July 2012

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'Location' Driving Inequality in South Africa, Says World Bank

Picture: Phil @ Delfryn Design/Flickr Video "South Africa is a complete global outlier in terms of its inequality and how inequality has been persistent over time," says Sandeep Mahajan, World Bank lead economist for South Africa. The bank has developed a Human Opportunity Index, which it has started applying for the first time in the country. According to the Word Bank, the factor that matters most in a child's ability to advance in South Africa is his/her "location" with respect to access to opportunities and...

How a Loan Between Friends Can Destroy the Relationship

Picture: Crazy Yet Wise Anneli Rufus - Asking friends for loans is like asking them for sex: Whatever happens, the relationship will never be the same again. At this point in history, money holds such massive emotional baggage that asking "Can I have some of yours for a while?" or "Will I ever get it back?" are some of life's weightier questions. And now, we the people -- underwater, unemployed and terrified -- are forced ever more into the position of borrowing and lending among...

Racist Banks Fined for Discriminatory Lending Practices, But Is It Enough?

Picture: commercialappeal.com Video One of the biggest banks in the US, Wells Fargo, has agreed to pay $175m to settle allegations it charged higher mortgage rates and fees to Black and Latino customers. Discriminatory lending practices in the banking industry left Black and Latino neighbourhoods blighted by foreclosures after the housing bubble burst. A government investigation found tens of thousands of cases of African Americans and Hispanics being charged more than White customers with similar credit profiles. The...

Youth Unemployment: A Global Challenge

Picture: happensingreece.com Glenn Ashton - All over the world the youngest, historically most employable sector of society is struggling to find secure employment. In China an estimated one third of college graduates are unable to get work. In Spain and Greece unemployment amongst the youth has risen above 50%. In South Africa it is possibly higher than this, even amongst high school leavers. The elitist World Economic Forum termed the trend “a social and economic time bomb.” The impacts are exemplified by the Arab...

Behind the High Cost of Electricity

Picture: Wikimedia Commons Anna Majavu - The latest electricity price hike of 14.6% will hit the poor hard - as usual - but in fact it is the least of their worries. Despite South Africa’s sunny and windy climate, and the availability of huge areas of deserted land where wind and solar power farms could be erected, the ruling party is continuing its love affair with the Russian, French and Chinese nuclear corporations currently trying to sell us their nuclear power stations. Once the poor get saddled with the interest...

Syrian Activist: 'We're Not Looking for Intervention, We're Looking for Support'

Picture: blogs.cfr.org Video Speaking on the condition of anonymity, a Syrian activist tells Democracy Now! that the people of Syria need popular solidarity from the global community as well as support for their armed struggle against the Assad regime. However, she is adamant that Syrians do not seek international military intervention. "People here think that the United States and Turkey and some powerful countries in the world will get into Syria after Assad falls. This is the general feeling here in the...