"....The staff is sick and tired of the impunity extended by the office of the Secretary-General to senior managers for their failings especially in situations where it has led to death and disability....."
- UN Staff Union
Sunday, August 14, 2011
NYU’s Nouriel 'Dr. Doom' Roubini: ‘Karl Marx Was Right’
There's an old axiom that goes "wise is the person who appreciates candor almost as much as good news" and with that as a guide, place the forthcoming decidedly in the category of candor.
NYU Economics Professor Nouriel "Dr. Doom" Roubini said unless there's another round of massive fiscal stimulus or a universal debt restructuring, capitalism will continue to experience a crisis due to a systemic flaw first identified by economist Karl Marx more than a century ago. (REUTERS/Mike Segar)Economist Nouriel "Dr. Doom" Roubini, the New York University professor who four years ago accurately predicted the global financial crisis, said one of economist Karl Marx's critiques of capitalism is playing itself out in the current global financial crisis.
Sees Marx's Critique Playing Itself Out Now
Marx, among other theories, argued that capitalism had an internal contradiction that would cyclically lead to crises, and that, at minimum, would place pressure on the economic system.
Companies, Roubini said, are motivated to minimize costs, to save and stockpile cash, but this leads to less money in the hands of employees, which means they have less money to spend and flow back to companies.
Now, in current financial crisis, consumers, in addition to having less money to spend due to the above, are also motivated to minimize costs, to save and stockpile cash, magnifying the effect of less money flowing back to companies.
"Karl Marx had it right," Roubini said in an interview with wsj.com. "At some point capitalism can self-destroy itself. That's because you can not keep on shifting income from labor to capital without not having an excess capacity and a lack of aggregate demand. We thought that markets work. They are not working. What's individually rational...is a self-destructive process."
Roubini added absent organic, strong GDP growth -- which can increase wages and consumer spending -- what's needed is large fiscal stimulus, agreeing with another high-profile economist, Nobel Prize-winner Paul Krugman, that, in the case of the United States, the $786 billion fiscal stimulus approved by Congress in 2009 was too small to create the aggregate demand necessary to advance the U.S. economic recovery to a self-sustaining expansion.
Absent additional fiscal stimulus, or unexpected strong GDP growth, the only solution is a universal debt restructuring for banks, homes (essentially households/families), and governments, Roubini said. However, no such universal restructuring has occurred, Roubini said.
Without that additional fiscal stimulus, that lack of restructuring has led to "zombie houses, zombie banks, and zombie governments," he said.
No Good Choices Outside of Fiscal Stimulus or Debt Restructuring
The United States, Roubini said, can in theory: a) grow itself out of the current problem (but the economy is currently growing too slowly, hence the need for more fiscal stimulus); or b) save itself out of the problem (but if too many companies and citizens save, the flaw Marx identified is magnified); or c) inflate itself out of the problem (but that has extensive collateral damage, he said).
However, Roubini said he did not think the U.S. or the world are now at the point where capitalism in self destructing.
"We're not there yet," Roubini said, but he did add that the current trend, if it continues, "runs the risk of repeating the second leg of the Great Depression" -- the 'mistake of 1937.'
In 1937, President Franklin D. Roosevelt, despite the fact that the first four years of massive New Deal fiscal stimulus had lowered U.S. unemployment from a staggering 20.6 percent during the Hoover Administration at the start ff the Great Depression, to 9.1 percent, felt pressure from Congressional Republicans, and he -- as current President Barack Obamadid with the Tea Party-led House GOP in 2011 -- gave-in to conservatives and cut government spending in 1937. The result? U.S. unemployment started rising again, and hit 12.5% in 1938.
Cutting government spending prematurely hurt the U.S. economy in 1937 by reducing demand, and Roubini sees the same pattern playing out today, following austerity measuresimplemented by the U.S. debt deal act.
Economic Analysis: Roubini identifies the core problem of the current U.S. economy in laser-like fashion. It's a riveting interview that one can watch in full by clicking here.
Roubini also argues that the social uprisings in Egypt and in other Arab world countries, in Greece, and now in the United Kingdom, are economic in origin (primarily unemployment, but also, in the case of Egypt, due to the rising cost of living).
Further, the view from here argues that while no one should expect an 'imminent collapse' of capitalism, or even a collapse of the American version, corporate capitalism -- capitalism and free markets are much too nimble and capable of adapting for that -- to say that the current economic order is not experiencing a crisis would not be accurate.
