PJ Harvey visits our studio for an exclusive live performance of The Last Living Rose from her recent album, Let England Shake Ben Kape Andy Gallagher Alex Healey Christian Bennett
Continue reading …Higher petrol prices and severe weather curb US GDP growth to an annualised 1.8% in the first three months of the year The US economy slowed during the first three months of the year to an annualised rate of 1.8%, as higher petrol prices and severe weather curbed growth. Previous consensus forecasts had pitched growth at between 2% and 2.5% for the first quarter. A slower pace of growth was signalled by Federal Reserve chairman Ben Bernanke who predicted a sub-2% rate at his first press conference on Wednesday evening, but the commerce department figures were still greeted with dismay by many traders concerned at the outlook for the US economy. Figures showing jobless claims also unexpectedly rose added to the dismal picture. The S&P index of leading shares dipped 3 points, putting a temporary brake on an otherwise surging stock market. Gold climbed to a new high of more than $1,532 an ounce, while the dollar continued its long decline, made worse the previous day by widespread interpretation of Bernanke’s remarks as meaning interest rates would stay low for a prolonged period. Inflation surged to 3.8%, its fastest pace since the third quarter of 2008, after increasing 1.7% in the fourth quarter. The core index, which excludes food and energy costs, accelerated to a 1.5% rate, the fastest since the fourth quarter of 2009, from 0.4% in the fourth quarter. US job figures weak In another report, new weekly claims for jobless benefits jumped to 429,000 in the week to April 23, from 404,000 the prior week. William Larkin of Cabot Money Management said the injection of capital by the Federal Reserve under its quantitative easing programme had proved disappointing because it was expected to reap a higher growth rate. He said: “Jobless claims popped back above 400,000 again, and that’s been a psychological barrier. We had been on a nice trend with claims, but now we’re finding resistance, which calls into questions the jobs recovery.” He added: “GDP was a little on the light side, though there were positives and negatives in the report. But with the amount of injection of capital into the economy, you’d hope that we would be able to get above 2% growth. In the short-term this is bad for stocks and good for bonds.” Richard Bryant, head of treasury trading at MF Global Securities, argued that bond prices were spooked by the jobless figures more than the slight decline in GDP. He said: “The big surprise was that jobless claims were a little bit higher than people were looking for, a little bit higher than expectations, so the Treasury market is retaining the bid that it has demonstrated since yesterday afternoon. This data certainly supports the bid. GDP had no major surprises, the headline was a little bit weaker than expectations.” The downbeat US figures confirm a general slowdown in growth across the developed economies as the effects of fiscal stimulus policies wane and austerity measures take their place. In the US Treasury secretary Tim Geithner has maintained much of the federal stimulus put in place during the banking crisis, but has presided over large cuts by individual states, which must balance their budgets. Only Germany has maintained its robust growth, mainly on the back of exports to Asia, while France and Britain are unlikely to breach the 2% barrier. The UK government has estimated annualised growth at 1.5% to 2%, with a consensus hovering on or below 1.5%. US economy Economics United States Phillip Inman guardian.co.uk
Continue reading …Higher petrol prices and severe weather curb US GDP growth to an annualised 1.8% in the first three months of the year The US economy slowed during the first three months of the year to an annualised rate of 1.8%, as higher petrol prices and severe weather curbed growth. Previous consensus forecasts had pitched growth at between 2% and 2.5% for the first quarter. A slower pace of growth was signalled by Federal Reserve chairman Ben Bernanke who predicted a sub-2% rate at his first press conference on Wednesday evening, but the commerce department figures were still greeted with dismay by many traders concerned at the outlook for the US economy. Figures showing jobless claims also unexpectedly rose added to the dismal picture. The S&P index of leading shares dipped 3 points, putting a temporary brake on an otherwise surging stock market. Gold climbed to a new high of more than $1,532 an ounce, while the dollar continued its long decline, made worse the previous day by widespread interpretation