Arundhati Roy on Occupy the wall Street

Today, we know that the "American way of life" – the model that the rest of the world is meant to aspire towards – has resulted in 400 people owning the wealth of half of the population of the United States. It has meant thousands of people being turned out of their homes and their jobs while the US government bailed out banks and corporations – American International Group (AIG) alone was given $182 billion.

The Indian government worships US economic policy. As a result of 20 years of the free market economy, today, 100 of India's richest people own assets worth one-quarter of the country's GDP while more than 80% of the people live on less than 50 cents a day; 250,000 farmers, driven into a spiral of death, have committed suicide. We call this progress, and now think of ourselves as a superpower. Like you, we are well-qualified: we have nuclear bombs and obscene inequality.

The good news is that people have had enough and are not going to take it any more. The Occupy movement has joined thousands of other resistance movements all over the world in which the poorest of people are standing up and stopping the richest corporations in their tracks. Few of us dreamed that we would see you, the people of the United States on our side, trying to do this in the heart of Empire. I don't know how to communicate the enormity of what this means.

They (the 1%) say that we don't have demands… perhaps they don't know, that our anger alone would be enough to destroy them. But here are some things – a few "pre-revolutionary" thoughts I had – for us to think about together:

We want to put a lid on this system that manufactures inequality. We want to put a cap on the unfettered accumulation of wealth and property by individuals as well as corporations. We demand:

• An end to cross-ownership in businesses. For example, weapons manufacturers cannot own TV stations; mining corporations cannot run newspapers; business houses cannot fund universities; drug companies cannot control public health funds.
• Two, natural resources and essential infrastructure – water supply, electricity, health, and education – cannot be privatized.
• Three, everybody must have the right to shelter, education and healthcare.
• Four, the children of the rich cannot inherit their parents' wealth.

A report in Informationclearinghouse. Here.

Occupy Dalal Street in India

The screaming headlines provide insight into the dichotomy that prevails in our society. It is reported that in Chandigarh alone (in northwest India) Rs 80-crore worth of gold ornaments and nearly 800 cars were sold on the occasion of Dhanteras. Far away in Patna, Rs 400-crore were withdrawn on the same day from ATMs. It seems buying metals on this auspicious occasion had beaten all records.

Most families consider Dhanteras to be an auspicious occasion to buy gold and silver. Unfortunately for them, the prices of these precious metals have gone through the roof in the last few months, making it difficult for many to buy even a coin of few grams. Completely unable to comprehend the reasons behind such high price-rise, many of them can be heard asking, “Why have gold prices increased so much”?

Little do they know that the unprecedented escalation in gold prices is only because of speculation in which just one per cent of the investors are raking in huge profits while 99 per cent end up paying through the nose. This in short is the essence of the slogan, ‘We are the 99 per cent’, that is sweeping across the continents. More than 950 cities in 82 countries have seen thousands of people streaming in to the roads, squares and the parks to protest against economic inequalities. What began as a silent sit-in by a handful of protesters in the Wall Street -- the financial capital of the world -- New York a month back, has now spread like a wildfire.

In India too, some groups, including the Communist Party, have launched of the Indian version ‘Occupy Dalal Street’ from Nov 4.

Well, before we follow the global trends let me take you back to the days when petrol price internationally had shot up to $ 140 a barrel. This was barely two years back in 2009, just before the world witnessed an economic meltdown. I remember even Prime Minister Manmohan Singh saying that he wasn’t sure whether it was because of a slump in production or rise in demand. The fact is the stupendous rise in oil prices was not because of supply-demand constraints. It was simply because of speculation in trading. The companies which have invested in its stocks on the Wall Street try best to garner more profits.

Oil prices subsequently slumped to a low of $ 40 a barrel. From $ 140 a barrel to $ 40 a barrel certainly proves that demand had nothing to do with prices. It was all in the game of speculation.    

Devinder Sharma in Ground reality. Here

Let us Bank the Muslim Way..!

 

A protestor outside the Wall Street has asked the most relevent Question : "Let us Bank the Muslim Way!!"

This is the most defining question ever asked in this Occupy Wall Street struggle. Let us hope that the world takes it seriously. More Here

Also read : 'Islamic Banking Has A Bright Future in India', says Abdur Raqeeb

“Bombay or Kochi can become gateways to Islamic banking and finance”

“If UK, Hong Kong, Singapore, France can incorporate Islamic banking, India too can look at it,”

10 point programme for Islamic Banking in India!

Islamic Banking would fetch $500 billion for India

Islamic Banking in Kerala...!

Interest based economy, Islamic Banking and Jamaat-e-Islami Hind

 

 

 

 

 

Why Wall Street has started whining? : Paul Krugman

Money talks in American politics, and what the financial industry’s money has been saying lately is that it will punish any politician who dares to criticize that industry’s behavior, no matter how gently — as evidenced by the way Wall Street money has now abandoned President Obama in favor of Mitt Romney. And this explains the industry’s shock over recent events.

You see, until a few weeks ago it seemed as if Wall Street had effectively bribed and bullied our political system into forgetting about that whole drawing lavish paychecks while destroying the world economy thing. Then, all of a sudden, some people insisted on bringing the subject up again.

And their outrage has found resonance with millions of Americans. No wonder Wall Street is whining.

Paul Krugman in The New York Times.Here

Occupy Wall Street : "Why are they upset?"

After a couple days of hemming and hawing, I decided to join the protesters of Occupy Wall Street. I was hesitant to go because until very recently, I worked as an administrative assistant at a prominent Wall Street law firm. I didn’t know how, in good conscience, I could rail against The Man when my primary responsibility had once been to keep track of incoming phone calls from Goldman Sachs. But then I heard one of the protest’s organizers on the radio saying that the Occupy movement wasn’t against capitalism, corporations, or even big banking. He was for income equality. And democracy. The reporter pressed him to be more specific, but he refused.

“Why do they have to be more specific?” I yelled at the radio. “Isn’t it obvious why they’re upset?”

Hannah Gersen in The Millions. Here