Tales of torture unleashed in secret report

David Usborne

NEW YORK, March 17: Interrogation techniques used by the USA on Al Qaida suspects in the wake of the 9/11 terror attacks, including beatings, sleep deprivation and so-called waterboarding, "constituted torture" as well as "cruel, inhuman or degrading" treatment, according to a secret Red Cross report.

The report, which was not meant for public release, was written after Red Cross observers were allowed to speak to 14 "high value" detainees at Guantanamo Bay. The detainees had been transferred from secret prisons, or black sites, operated by the CIA. The testimony given to the International Committee of the Red Cross (ICRC), notably by Abu Zubaydah, who was captured after fighting US soldiers in Pakistan, provides a level of detail about the treatment the men received that has not been seen before.

Zubaydah recalls being slammed repeatedly against a plywood wall in his cell and being confined in dark, coffin-like wooden boxes. He speaks of being left unclothed and struggling to breathe as water was poured on a cloth over his face, a simulated drowning procedure known as waterboarding. "I struggled against the straps, trying to breathe, but it was hopeless. I thought I was going to die. I lost control of my urine. Since then I still lose control of my urine when under stress," he is quoted as saying.

The report's authors say all the men gave strikingly similar descriptions of what had happened, even if they had had little or no contact with the others. Excerpts of the report appear in an article written by Mark Danner, a professor of journalism, to be published in New York Review of Books. It is not clear how he obtained the document.

It is legally and politically significant that the ICRC wrote the report, five copies of which were given to White House and CIA officials in early 2007. "It could not be more important that the ICRC explicitly uses the words 'torture' and 'cruel and degrading'," Mr Danner told The Washington Post. "The ICRC is the guardian of the Geneva conventions, and when it uses those words, they have the force of law."

The Independent

Source: The Statesman, 18 March 2009

http://www.thestatesman.net/page.news.php?clid=8&theme=&usrsess=1&id=247323

The Ugly Face of Indian Parliament

[This news was published in the Statesman (13 March 2009) under the title "Meltdown plays party pooper". It describes how the Indian parliamentary parties build their funds and select their electoral candidates. The candidates are selected mostly either on the basis of their money power or their higher position in social strata or both. Obviously, these candidates when become the "people's representative" show commitment to the interest of himself first, ignoring the interest of common Indian people. And no wonder, to get a reasonable amplification of the money they invested in election, they use to get involved in so many businesses which are dirty. These actually include providing support or giving consent to the requirements and demands of imperialism, comprador bourgeoisie and feudal class. Truly speaking, therefore, neither the parliament nor the ministry works for the people; rather they always adopt policies, which serve the interest of MNCs, big comprador bourgeoisie and feudal class. For a fundamental social change in the Indian society, it is therefore important to understand the real character of Indian parliament, which is not bourgeois democratic at all, but an instrument to give the democratic stamp on imperialist plunder and feudal exploitation.]

Stanley Theodore
HYDERABAD, March 12: The global financial meltdown is severely impacting the functioning of political parties across the spectrum and also upsetting the prospects of several aspirants for party tickets.

Andhra Pradesh, estimated by various organisations, spends the most in the country during election time. For instance an Assembly candidate needed to spend at least Rs 25 lakh (US$ 0.05 million) in 2004 just to have his presence felt. Now parties estimate this around Rs 40 lakh (US$ 0.08 million). Further, considering that this is a simultaneous election to the Assembly and Lok Sabha, the expenditure can be better managed if both candidates act in tandem. A Lok Sabha (parliament) candidate needs at least Rs 2 cr (US$ 0.4 million) to show that he is in the race.

“This is the bare minimum amounts. If this much is not spent, voters tend to figure that the candidate is not serious enough to be in the contest. Over and above this Assembly candidates need to spend another Rs 60 lakh (US$ 0.12 milloin) and Parliament candidate another Rs 2 cr (US$ 0.4 million) to keep rolling their campaign machinery like jeeps, cadre, tents, among others,” a party leader said.

