Author: ajohnstone

The Banksters Once Again

 



Deutsche Bank agreed to pay fines and penalties of more than $124 million (€1.02 million) to avoid criminal prosecution in the United States on charges it participated in a bribery scheme to win business in Saudi Arabia. Previously, the bank has agreed to a Securities and Exchange Commission fine of $16 million to resolve separate allegations of corrupt dealings in Russia and China. The Frankfurt-based lender has also agreed to pay the state of New York $150 million to settle claims that it broke compliance rules in its dealings with sex offender Jeffrey EpsteinThere also were reports last year that the bank gave expensive gifts to senior Chinese officials and others to establish itself as a major player in China’s financial industry.

It also faced a commodities fraud charge arising from precious metals futures traders, who were accused of placing fraudulent trades, known as spoofing, to induce other traders to buy and sell futures contracts at prices they otherwise would not have.

Court papers alleged that Deutsche Bank bribed intermediaries to make deals in Saudi Arabia, labeling the payments of up to $1.1 million as “referral fees.” Other intermediaries demanded financing for a yacht and for a house in France as compensation, the papers said.

Deutsche Bank handed $124 million in bribery fines by US court | News | DW | 08.01.2021

The Climate Emergency in the USA

 



The experts predicted an increasing number of extreme weather events which will accompany the climate crises and sadly they have not been proved wrong. 

America suffered  a record number of weather and climate-driven disasters in 2020, such as extensive wildfires, hurricanes in quick succession and extreme heat, a new federal government report has shown.

A total of 22 major disasters, defined as each causing at least $1bn in damage, swept the US last year, according to the National Oceanic and Atmospheric Administration (Noaa)At least 262 people died, with $95bn in total damages recorded.

A total of 10.3m acres burned in wildfires in 2020 across the US west, an area larger than Maryland and well above this century’s average. California recording five of the six biggest fires in its history, an outbreak that destroyed thousands of homes and caused the sky to turn an apocalyptic orange over the San Francisco Bay Area.

On the eastern seaboard and Gulf of Mexico, a record 12 tropical storms made landfall during a year. Seven of these caused more than $1bn in damage, including hurricanes Laura and Sally, which hit the US south in quick succession in August and September. Three hurricanes and two tropical storms hit Louisiana alone.

A major drought and heatwave happened in the US west last year and it was the fifth hottest on record across the contiguous US, which follows a longer-term pattern of national and global heating – all of the five warmest years on record in the US have occurred since 2012.

There were three major tornado-related disasters and a highly destructive derecho, which is an event driven by fast-moving thunderstorms, that downed power lines, damaged houses and flattened crops in the midwest

Scientists have found that the strength of storms is increasing as the atmosphere and ocean heats up, while the area eaten up by fire has grown as rising temperatures dry out soils and vegetation.

“The record number of climate change-exacerbated weather disasters this year drives home the fact that, as I like to say, the impacts of climate change are no longer subtle,” said Michael Mann, a climate scientist at Penn State.

 22 disasters, 262 dead, $95bn in damages: US saw record year for climate-driven catastrophes | Climate change | The Guardian

Unfair Vaccine Distribution

 Tedros Adhanom Ghebreyesus, the head of the World Health Organization, told a news briefing that there is a “clear problem” that low- and middle-income countries are not yet receiving supplies of Covid-19 vaccines.

“Rich countries have the majority of the supply,” WHO director-general Tedros Adhanom Ghebreyesus said, adding that he urged countries and manufacturers to stop making bilateral deals at the expense of the COVAX vaccine-sharing facility.

Wealthy nations including Britain, European Union members, the United States, Switzerland and Israel have been at the front of the queue for vaccine deliveries from companies including Pfizer and partner BioNTech, Moderna and AstraZeneca.

WHO urges end to bilateral vaccine deals, says poor countries left behind (france24.com)

A Comrade Falls (obituary)

 Suhuyini Nbang-Ba, the socialist activist, journalist and teacher died at home in the Gambia on 16th September 2020.  He was nine days short of his sixty-first birthday and is survived by a brother, a sister, three nieces and four nephews.

