Socialism

This Time is Different: Eight Centuries of Financial Folly By Carmen Reinhart & KennethRogoff Rrinceton University Press, 2009, 496 pages Review by Barry Healy Australia has had a lucky escape from the Global Financial Crisis (GFC) our noble leaders and economic pundits tell us. Not so, says 800 years of economic experience assembled in This Time Is Different: Eight Centuries of Financial Folly.

Ten activists from Thai Red Australia, plus Guatemalan and El Salvadoran activists from the Latin American Social Forum, were part of the 80-strong Socialist Alliance NSW state conference on May 22 in Sydney. The conference launched Socialist Alliance’s federal election campaign. In the opening session, Senate candidate Rachel Evans outlined a “people’s budget” that puts the environment and people’s wellbeing over militarism and profiteering.

To guarantee access to essential foods amid price inflation and supply shortages in some items, the Venezuelan government recently nationalised a major flour producer, granted low-interest credits to small and medium-sized producers, opened new subsidised food markets, sanctioned price speculators and hoarders, and is in the process of reforming its land reform law.

“Facing the world economic crisis: From Greece to Australia” was the title of a public forum, sponsored by Socialist Alliance, Resistance and Green Left Weekly on May 25. Marxist academic Gary MacLennan and Socialist Alliance candidate for the federal seat of Brisbane Ewan Saunders spoke. MacLennan explained that the world economic crisis showed signs of deepening, not ending. He said right-wing explanations of the crisis blamed government mismanagement, rather than the capitalist system.

Youth activist and part-time worker Gemma Weedall has been endorsed by the Socialist Alliance to contest the seat of Adelaide in the upcoming federal election. Weedall recently completed a Bachelor of Social Sciences at the University of Adelaide, where she was a well-known student activist. She was environment officer on the 2009 Student Representative Council and convened several clubs and collectives. A passionate grassroots climate change activist, Gemma is an active member of the Climate Emergency Action Network (CLEAN)

In recent weeks, local and international media have attacked the left-wing Venezuelan government over alleged “economic woes”. Pointing to Venezuela’s inflation rate — the highest in Latin America — and an economy that shrank 3.3% last year, the private opposition media is raising fears of a serious economic crisis. These same media outlets, which have been predicting the fall of President Hugo Chavez for years, argue recent government actions will worsen the situation. Venezuelan business federation Fedecamaras warned on May 5 that Venezuela faces an “economic and social crisis”.

Jess Moore, well-known community activist and part-time worker, will contest the seat of Cunningham on New South Wales’ south coast in the coming federal elections. Moore, a member of Socialist Alliance, is a leading climate and renewable energy campaigner in Wollongong. She is active in the struggle for marriage equality and helped found the Illawarra Aboriginal Rights Group, set up in response to the racist Northern Territory intervention.

Sergio Arriasis is the head of the office of strategic development for Vision Venezuela Television (ViVe), a government-funded channel inaugurated in 2003. Arriasis is in charge of future planning and development of its communications. Coral Wynter, a Green Left Weekly journalist based in Caracas, spoke with Arriasis about the struggle to counter the private corporate media in Venezuela, and create a radical alternative. How is ViVe different from other TV channels?

On May 15, German left-wing party Die Linke held its national congress in the eastern city of Rostock, electing a new national leadership and debating its new draft program. At the conference, charismatic left-wing firebrand Oskar Lafontaine stepped down as the party’s co-leader for health reasons. Lafontaine, the former head of the Social Democratic Party (SPD) and finance minister, quit the SPD in 1999 because of the party’s neoliberal policies.

In further moves to strengthen the state’s role in the economy, Venezuelan President Chavez announced on May 11 the creation of a publicly owned import-export company as part of a broader plan to combat “the hegemony of the bourgeoisie”, speculation and inflation. Despite price controls and a fixed exchange rate, inflation reached 25.1% in 2009 — the highest in Latin America. Central bank figures reported inflation climbed 5.2% in April (double that of March), bringing accumulated inflation for 2010 up to 11.3%.

There are many myths about Cuba that the mainstream media happily reinforces, especially about Cuba’s democratic processes. Contrary to media assertions, in Cuba there are general elections, the last ones taking place in 2007-08. In these elections, deputies to the parliament (National Assembly of People’s Power) and delegates to the provincial assemblies are elected for a five-year mandate.

Jed Brandt, a member of US Kasama Project, is in Katmandu reporting on the ongoing struggle between Nepal’s poor majority, led by the Unified Communist Party of Nepal-Maoists (UCPN-M), and the US and Indian-backed elite that removed the UCPN-M-led government last year.