13 November 2008

As crisis hits consumer credit
Paulson announces shift in Wall Street bailout scheme

By Bill Van Auken, 13 November 2008

In an abrupt about-face reflecting the desperate character of the crisis of the US and world financial system, US Treasury Secretary Henry Paulson announced Wednesday that he has abandoned the plan that he pushed through Congress barely one month ago to buy up so-called “toxic assets.”

Illegal tax scheme gives $140 billion to biggest US banks

By Bill Van Auken, 13 November 2008

An extra-legal measure quietly enacted by the Treasury Department in the shadow of the $700 billion Wall Street bailout package will hand the country’s biggest banks another $140 billion windfall, the Washington Post reported this week.

Iranian regime reacts to Obama’s election

By James Cogan, 13 November 2008

The Iranian view that Obama’s election would lead to a shift in US policy was reflected most clearly in a letter of congratulations sent to the president-elect by Iranian president Mahmoud Ahmadinejad.

Pakistan to impose IMF-approved economic restructuring program

By Keith Jones, 13 November 2008

Fearing political repercussions and social unrest, the Pakistani government continues to prevaricate on a request to the IMF for a multi-billion dollar emergency bailout. But the Pakistan People’s Party led-coalition government has already begun to impose IMF-dictated restructuring measures, including the elimination of energy-price subsidies.

Spain: Supreme Court halts investigation into Franco-era crimes

By Paul Stuart and Paul Mitchell, 13 November 2008

Spain’s Supreme Court has halted the investigation begun by Judge Baltasar Garzón into the executions and repression carried out by the fascist regime of General Francisco Franco.

Turkish economy heading toward recession

By Sinan Ikinci, 13 November 2008

Turkey’s industrial output declined for the second consecutive month in September, according to figures released by the Turkish Statistical Institute on Monday. Factory after factory is halting production, both temporarily and permanently.

New in Russian

Мировой финансовый кризис ставит подножку экономическому буму в России

Владимир Волков, 6 ноября 2008 г.

Демократический кандидат Барак Обама с большим преимуществом победил республиканского кандидата Джона Маккейна на президентских выборах в США, состоявшихся во вторник. Демократическая партия значительно усилила свое превосходство в обеих палатах Конгресса - Сенате и Палате представителей.

New in Portuguese

Colapso nas vendas do setor automobilístico dos EUA aponta aprofundamento da recessão

Por Jerry White, 13 de novembro de 2008

As vendas de novos veículos nos EUA despencaram em outubro na medida em que os consumidores—atingidos pelo crescimento do desemprego, decréscimo dos salários e diminuição do crédito—diminuíram a compra de carros e caminhões.

New in German

Finanzkrise ruiniert Osteuropa
Der Preis der kapitalistischen Restauration

Von Alex Lantier, 13. November 2008

Die globae Finanzkrise führt in Osteuropa zu ökonomischem Chaos und Niedergang und lässt den Konkurrenzkampf zwischen den Großmächten um politischen und militärischen Einfluss wieder aufleben.

Bildungsmisere treibt zehntausende Schüler auf die Straße

Von unseren Korrespondenten, 13. November 2008

In 40 Städten haben am gestern insgesamt mehrere zehntausend Schüler gegen die kontinuierliche Verschlechterung der Bildungssituation in Deutschland demonstriert. Die Veranstalter sprechen von über 100 000 Beteiligten. Im Zentrum standen die Forderungen nach einer Verkleinerung der Klassen, der Einstellung neuer, regulär bezahlter Lehrer und die Rücknahme des so genannten Turbo-Abiturs in nur zwölf Schuljahren.

Politische Pattsituation erzwingt Neuwahlen in Israel

Von Jean Shaoul, 13. November 2008

In Israel werden am 10. Februar um zwölf Monate vorgezogene Neuwahlen stattfinden.

New in French

France : Les travailleurs de Renault manifestent pour la défense des emplois tandis que la récession s’aggrave

Par Antoine Lerougetel, 13 novembre 2008

Quelque 3000 personnes se sont rassemblées samedi 8 novembre pour une manifestation régionale au Havre, capitale de la Normandie, pour la défense des emplois et des services sociaux.

Perspective

Auto workers to pay for Big Three bailout

13 November 2008

New York Times columnist Thomas Friedman demands that tens of thousands more auto jobs be destroyed and that the wages and benefits of those who remain be gutted as part of any infusion of taxpayer money into the auto companies. But he demands no such conditions on the hundreds of billions of dollars being doled out to the banks.

Earlier Perspectives »

Correspondence

Letters from our readers

13 November 2008

A selection of letters sent to the World Socialist Web Site.

Arts Review

David Walsh and Trevor GriffithsTrevor Griffiths and David Walsh discuss “The Writer and Revolution”

13 November 2008

A unique discussion on “The Writer and Revolution” between acclaimed playwright Trevor Griffiths and WSWS Arts Editor David Walsh took place Wednesday in Manchester, England.

Blindness and QuarantineFeeling around in the dark: Blindness and Quarantine

By Hiram Lee, 13 November 2008

Brazilian director Fernando Meirelles returns with Blindness, a dystopian work with a bleak view of human nature. Quarantine tells the story of a journalist and a team of first responders who are held hostage in a military-enforced quarantine.

Workers Struggles

Germany: IG Metall Union sells out wages movement

By Ludwig Weller, 13 November 2008

The German metal workers union has responded to the financial crisis by agreeing to a contract aimed at ensuring the profitability of the German metal industry—betraying a strike wave over wage cuts that had involved more than a half million workers.

Australia: Northern Territory teachers resist Labor government’s attack on public education

By Katrina Morrison, 13 November 2008

After voting down a proposed industrial agreement negotiated between the government and the union last September, teachers are now threatening further industrial action. The standoff in the NT comes as teachers in several states are attempting to defend their wages, conditions, and the public education system as a whole.

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