Latest Developments, May 22

In the latest news and analysis…

Dead miners
The New York Times reports that an “independent team” will investigate an accident that killed 28 workers at a US-owned mine in Indonesia:

“Rescue workers on Tuesday night recovered the last body from the debris of the collapsed tunnel, in the Big Gossan underground training facility. The tunnel’s roof caved in May 14 with 38 mining company employees inside, with only 10 surviving, [Freeport-McMoRan Copper & Gold] officials said.

Freeport Indonesia is the largest taxpayer to the Indonesian government, but it is a regular target of nationalist politicians who have called on it to pay higher royalties. The company has also had labor disputes in recent years.”

Rendition immunity
Al Jazeera reports that the UK wants the case of a former Libyan opposition figure sent back to face torture during the Gadhafi years “heard in a secret court, or not at all”:

“In the first preliminary hearing over the claim brought by Abdel Hakim Belhadj, a prominent rebel fighter-turned-politician, the government’s lawyers held on Tuesday that the case should either not go to trial in the UK, or that UK officials were ‘immune’ from prosecution.

Belhadj and Fatima Boudchar, his heavily pregnant wife, were captured in exile in China. The ‘rendering’ operation was co-ordinated between the UK, US and Libyan intelligence agencies.

Belhadj has offered to settle the matter out of court if the British government agrees to pay a token amount of one British pound each, apologise and admit liability. The defendants have refused these terms.”

Fashion disaster
The Wall Street Journal reports that clothes were being made for Swedish fashion giant H&M at a Cambodian factory where a building collapse has injured 23 people:

“The Stockholm-based retailer also said its orders had been placed at the factory without its knowledge, highlighting the lack of control some of the world’s biggest brands may have over their supply chains.
Garment factories in Cambodia and other countries sometimes subcontract orders from retail brands to other factories to help meet demand or save costs, even though major brands often officially forbid the practice. Workers’ rights activists condemn such subcontracting because they say it makes it harder to track the origin of garments, obscuring responsibility for working conditions at the factories. Subcontracted factories may also be subjected to less rigorous auditing than factories approved by the brands.

On Monday, 23 workers were injured when a rest area outside the subcontracted factory operated by Hong Kong’s Top World Garment (Cambodia) Ltd., and located near the Cambodian capital of Phnom Penh, collapsed and fell into a pond.
The incident came just a few days after portions of another Cambodian garment factory collapsed, killing three people and injuring several others.”

Criminalized migration
Human Rights Watch has released a new report criticizing the US government’s “skyrocketing” prosecutions of migrants who have entered the country illegally:

“The 82-page report, ‘Turning Migrants Into Criminals: The Harmful Impact of US Border Prosecutions,’ documents the negative impact of illegal entry and reentry prosecutions, which have increased 1,400 and 300 percent, respectively, over the past 10 years and now outnumber prosecutions for all other federal crimes. Over 80,000 people were convicted of these crimes in 2012, many in rapid-fire mass prosecutions that violate due process rights. Many are separated from their US families, and a large number end up in costly and overcrowded federal prisons, some for months or years.”

Dirty jewellery
An international coalition of labour and environmental groups has released a report that is highly critical of the Responsible Jewellery Council’s certification system:

“The RJC system is riddled with loopholes relating to membership, auditing, and accountability, allowing, for example, member companies as a whole to be certified as RJC compliant even when some of their gold, platinum and diamond-producing facilities — or projects they are invested in — are excluded from RJC audits. The system lacks transparency. Auditors’ reports are not made public, and equally troubling, the RJC itself doesn’t receive evidence or detailed auditors’ reports about operations that it certifies.
Several RJC standards are weak and violate widely accepted social and environmental principles. Under the RJC Code, mining companies can operate in conflict zones, fail to protect workers’ rights to join unions, and allow children as young as 14 to work. It also fails to place limits on water and air pollution and allows toxic waste disposal into lakes and ocean environments.”

