will IMF oversee prevent European sinkhole?

To read these articles click here and here

“In an interview on the sidelines of the summit, Ms. Lagarde said that ‘friendly pressure’ had been placed on Italy to accept the I.M.F. as a monitor. Because Italy is not under an I.M.F. bailout, the only way the fund could act as a monitor was if Italy invited it to do so, she added.”

In an attempt to stop the European financial crisis from spreading to Italy, Italy announced that it would allow the International Monetary Fund (IMF) to “monitor” their books every three months to make sure Italy follows its austerity plan.

Hopefully this overseeing will help reinvigorate Italy’s listless economy. There are fears that an economically lost Italy would pull Europe into a mudslide from which there is no escape.

Italy’s debt is about $2.5 trillion. However, inhabitants of the country are trying to see it in a brighter light than the rest of Europe as “a manageable projected deficit of 3.9 percent of the gross domestic product for 2011 and dropping; an economy that is growing, albeit anemically,” according to the New York Times. This difference of opinion is the basis for the rift between the rest of the EU and Italy. Italy does not see itself in debt; however, viewed as a whole, Italy’s problems affect the rest of the EU.

With the pressure to allow the IMF in, Italy is admitting its identity crisis. If Italy has been seeing itself as healthier than in reality, then the IMF could not come at a better time. It would probably not take long for Italy to become the next Greece.

The overseeing is slightly embarrassing and speaks to mistrust of Italy to follow its own plans; though Italy tried to play off the IMF oversee as its own choice “friendly pressure” behind closed doors indicates hesitance on Italy’s part.

If Italy is so pivotal to the rescue of Europe, then this IMF oversee is totally necessary to help keep the stagnating economy above water.

-Rosie Limbug

G20: Germany

The G20 summit held in Cannes, France was dominated by talks on the European financial crisis. As President Obama said to reporters on the first day of the meeting, finding a solution to the Eurozone crisis was at the top of the agenda. It is needless to say that Germany had a central role in the discussions.

Angela Merkel and Nicholas Sarkozy summoned George Papandreou, the Greek Prime Minister, to an emergency meeting before the G20 kickoff to discuss the proposed referendum on the Greek bailout. The talks resulted in the Greek PM repealing the referendum.

France, Great Britain and the U.S. suggested that national gold reserves and Special Drawing Rights, an international reserve asset based on international currencies, should be contributed to boost the financial firepower of the euro zone. However, Steffen Seibert, the Merkel government’s spokesperson, announced that German gold reserves are off limits.

The idea was that the central banks of the member states should have contributed €50 to 60 billion worth of SDRs.

The reason behind this proposal is that G20 countries do not want to invest any more money in the European Financial Stability Facility, a special purpose vehicle created to provide financial assistance to euro zone countries; therefore, Europe has to look somewhere else to find funds.

An article in the Irish Times claims, however that “all roads lead to Frankfurt,” meaning it will come down to Germany having to choose between debasing the European Central Bank or breaking up the euro zone.

Even though the European Central Bank has €3 trillion war chest that could be used for buying bonds as the Fed did in the U.S., the consequence of which was inflation, the ECB cannot directly buy the bonds of its member states. This is because the ECB is modeled on the German Bundesbank and its policies are aimed at keeping inflation down.

G20 members cannot accept Germany’s reluctance to let the ECB buy national bonds. Their argument is why should any of them risk investing more in something Germany fears investing in.

Therefore, Germany was under pressure to abandon its veto on the proposed ECB rescue package, when all the finance ministers of the Eurozone countries with the exception of Germany demanded a full-scale ECB intervention at the crisis talks in Brussels last night.

-Adrienn Szlapak

G20: The Standpoint of Saudi Arabia

Europe’s economy is too significant to let it sink and entail a global whirlpool. This was the main reason why the world’s largest economies gathered in Cannes, France on Thursday, 3 November 2011. The main focus of the G20’s agenda was to find a long-term solution for Europe regarding its debt crisis and to lead back the global economy on the right track with the help of other G20 countries.

Finance Minister, Ibrahim Al-Assaf, represented Saudi Arabia in the summit accompanied by Gov. Mohammed Al-Jasser from the Saudi Arabian Monetary Agency. According to an article, French and Saudi bilaterals were expected to take place on the sidelines of the summit. Al-Jasser stated in an interview that in order to solve the problem of the Eurozone, the role of every country is very important including Saudi Arabia.

The presence of Saudi Arabia in the G20 summit is essential because Saudi represents the Organization of Petroleum Exporting Countries (OPEC). Although Saudi’s participation in global economic affairs has been increasing (its stake reaches 2.8 percent in the IMF), during the summit the Kingdom made it clear that it does not desire to take too much part in the bailout.