Parties began their collections in mid-2008 from various sources. Very few kept their commitment almost immediately. The rest contributed to varying extents and promised to deliver the remaining during election time. This group includes ticket aspirants. Now the liquidity crunch due to the economic recession has left them high and dry.

“Since September 2008 things began to look bleak. And thanks to the Satyam fiasco in January the situation has turned terrible”, a leader who deals with finances said. When asked if contributors or business houses have become tight fisted, he quipped: “Tight fist or loose fist is when there is something in the fist. These days all fists are empty”.

Now aspirants are showing share certificates and land documents to show that they have the financial backing to contest. But parties are not taking them seriously as the stock market is down and so is the real estate market. Even those speaking of "gold reserves" are told to liquidate them and have cash in hand.

Those candidates who traditionally flaunted their NRI funding sources are being ticked off. “One can have a hundred NRIs, friends and relatives. Today how many of them are in a position to transfer $20,000-$25,000? Its neither fair nor practical to take NRIs into account”, a poll fund manager said.

Source: The Statesman 13 March 2009
http://www.thestatesman.net/page.news.php?clid=2&theme=&usrsess=1&id=246642

International Women's Day 2009

Today is the International Women's Day. The first International Women's Day was observed on 28 February 1909 in the United States following a declaration by the Socialist Party of America. Among other relevant historic events, it came to commemorate the 1911 Triangle Shirtwaist Factory fire. The idea of having an international women's day was first put forward at the turn of the 20th century amid rapid world industrialization and economic expansion that led to protests over working conditions. By urban legend, women from clothing and textile factories staged one such protest on 8 March 1857 in New York City. The garment workers were protesting against very poor working conditions and low wages. The protesters were attacked and dispersed by police. These women established their first labor union in the same month two years later.
More protests followed on 8 March in subsequent years, most notably in 1908 when 15,000 women marched through New York City demanding shorter hours, better pay and voting rights. In 1910 the first international women's conference was held in Copenhagen (in the labour-movement building located at Jagtvej 69, which until recently housed Ungdomshuset) by the Second International and an 'International Women's Day' was established, which was submitted by the important German Socialist Clara Zetkin, although no date was specified. The following year, 1911, International Women's Day was marked by over a million people in Austria, Denmark, Germany and Switzerland, on March 19. However, soon thereafter, on March 25, the Triangle Shirtwaist Factory fire in New York City killed over 140 garment workers. A lack of safety measures was blamed for the high death toll. Furthermore, on the eve of World War I, women across Europe held peace rallies on 8 March 1913.
On the last Sunday of February 1917, Russian women began a strike for "bread and peace" in response to the death over 2 million Russian soldiers in war. Opposed by political leaders the women continued to strike until four days later the Czar was forced to abdicate and the provisional Government granted women the right to vote. The date the women's strike commenced was Sunday 23 February on the Julian calendar then in use in Russia. This day on the Gregorian calendar in use elsewhere was 8 March.
Following the October Revolution, the Bolshevik Alexandra Kollontai persuaded Lenin to make it an official holiday in the Soviet Union, and it was established, but was a working day.
[Reference:http://en.wikipedia.org/wiki/International_Women's_Day http://www.internationalwomensday.com/about.asp]

In contrast to bourgeois feminist idea, the equality between men and women is directly associated with the question of wage-slavery. The existence of women as second grade citizen in our society actually ensures extraction of women's labour by imperialist-capitalist-feudalist masters in a dam cheap rate. In other words, the very existence of women as oppressed gender helps the ongoing exploiting system to run and ensure huge surplus deposited in the pocket of class enemies. Therefore women cannot expect equality in the existing system. Equality of woman will be accomplished when she will be free from all kind of slavery and this will only be possible when the mankind will be able to abolish all form of exploitation. The working women, as "half the sky" fight the same struggle what their men counterparts do worldwide—struggle for total abolition of all exploitation. When the current crisis of imperialist-capitalist system once again prove that this system has no future, it cannot solve the basic problems of toiling masses, but only intensify the problems, it simultaneously prove that the future is for socialism-communism only—the socialist ownership of the production. On the occasion of International Women's Day, we publish one writing of Com. Lenin which he wrote for Pravda in 1920 for the same.

