People who know the most about the world financial system are increasingly worried, and for very good reasons. Dire warnings are coming from the most "respectable" sources. Reality has gotten out of hand. The demons of greed are loose.
The IMF’s meeting this spring was lauded as a breakthrough, with officials given a new mandate for “surveillance” of the trade imbalances that contribute significantly to global instability. The new mission is crucially important, both for the health of the global economy and the IMF’s own legitimacy. But is the Fund up to the job?
In his radio address and press conferences this week, President Bush highlighted the Senate debate and vote on a constitutional amendment to ban gay marriage. He didn't mention that Congress is also geared up to repeal the estate tax -- and hand a staggering trillion-dollar benefit to the richest of Americans.
Last week marked the beginning of the 2006 hurricane season, one that the National Oceanic and Atmospheric Administration predicts will be ''above normal,'' with four to six major hurricanes expected to form in the Atlantic.
Increasing attempts by governments and corporations alike to decrease the share of taxes paid by multinational companies could lead to a crisis situation for public funding in many parts of the world, warns a new study released by one of the leading international trade union organizations.