Debt crimes
Jubilee Debt Campaign’s Nick Dearden says the debt repayments and austerity measures demanded by Pakistan’s external creditors are “tantamount to economic torture”:

“From 1998 Pakistan was lent $500m by the World Bank and others to build a drainage project to improve land irrigation. This might have been a good thing, if it had worked. But it was so badly constructed that the project increased, rather than decreased, the salinity of the land and seriously damaged ecosystems. In 2003 flooding, partially caused by the drainage project, killed more than 300 people. Pakistan has just start repaying the World Bank (with interest) for the project.

The IMF’s loans have made Pakistan a more unequal country. One condition the IMF imposed was to increase sales tax and cut trade taxes. Over the 1980s and 1990s, as a result, taxes on the poorest households increased by 7%, while falling by 15% for the richest.”

Extractive transparency
The Revenue Watch Institute’s Daniel Kaufmann calls on rich countries to require more transparent overseas operations from their oil, mining and gas companies:

“Building on the pioneering Lugar-Cardin provision in U.S. Dodd-Frank legislation and the newly minted agreement in the European Union (EU), the G-8 should endorse both home — and host-country mandatory disclosure standards in line with these new U.S. and EU regulations and support their implementation. In particular, Canada and Russia ought to adopt these standards and ensure that G20 and emerging economies including Australia, Brazil, China, South Africa and Switzerland follow suit. [Extractive Industries Transparency Initiative] should also fully align itself with these disclosure standards, helping countries and companies report detailed revenues paid to governments.”

AU turns 50
The University of North Carolina’s Georges Nzongola-Ntalaja assesses the African Union’s achievements and shortcomings as the organization celebrates its 50th birthday this week:

“This unswerving opposition to white minority rule and colonialism is undoubtedly the [Organisation of African Unity]’s greatest achievement. It succeeded in mobilising African and world opinion against colonialists in the Portuguese colonies and settler states of Namibia, South Africa and Zimbabwe.

A major problem confronting the AU is resources. With so much dependence on the EU and other external funding, questions arise about African ownership and initiative in some of the theatres of intervention.”

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Latest Developments, February 13

In the latest news and analysis…

Drawdown
The New York Times reports that US President Barack Obama, in his annual State of the Union address, declared his intention to withdraw just over half of American troops from Afghanistan by the end of next year, at which point “our war in Afghanistan will be over”:

“Administration officials said last year that they would determine the size and composition of the American presence after 2014 before determining the withdrawal schedule. But on Tuesday, officials said that Mr. Obama had not yet made a decision on the post-2014 force, which is likely to number no more than 9,000 or so troops and then get progressively smaller.

There still appears to be a debate within the administration about the plans. Officials said there was a reluctance to go public with a final number of troops and a description of their missions while still in the early stage of negotiating a security agreement with the Afghans over retaining a military presence after 2014.”

Military fixation
Ouagadougou-based journalist Peter Dörrie argues that the West’s approach to perceived security threats in Africa’s Sahel could produce “the very outcomes Western powers fear”:

“The decision by EU countries and the US to become even more actively involved militarily will likely only worsen the situation. More military aid to countries in the region means even more weapons and resources to go around. More foreign military personnel means more potential targets, maybe providing the incentive for thus-far local terrorist groups to adopt a more global agenda, as with al-Shabaab in Somalia. And increased terrorist activity will sooner or later lead to calls for drones to be armed and the Sahara to become the latest theatre in the ‘shadow drone war’. All these dynamics will introduce new layers of violence.”

Kidnap collaborators
Reuters reports that an Italian court has sent the country’s former spy chief and his deputy to jail over their role in the “rendition” of an Egyptian cleric:

“An American former CIA station chief was earlier this month given a seven-year jail sentence after imam Abu Omar was snatched from a Milan street in 2003 and flown to Egypt for interrogation during the US “war on terror”.
Milan appeals court judges sentenced Niccolo Pollari, former head of the Sismi military intelligence agency, to 10 years and jailed his former deputy Marco Mancini for nine years.”