On International Women's Day

V I Lenin

Capitalism combines formal equality with economic and, consequently, social inequality. This is one of the principal distinguishing features of capitalism, one that is mendaciously screened by the supporters of the bourgeoisie, the liberals, and that is not understood by the petty-bourgeois democrats. Out of this distinguishing feature of capitalism, by the way, the necessity arises, while fighting resolutely for economic equality, openly to recognise capitalist inequality and, under certain conditions, even to include this open recognition of inequality as a basis for the proletarian state organisation (the Soviet Constitution).
But capitalism cannot be consistent even with regard to formal equality (equality before the law, "equality" between the well-fed and the hungry, between the property-owner and the property-less). And one of the most flagrant manifestations of this inconsistency is the inferior position of woman compared with man. Not a single bourgeois state, not even the most progressive, republican democratic state, has brought about complete equality of rights.
But the Soviet Republic of Russia promptly wiped out, without any exception, every trace of inequality in the legal status of women, and secured her complete equality in its laws.
It is said that the level of culture is best characterised by the legal status of woman. There is a grain of profound truth in this saying. From this point of view, only the dictatorship of the proletariat, only the socialist state, could achieve and did achieve a higher level of culture. Therefore, the foundation (and consolidation) of the first Soviet Republic--and alongside and in connection with this, the Communist International-inevitably lends a new, unparalleled, powerful impetus to the working women's movement.
For, when we speak of those who, under capitalism, were directly or indirectly, wholly or partially oppressed, it is precisely the Soviet system, and the Soviet system only, that secures democracy. This is clearly demonstrated by the position of the working class and the poor peasants. It is clearly demonstrated by the position of women.
But the Soviet system represents the final decisive conflict for the abolition of classes, for economic and social equality. For us, democracy, even democracy for those who were oppressed under capitalism, including democracy for the oppressed sex, is inadequate.
The working women s movement has for its objective the fight for the economic and social, and not merely formal, equality of woman. The main task is to draw the women into socially productive labour, extricate them from "domestic slavery", free them of their stultifying and humiliating resignation to the perpetual and exclusive atmosphere of the kitchen and nursery.
It is a long struggle, requiring a radical remaking both of social technique and of customs. But this struggle will end with the complete triumph of communism.

Source: http://www.marxists.org/archive/lenin/works/1920/mar/04.htm

The Masters of Indian Parliamentary Parties

Whose cash are the major political parties banking on this time? A good part of election financing is obviously done with black money, but a close look at formal business funding in the recent past offers enough clues on who's bankrolling whom.

Quite clearly, businessmen have their favourites, but many others tend to back all major parties even-handedly. Else, they offer donations based on the popular votes/seats received by each major party at the last elections.
The Congress' big backers are the Aditya Birla group and the Tatas, while the BJP received substantial funding from the Sterlite group of Anil Agarwal and the Gujarat-based Adanis. The Dhoots of Videocon backed both the major parties and also the Shiv Sena in Maharashtra.
Using the Right to Information Act extensively, DNA obtained the officially declared contribution figures of various political parties between 2003 and 2007. Since disclosures are voluntary, the figures are only indicative, and may also hide more than they reveal. Thus, there is little data on Mayawati's BSP, which did not submit any declaration to the Election Commission.
Missing from the declarations are the contributions of the Ambani brothers. While Mukesh has access to the highest levels in the Congress, Anil Ambani is close to the Samajwadi Party's Amar Singh.
The Congress and the BJP hogged the lion's share of the booty during 2003-07 -- almost identical amounts of Rs 52.42 crore and Rs 52.93 crore. No business house obviously wants to fall foul of the two principal nodes of Indian politics, whether they are in power or on the sidelines.
But given the growth in coalitions, the smaller parties aren't doing too badly either.
Adani contribution of Rs4 crore to BJP underscores proximity to Modi

