Disaster Capitalism in Action in Europe (with Video) By Moira Dalgetty in Athens

13 February 2012Greanville PostBella Caledonia

Post sponsored by Gaither Stewart, Senior Editor, TGP
With our thanks to Paul Carline

Television images of demonstrators being teargassed by riot police in Athens on Sunday night followed the usual rules of media coverage of civil unrest – plenty of graphic images with little or no honest representation of the story behind the actual events.

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Europe’s Transition From Social Democracy to Oligarchy By Michael Hudson

7 December 2011 — Michael Hudson

As first published in Frankfurter Allgemeine Zeitung

The easiest way to understand Europe’s financial crisis is to look at the solutions being proposed to resolve it. They are a banker’s dream, a grab bag of giveaways that few voters would be likely to approve in a democratic referendum. Bank strategists learned not to risk submitting their plans to democratic vote after Icelanders twice refused in 2010-11 to approve their government’s capitulation to pay Britain and the Netherlands for losses run up by badly regulated Icelandic banks operating abroad. Lacking such a referendum, mass demonstrations were the only way for Greek voters to register their opposition to the €50 billion in privatization sell-offs demanded by the European Central Bank (ECB) in autumn 2011.

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The Triumph of Capitalism: Jobless Nations By Prof. John Kozy

18 September, 2011 — Global Research

The Obama administration is intent on applying supply side principles to get the American economy out of the present recession, but supply side principles are based on the belief that if the government cuts taxes on the wealthy, they will invest their savings in new factories, that newly hired workers will increase employment, and that more output will increase tax receipts. But there is no way to make sure the wealthy actually invest their wealth in productive enterprises, especially in the U.S.

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Global Research: The Debt Ceiling Crisis in America Selected Articles

1 August, 2011– Global Research

The debt ceiling crisis can be averted by enforcing the Fourteenth Amendment, which mandates the government to pay its debts already incurred, including pensions.  That means Social Security, which IS an “entitlement,” in the original sense of the word.  We’re entitled to it because we’ve paid for it with taxes.   
-Ellen Brown, Bipartisan “Russian Roulette” and America’s Federal Debt

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Murdoch’s News Corp Generated $10.4 Billion Profits And Received $4.8 Billion In “Taxes” From The IRS By Tyler Durden

12 July 2011 — Information Clearing House

July 12, 2011 “Zero Hedge” – – Call it the gift that keeps on giving (if one is a corporation that is): the US Tax system, so effective at extracting income tax from America’s working class, is just as “effective” at redistributing said income tax at the corporate level. Case in point: News Corp, which after generating $10.4 billion in profits over the past 4 years, and which would have been expected to pay the IRS $3.6 billion at the statutory corporate tax rate, instead received $4.6 billion back from Uncle Sam. Bottom line: Murdoch’s corporation had a cash paid tax rate of -46% between 2007 and 2010. The culrpit: two little somethings called Deferred Tax Assets and Net Operating Loss Carry-forwards.

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Murdoch's News Corp Generated $10.4 Billion Profits And Received $4.8 Billion In "Taxes" From The IRS By Tyler Durden

12 July 2011 — Information Clearing House

July 12, 2011 “Zero Hedge” – – Call it the gift that keeps on giving (if one is a corporation that is): the US Tax system, so effective at extracting income tax from America’s working class, is just as “effective” at redistributing said income tax at the corporate level. Case in point: News Corp, which after generating $10.4 billion in profits over the past 4 years, and which would have been expected to pay the IRS $3.6 billion at the statutory corporate tax rate, instead received $4.6 billion back from Uncle Sam. Bottom line: Murdoch’s corporation had a cash paid tax rate of -46% between 2007 and 2010. The culrpit: two little somethings called Deferred Tax Assets and Net Operating Loss Carry-forwards.

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The Ecology of Socialism: John Bellamy Foster Interviewed by Solidair/Solidaire

26 April 2011 — MRZine

Solidair/Solidaire, the weekly journal of the Workers Party of Belgium (PVDA-PTB), interviewed John Bellamy Foster, editor of Monthly Review, 26 April 2010

Solidair/Solidaire: Many green thinkers reject a Marxist analysis because they think that the Marxist approach to the economy is a very productivist one, focused on growth and seeing nature as “a free gift” to mankind.  You contradict that idea.

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EU bailout of Greece – “robbery and swindle” — RT

29 June 2011 — RT

On the streets of Athens the voices of discontent are growing louder. From the next bailout installment the Greek politicians are eager to receive, the people will not get a penny, experts believe.

‘Not a cent of this bailout money actually comes into the Greek economy,’ author and economic analyst Nick Skrekas told RT. ‘It all goes out into interest payments and repayments.’

Whilst the battle is on to save the banks and prevent a large-scale financial crisis, for the Greek people the price is simply too high.

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