Category Archives: Business/Economics

Business/Economics, International, U.S.

Global Economic Class War: City of God issues its own money, fights back against U.S. led multi-national corporations

“If we empower the economically marginalized grassroots network and build social capital, poor people will leave poverty.”-Paul Singer, Brazil’s National Secretary of the Solidarity Economy

In the impoverished Brazilian suburb of Rio de Janeiro, known as the City of God, the residents are taking economic measures into their own hands.

On September 15, they opened their own community bank called, City of God Communitarian Bank.  Not only do they have their own bank, but they’re issuing their own money.

The new bank is part of the Brazilian Network of Communitarian Banks, which was started by former President Luiz Inacio Lula da Silva in 2003.  It’s based on a growing international form of banking for lower income people.

One of the radical ideas of this new international bank, is that local banks issue their own local currency, to be used only for locally enrolled businesses. The idea is to develop strong local economies, to counter the destructive power of U.S. led multi-national corporations.

Business/Economics, International

What Economic Recovery? Germans join International Day of Rage, everyone lets join the Pirate Party!!!

September 18, several thousand of Germans hit the streets of Berlin, protesting the lowering of wages: “Higher wages lead to more purchasing power. This would strengthen the economy. The government’s policies are counterproductive.”-German protestor

Germany is supposed to be doing well economically, but tell that to the average German worker: “My husband was a coal miner for 38 years. Now he is at home and seriously ill, but of his pension there is hardly anything left after paying the rent, electricity, water and the medicine he needs.”-German protestor

At least one third of Germans are threatened by old-age poverty as unemployment, part-time or mini-jobs in a growing low-wage sector will lead to lower pensions in the future.  This is a trend that’s happening all around the world.

There’s even a new political party gaining strength in Germany; the Pirate Party: “This is a situation in all countries. The gap between rich and poor becomes greater and otherwise we are in a critical situation of finance and economic system in the world. Therefore we need new ideas to solve these problems.”– Alexander Spiess, Pirate Party candidate

Business/Economics, International, U.S.

U.S. investigates Israeli banks, helping wealthy U.S. citizens avoid paying taxes

September 17, the U.S. Department of Justice is investigating Israeli banks, for helping wealthy U.S. citizens avoid paying their fair share in taxes.

At least three of Israel’s largest banks, Bank Hapoalim, Bank Leumi le-Israel BM and Mizrahi-Tefahot, are being investigated.  The have accounts in Switzerland.

It’s estimated that thousands of wealthy U.S. citizens are using such accounts to hide their incomes from the Internal Revenue Service.

In a 2009 settlement, UBS, paid a U.S.$780 million fine, after admitting to helping U.S. tax evaders.

Business/Economics, U.S.

What Economic Recovery? New York City Mayor says get ready for riots

September 17, New York City Mayor Michael Bloomberg issued a warning for all the United States: “We have a lot of kids graduating college, can’t find jobs. That’s what happened in Cairo. That’s what happened in Madrid. You don’t want those kinds of riots here.”

Also, “The damage to a generation that can’t find jobs will go on for many, many years.”

Bloomberg said Democrats and Republicans need to act now: “Now everybody’s got to sit down and say we’re actually gonna do something and you have to do something on both the revenue and the expense side.”

Business/Economics, International, U.S.

What Economic Recovery? Good Teachers leaving the United States, competition to get out is increasing, America is replacing them with foreign teachers

“The educational pathway is in decline, and I don’t see anything in the near future that sounds like it’s on a positive upswing.”-Stephanie Olsen, leaving the U.S.

While there’s always plenty of reports about students leaving school without getting a high school diploma, you rarely hear about the fact that thousands of good teachers are leaving the U.S., for jobs overseas.

According to one teacher employment agency, TeachAway, the number of U.S. teachers applying with them for foreign jobs is up 50% from last year.  TeachAway has also placed 3,000 U.S. teachers with overseas jobs.  And that just one teacher employment agency, there are dozens!

In the past all you needed to get a foreign teaching job was an TESOL certificate,  but now teachers with just the TESOL are competing against teachers with Masters degrees.

Marie Constant has a Masters degree and could not get a job state side, now she’s moving overseas after getting a job through TeachAway: “Here’s an opportunity for me to not only go to another country where they will pay for me to go, they will pay for me to have living quarters…and I get to practice what I know.”

Stephanie Olsen has two Masters degrees, she’s leaving her teaching job in Arizona for a teaching job in the Middle East: “This is such an opportunity to take, where your employer is helping you get over there. They’re providing everything that is necessary for you to make a life there. It was just too good of an opportunity to pass up.”

And how are U.S. school districts dealing with the brain drain of good U.S. teachers?  They’re either pushing for online schools, or hiring foreign teachers!  PBS POV will air a documentary about the Baltimore, Maryland, schools bringing in teachers from the Philippines.

