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Posts tagged: the new robber barons

iluvsouthernafrica:

Madagascar: ‘Slaves’ in the Gulf: Malagasy women lured to Middle East
Maurice Pierre Herynirina holds a photograph of his wife, Solange Razafindrasoa, in an Antananarivo cafe last December. He learned in February that she had died in Saudi Arabia, where she was working as a domestic servant.  (More)
Malagasy mother Solange Razafindrasoa left the island in 2013 eager to work as a domestic servant in Saudi Arabia and earn a better living for her family. Less than a year later she was dead, her body flown home to a husband asking questions about her slave-like work conditions in the Middle East.
“During our last phone call she said ‘I don’t know where I am, nor the address. Soon I won’t be with you anymore, take care of our two children,’ ” Herynirina told AFP while waiting for his wife’s remains to arrive at the Antananarivo airport.
Her death was attributed to a heart attack and “the will of God”, according to Saudi authorities, said Herynirina, who did not want his family name published.
His 34-year-old wife was one of many women from Madagascar who face horrific working conditions while earning a pittance, having travelled to the Middle East through recruitment agencies.
(Continue reading)
Photo by Rijasolo

iluvsouthernafrica:

Madagascar: ‘Slaves’ in the Gulf: Malagasy women lured to Middle East

Maurice Pierre Herynirina holds a photograph of his wife, Solange Razafindrasoa, in an Antananarivo cafe last December. He learned in February that she had died in Saudi Arabia, where she was working as a domestic servant.  (More)

Malagasy mother Solange Razafindrasoa left the island in 2013 eager to work as a domestic servant in Saudi Arabia and earn a better living for her family. Less than a year later she was dead, her body flown home to a husband asking questions about her slave-like work conditions in the Middle East.

“During our last phone call she said ‘I don’t know where I am, nor the address. Soon I won’t be with you anymore, take care of our two children,’ ” Herynirina told AFP while waiting for his wife’s remains to arrive at the Antananarivo airport.

Her death was attributed to a heart attack and “the will of God”, according to Saudi authorities, said Herynirina, who did not want his family name published.

His 34-year-old wife was one of many women from Madagascar who face horrific working conditions while earning a pittance, having travelled to the Middle East through recruitment agencies.

(Continue reading)

Photo by Rijasolo

If you’re poor, the only way you’re likely to injure someone is the old traditional way: artisanal violence, we could call it – by hands, by knife, by club, or maybe modern hands-on violence, by gun or by car.

But if you’re tremendously wealthy, you can practice industrial-scale violence without any manual labor on your own part. You can, say, build a sweatshop factory that will collapse in Bangladesh and kill more people than any hands-on mass murderer ever did, or you can calculate risk and benefit about putting poisons or unsafe machines into the world, as manufacturers do every day. If you’re the leader of a country, you can declare war and kill by the hundreds of thousands or millions. And the nuclear superpowers – the US and Russia – still hold the option of destroying quite a lot of life on Earth.

So do the carbon barons. But when we talk about violence, we almost always talk about violence from below, not above.

Let’s Call Climate Change What It Really Is—Violence | Alternet (via guerrillamamamedicine)

flooding everywhere fires everywhere disease everywhere climate instability everywhere

let’s not do anything about it

then pretend nothing is our fault

…there’s something we have to remember about the United States: It’s not a democracy; it’s a plutocracy. There’s study after study that comes out in mainstream academic political science which shows what we all know or ought to know, that political decisions are made by a very small sector of extreme privilege and wealth, concentrated capital. For most of the population, their opinions simply don’t matter in the political system. They’re essentially disenfranchised.
Romneymania Sweeps America | The Onion