Suhuyini was born in the small town of Ejura, near Kumasi in the Ashanti Region of Ghana.  He was, however, a Dagomba, a member of the Muslim tribe of that name from Ghana’s Northern Region. He was originally named Mohammed Yacabou, and known as M.Y. to his friends, but chose the name Suhuyini Nbang-Ba in later life.  This was a political act reclaiming his ancestry and history — his Muslim name could be traced back to colonisation of the Dagomba area by traders between the 12th and 15th centuries.  Instead, Suhuyini chose a name in his mother tongue, Dagbani — ‘Suhuyini’ meaning ‘unity’ (literally ‘one heart’) and ‘Nbang-Ba’ meaning ‘I know them’— a reference to his ancestors and the act of reclaiming them embodied in changing his name.  In fact, having previously been very religious and renowned for his piety, as a young man in the early eighties he renounced Islam and publicly denounced both the activities of certain Muslim leaders and religion in general.  

As a schoolboy, Suhuyini was sent to live with his aunt in the north so he could attend Tamale Secondary School.  He was also educated at the prestigious University of Ghana, Legon, where he took his undergraduate degree and then later began an MPhil in African and European history.  While at university, he became very active politically and was a member of the United Revolutionary Front (URF), an underground anarchist movement opposed to the military junta led by Jerry John Rawlings.  However, Suhuyini later opposed armed struggle.  During his time as an undergraduate, he was beaten up by the military, hospitalised and placed under house arrest due to the student union’s opposition to the military junta.

Suhuyini then spent two years as a teacher back in the Northern Region, also setting up a self-help association for impoverished women and a drama troupe.  

In the late eighties, when the ruling regime introduced District Assemblies to lend a semblance of democracy to the dictatorship, Suhuyini contested the Nalung Constituency seat and won 75 percent of the vote. He became one of the first members of the Tamale District Assembly (a sort of district parliament.)

After his time in the north, Suhuyini returned to Accra to take his MPhil. While studying for this he joined the communist Weekly Insight newspaper as a reporter and columnist; the Insight was at that time the only non-governmental newspaper.  His column was titled “The Dark File” and targeted corrupt government officials. As he did not use a pseudonym, he started receiving anonymous threats from the top echelons of Ghanaian society and from hit-men of the military dictatorship.  Despite this he continued his political work.

When he could stand the threats no longer, and when the military turned up at his home while he was out, he fled on foot to the Gambia, having to sell the very shoes he was wearing to pay for his passage and to bribe border guards.  Once in the Gambia he continued his teaching and journalism.

During this period, five of Suhuyini’s close Gambian friends were rounded up by the military on suspicion of being involved in a failed coup attempt; all of them died while being transported between prisons.  Officials claimed at the time that they had died when the car they were in crashed, but the circumstances surrounding the event were suspicious and his fears for his safety led to Suhuyini finally giving up his political journalism in the Gambia.

However, Suhuyini continued his political work by writing for publications based outside West Africa.  He was a member of the Socialist Party of Great Britain (SPGB) and contributed articles to the party’s journal The Socialist Standard.  He also edited a magazine of the SPGB called African Socialist which was later renamed Socialist Banner.

At the time of his death Suhuyini was working on a book of essays, despite limited access to a computer and an erratic electricity supply.  Although the hospital did not give a cause of death, he had been increasingly weak for a year with little appetite.  

I came to know Suhuyini in the late nineties when he was living in Nsawam, Ghana teaching English literature and French at secondary school and working at the Weekly Insight.  Here he was known by pupils and teachers alike by yet another name: Afah, a Dagomba word meaning a Muslim teacher. This name had sprung up spontaneously and was indicative of the respect in which his pupils and colleagues held him.  

Tellingly, it was not widely known outside his home region that Suhuyini was born into Dagomba royalty.  In fact I doubt any of his colleagues in Nsawam knew of this fact.  His father was the sub-chief of the tribe and he was the only son of his mother, the tribal queen. However, when Suhuyini became an atheist he also chose not to inherit the chieftaincy and he kept his royal lineage as secret as possible.  I only became aware of it myself at the school where we both taught when one of his pupils, also a Dagomba, prostrated herself on the ground before him as a sign of respect.  Suhuyini quickly told her to get up and that she did not need to do this.  It was only when pressed by me that he explained the meaning behind her actions, otherwise he would not have mentioned it.

