The Munk Debates May 30th 2013 Be it resolved tax the rich (more), on the Pro side Paul Krugman, economist and columnist for the New York Times and George Papandreou former Prime Minister of Greece. On the Con side was Newt Gingrich former U.S. Speaker of the House and Arthur Laffer, economist.
Paul Krugman New York Times columnist suggests cuts in food stamps of 2$ billion during the Obama administration. Krugman mentions if taxes were raised on the top %1 of 1/7 in taxes before capital gains the U.S. government would have $1.4 trillion by implementing the above tax reform.
George Papandreou suggests the global economy must focus on innovation, technology, and in a way re-inventing the social contract. Which Jean-Jacques Rousseau famously wrote about in The Social Contract, 1762. From a modern outlook the role of citizen assemblies and active citizen participation is utilized to garner a stable and fair society.
Taxing the Rich, the 1% at the very top a fraction of 0.15 of 1% would put trillions into nations government coffers. Not to mention fighting poverty in the developing world and allowing for the West to bring hundreds of millions of people in a new and developed world into the 21st century. Who is Africa’s number one trading partner? Where are most goods coming from to the West in cheap products? China. While China will influence the institutions in Africa where will the democratic ideals come from? The very few non-democratic states in the world such as China, North Korea, and yes Cuba have windled enough influence in global affairs.
Guess who else got bailed out by the IMF? The United Kingdom in the 1970’s had to take a IMF bailout, as the unions/management of factories got crashed with high wages in relation to cheaper manufacturing in the developing world. As well Canada, got a IMF bailout in the mid-1990’s under Jean Chretien, while then Finance Minister Paul Martin come to clean up the balance sheets, which were not so balanced.
Also, Argentina in the 1980’s, the Mexican Peso crisis in the 1994-1995, and the East Asian crisis which started in 1997 in Singapore, and spread to South Korea, Thailand, Malaysia, and The Philippines.
As David Harvey, in the ‘the enigma of capital: crisis of capitalism,’ explains, the market moves the economic ills from one place to the next…never finding an panacea solution to economic stagnation/depression.
I have been reading viciously about the Greek Crisis since it started approximately 5 years ago, the headlines and media outlets, and negative pundits, spin doctors, have framed the question of the massive national debt of the Greeks as the “the other”. The Greeks as “the other” is best described by the Sociologist Slavoj Zizek, where the sacrifice of the Greeks to solve the economic instability in Europe, has made Greece what Zizek, would call to bring a unconscious reality which shapes the lives of people in Europe. Furthermore, Zizek is popular among the far-left in Europe as he has met in discussions with Prime Minister of Greece Alexis Tsirpas.
The European Parliament has met countless times of Prime Minister’s and Finance Ministers in Brussels, Belgium and cannot the solve the problem of insolvency in countries such as Ireland, Italy, Greece, Portugal, and Spain, or is because the political elite do not want to solve the problem? As Noam Chomsky suggests, Noam Chomsky’s take on the Greek Crisis. The European Union will not unravel because oligarchy rules and in Europe, oligarchical political elite make decisions for the banks and national governments. It was the political elite (IE: Anglo-American and European) who created the European Union, and it will be of there own making to unravel the union and suffer the unknown consequences.
In conclusion, the question of how the debt, and who accumulated it, is not complicated as most are making it out to be. Hedge fund companies, such as an corporate conglomerate Goldman Sachs, used derivatives (derivatives were banned from 1929-1999) once Greece joined the Euro in 2001, as they were legal to use in the financial marketplace the European Central Bank in Frankfurt, Germany loaned to Greece billions of dollars in derivatives to shore up Greece’s economy. Which resulted in the National Bank of Greece (who is the Bank who lends money to other banks in Greece) not paying back these loans which were gambled in the hedge fund (derivative) market. The question is not who is to blame? But the grave misconception the average Greek spend the money….no! the average working Greek never got any of the money.
Once the financial crisis out in 2008 in the United States, with the collapse of Lehman Brothers, (those may remember) the Credit Swap took place which put the (private) debt of the National Bank of Greece to (public) debt the Greek government and Greece’s national debt ballooned from on…the media should flame the question around should public money bail out banks and other “too big too fail companies.
Here in Canada, the financial crisis has brought $400 billion loans from financial institutions in the United States, in particular, JP Morgan Chase, to the chartered banks in Canada, where the national GDP income of Canada is $1.2 trillion. The Canadian banks did not pay for the $400 billion but the Canadian taxpayer did.
I don’t think I am the only one who feels too many passwords are needed to access an website, to record, note down to access a certain site. Constantly, (because of spam and malware), changing old passwords to new passwords. Making sure we add a number and symbol, to be compatible for a password, all seems a bit too much, on a scale of importance.
If after all the talk around The Privacy Act, couldn’t all computer scientist, just figure out a way to configure everything to a few platforms, such as Facebook, Twitter, Google, and LinkedIn? For the love of efficiency and productivity! Enough passwords for things, fairly useless.
It has been brought to my consciousness, a key word in both the political party name of
SYRIZA” the hard left-wing Political Party and the precept political party to New Democracy (ND) (conservative-right wing party) was “ERE”, the word being “roots”, or “breaking of the roots,” “bringing together the roots.”
“SYRIZA” The Coalition of the Radical Left Synaspismós Rizospastikís Aristerás) (Greek: Synaspismós : meaning “Group, Coalition, or Union), Rizospastikís :meaning: not radical but to bring together the roots of the left, thus, union, of (Aristerás: left-winger’s).
The precept political party to New Democracy (ND) (conservative-right wing party) was “ERE”, an acronym standing for Ethniki Rizospastiki Énosis, (Ethniki: meaning “nation” “Rizospastikí”, not radical but to break the roots of the left (ERE),(Énosis: meaning “Union”, thus to break the union of the nations left, was a Greek political party formed in 1955 by Konstantinos Karamanlis.
In terms of breaking into the class consciousness and remnants of the Greek Civil War (1945-1949) “SYRIZA” marketed itself as a political party, Greek society could understand and identify as the polar-opposite of the hard-right, and the backing of the oligarchs and the banks in Greece, while supporting the traditional, moderate, and radical left in the meantime having clear support from anyone left-of-centre.
The New Democrats success in downtown Toronto lies in its connection with unions, to protect those unionized and those who desire a decent wage. The Canadian Auto Workers (CAW) is seeking to bring union membership to under-represented groups and the unemployed.
During the time David Miller was Mayor of Toronto, the city become one of the top ten most expensive cities in the world to live in, if John Tory is to succeed in his term – where Ford failed miserably, Tory must become an metamorphosis of David Crombie/Mel Lastman type, for example, to form a reconciliation between business investment and urban sustainability.