IMF // Current TV

Occupy Dame Street Lock Down Irish Dept. Of Finance

https://dl.dropbox.com/u/56637748/ODS-25Jan2012-Release.htm
We are Occupy Dame Street, part of Occupy Ireland and the global Occupy movement.

The morning of 25th January, 2012 - 06:30 GMT , in response to the payment of €1.25 billion to unknown bondholders of the former Anglo Irish bank, Occupy Dame Street activists peacefully locked down the Irish Department of Finance and made every effort to keep the building locked down until 5pm.

This €1.25 billion euro payment is only part of a larger €30 billion euro giveaway to as yet un-named investors / gamblers. We call on the people of Ireland to start planning resistance in your own areas to the unfair and unnecessary burden of bond/promissory payments; and to wage cuts and service reductions that, if not stopped, will further impoverish the good people of this Island nation.
https://dl.dropbox.com/u/56637748/ODS-25Jan2012-Audio1.mp3

Occupy Dame Street's Media Statement on the day (25th January, 2012)
Even under the terms of the treasonous bank bail-out agreement, there was and is no expectation that the people of Ireland make these payments. The agreement to pay, we believe, is a personal choice by the Minister for Finance Michael Noonan, reflecting very much his own deferential nature. We believe that the Minister for Finance, his cabinet colleagues, all government back bench TD’s and all those who have colluded with private banking interests have failed to realise the power of defiance and resistance.

Instead they have cowed to the bondholders and criminal consortiums who demand the profit from the labour of the Irish people, who demand the deconstruction of our health and education systems to fund their game of monopoly. Threats that there will be no money in the ATM’s of Ireland are without foundation, this has not been the experience of many other nations who refused to pay such as Iceland, Argentina and Singapore to name a few, all of which are experiencing buoyant economic growth in the teeth of this so called crisis.

We hope today’s and future actions will put powder in the gun Noonan takes with him to the IMF/ECB bankers table. We refuse to stand by as the Irish people, our families, friends and neighbours, are made debt slaves to the IMF/ECB, as has happened in so many other nations in which they have arrested power from the people.

In the coming year, and for many years to come, the Irish people, by character a hard working and generous people, will transfer under duress, €6 billion euro per year to faceless money changers. The figures are almost unimaginable and the loss to the good people of this island will be devastating.

It is for this reason that we, Occupy Dame Street, and other Occupy movements throughout the Island of Ireland, are embarking on a radical campaign of peaceful direct actions. Through such direct actions we hope to raise awareness of the reality of what is happening to our community, the unnecessary depravation for so many, that is today’s Ireland. We also hope to inspire and build a peaceful resistance movement dedicated to empowering the community of Ireland to make real the demands of Occupy Dame Street such as the realising of the potential of our natural resources and the acknowledgement of our shared intelligence and abilities through Peoples General Assemblies.

We call on the people of Ireland, political and apolitical, old and young, male and female, of every ethnic, cultural and religious background, to start planning for resistance in your own areas. If you are in the Suburbs of Dublin, Limerick, Cobh, Galway, Waterford, Letterkenny, Dundalk , Belfast or the many other urban communities of Ireland, start planning peaceful acts of resistance.

If you are in the farmland parishes of Ireland, the hills of Wicklow, the plains of Meath, the rocky outposts of Kerry or on our beautiful Islands, start talking and planning. The power to make the community of Ireland a better place to live is in our hands, lets grasp it and resist the unfair and unnecessary burden of bond/promissory payments, wage cuts and service reductions that, if not stopped, will further impoverish the good people of this Island nation.https://dl.dropbox.com/u/56637748/ODS-25Jan2012-Release.htm We are Occupy Dame... more

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Civil War in Greece?

;feature=youtube_gdata&utm_source=twitterfeed&utm_medium=twitter

As Parliament prepared for a crucial vote on additional austerity measures — including the most drastic cuts and reforms so far — renewed violence broke out on the streets of Athens. Without the vote, the Papandreou government would not have received the next installment of its EU/IMF bailout package and would have gone bankrupt next month.

In anticipation of the vote, a 48-hour strike brought the country to a complete standstill, while the single largest demonstration since the fall of the military junta sent hundreds of thousands of people into Syntagma Square and surrounding streets. For the first time, the communist party and union, KKE and PAME, joined the protests by blocking off Parliament so MPs would not be able to enter for the vote.

