The Caracas Crunch

After Uruguay`s former president José Mujica last week declared that Nicolás Maduro was `mad as a goat`, the latter chose to wear the insult as a badge of honour, announcing at a rally: `Yes, I`m as mad as a goat, it`s true. I`m mad with love for Venezuela, for the Bolivarian revolution, for Chavez and his example.

Rousseff Is (kind of) Gone. What Now?

As expected and widely predicted- Brazil’s Federal Senate has begun the impeachment process against President Dilma Rousseff. According to Brazilian Law, the president is likely to be suspended for up to six months while arguments are put forth in the Senate, presided over by the Chief Justice. At the end of the proceedings, the president may be acquitted of all charges and returned to power or if convicted and found guilty, be deposed and banned from political activity for eight years.

OPINION: Fear Is not a Good Counsellor

A new spectre is haunting the world. It is not the spectre of communism, as Marx’s Manifesto famously proclaimed. It is the spectre of fear, which has increasingly become the rationale behind politics. And, as the old proverb says, fear is not a good counselor.

The Real Heresy of London’s New Mayor Is that He Is a Liverpool Fan?

Sadiq Khan is not just the new mayor of London, but happens to have individually won more votes than any other politician in British history. Prime ministers and members of Parliament run in their home districts, where the total number of ballots are fewer.

The Crippling Burden of Mounting Foreign Debt Servicing Costs

The massive increase in the country’s foreign debt and its huge debt servicing costs are a severe burden on the economy. They are a severe strain on the public finances and external reserves of the country.

Economic Failings Lead to Impeachment of Another Economist in Brazil

Ironically, the only two economists who have served as president of Brazil are also the only ones impeached for economic failures.

OPINION: Greece, the Punching Ball of Germany

Greece is again in the media, because a new negotiation is due between the embattled country and its creditors. The North-South divide of Europe is coming back with force (while the East-West relationship is increasingly looking as beyond repair). The German minister of Finance, Wolfgang Schäuble , has come back with his peculiar view of the economy as a branch of moral and ethical discipline, and not as a reading of reality. He has asked the Greeks “to not get distracted” by the refugees crisis, and not forget their primary task, which is to pay their debt. The request is to cut 2% of the Gross National Product; in case there will not be a 3.5% budget surplus within 2018.

Nobel Laureates Join Forces for Food Security and Stability

"Where food security can be a force for stability, we have to look to food and agriculture as pathways to peace and security. This is a great challenge, but one that we can meet together as we embark on achieving the 2030 Development Agenda." These were the words of FAO Director-General José Graziano da Silva as he discussed the interplays between food security and peace in New York last March.

Hunger, a Matter of Global Security

Desperate, frustrated, and with little hope for the future, on 17h December 2010, the Tunisian Mohamed Bouazizi doused himself in petrol and set himself alight. Thus began the popular revolution that toppled the dictatorship of Zine El AbidineBen Ali, in power since 1987, and with it a domino effect that spread across North Africa and the Middle East.

Refugees and Migrants: A Crisis of Solidarity

This September, the United Nations General Assembly will bring together world leaders to address one of the leading challenges of our time: responding to large movements of refugees and migrants.

In 2016 Islamophobia is a Political Tool

When the blasphemous anti Islam cartoons published in 2006 by a Danish newspaper left 205 people dead, the then Secretary General of the Organization of Islamic Cooperation, Ekmeleddin Mehmet Ihsaoglu, went to see Javier Solana who was responsible for foreign affairs of the European Union. The position of the EU was that there was no islamophobia at all, and this was an isolated incident. Since then, this has been more or less the position of the European institutions.

Is the System Broke or Broken?

Though the upcoming World Humanitarian Summit may seem timely, a debate ensues on an important question: is the world humanitarian system broke or broken?

Democratic Corruption

`Chaste to her husband, frank to all beside / A teeming mistress, but a barren bride` - Alexander Pope From Brazil to Malaysia, democracy around the world is under threat. Not from the march of army columns, but from the greed and corruption of a rapaclous global political elite. While nation-destroying corruption of leaders such as Ferdinand Marcos, Mobutu Sese Seko, Sani Abacha, Alberto Fujimori, or Robert Mugabe was the accepted `norm` till the 1990s for a select band of unfortunate Third World countries whose people had been made destitute by their leaders` insatiable greed, the latest wave of democracy was thought to have brought in a newer, and lesstainted, leadership.

Opinion: Illicit Financial Flows

International capital flows are now more than 60 times the value of trade flows. The Bank of International Settlements (BIS) is now of the view that large international financial transactions do not facilitate trade, and that excessive financial ‘elasticity’ was the cause of recent financial crises.

The Hypocrisy of the West and Fiscal Paradise

The publication of the Panama Papers has now been digested, like any scandal, after just a few days. We are now getting so accustomed to scandals, that it is confusing, and the general public reaction often is: all are corrupt and politics is all about corruption.

Will the IMF Facility Be a Turning Point in the Economy?

The IMF Extended Fund Facility (EFF) of US$ 1.5 billion with an agreement on an economic program supported by the IMF is now imminent. This could be a turning point in the economic fortunes of the country. The IMF facility would replenish the reserves, add confidence in the economy and have a salutary effect on capital inflows.

Who Guards the Guardhouse?

In a surreal digital theft that befits a high octane movie thriller, we were recently informed of the daring heist at Bangladesh Bank in which nearly a billion dollars were siphoned off last month. As if this was not enough, the theft took place over several days early February through a series of about three dozen electronic fund transfers from the Bank to New York Federal Reserve for a total amount anywhere between eight hundred fifty to eight hundred seventy million dollars. All of the looted amount made through dozens of transfers would have been cashed had it not been due to the now famous spelling error in a twenty million check made to a Sri Lankan NGO. The error prompted the routing bank, Deutsche Bank, to seek clarification from the Bangladesh central bank, which stopped the transaction. But the mystery hackers still managed to swipe $80 million, one of the largest recorded bank thefts in history.

Big Question for the UK on the European Union

The British have a problem. A referendum on continuing membership of the European Union scheduled for June may lead to Brexit- Britain heading for the exit. Anybody with any knowledge of Europe’s war-like history knows this would be totally self-defeating.

Brazil 2015: The Year When Everything Went Wrong

As 2015 approaches its end, Brazilians live a period of extraordinary uncertainty. The recession seems to get worse by the day. Inflation is high and shows unexpected resistance to tight monetary policies applied by the Central Bank. The sluggish international economy has largely neutralized incentive and the strong devaluation of the domestic currency could represent a reality to exporters and to producers who compete with now more expensive imports. After an initial resistance, employment levels began to fall.

2016: The Forthcoming Adjustment Shock

Analysis of the latest International Monetary Fund (IMF) expenditure projections for 187 countries between 2005 and 2020 reveals that there have been two distinct phases of government spending patterns since the onset of the global economic crisis.

Blackmail Politics Is the Name of the Game in Brazil

The aim to impeach President Dilma Rousseff is no longer merely a threat that was poisoning politics in Brazil. Now it may be a traumatic battle, but in the light of day.