Reflections by Comrade Fidel
More news about the agonies of capitalism
Today I read the cables from March 11th. They were continuing to rain information about the international economic crisis.
This time, it was the well known economist and Nobel
laureate in Economy Joseph Stiglitz speaking; the press and academia quote him
often. The French news agency AFP speaks
of his statement made yesterday in the city of
“President Barack Obama’s economic rescue package for
more than 700 billion dollars is ‘much better than Bush’s response in
“We ought to look at things in perspective. (President George W.) Bush was paralyzed and things got worse every day without his doing anything.
“He remembered that ‘many emerging countries have been
turned into innocent victims of the crisis.
The irony is that while the
“’As a result of that, the crisis today is severe in the entire world and countries like Brazil are really going to suffer’, Stiglitz indicated to the newspaper that consulted him about the 3.6% drop in the Brazilian economy in the fourth trimester last year, the strongest one since the same period in 1996 and reported on Tuesday.
“He also warned that despite the fact that ‘there is a global agreement to not turn to protectionism’ many of the help packages ‘have a basis of protectionist measures and the ones who will suffer most will be the developing countries’.
Reuters informs us that “Severstal, the largest
steel company in
“The Russian steel companies joined their rivals in other countries in cutting back their production during the fourth trimester even though, until now, they had avoided massive layoffs due to the politically sensitive nature of such a measure.
“’Additional job cut-backs are also planned in their
carbon and iron fields in
“Severstal has reduced its production in
several plants in
a cable coming from
“’China can lead the world out of the economic crisis thanks to its healthy international reserves, its large commercial surplus and its massive investments all around the world’, said an advisor to the Secretary General of the United Nations.
to the present time,
“They didn’t have a bubble as large as the one in
“The economic information released on Wednesday revealed that Chinese exports were shaky in February due to the fact that the country felt the whole impact of the global financial crisis, but capital expenses accelerated with the help of the government’s massive stimulus package.
“The country has around 2 trillion dollars in currency reserves. Its current account surplus today was at around 440 billion dollars at the end of 2008, up to 20 percent over that of the previous year, according to official statistics.
“The U.N. has said that 72 billion dollars would
be needed to help Africa, a fraction of the amount being used by the
governments of Europe and the
no hope coming from
Fidel Castro Ruz
March 12, 2009