This was typical of the man.  There are some people who make a show of espousing socialism in theory, but fall short of its principals in the way they live their lives.  This was never true of Suhuyini — his political views were deeply held and stemmed from his character; he lived socialist principles.  Unlike some of his nominally socialist colleagues in West Africa, he refused to bribe his way into a lucrative post, preferring to remain a poorly-paid teacher with his principles intact.  He tenaciously battled depression, ill-health and constant technical problems to work on his political writing, and throughout his life he campaigned tirelessly, experiencing violence and risking death many times for his principles.

More than that, Suhuyini treated everyone he met as an equal and spoke to everybody with the same friendly respect, from the highest born to the most lowly street-seller.  While teaching in Nsawam he sponsored a schoolboy through his education, even though the child was no relation, out of pure compassion.  He sponsored a child again later in the Gambia, despite his own limited means.  When he died in the Gambia, the family where he rented a room told me he had been like a son to his landlady and like a second father to her grandchildren, who knew him affectionately as ‘Baba.’

He certainly had a life-long effect on me.  When I first met him I was seventeen, and my discussions with him then and over the intervening years helped form the political beliefs I still hold today.  

Indeed, Suhuyini left his mark on everyone he met.  He held strong views, yet was always willing to hear others out — debates never became rows — and with his humanity, sharp wit and easy, infectious laugh he enriched the life of all who knew him, no matter which name they knew him by.  He is deeply missed by those he left behind and the world is a lesser place without him.

Suhuyini Nbang-Ba, political campaigner, journalist, teacher and loved one, born 25th September 1959; died 16th September 2020.

 Anoushka Alexander

Begging alms from the billionaires

 



Billionaires whose wealth has soared during the coronavirus pandemic should  provide emergency aid to the record numbers of people facing starvation,  according to Barron Segar, the president and chief executive of the World Food Program USA.

The pandemic and ensuing economic crisis have contributed to a sharp rise in the number of people on the brink of starvation around the world. The WFP, the UN agency that provides emergency relief, was needed by 138 million people last year, up from about 100 million in 2019. That figure is expected to increase again this year, to about 235 million people “marching toward starvation.” The finances  the WFP has available are not increasing at the same rate, and Segar estimates that the shortfall will reach about $5bn (£3.7bn) this year.

Segar said, “Without doubt, we are facing the largest humanitarian assistance programme in history.” He warned that despite the distribution of vaccines, the pandemic and economic crises were showing no signs of releasing their grip on the world. “Things are going to get worse,” he said. “My crystal ball looks very bleak. More people will die not because of Covid, but because of the economic fallout from Covid.”

His solution he explains is “Imagine one person to stand up and say they have heard the call, they will donate $5bn. We are trying to unlock the private sector. There are more billionaires in the US than we have ever had before, and many billionaires are successful because of Covid.” Segar said he was taking the unprecedented step of asking for an individual billionaire, or small number of donors, to come forward because he could see little other prospect of filling the funding gap. “Hunger is solvable,” he said. “This can be solved with significant support from ultra high net worth individuals.”

Is this all what capitalism’s supporters can do to end hunger – appeal to the philanthropic better nature of the rich and powerful.

Covid billionaires should help starving people, says charity boss | Philanthropy | The Guardian

Profit Before Truth

 Boeing is to pay $2.5bn (£1.8bn) to settle US criminal charges that it hid information from safety officials about the design of its 737 Max planes. The charges against Boeing was that it used “misleading statements, half truths and omissions” to dupe the regulator responsible for  maintaining the safety of aviation.

The US Justice Department said the firm chose “profit over candour”, impeding oversight of the planes, which were involved in two deadly crashes which killed 346 people. 

The Justice Department said Boeing officials had concealed information about changes to an automated flight control system, known as MCAS, which investigations have tied to the crashes in Indonesia and Ethiopia in 2018 and 2019.

The decision meant that pilot training manuals lacked information about the system, which overrode pilot commands based on faulty data, forcing the planes to nosedive shortly after take-off.

Boeing did not co-operate with investigators for six months, the DOJ said.