The Central Bank in Saudi Arabia declared that it does not want to buy “distressed or speculative assets” including European debts and gold. It is clear that the OPEC member’s bank will not suffer from the euro zone crisis because they are too well positioned.

-Barbara H.-

Occupy Wall Street Protestors: Dedicated or Crazy?

Zuccotti Park, NY, Oct. 11— Jason Ahmadi, a recent graduate of Berkeley, is one of the young protesters in Manhattan with a serious dedication to the Occupy Wall Street movement and a cohesive message.
“I’m here because of the wars, environmental devastation, and this nasty bailout. I am here to take the institutions back for our people, resist the 1 percent,” he says.
Jason, one of the organizers of the protests, first became involved through his role as a national committee member of the War Resisters League. The League is the United States’ oldest secular pacifist organization. Established in 1923, the War Resisters work towards nonviolent revolution, trying to stop war abroad and at home.
As Jason explains, the War Resisters League was a perfect fit and the right avenue to voice his beliefs. Already an active participant in hunger strikes, banner drops, marches, and tree-sits during college, when the Occupy movement began to form, the League trusted that Jason would be the right representative for them to send out.
“I go wherever I am needed,” says Jason. “I came out to support my brothers and sisters. I am representing the 99% that is left out of our economy.”
Jason’s commitment to the Occupy Wall Street movement provides much needed inspiration to others. His type of drive and passion transforms ideas into real changes, if only all members of the movement were as motivated and clear-headed as Jason. Thus, its not surprising when asked who his major influences are he lists Gandhi, Martin Luther King Jr., and Malcolm X. Having already been arrested numerous times for protesting on Wall street,
As media coverage of the movement has increased, Jason has become a recognized face for the Occupy movement. Videos capturing several of his arrests can be found on YouTube, as well as interviews he has given to different media outlets, including NPR. When talking of his new found notoriety among the movement, Jason seems to get a little shy but concedes that any attention he gets ultimately helps the movement and elevates the cause.
“The love I have received from my supporters has been one of my greatest reserves to continue in the face of injustice and oppression,” he says.
With the protests having begun on September 17th, the question on everyone’s mind is whether the Occupy movement will generate any significant change. In exploring the possibility of protests dying out with no revisions made to the current system, Jason expresses no fear.
“This movement is growing, this movement is building. This is the future, this is the people power, this is the way we are going to change our society.”
Despite his arrests and the criticisms the movement has attracted, Jason is not backing down. Jason has been here since day one and says he will continue to be until the people are heard, “ this has empowered me to be here because this is more than our government being taken by the banks and exploiting all of us, this is about our First Amendment rights, our right to assemble and really just taking back our government for the people."
While Jason represents the devoted and committed activist, presenting the movement with the hope it needs to continue on in their fight, Blandon Blood symbolizes a more eccentric and, apparently, not quite lucid protester. At nineteen, Blandon hails from Transylvania, Romania. Normally when protesting Blandon can be found wearing his “V” mask which stands for the hacker collective Anonymous. The group, spread throughout the Internet, initiates active civil disobedience while trying to maintain their anonymity. “The mask,” as Blandon explains, “gives me freedom yet terror.”
Blandon was recruited to the Occupy protests by a letter, he claims, he received in the mail.
“They told me I had come out here right now, they needed my help.” When asked to clarify who “they” were Blandon couldn't quite elaborate.
However, regardless of how he got here the important part is that Blandon managed to get himself to Zuccotti Park and join the growing movement. For Blandon the protests are all about freedom and greed, “we all hate the greed.”
Having been camped out in the park for over 12 days now, Blandon doesn’t plan on going anywhere, “I will be here for as long as it takes, forever if I have to.” Police confrontation hasn’t deterred Blandon either. By his count he has already been arrested eight times since he’s arrived. Currently, Blandon is sporting a fresh bruise under his left eye that was the result of his latest arrest.
Like Jason, Blandon is definitely committed to the movement. He’s here speaking up for the same 99 percent that Jason seeks to represent. Although, when the conversation extends to broader topics such as international terrorism, Blandon’s beliefs become a little more controversial and radical. Blandon is thoroughly convinced the World Trade Center attacks were carried out by the Bush administration.
“I saw pictures of the explosion and video. You can see the C4, the explosive stuff, and it shows it was all the United States government.” Blandon also believes that car bombs should be put in cop cars in retaliation of their unjust treatment of protesters, “I am for the use of force.” Interestingly enough Blandon wears several stickers on his shirt that claim “love not war”.
Blandon is quite an interesting character and in spite of some of his contradictory messages he wants to be heard, he deserves the right to be heard. Blandon might not be as cohesive and organized as Jason, but both are defending their beliefs and supporting the 99 percent that want to regain control, as they see it, of a failing system.