Taxing business
The Tax Justice Network calls a new corporate taxation report by the Organisation for Economic Co-operation and Development “a potential game-changer”:

“That is a tacit admission by the OECD that the network of international tax treaties, which are drawn up substantially under the guidance of OECD models, constitute an obstacle to progress. Does that last sentence open the door to the potential for a multilateral tax treaty among key states, overriding the current mess of bilateral treaties that collectively help cement the separate-entity principle? Time will tell.
The OECD has also in the past spoken repeatedly about the perils of ‘double taxation’ of corporations due to overlapping tax claims of different jurisdictions, but has been far less interested in talking about ‘double non-taxation’ – that is, where the corporation gets taxed nowhere. We are delighted to see several references to double non-taxation in this report.”

Seed control
The Center for Food Safety (CFS) and Save our Seeds have released a new report arguing current intellectual property rules have led to “a radical shift to consolidation and control of global seed supply”:

“Among the report’s discoveries are several alarming statistics:
• As of January 2013, Monsanto, alleging seed patent infringement, had filed 144 lawsuits involving 410 farmers and 56 small farm businesses in at least 27 different states.
• Today, three corporations control 53 percent of the global commercial seed market.
• Seed consolidation has led to market control resulting in dramatic increases in the price of seeds. From 1995-2011, the average cost to plant one acre of soybeans has risen 325 percent; for cotton prices spiked 516 percent and corn seed prices are up by 259 percent.”

Tax morality
ActionAid’s Chris Jordan blasts Associated British Foods for avoiding taxes that would provide the Zambian government with much needed revenue:

“The financial engineering performed by Associated British Food’s Zambian sugar operations follow an all-too familiar pattern of tax liability reduction. Pre-tax profits of $123m generated since 2007 have been whisked away through the tax havens of Ireland, Mauritius, the Netherlands and Jersey, depriving Zambia of some $17.7m. That’s enough to put 48,000 additional Zambian children in school a year.

On top of these fairly standard tax avoidance schemes, the company also won a court case against the Zambian government, enabling it to exploit a tax break originally designed to support domestic farmers. This saw its tax rate tumble from 35% to just 10%, costing a further $9.3m of revenue. We estimate Zambia has lost $27m in total – a huge sum for one of the poorest countries in the world.”

Literary drone therapy
Struggling to understand how “an elegant and literate man with a cosmopolitan sense of the world” such as Barack Obama came to embrace remote-control assassinations so completely, writer Teju Cole reworks the opening lines of seven famous books:

“Mrs. Dalloway said she would buy the flowers herself. Pity. A signature strike leveled the florist’s.
Call me Ishmael. I was a young man of military age. I was immolated at my wedding. My parents are inconsolable.
Stately, plump Buck Mulligan came from the stairhead bearing a bowl of lather. A bomb whistled in. Blood on the walls. Fire from heaven.
I am an invisible man. My name is unknown. My loves are a mystery. But an unmanned aerial vehicle from a secret location has come for me.
Someone must have slandered Josef K., for one morning, without having done anything truly wrong, he was killed by a Predator drone.
Okonkwo was well known throughout the nine villages and even beyond. His torso was found, not his head.
Mother died today. The program saves American lives.”

Necessary struggle
350 Massachusetts’s Wen Stephenson calls for the climate-justice movement to “embrace its radicalism” in the fight against global warming, a fight he compares to the 19th Century struggle to abolish slavery:

“What resonates, then, is not so much the analogy to slavery itself, or any literal comparison to abolitionist actions, but the role of the abolitionist movement, as a movement, in American and human history — and the necessity now of a movement that is every ounce its morally and politically transformative equivalent.”

