James Petras

Wall Street Take-Off: 2012 – 2013

The Bi-Polar World of Rich Bankers in the North Racking Up Record Profits
On July 16, 2013, Goldman Sachs, the fifth largest US bank by assets announced its second quarter profits doubled the previous year to $1.93 billion. J. P. Morgan, the largest bank made $6.1 billion in the second quarter up 32% over the year before and expects to make $25 billion in profits in 2013.
Wells Fargo, the fourth largest bank, reaped $5.27 billion up 20%. Citigroup’s profits topped $4.18 billion, up 42% over the previous year.

Brazil: Extractive Capitalism and the Great Leap Backward

“The point of confrontation is the street – not the workplace.”
Introduction: Brazil has witnessed one of the world’s most striking socio-economic reversals in modern history: from a dynamic nationalist industrializing to a primary export economy. Between the mid 1930’s to the mid 1980’s, Brazil averaged nearly 10% growth in its manufacturing sector largely based on state interventionist policies, subsidizing, protecting and regulating the growth of national public and private enterprises.