During 2008-2009, the world experienced its worst financial and economic crisis since the Great Depression of the 1930s. The crisis followed the effects of the food and fuel price hikes in 2007 and 2008. In 2009, global output contracted by 2 per cent. This 2011 Report on the World Social Situation reviews the ongoing adverse social consequences of these crises after an overview of its causes and transmission.
The fact that the global economy is broken may be widely accepted, but what precisely needs to be fixed has become the subject of enormous controversy. In 2008, the President of the United Nations General Assembly convened an international panel, chaired by Nobel Prize-winning economist Joseph Stiglitz and including 20 leading experts on the international monetary system, to address this crucial issue. This report controversially establishes a bold agenda for policy change, both broad in scope and profound in its ambitions.
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Crisis and Response: An FDIC History, 2008¿2013 reviews the experience of the FDIC during a period in which the agency was confronted with two interconnected and overlapping crises¿first, the financial crisis in 2008 and 2009, and second, a banking crisis that began in 2008 and continued until 2013. The history examines the FDIC¿s response, contributes to an understanding of what occurred, and shares lessons from the agency¿s experience.
We are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis. Borne unevenly, the effects of the crisis are exacerbating class and gender inequalities. Rival interpretations – a focus on ‘austerity’ and reduction in welfare spending versus a focus on ‘financial crisis’ and democratic regulation of finance – are used to justify radically diverse policies for the distribution of resources and strategies for economic growth, and contested gender relations lie at the heart of these debates. The future consequences of the crisis depend upon whether there is a deepening of democratic institutions, including in the European Union. Sylvia Walby offers an alternative framework within which to theorize crisis, drawing on complexity science and situating this within the wider field of study of risk, disaster and catastrophe. In doing so, she offers a critique and revision of the social science needed to understand the crisis.
Timely and controversial, A Bed for the Night reveals how humanitarian organizations trying to bring relief in an ever more violent and dangerous world are often betrayed and misused, and have increasingly lost sight of their purpose. Humanitarian relief workers, writes David Rieff, are the last of the just. And in the Bosnias, the Rwandas, and the Afghanistans of this world, humanitarianism remains the vocation of helping people when they most desperately need help, when they have lost or stand at risk of losing everything they have, including their lives. Although humanitarianism's accomplishments have been tremendous, including saving countless lives, the lesson of the past ten years of civil wars and ethnic cleansing is that it can do only so much to alleviate suffering. Aid workers have discovered that while trying to do good, their efforts may also cause harm. Drawing on firsthand reporting from hot war zones around the world -- Bosnia, Rwanda, Congo, Kosovo, Sudan, and most recently Afghanistan -- Rieff describes how the International Committee of the Red Cross, Doctors Without Borders, the International Rescue Committee, CARE, Oxfam, and other humanitarian organizations have moved from their founding principle of political neutrality, which gave them access to victims of wars, to encouraging the international community to take action to stop civil wars and ethnic cleansing. This advocacy has come at a high price. By calling for intervention -- whether by the United Nations or by "coalitions of the willing" -- humanitarian organizations risk being seen as taking sides in a conflict and thus jeopardizing their access to victims. And by overreaching, the humanitarian movement has allowed itself to be hijacked by the major powers, at times becoming a fig leaf for actions those powers wish to take for their own interests, or for the major powers' inaction. Rieff concludes that if humanitarian organizations are to do what they do best -- alleviate suffering -- they must reclaim their independence. Except for relief workers themselves, no one has looked at humanitarian action as seriously or as unflinchingly, or has had such unparalleled access to its inner workings, as Rieff, who has traveled and lived with aid workers over many years and four continents. A cogent, hard-hitting report from the front lines, A Bed for the Night shows what international aid organizations must do if they are to continue to care for the victims of humanitarian disasters.
The Charter of the United Nations was signed in 1945 by 51 countries representing all continents, paving the way for the creation of the United Nations on 24 October 1945. The Statute of the International Court of Justice forms part of the Charter. The aim of the Charter is to save humanity from war; to reaffirm human rights and the dignity and worth of the human person; to proclaim the equal rights of men and women and of nations large and small; and to promote the prosperity of all humankind. The Charter is the foundation of international peace and security.