Latest Developments, February 6

In the latest news and analysis…

Media silence
The Washington Post reports that it was one of a number of major news organizations that granted a request not to reveal the existence of a drone base in Saudi Arabia:

“The base was established two years ago to intensify the hunt against al-Qaeda in the Arabian Peninsula, as the affiliate in Yemen is known. Brennan, who previously served as the CIA’s station chief in Saudi Arabia, played a key role in negotiations with Riyadh over locating an agency drone base inside the kingdom.
The Washington Post had refrained from disclosing the location at the request of the administration, which cited concern that exposing the facility would undermine operations against an al-Qaeda affiliate regarded as the network’s most potent threat to the United States, as well as potentially damage counterterrorism collaboration with Saudi Arabia.
The Post learned Tuesday night that another news organization was planning to reveal the location of the base, effectively ending an informal arrangement among several news organizations that had been aware of the location for more than a year.”

Extraordinary practices
A new report released by the Open Society Foundations reveals the scope of international cooperation with the CIA’s rendition program, a program that was never shut down:

“At least 136 individuals were reportedly extraordinarily rendered or secretly detained by the CIA and at least 54 governments reportedly participated in the CIA’s secret detention and extraordinary rendition program; classified government documents may reveal many more.

President Obama’s 2009 Executive Order repudiating torture does not repudiate the CIA extraordinary rendition program. It was specifically crafted to preserve the CIA’s authority to detain terrorist suspects on a short-term, transitory basis prior to rendering them to another country for interrogation or trial.”

Targeting corruptors
The Globe and Mail reports that the Canadian government is introducing legislation to crack down on companies that pay bribes to foreign officials:

“In addition to allowing prosecutors here to go after Canadian companies for bribes they pay abroad, the new law will outlaw so-called ‘facilitation payments’ – the grease money paid to foreign officials even if it’s not directly linked to gaining a business deal or advantage. Those payments, technically different from a bribe, will not be immediately made illegal, but the government will outlaw them at a later date, presumably to give companies warning of the changing rules.

Although Canada signed an international convention on combating bribery in 1998, it has long been criticized for doing too little to enforce anti-bribery measures. The Organization for Economic Co-operation and Development, which reviews countries’ action to combat bribery, has repeatedly issued reports calling Canada’s enforcement weak, most recently in 2011.”

Counting the dead
Agence France-Presse reports that France has released its first official, if somewhat vague, death toll from its offensive in Mali, though there was no mention of civilian casualties:

“Defence Minister Jean-Yves Le Drian said the 26-day military intervention has killed ‘several hundred’ Islamist militants as its air and ground forces chased them from their northern strongholds into remote mountainous terrain in the far northeast.

France’s sole fatality so far has been a helicopter pilot who was killed at the start of the military operation, while ‘two or three’ soldiers have suffered light injuries, Le Drian said.
Mali said 11 of its troops were killed and 60 wounded after the battle at Konna last month but it has not since released a new death toll.”

More guns
Reuters reports that the US is calling for a resumption of arms sales to Somalia where a UN embargo has been in place since 1992:

“Diplomats said Britain and France have been reluctant to support ending the arms embargo. The Somalia and Eritrea Monitoring Group, which monitors compliance with the sanctions regime, has also opposed the idea of lifting it, U.N. envoys said.
Those who oppose getting rid of the arms embargo say Somalia’s security sector still includes elements close to warlords and militants, an allegation the Somali government rejects.”

Good times, bad times
Reuters also reports that Tanzania, Africa’s fourth-largest gold producer, has said it favours a flexible approach to taxing mining companies in order to compensate for fluctuating global prices:

“ ‘If [the mining companies] are making losses, will they keep quiet? When they are going to make huge losses they are going to approach the government,’ [minerals minister Sospeter] Muhongo told Reuters on the sidelines of an African mining conference in Cape Town.
‘If they are going to make huge profits, we will also approach them,’ he said.
Asked if this meant windfall taxes could be introduced, he replied ‘yes’.
Many African governments say they need to extract more revenue from their mining and oil industries to spread the benefits of resource wealth more widely.”

The world according to Fisk
The Tyee reports on a recent talk given by veteran journalist Robert Fisk, in which he expressed his views that so-called Arab Spring protesters sought dignity over democracy and that journalists must be “neutral and unbiased on the side of those who suffer”:

“And why not democracy? Because the western democracies are precisely the countries that have imposed their will, and installed dictators, in the Arab lands since the end of World War I. The West, he said, thinks it has a right and a duty to do so.
‘But these are not our people,’ Fisk said; they have a different history and culture from the West, and we have no business”

Fighting transparency
Global Witness’s Simon Taylor calls on aerospace/defense giant Boeing to stop opposing US legislation requiring companies to monitor their supply chain for conflict minerals from DR Congo:

“The Chamber of Commerce, the National Association of Manufacturers and the Business Roundtable have filed a lawsuit against the SEC to overturn the conflict minerals rule.

Boeing, which has a seat on NAM’s board and whose representative is the executive committee chair of the Business Roundtable, appears to be at the forefront of the fight to overturn the rule.

In comments submitted to the SEC, Boeing indicated that the final rule on 1502 would be too costly and burdensome to comply with, given ‘the complexity of modern supply chains.’
As the world’s largest aerospace company, Boeing’s influence within the industry — let alone over its own supply chain — is considerable. Boeing’s attempt to kill Section 1502 through anonymous corporate lobby groups is misguided and irresponsible.”

Latest Developments, September 20

In the latest news and analysis…

GM food alert
The Telegraph reports on a new study suggesting the NK603 type of genetically modified corn sold by agribusiness giant Monsanto may be toxic:

“Although previous safety trials have established that the corn had no adverse effects on animals after 90 days, the trial is thought to be the first to examine its health impact over a longer scale.

After two years, a normal lifespan for rats, between 50 and 80 per cent of all the female rats fed the corn or weedkiller developed at least one large tumour, compared with 30 per cent from a small control group.
Male rats in the treated groups were more likely to develop serious kidney and liver damage.
Dr Michael Antoniou, of King’s College London, who contributed to the project, said: ‘This is the most thorough research ever published into the health effects of GM food crops and the herbicide Roundup on rats. It shows an extraordinary number of tumours developing earlier and more aggressively – particularly in female animals.’ ”

Rendition verdict
The BBC reports that an Italian appeals court has upheld guilty verdicts against 23 Americans accused of kidnapping a terror suspect who was “allegedly flown to Egypt and tortured”:

“The Americans were tried in absentia, in the first trial involving extraordinary rendition, the CIA’s practice of transferring suspects to countries where torture is permitted.
The practice has been condemned by human rights groups as a violation of international agreements.
The group of Americans – 22 of whom were CIA agents and one an Air Force pilot – are believed to be living in the US and are unlikely to serve their sentences.”

Shadow wars
Wired’s Spencer Ackerman writes about the new face of American war, currently on display in Yemen and East Africa:

“Not only are they undeclared wars, they depend on concealing the U.S. role in them. One method of concealment is to use stealthy forces like elite commandos or tools that require a small logistical footprint, like drones. Another method is to use proxy forces to wage them. In Yemen, for instance, the U.S. is training the local forces to fight al-Qaida in its stead, and they come bearing cash and weapons.

With the American public sick of war, those proxies are increasingly crucial.
And it’s not even just counterterrorism. So-called ‘Security Force Assistance’ is a major preoccupation for the U.S. Army in general as its involvement in Afghanistan winds down. When Gen. Martin Dempsey was asked in 2011 what the future of the Army was, he said it involved mentoring foreign partner militaries so the U.S. doesn’t have to intervene during crises, bolstering weak armies. Dempsey, of course, is now America’s top military officer.”

A more insidious kind of corruption
The New Economics Foundation’s James Meadway argues that excessive executive pay – FTSE 100 company heads now make 120 times more than their average employees – has “bled into the public and voluntary spheres”:

“Corruption in the developing countries is well known and well reported. It distorts aid and ruins lives. But there is a more insidious kind of corruption, widespread in the developed world, in which those at the top of society claim greater and greater rewards, justifying it by reference to the demands of the market.”

Western havens
Global Witness’s Stefanie Ostfeld argues that Western countries are doing too little to ensure their banks do not store riches siphoned illegally from poor nations:

“In the United States, it is perfectly legal to incorporate a company without disclosing who actually owns and controls it. More information is needed to obtain a driver’s license than to open an anonymous shell company in most states. This allows corrupt foreign officials, weapons smugglers, tax evaders, and drug traffickers to disguise their identities when accessing a bank. In fact, a study of 150 cases of large-scale corruption showed that American shell companies were used more often than those registered in any other country.”

Human rights double standard
Human Rights Watch accuses British politicians and media of thinking their country is above needing the sorts of human rights mechanisms they prescribe to other nations:

“The critics appear to suggest that the UK’s protection of basic liberties is already sufficient through domestic laws and institutions and that it is somehow inappropriate or insulting to use a similar framework – that of human rights – to consider the treatment of people by the state in the UK, as we might for those living under dictatorships. They also argue that measures to promote human rights, notably the Human Rights Act, benefit the undeserving at the expense of society as a whole, including criminals seeking to evade punishment or foreign terrorists wishing to avoid deportation.”

Corruption double standard
Southern Illinois University’s Mike Koehler thinks it strange that the US is cracking down on foreign bribery cases when it “has legitimized corporate influence” over its own government:

“Yet the U.S. political expenditures discussed above are perfectly legal.  In Citizens United, the Supreme Court stated that such expenditures ‘do not give rise to corruption or the appearance of corruption.’
Yet payments made in the foreign context, even payments that pale in magnitude and degree, would be clear crimes under U.S. law because they indeed ‘give rise to corruption and the appearance of corruption.’

Do we reflexively label a ‘foreign official’ who receives ‘things of value’ directly or indirectly from private business interests as corrupt, yet when a U.S. official similarly receives ‘things of value’ directly or indirectly from private business interests we merely say ‘well, no one said our system is perfect’?”

Growth industry
A South African Civil Society Information Service piece by “multidisciplinarian” Glenn Ashton highlights concerns over the lack of controls on the pesticide industry in South Africa, where sales have increased fivefold since 1994:

“The only oversight of the pesticide industry is self-oversight. The industry body AVCASA (the Association of Veterinary and Crop Associations of South Africa) attempts to portray itself as a responsible industry body. However this is fundamentally contradictory as its central aim is to increase sales, which it has excelled at.
AVCASA appears equally frustrated with the states failure to update legislation. Even so AVCASA has not, for instance, enforced any compulsory deposit system on pesticide containers. This remains a major problem as they remain used by the poor for food and water containers.
While the industry maintains some statistics there are huge gaps in the record. There is no record of pesticide sales from 2000 – 2006. Statistical details remain proprietary.”

Latest Developments, June 22

 

In the latest news and analysis…

Epic fail
The Guardian reports that major NGOs are slamming world leaders for their unwillingness to make firm commitments at the Rio+20 summit on sustainable development:

“ ‘They say they can’t put money on the table because of the economic crisis, but they spend money on greedy banks and on saving those who caused the crisis. They spend $1 trillion a year on subsidies for fossil fuels and then tell us they don’t have any money to give to sustainable development,’ [said Greenpeace’s Daniel Mittler]”

ACTA rejected
Reuters reports that the European Parliament’s trade committee has voted down the proposed Anti-Counterfeiting Trade Agreement, which enjoyed the support of the European Commission but faced widespread public opposition:

“The cross-party vote is a signal the legislature will reject ACTA in a final vote on July 4, the first time the European Parliament would write off an international trade agreement since an increase in its powers in 2008.
[British MEP David] Martin said the European Parliament has the authority to ratify commercial treaties, meaning that rejection would preclude any EU member state from signing up on its own.”

