Euro turmoil threatens to sink world economy

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THIRD WORLD RESURGENCE
Issue No. 261 (May 2012) Click on cover to download the magazine (PDF) COVER: Euro turmoil threatens to sink world economy* Europe and the global crisis Triggered by the eurozone crisis, another global recession seems even more likely with the bleak outlook of the other major economies. By Jayati Ghosh Are central banks preparing for a global banking crisis? Recent moves by central banks all over the world to inject liquidity into their banks reflect a growing fear of an impending global banking crisis. By Jack Rasmus A rotten apple or an infected garden? The manipulation of the London interbank lending rate (Libor) was a systemic fraud involving an international cartel of banks. By Roberto Bissio Elites lose the 'mandate of heaven' The failure of the G20 leaders to agree on an alternative to the current suicidal economic course is one more indication that the ruling elites are not able to hold the system together. By Gerald Epstein More austerity won't solve European crisis A new UN report has warned that the fiscal austerity policies pursued by the EU are fuelling a global economic downturn. By Carlota Cortes EU summit: Some good progress, but any game changers? The measures taken by EU leaders at their 19^th summit may not be sufficient to quell the financial storm. By Megan Greene Euro summit: 'Not as long as I live'? While the euro area summit of 28-29 June witnessed a shift away from the deficit-cutting austerity policies strongly advocated by Germany's Angela Merkel, financial stability is far from assured. By Michael Roberts Europe dithering on Tobin tax Only 10 of the 27 European Union member states have so far agreed to a European Commission proposal for a financial transaction tax to stem volatility in the financial markets. By Julio Godoy The state of the world economy Developing countries must strive to strengthen their fundamentals and reduce their dependence on foreign markets, capital and commodities if they are to weather the coming storm in the world economy. By Yilmaz Akyuz Euro crisis impacts China and beyond The turmoil in Europe is intensifying the deceleration of the economies of China and emerging markets. By Chee Yoke Heong Breaking vicious circle of instability and crises Only by pursuing policies which promote a more balanced, inclusive and stable pattern of growth can the vicious circle of financial instability and crises be broken. By Kanaga Raja	ECOLOGY Explosive matter The people immediately affected by the resource extraction policy of the Bolivian President frequently belong to indigenous communities from whose land natural gas is to be extracted. By Almut Schilling-Vacaflor, Annegret Mahler and Gabriele Neusser ECONOMICS The unresolved question of Egypt’s economy In the recently concluded Egyptian presidential elections, both candidates were united by their advocacy of the free-market economy, the guiding model for the discredited Mubarak regime. By Ramzy Baroud HEALTH & SAFETY TB: Miners hardest hit Mineworkers in South Africa are believed to be the population worst affected by tuberculosis in the world. By Wilma Stassen WORLD AFFAIRS The right path for Washington in Syria Before getting further militarily embroiled in Syria, the question Washington should consider is: will adding fuel to the violence make matters worse? By Saul Landau Mali: Political stalemate overshadows massive food crisis As world attention is riveted on the takeover of northern Mali by militant radical groups, it is easy to forget that some 1.3 million people in the region are facing a serious food crisis. By Celeste Hicks HUMAN RIGHTS Israel's anti-migrant violence fuelled by racial and economic segregation African migrants to Israel have become the latest victims of racist paranoia in a nation built by refugees of war and genocide. By Michelle Chen WOMEN South Africa's 'Traditional Courts Bill' impairs rights of 12 million rural women The South African parliament has decided to adjourn the passage of the Traditional Courts Bill after strong protests from women's groups. By Sabine Clappaert VIEWPOINT The Syrian cauldron The destabilisation of Syria is bringing the region close to a war with potentially catastrophic global repercussions. By Jeremy Salt BOOK REVIEW Why Africa stays poor By Peter Gillespie Africa's Odious Debts: How Foreign Loans and Capital Flight Bled a Continent by Leonce Ndikumana and James K Boyce Published in association with the International African Institute, the Royal African Society and the Social Science Research Council in 2011 by Zed Books, London and New York For subscription and enquiries: THIRD WORLD NETWORK 131 Jalan Macalister, 10400 Penang, Malaysia. Tel: 60-4-2266728/2266159; Fax: 60-4-2264505; Email: twnet@po.jaring.my Third World Resurgence Page Third World Resurgence Page
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