of Bernanke’s remarks as meaning interest rates would stay low for a prolonged period. Inflation surged to 3.8%, its fastest pace since the third quarter of 2008, after increasing 1.7% in the fourth quarter. The core index, which excludes food and energy costs, accelerated to a 1.5% rate, the fastest since the fourth quarter of 2009, from 0.4% in the fourth quarter. US job figures weak In another report, new weekly claims for jobless benefits jumped to 429,000 in the week to April 23, from 404,000 the prior week. William Larkin of Cabot Money Management said the injection of capital by the Federal Reserve under its quantitative easing programme had proved disappointing because it was expected to reap a higher growth rate. He said: “Jobless claims popped back above 400,000 again, and that’s been a psychological barrier. We had been on a nice trend with claims, but now we’re finding resistance, which calls into questions the jobs recovery.” He added: “GDP was a little on the light side, though there were positives and negatives in the report. But with the amount of injection of capital into the economy, you’d hope that we would be able to get above 2% growth. In the short-term this is bad for stocks and good for bonds.” Richard Bryant, head of treasury trading at MF Global Securities, argued that bond prices were spooked by the jobless figures more than the slight decline in GDP. He said: “The big surprise was that jobless claims were a little bit higher than people were looking for, a little bit higher than expectations, so the Treasury market is retaining the bid that it has demonstrated since yesterday afternoon. This data certainly supports the bid. GDP had no major surprises, the headline was a little bit weaker than expectations.” The downbeat US figures confirm a general slowdown in growth across the developed economies as the effects of fiscal stimulus policies wane and austerity measures take their place. In the US Treasury secretary Tim Geithner has maintained much of the federal stimulus put in place during the banking crisis, but has presided over large cuts by individual states, which must balance their budgets. Only Germany has maintained its robust growth, mainly on the back of exports to Asia, while France and Britain are unlikely to breach the 2% barrier. The UK government has estimated annualised growth at 1.5% to 2%, with a consensus hovering on or below 1.5%. US economy Economics United States Phillip Inman guardian.co.uk
Continue reading …Explosion tears apart Argana cafe in Marrakech’s Jamaa el-Fna square, which is popular with foreign tourists An explosion in the Moroccan city of Marrakech has killed at least 14 people and injured 20 at a market square cafe popular with foreign tourists. Several foreigners were among the victims. The blast just before noon tore the facade off the two-storey Argana cafe, leaving awnings dangling. Bystanders dragged away bodies and tried to put out flames with fire extinguishers, witnesses said. The interior ministry said there was evidence the blast was a “criminal act”. A Moroccan government spokesman, Khalid Naciri, said that the dead came from different countries but did not say which ones. “We worked for more than an hour, maybe less, on the hypothesis that this could eventually be accidental. But initial results of the investigation confirm that we are confronted with a true criminal act,” Naciri said in an interview with France-24 television. British man Andy Birnie told Associated Press: “There was a huge bang and lots of smoke went up. There was debris raining down from the sky. Hundreds of people were running in panic, some towards the cafe, some away from the square. The whole front of the cafe is blown away.” Birnie, from north London, is on his honeymoon. “It was lunchtime so the square was very busy. We had just walked into the square but were shielded by some stalls.” A photographer said he saw rescue workers pulling dismembered bodies from the cafe. The Jamaa el-Fna square is a Unesco world heritage site known for its snake charmers and fire breathers. Marrakech’s old town is usually crowded with tourists. The state news agency, MAP, said an investigation was under way. An official source had earlier told Reuters it appeared the blast was caused by gas canisters in the cafe catching fire. Islamist militants staged a series of suicide bombings in Morocco’s commercial capital, Casablanca, in 2003. More than 45 people were killed. Morocco Mark Tran guardian.co.uk
