A System Out Of Control

The bankruptcy of Lehman Brothers–with more financial institutions to follow, no one knows how quickly–is the product of greed and deregulation embraced by Republicans and Democrats alike.

A Wall Street trader watches as the stock market crashes in reaction to the bankruptcy of Lehman Brothers (Zuma)

A Wall Street trader watches as the stock market crashes in reaction to the bankruptcy of Lehman Brothers (Zuma)

THE LATEST chaos on Wall Street–the worst financial upheaval in the U.S. since the Great Depression of the 1930s–highlights not just the scale of the world financial crisis, but the needless destruction caused by the blind competition at the core of capitalism.

The Wall Street crisis will almost certainly make the current economic slump worse. A shadow banking system beyond the reach of regulators in the U.S. or any other country is crashing down, destabilizing the world financial system. Even before the latest crisis, Bill Gross of Pimco, a big money-management firm, warned that an uncontrolled liquidation of debt by financial institutions “can turn a campfire into a forest fire, a mild asset bear market into a destructive financial tsunami.”

The risk of such a catastrophe is growing. As hundreds of billions of dollars in financial assets vaporize, banks will be forced to raise interest rates to increase the amount of money they have in their reserves. This, in turn, will cut off credit to business and consumers alike, further choking an anemic economy. Continue reading

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“The Future of Classical Music lies in Venezuela”

Excerpt from documentary ‘Mata Tigre” 2006

Placido Domingo cried when he saw the Venezuelan Youth Orchestra perform. The world-renowned opera singer confessed that the concert evoked the strongest emotions he had ever felt.

Sir Simon Rattle, director of the Berlin Philharmonic, swore that the country’s youth orchestras were doing the most important work in classical music anywhere in the world.

And former Berlin Philharmonic director Claudio Abbado only needed to see one performance by the orchestra to invite the Venezuelans to play in Germany. Continue reading

Capitalism is…

Capitalism is theft.

The harsh and subservient labors of most citizens fantastically enrich a few others who don’t have to labor at all. In general, those who work longer and harder get less. Those who work less long and less hard get more. Continue reading

Socialism in a nutshell

In a socialist society the means of production [1] are owned by the workers rather than by a rich minority of capitalists or functionaries. Such a system of ownership is both collective and individual in nature. Continue reading

‘Big Brother’ database for phones and e-mails

A massive government database holding details of every phone call, e-mail and time spent on the internet by the public is being planned as part of the fight against crime and terrorism. Internet service providers (ISPs) and telecoms companies would hand over the records to the Home Office under plans put forward by officials.

The information would be held for at least 12 months and the police and security services would be able to access it if given permission from the courts.

The proposal will raise further alarm about a “Big Brother” society, as it follows plans for vast databases for the ID cards scheme and NHS patients. There will also be concern about the ability of the Government Continue reading

Plastic homes in Venezuela

Houses made from plastic are providing new starts for families living in shacks in Venezuela.

Full story: http://news.bbc.co.uk/1/hi/world/7381709.stm

Read more about this program here.

Click here to learn more about the social changes happening in Venezuela.