Writing from Toronto — this strike is a fiasco.

If ATU Local 113 were not a crappy, right-wing, American business union, maybe it would think of something like this: a fare strike, in which drivers would refuse to collect fares. Passengers would love them, and if any of the drivers were to be arrested (it’s illegal), passengers would rally round. Of course, because it’s illegal, it would require a high degree of discipline and commitment. And this would mean a serious, long-term effort to educate members during the years between bargaining. It would also require practising a politics of solidarity, so that others would be there for you the way you were for them. A union that thought like that, and that encouraged and practised a disciplined militancy, might also be a union that pushed for expanded, free transit for all, because of its environmental and economic benefits, and because of the principle of decommodification and a vision of alternative, socialist possibilities for how to arrange the city.

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This is not news, but it’s news to me. The two editors of the left magazine Dushu, which has a readership of 100,000, were sacked last July as part of a crackdown on left dissent.

“The revolution to be made in the United States,” Jimmy wrote, nearly 30 years before 9/11, “will be the first revolution in history to require the masses to make material sacrifices rather than to acquire more material things. We must give up many of the things which this country has enjoyed at the expense of damning over one third of the world into a state of underdevelopment, ignorance, disease and early death.” Until that takes place, “this country will not be safe for the world and revolutionary warfare on an international scale against the United States will remain the wave of the present.” Grace Lee Boggs’ talk at this year’s Left Forum.

“Unfortunately, self-regulation stands in relation to regulation the way self-importance stands in relation to importance and self-righteousness to righteousness.  It just isn’t the same thing. “–Maverecon

I can’t stand how free market ideologues smugly talk about the “unintended consequences” of regulation. Everything has unintended consequences — including the conscious decision not to regulate. Get over it and stop with disingenuous, superior argumentation.

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In some ways, “21st century socialism” in Venezuela is beginning to follow a trajectory that looks a lot like 20th century socialism. A combination of incompetent macroeconomic policies, as admitted by a Chavez finance ministry official in this report about the contemplated dual currency, and predatory practices by those with market power have led to food shortages, inflation, a swelling underground economy, and other economic ills.

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 Update: This news (below) is wrong.  The lawyer for KI and Ardoch has applied for the two cases to be heard as one. The lawyer for the mining companies is probably going to oppose. No dates have yet been set, nor has the court decided on this one way or the other.

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UBS declares a whopping writedown of up to $18 billion and seeks a capital increase of $13.1 billion.

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In an earlier post, I pointed to evidence that Lehman was in trouble. Today Global Economic Trend Analysis links to numbers that paint a gloomy picture for Merril Lynch and Morgan Stanley: Keep reading …

 I have fixed the youtube link below so that it allows you to watch all four parts. Click on the video and use the arrows on the right and left to navigate through the different parts.

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