Small parties, big bucks

Smaller regional parties haven't done too badly either in the queue for formal business funding. The Shiv Sena (Rs 4.17 crore), the SP (Rs 2.45 crore), the TDP (Rs 2.25 crore) and health minister Anbumani Ramadoss' PMK (Rs 2.86 crore) were key beneficiaries during this period.
The Aditya Birla group headed by Kumar Mangalam Birla emerges as the country's biggest donor, having made total donations to the tune of Rs 24.67 crore. The bulk of it went to the Congress party -- Rs 21.71 crore.
The BJP got all of Rs 2.96 crore. The Birla General Electoral Trust made donations only to these two major political parties.
The BJP's political interests, on the other hand, were strongly supported by the Public and Political Awareness Trust based in Silvassa. It received Rs 9.5 crore between 2003 and 2007 from this trust, which, in turn, received most of its funds from the Sterlite group of Anil Agarwal.
In 2000, 51% of public sector unit Balco was sold to the Sterlite group by the then NDA government. Separately, Sterlite Industries donated Rs 1 crore to the Congress and another Rs 50 lakh to the BJP.
The Venugopal Dhoot-led Videocon consumer durables group gave more than Rs 10 crore to three major parties - the BJP, Congress and Shiv Sena. Of this, Rs 4.5 crore went to the Congress and Rs 3.5 crore to BJP. The Sena got a generous Rs 2.63 crore. Not surprising, since Dhoot's brother Raj Kumar is in the Rajya Sabha, courtesy Shiv Sena.
The Tatas are not far behind. They have donated Rs 4.32 crore to the Congress and another Rs 2.67 crore to the BJP. The Shiv Sena got Rs 60.94 lakh and the Telugu Desam (TDP) Rs 48.48 lakh. These donations were made through Electoral Trust, which was set up before the 1999 general elections for encouraging transparent political funding.
The Gujarat-based Adani group, which is into commodities trading, edible oil, infrastructure and private port operations, was the biggest benefactor of the BJP. Gautam Adani's proximity to Gujarat chief minister Narendra Modi, often seen using the former's private planes, brought the BJP Rs 4 crore. The Congress got only Rs 20 lakh.
The professionally-managed ITC has scattered its largesse far and wide as it donates money on the basis of the parliamentary representation of each political party. The company gave Rs 1.45 crore to the Congress, Rs 1.38 crore to the BJP, Rs 36 lakh to the Samajwadi Party, Rs 12 lakh to the Shiv Sena, Rs 14.5 lakh to the TDP, Rs 8 lakh to Janata Dal (U) and even Rs 5 lakh to the AIADMK.
Engineering giant Larsen & Toubro has given Rs 1.6 crore to BJP, Rs 1 crore to Congress and another Rs 35 lakh to the Shiv Sena. The Mahindra group has distributed Rs 2.2 crore between the Congress, BJP, Shiv Sena and TDP. The Bajaj group has given Rs 1 crore each to Congress and BJP.
Naveen Jindal, who was elected to the current Lok Sabha on a Congress ticket, has donated a sum of Rs 1 crore to the Congress. Interestingly, he has also donated Rs 75 lakh to his party's main rival, the BJP.
The GMR group, which bagged major contracts for airport development across the country, donated Rs 1 crore to the BJP and Rs 25 lakh to the Congress through GMR Power Corporation and its promoters. Vijay Mallya's Shaw Wallace group, acquired in June, 2005, donated a sum of Rs 1 crore to the BJP in 2004-05.
There are several other notable names in the list. Pharma firm Ranbaxy donated Rs 95 lakh - Rs 65 lakh to the Congress, Rs 25 lakh to BJP and another Rs 5 lakh to TDP. The LM Thapar group donated Rs 70 lakh to the Congress and BJP. The Umesh Modi group gave Rs 50 lakh to the BJP and Rs 25 lakh to the Congress.
Among lesser-known financiers are Akik Education Centre, based in Delhi's Shahdara area at Baldev Park. Akik poured Rs 1.5 crore into the BJP's coffers. There is a three-storey building at the given address but DNA did not find any educational institute. Ahmedabad-based Nima Specific Family Trust gave Rs 1 crore to the BJP and Rs 30 lakh to the Congress.
Real estate groups - often operating at the edge of the law - also found a place among the formal donors to the major parties. The Ambience Group, led by Raj Singh Gehlot, which is into the construction of malls and luxury apartments, donated Rs 1.05 crore to the Congress from its Green Park Extension office. Another builder based in the capital, Somdutt Builders, gave Rs 75 lakh to the BJP.
Punj Lloyd, an engineering, construction and project management firm, doled out Rs 1 crore to the BJP while real estate developer Today House & Infrastructures donated Rs 55 lakh to the Congress.
The Jubilant group, which is into hyper and supermarket development, and real estate association Creda handed over Rs 50 lakh and Rs 47 lakh to BJP. Sanskriti Developers dished out Rs 50 lakh to the Congress and Rs 15 lakh to the Shiv Sena.
Quite clearly, from obscure trusts to famous industrial houses, all of them have contributed to keep the wheels of political parties greased.

