imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Dethrone the Dollar

by Elmar Altvater Saturday, Jul. 25, 2009 at 11:20 AM

Political countervailing power of the G-millions against the economism of the neoliberals can only be formed with a long breath.. The grass grows from below; words fall empty from the top.


In the crisis, politics demands its priority. But the G8 has long been in competition – with much better ideas

By Elmar Altvater

[This article published in: Freitag, 7/11/2009 is translated from the German on the World Wide Web,]

The group pictures were clearly arranged when eight men and sometimes a woman like Margaret Thatcher and later Angela Merkel were seen on photos from the G8 summit meeting. Now 20 heads of state are shown in Italian L’Aquila. On the first day the “Big Eight” met exclusively; then the expanded group of 20 came together. President Obama invited the heads of 16 states to the Major Economic Forum in April for climate negotiations. All the G20 states were there except for Argentina, Saudi Arabia and Turkey.

Is it a symbol that the leading state rulers of the world look to the future from the mountains of debris left behind by the grave earthquake of April in the Abruzzen? For a long time they were driven by the wind of the free market. However this wind has become a storm that drives the world into the disaster of the most serious crisis of capitalist history. The destruction of the earthquake can be repaired despite the proverbial Berlusconi incompetence. But can a billion people overcome financial- and economic crises, climate collapse and hunger? A UN commission under the chairmanship of Nobel Prize winner in economics Joseph Stiglitz answered this question. The commission published a “Compass for Resetting the World Financial Order.” Firstly, the neoliberal interpretation of economic events must be forgotten. They are history, a dishonorable history. When the true causes are first recognized, rebuilding from the ruins of the crisis can begin. Secondly, we need new institutions, a democratization of the UN, the IMF and other authorities to give more joint-determination to poor countries without political influence. Thirdly, new rules are necessary since the market is not a reliable problem-solver – regardless of what neoliberals preach untiringly. In the economic crisis, politics demands back its priority.

This is particularly true for global finances. Free enterprise speculation built structures of financial claims to the sky. These claims or demands could not be fulfilled by the real economy. The demands must now be written off; the real economy was regularly plundered. Both led to the collapse of the unstable structures of capitalism. Mountains of ruins tower everywhere on the globe, not only in Abruzzen. In biblical times, demands that could not be satisfied were canceled in the “jubilee year.” Today we need a global “bankruptcy order” as the former vice-chairperson of the IMF Anne Krueger proposed years ago to avoid the 2001 Argentinean crisis and as the Stiglitz commission proposes today.

The G8 and G20 luminaries in L’Aquila will not remove the “structural imbalances” of the world economy. That was the G8’s trivializing description in Heiligendamm. Without Bush and his “poodle” Blair, this is easier today than in 2007 and is only possible with the new superpowers from Asia and Latin America. The huge currency resources on one hand and the tremendous foreign debt of the US on the other amounting to thousands of billions of dollars must be reduced in an orderly way. To that end, a new world monetary order is needed that dethrones the dollar. What roles will the Euro, the Chinese Renminbi and perhaps “special drawing rights,” an artificial international currency, play?

The G8 has no future, unlike the G20. This is not only because the G8 only represents 13 percent of the world population while China and India constitute 37 percent, nearly three times as many. Economic power has shifted (if one disregards Japan) from the “Atlantic” G8 world to Asia. The future belongs to the G20 – the G8 is a discontinued model!

Others who were not in L’Aquila want to join in the conversation. Take the G-mills, the group of millions from civil society. They will have to leave the streets in L’Aquila to the police and state coaches. Berlusconi has rearmed. Still the assembled upper class of the world invited by the party lion Berlusconi is naked like the emperor from Anderson’s fairy tale. They have no trailblazing or future-oriented ideas for solving the crisis. However political countervailing power of the millions can only be formed with a long breath. This need not happen in the mountains of Apennin but in the metropolises or with the help of the increasingly necessary worldwide grassroots peasants’ movement Via Campesina. Solutions must be found in the villages. The grass grows from below; words fall empty from the top.

Other Articles Written by: ELMAR ALTVATER

Risk Development and Dollar Inflation

RISK DEVELOPMENT: MANY CRISES IN ONE [This article published in the Swiss WoZ-Die Wochenzeitung, November 27, 2008 is translated from the German on the World Wide Web,] Managing the ...

From ELMAR ALTVATER, Portland Indymedia, 7 Jul 2009

Related Topics: International Monetary Fund, Karl Marx, World Economic Forum, Joseph Schumpeter, Milton Friedman

Post-neoliberalism or post-capitalism?

"Markets are dis-embedded from society and nature since the "great transformation" to a market economy in the 18th and 19th century. Financial markets are dis-embedded from markets for real goods, services and labor:

From ELMAR ALTVATER, Portland Indymedia, 9 Jun 2009

The Vacuum of World Trade Breaks Down

THE VACUUM CLEANER OF WORLD TRADE BREAKS DOWN The collapse of the export market takes its toll on German labor market in 2009 Interview with Elmar Altvater [This interview with Elmar Altvater published in: Freitag 3/26/2009 is translated from the ...

From ELMAR ALTVATER, Portland Indymedia, 30 Apr 2009

Calories on the Table, not in the Tank

CALORIES ON THE TABLE, NOT IN THE TANK While rich desert states rent arable acreage in Africa, millions of people there are threatened with death from starvation. Crops often serve gas production [This article published in: Freitag, 3/19/2009 is ...

