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Eurozone Recession Now Longest In Currency's History

Thu, 2013-06-20 23:09 — Kathy Gilbeaux

huffingtonpost.com - By PAN PYLAS and SARAH DiLORENZO - May 15, 2013

PARIS -- The eurozone is now in its longest ever recession – a stubborn slump that has surpassed even the calamity that hit the region in the financial crisis of 2008-2009.

The European Union statistics office said Wednesday that nine of the 17 EU countries that use the euro are in recession, with France a notable addition to the list. Overall, the eurozone's economy contracted for the sixth straight quarter, shrinking by 0.2 percent in the January-March period from the previous three months.

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Video - Scrap Fuel Subsidies and Price CO2, Urges World Bank

Tue, 2013-05-14 10:04 — Kathy Gilbeaux

Reuters - trust.org - May 6, 2013

LONDON, May 6 (Reuters Point Carbon) – The world’s nations must scrap fossil fuel subsidies and put a price on emitting carbon dioxide if the planet is to avoid dangerous climate change, according to the president of the World Bank. The two measures are part of a five-point plan that the bank urged the world’s environment ministers to take, including building low carbon cities, improving agricultural practices and sharing new technology that will save energy.

“We need a global response equal to the scale of the climate problem.

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Nearly two-thirds of Greek youths are unemployed

Fri, 2013-05-10 19:09 — Maeryn Obley

A Greek unemployment center.

Image: A Greek unemployment center.

reuters.com - May 9th 2013 - George Georgiopoulos

Greek youth unemployment shot to a record 64 percent in February, underscoring the dire state of the recession-hit economy despite signs of improving business sentiment.

Repeated doses of austerity under international bailouts have almost tripled Greece's jobless rate since its debt crisis began in 2009, weighing on an economy in its sixth year of recession.

Overall unemployment has risen to an all-time high of 27 percent, data showed on Thursday, while joblessness in the 15-to-24 age group jumped to 64.2 percent in February from 59.3 percent in January.


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The other-worldly philosophers

Fri, 2013-05-10 19:02 — Maeryn Obley

Article illustration by Brett Ryder

Image: Article illustration by Brett Ryder

economist.com - July 16th 2009

Robert Lucas, one of the greatest macroeconomists of his generation, and his followers are “making ancient and basic analytical errors all over the place”. Harvard's Robert Barro, another towering figure in the discipline, is “making truly boneheaded arguments”. The past 30 years of macroeconomics training at American and British universities were a “costly waste of time”.

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It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors

Tue, 2013-05-07 18:56 — Gina Angiola

Truthout.org -- by Ellen Brown -- March 29,2013

Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.  

http://truth-out.org/news/item/15401-it-can-happen-here-the-confiscation-scheme-planned-for-us-and-uk-depositors

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Crisis for Europe as trust hits record low

Fri, 2013-04-26 19:54 — Maeryn Obley

The poll found a vertiginous decline in trust in the EU in countries that were traditionally pro-European. Photograph: Ian Waldie/Getty ImagesImage: The poll found a vertiginous decline in trust in the EU in countries that were traditionally pro-European. Photograph: Ian Waldie/Getty Images

guardian.co.uk - April 24th, 2013 - Ian Traynor

Public confidence in the European Union has fallen to historically low levels in the six biggest EU countries, raising fundamental questions about its democratic legitimacy more than three years into the union's worst ever crisis, new data shows.

After financial, currency and debt crises, wrenching budget and spending cuts, rich nations' bailouts of the poor, and surrenders of sovereign powers over policymaking to international technocrats, Euroscepticism is soaring to a degree that is likely to feed populist anti-EU politics and frustrate European leaders' efforts to arrest the collapse in support for their project.

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The Limits of the Earth, Part 2: Expanding the Limits

Fri, 2013-04-26 19:50 — Maeryn Obley

Limits of Earth logo.Image: Limits of Earth logo.

blogs.scientificamerican.com - April 18th, 2013 - Ramez Naam

As part one of this series showed, we are up against incredible challenges: feeding a world with a rapidly growing appetite, the continuing loss of the world’s precious forests, the ongoing collapse of fish species in the oceans, the rapid depletion of our fresh water resources, and the over-arching threat of climate change, which makes all others far worse.

Ending growth isn’t a realistic option.  Billions of people in the developing world want access to more resources, deserve those resources as much as those of us in the rich world do, and need them in order to rise out of poverty.

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Climate Change’s Links to Conflict Draws UN Attention

Fri, 2013-02-15 16:08 — admin

By Flavia Krause-Jackson - Feb 14, 2013 8:30 PM MT - Bloomberg News

Members of the United Nations Security Council in New York met with Joachim Schellnhuber, director of the Potsdam Institute for Climate Impact Research, who presented a number of scenarios to show the connection between climate change and global security challenges.

Climate change is a “reality that cannot be washed away,” according to notes prepared for diplomats at today’s session. “There is growing concern that with faster than anticipated acceleration, climate change may spawn consequences which are harsher than expected.”

Topics ranged from Hurricane Sandy, to fossil-fuel deposits, to glacial melting and how the seeds of conflict, unrest, and revolution are being sewn.

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Read the National Intelligence Council Global Trends 2030 Report

Climate Change as Source of Future Conflict Draws UN Attention

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Transparency in Supply Chains: A Convergence of Possibilities

Sat, 2013-02-09 16:05 — Kathy Gilbeaux

csi.gsb.stanford.edu - Kriss - February 4, 2013

Where do the products we buy come from and how do we know that their production doesn’t leave a wake of environmental damage or exploited workers? Even brands we think we trust are often linked to suppliers with questionable or downright abusive practices, as exemplified in the November factory fire in Bangladesh, where 112 workers were killed at a factory that supplied Walmart, Sears and even the U.S. Marine Corps, though all claim they had no idea that apparel produced there was destined for their stores.

Global supply chains are complex and opaque, with many layers of suppliers, distant and inconsistent regulatory environments, and intermittent and sometimes unreliable audits and reporting.

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Euro at 10-Month High Poses Economic Threat, Juncker Says

Fri, 2013-02-01 20:53 — Maeryn Obley

Jean-Claude Juncker said, “the euro foreign-exchange rate is dangerously high.” (Jock Fistick/Bloomberg)Image: Jean-Claude Juncker said, “the euro foreign-exchange rate is dangerously high.” (Jock Fistick/Bloomberg)

bloomberg.com - January 16th, 2013 - Stephanie Bodoni

The euro’s 8 percent gain against the U.S. dollar in the past six months is posing a fresh threat to the European economy just as it shows signs of escaping the debt crisis, said Jean-Claude Juncker, who leads the group of euro-area finance ministers.

Echoing policy makers from Switzerland to Japan in bemoaning strong exchange rates, Juncker late yesterday called the euro’s value “dangerously high” after the 17-nation currency this week traded above $1.34 against the dollar for the first time since February last year.

The euro has rallied amid growing signs in financial markets that the three-year debt turmoil is fading and after European Central Bank President Mario Draghi last week signaled no immediate plan to ease monetary policy further.

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