Continue reading …Explosion tears apart Argana cafe in Marrakech’s Jamaa el-Fna square, which is popular with foreign tourists An explosion in the Moroccan city of Marrakech has killed at least 14 people and injured 20 at a market square cafe popular with foreign tourists. Several foreigners were among the victims. The blast just before noon tore the facade off the two-storey Argana cafe, leaving awnings dangling. Bystanders dragged away bodies and tried to put out flames with fire extinguishers, witnesses said. The interior ministry said there was evidence the blast was a “criminal act”. A Moroccan government spokesman, Khalid Naciri, said that the dead came from different countries but did not say which ones. “We worked for more than an hour, maybe less, on the hypothesis that this could eventually be accidental. But initial results of the investigation confirm that we are confronted with a true criminal act,” Naciri said in an interview with France-24 television. British man Andy Birnie told Associated Press: “There was a huge bang and lots of smoke went up. There was debris raining down from the sky. Hundreds of people were running in panic, some towards the cafe, some away from the square. The whole front of the cafe is blown away.” Birnie, from north London, is on his honeymoon. “It was lunchtime so the square was very busy. We had just walked into the square but were shielded by some stalls.” A photographer said he saw rescue workers pulling dismembered bodies from the cafe. The Jamaa el-Fna square is a Unesco world heritage site known for its snake charmers and fire breathers. Marrakech’s old town is usually crowded with tourists. The state news agency, MAP, said an investigation was under way. An official source had earlier told Reuters it appeared the blast was caused by gas canisters in the cafe catching fire. Islamist militants staged a series of suicide bombings in Morocco’s commercial capital, Casablanca, in 2003. More than 45 people were killed. Morocco Mark Tran guardian.co.uk
Continue reading …Last year, Sen. Orrin Hatch proposed drug testing as a condition of unemployment benefits – and gave one of his typically strident lectures on the deficit. Yet he turns down millionaires who want to pay more taxes! So the Patriotic Millionaires , a group that includes several dozen people in the highest tax bracket, first tried unsuccessfully to convince elected officials to let the Bush tax cuts expire. No dice. Then, right before Obama was to announce his budget proposal, they took a different approach. Via Justin Elliott in Salon : “For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you increase taxes on incomes over $1,000,000,” the group writes in a new letter to Obama, Harry Reid, and John Boehner. “We make this request as loyal citizens who now or in the past earned incomes of $1,000,000 per year or more.” Last year, Obama signed a bill to extend the Bush tax cuts after originally proposing that the two highest tax rates return to 36% and 39.6%, up from the Bush tax cut levels of 33% and 35%. One of the signatories of the new letter, film and television producer Linda Gottlieb, explained her participation to me this morning: “For me to be sitting and hoarding my money is insane,” said Gottlieb, whose producer credits include “Dirty Dancing” and who now teaches at NYU’s Tisch school. “We all give to charity, but that’s not the same as creating a more equitable society.” Gottlieb said she has been upset by the experience of her grandchildren, who attend a New York City public school where arts education has been cut and parents have had to organize an auction to try to fill the gaps. She added that raising taxes on the wealthiest people would be an important way of reducing the deficit. “For rich people to moan and groan — nobody likes to pay increased taxes — but it’s not going to change your life in any important way,” she said. “What it can do is help your country.” Now, I’m sure you’re familiar with what a truly awful weasel Orrin Hatch is. (Remember when he wanted people on unemployment to be drug tested?) How do you suppose the ranking Republican on the Senate Finance Committee responded? By mocking them! “We hear this quite a bit from rich Democrats. ‘Please tax us more,’ they say. Well I know a lot who don’t say that, I’ll tell you that. As the ranking member on the Senate Finance Committee, I feel obligated to inform Mr. Plouffe that the president and all those rich, liberal Democrats who are eager to pay higher taxes can do just that. They can write a check to the IRS and make an extra payment on their tax return to pay down the federal debt. The option is right there at the bottom of their tax return.” My goodness, what a typically snide response. The Patriotic Millionaires, unconvinced, tried again to advocate for their position. They released this statement to the press: “A few of us voluntarily writing