From ELMAR ALTVATER, Portland Indymedia, 3 Apr 2009

Related Topics: World Bank, International Monetary Fund

The American Patient

THE AMERICAN PATIENT Geo-politics - Financial crisis. The US is much too indebted to save the markets. The prescription: globalize the losses [This article published in: Freitag 40, 10/3/2008 is translated from the German on the World Wide Web, http:/ ...

From ELMAR ALTVATER, Portland Indymedia, 21 Oct 2008

Related Topics: George W. Bush, Lehman Brothers, White House, International Monetary Fund, Margaret Thatcher

Energy and Climate - Hunger and Money

ENERGY AND CLIMATE - HUNGER AND MONEY The Financial Crisis Seizes the Real Economy [Emeritus professor of political science Elmar Altvater grapples with the "global risks" destabilizing the world economy and world civilization. This article published ...

From ELMAR ALTVATER, Portland Indymedia, 4 Sep 2008

Related Topics: World Economic Forum, European Union, NATO, George W. Bush, Bertolt Brecht

"The End Game" by Elmar Altvater

THE END GAME Energy versus climate. The price of oil wakens nuclear desires [This article published in: Freitag 24, 6/13/2008 is translated from the German on the World Wide Web,]

From ELMAR ALTVATER, Portland Indymedia, 2 Jul 2008

Related Topics: European Union, Angela Merkel

The Eighth Plague

THE EIGHTH PLAGUE Poverty and Hunger: How the Financial Crisis Infects the Food Markets [This article published in: Freitag 17, 4/25/2008 is translated from the German on the World Wide Web,]...

From ELMAR ALTVATER, Portland Indymedia, 13 Jun 2008

Related Topics: World Bank, International Monetary Fund, European Union

Stock Market Game of Bankocrats

STOCK MARKET GAME OF BANKOCRATS: NOT TO GET KILLED Karl Marx' analysis of "fictional capital" from the 19th century is confirmed by the financial crisis of the 21st century [This article published in: Freitag 12, 3/20/2008 is translated from the ...

From ELMAR ALTVATER, Portland Indymedia, 24 Apr 2008

Dollar-Oil-Euro: An Unholy Trinity

Are there ways out? Transition to renewable energies in order to become less dependent on fossil fuels. This presentation includes valuable charts on oil production and consumption, uses of petro-dollar reserves and causes and consequences of ...

From ELMAR ALTVATER, Portland Indymedia, 12 Feb 2008

Report this post as:

Local News

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J11 6:58AM

Watch the Debate: Excluded Candidates for Governor of California M31 5:20AM

Change Links June 2018 posted M28 7:41AM

The Montrose Peace Vigil at 12 Years M22 8:01PM

Unity Archive Project M21 9:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 10:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 9:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 8:57PM

California police agencies violate Brown Act (open meetings) M02 8:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 11:47PM

Change Links May 2018 A27 8:40AM

Worker-Owned Car Wash on Vermont Closed A27 5:37AM


lausd whistle blower A11 6:58AM

Website Upgrade A10 10:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 8:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 6:58PM

Change Links April 2018 A01 6:27PM

More Local News...

Other/Breaking News

OUR HOUSE Grief Support Center Celebrates 25 Years with the House of Hope Gala S24 7:10PM

Against the Rent Madness and For a Nonprofit Orientation! S24 11:56AM

Cybermonde, cyberguerre, cyberespace, cyberterrorisme S24 6:35AM

Paraphysique de psychosomatique S22 6:58AM

Chuck Grassley: Women Abusing, Animal Murdering, Illegal War Supporting Criminal S22 2:58AM

Finance Capitalism and the Digital Economy S21 4:45PM

Muselières syndicales, muselières patronales S21 7:19AM

Jeff Bezos, Amazon, The Washington Post, Whole Foods, Etc S21 2:50AM

Why Choose Nut Milk Over Cows' Milk S21 1:01AM

Antrhopocène, le grand effondrement S19 9:53AM

Abolir l'économie S18 11:18AM

The Dictatorship of Corporations S17 5:26PM

18 Lethal Consequences Of Hunting S17 3:13PM

Paraphysique de l'outplacement déontologue S15 6:51AM

Shopping du bashing S14 8:42AM

After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again S13 8:28PM

“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen S12 9:30PM

Probabilités de fin d'humanité S12 6:49AM

Florida Area of Migrant Farmworkers Denied Right to Construct Health Clinic near NaplesCIW S11 2:57AM

Steer clear of work morality! S09 12:10PM

The Shortwave Report 09/07/18 Listen Globally! S06 11:23PM

August 2018 Honduras Coup update S06 12:28PM

Brett Kavanaugh Filled The 5th Circuit With Execution Judges S06 6:14AM

Augusta Georgia Woman Gets 5 Year Prison Sentence for Writing About Russians Crime Acts S05 8:29AM

Paraphysique de contextualité S05 8:29AM

Crisis Regulation in Global Capitalism S03 3:39PM

Ex-voto de réification S03 10:24AM

Please Oppose Warmonger, Execution and Torture Supporting Bush Operative Brett Kavanaugh A31 10:45PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy