Austerity pushing Europe into social and economic decline, says Red Cross

Europe is sinking into a protracted period of deepening poverty, mass unemployment, social exclusion, greater inequality, and collective despair as a result of austerity policies adopted in response to the debt and currency crisis of the past four years, according to an extensive study being published on Thursday. "Whilst other continents successfully reduce poverty, Europe adds to it," says the 68-page report from the International Federation of Red Cross and Red Crescent Societies. "The long-term consequences of this crisis have yet to surface.


Axing CSIS watchdog 'huge loss' for Canadians, says former inspector general

OTTAWA - The Conservative government's decision to abolish the CSIS inspector general's office is a "huge loss" to the important task of keeping an eye on Canada's spy service, says the woman who held the job for the last eight years.

Eva Plunkett retired last December and the Conservative government subsequently scrapped her watchdog role, saying it would save money and eliminate duplication.

She had a staff of eight and a budget of about $1 million.

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Volatile Growth in a Globalised Economy

Globalisation was the buzzword for several years before the global economic crisis hit. Globalisation brought about promises of increased connectivity, growth, greater transfer of knowledge and wealth. Yet, recent economic drama shows that the process of globalisation brings about higher volatility, making the world economy a lot more vulnerable to contagion and external shocks. Have we been wrong? Will globalisation go bankrupt?

What today we call economic globalization has happened many times before in the last 200 years.
Photo Credit: Lane V. Erickson

The Day After: Europe Rejects Austerity

Supporters of Frances newly elected President François Hollande react after the early results during a victory rally at Place de la Bastille in Paris May 6, 2012. France voted in elections on Sunday and Hollande becomes the nations first Socialist president in seventeen years. Reuters/Charles Platiau

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