The immediate European economic crisis demonstrates, if there were any lingering doubts, that the architecture of the European Monetary Union is incompatible with countercyclical intervention. It was designed solely to contain inflation at 2%. There is no central fiscal authority and no mandate to either maintain acceptable levels of employment or to sustain working class living standards against the ravages of the business cycle.
As part of his program to deal with America's economic catastrophe, economist Robert Reich has proposed a revival of the New Deal's Works Progress Administration and Civilian Conservation Corps.
In the seventh century, Musa bin Nusair, born in Syria, traveled and fought his way through the Middle East and across North Africa, expanding the Muslim empire headquartered in Damascus, Syria. With his general Tariq bin Ziyad in the lead, he crossed the Mediterranean from Morocco with an army of several thousand, taking control of most of Spain. From 711 until 1031, the Umayyad Empire stretched from Córdoba to Damascus.
The evolving Occupy Wall Street movement continues to confound and surprise even its ardent supporters. Two days after Mayor Bloomberg’s brutal nighttime eviction of sleeping Occupiers from Zuccotti Park in lower Manhattan, a massive candlelight march in support of Occupy Wall St. wound its way from Foley Square (opposite the federal courthouse), around City Hall and across the Brooklyn Bridge (police estimated 32,500 participants).
At a moment when Occupy faces severe police repression and cold weather, and as we are both extending our movement to the streets and rethinking our future, various pressures are beginning to build with the objective of taking our movement into the Democratic Party.
A certain ruler asked him, "Good teacher, what must I do to inherit eternal life? . . . Jesus said to him, You know the commandments . . . . He replied, "I have kept all these since my youth." When Jesus heard this, he said to him, "There is still one thing lacking. Sell all that you own and distribute the money to the poor, and you will have treasure in heaven; then come, follow me." But when he heard this he became sad; for he was very rich.
There is a famous quip by Georges Clemenceau: "Not to be a socialist at twenty is proof of want of heart; to be one at thirty is proof of want of head."
German industrial and financial power is the key to understanding the complex and often confusing international maneuvers around the Crisis of the Euro. Germany is Europe’s industrial powerhouse, the only country that has survived the Great Recession with a healthy economy, low unemployment, rising GDP, social stability and a favorable balance of trade. Yet, only within the solid framework of a strong European Union can Germany, Europe’s principal creditor nation, ever hope to collect on her Southern European loans and investments.
The emergence of a mass movement, the beginning of a new radicalization
To the superficial eye Liberty Park (Zucotti Park) in lower Manhattan is a circus—a mass of people all packed together in one rather small city square, towered over by the gleaming multistory offices of the 1%, ringed by metal police barricades and overseen by a tall police tower at one end and a solid row of police vans along one side. Boxes, plastic bins and tarps covering all manner of equipment surround the perimeters, tents sprout like mushrooms down the middle. The park is a cacophony of sound.