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Pres. Barack Obama today visited the Interior Dept., noting it was once called in jest “the Department of Everything Else”, a government agency with responsibility for nearly 1/5 of the entire land area of the United States. He professed his intention to task the Interior Dept. with taking major steps to help build green infrastructure for an energy economy based on solar-voltaic and wind-turbine-generated energy.
The Obama administration is looking at the severity of the banking crisis with a mind to settling the issue of survivability and recoverability of banks, case by case, based on facts in evidence. The first step will be to gather evidence, through a series of ‘stress tests’ designed to examine what resources troubled banks have to weather oncoming storms, then plan according to the results of those tests.
The hardest thing to understand about the current, and deepening, economic crisis, is that it came about largely because some of the most experienced, well-staffed and prestigious financial institutions in the world gambled on untenable projects of unlimited expansion, without ever producing sound mathematics to back up the projections. Philosophical exuberance replaced philosophical underpinnings, and the dynamo of financial speculation greased the wheels of commerce in a way that masked underlying shortfalls.
There is talk of a major overhaul of the US banking system, with some analysts and economists saying the situation is so dire that widespread “nationalization” —or government takeover— will be necessary, and others saying there needs to be a bad-debt takeover bank, that takes on the huge financial risk of major banks’ “toxic assets”, so that the banks can “clear their books” and begin to lend. But another possibility looms as the likely more appealing option: the creation of a Federal Competitive-Lending Bank (FCLB)…
Pres. Barack Obama announced, just one week after taking office, the creation of a new website, Recovery.gov, which will detail the manner in which all the money from his American Recovery and Reinvestment Plan, once passed by Congress and signed into law, is being spent. The website is another in a series of steps to create a far-reaching reform of the federal government’s reporting to the public about its activities, with the aim of achieving Obama’s promise of the “most transparent” government in US history.
There are over 230 million people suffering from hunger or undernourishment in India. No other nation has so many people suffering chronic malnutrition, and the undernourished in India represent 27% of the worldwide hunger-stricken population. While India’s economy develops and the potential for an expanded middle class takes root, the total number of Indians going hungry has risen, despite the overall percentage of undernourished, as part of the whole population, having been reduced in recent years.
A long-running bellwether legal case in Canada’s farming industry, which has left at least one farmer unable to farm any crop variety of rapeseed (canola) —for fear of having to pay accidental royalties to bio-chemical giant Monsanto—, highlights the need for comprehensive reform of international seed regulation standards. The Canadian courts ruled that the individual farmer had to shoulder the burden of ferreting out any instance of “contamination” of his crop by pollen from nearby genetically-modified (GM) planting, as Monsanto held a patent on the seeds. The farmer, and those who support his claims, argue that there is no means by which anyone can prevent cross-pollination from GM plants.
The climate change conference currently underway in Poznan, Poland, seeks to build on the Bali agreement, adopted by 180 countries in 2007, in hopes of achieving a global emissions regime. A sweeping economic downturn overtaking North America and Europe, and now hitting China’s manufacturing and export base, it is feared, will hamper efforts to implement comprehensive green industrial and economic reforms.
It may be that “a few bad apples” got the ball rolling on what has turned into a massive international financial disaster. Or, it may be that a few bad apples got their names in lights, while the entire system conspired unwittingly in a spectacular collapse. Either way, the best expression of the problem might be to say that markets have stopped working, in part, because they have been comprehensively modified to stop working like markets. An open banking transparency network would reduce the motivation for wrongdoing and privilege more reliable sources of information, creating confidence and motivating sound market dynamics.
US president-elect Barack Obama pledged on Saturday, in his weekly radio and web address, to initiate a massive public works program to help create jobs, build a greener economy, restore US industrial relevance and spur economic growth. The plan announced by Obama would also require that states who participate in the massive investment in new and upgraded infrastructure use the money quickly or lose the funding.
As the “perfect storm” gathers from inchoate, deceptively non-threatening winds, we can look ahead, backward and into the mirror and ask how crisis comes, or why, if it is inevitable, if we might just fall right out of it, as we fell into it. But the answer is simple: human crisis comes from excess, from inordinate ambition, from misplaced aggression, from over-exploitation of resources, each of which generates real and problematic tension across the landscape of human experience.
To understand the relevance and virtues of Barack Obama’s economic vision, we have to look at the long history of struggle between American laissez-faire capitalism and American middle-class capitalism. We are on the verge of what is likely to be a comprehensive philosophical shift in economic policy toward generative investment, which means counting as economic imperatives the resilience and productive expansion of the positive bases of economic growth, i.e. human and environmental health and well-being, resource-density and cyclical models of resource use and reproduction.
As gasoline prices were escalating seemingly without hope of stalling or coming down, due to all-time record oil prices, and in the context of a severely weakened consumer economy, we found ourselves confronted with a major challenge to the basic assumptions of the dynamics of our economy. We have seen, in just one [...]
With gasoline prices at record highs, and the strain on a weak American economy already at an extreme, Pres. Bush is pushing Congress to hold an “up-or-down vote” on renewed exploration of the Outer Continental Shelf (OCS) before its August recess. Opponents protest that none of any oil found there would be available for production for 10 to 15 years, and the OCS plan is an attempt to deliver oil firms an otherwise unjustifiable gift, taking advantage of the pressurized situation of exorbitant prices.
CafeSentido.com :: The United States is firmly in the thrall of a banking meltdown, in which the normal structures, the means of measuring performance, and the meaning of debt-holdings, are all out of balance. More than one Wall Street firm or investment bank has written of tens of billions of dollars in uncollectable [...]
The former vice president of the United States, Al Gore, yesterday announced an ambitious goal, which he says the nation can meet, of transitioning its entire domestic energy production to clean resources by 2018. The speech marks a major moment in the process of transition to the green technology boom, which will be the next step in the ongoing economic development of the United States and the world. Gore, however, warned that failing to meet the challenge to date means “the United States of America as we know it is at risk”.
Ladies and gentlemen: There are times in the history of our nation when our very way of life depends upon dispelling illusions and awakening to the challenge of a present danger. In such moments, we are called upon to move quickly and boldly to shake off complacency, throw aside old habits and rise, clear-eyed and alert, to the necessity of big changes. Those who, for whatever reason, refuse to do their part must either be persuaded to join the effort or asked to step aside. This is such a moment.
Former US vice-president Al Gore is calling on the nation to marshal its resources and divorce itself from the combustible fuels economy. Gore says the US can produce all its energy requirements from renewable resources within 10 years, if concerted action is taken. The bold initiative is designed to drive debate on the topic and move discussions about how to deal with high fuel prices toward the new opportunity they provide for funding renewable infrastructure development.
US pres. George W. Bush has lifted the executive ban on offshore oil drilling on the Outer Continental Shelf (OCS), and has challenged the US Congress to act to open the OCS to new oil exploration, saying the US needs to increase domestic production to reduce its dependence on imported oil. The ban was put in place by his father, George H.W. Bush, the 41st US president, for environmental concerns and in part because the oil companies have leases for huge expanses of underwater terrain they have not explored or exploited.
The chairman of the US Environmental Protection Agency (EPA), Stephen Johnson, says the Clean Air Act is “ill-suited” to fighting the greenhouse effect, and that Congress should pass laws mandating the regulation of carbon emissions, with global warming in mind. The move may lead to a more comprehensive regulatory regime, but as the Guardian newspaper notes: “Last year’s Massachusetts v. EPA Supreme Court ruling had found that greenhouse gases can be regulated under the U.S. Clean Air Act. The decision pressured the EPA to reconsider its refusal to regulate carbon dioxide emissions from new cars and trucks.”
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