Jeremy Corbyn: The facts about a planet facing climate disaster are clear. Why won’t this Labour government face them?

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https://www.theguardian.com/commentisfree/2024/dec/20/planet-climate-disaster-labour-government

A wildfire near Povoa de Montemuro, Portugal, 18 September 2024. Photograph: Susana Vera/Reuters

Labour seems gripped by a form of denialism. The danger is real and incremental change won’t avert it

If our political leaders acted out of humanity, the plight of others would be enough to motivate them into action. In the absence of empathy, perhaps we need to be more direct: the climate crisis is coming for you, because it is coming for us all.

Without urgent action, “once-in-a-generation” events – the flooding of New York subways, the typhoon-like winds sucking people out of their apartments in China, the forest fires – will become the new routine of daily life. Politicians abandoned the goal to stop climate breakdown many years ago. We have a much more basic demand: to stop climate breakdown entering a new phase of existential disaster.

That means avoiding certain “tipping points” that would put humanity on an irreversible path to catastrophe. The collapse of the Atlantic meridional overturning circulation, for example, would disrupt the rains that billions of people depend on for food in India, South America and west Africa. Permafrost thaw would generate an irreversible release of carbon dioxide. And the loss of the Greenland ice sheet would result in disastrous runaway melting.

Few politicians deny that human-made global heating is real. Instead, our government peddles a different – more insidious – kind of denialism. One that moves away from a disbelief in the climate crisis, and toward a belief that incremental change can fix it.

This government is not just failing to stand up to fossil fuel giants. It is failing to confront the economic system that empowers them. The richest 1% are responsible for more carbon emissions than the poorest 66%, yet our government still refuses to bring in wealth taxes to reduce inequality. Unless the government has the courage to rewrite the rules of our ecocidal economy, its climate targets will soon become yet another broken promise.

A planet cannot be cooled by warm words; we need fundamental change, now. A Green New Deal would invest in publicly owned renewable energy and water. It would create millions of green jobs. It would promote sustainable farming based on the principles of agroecology. And it would kickstart an economy based on human need, not corporate greed.

The whole article is at https://www.theguardian.com/commentisfree/2024/dec/20/planet-climate-disaster-labour-government. I’ve been registered for some time, unsure what’s needed to get access. Perhaps the Guardian can provide easier access?

Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark Richards
Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark Richards
Continue ReadingJeremy Corbyn: The facts about a planet facing climate disaster are clear. Why won’t this Labour government face them?

Bernie Sanders Says Defeating Oligarchy Now Most Urgent Issue

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Original article by Jon Queally republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Bernie Sanders attends during “Bernie Sanders: It’s OK To Be Angry About Capitalism” at Royal Geographical Society on February 22, 2024 in London, England. (Photo by Joe Maher/Getty Images For Fane)

“My friends, you don’t have to be a PhD in political science to understand that this is not democracy. This is not one person, one vote. This is not all of us coming together to decide our future. This is oligarchy.”

Sen. Bernie Sanders of Vermont is escalating his fight against the U.S. oligarchy with a new campaign directed at the nation’s wealthiest individuals—including Elon Musk, Jeff Bezos, and Mark Zuckerberg—who he says are key culprits in a global race to the bottom that is stripping people worldwide of political agency while impoverishing billions so that the rich can amass increasingly obscene levels of wealth.

Announcing a new series that will detail how “billionaire oligarchs” in the U.S. “manipulate the global economy, purchase our elections, avoid paying taxes, and increasingly control our government,” Sanders said in a Friday night video address that it makes him laugh when mainstream pundits talk openly about the nefarious oligarchic structures in other places, but refuse to acknowledge the issue in domestic terms.

“Strangely enough, the term ‘oligarchy’ is very rarely used to describe what’s happening in the United States or in fact, what’s happening around the world,” said Sanders. “But guess what? Oligarchy is a global phenomenon, and it is headquartered right here in the United States.”

While rarely discussed in the corporate press or by most elected officials, argues Sanders, the reality is that a “small number of incredibly wealthy billionaires own and control much of the global economy. Period. End of discussion. And increasingly they own and control our government through a corrupt campaign finance system.”

Since the the victory of President-elect Donald Trump in November, Sanders has been increasingly outspoken about his frustrations over the failure of the Democratic Party to adequately confront the contradictions presented by a party that purports to represent the interests of the working class yet remains so beholden to corporate interests and the wealthy that lavish it with campaign contributions.

In a missive to supporters last month, Sanders bemoaned how “just 150 billionaire families spent nearly $2 billion to get their candidates elected” in this year’s elections, which included giving to both major political parties. Such a reality, he said, must be challenged.

