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Yanis Varoufakis in TED talks: Capitalism will eat democracy – unless we speak up!

26 Jan

By Keffyalew Gebremedhin – The Ethiopia Observatory (TEO)
 

TED: Yanis Varoufakis thinks we need a radically new way of thinking about the economy, finance and capitalism.
 

“Have you wondered why politicians aren’t what they used to be, why governments seem unable to solve real problems? Economist Yanis Varoufakis, the former Minister of Finance for Greece, says that it’s because you can be in politics today but not be in power — because real power now belongs to those who control the economy.”
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ETHIOPIA: helpless victim of twin evils—double-digit inflation and illicit financial outflows

14 Dec

By Keffyalew Gebremedhin

This article deals with two issues. The first part discusses the new data on inflation that was released Tuesday morning and therein too the failure of government to get a handle on the problems and the adverse consequences thereon to the lives of ordinary citizens and the country’s economic future. It also offers suggestions to help address structural problems of the economy and also of the need to free it from all sorts of shackles, as possible ways out of the current morass.
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Illegal capital flight from Ethiopia in 2009 skyrocketed to $3.26 billion

6 Dec

By Sarah Freitas*
Task Force on Financial Integrity & Economic Development

An upcoming report by Global Financial Integrity finds that Ethiopia, which has a per-capita GDP of just US$365, lost US$11.7 billion to illicit financial outflows between 2000 and 2009. More worrying is that the study shows Ethiopia’s losses due to illicit capital flows are on the rise. In 2009, illicit money leaving the economy totaled US$3.26 billion, which is double the amount in each of the two previous years.
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“Not knowing where to go to be heard,” Ethiopia’s private sector seeks interlocutors in foreign embassies!

6 Dec

THE FINE LINE (From Addis Fortune)

In one of his stern warnings to some of the leaders of the opposition parties, the Prime Minister once said that his administration has “eyes and ears.” Taking that at face value, such an administration should have paid notice to the state of paralysis that the private sector finds itself in today, gossip observes. Exhausted from a series of shock therapies in policy prescriptions, many members of the private sector are timid and subdued, if not feeble.
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Opening parliament, president tells members regime recognizes Meles’s monetary policy has been wrong and harmful

12 Oct

By Keffyalew Gebremedhin

President Girma Woldegiorgis told parliament at the beginning of the week that government would not take loans from the National Bank during the current Ethiopian fiscal year as part of its deficit financing, according to The Reporter. The paper indicated that this change of heart has come because the Meles regime has finally recognized that the lose money policy it has this far pursued has damaged the country’s economy, persistent double-digit inflation destroying the lives of ordinary people.
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Meles returns from China with fistful of dollars: No time to worry about debts!

16 Aug

By Keffyalew Gebremedhin

Prime Minister Meles Zenawi was one of the high-level guests of the Chinese government at the opening of the 26th Summer Universiade in Shenzhen, China. The competition would run through 23 August, although it is not known how long the premier would stay in China. Universiade is sports competition, organized every other year by the International University Federation, ever since its first game in 1959 in Turin, Italy, where it adopted its name as Universaide from the Italian.
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The world economy: déjà vu all over again 

11 Aug

By Keffyalew Gebremedhin

Meles goes to China

There is no better evidence for the fear that has hit the global market this whole week than the price of gold on Wednesday. At the time of this writing, it was hovering around the $1,800 per ounce for the first time. At Wall Street’s close on Wednesday, the Dow Jones plummeted 521 points, a 4 percent nosedive, leaving investors and dealers to wonder in their helplessness whether the bottom has been reached given the precipitous declines of the last five days and several hundreds of billions of dollars lost, if not trillions.
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