TAMPA, FL—From coast to coast, town to town, and in nearly every public meeting place and private residence across America, millions have been captivated, inspired, and in some cases moved to tears by presidential candidate Mitt Romney, the former Massachusetts governor who now finds himself campaigning before a nation in the throes of full-scale Romneymania.
"The raw energy and enthusiasm Mitt Romney stirs inside people is like nothing I’ve ever seen," Youngstown, OH auto mechanic Chris Ritenour said Wednesday. "Everything he says resonates with Americans. His moving story of growing up privileged, his inspiring rise from moderate wealth to overwhelming riches, his thrilling work in the highest echelons of corporate finance—he really speaks to the heart and mind of the common man."
"I don’t think there’s been a presidential candidate this exciting and magnetic in generations, if ever." Ritenour continued. "I am a Romneymaniac."
As Romneymania has grown, the Republican candidate has crossed over from political figure to cultural phenomenon. Countless reverent portraits of Romney have appeared in storefront windows and on building facades throughout the country, often accompanied by one of the candidate’s signature inspirational phrases, like “Let Detroit go bankrupt” or “Corporations are people, my friend.”

never forget

Romneymania Sweeps America | The Onion

TAMPA, FL—From coast to coast, town to town, and in nearly every public meeting place and private residence across America, millions have been captivated, inspired, and in some cases moved to tears by presidential candidate Mitt Romney, the former Massachusetts governor who now finds himself campaigning before a nation in the throes of full-scale Romneymania.

"The raw energy and enthusiasm Mitt Romney stirs inside people is like nothing I’ve ever seen," Youngstown, OH auto mechanic Chris Ritenour said Wednesday. "Everything he says resonates with Americans. His moving story of growing up privileged, his inspiring rise from moderate wealth to overwhelming riches, his thrilling work in the highest echelons of corporate finance—he really speaks to the heart and mind of the common man."

"I don’t think there’s been a presidential candidate this exciting and magnetic in generations, if ever." Ritenour continued. "I am a Romneymaniac."

As Romneymania has grown, the Republican candidate has crossed over from political figure to cultural phenomenon. Countless reverent portraits of Romney have appeared in storefront windows and on building facades throughout the country, often accompanied by one of the candidate’s signature inspirational phrases, like “Let Detroit go bankrupt” or “Corporations are people, my friend.”

never forget

literategarbage:

smoke-me-up:

bobsavage:

Capitalism.

I kind of want to cry

the use of less developed (in the economic/industrial sense) countries as cash crop exporters. they are forced to grow crops and export as much them as they can to even make the most meager of profits. this, combined with land distribution issues, prevents them from being able to subsist by farming for themselves. Cash crop countries have a very difficult time, because this is not sustainable, nor does it get them the profits they would need to develop more profitable industries. hence, perpetual struggle with poverty and inequality. and that is what we in the west desire, because we want to have our chocolate, and we don’t want to pay an arm and a leg for it. it is sadder to me, not that he has not tasted chocolate, but that we, like him, could be living without it. we could be living without so many things. but because consumerism is what drives the world, and our relations with each other, this man is harvesting cacao, an unessential food, instead of something essential to himself and his community. he most likely will have to rely on his income to obtain these things instead. income not equal to his labor. 

@mountain_goats :: raise the minimum wage you heartless fascists

@mountain_goats :: raise the minimum wage you heartless fascists

Argentina blames US for debt default - http://www.bbc.co.uk/news/world-latin-america-28587653



Argentina has blamed the US for its debt default, calling the mediator in failed talks “incompetent”.

Cabinet Chief Jorge Capitanich said his country was considering opening proceedings at international tribunals in The Hague after it was declared to be in technical default.

The announcement came just hours after last-minute talks in New York with a group of bond-holders failed.

The bond-holders are demanding a full pay-out of $1.3bn (£766m).

Argentina says the bond-holders are “vultures” using the South American country’s debt problems to make a big profit.

The investors are US hedge funds that bought debt cheaply after Argentina’s economic crisis in 2001-2002.

They are also known as “hold-outs” because they did not sign up to a restructuring of debt which the majority of bond-holders agreed to in 2005 and 2010.

Under that deal, investors agreed to settle for about one-third of what they were originally owed.

However, hedge funds NML and Aurelius Capital Management bought up a large chunk of the remaining distressed debt at low prices.

They demand to be paid the full face value of their holding.

‘Shameful handling’

Mr Capitanich said Argentina would denounce the “vulture funds” before the International Court of Justice at The Hague and the United Nations General Assembly.