As part of his new effort announced Friday, Sanders’ office said the two-time Democratic presidential candidate would be hosting a series of discussions with the leading experts on various topics related to the form and function of U.S. oligarchy and expose the incoming Trump administration’s “ties to the billionaire class,” including their efforts to further erode democracy, gut regulations, enrich themselves, and undermine the common good.

“In my view,” said Sanders, “this issue of oligarchy is the most important issue facing our country and world because it touches on everything else.” He said the climate crisis, healthcare, worker protections, and the fight against poverty are all adversely effected by the power of the wealthy elites who control the economy and the political sphere.

“My friends, you don’t have to be a PhD in political science to understand that this is not democracy,” he said. “This is not one person, one vote. This is not all of us coming together to decide our future. This is oligarchy.”

Original article by Jon Queally republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingBernie Sanders Says Defeating Oligarchy Now Most Urgent Issue

‘The Next Recession Starts Here’: Trump Team Weighs Abolishing Bank Regulators

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Original article by Jake Johnson republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

The president-elect’s advisers are reportedly discussing plans to shrink or eliminate key bank watchdogs, including the Federal Deposit Insurance Corporation.

President-elect Donald Trump and his advisers are reportedly considering plans to weaken—or abolish altogether—top bank regulators, including the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency.

The Wall Street Journal reported Thursday that members of Trump’s transition team and the new Elon Musk-led Department of Government Efficiency have asked nominees under consideration to head the FDIC and OCC if the bank watchdogs could be eliminated and have their functions absorbed by the Treasury Department, which is set to be run by a billionaire hedge fund manager and crypto enthusiast.

“Bank executives are optimistic President-elect Donald Trump will ease a host of regulations on capital cushions and consumer protections, as well as scrutiny of consolidation in the industry,” the Journal reported. “But FDIC deposit insurance is considered near sacred. Any move that threatened to undermine even the perception of deposit insurance could quickly ripple through banks and in a crisis might compound customer fears.”

The Trump team’s internal and fluid discussions about the fate of the key bank regulators broadly aligns with Project 2025’s proposal to “merge the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Reserve’s non-monetary supervisory and regulatory functions.”

The FDIC, which is primarily funded by bank insurance premiums, was established during the Great Depression to restore public trust in the nation’s banking system, and the agency played a central role in navigating the 2023 bank failures that threatened a systemic crisis.

Observers warned that gutting the FDIC and OCC could catalyze another economic meltdown.

“The next recession starts here,” tech journalist Jacob Silverman warned in response to the Journal‘s reporting.

Eric Rauchway, a historian of the New Deal, wrote that “even Milton Friedman appreciated the FDIC,” underscoring the extreme nature of the incoming Trump administration’s deregulatory ambitions.

Musk, the world’s wealthiest man, is also pushing for the elimination of the Consumer Financial Protection Bureau, an agency established in the wake of the 2008 financial crisis.

The Journal noted Thursday that “Rep. Andy Barr, a Republican from Kentucky and Trump ally on the House Financial Services Committee, has backed the plan to eliminate or drastically alter the CFPB and said he wants to get rid of what he calls ‘one-size-fits-all’ regulation for banks.”

Barr has received millions of dollars in campaign donations from the financial sector and “introduced many pieces of pro-industry legislation, including significant rollbacks of protections stemming from the 2008 financial crisis,” according to the watchdog group Accountable.US.

Original article by Jake Johnson republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue Reading‘The Next Recession Starts Here’: Trump Team Weighs Abolishing Bank Regulators

Tech Billionaires Get in Line to Support Trump Inauguration Fund

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Original article by Eloise Goldsmith republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

OpenAI CEO Sam Altman attends a session of the World Economic Forum (WEF) meeting in Davos on January 18, 2024. (Photo by Fabrice Coffrini/AFP via Getty Images)

“President Trump will lead our country into the age of AI, and I am eager to support his efforts to ensure America stays ahead,” said OpenAI CEO Sam Altman.

OpenAI CEO Sam Altman became the latest tech titan to make an explicit overture to U.S. President-elect Donald Trump when he confirmed Friday that he intends to make a $1 million to Trump’s inauguration fund.

The news comes after Meta confirmed Wednesday that it has donated $1 million to the fund, and it was reported Thursday that Amazon intends to make a $1 million donation. The Washington Post characterized Altman’s move as “the latest attempt to gain favor from a leading technology executive in an industry that has long been a target of Trump’s vitriol.”

Altman said in a statement that was sent to multiple outlets that “President Trump will lead our country into the age of AI, and I am eager to support his efforts to ensure America stays ahead.”

The donation from Meta follows a trip by Meta CEO and founder Mark Zuckerberg down to Trump’s Mar-a-Lago Club to meet with the president-elect last month. Jeff Bezos, Amazon’s executive chairman, is slated to head to Florida to meet with Trump at Mar-a-Lago next week, according to The Wall Street Journal.

