bank run blog

This year’s May Day protests across Europe were larger and more militant than last year’s, as the global depression marks its second year. Bloomberg reports :

“France’s eight labor unions joined for the first time for May Day demonstrations across the country to protest government measures on the economic crisis as insufficient and corporate leaders as out of touch.

Protests also took place today in Berlin, Athens and Istanbul. In Russia, tens of thousands of demonstrators for and against the government marched against a backdrop of rising unemployment and economic gloom, the Associated Press said.

‘Labor is changing; for the first time in perhaps decades, we are in agreement at the core,’ said Francois Chereque, secretary general of France’s biggest union, Confederation Francaise Democratique du Travail, in an RTL radio interview today. ‘There is a strong unity among the unions.’

Labor unrest is on the rise in France, as seen with ‘bossnappings,’ where workers hold company executives hostage to force negotiations on job cuts and plant closings, and demonstrations. In March, as many as 3 million people, or almost 5 percent of the population, marched in 213 protests. A January strike brought out 1.1 million people, according to police, and spurred President Nicolas Sarkozy to meet union leaders and offer more money in the country’s stimulus plan.”

Although the mainstream media shuns the European protests for the most part, May Day has in recent years become the occasion for massive immigrants’ rights marches in the US. According to the Associated Press :

“Thousands of immigrants and their families marched in cities from coast to coast, hoping to channel the political muscle Hispanics flexed last fall as President Barack Obama won election. This time, they hoped to jump-start an old cause: forging a path to citizenship for the estimated 12 million illegal immigrants living in the U.S.

Crowds were dampened in many areas though, as the swine flu scare kept numerous people home Friday. The area hardest hit by the swine flu is Mexico, also the native home of many rally participants.”

Bloomberg : French Unions Lead May Day Protests, Europe Marches

New York Times : Anger and Fear Fuel May Day Europe Protests

Associated Press : Immigrants push for reforms at rallies nationwide

Sadly, the 20th of April has become known in the United States as the anniversary of the mass shootings at Columbine High School in Littleton, Colorado in 1999. Moreover, sociologists have noticed that the whole calendar for April is crowded with similar unhappy “anniversaries,” such as the Virginia Tech shootings two years ago and the bombing of the Murrah Federal Building in Oklahoma City in 1995. (So-called terrorism expert Steven Emerson appeared on network television shortly after the blast to proclaim that the attack had numerous “Middle Eastern traits”.)

It is perhaps not surprising that what has become a peculiarly, if not exclusively, American pastime would wind up having its own special day, and for many April 20th is that day.

But there are a few welcome signs of a backlash against the fetishistic, violent tantrums that threaten to define our culture in its decline. The New York Times reports :

“Long stigmatized as political poison, the marijuana movement has found new allies in prominent politicians, including Representatives Barney Frank, Democrat of Massachusetts, and Ron Paul, Republican of Texas, who co-wrote a bill last year to decrease federal penalties for possession and to give medical users new protections.

The bill failed, but with the recession prompting bulging budget deficits, some legislators in California and Massachusetts have gone further, suggesting that the drug could be legalized and taxed, a concept that has intrigued even such ideologically opposed pundits as Glenn Beck of Fox News and Jack Cafferty of CNN.”

Last week, the venerable progressive journal In These Times ran a feature on the gathering momentum for reform :

“As a medley of border violence, recessionary pressure, international criticism and popular acceptance steadily undermines America’s decades-long effort to eliminate drugs and drug use, the U.S. movement to legalize marijuana is gaining unprecedented momentum.

Once derided and dismissed by lawmakers, law enforcers and the law-abiding alike, marijuana reform is sweeping the nation, although the federal government appears committed—at least for the time being—to largely maintaining the status quo.”

Advocates for legalization are marking the occasion by launching a national public awareness campaign, to include television spots. According to news agency PR Web :

“The Foundation for the National Organization for the Reform of Marijuana Laws (NORML FOUNDATION) a Washington, D.C.-based advocacy organization established in 1997, is purchasing advertising time on selective cable outlets to underscore the urgency of decriminalizing marijuana also known as cannabis.

