Interview with John Bellamy Foster for the Norwegian daily Klassekampen (posted from

Download Marxist Economics – A handbook of basic definitions (Resistance Books, 1998).

US$700 billion dollars is twice the combined debt of the world’s poorest 49 countries.

By Tony Iltis

October 11, 2008 -- “Meltdown” is a word that one hears a lot on the news these days.

Despite the US$700 billion government bailout of banks in the US, similar (albeit smaller) bailouts in Europe, and various forms of state intervention in the finance industry on both sides of the Atlantic, sharemarkets worldwide are in free fall. Comparisons with the Great Depression of the 1930s are common. Homelessness and unemployment are rising and are set to increase dramatically.

Meanwhile, more quietly but even more relentlessly, another meltdown is occurring: that of the polar icecaps. According to the Western world’s establishment politicians and corporate media, the way to avert catastrophic climate change lies in setting up elaborate emissions trading schemes and carbon markets: that is, relying on precisely the mechanisms that have created the economic meltdown!

By Raul Burbano

October 13, 2008 -- Bolivian President Evo Morales has called for a national referendum on the country’s new draft constitution on December 7. The demand of the Bolivian people for a new and socially, politically and economically inclusive constitution is at the heart of the present political upheaval in that country.

Right-wing forces representing the country’s traditional ruling oligarchy have launched a secessionist movement to balkanise the country, in an attempt to block the constitutional referendum. They have organised murderous fascist gangs to terrorise the population.

They are backed by the US government, whose ambassador, Philip Goldberg, has recently been expelled from Bolivia for his support of the opposition and openly admitted interference in Bolivian political life.

On the other side the vast majority of the Bolivians, more than 67% of whom just voted support President Evo Morales in a recall referendum.

By David Spratt

October 10, 2008 -- A year ago I was researching what was intended to be a short submission to the Garnaut review [commissioned to advise the Australian federal government of Labor Party Prime Minister Kevin Rudd], when events in the polar north turned the world of climate policy upside down. It was found that eight million square kilometres of sea-ice — an area the size of Australia — was melting, in the immortal words of one glaciologist, "a hundred years ahead of schedule".

Yet the international policy debate carried on as if this had not happened. Out-of-date scenarios, research and observations were being used to propose emission reduction targets that would still lead to catastrophe even if fully implemented.

And so a short submission became a long detour into how the climate debate is being constructed, and the result, with Philip Sutton,  was a book we did not intend to write, Climate Code Red.

Statement from the National Assembly of People’s Power

By Malik Miah

October 8, 2008 -- The deepening financial calamity exposes how the “fundamentals” of the economy impact on working people, particularly African Americans. The so-called unfettered free market system has been a failure.

The issue of the economy has given the presidential campaign of Barack Obama, the first Black candidate for a major party, a big boost. After eight years of Bush-Cheney, Obama should be a shoo-in. Democrats are expected to garner big majorities in the Senate and the House of Representatives.

Indian Prime Minister Manmohan Singh with US President George Bush

By Dipankar Bhattacharya, general secretary, Communist Party of India (Marxist-Leninist) Liberation

By Chris Slee

October 5, 2008 -- On January 2, 2008, the Sri Lankan government formally renounced the ceasefire agreement with the Liberation Tigers of Tamil Eelam (LTTE), which a previous government had signed in February 2002. But by the beginning of 2008 the ceasefire already existed only on paper. Violence, which had been escalating for several years, had by then reached the level of full-scale war.

Interview with John Bellamy Foster, editor of Monthly Review, for Página/12 (Argentina).

Richard Wolff is professor of economics at UMass Amhers