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Financial crisis as a way of life

From Wall Street to Iceland to Greece to Ireland, the world is lurching from one financial crisis to the next. The financial panic of 2008 has morphed into the era of financial crises. If you think you live in an oasis away from financial meltdown, think again. Financial markets are so twitchy (and so interdependent) that a problem anywhere could become a problem everywhere.

How did we become hostage to financial markets? A generation of neoliberal finance set the stage for chronic worldwide financial instability:

Inequality has skyrocketed

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Wall Street bailout wall street global financial crisis financial speculation financial crisis European central bank economy

The economy excuse that tears at Canada

NDP leader Jack Layton during the filibuster against back-to-work legislation being imposed on postal workers.
The NDP's parliamentary debate instigated last weekend leads to a wider debate. Whose economy is it? What is the economy for? How do we improve economic well-being? Conservatives want to avoid this.

Related rabble.ca story:

It's the economy excuse, stupid
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Stephen Harper Harper government economy Canadian economy
Columnists

Minimum wage and the neoclassical failure of Economics 101

The National Post ran a little pro-and-con debate on minimum wages in Feb. 22's paper. I was the "pro" side; my argument was excerpted from a longer paper on "What determines wages and income distribution" that is available on the CAW's web site. The "con" side was written by two economists at the Fraser Institute.

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poverty minimum wage economy Economics
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Housing on the knife's edge

At long last, the federal government has decided to seriously address the housing price bubble that has increasingly concerned Canadians.

On the heels of multiple warnings from the Bank of Canada that Canadians have taken on too much household debt for comfort (we hold the dubious distinction of having the worst consumer debt to financial assets ratio among 20 OECD nations), the federal government announced three moves. It will reduce the maximum insurable amortization period from 35 years to 30 years as it scales back both home equity loans and the amount homeowners can refinance. With these changes, we are about half way back to where the CMHC lending standards stood in 2006 when the Harper government significantly loosened them.

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mortgages mortgage bubble middle class housing house prices economy Canadian Centre for Policy Alternatives banks
Opinion

Looking into the crystal ball: 2011 predictions from the CCPA

Happy new year rabble readers! As we round out another decade, thoughts turn to the future, and our partners at the The Canadian Centre for Policy Alternatives have weighed in on the issues facing Canada in the years ahead. They flag the economy, social unrest, drift, democracy, dirty oil and corporate Canada as things to watch in 2011 and beyond.

Hugh Mackenzie, CCPA Research Associate

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economy Canadian politics
press release

Canadian welfare system outdated: National Council of Welfare

OTTAWA, ONTARIO, December 13, 2010 - A new report from the National Council of Welfare (NCW) shows that welfare can be harder to get today than 20 years ago. This means more people were forced into destitution to qualify for welfare in 2009, when the recession's casualties were mounting.

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poverty child poverty welfare welfare state National Council of Welfare economic crisis economy
Columnists

Improving social well-being would reduce health-care costs

Governments are still reeling from recession-induced deficits, but now their attention is turning to another fiscal elephant marching into the room: the coming renegotiation of federal-provincial transfer payments. The Canada Health Transfer (CHT) expires in 2014, and must be extended soon. Finance Minister Jim Flaherty plans to clamp down on transfers to reduce his own deficit. But that just passes the buck to the provinces, whose fiscal position is even worse.

As this debate heats up, there's a new piece of knowledge that should be considered carefully as finance ministers arm-wrestle. Since the CHT was implemented in 2004, researchers around the world have established a whole new field of scientific knowledge regarding the social determinants of health.

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transfer payments poverty health care costs health care economy economic inequality

Related items

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It's now or never for Nova Scotia health care

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One thing about our health care system in Nova Scotia: It produces good reports on what to do. It's doing it that's the problem.

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The erosion of Canadians' right to universal health care

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The prominence of health care's importance to Canada's citizenry has not been lost on provincial or federal politicians, as the issue has historically remained a high priority for voters.

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babble: The Erosion of National Policies in Canada: Part 1 Health Care

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The Canadian Health Care System is being slowly dismantled in BC and in Quebec and elsewhere in Canada. Although Canadian citizens have access to OHIP the services covered are being eroded a little bit at a time.
Opinion

Canada and the next world financial crisis

How will the next financial crisis erupt? (Or perhaps we should describe it as a further chapter of the ongoing financial crisis.) It's like figuring out which piece of tinder will ignite after a sizzling heat wave. We know it's bad out there, but just where will the next spark hit? What follows is one of many- potential financial crisis scenarios that Canada could face.

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US federal reserve economy economic crisis commodities Canadian economy
Columnists

Ireland proves banking is too important to be left to the bankers

Concern for the plight of others is normal; it is part of being human. People recognize what it means for someone else to be cold or wet, or face thirst or hunger. Accounts of what we should do as a society have a place for empathy. The over-arching political philosophies, conservatism, liberalism and socialism are built around ideas of what responsibilities citizens have (and do not have) to each other, though this does not mean it is easy to reach agreements about how to provide shelter, and sustenance to those in need.

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Ireland government bailout global financial crisis global capitalism European Union Euro economy bank bailout
rabble news

CCPA at 30: A guide to best practice for progressive policymakers

Organized around the theme "Advancing Democracy and Social Justice in Canada: The Next 30 Years," the Canadian Centre for Policy Alternatives celebrated its 30th anniversary with a conference featuring progressive activists, thinkers and organizations on Nov. 18.

The gathering was an opportunity to mark three decades of advancing progressive ideas and to reflect on the challenges that lie ahead. After spending the day taking in presentations from a line-up of insightful speakers, here are some themes that resonated with me.

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social policy economy ccpa Canadian Centre for Policy Alternatives analysis
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