While many of both the foreign and domestic opposition to Venezuelan President Hugo Chávez were working overtime to give him and the Bolivarian Revolution that he leads a death blow, the president's political party, the United Socialist Party (PSUV), got the overwhelming majority of votes in the country’s regional elections. The PSUV won the governor's office in 17 out of 22 states. However, the opposition won four more governorships as well as the Federal District in the Nov. 23 elections for a total of six.
It has been some time now since the International Monetary Fund (IMF) lost its intellectual credibility, especially in the developing world. Its policy prescriptions were widely perceived to be rigid and unimaginative, applying a uniform approach to very different economies and contexts. They were also completely outdated even in theoretical terms, based on economic models and principles that have been refuted not only by more sophisticated heterodox analyses but also by further developments within neoclassical theory.
Obama’s historic victory breaks the conservative spell at this watershed moment in global affairs, but it would be wrong to pin too many hopes on him.
Discussions of the current world economic crisis tend to focus exclusively on the bursting of the housing bubble in the United States. This no doubt is the immediate cause of the crisis, but underlying its operation is the fact that the stimulus for booms in contemporary capitalism has increasingly come from such bubbles.
The financial crisis does not skip over Israel. The country that has been integrating itself in global capitalist markets in the last few decades is once again seeing the ugliest side of capitalism, as the stock markets have dropped over a stunning 10 percent since the beginning of the month and the GDP growth forecast for the next couple of years has been slashed.
The latest version of the Iraq-U.S. agreement is “unacceptable” and must be changed to “secure for the Iraqis their legitimate national rights,” the leader of the Iraqi Communist Party told a public meeting of 1,000 people in Baghdad Oct. 31.
When the Mexican dictator Porfirio Díaz said the great tragedy of Mexico was that it was so far from God and so close to the United States, the comment summed up the long and tortured relationship between the Colossus of the North and Latin America.