crisis of capitalism

Argentina: peso falls as emerging markets weaken

The Argentine peso fell by some 8% on Jan. 23, declining from 7.14 pesos to the US dollar to 7.75 at the end of the day. The currency plunged by 20% in the early hours, to 8.50 pesos to the dollar, but regained much of the loss after the central bank intervened later in the day; the bank reportedly spent $100 million in the process. This was the worst showing for the peso since the country's financial crisis in late 2001 and early 2002.

Burgos and Gezi Square: contradiction?

Spain's El Mundo and El Periodico on Jan. 17 reported the heartening news that after weeks of angry protests, Burgos Mayor Javier Lacalle announced a definitive end to his planned redevelopment of one of the city's main traffic arteries, citing the "impossibility" of moving ahead with the plan. Protesters had opposed the 8 million euro project both as a waste of money better spent on social programs and as a scheme to accelerate the city's gentrification. BBC News reports that the project to trasnform Calle Vitoria into a new boulevard called for a bike lane and green spaces to replace two of the thoroughfare's four traffic lanes. Free parking spaces were also to be replaced with a paid underground car lot.

Occupy Phnom Penh dispersed

Four people were killed when Cambodian military police opened fire on garment factory workers marching to demand higher pay in a Phnom Penh  industrial zone Jan. 3. Hours later, police dispersed a protest camp that supporters of the opposition Cambodia National Rescue Party (CNRP) had maintained since mid-December in the city's Freedom Park. The move came as the government announced emergence measures barring public protests by the CNRP, which accuses the Hun Sen government of rigging elections held in July. The ruling Cambodian People's Party (CPP) accused the CNRP of using the deadly street clash as a "pretext" to suspend talks over the impasse. The Cambodian League for the Promotion and Defense of Huamn Rights LICADHO decired the police violence as "horrific." (AFP, AP, Jan. 4; Reuters, Xinhua, Jan. 3)

Ukraine, Thailand, Italy: hope and contradiction

This week saw an amazing turn of events in the current reprise of the inter-factional protests that shook Thailand three years ago: riot police in Bangkok yielded to the protesters they were ordered to disperse, in apparent defiance of their commanders. The police removed barricades and their helmets as a sign of solidarity. Disobedience of orders for repression is an incredibly hopeful sign; if this sets an example for similar situations around the world, the horizons of possibility for nonviolent revolution are broadened almost dizzyingly. What complicates it is that while in 2010 it was the populist Red Shirts that were protesting the government and the patrician Yellow Shirts that were rallying around it, today the situation is reversed. The Yellow Shirts are seeking the removal of Prime Minister Yingluck Shinawatra, the sister (and perceived puppet) of Thaksin Shinawatra, the former prime minister who was ousted in a 2006 coup, and whose restoration to power the Red Shirts had been demanding last time around. (VOA, Dec. 13; Political Blind Spot, Dec. 6)

Brazil: teachers, indigenous hold mass protests

Despite a heavy rain, tens of thousands of Brazilians marched in Rio de Janeiro on Oct. 7 to support local teachers on the 60th day of a strike over pay and benefits. Organizers said 50,000 people participated in what media reports called one of the largest demonstrations since an unprecedented wave of mass protests in June. The immediate issue of the strike was what the teachers considered an inadequate pay and benefit package offered by Rio mayor Eduardo Paes, but the demonstration attracted broad support because of widespread anger over police brutality at earlier protests and over the failure of local and national governments to provide services in health and education. "We have support from the people," schoolteacher Aline de Luca told the British daily The Guardian at the march. "Many of those who are here are not education professionals. I am hopeful things will improve, because we have never seen society as mobilized as it is now."

Pakistan stock market soars on terror wave

Over the past year of growing violence and chaos in Pakistan, the Karachi Stock Exchange has surged more than 44%, placing it among the world's top-performing stock markets according to Bloomberg. (NYT, Oct. 3) On Sept. 29, a bomb placed in a Peshawar marketplace killed more than 40 and injured over 100. (BBC News, Oct. 1) On Oct. 3, Taliban militiants attacked the headquarters of local chieftain Nabi Hanafi Karwan in Spin Thall, Bulandkhel district, Orakzai agency, Federally Administered Tribal Areas. A car bomb and suicide attacker overwhelmed the guards, and gunmen followed, killing 17. Nabi Hanfi has been leading an anti-Taliban militia. (The News, Pakistan, Oct. 4; AP, Oct. 3) 

Arab Revolution hits Sudan

Street clashes continued in the Sudanese capital Khartoum for a second day Sept. 26 after massive protests broke out over the regime's move to cut fuel subsidies. At least 30 have been killed, and protestors have taken up the slogans of the Arab Revolutions, "Freedom, Freedom!" and "The people want the fall of the regime!" The regime has suspended Internet access for 48 hours in a bid to head off new demonstrations that have been called for after Friday prayers. Authorities say that police are among the dead, and that armed militants from the Sudan Revolutionary Front (SRF) are infiltrating and inciting the protests. Opposition figures, in turn, accuse agents of the National Intelligence and Security Services (NISS) of being behind arson attacks on government buildings and public buses. (Sudan Tribune, Sept. 26; BBC News, Sept. 25)

Did climate change spark Syria crisis?

We've noted before that numerous experts have linked the Darfur conflict to climate change, but now a less obvious climate connection to the Syria crisis is persuasively argued by Peter Sinclair of the blog Climate Denial Crock of the Week. As the name suggests, it is generally dedicated to shooting down climate change denialism, but in this Sept. 5 entry he attempts to trace the Syrian explosion—indeed, the entire Arab Revolution—to an atmospheric phenomenon. Sinclair reminds us that in the summer before the wave of revolution swept through Tunisia, Egypt, Libya, Yemen, Bahrain, Syria and beyond, Russia experienced a "1,000-year heat wave" (Bloomberg, Aug. 9, 2010) that shrivelled its crops and prompted Moscow to halt wheat exports (Washington Post, Aug. 6, 2010).

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