-Gabrielle Melton

Wall Street: Hope and Bread in Abundance

NEW YORK - There is something despondent about the Occupy Wall Street headquarters on a dark Tuesday evening. A large group of people meditate quietly near Church Street, small groups of people converse quietly near ledges and stairs. Lazing bodies litter the tarps on the ground, conjuring images of an oddly adult slumber party or makeshift outdoor hospital.

Not all of the occupiers subscribe to the grunge or hipster scene, though. Michael Benko doesn’t quite seem to fit with the majority of snaggle-haired, comrades standing in line for food. Small, well dressed, with glasses and a haircut hearkening to Clark Kent, he looks a little too well pressed to have been sleeping there for over a week.

“No, no, I’m not sleeping here, I just got here about an hour ago. Today, I mean. A lot of us come and go as we can,” he explains. Michael is one of the New Yorkers working their nine-to-five, and then joining the party for an hour or two after they’ve finished. “I just got off work, figured I should check out what’s changed since the weekend. Grab some food, too. It’s really good.”

He’s welcoming and warm on a chilly dark night, sharing his “table” with insistence. The food is better than expected – freshly delivered pizzas arrive in boxes just as Benko’s finished passing through the line. With the pile of food on his plate, he’s nonplussed. For good reason – kale salad with tomatoes, a spicy Middle-Eastern spiced lentil, bean, and rice mixture, spaghetti, baked ziti, glazed carrots, piles upon piles of bread, with an assortment at the end of fruit, hummus, and “vegan foie gras”. One gaunt man with matted hair and military fatigues even strolls around the courtyard with a large sack of loaves, offering free bread to whomever he spots nearby.

At the ripe age of 24, Michael lives in Astoria and works at a well-known publishing company in Manhattan.

“I got it through a temp agency, it was great,” he explains, in response to surprise of such a great placement at such a young age in this company. A former film student at Boston’s Emerson College, Benko graduated just as the stock market crashed to the floor.

“I have money in the stock market. People don’t know how to use the stock market, a lot of people our age think they should buy when stocks are high, but actually now would be a great time.” He continues to explain stocks for another few minutes, proving some of the protestors have indeed done their homework. Trailing off, he adds quietly “I just wish I felt like Wall Street worked for us. I wish some of them would come down here and actually see what’s going on.”

“There’s an intrinsic value in some ways more so than making a statement. It’s very therapeutic – some of the people here are students, some of them aren’t, some are just walking around taking pictures, some of them have just lost their jobs and have nothing better to do.”

The atmosphere is definitely different than the extreme anger, jubilation, drama, and parting that much of the media seem to present. “It’s a little weirder tonight,” Benko ponders, “A little angrier, maybe.” There is definitely a sinister mien that whispers about, lurking the occasional Guy Fawkes masks on faces and the backs of heads. But there are neither signs of rage, nor of violence – Benko hadn’t seen any, even with the close quarters and the menace of police batons.

Some protestors look somewhat wounded, some just exhausted. Many are cheery enough, but beneath a subdued air, as if hanging upon the park is something heavier than a big block party, but harder to qualify than the impassioned fever of a movement with a mission.

Indeed, one of the most frequent criticisms of the Occupy Wall Street movement is that it is a protest lacking clarity: no substantial demands, too many broad objectives, and a rhetoric that borders on absurd in its attempt at being provocative.

The sense of community created by the gathering is palpable, and everyone has something to talk about. Benko emphasizes the importance of having a place to go, calling it a “good social utility”. Movement, then, is a far better description than protest.

“I’m sure a few out there think it’s cool,” he says of the men on Wall Street, positing how they might perceive the movement. “I don’t think they get it. I think they’re too removed.”

The movement has progressed in a number of contradictory ways, swelling bandwagoners eager to be a part of something exciting, creating a demographic that changes daily. Without central clarity within the group, it has made it fairly amorphous.

The social network aspect of the “occupy movement” has added to its shifting, uncertain (albeit rapidly growing) structure. According to a recent Economist article, Twitter activity over the Wall Street protests has been manic, and new online programs such as “We Are The 99 Percent” have appeared and flourished rapidly. “We Are The 99 Percent” is a tumblr blog inviting anyone to write and post pictures about economic hardships, creating a community as well as visible, real examples of how the economic crisis is plaguing the country.