Argentina blames US for debt default - http://www.bbc.co.uk/news/world-latin-america-28587653

Argentina has blamed the US for its debt default, calling the mediator in failed talks “incompetent”.

Cabinet Chief Jorge Capitanich said his country was considering opening proceedings at international tribunals in The Hague after it was declared to be in technical default.

The announcement came just hours after last-minute talks in New York with a group of bond-holders failed.

The bond-holders are demanding a full pay-out of $1.3bn (£766m).

Argentina says the bond-holders are “vultures” using the South American country’s debt problems to make a big profit.

The investors are US hedge funds that bought debt cheaply after Argentina’s economic crisis in 2001-2002.

They are also known as “hold-outs” because they did not sign up to a restructuring of debt which the majority of bond-holders agreed to in 2005 and 2010.

Under that deal, investors agreed to settle for about one-third of what they were originally owed.

However, hedge funds NML and Aurelius Capital Management bought up a large chunk of the remaining distressed debt at low prices.

They demand to be paid the full face value of their holding.

‘Shameful handling’

Mr Capitanich said Argentina would denounce the “vulture funds” before the International Court of Justice at The Hague and the United Nations General Assembly.

officialunitedstates:

golf courses are man’s single greatest wastes of resources.  did you know that if all the golf courses in the world had solar panels on them instead of old rich guys we would be 102% energy efficient? 

At this type of party, I always tell myself I won’t eat the food. Journalists are either shills or situational sociopaths. When you cover the powerful, they serve great canapés. The powerful can seem so nice. Your lizard brain tells you to be nice back. But to be nice is to sell out those workers sweating it out for $200 a month. I swipe a flute of orange juice.

I Confronted Donald Trump in Dubai | VICE United States

(via fritfilter)

A waitress offers macaroons. You shouldn’t eat these treats any more than you should eat fairy food. If you eat them, you might get your loyalties so mixed up that one day you’re sitting at a press conference asking Donald Trump about “the highest levels of luxury” like you believe it.

If you get too comfy in rich-people land, in New York or Dubai, you might stay here and belong to them.

the-goddamazon:

nozamaddog:

the-absolute-funniest-posts:

profmth:
Mitt Romney’s family misspell their last name in the greatest Freudian slip in history.

i just spit my drink everywHERE omfG


LMFAOMFOMAFOA NOOOOO

NEVER FORGET

the-goddamazon:

nozamaddog:

the-absolute-funniest-posts:

profmth:

Mitt Romney’s family misspell their last name in the greatest Freudian slip in history.

image

i just spit my drink everywHERE omfG

Is it wrong to love this?

LMFAOMFOMAFOA NOOOOO

NEVER FORGET

Dow closes over 17,000 for first time - http://www.bbc.co.uk/news/world-28134342


The Dow Jones Industrial Average has closed above 17,000 for the first time, buoyed by investor confidence about the global economy.

The US stock index, which is made up of some of the biggest global firms, rose 92 points to finish at 17,068.

Investors pushed shares higher after a better-than-expected jobs report showed the US economy added 288,000 jobs in June.

Overall, low interest rates have led investors to pour money into stocks.

That has pushed US indexes - including the S&P 500 - to new highs in 2014.

On Wednesday, the Dow closed at its 13th record high for the year, while the S&P 500 hit its 24th closing high for 2014.


Slow but steady


A string of positive economic news, combined with increasing merger and acquisition activity, has buoyed investor confidence on Wall Street.

Thursday’s positive jobs figure capped a week of good reports globally, including news that China’s manufacturing activity hit a six-month high in June.

“The economic data we continue to get is not exceptional, but it is still positive,” Benedict Willis of Princeton Securities told the BBC from the floor of the New York Stock Exchange.

Investors had been worried that rising stock prices could not be supported by actual underlying economic growth, but Mr Willis said that as long as the data remained upbeat, that should be enough to allay concerns.

He added he expected markets would continue to rise.

“Yesterday’s highs are tomorrow’s lows - I think the market will continue on its upside move,” he said.


Low rates


Overall, investors have been pouring money into stocks over the past year and a half, partially as a result of the policies of the Federal Reserve.

