This is the second of a series of articles covering the financial and money markets from a critical perspective.

In 'Financial Weapons of Mass Destruction', Paul Bowman examined the derivatives market and promised that the succeeding article would cover the 'story of the historical development of successive regimes of global financial orders' and would explain the role of the Eurodollars market 'in undermining the Keynesian Bretton Woods system'.

However, in the interests of space and relevance, I will only tell the story of the historical development of the regime of global financial order under US hegemony. I will begin by examining how the centre of capital accumulation shifted from Europe to the US in the first half of the twentieth century, and how following World War II the global financial order became centred around the US through the Bretton Woods system.

I will then look at how the Bretton Woods System was undermined, concentrating as much on the role of workers’ militancy as on the role of the Eurodollars market. After considering the response to the crisis of Bretton Woods, I'll look at the Clinton boom bringing us up to the current situation of the US’s current heavy dependence on foreign borrowing.

Cultural Destruction

How the issue of a discussion at WAC 6 on Tara and the M3 arose and an update on the situation.

The issue of a debate on Tara and the M3 at the World Archaeological Congress, which takes place next week in Dublin, arose after Tara campaigners requested that I investigate whether such a discussion could be facilitated at one of the sessions dealing with ethics. I wrote to WAC asking for a session on campaigns against cultural destruction as a counterbalance to the programme as it was, which included several pro-developer, pro-private sector archaeology themes as well as the shocking presence at the congress of the US military.

Related Links: World Archaeological Congress Tara stories on indy

Not exactly…
But there might be more than you’d think.

On the 11th -13th April Seomra Spraoi host Ireland's first Social Centre Gathering. What better excuse to have as look back at radical spaces in Ireland over the last 30 years.

Details on Social Centre Gathering

Web Resources on Social Centres In Ireland: Direct Action Against Apathy — Housing Resource on Struggle

View from the edge of Rath Lugh

From the Newswire - Posted Monday 25th February:
There are fences across the proposed route each side of the Rath Lugh woods. At around 8am this morning a member of the Rath Lugh camp heard machinery passing by the rath. 6 of us went out and saw 2 dump trucks and 2 diggers outside the fence, coming from the Baronstown direction. Each digger was 40 tonnes, and wanted to drive though at the same time! A large crowd of SIAC, Ferrovial and Wills Bros workers were present, 2 members of the Garda Siochana were also present, both in incomplete uniforms; they didn't wear hats, one of them wasn't displaying his ID number on his shoulder. We explained no machinery would be passing by Rath Lugh, that the area is preserved and it is a criminal offence to interfere with or damage a national monument. The weight and vibrations of the machinery will affect the monument on the esker, and so endanger all of Rath Lugh. The workers took absolutely no heed of anything we told them.

Related Links: Tara Pixie website Lissmullin Demonstration ; Thursday at Soldiers Hill Today at Rath Lugh Save Tara demo at Bertie's US Congress speech SDLP Save Tara Private Members Motion

Bob Doyle

Over 40 people flew out to Madrid last weekend to participate in a number of events centered around a commemoration of Tyrone poet, Charlie Donnelly, who was killed in February 1937 in the latter stages of the Battle of Jarama.

Indymedia mingled and took some photographs.

Related Links: Connolly Column 70th Anniversary — Wikipedia Article on Charlie Donnelly — Wikipedia Article on the Battle of Jarama