Carrying red flag sticks and wearing helmets, the unionists formed a human chain around Parliament. In the process, however, they ended up defending the state from the angry mob outside. Rather than turning their anger at the politicians, they protected them. Riot police were therefore happy to sit back and let the two sides fight each other. Dozens of people were injured in the clashes. One older man suffered a heart attack after being hit with a stone in the head. He died in hospital.

According to some rumors, police actually infiltrated the protests — either on the communist side or on the anarchist side, depending on whom you ask — to instigate the Leftist infighting. The truth, however, is that the Stalinist Left and the anti-authoritarian Left in Greece have a long history of antagonism. While this mutual distrust is understandable, the division itself remains a highly regrettable impediment to the creation of a united revolutionary front. Now, more than ever, we need to become and stay united.

Towards the end of the second video below, Stalinist union members can clearly be seen talking to police and telling them to attack anarchist protesters. There was a nauseating degree of collaboration between communists and police — a collaborative attempt to defend the last vestiges of the Greek state — that protesters were right to be angry about. But hurling stones and petrol bombs at fellow protesters? Following the death of three people in a bank arson last year and now the death of a communist union member, the time has come for the anarchists to revisit the use of escalating violence as a protest strategy.

http://roarmag.org/2011/10/anarchists-communists-strike-riots-violence-greece/?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+roarmag+%28Reflections+on+a+Revolution%29;feature=youtube_gdata&utm_source=twitterfeed&utm_medium=twitter As... more

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Higher income inequality in developed countries is associated with higher domestic and foreign indebtedness

ECONOMISTS have long worried about the growing chasm between countries that borrow heavily internationally and those that dish out the loans. They call it global current account imbalances and, especially since the onset of the global economic crisis in 2007, there has been concern that global markets could be destabilized were there a run on the currencies of those countries that pile up huge deficits. That hasn’t happened, at least so far. In fact, the biggest borrower of all, the United States, is viewed mainly as a safe haven by lenders.

But there is another, domestic dimension to the pileup of international obligations. Domestic debt rises too and could reach unsustainable levels that could lead to domestic financial crises.

Why the United States has built such persistent and large deficits in its current accounte—which covers all noninvestment international transactions, including exports and imports, dividends and interest, and remittancese—is a matter of some debate.

Explanations include a low domestic saving rate, high foreign saving rates, high demand for high-yield U.S. assets from fast-growing but less financially developed countries, excess holding of international reserves in emerging market countries for both precautionary and mercantilist motives, demographics and productivity, and the role of the U.S. dollar as the world’s reserve currency. But the phenomenon of persistently high current account deficits is not limited to the United States; it has also been observed in a number of other developed economies, especially those in the English-speaking world.

In current research we therefore extend the work reported in “Leveraging Inequality” (F&D, December 2010), which dealt with only the United States, to include an open-economy dimension. We find (see Chart 1) that what unites the experiences of the main deficit countries is a steep increase in income inequality over recent decades, as measured by the share of income going to the richest 5 percent of the country’s income distribution.

This increase in inequality has contributed to a deterioration in the richest countries’ aggregate savings-investment balances, as the poor and middle class borrowed from the rich and from foreign lenders. This, along with the other factors mentioned above, can fuel current account deficits.

Indeed, we find that as income shares of the top 5 percent increased between the early 1980s and the end of the millennium, current account balances worsened. For example, in the United Kingdom, an 8.7 percentage point increase in the income share of the richest 5 percent was accompanied by a deterioration in the current account–to-GDP ratio of 2.7 percentage points.

Modeling the facts

An economic model can clearly illustrate these links between income inequality and current account deficits. In our model, based on an open-economy extension of Kumhof and Rancière (2010), households are divided into a top 5 percent income group (“top group”) and a bottom 95 percent income group (“bottom group”) in a medium-sized country .......

Continue ironically at:
http://www.imf.org/external/pubs/ft/fandd/2011/09/Kumhof.htmECONOMISTS have long worried about the growing chasm between countries that borrow... more

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Dominique Strauss-Kahn verdict: the reactions

It is said that a picture is worth a thousand words...

Ok, that's just wrong, but I had to!