The NORML Foundation launched this Marijuana Law Reform Advertising Campaign on 4/20, a day marked as a holiday celebrated worldwide by the cannabis culture to create further political pressure on the federal government to both recognize 1) the ever-increasing support of Americans who favor cannabis legalization and 2) the clear sea change of cannabis laws that’s been happening at the state level since Californians voted in favor of medicinal access to cannabis in 1996.”

New York Times : Marijuana Advocates Point to Signs of Change

In these Times : An End to the War on Weed? Marijuana advocates believe legalization is on the horizon.

PR Web : Marijuana Advocacy Group Launches Cable TV Ad Campaign on ‘4/20′

Examiner.com : National Weed Day fuels marijuana legalization debate

Tomorrow is tax day, and some commentators have predicted and even urged a popular tax revolt as a protest against the enormous no-strings-attached bailouts given to the financial sector.

While this is unlikely to occur in any meaningful measure this year, look for record income tax defaults and even some press coverage after another year of the depression, in April 2010.

Reuters reports :

“As a deep recession strips Americans of their jobs, homes and investments, the 2009 U.S. tax season promises to see a large uptick in first-time delinquent income taxpayers.

‘Our calls are up 280 percent,’ said Richard Boggs, founder and chief executive of Los Angeles-based Nationwide Tax Relief, a firm that helps delinquent taxpayers resolve tax issues.

‘We’ve seen a huge rise in what we call the rookie delinquent taxpayer,’ he said. ‘They are incredibly scared, and they have no idea what’s going to happen to them because, God bless them, they’ve never owed before.’

As the weak economy puts job security and a steady flow of income on a slippery slope, many are wary of the U.S. tax man, tax consultants say.”

Reuters : More Americans wary of U.S. tax man this year

Minneapolis Star-Tribune : Commercial property tax delinquency up sharply

With the markets closed yesterday, the mainstream media ran a few more depression-related features than usual, with several focusing on the extent to which recent increases in various illnesses can be blamed on the state of the US economy. ABC News reports :

“Psychologists say anxiety and depression are on the rise.

Studies also have shown that during recessions, the number of stress-related ulcers tends to spike. Perhaps that’s why sales of antacid medication are reportedly up 8 percent.

‘The overall stress level is up. It’s at an all-time high,’ said Dr. Svetlana Kogan, founder of Doctors at Trump Place in New York City. ‘We are used to seeing high-end executives come in and complain about panic attacks and lack of sleep, but now it’s at an all-time high.’

There’s also a secondary health threat: In tough times, people are more likely to smoke and drink to calm their nerves.

And what may be the scariest figure of all is that, in January, the number of calls to the National Suicide Prevention Hotline jumped 50 percent over the previous year.”

The Arizona Republic delivers the bad news that it is all the bad news that has the population so stressed out :

“The seemingly never-ending torrent of bad news is beginning to hurt us both mentally and physically.

Recent studies suggest that more than 80 percent of Americans are stressed out by financial issues related to the economy. We’re not sleeping. We’re not eating right. We’re just feeling lousy.

‘Usually in a downturn, one part of the economy is hit harder than others,’ said Alicia Torruella, a Chandler-based psychologist and life coach. ‘But right now it’s everywhere. If you aren’t affected directly, you have a friend, a relative or know someone who is.’”

ABC News : Recession Ailments: Is the Economy Bad for Your Health?

Arizona Republic : Recession taking toll on Americans’ mental, physical health

Urbana-Champaign News-Gazette : Local doctors notice uptick in recession-related illnesses

Sources have confirmed reports that the economy has been hijacked by an aggressive and particularly audacious band of pirates, operating in uncharted waters near the East Coast of the United States.

Unlike their relatively primitive Somali counterparts, the US bandits typically reside in comfortable “sleeper cells” in places like Westchester, New York and Potomac, Maryland, preparing for their missions through frequent “board meetings” and “conference calls.”

Another distinguishing characteristic of the US pirates is the sheer enormity of the ransoms they demand.

An unconfirmed report claims that friendly skipper Barack Obama has been taken hostage, but remains unaware of it at this time.

Glenn Greenwald : Larry Summers, Tim Geithner and Wall Street’s ownership of government

CBS News : Summers Banked Fees From TARP Recipients

CBS News : White House Economist: Bonus Tax Could Have Chilling Effect