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 They were also completely outdated even in theoretical terms, based on economic models and principles that have been refuted not only by more sophisticated heterodox analyses but also by further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.
During the vice-presidential debate of 1988, Republican nominee Dan Quayle attempted to draw a parallel between himself and John F. Kennedy. Quayle's Democratic opponent, Lloyd Bentsen, who had served with Kennedy in the Senate, looked Quayle in the eye and said, evenly, 'Senator, I served with Jack Kennedy; Jack Kennedy was a friend of mine. Senator, you're no Jack Kennedy!'
Emerging nations need their own stabilization funds, independent of the International Monetary Fund, and its parent, the U.S. Treasury, which provides most of its financing. That was the conclusion of two experts at a seminar sponsored by the Service Employees International Union (SEIU) yesterday in Washington.
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.
A raging debate is underway across the country, in Congress, and between the incoming Obama and outgoing Bush administrations on the fate of the U.S. auto industry. CEOs of GM, Ford and Chrysler have faced tough questioning in Congress. GM comes to Washington to beg for a $25 billion bailout to keep it and its ailing Detroit counterparts going next year. But nobody seems too thrilled about the prospect.
Wall Street tycoons behave irresponsibly, bring the country to financial brink, hold out their hands for an 11-figure bailout — and lobbyists applaud that as a rescue.
The anti-gay-marriage amendment that passed in California, known as Proposition 8, not only took away the right of gays to marry but has also sown distrust and disunity. With the initiative’s stunning 52 percent to 48 percent passage, many were left confused and angered. How could this much-touted gay-friendly state, with its gay meccas, San Francisco and Los Angeles, approve such a measure?
(WOMENSENEWS)--Is she more Jackie Kennedy or more Hilary Clinton? Is she a feminist or isn't she? Will she have an agenda of her own or champion causes identified by her husband on the campaign trail? Will women of all races and classes be able to identify with her?
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.
With only about 200 votes out of nearly 3 million cast separating Minnesota Sen. Norm Coleman and his Democratic challenger, Al Franken, the race is headed to a recount.