Predictably, if Benko had to use one word to describe the emotion of the movement, it would be hopeful. Countered with “forlorn”, or “despairing”, he adamantly shakes his head, with the strongest conviction he’s displayed thus far.“No, hopeful. Definitely hopeful.”

A sense of hope, or at the very least expectation, pervades. For every action a reaction should loom, and that seems to be what the movement wants. The financial crisis is something tangible and easily felt, but with a source that feels distant to those who suffer. The movement may move in many directions, but it aims to make this connection, and its clear there’s a sizable group of people who feel the need to move something.

When asked how long he expects the occupation to last, he takes a pause. Smiling thinly, he admits in a reluctant voice, “I think when the funding goes…ironically, when the money goes, so will it.”

By Liana Mitlyng Day

Leaders of the 99 Percent: A Profile of 'Occupy's' Most Dedicated

NEW YORK - After the weekend rallies come to a close and the crowds of thousands slowly disperse, a select hundred or so return back to the encampment at Zuccotti Park, where Occupy Wall Street continue more than a month of protests against Wall Street excess, uneven income distribution, environmental degradation and a dozen other complaints of the political left.

Some media outlets have characterized the movement as an activist pastime for elite college students. In fact, a recent visit to the tiny part found that the the self-proclaimed “99 percenters” who eat, sleep and breathe the protest everyday are a varied bunch, similar only in their commitment to the various causes that unite them.

Most are young, either in college or in their mid-twenties, that is true. David G., an unemployed graduate at the University of Florida volunteers at the supplies tent, busying himself everyday sorting donations and distributing blankets and tarps to the protesters. Many of the protesters, fearing retaliation from employers or family, asked that their last names remain anonymous.

“I came with a friend and decided to stay. We're just starting to build a movement, and I wanted to be part of it.” David said.

Sophie, a 23 year-old Brooklyn native volunteers with David and shared a similar story.

“My boss is abroad, and he said that I could come down here instead of work at his juice bar in Brooklyn”, she said. “I started volunteering after I saw that they were short on hands. I've been here for about two weeks now.”

Occupy Wall Street started on Sept. 17 with a march through New York’s Financial District. Since then, protesters have camped out in Zuccotti Park, a privately managed plot situated just a block away from the World Trade Center Memorial. The spot was chosen strategically; because it is privately owned, police cannot kick out sleeping protesters for violating city laws that prohibit loitering.

Many of the volunteers and protesters took advantage of this loophole and decided that the goals of “Occupy Wall Street” were important enough to put their current lives on hold. Unlike the students who only come down for the weekends, protesters like Rebecca Borrer, a freshman at the New College of Florida, made a commitment to stay, even if that meant taking a semester away from school.

“I grew up in Manhattan, so I felt like it was my duty, in a way, to mobilize support. My dad comes down every once and a while to join the protest too. I wouldn't say it's inconvenient. It's worth the sacrifice.”

But not everyone can commit to sleeping in the park indefinitely. Older protesters, like Gene Wagner, 45 year-old artist, stays with the protesters for the day, then returns to his New Jersey studio. After Gene lost his job, he decided to contribute to the movement with his art. Selling his paintings at Zuccotti, Gene donates all of his profits to the movement at large.

“I donate this money because I find the protests so important. We live in a society where we are told what we want. We are pushed into most jobs, and a lot of the time, they’re not even worth it,” he said. “ When you get to the end of the rainbow, somebody has stolen your pot of gold.”

Occupy Wall Street, however, is not just for students or the unemployed. Dustin, a 26-year old college grad, finds steady employment as a freelancer in marketing. Nonetheless, he comes to the park every evening after work to protest.

“Things need to change,” he said. “I'm here because I think our country is just going to get worse, if no one does anything. If corporations are people, they should be in prison,” he said.

Brian Gotteman, a 23 year-old student and intern also used to spend all his time at the protest, but now has to cut back since finding employment. He now comes out in the evenings to show his continued solidarity. As a political science major, he feels particularly close to the cause and thinks he could offer constructive solutions.

“I think that because companies now have so much power, they should be determined by election. America would also benefit from proportional representation, but I’m less optimistic that this could actually happen.”

After graduating from Bard College in 2002, Bridget, who did not wish to share her last name, expected a much more lucrative career, but after living in Manhattan for 8 years, she has only managed a series of low-paying jobs. While she felt lucky to have a job, she explained that it was not enough. She held a sign that read, “I can’t even afford bootstraps,” a refernce to the old taunt that the jobless should just stop complaining and help themselves out of distress. Bridget embodies the college-aged protesters who fear they have trained for an economic future that has disappeared.