a check to the IRS will not fix the problem that Sen. Hatch and his colleagues created for our country with their fiscal irresponsibility. It will take the work of all Patriotic Americans to create a strong foundation for our continued prosperity. “We are willing to do our part by paying higher taxes. It is clear Senator Hatch and many of his colleagues are not willing to do theirs. “We challenge Senator Hatch and the other millionaire members of the Senate to put their country first and raise taxes on people like them – and us – who make more than a million dollars a year. In the meantime, if Senator Hatch would like to make a personal contribution to the IRS to help his country, we pledge to match his contribution.” And on Monday they sent Hatch a letter , including some useful context: You and your colleagues over the past decade have voted for vast outlays that many of us as individuals might not agree with. Nonetheless, we recognize our responsibility as citizens to pay for these expenditures, which were authorized by our elected representatives, and are therefore ultimately our collective responsibility. That is an intrinsic part of living in a democracy: you don’t get to opt out. But letting people opt out is precisely what you are suggesting with your proposal of paying down our debt with voluntary contributions. In World War II, when we faced great challenges as a nation, we didn’t ask for voluntary contributions to pay for the war, or ask only those who supported the war to contribute. We had high taxes during the war, and high taxes to pay down the debt, afterward . Today, we benefit from that fiscal discipline. But we are undoing those benefits to society by cutting taxes on the wealthy at the same time we face enormous expenses and are carrying enormous debt. We need all of the above to address this problem, just as we have done in the past. During World War II, we even resorted to rationing to share the burden of war more equally. Who is paying the burden of war, today? Our less privileged, who fight and die in disproportionate numbers, and our future generations, who will bear the burden of the debt. We think that is shameful. We are ready to step up to the plate with a willingness to sacrifice for the greater good but we are not willing to make that sacrifice in vain, which it surely would be if we followed the course that you suggest. You even point this out yourself in your letter when you note that “the Bureau of Public Debt recorded only $3.1 million in gifts in 2010.” We have been more fortunate than most people, but we are a very small group. If there were even the remotest chance of making a noticeable dent in the problem by acting alone we would have done it already. But we are a few dozen people in a nation of over 300 million facing a debt measured in the tens of trillions. To suggest that we try to tackle this problem by making individual contributions is, frankly, insulting . It is like suggesting to someone expressing a desire to serve their country by bearing arms that they buy a rifle and a plane ticket to Afghanistan. Some problems are too big to be solved except through collective effort and shared sacrifice, and this is one of them. They go on to pretty much decimate the rest of his arguments. Here’s my favorite part: In 1977 when you first became a Senator, the U.S. National Debt was approximately $700 billion – that’s with a B – or 36% of then-GDP. At the end of 2008, before Barack Obama came to the White House, the National Debt ballooned to almost $10 trillion – that’s with a T – and about 70% of 2008 GDP (OMB). While there are different opinions as to how this happened, the National debt did not creep up on us suddenly. The spending that led to such debt resulted from the collective actions of Senators and House Representatives, including you. It is true that government spending levels are at historic highs, but it is also true that tax rates (and hence receipts) are at historic lows in terms of percentage of GDP . It is the combination of these two factors that has taken us from surplus to near-catastrophic deficits in a mere decade. And here’s the kicker: You close by expressing concern about raising taxes on us “during a vulnerable economic recovery.” It is precisely because we do not want this problem solved solely on the backs of the most vulnerable that we have asked the President to call us to our duty. To him and to you we say again: raise our taxes. We can take it. Stay tuned for another snide retort from the Utah senator. Too bad we don’t have more caring millionaires like this, huh? Good for them, and may the Flying Spaghetti Monster blow his nose directly over nasty old Orrin.
