Category: World News

People Reject Neoliberalism’s Return, But Challenges Remain in Ecuador | By William K. Black | Common Dreams

Ecuador has just staged another successful democratic election—as even the Wall Street Journal now reports, based on international election observers from the Organization of American States (OAS) that have no love for the Ecuadorian party that won the election. Most of the foreign reportage on the election focuses on Julian Assange, who has taken refuge in Ecuador’s embassy in London. But what are the real problems that Lenin Moreno and the people of Ecuador will face when he becomes President?

Ecuador’s oligarchs have run the country for most of its existence, crippling economic development and producing high rates of unemployment, poverty, and inequality. The neo-liberal policies that became synonymous with the “Washington Consensus” led to extreme financial deregulation and privatization that produced the typical wave of “control fraud.” The nation’s leading bankers led that epidemic of fraud by seemingly legitimate banks. The fraud epidemic led to one of the many banking crises of the late 1990s that swept through Latin America. The banking crisis drove a serious recession, led to exceptional levels of emigration from Ecuador, produced extreme political instability in Ecuador—and set the stage for the election of the reformist Rafael Correa. Correa and his supporters created the Alianza Pais (AP). Correa became president in 2007. The AP has a majority holds a majority of the seats in Ecuador’s unicameral legislature.

The election of Correa and AP supporters, and the discrediting of the oligarchs based on their economic and political malfeasance and thefts, created the political space for dramatic changes in Ecuador’s public policies that have broad support among the people of Ecuador. Hundreds of thousands of Ecuadorians have “voted with their feet” to return from emigration to work and live in Ecuador. Poverty, unemployment, and inequality all fell under President Correa.

Brexit: Food prices rose at fastest rate for more than three years in March | The Independent

Food prices rose at their fastest pace for more than three years in March as retailers passed on surging costs from the Brexit-hit pound and global commodity hikes, new figures have shown. Food inflation hit 1 per cent year-on-year last month, the sharpest rise since February 2014 and marking the second month in a row of rising prices, according to the latest BRC-Nielsen Shop Price Index.

Climate Catastrophe Will Hit Tropics Around 2020, Rest Of World Around 2047, Study Says | The Huffington Post

“A previous article I wrote reports further on this problem of greater danger for the equatorial countries. Another reports on a study in Science showing that there is already too much carbon in the atmosphere for life as we have known it to be able to continue on much longer, and that, consequently, there will be sharp increases in human conflict (crimes, wars, etc.) resulting from this carbon build-up in the atmosphere. Another reports on a study in PNAS explaining that though the near-term predictions about the effects of this atmospheric carbon build-up contain far less certainty than do the long-term predictions, there is essentially no question that two thousand years from now, life on this planet will be hellish for everyone, even if the near-term consequences of the atmosphere’s existing carbon overload are far less certain. None of this is science fiction; all of it is science fact, though the Koch brothers and their friends do everything they possibly can to deceive the masses that it’s not true and that the conspiracy to deceive the public is to be found amongst the 97+% of climate scientists who say that global warming is happening and that its chief cause is human atmospheric carbon emissions. Though the numbers of the Kochs suckers might be declining, it’s already too late; the Kochs were successful for far too long to avert disaster now. From now on, efforts to reduce climate-change will be efforts to reduce the extent of the catastrophe, not to prevent the catastrophe.”