Business/Economics, International, U.S.

What Economic Recovery? Greek businessman sets himself on fire, Greek Prime Minister cancels trip to U.S.

On September 16, in a scene reminiscent of what sparked the recent Tunisian Revolution, a Greek man who lost his business set himself on fire.  Police put out the fire and the man is in the hospital.

On September 17, Greek Prime Minister George Papandreou, suddenly canceled his trip to the United States.  He claims it’s to ensure that all of Greece’s bailout loan commitments are fulfilled.  That doesn’t make sense because those loans just didn’t suddenly materialize, they’ve been in the works for awhile now.  So why the sudden cancellation of his trip to the U.S.?

Some analysts think it’s because Greece is too close to default now: “It’s a sign that things are very tight. Papandreou’s presence is crucial to make sure there are no setbacks with issues that need to be resolved.”-Theodore Krintas, Attica Bank.

Business/Economics, International, U.S.

Anti Wall Street Demostrations blocked by Police, part of International Day of Rage, the Poles are putting to shame any U.S. protest movement

“You need a scorecard to keep track of all the things that corporations have done that are bad for this country.”-Bill Steyert, 68, Queens, New York

New York Times reporting that Day of Action Against Global Capital (aka Occupy Wall Street) demonstrators are finding some of the routes blocked.

New York City officials decided to block off sections of Wall Street near the New York Stock Exchange and Federal Hall.

“When you idealize financial markets as salvific you embrace the idea that profit is all that matters. You start thinking only as yourself.”-Dave Woessner, 31, Harvard Divinity School

Protestors are being threatened with arrest, simply because no permits to hold a public demonstration were acquired.

“If you look at history and you look at recent history, ancient history, even the middle road, this is what creates revolution and this is what causes everything.”-Anna Lekas Miller, freelance writer

September 17 was supposed to be marked by protests in the United States and Europe.  Some foreign media are reporting thousands of people across the U.S. are protesting, but most U.S. media is reporting only hundreds (Business Week claims at least 1,000 people around Wall Street).

The people of Poland are putting to shame any U.S. protests; the Washington Post reports that 50,000 people are peacefully protesting in the streets of Wrocław.

 

Business/Economics, U.S.

Dumb Americans! Study says people think new unproven drugs are safer than tried & true older drugs!

Fact: New prescription drugs have a really bad track record regarding safety and effectiveness.

Fact:  Most U.S. citizens think new prescription drugs are safer, and more effective than proven older drugs.

Researchers at the Dartmouth Institute for Health Policy and Clinical Practice, and the Veterans Administration Outcomes Group, asked people about the difference between benefits and risks of new medications, and old medications.

In one study people were asked about taking a heart disease drug.  41% of those that were not told about side effects picked the newer but less effective drug.  Yet when they were told about the side effects, 71% picked the older more effective drug with less side effects.

In the other study people had to choose between an old heartburn drug, and a new heartburn drug.  The older drug had the better track record, yet only 34% picked the older safer drug when not told about the track records of both drugs.  When told about the safety record of both drugs 53% picked the older drug.

The conclusion of the U.S. studies is that if people don’t know the track record, or side effects of a drug, they automatically assume the newer drug is safer and better!

Also, the studies show that four out of ten U.S. citizens think an FDA approval means the drug is “extremely effective”!  One in four think the FDA would never approve a drug that has bad side effects!  Fact: The FDA constantly approves drugs that have not been fully proven, and have extremely bad side effects!  Look how many approved drugs being advertised today have stated “may cause death” as a side effect!

Business/Economics, International, Technology, U.S.

Global Economic War: Bolivia wants Iranian made Farm equipment

The South American country of Bolivia has sent a trade delegation to Iran.  They want the Iran Tractor Manufacturing Company to set up shop in Bolivia.

Bolivian officials say they’re impressed with Iran’s industrial advancements, despite all the decades of sanctions from the United States and Europe.

The building of an Iranian tractor factory in Bolivia, is part of the South American country’s agriculture modernization program.

Iran has economic agreements with numerous Latin American countries, like Venezuela, Bolivia, Cuba, Brazil and Ecuador.

Business/Economics, International

Global Economic War: Europe raises tariffs on Chinese products, again & again & again, now as high as 69.7%

Chinese officials say the latest round of tariff increases in Europe have essentially closed off the European market to Chinese businesses.

On September 15, the EU placed tariffs on Chinese flooring tile, as high as 69.7%!  This will directly affect more than 1,000 Chinese businesses!

Chinese officials say the Europeans are raising their tariff rates to protect European tile makers, who’ve seen a 40% drop in sales since the debt crisis began.  Europeans says it’s to make up for ‘dumping’ of Chinese products on European markets.