Continue reading …Left-wing storylines generally are not box-office blockbusters, yet Hollywood liberals insist on making message movies anyway. The same is true, and has been for decades, for comic books. The latest example involves the quintessential American superhero, Superman (h/t e-mail tipster John Craig). According to Laura Hudson of ComicsAlliance.com , the Man of Steel will renounce his U.S. citizenship — although, technically, isn't he an illegal alien? — before the United Nations in Action Comics #900: After recently undertaking a journey to walk — not fly — across the United States in the “Grounded” storyline and reconnect with the country and everyday Americans, Superman appears to be taking another step that could have major implications for his national identity: in Action Comics #900…
Continue reading …The first-past-the-post system has led to the slow death of a critical political culture. AV would at least give oxygen to debate Parliament’s numbness to the million-strong march against the Iraq war has left a legacy of profound scepticism about parliamentary politics as we know it. As widespread protest grows against the coalition’s erosion of public services, could AV make our political institutions any more sensitive to outside the political class? My starting point is Thomas Rainsborough ‘s powerful argument for extending the franchise, irrespective of wealth and property: “The poorest he that is in England hath a life to live, as the greatest he … every man that is to live under a government ought first by his own consent to put himself under the government … the poorest man in England is not at all bound in a strict sense to that government that he hath not had a voice to put himself under”. Four centuries from Rainsborough’s declaration, eight decades from the suffragettes winning the universal franchise, UK prime ministers govern without a mandate of the majority, and governments regularly implement policies that benefit the rich or the corporations and over which the poorest effectively have no say – the dismantling of the NHS being the latest such demonstration of contempt for the voters. In other words, what was a democratic victory – the winning of the universal right to vote, opening a dynamic towards more radical democratic reforms – has been turned into an opaque system of elite rule. The “winner takes all” electoral system has been a vital accomplice in this establishment hijack, giving spurious appeal to the mythologies of democratic rule that have veiled the nature of the UK’s unwritten, monarchical constitution. These mystified arrangements in turn have protected the financial interests of the City that have shaped what are and aren’t allowed as policy options in public debate. No wonder the financial and political establishment is now closing ranks to ensure that this guard against genuine public accountability stays in place. Evidence of the mass disenfranchisement that is part of this electoral system is overwhelming and has been well publicised. But another, less publicised, consequence of first-past-the-post voting has been the slow death of a critical political culture. It underpins the pull of electoral competition towards the political centre. Instead of enabling representative democracy to, in the words of cultural theorist Raymond Williams , “re-present” the plurality of views held by the population, it effectively excludes or politically kettles the wide range of alternatives to the mainstream. This has got worse under corporate globalisation, which has transformed the hidden rules of political debate. The power of the global market has meant that policies in its favour are presented as unavoidable, turning politics into a process of technical economic management. A challenge to this process requires a concerted expansion of the argument and debate that is necessary for political creativity. Instead, the New Labour leadership – whose legacy is proving difficult to dismantle – treated open debate as beyond the bounds of legitimate politics. Now, sucked into the quicksand of the centre ground, the Lib Dem leadership does the same. So I’m viewing the referendum as an opportunity to open up a process of structural political change, an opportunity that is a result of us, the voters refusing to place our trust in existing political options. This is far more important than punishing Nick Clegg. Clegg’s clinging to the coat tails of Cameron is a product of the present system and he and the Lib Dems will not be able to control the dynamic of change that even the minimal opening of AV represents. AV is not proportional and it’s not the solution. But it will force an opening up of political debate. Alternative views, previously marginalised or excluded, would become a legitimate part of the political process – perhaps in a minimal way at first, but with an angry, alienated and determined electorate there would be a real possibility of it opening up an uncertain dynamic. AV will enable voters to demonstrate their true first preferences, which currently are masked by the absence of alternatives and because many people have to vote tactically or abstain. For example, the growing resistance to the idea that “there is no alternative” to the cuts could, through AV, make itself directly part of the political process. The kind of electoral challenge made by Richard Taylor in Worcester could become a powerful political force since such campaigns can attract support from broad stretches of the community. AV would challenge the main parties to relate to forces outside of Westminster, like the hundreds of thousands who marched through London on 26 March insisting that cutting public services is not the way to sustainable economic recovery. It could also strengthen the ability of parties such as the Greens to better identify their support at local level, and lay the foundations for new progressive electoral alliances in the future. A no vote to electoral reform would send out all the wrong messages, and be trumpeted as evidence that the British public is broadly content with our politics. Worse still, it might derail existing commitments to see PR introduced for the second chamber. It wouldn’t so much weaken the coalition as confirm our own powerlessness in the face of the interests that guide its agenda. It’s not for nothing that the head of the Taxpayers Alliance has given up his time to lead the no campaign. I will grasp the opportunity of the referendum to vote for AV as a vote for change. My hope is that it will initiate a dynamic of change driven from below, not just for genuine proportional representation at Westminster, but for a participatory constituent assembly to produce a democratic written constitution, the objectives of which could well incorporate the egalitarian spirit of Rainsborough. Alternative vote Electoral reform AV referendum Nick Clegg Hilary Wainwright guardian.co.uk
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