So the charges were dropped against Dominique Strauss-Kahn. The general consensus appears to be that DSK was set up for some reason. Who really knows when you are talking high political stakes and international intrigue?

***

Shock, revulsion and relief were among the responses to the dropping of the DSK rape case

Bernard-Henry Lévy, philosopher and friend of DSK (and also man who is the Libyan opposition intermediary, and the man who convinced President Sarkozy to bomb Libya): "The Strauss-Kahn I know, who has been my friend for 20 years and who will remain my friend, bears no resemblance to this monster, this caveman, this insatiable and malevolent beast now being described nearly everywhere. Charming, seductive, yes, certainly; a friend to womenand, first of all, to his own woman, naturally; but this brutal and violent individual, this wild animal, this primate, obviously no, it's absurd.The real symbolic rape was the rape of Mme Diallo by her lawyer on the steps of the law courts. There has been an abuse of law … a masquerade organised by a lawyer who has reached the summits of obscenity."

DSK's lawyer, Ben Brafman: "What happened in that room, so long as we have now confirmed that it wasn't criminal, is really not something that needs to be discussed publicly."

Manuel Valls, socialist MP and presidential hopeful: "The analysis and expertise of Dominique Strauss-Kahn will be necessary, helpful and welcome for the left in France."

Pierre Moscovici, socialist MP: "I have affectionate thoughts for him, his family, for Anne [Sinclair] in particular. Once an affair is finished, it is finished. You cannot continue to make accusations once the charges have been dropped. That counts for the young woman and also for the media. The charges were not half lifted, they were lifted. He should be left in peace."

Jack Lang, former socialist minister: "The happiness we feel at this moment should not make us forget the immense waste caused by the unjust and brutal arrest of Dominique Strauss-Kahn, the lynching, the violation of his presumption of innocence."

Generall Arius, United Africa Movement: "I don't give a rat's ass about what she did in the past – this should have been decided by a jury."It is said that a picture is worth a thousand words... Ok, that's just wrong,... more

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NEWS ALERT:After Forced Resignation, Dominique Strauss-Kahn Is Released From House Arrest. Prosecutors Say Maid Lied.

http://i.huffpost.com/gen/300403/thumbs/r-DOMINIQUE-STRAUSSKAHN-large570.jpg

NEW YORK - The case against former International Monetary Fund (IMF) chief Dominique Strauss-Kahn, who was charged with sexually assaulting a hotel housekeeper, is near collapse, the New York Times has reported.

The paper quoted what it said were two well-placed law enforcement officials as saying that although forensic evidence showed there had been a sexual encounter between the French politician and the maid, the accuser had repeatedly lied and prosecutors did not believe much about what she had told them.

It said prosecutors had met with Mr Strauss-Kahn's lawyers on Thursday and the parties were discussing whether to dismiss the felony charges.

Mr Strauss-Kahn's defense attorney, Benjamin Brafman, said earlier on Thursday that their client would go back to court in New York on Friday at 11:30 a.m. (2330 AEST) before Judge Michael Obus to seek changes to his bail conditions.

"Indeed, Mr. Strauss-Kahn could be released on his own recognisance, and freed from house arrest, reflecting the likelihood that the serious criminal charges against him will not be sustained," the paper said. "The district attorney's office may try to require Mr Strauss-Kahn to plead guilty to a misdemeanor, but his lawyers are likely to contest such a move."

Mr Strauss-Kahn, 62, had been a leading candidate for the French presidency when he was arrested on May 14. He resigned from the IMF on May 19 and pleaded not guilty on June 6, vehemently denying the allegations.

The paper said that prosecutors had discovered that the woman, a 32-year-old Guinean, had had a phone conversation with an incarcerated man within a day of her encounter with Strauss-Kahn in which she discussed the possible benefits of pursuing the charges against him. The conversation was recorded.

It added that the man, who had been arrested on charges of possessing 400 pounds (181.5 kg) of marijuana, was among a number of individuals who had made multiple cash deposits, totaling around $100,000, into the woman's bank account over the last two years.

Mr Strauss-Khan was released on $US1 million cash bail and a $US5 million bond, and is under house arrest in a townhouse in the Tribeca neighborhood of Manhattan, where he is equipped with an electronic monitoring device and under the 24-hour watch of armed guards.

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