“I’m not quite sure why I’m here,” she remarked, as if the question surprised her. “I’m here for the general support of the movement. I feel like I need to express myself. I really do feel a discomfort, a dissatisfaction with the lack of bootstraps.”

Protesters also claimed diverse ethnic backgrounds. Native Americans, one of the most marginalized groups in American society also showed support. Before a sign that read, “Are you sure you can trust the Government? Just ask an Indian,” a Seneca group sat in the middle of the crowd. Terry, an elder in the tribe, was much less political in his reasoning for attending the protest. He drove from the tribal lands near Lake Erie in Western New York for a more spiritual purpose.

“I felt I had no choice but to be here,” he says, “I felt a basic call to consciousness. I was led here by the Spirit. Mother Earth has been sick for a long time.”

On a more tangible level, Terry, also known as Gadagey, meaning “on top of the chimney,” explained that he was also there for his 14 and 17 year-old daughters.

“I want the future to be different for them.” he said.

Although Terry has been coming to the protests daily since the beginning of October, he is a union ironworker and expects to be back at work within the next week.

“I’ll still come whenever I can, though. After work and on weekends.”

Terry was surprised to find out that he seemed to be part of a minority that was there on a more spiritual rather than political mission, but explained how the protest fit with his tribe’s beliefs.

“My ancestor, Handsome Lake prophesized decades ago that this would happen, that the people would rise up, as a sign of things to come.”

In Terry’s opinion, “healthy minds want to live in harmony,” and while he was impressed by the peaceful atmosphere and cooperation at the protests, he has a bleak outlook for the future.

“I think the situation is only going to get worse. I am worried that the government wants one world order, one currency, but I’m more concerned about maintaining diversity,” he stated.

The diversity of the Occupy Wall Street protesters holds both benefits and risks. The general sentiments expressed by the protest has resonated with many people, prompting Occupy movements across not only America, but in Europe and Asia as well. It voices a basic concern about wealth inequality across the world, but it also lacks a solid agenda to address it. Critics argue that Occupy Wall Street, while an excellent tactic to garner attention, cannot hope to achieve real change without developing a cohesive plan of action.

The future of Occupy Wall Street remains unclear. It has certainly succeeded in mobilizing a generation whose apathy many critics thought unshakable. While the protest has unified a such a diverse group around Zuccotti Park, Washington D.C., and elsewhere, the fragmentation of their solutions threatens to render their efforts politically impotent.

By Danielle and Rachel

The Race for the 2012 Republican Candidate Runs Right Through Crazyville

This post is in response to the controversial Herman Cain 2012 campaign advertisement, available for viewing here.

Herman Cain's campaign advertisement featuring his chief of staff smoking a cigarette has sparked a flurry of public outrage, political analysis, spoofs, jokes, and inquiries into the mental health status of Mr. Cain. Despite all the Cain controversy, however, he has twice polled in as the lead contender of the GOP political race. How did this happen?

In defense of this ad, Cain said that it showed "Mark Block being Mark Block" and that his campaign was centered around "letting people be people, and letting Herman be Herman". But many are angered over the use of cigarette smoking to convey this. Although some may point out that President Obama is on and off smoker (according to a recent doctor's visit he is now apparently off), Obama never used this practice to try to get elected by publicizing it in any way comparable to this campaign ad.

But enough about the ad, the problems and critiques of it are too obvious to analyze. The real story here is: How can "Herman being Herman" be so popular? The scary thing about Herman Cain, from saying that he will admit to not knowing the name of the leader of "Uz-beke-beke-beke-bekistan", to his joke/idea of an electrified border fence, is that he isn't even close to being the only questionable contender. Michele Bachmann, for example, wants a "double border fence" (because two is always better than one!), and Rick Perry gets applause in debates for the amount of people he has executed in his state.

The United States is arguably the world's leading superpower, but our current state of political affairs threatens to undermine this status. The race for the 2012 Republican candidate only demonstrates a portion of how crazy things have gotten in politics. From fighting never-ending wars, to heavily subsidizing dirty industries, and never being able to agree on sound fiscal policy, Mr. Obama was right in the phrasing of his job's speech to call it "the political circus".

As political divisions in this country grow wider, elected officials move farther away from representing the interests of the American voters who put them in office. With a disaster of an economy, the American people are hurting. The let down of the past four years has shown the American people that change (or the lack of it) has less to do with who is President, and more to do with political divisions. The two party system may ultimately be our downfall as the world's leading superpower if differences cannot be met in the middle.

- Ysabel Yates