“The tragic crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302 exposed fraudulent and deceptive conduct by employees of one of the world’s leading commercial airplane manufacturers,” said Acting Assistant Attorney General David Burns. “Boeing’s employees chose the path of profit over candour by concealing material information from the FAA concerning the operation of its 737 Max airplane and engaging in an effort to cover up their deception.”



In a statement from the group of lawyers representing the victims of the Ethiopian Airlines crash said the deal would not end their pending civil lawsuit against Boeing.

“The allegations in the deferred prosecution agreement are just the tip of the iceberg of Boeing’s wrongdoing — a corporation that pays billions of dollars to avoid criminal liability while stonewalling and fighting the families in court.”


Boeing to pay $2.5bn over 737 Max conspiracy – BBC News

Musk – the richest man on the planet

 



Elon Musk has become the world’s richest person, as his net worth crossed $185bn (£136bn). He takes the top spot from Amazon founder Jeff Bezos, who had held it since 2017 who also saw his fortunes rise over the past year.

Musk’s electric car company Tesla has surged in value this year, and hit a market value of $700bn (£516bn) for the first time on Wednesday. That makes the car company worth more than Toyota, Volkswagen, Hyundai, GM and Ford combined.

South Korea’s Falling Numbers

 Yet another sign that the over-population problem no longer exists and that the crisis the world faces is one of de-population. 

South Korea recorded more deaths than births in 2020 for the first time ever in the country which already has the world’s lowest birth rate.

Only 275,800 babies were born last year, down 10% from 2019. Around 307,764 people died.

A declining population puts immense strain on a country. Apart from increased pressure on public spending as demand for healthcare systems and pensions rise, a declining youth population also leads to labour shortages that have a direct impact on the economy.

South Korea launched several policies aimed at addressing the low birth rate, including cash incentives for families. Under the scheme, from 2022, every child born will receive a cash bonus of 2 million won ($1,850; £1,350) to help cover prenatal expenses, on top of a monthly payout of 300,000 won handed out until the baby turns one. The incentive will increase to 500,000 won every month from 2025.



One cause of the dropping birth rate is  because in South Korea, women struggle to achieve a balance between work and other life demands.



Another reason is rising  real estate prices are another major issue. Rapidly rising property prices also discourage young couples. In order to have children, you need to have your own home. But this has become an impossible dream in Korea. The population of the country’s capital, Seoul, fell by just over 60,000 last year



The number of older people, those aged 60 and over,  account for 24% of the total. South Korea’s birth rate – the average number of children a woman has during her lifetime – dropped to a record low of 0.92 in 2019, the lowest among all members of the Organisation for Economic Co-operation and Development. That is well below the rate of 2.1 it needs to keep its population stable, and a sharp drop from 50 years ago, when the birth rate stood at 4.53.



If current trends persist, the government predicts South Korea’s population will drop to 39 million by 2067, when more than 46% of the population will be aged over 64.

South Korea’s population falls for first time in its history | South Korea | The Guardian


The UK 1% possess More than we thought

 



There is a tendency to consider the USA as always an exception, something encouraged by themselves often. But when it comes to wealth inequality it is not at all unique.

Almost a quarter of all household wealth in the UK is held by the richest 1%.

Around 5% of the total wealth held by the very richest households has been missed by official measures, researchers at the Resolution Foundation thinktank found. The top 1% had almost £800bn more wealth than suggested by official statistics, meaning that inequality has been far higher than previously thought. Researchers said the extra billions was a conservative estimate and could well be more. Taking the newly discovered billions into account the share of total UK wealth held by the top 1%, increasing it by more than a quarter – from 18% to 23%.

Jack Leslie, an economist at the foundation, said: “The UK has undergone a wealth boom in recent decades, which has continued even while earnings and incomes have stagnated. But official data has struggled to capture these gains, and misses £800bn of assets held by the very wealthiest households in Britain.”

Wealth has been fuelled by rising asset prices since the financial crisis, such as soaring housing values, land or stocks – rather than through active saving. Between 76% and 93% of financial wealth gains since the crisis have come through the rising value of assets such as housing.

Richest 1% have almost a quarter of UK wealth, study claims | Inequality | The Guardian