FACE OF AN ECONOMY: U.S. government could run out of money in early-September

A Journal of People report

The U.S. Treasury issued a letter to Congress urging lawmakers to raise the debt limit. Otherwise, the government would run out of money by early-September.

The letter comes after Federal Reserve Chairman Jerome Powell highlighted the importance to lawmakers.

A report – “New Projection: Debt Limit “X Date” Could Arrive in September” (July 8, 2019) – by the Bipartisan Policy Center said the U.S. government may need to raise the debt ceiling by early September, a month earlier than previously forecast. Paul Ashworth, chief U.S. economist for Capital Economics, said the U.S. government was running out of cash but added that the Treasury Deposit Account still had $250 billion at the end of last week.Read More »

Marta Harnecker, presente!

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Green Left Weekly | June 21, 2019

Marta Harnecker passed away on June 14.

The international left has lost one of its most lucid intellectual, pedagogical educators and determined activists with the passing of Marta Harnecker on June 14, aged 82.

Marta will forever be remembered as one of the most influential and prolific writers on the Latin American left, having written almost 90 books covering a wide array of topics and debates on the left. Her collected works in many ways serve as insights into her lifelong commitment to learning, educating and defending the revolutionary cause throughout the continent.Read More »

What was Cuba seeking in Africa?

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Granma | June 21, 2019

One warm morning of October 1983, a group of young men gather in front of the Military Committee office in the municipality of Plaza de la Revolución, in the city of Havana. The reason for the presence of these young men, most of them still fresh-faced, is to leave for Angola as volunteers.

The aspiring internationalists combatants have been arriving to this place since the early hours of the morning. The waiting hours would pass by among jokes and stories and comments on the episodes of heroism and combats born from their juvenile imagination and their desire to match the deeds of their fathers and grandfathers.Read More »

FACE OF AN ECONOMY: U.K. facing highest risk of recession since 2007

A Journal of People report

The U.K. is facing the highest risk of a recession since the financial crisis and needs urgent plans to combat the next downturn, according to an alarming assessment of the U.K.’s economic health.

The National Institute of Economic and Social Research, one of the UK’s leading economic forecasters, said last week that the UK would only “narrowly avoid a technical recession”, with growth of 0.2% in the third quarter following a decline of 0.1% in the second quarter.

A technical recession occurs with two consecutive quarters in which the economy shrinks.Read More »

Climate change will ruin train tracks and make travel hell

by Mark Kaufman

On June 26, as a potent heat wave settled over Europe, atmospheric scientist Patrik Winiger also settled into his seat aboard a high-speed electric train traveling from Zurich to Amsterdam. The heat, which would soon topple temperature records across the continent, began to stress the sleek Deutsche Bahn train.

First, the fast-moving German train slowed down. Then, a conductor announced that the train would need to take an extended rest at the next station because the engines were overheating. But before the train even reached the station, it stopped in the middle of the tracks. Inside the halted cars, the AC maxed out and the temperature rose. After a 15-minute breather, the cars again crept forward into the shaded refuge of the Frankfurt airport station. Perhaps the train would cool off, and things would improve.

They didn’t. Read More »