More than 70% of US Municipal Bond holders are exposed to Puerto Rican debt, in excess of $1 billion. Operating in an environment with no oversight or regulation, this powerful group of private investors do not want any default on their bonds and expect a return of 100% or more. There is a dawning realisation within the White House that Puerto Rico cannot simply be abandoned like a failed Casino. Yet again, we see the way in which pure unregulated capitalism is creating unmitigated misery.
These government champions of the free-market are living a lie, stripping social-spending while shelling out billions to the private sector, all while taking home benefits the rest of us could only dream of. The private sector has its own government dole system, writes editor-in-chief, Claire Connelly. If these companies are so troubled by government welfare, they should pay back every cent of government bailouts, tax credits and subsidies they have received over the years.
Pure capitalism is beginning to look really similar to pure feudalism. Renegade sociologist, Holly Wood explores how we’ve passively accepted the private expropriation of public wealth.
More than 1.5 million children a year die from water poverty. Experts say universal access is affordable, but for private sector interests & a lack of political will, 663 million people are left without access to clean drinking water. Eden Gillespie examines the escalating crisis.
Ever had the feeling that your job might be made up? That the world would keep on turning if you weren’t doing that thing you do 9-5? Anthropology professor and best-selling author David Graeber explores the phenomenon of bullshit jobs – and everyone who’s employed should read carefully…