637 UNDP Staffers are Millionaires, and another 1041 UNDP staffers have enough salary (income) to justify million dollar homes in New York (or tri-state area NY/NJ/CT).
UN/UNDP's budgets are untransparent !
U.N. budget is “utterly opaque, untransparent and completely in the shadow” and would benefit from being consolidated and audited from the outside. MMB from NyTimes
JOSE RAMOS HORTA - PRESIDENT OF EAST TIMOR
‘‘You know how many layers of bureaucracy there are when the European Union wants to help East Timor? Well, they don’t provide the funds to us, the funds allocated are managed by world bank. And the world bank has its own layers of bureaucracy. And they charge for that. The project is then managed by UNDP. But UNDP is only good at doing studies, they don’t execute projects.’‘
Boutros Boutros-Ghali on UN:
"perhaps half of the UN work force does nothing useful"
Can Helen Clark be trusted on Climate Change ?
President Obama's answer to Helen Clark's appeal for US to do more on climate change was : "I think the American people right now have been so focused, and will continue to be focused, on our economy and jobs and growth that ... if the message is somehow, we're going to ignore jobs and growth simply to address climate change, I don't think anybody's gonna go for that," he said. "I won't go for that."
In 2011 Rami Makhlouf - a trusted development partner of UNDP in Syria
In 2008 U.S. Treasury designation: Rami Makhluf Designated for Benefiting from Syrian Corruption (Click on photo to see US Treasury page)
"Screwed" How Foreign Countries Are Ripping America Off
A full chapter (7) dedicated to UNDP and UN Secretariat. But it today at Amazon.com (click above picture)
Asma al-Assad is UNDP's champion of reform in Syria
UNDP's special relations with dictators and terror is well documented. Yet, they continue to operate covered by UN Immunity. Click on immage for story.
Aicha Gaddafi You are Fired !
UNDP continues to be in bed with other dictators. Will clean it one at a time.
Where is NETAID money David Morrison?
UNDP Transparency Censored
UNDP's moto is: - eliminate the uncomfortable, frighten those who disagree, "educate" the perplexed..
UNDP Chief Finance Officer
The UNDP is a secretive organization and so far has kept in the dark every information related to its Chief Finance Officer and Deputy Assistant Administrator, Mr. Darshak Shah. Click on the picture for more on Finance Office of UNDP.
UNDP Belarus - best breast corner
Should tax-payers dollars be used to photograph beautiful breasts - even when making a valid point?
Uncle Helen turning UNDP into a cove of corrupt NZ labour politicians
CLICK ON PICTURE TO SEE Chris Carter's latest Credit Card scandal - can he work at UNDP after that? It seems YES he is full tested!!
Helen Clark says: "No more cars"
Thinking about buying a new car this year? Why, you evil Westerner! You don’t need that. You are demanding your new car off the sweat, toil, and exploitation of the world’s poorest people in developing countries.
Eveline Herfkens belongs to Jail - she should return imemdiately Dutch Taxpayers money.
if anyone else would have done what Eveline Herfkens did, would have long been in jail. We denounce this impunity and demand justice.
Andrew Mitchell - says Helen Clark is up to no good!
1. UNDP’s partnership with the World Bank needs to be more effective, particularly in fragile and crisis-affected countries. 2. UNDP’s near universal mandate means its technical resources are spread very thinly. The Board does not provide strategic direction. HR management is weak. It has a weak results chain. 3. There is limited evidence of active senior management consideration of cost control. Country evidence points to mixed progress on demonstrating cost-efficiency. 4. The Executive Board is politicised and there is a lack of consensus on the key areas for reform. It is not clear that current plans for change will deliver the required depth and breadth of reform. 5. Evidence gathered at country level was highly critical of UNDP’s ability to deliver results. Its delivery can be undermined by staffing issues and bureaucratic processes. 6. Its performance in fragile states is mixed. It has reasonable training and a range of guidance and analytical tools but struggles to fill posts. 7. There is no evidence that the Climate Strategy was directly guiding resource allocation decisions
Mark Malloch Brown outraged over Aicha Gaddafi
“I hope she's not a UNDP Ambassador,” ...“I don't think it's UNDP. I was surprised when I saw that... she was an Ambassador to any part of the UN system.”