The US central bank has taken extraordinary measures to keep interest rates low, in an effort to encourage banks to lend and thus stimulate economic growth.

Low interest rates, however, have also meant that firms are less inclined to keep extra cash on hand where it is not earning money.

That has spurred increased merger and acquisition activity, with firms in the pharmaceutical, food processing, and technology industries all announcing strings of acquisitions in recent weeks.

Some have worried that in keeping rates so low, the Federal Reserve is encouraging a bubble in the stock market.

However on Wednesday, Fed chair Janet Yellen said in a speech in front of the International Monetary Fund that the central bank would not raise rates in an effort to deter financial excesses.

“Efforts to promote financial stability through adjustments in interest rates would increase the volatility of inflation and employment,” she said. 



the dow is hitting literal record highs on news of lots of new part-time jobs, the economy is bigger than ever but people still can’t earn a living wage unless they’re already rich.

Dow closes over 17,000 for first time - http://www.bbc.co.uk/news/world-28134342

The Dow Jones Industrial Average has closed above 17,000 for the first time, buoyed by investor confidence about the global economy.

The US stock index, which is made up of some of the biggest global firms, rose 92 points to finish at 17,068.

Investors pushed shares higher after a better-than-expected jobs report showed the US economy added 288,000 jobs in June.

Overall, low interest rates have led investors to pour money into stocks.

That has pushed US indexes - including the S&P 500 - to new highs in 2014.

On Wednesday, the Dow closed at its 13th record high for the year, while the S&P 500 hit its 24th closing high for 2014.

Slow but steady

A string of positive economic news, combined with increasing merger and acquisition activity, has buoyed investor confidence on Wall Street.

Thursday’s positive jobs figure capped a week of good reports globally, including news that China’s manufacturing activity hit a six-month high in June.

“The economic data we continue to get is not exceptional, but it is still positive,” Benedict Willis of Princeton Securities told the BBC from the floor of the New York Stock Exchange.

Investors had been worried that rising stock prices could not be supported by actual underlying economic growth, but Mr Willis said that as long as the data remained upbeat, that should be enough to allay concerns.

He added he expected markets would continue to rise.

“Yesterday’s highs are tomorrow’s lows - I think the market will continue on its upside move,” he said.

Low rates

Overall, investors have been pouring money into stocks over the past year and a half, partially as a result of the policies of the Federal Reserve.

The US central bank has taken extraordinary measures to keep interest rates low, in an effort to encourage banks to lend and thus stimulate economic growth.

Low interest rates, however, have also meant that firms are less inclined to keep extra cash on hand where it is not earning money.

That has spurred increased merger and acquisition activity, with firms in the pharmaceutical, food processing, and technology industries all announcing strings of acquisitions in recent weeks.

Some have worried that in keeping rates so low, the Federal Reserve is encouraging a bubble in the stock market.

However on Wednesday, Fed chair Janet Yellen said in a speech in front of the International Monetary Fund that the central bank would not raise rates in an effort to deter financial excesses.

“Efforts to promote financial stability through adjustments in interest rates would increase the volatility of inflation and employment,” she said.

the dow is hitting literal record highs on news of lots of new part-time jobs, the economy is bigger than ever but people still can’t earn a living wage unless they’re already rich.

quothtehblackbirdnevermoar:

I am still harping on this, but I would like to point out how conservatives are forever accusing liberal justices of judicial activism while conservative justices are LITERALLY giving corporations civil rights and acting like that shit is grounded in precedent and originalism. Get the fuck out of my face with that horseshit forever.

“Buy low and sell high” is a formula for making big money — especially if you’re a hedge-fund or private-equity manager who drives the market up on speculative bubbles, cashes out before the bubbles burst, and then repurchases the same assets at distressed fire-sale prices after the damage has been done. Some of big Wall Street firms that made bundles gambling on home mortgages before the 2008 crash and conveniently sold them before the bottom fell out of the market, then bought up foreclosed properties at low prices and turned them into rental units for many of the people who could no longer afford to own their own homes. The New York Times reports that with home prices starting to rise and fewer foreclosed homes available to purchase, several of these financial firms are now moving on to other things. Sub-prime mortgages are back. Watch your wallets.