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Currently viewing entries by Corvin Russell.
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Caracas contemplates dual currency
In some ways, “21st century socialism” in Venezuela is beginning to follow a trajectory that looks a lot like 20th century socialism. A combination of incompetent macroeconomic policies, as admitted by a Chavez finance ministry official in this report about the contemplated dual currency, and predatory practices by those with market power have led to food shortages, inflation, a swelling underground economy, and other economic ills. To the extent that decentralized, local, participatory democracy is being tried in Venezuela—and it’s a…
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KI/Ardoch appeals to be heard as one
 Update: This news (below) is wrong. The lawyer for KI and Ardoch has applied for the two cases to be heard as one. The lawyer for the mining companies is probably going to oppose. No dates have yet been set, nor has the court decided on this one way or the other. News, which I am waiting to confirm, that the Ontario Court of Appeals has agreed to hear the appeals in the conviction of Robert Lovelace of Ardoch Algonquin First…
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UBS, Lehman seek fresh capital.
UBS declares a whopping writedown of up to $18 billion and seeks a capital increase of $13.1 billion. Lehman, weeks after jumping up and down to show how healthy they are, is seeking $3 billion in capital to shore up their books. Due, according to the CEO, to “investor interest”. Nothing to see here, folks. Move right along.
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Who will be next after Bear Stearns?
In an earlier post, I pointed to evidence that Lehman was in trouble. Today Global Economic Trend Analysis links to numbers that paint a gloomy picture for Merril Lynch and Morgan Stanley: ” Without naming names quite yet, what would you think of a company that accomplished the following in 2007? Wrote down book value from $39 billion to $32 billion or from $41.35 to $29.34 per share. Increased shares outstanding from 868 million to 939 million. Increased Treasury Stock from…
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Azmi Bishara on Israeli Apartheid, pt. 2
 I have fixed the youtube link below so that it allows you to watch all four parts. Click on the video and use the arrows on the right and left to navigate through the different parts. Some people asked when that speech was taped. It was Feb. 3, 2008 in Soweto.
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With speed and violence…continued
The central theme of Fred Pearce’s excellent book on climate change, With Speed and Violence: Why Scientists Fear Tipping Points in Climate Change, is that nature doesn’t do gradual climate change of the magnitude we are facing. As tipping points are reached, change accelerates and occurs quite violently. The indicators are worrying. Glaciers are retreating faster than anyone thought possible; carbon absorption by the biosphere appears to be slowing; CO2 levels in the atmosphere are rising faster than anticipated. Now, this…
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Spelling “Gandhi”
That’s how it’s spelled. Not “Ghandi”. If you like him so much, learn how to spell his frickin’ name. That’s all.
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After Bear Stearns, other investment banks still desperate to hide their true positions
A few days after the Bear Stearns bailout was first announced, there was generalized panic that another big bank, probably Lehman Brothers, would go under. Lehman’s default insurance rates were soaring and its stock was plummeting. Lehman is a much bigger bank than Bear, with much more diversified and global business, so the market really risked melting down. Then Lehman and Goldman Sachs released their quarterly earnings reports and showed “not as bad as expected” earnings, and the market was euphoric.…
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