Travel Palestine - Rediscover Your Senses
Get ready to a sensual feast of ...sounds...scents of The Land of حماس Ḥamās Documentary sponsored by UNDP Funds (click on picture for video)
Helen Clark on UNDP's own corruption (Can she be trusted?)
“When funds intended for life-saving treatment and prevention are stolen, that theft is tantamount to murder.” CLICK ON PICTURE FOR MORE
Scandal in Rwanda with Human Development Report
Aurelien Agbenonci, UNDP's RR in Kigali accuses Khalid Malik of making up data without UNDP Rwanda's knowledge. Rwanda Government is unhappy !!!
H.E. Dirk Niebel - German Development Minister
"I take the accusations made in the media concerning corruption and breach of fiduciary duty at the Global Fund very seriously and I am sure that the Fund will clarify the matter without delay. Germany is one of the biggest donors to the Global Fund. I have therefore seen to it that a special review will be held. I have frozen all further disbursements to the Fund until matters have been fully clarified, and I will ask a representative of the Fund to come to the BMZ to discuss the matter."
US Amb. Joseph Torsella blows the whistle on UN budgets
U.N. Secretariat’s proposed $5.2 “regular” budget for 2012-2013, was “simply loosening our belt a little less than we originally planned.”
The U.N. Exposed
How the United Nations Sabotages America's Security and Fails the World (Click in picture to purchase the book)
Share now information about illegal dealings at United Nations
If you are in possession of UNDP or any other United Nations Agency' contracts, correspondence, financial records or databases, which you believe detail wrongdoing such as fraud, mismanagement and abuse of authority, and you have failed to have UN's internal control, oversight and justice systems respond and/or react to your claims, you can send them to UNDP-WATCH and we will make them public keeping your identity anonymous and confidential.
Send an email to: email@example.com
Helen Clark is watching you!
Gaddafi aint got nothing on UNDP - Click on the picture for more!
Malakia: A Turk advises Greece on Economy
Kemal Dervis (Turkish) and George Papandreou (Greek) share many late-night phone calls together (Click on picture to read story)
Where does Ban stand on Libya?
C'est vraiment ce que tu veux pour ta carriere?
United Nations Dispute Tribunal finds Ethics Office decisions Appealable
Because UNDT is the first level of the UN’s two-tiered justice system, there is a possibility that this decision may be appealed. Hopefully, the Secretary-General will not be “absurd” enough to do so. Click above to go to GAP page.
Andrew Mitchell Demands Transparency from United Nations
And I promise you as well that in future, when it comes to international development, we will want to see hard evidence of the impact your money makes. Not just dense and impenetrable budget lines but clear evidence of real effect
YOUR TAX DOLLARS AT UNITED NATIONS
Ban Ki Moon supports Ethics Decision on UNDP North Korea
Question: He recommends strongly that UNDP pays 14 months back pay to the whistleblower. Does the Secretary-General stand behind that recommendation? Should UNDP in fact pay that money, or are they free to rebuff that recommendation? Spokesperson: We will see what is going to happen. The Secretary-General of course is behind Mr. Benson on his report. There is no doubt about it. What UNDP will do, we will be seeing this; how they will implement that report.
UNDP Watch is a grouping of United Nations Staff committed to openness. We believe that everyone has the right to access information held by United Nations.
Despite a stated commitment to openness, UNDP remain a highly secretive agency.
Although a wealth of information is available on some UNDP websites, its Executive Board operate behind closed doors, much important programme and administrative information is never made available and, as a rule, information that is disclosed is provided only after relevant decisions have effectively been taken.
While UNDP has adopted “internal policies” on information disclosure, they in fact operate on precisely the opposite presumption. For the most part, they list which documents will be disclosed and when, and there is a presumption against the disclosure of all the other information they hold. They do not establish right of access, the lists of documents subject to disclosure is limited, they do not set out clear and narrow grounds for refusing access and they do not provide for independent oversight mechanisms to ensure proper implementation of the policy.
The UNDP WATCH is calling for the complete overhaul of these policies.
"...We believe that without accountability, there is impunity. We ask that you (Secretary General) not be complicit in cover-up of what happened prior to 11 Dec attack. The staff is sick and tired of the impunity extended by the office of the Secretary-General to senior managers for their failings especially in situations where it has led to death and disability."