Refugee drownings
The Associated Press reports that “scores” of people thought to be asylum seekers may have drowned after a ship capsized between Indonesia and Australia:

“Christmas Island, in the Indian Ocean, is closer to Indonesia than the Australian mainland. It is a popular target for a growing number of asylum seekers, many from Iran, Afghanistan and Sri Lanka, who attempt to reach Australia on overcrowded fishing boats from Indonesia – sometimes with deadly consequences.”

Renditions Inc.
Reprieve has released the first in a series of investigations outing companies alleged to have benefited from the CIA practice of sending suspected terrorists to “black sites,” in this case, a secret prison in Poland:

“The documents show how:
– Private military contractor DynCorp Systems and Solutions arranged the trip for the US Government at a cost of over $330,000
– A Gulfstream jet, identified as N63MU and operated by First Flight / Airborne Inc. carried out the mission
– The round trip from Washington DC passed through Anchorage and Osaka, picked up the prisoners in Bangkok, and transported them via Dubai to the remote Szymany airfield in Poland, before returning via London Luton
– Trip planners Universal Weather and Aviation arranged logistics for the trip”

New pharma plan
Intellectual Property Watch reports that a new pharmaceutical industry initiative, the HIV Medicines Alliance, ostensibly aimed at facilitating access to HIV treatments for poor people, is raising questions about whether it represents a “good-faith effort”:

“Looking at the draft charter from early June, the initiative aims to encourage companies to share in-kind support and patented products royalty-free to least-developed countries under arrangements with generics companies, and demonstrates flexibility on industry’s part.
But it could stop short of a firm commitment to lower prices and availability. For instance, the draft language states that it would ‘work to enable the availability of medicines developed through this Alliance at the lowest possible prices,’ which is perhaps different than stating that the medicines will be available and at prices poor populations can afford.
The new initiative, organised by the Wellcome Trust, reportedly involves Johnson & Johnson and Merck, two companies that have declined to enter negotiations with the [Medicines] Patent Pool.”

Robin Hood in America
Inter Press Service reports that 52 financial sector professionals have signed a letter calling on the US Congress to adopt a financial transaction tax:

“The tax would cover stock trading, derivatives and other financial instruments, but, proponents say, would have a significant impact only on so-called high-frequency trades, in which computer-driven speculators typically hold stocks for mere milliseconds.
‘These taxes will rebalance financial markets away from a short-term trading mentality that has contributed to instability in our financial markets,’ the letter stated. ‘The primary role of financial markets is to raise investment, allocate resources efficiently, and mitigate risk. However, much of today’s financial activity does not contribute to these goals.’ ”

Secret talks
The Globe and Mail’s Gary Mason expresses surprise at the apparent lack of public concern over the “clandestine nature” of Trans-Pacific Partnership negotiations:

“According to Public Citizen, the trade deal would limit the extent to which signatory countries could regulate foreign firms operating within their boundaries, effectively giving them greater freedoms than domestic firms.
It also reveals that all of the countries except Australia have agreed to terms around the operation of foreign tribunals, which would arbitrate disputes. The tribunals would be staffed by private-sector lawyers who would rotate between acting as judges and acting as advocates for the investors who might be suing a particular government over a TPP-related matter. Talk about a potential conflict of interest.”

Green recession
The Land Institute’s Stan Cox argues that the fixation “at the top of the global economy” on perpetual growth and ever greater profits makes it impossible to achieve environmental sustainability:

“If we regard limitless growth of the human economy as being essential, then we are asking for the impossible. We’ll burst through all nine of those [planetary] boundaries (and others), ecosystems worldwide will crash, and that will succeed in doing what we failed to do: to put a permanent stop to economic growth.
Reversal of growth could instead be achieved preemptively, to ward off such a collapse. The burden of that intentional contraction, however, must be borne by the rich corporations, governments, and populations of the global North, because that’s where the sheer volume of growth has been greatest, with a corresponding impact on the ecosphere. Impoverished nations, on the other hand, have contributed far less to global breakdown and must be permitted some headroom for the growth required to meet people’s basic needs.”