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United States

USA: Changes in the Financial System and Workers’ situation

by Víctor Isidro Luna

29 July 2009

Talking in a broad sense, the conditions of life for workers in the USA improved from Second World War (SWW) until seventies and after that pick worsened.

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NAFTA’S Serfs: From Wage Slavery to Debt Slavery

by Kent Paterson

17 June 2009

The growing indebtedness of Mexican credit card users has actually created a new opportunity for the shadowy, high-interest lender. To pay off high-interest credit cards, some debtors look again to the agiotistas. Meanwhile,
delinquency rates on U.S. credit card accounts topped 5% at the end of the last year, with default rates continuing to climb upward during the first few months of 2009.

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China and the US dollar trap

by Sebastian Mallaby

1 June 2009

Chinese authorities are searching for a way to reduce their exposure to the greenback. The surest method would be to stop buying so many U.S. Treasury bonds; but that would mean allowing the Chinese currency to rise against the dollar, which would hurt Chinese exporters when they are already suffering.

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United States: Foreclosure remains a growing nationwide problem

by Bill Laforme

31 May 2009

The nationwide foreclosure problem is getting worse than ever, according to the latest figures from the Mortgage Bankers Association. 12.07 percent of U.S. home loans are now either in the foreclosure process or at least one payment past due, which is said to be the highest level ever recorded.

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All That Glitters Is Goldman Sachs

by Robert Zevin

28 May 2009

The Bush administration and the Obama administration have simply abandoned the principles that worked for Roosevelt through the Reconstruction Finance Corporation in the first days of his administration, that worked in the Savings and Loan Crisis in the early 90’s, that worked in Sweden as well at the same time and that have been understood by capitalist central bankers for 150 years. Save the depositors not the bank owners or bondholders.

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President of United Nations General Assembly rejects European criticism to G-192 declaration on capitalist crisis


13 May 2009

The President of United Nations General Assembly, Miguel D’Escoto, criticized European countries for rejecting without justification the draft for a declaration of the world leaders Conference on the World Financial and Economic Crisis (G-192) to be hold in New York from June 1 to 3 to debate and propose alternatives to the international crisis.

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The US dollar questioned: China and Russia propose studies to create a new international reserve currency

by Oleg Shchedrov and Daisy Ku

4 April 2009

Russia proposed on Thursday an IMF or G20 study on creating a new international reserve currency and China reiterated support for a broader discussion of the dollar’s role that was missing at the London G20 summit.

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