Apocalypse Tao: Austerity Hits the Export Economies
Agence France-Presse, via MSN News, calls our attention to the typically under-stated way in which the 2nd trumpeter plays his solo*:
Large-scale strikes have hit China in recent weeks, as workers resentful about low salaries or lay-offs face off with employers juggling high costs and exports hit by lower demand from the debt-burdened West.
Politburo member Zhou Yongkang said authorities needed to improve their system of “social management”, including increasing “community-level” manpower.
“In the face of the negative impact of the market economy, we have not formed a complete system of social management,” Zhou said in a Friday speech to officials reported by the state Xinhua news agency at the weekend.
“It is urgent that we build a social management system with Chinese characteristics to match our socialist market economy.” China’s economy grew by 9.1 percent in the third quarter, down from 9.5 percent in the previous quarter. Manufacturing — a key engine of growth —…
UK May Block Facebook And Twitter To Quell Riots
Following another night of disorder in a country beset by deep inequality, corruption in the halls of power, and scant opportunity for young adults, the conservative regime in Bahrain has threatened to cut off access to social networking websites until the unrest subsides. Oh sorry — this is the news from England. Via Raw Story:
In a move that calls to mind the start of the most serious unrest in nations across the Middle East over the last year, David Cameron, Britain’s prime minister, told Parliament Thursday that authorities may shut down social media websites like Facebook and Twitter, in hopes that it would return calm to their streets.
The remarks came one day after British authorities discussed turning off the messaging function on BlackBerry phones, which they suggested may remove a tool protesters and rioters were using.
“Everyone watching these horrific actions will be struck by how they were organized via social…
Austerity And The UK Riots
Are the riots that have engulfed North London and elsewhere linked to the recent slashing of funds for education, social services, and youth centers? The London Review of Books blog says, duh, yes:
Anyone who says the riots don’t have anything to do with the cuts should have a read of ‘Austerity and Anarchy: Budget Cuts and Social Unrest in Europe 1919-2009’, a discussion paper issued under the auspices of the Centre for Economic Policy Research’s international macroeconomics programme and currently doing the rounds on Twitter, which looks at the relationship between budget cuts and civil unrest across Europe since the end of the First World War:
The results show a clear positive correlation between fiscal retrenchment and instability. We test if the relationship simply reflects economic downturns, and conclude that this is not the key factor.
So much for ‘criminality pure and simple’.
Saudi Police Open Fire At Protest – What Next?
Source: Norman Einstein (CC)
Did shit just hit the fan? Those keeping up with the Middle East protests and oil prices are well aware of the powder keg that is Saudi Arabia.
Yahoo News reports:
CAIRO – Saudi police opened fire Thursday to disperse a protest in the mainly Shiite east, leaving at least one man injured, as the government struggled to prevent a wave of unrest sweeping the Arab world from reaching the kingdom.
For full article, see Yahoo News.
“Oil will go up ‘ballistically’ if unrest shifts to Saudi Arabia, says Marc Faber”. Business Intelligence Middle East reports:
Brent crude futures could hit US$200 a barrel if political unrest spreads into Saudi Arabia, Societe Generale said on Monday.
Under what the bank called Geopolitical Scenario 3, “unrest spreads to Saudi Arabia and threatens Saudi crude exports and any remaining spare capacity. Brent price range of US$150-US$200 a barrel,” it said in a research note.
“In this most…
