O.K., $17 billion from the IMF, once the government savages its budget. Against this, Kiev has payments of $10 billion in debt service alone due this year—that is interest, not principal. With principal, Bloomberg puts the figure at $14 billion, and an additional $10 billion is due next year. It is not clear it can cover these payments even with the IMF funds.
Do you see what is going on here? The IMF’s bailout is not marked for Ukrainian social services or any other benefit to the citizenry. All that is about to be taken away, in the neoliberal style. The bailout money goes to Kiev and back out again to the Western financial institutions holding Ukrainian debt. In effect, debt held by private-sector creditors is transferred to the IMF, which uses it to leverage Ukraine into a free-market model via its standard conditionality: No austerity, no dough.
Distortions, lies and omissions: The New York Times won’t tell you the real story behind Ukraine, Russian economic collapse by Patrick L. Smith.
Useful, terrifying context to George Soros’ recent war-drum beating.
The TIF Illumination Project is a volunteer-run investigative journalism & community education project that has done incredible work exposing one of Chicago’s most vile and complicated scams, Tax Increment Financing. TIF has resulted in the redistribution of billions of dollars away from local communities and into the coffers of developers and cronies. Please help the TIF Illumination Project produce this important video series to bring the fruits of their research to a wider audience:
Naked Capitalism has done more to inform my understanding of the world, and generally derail my post-college trajectory (in a good way, I think) than any other place on the internet. Loyal, near-daily reader since 2008 — which probably goes a long way to explaining where my time has gone all these years. I have no idea how Yves and Lambert pull it off day in-day out, but I am much indebted to them.
GIVE GIVE GIVE!
“As low-income populations have gone to college and food insecurity has risen up to swallow the lower rungs of the middle class, hunger has spread across America’s university campuses like never before. In some places, it’s practically a pandemic: At Western Oregon University, 59% of the student body is food insecure, according to researchers from Oregon State University (OSU). A 2011 survey [PDF] of the City University of New York (CUNY) found that 39.2% of the university system’s quarter of a million undergraduates had experienced food insecurity at some time in the past year.
But it’s not just undergraduates: the number of food insecure graduate students is also growing. Between 2007 and 2010, the number of doctorate-holding food stamp recipients tripled, according to a 2012 Chronicle of Higher Education analysis. The number of food stamp recipients with a master’s degree wasn’t found to have tripled over the same time frame, but it got remarkably close, going from 101,682 to 293,029. At one large research school, Michigan State University (MSU), the on-campus food pantry reports that more than half of its clients are graduate students.”
—Ned Resnikoff, The hunger crisis in America’s universities