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People Before Profits • Stop Foreclosures • Break Up Big Finance • End the Wars
Updated: 2 hours 47 min ago

Nine Year Losing Streak For US Fracking Sector

December 9, 2018 - 10:00pm
Oil prices rose and oil and gas production boomed during the third quarter of 2018. But the US fracking sector continued its nine-year streak of cash losses. All told, a cross-section of 32 publicly traded fracking-focused companies spent nearly $1 billion more on drilling and related capital outlays during Q3 than those companies generated by selling oil and gas. Only 10 of the 32 companies secured positive cash flows for the quarter, and only eight generated positive cash flows over the trailing 12-month period. These results may surprise those who incorrectly equate rising output with financial success.
Categories: Friends of GEO, SE News

Council Approves Bills For ‘Fair Workweek’ And $15/hr. Wage Hike

December 8, 2018 - 8:00pm
The 24-year-old graduate of Olney High School left his job at a Target store two weeks ago because the company couldn’t accommodate his schedule — he’s only able to work daytime hours because in the evenings, he has to take care of a nephew who has cerebral palsy. Now, he works at Ross on City Avenue, where he’s in charge of making sure people don’t steal. But because he’s only getting 25 hours, he makes about $200 each week. His managers said they’re trying to make him full-time. If he could even get 32 hours a week, he said, it would make a big difference to his relatives, including his grandmother, who has cancer.
Categories: Friends of GEO, SE News

An Ecosocialist Path To Limiting Global Temperature Rise To 1.5°C

December 7, 2018 - 10:00am
The much-awaited report from the U.N.’s top climate science panel describes the enormous gap between where we are and where we need to be to prevent dangerous levels of global warming. The 2015 Paris climate accord committed industrial nations to reduce their emissions sufficiently to keep global temperatures within a 2°C rise over pre-industrial levels. In the final accord, highly vulnerable island nations and faith communities represented at the UN pressed the authors to include the 1.5°C limit as an aspirational target in the final draft of the accord with 2°C as the backup target.
Categories: Friends of GEO, SE News

Tale Of Two Depressions

December 5, 2018 - 11:00am
Mainstream economists continue to discuss the two great crises of capitalism during the past century just like the pillars of society performed in the brothel—a “house of infinite mirrors and theaters”—in Jean Genet’s The Balcony.* The order they represent is indeed threatened by an uprising in the streets, and the only question is: can they reestablish the illusion of control? The latest version of the absurdist economic play opens with Brad DeLong, who dons the costume of the liberal mainstream economist and argues that, while the Great Depression of the 1930s was far deeper than the Great Recession (what I have long referred to as the Second Great Depression), the recovery from the crash of 2007-08 was so mishandled that it casts a shadow over the U.S. economy in a way the first Great Depression did not.
Categories: Friends of GEO, SE News

What Does Inequality Cost The Average American? About $150K

December 4, 2018 - 8:00am
Belgian waffles. Belgian beers. Americans love ’em. But what Americans really need from Belgium has nothing to do with beer or breakfast treats. We need Belgium’s much more egalitarian distribution of wealth. The English philosopher Francis Bacon once long ago compared wealth to manure. Both only do good, Bacon quipped, if you spread them around. Belgium is spreading about as well as any nation on Earth, according to the Swiss bank Credit Suisse’s latest annual global wealth report. Why should Americans care about what’s happening in Belgium? The new Credit Suisse report at first doesn’t make that clear. On average, the Credit Suisse numbers show, Belgian adults hold less wealth than Americans.
Categories: Friends of GEO, SE News

The Real Economics Of Migration

December 3, 2018 - 1:00pm
Their strategy, while often electorally successful, is laying a foundation for weaker growth and higher levels of inequality across the world’s aging advanced economies. Debates about immigration are roiling the world’s democracies. In the run-up to the US midterm elections this year, President Donald Trump sought to rally his base by making an issue out of a “caravan” of impoverished Central Americans making its way on foot to the southern border. In the United Kingdom, warnings of imminent mass immigration of Turkish people contributed to the June 2016 vote in favor of leaving the European Union. In Italy, Hungary, Austria, and elsewhere, populists have tightened their grip on power by politicizing flows of migrants and asylum seekers from the Middle East and North Africa.
Categories: Friends of GEO, SE News