Zuckerberg and Trump have not always been on the best of terms—Meta temporarily booted Trump from Instagram and Facebook following his comments regarding the January 6 insurrection, and Trump threatened Zuckerberg with lifetime incarceration if Trump perceived that Zuckerberg was interfering in the 2024 election—but Zuckerberg made entreaties to the then-candidate this past summer when he described Trump’s response to his assassination attempt as “badass.”

Zuckerberg and Meta refrained from donating to Trump’s inauguration fund in 2017, and to President Joe Biden’s inauguration fund in 2021, according to The Wall Street Journal.

In response to the news that Meta donated to Trump’s inauguration fund this time, the watchdog group Public Citizen wrote: “Shocker! Another tech bro billionaire trying to buy his way into Trump’s good graces. Zuckerberg donated $1 million to Trump’s inaugural fund. $1 million to the man who threatened Zuckerberg with life in prison. Grow a spine.”

Journalists Mehdi Hasan described the move as “bending both knees to Trump.”

https://twitter.com/mehdirhasan/status/1867180307696549914?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1867180307696549914%7Ctwgr%5E58d4184d61198542016c7f701d22c2aa26d27a69%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.commondreams.org%2Fnews%2Ftrump-tech-billionaires-donation

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Bezos also chafed against Trump during his first presidency. Trump has repeatedly criticized The Washington Post, which is owned by Bezos, for its coverage of him. In legal proceedings, Amazon also accused Trump of swaying the bidding process when the Pentagon chose Microsoft over Amazon for a lucrative contract because of Trump’s disdain for Bezos. However, in a move that was viewed as a signal to Trump, Bezos blocked the Post from endorsing Vice President Kamala Harris just before last month’s election.

Margaret O’Mara, a history professor at the University of Washington who focuses on the high-tech economy, said during an interview with NPR the fact that support for Trump isn’t happening quietly “is something new.”

“It’s just a recognition that there’s not much to be gained in outspoken opposition, but perhaps there is something to be gained by being very clear about your support and hope that Trump does well,” she said.

Original article by Eloise Goldsmith republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingTech Billionaires Get in Line to Support Trump Inauguration Fund

Wealth of World’s Richest Has Doubled Over Past Decade

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Original article by Julia Conley republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Amazion founder Jeff Bezos participates in a discussion during a Milestone Celebration dinner September 13, 2018 in Washington, D.C. (Photo: Alex Wong/Getty Images)

The total wealth of billionaires increased by 121% from 2015-24.

Driven largely by the accumulation of massive wealth by the richest people in the United States, the Swiss wealth manager UBS said Thursday the assets of billionaires around the world more than doubled over the past decade.

Between 2015-24, the total wealth of billionaires increased by 121%, from $6.3 trillion to $14 trillion.

Meanwhile, the MSCI AC World Index of global equities, which measures the performance of more than 3,000 stocks from both developed and emerging markets, rose by 73%.

The planet’s total gross domestic product is about $105.4 trillion, with a population of just over 8 billion, underscoring the extreme concentration of wealth among the very richest people.

The number of billionaires rose from 1,757 to 2,682 over the past decade, while the wealthiest people in the world boasted significant gains over just the past year.

Billionaires’ wealth jumped by about 17% in 2024, with the accumulation of wealth among the richest people in the U.S. offsetting a decline in China.

U.S. billionaires amassed wealth gains that were 27.6% higher than the previous year, accumulating a total of $5.8 trillion—more than 40% of international billionaire wealth.

The tax cuts pushed through by President-elect Donald Trump and the Republican Party in 2017 are still in effect in the U.S. Tax policy analysts have found that the law was skewed to the rich, with households in the top 1% of incomes expecting to receive an average tax cut of more than $60,000 in 2025 compared to an average tax cut of less than $500 for people in the bottom 60%.

As Common Dreams reported this week, the top 12 U.S. billionaires now control $2 trillion. The wealth of the four richest people in the U.S.—Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Oracle co-founder Larry Ellison, and Meta CEO Mark Zuckerberg—has hit $1 trillion.

https://twitter.com/OurRevolution/status/1865044573086470545?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1865044573086470545%7Ctwgr%5E0cde687c7bad14629508d539b5d7a4b14c0b3a90%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.commondreams.org%2Fnews%2Fhow-many-billionaires-in-world

“These four men were worth $74 billion 12 short years ago,” said Americans for Tax Fairness. “Tax billionaires.”

At the G20 Summit last month, world leaders agreed to “engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed.”

Original article by Julia Conley republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Keir Starmer warns against following the https://onaquietday.org blog.
Keir Starmer warns against following the https://onaquietday.org blog.
Continue ReadingWealth of World’s Richest Has Doubled Over Past Decade