is revered by many of Venezuela’s grassroots movements.

Activists from Turkey's Kurdish lead People's Democratic Party (HDP).

“For now, we are discussing a problem left to us by capitalism - climate change.” This was the conclusion of Bolivian President Evo Morales in his closing remarks to the October 10-12 World People's Conference on Climate Change and the Defence of Life in Cochabamba. More than 5000 people from more than 40 countries took part in the summit, established to give a voice to the poor and marginalised victims of climate change. Proposals and demands agreed on at the summit will be taken directly to the United Nations climate talks in Paris starting on November 30.

In the wake of the shooting outside Parramatta police station — which left Curtis Cheng, a civilian police employee, and 15-year-old schoolboy Farhad Jabar dead — Parramatta mosque chairperson Neil El-Kadomia told the Daily Telegraph he was preparing to advise his congregation that “if you don’t like Australia, you should leave.” Australia's new, more silver-tongued PM raced to echo this sentiment, as did the no-serious-opposition leader Bill Shorten.

A “Hands off TAFE” day of action to stop the further privatisation of the TAFE system in NSW was held on October 12. The day of action, called by Greens NSW and supported by teachers, students and community members, involved protest actions outside TAFE colleges and in shopping centres in Sydney and regional towns across NSW. The actions mobilised public opposition to the state government’s plans to privatise more than one-third of TAFEs, and the loss of teaching and support jobs, the reduction in contact hours, the cutting of courses and increases in course fees.

The New South Wales state government is giving away huge amounts of taxpayers’ money to big business through its wholesale sell-off of state-owned property. The losses include a higher rental bill for office space to house NSW public service departments. Government Property NSW plans to sell $865 million worth of buildings in 2015-16. This is more than double the $346 million in state property sold last financial year.

Ten months after trains ceased running into Newcastle station, the New South Wales parliament has passed a controversial bill to close the line at Wickham and rip up the rail line in the CBD. The NSW Greens, who opposed the legislation along with Labor, the Christian Democrats and the Animal Justice Party, labelled the outcome a “betrayal” of the Hunter community and accused the government of selling out to “developer spivs”.