A fantastic clip promoting this key Harrison book – The Silver Bullet
Renegade Economists Podcast 105
As broadcast on www.3cr.org.au on 090909
Listen to the Gentrification special on cultural profiling.
A special focusing on gentrification and the undermining of community – useful for those interested in our $3000 first prize I Want to Live Here Film competition. Enter and you have a 1 in 13 chance of winning at the moment!
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The Olympic Resistance Movement
Vancouver – world’s most liveable city – another tag adopted by the real estate industry. See also The World’s Happiest People. Also our local efforts in 2006 at the Stolenwealth Games
Mother fears Olympics win will be her loss by Diane Rusignolaand Kate Goshorn
While many Chicagoans are pushing for the city to win the 2016 Olympic bid, some residents of Washington Park – where the games would be held – fear for the future.
Residents of the South Side neighborhood worry they may get the short end of the Olympic stick if gentrification forces them out of their homes to make room for stadiums and athlete training facilities.
“Of course they’re going to have to move people,” said Denise Williams, a 49-year-old Washington Park resident who said she grew up in a South Side housing project.
“They’re rebuilding” this area, Williams said. “But when you see how much money they want? They’re only accepting so many people” for low-income housing units.
FORT MYERS, FL—In what forecasters are predicting will be the largest, most devastating disaster to hit Florida since the national economy collapsed, a Category 5 hurricane neared the Gulf coast this week, threatening thousands of repossessed and long deserted homes.
According to meteorologists, the incoming tropical storm could leave as many as 3 million residents every bit as homeless as they’ve been for the past year or so.
“Those who haven’t already lost everything to the housing-market crash are urged to evacuate their homes immediately,” said Robert Menken, head meteorologist at the National Weather Bureau. “That should be about 10 or 12 of you. Everyone else, please stay where you are, probably on the couch of some in-law who lives near Atlanta.”
Read more at the Onion.
Renegade Economists Show 104
As broadcast on the almighty www.3cr.org.au – 02/09/09
Data Processing Vortex: How can we keep up to speed with the juggernaut of issues hurtling our way? Is it enough to keep making the same mistakes? Celebrating 2 years on air, Karl gives a wrap on the foundations to the Earth Rights Democracy amongst current news zaps.
Smitten Sartor Went Too Far
THE former NSW planning minister Frank Sartor was ”enamoured” of a ”land bribe” exchange when he approved a huge housing development at Catherine Hill Bay, the Land and Environment Court ruled yesterday.
In a critical decision, Justice David Lloyd ruled that Mr Sartor ”committed himself” to approving the multi-million dollar project because he had previously negotiated and signed a contract with the developer, Rose Group, which would swap his approval for 300 hectares of conservation land.
Developer Eyes on Opposition Too
Data from the Australian Electoral Commission shows that the NSW ALP has received over $14 million in property donations in the past eight years.
During the same period the NSW Liberals have received over $8.6 million in property donations even through they have been out of government the entire time.
Many other notes came from Fast Froward News 4
Cali budget deficit -US$26 – 40bn
Chevron profits? $23.93m profit
0% resource rents for oil in cali
The Daily Reckoning
–Bloomberg reports that, “The benchmark index for U.S. stock options closed at the highest level since July 9. The VIX, as the Chicago Board Options Exchange Volatility Index is known, increased 12 percent to 29.15. The gauge, which measures the cost of using options as insurance against declines in the S&P 500, reached a record of 80.86 in November. The index is still above the average over its 19-year history of 20.”
–The VIX is referred to as the fear index because when the cost of buying put options on S&P 500 stocks goes up, it means investors are actively hedging against a fall in stocks. You can see from the chart above that yesterday’s action took the VIX above its 50-day moving average. What’s more the entire index remains elevated. That shows you just how uncertain investors are about the stability of this rally.
–The Wall Street Journal reports that just five big financial stocks are behind the stock market’s rally. Fannie Mae, Citigroup, Freddie Mac, Bank of America and AIG account for nearly a third of market’s daily turnover. Seems everyone is speculating on the banks…and moving them higher.
–You might also recognise them because they all go taken to the woodshed in trading action yesterday. The Dow fell 2% yesterday and the S&P 500 2.2%. But that was nothing compared to AIG’s 21% decline, or Fannie’s 18% fall, or Freddie’s 17% fall, or Citi’s 9.2% fall. Ouch. The Journal suggests the financials may lead the market down just as they led it up.
Today’s Age report on Carbon Cowboys Riding High
THE Australian at the heart of Papua New Guinea’s carbon trading rush is entrepreneur and racing identity Kirk Roberts, who is believed to have convinced many tribal groups to sign their rainforests up for future use as carbon credits.
Mr Roberts, who runs his carbon operations through a company called Nupan Pty Ltd, claims to have power of attorney over 90 forestry deals, giving him control over land potentially worth tens of millions of dollars as carbon sinks.
We warned on this when we first heard that Jeffrey Sachs was giving PNG carbon sink advice (back in May). Anyone who has heard Prof Michael Hudson or read Naomi Klein’s Shock Doctrine understands what we mean.
The danger in signing away your full rights as a carbon sink custodian is that over time, the value of saving the planet will become more and more important. As the lungs of the planet, these ancient forests will become increasingly valuable. Why sell the carbon rights off now in total rather than lease out their sequestering capabilities over their lifetime? With a yearly lease, where the land is valued per annum, the local PNG tribes would get a share of the ever increasing value of these living treasures.
We have warned about the speculative nature of these new eco markets on the Renegade Economists podcast for many moons. This story is the dangerous outcome to the bankers bonanza opening up in green markets. Speculative middlemen will simply sneak in and claim the lion’s share of the profiteering made possible by the creation of ‘fee simple’ property rights (rather than ‘fee annual’ – defining yearly payments).
This REDD scheme will do little to reduce overall carbon emissions. Neither will carbon trading.
Stories are being leaked on how companies are setting up bogus refrigeration companies in India that use the worst possible emitting gases, then ‘reforming’ them towards less harmful gases as the cheapest carbon ‘credit’. Why not avoid the pain of nightmares from our future grandchildren by going to a carbon tax? Sorry speculators, you will have to do something productive!
See our other commentaries on carbon trading here
The earth’s bounty should be shared amongst all to create the equality of opportunity that we are hood winked into believing democracy delivers!