We are looking at a globalized depression because of globalization. With everything connected, the failure of one or more economies becomes a globalized economic failure.
China and India are enjoying economic growth because the failure of Western markets has forced them to concentrate on internal development. They also have tariffs that encourage internal economic development.
Without national tariffs to protect them, Western economies will continue in a downward spiral. You cannot fix an economy that you do not control.
Development and redevelopment of any country occurs behind trade barriers. Seventy percent of the American economy and over 60 percent of Western economies are dependent on consumer spending supported by the disposable income of ordinary workers.
At the Jobs Summit tomorrow, major corporations are going to lobby for lower minimum wages and lower payroll taxes that employers and workers pay. These people are really stupid, because the American and Western markets are dependent on higher wages. They are destroying the market for their goods and services. They are also destroying the source of their wealth.
Pervis James Casey
Dec 2 2009 - 10:52pm
Thank you, Lori Wallach, for a great summation of the "battle after Seattle".
Most people do not understand the extent that the WTO diminishes our control, as citizens, over national, even state and local issues. If people understood the vast usurpation of their prerogatives, laws and rights that have been placed in an unelected, unaccountable foreign institution, they would be outraged.
As you say, there are more battles to fight to wrest control of basic sovereign determinations and rights that have been usurped by the constitutionally illegal WTO. Our future depends on the dismantling of this extralegal institution that supports the disenfranchisement, exploitation and subjugation of all people to the advantage of über-wealthy corporations and individuals.
Once again, thanks Lori Wallach.
Hercules , CA
Dec 1 2009 - 4:59pm
Obama's choice? He has no choice. He's not in charge. He dances to the tune of the international banksters. He doesn't make any policy decisions; he regurgitates those decisions to his minions and the press.
His predecessor didn't make any decisions either, neither did Clinton, papa Bush, Reagan and on and on back to the year 1910. So quit writing about changing Obama's mind about anything. The only decisions he makes are what clothes to wear and what to have for dinner. His speeches are dictated to him.
Your kind of articles do a great disservice to the American people. You keep the secrets of the real power in this country. The owners of the Federal Reserve are the real power in this country and around the globe.
That's why there's been no policy changes since Bush left office. It doesn't matter who's president or who's in Congress. They're all marching to the same drum, because they're all corrupt.
And voting? Voting only works for the people in charge, and if it doesn't, they change the results to suit their desires.
Dec 1 2009 - 4:16pm