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Posts Tagged ‘occupy wall street’

Global Jobs Crisis Will Get Worse: ILO

October 31st, 2011 Comments off

The International Labor Organization is the latest global body to warn about the ongoing global economic crisis. According to the most recent report from the ILO, the global economy is about to tip into what it calls a “a new and deeper jobs recession.” Given that advanced economies already are experiencing levels of unemployment and underemployment rivaling the Great Depression of the 1930s, it is not surprising that the ILO believes that the next phase of the jobs crisis will lead to a sharply elevated risk of social unrest.

As fiscal austerity becomes the preferred policy response in advanced economies to the ongoing global economic crisis and its related sovereign debt crisis, even higher levels of unemployment are unavoidable. The current spread of the Occupy Wall Street movement to many other cities across the world points to the validity of the ILO’s warning about spreading social unrest.

 

 

 

                 

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Officer Larry of the NYPD is on his way to Zuccotti Park in lower Manhattan to arrest peaceful protesters involved with the Occupy Wall Street movement. Being a public spirited member of the New York Police Department, Officer Larry does remind us that there is a global economic crisis underway that rivals the Great Depression of the 1930s.
 
 
 

 

 

 

Global anti-Wall Street Protests, Global Economic Crisis and Global Banking Crisis

October 17th, 2011 Comments off

The architects of globalization never imagined this scenario. A Wall Street banking crisis in the United States creates a global financial crisis, compelling sovereigns across the world to enact a peculiar and paradoxical policy measure; preserve profligate historical profits of masters of the private banking system, while socializing their losses. This policy of saving the banks by moving their losses onto the balance sheets of nation-states creates a global banking crisis, especially in the Eurozone, due to those banks holding loans from countries that went into deep debt to bail out those same banks. Ireland, to take an example, went from budget surplus to catastrophic fiscal deficits solely due to a decision by Dublin’s politicians to guarantee all the liabilities of their formerly privately-owned and relatively unregulated banks.

The latest policy measure is austerity, forcing the taxpayers to cover the costs of the mounting global economic crisis with higher taxes and cutbacks in social services. The paradox is that these measures negate economic growth, ensuring that the public debt cannot be repaid. All these measures are exacerbating the current and worsening global economic crisis.

The Occupy Wall Street movement, which has now gone global with a rising tide of protests throughout the world, reflects a populace that has seen its economic future being dispossessed. Deprived of hope, and with no confidence in the policymakers in government and oligarchs that largely fund and control political parties in most advanced economies, a growing number of desperate people, especially the younger and emerging generation, see protest as their only option.  All these developments feed into each other, leading to a cascading effect of political instability, growing public indebtedness and economic stagnation and contraction. If nothing else, the anti-Wall Street protests are a barometer of an economic and political system in disarray. And perhaps, they are a harbinger of a new age of political unrest and economic misery of prolonged duration.

 

                 

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Officer Larry of the NYPD is on his way to Zuccotti Park in lower Manhattan to arrest peaceful protesters involved with the Occupy Wall Street movement. Being a public spirited member of the New York Police Department, Officer Larry does remind us that there is a global economic crisis underway that rivals the Great Depression of the 1930s.

Wall Street Police

October 12th, 2011 Comments off

We have released a short video on YouTube, entitled “Wall Street Police: Global Economic Crisis.” The video ties in the Occupy Wall Street protest movement with the global economic crisis and the role of our website and blog. The link to the video follows:

 

Officer Larry of the NYPD is on his way to Zuccotti Park in lower Manhattan to arrest peaceful protesters involved with the Occupy Wall Street movement. Being a public spirited member of the New York Police Department, Officer Larry does remind us that there is a global economic crisis underway that rivals the Great Depression of the 1930s.

“Occupy Wall Street” And Mass Arrests In New York City: Is This The Start of a Revolution?

October 3rd, 2011 Comments off

 

For about two weeks, a seemingly spontaneous protest movement has evolved in the financial district of New York, dubbing itself the “Occupy Wall Street Movement.” Supposedly leaderless, there seems to be a core of ideologically committed individuals utilizing social media to empower a protest movement aimed squarely at the financial oligarchy that dominates the American political establishment, and particularly its economic and fiscal policymaking. The organizers of this self-described “leaderless” movement openly state that their methods are inspired by the protest movement of the Arab Spring.

On Saturday, October 1 more than 700 protesters were arrested by the New York Police Department. Previously, the NYPD had been accused by not only the protesters but media observers of engaging in brutality and unwarranted violence against peaceful protesters.  It is not likely that the mass arrests will attenuate these protests; the opposite actually seems to be the case.

Why is the “Occupy Wall Street Movement” protesting in Manhattan’s financial district? The website of the movement states:

Occupy Wall Street is a leaderless resistance movement with people of many colors, genders and political persuasions. The one thing we all have in common is that we are the 99 percent that will no longer tolerate the greed and corruption of the 1 percent.”

While it is too early to determine the future course of this movement, and whether or not it is a flash in the pan or a self-sustaining phenomenon that could lead to a full-scale national, revolutionary mass protest movement, I think the following observation is in order. The arrest of 700 plus protesters on the Brooklyn Bridge in the brief period of an afternoon is not an everyday occurrence  in the United States. The fact that so many middle class and especially younger people are out on the streets openly railing against America’s financial oligarchy is at the very least a concrete manifestation that in the economic depression that has swept the land, the emerging generation of Americans has lost faith in the country’s politicians, feels alienated from the political culture and is increasingly hostile to those it perceives as the wire-pullers of the nation’s economic and political life and dispossessors of the future for the vast majority of Americans. Though the movement describes itself as leaderless, should a leadership emerge this movement has the potential to grow and morph into a revolutionary form of resistance to the ruling circles of contemporary America. If that happens, based on the police response to date, will those who dominate decision-making in America  unleash repression to suppress this movement? Time will tell, but as America’s economic situation grows worse and President Barack Obama’s mantra of hope and change becomes increasingly dysfunctional and irrelevant, the potential for massive social unrest in the United States grows and may eventually reach a point of critical mass, leading to unforeseen but potentially radical consequences.

                 

 

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