Lagarde hinted that the crisis could spread more broadly across the financial system, suggesting that emerging market and energy sector companies defaulting on their payments could “infect” banks and state treasuries.
Austerity
OECD finds UK pensions amongst lowest in world
British state pensions are among the lowest in the world, paying out a mere 38 percent of what the recipient earned when working, according to the Organisation for Development and Cooperation (OECD).
The OECD report, Pensions at a Glance, makes a comparative study of pensions in 34 countries. Only in Chile and Mexico was the replacement income as a proportion of average earnings lower than in the UK. The figure of 38 percent compares with 90 percent in the Netherlands and 80 percent in Spain and Italy.
Venezuela, France, U.S.: Responsibility Is Ours
In the U.S., same question arises. Trump, another fascist thug, tramples truth, dignity, and reason, openly spouts racist drivel and blatantly fabricates nonsense, and we blame him and along with him everyone who buys his shenanigans. But do we ask how circumstances have gotten to the point where this is possible – and, even more important, what we could have been doing differently over the years, so there wouldn’t have been an audience for Trump-ish sentiments?
UK to splurge 30% more on anti-terror budget, buy F-35s – amid brutal social spending cuts
The British government says it will boost anti-terrorism spending by 30 percent, including buying new stealth fighter jets. The announcement comes on the eve of expected massive spending cuts that could decimate public services.
Junior doctors vote to strike
Some 98 percent of junior doctors voted in favour of a strike and 99 percent in favour of action just short of a full strike. Over two-thirds of the workforce (37,700 junior doctors) were balloted and 76 percent of these participated in the ballot.
Significance of Monetary Reform
When a profession fails to deliver, people inevitably suffer. When that profession happens to be the study and practice of economics, the entire world suffers.
590 Suicides Linked To Fit-For-Work Tests
Hundreds of suicides and thousands of prescriptions for anti-depressants are directly linked to the government’s “fit -for-work” assessments, a study by Oxford and Liverpool universities showed yesterday.
In total, it showed that the Tories’ work capability assessment policy could be associated with 590 suicides, 279,000 mental ill-health cases and 725,000 prescriptions for anti-depressants across England between 2010 and 2013.
Ex-World Bank chief economist exposes “failure” of austerity, deregulation
Joseph Stiglitz, a senior OECD expert, slams OECD’s own policies to prevent global slowdown.
In a little-known speech at the United Nations University, renowned Nobel Prize-winning economist Joseph Stiglitz criticised Western approaches to addressing the global economic crisis for being obsessed with market solutions that cannot work.
‘No one is left to speak for me.’
The systematic redistribution of wealth from the poorest to the richest which began under Thatcher, continued under Blair and currently is increasing at a pace under Cameron, is emblematic of the relationship between welfare state retrenchment and the notion of the role of the state as facilitator of welfare handouts to the corporate sector. Farm subsidies, public sector asset stripping, […]
100,000 British children will be homeless this Christmas
The report by homelessness charity Shelter found the number of children who will be homeless on Christmas morning has risen by more than 15,000 on last year. This is equivalent to four youngsters in every UK school.
It also found the number of children living in temporary accommodation is at the highest level since 2008, and is predicted to hit 105,251 by the end of 2015.
Tameside Hospital To Hand Out Food Parcels To Patients.
I live in Tameside and this is my local area. It’s a very poor area with small pockets of the more wealthier individuals, and sometimes I view these vast differences much the same as Charles Dickens did when he wrote A tale of two cities. Those with the extra cash sometimes have no idea that so many are going without […]
Goodbye Middle Class: 51 Percent Of All American Workers Make Less Than 30,000 Dollars A Year
According to brand new numbers that were just released by the Social Security Administration, 51 percent of all workers in the United States make less than $30,000 a year. Let that number sink in for a moment. You can’t support a middle class family in America today on just $2,500 a month – especially after taxes are taken out.
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