The PF government is not committed to fiscal consolidation. It was apparent almost three years ago that decisive fiscal measures were urgently required to stabilise the economy. However, political expediency ruled out any timely intervention.
Despite mounting exogenous shocks due to the fall of copper prices, the PF fiscal policy remained laxly. Instead of a fiscal consolidation, reckless spending, funded through enhanced borrowing, became the norm.
A corruption ridden infrastructure rehabilitation programme was implemented without recourse to the changing and dire economic situation the economy had found itself in. The appetite for luxurious and unnecessary spending went unchecked. So did the parasitic relationship of the ruling elite on the state coffers.
Spain is going through a turbulent period. The global capitalist crisis that almost crippled its economy is not over.
Yet more pressure is being exerted by an atypical coalition of the Catalanist centre-right, Left Republicans and Marxist anti-capitalists who are all seeking a separate, independent state.
The masses of Catalonia are on the 1st of October voting in a referendum that could pave the way for a process leading towards national autonomy. This is a very divisive project that is sending shock waves not only in Madrid but also all over Europe. (more…)
It was on 20th November 1884 when the formal colonisation of Africa was officially settled by the imperialist powers in Berlin.
Sitting around the huge table were representatives from Austria-Hungary, Belgium, Denmark, France, Germany, Italy, Netherlands, Ottoman Empire, Portugal, Russia, Spain, Sweden-Norway, United Kingdom and with the USA holding a backstage. Otto von Bismarck, the first Germany Chancellor, had organised the meeting at the request of Portugal and with the support of the UK.
Five days of negotiations, arguments and at times open hostilities had come to an end. There were smiles on most of the faces and weeks of celebrations were to follow in the respective capital cities.
African resources were needed by industrial capitalism. Direct control of and presence on the continent was critical in the process of capital accumulation – it was in the best interest of these colonial competitors to settle the partition of Africa around a table than resorting to canon boats.
Europe and industrial capitalism had won the day. For Africa, it was the beginning of a colonial era and its complete incorporation in the globalised capitalist system. (more…)
The Zambian government under President Lungu is turning out to be the most repressive in the country’s 52-year post independence history. This is in addition to the unprecedented high levels of corruption the country is experiencing.
President Lungu has specifically launched a ferocious campaign to shut down the country’s only independent and widely read newspaper.
He has on several occasions explicitly threatened to shut down The Post Newspaper as well harm its Editor in Chief, Fred M’membe.
To all those who believe in humanity, in Zambia, in the freedom of the press and in justice, you can contribute by informing the global community about the fate of The Post Newspaper and possibly help to stop Lungu from destroying the paper.Tweet and use the #StopLungu hashtag on Twitter and Facebook.
Let the world and the regiem hear that the Zambian people will not idly stand by while their freedoms are taken away!
Americans find themselves in a tricky situation where they have to elect a President between two relatively unpopular candidates.
Donald Trump and Hilary Clinton are viewed, within and outside America, as failing short of the presidential material this leading capitalist powerhouse has to offer. Many Americans are finding it hard to reconcile what they believe are the virtues of American democracy with the spectacle they have been subjected to over the past months.
The on-going Presidential election campaign has been characterised by scandalous media revelations, personality attacks, lack of civility and shallow policy content. Even the ugly face of physical violence keeps on emerging from time to time. The entire global community is watching and wondering. The frequently posed question is how a country that for decades praised itself as a pinnacle for democratic values and principles finds itself in such a mess? Is democracy not supposed to help us come up with the best political leadership and process outcomes? (more…)