Source:http://www.dnaindia.com/report.asp?newsid=1236392

2% cut in excise, tax

[The crisis in imperialist-capitalist is inevitable; fresh crisis comes before the system recovers from previous one. Every time, when imperialist-capitalist system recovers from a crisis, it puts the burden over the people—imperialist plunder over the people of Asia-Africa-Latin America and exploitation of people in imperialist-capitalist countries get intensified. In order to overthrow this imperialist-capitalist system, while every communist revolutionary welcomes the crisis, also keeps an eye on the imperialist policies. Crucial is therefore the fighting against the policies which takes away the right of working class or give subsidy to MNCs and comprador bourgeoisies in expense of the unpaid hard labour of working class.

Yesterday government of India has announced a policy aiming for subsidizing MNCs and comprador bourgeoisies, which will lead to revenue loss of Rs 29100 crore (US$ ~6 billion). That means poor Indian people will manage lower calorie and have to work more hours a day, while the margin of profit for MNCs and comprador bourgeoisies will be the same or higher. Let's have a look over the policy. The news was published in The Statesman on 25 Feb 2009.]

Statesman News Service NEW DELHI, Feb. 24: The government today slashed excise duty and service tax by two per cent each and extended the existing four per cent reduction in excise duty beyond the end of this fiscal, aiming to stimulate the economy.

The finance minister, Mr Pranab Mukherjee, announced the reduction in the general excise duty from 10 per cent to eight per cent and that of the service tax from 12 per cent to 10 per cent. Mr Mukherjee also announced cut in excise duty on bulk cement by two per cent or Rs 60 per ton, whichever is higher.

The finance minister extended the flexibility for states to deviate from fiscal consolidation targets by 0.5 per cent beyond 31 March 2009, to enable them to boost infrastructure and generate more employment.

The Lok Sabha passed the interim Budget incorporating today’s measures by voice vote, amid a walk-out staged by the Opposition BJP and Left members who remained dissatisfied with the finance minister’s reply.

Mr Mukherjee also extended exemption from customs duty given to naphtha imported for power generation beyond this fiscal-end.

The fiscal sops will be effective from midnight tonight.

“The measures will lead to revenue loss of Rs 14,000 crore in service tax, Rs 8,500 crore in excise duty and Rs 6,600 crore in customs duty,” the Central Board of Excise and Customs chairman, Mr PC Jha, said. He also said the excise duty cut by two per cent will be effective in the slab of 10 per cent only.

PTI adds: Tata Motors, Ashok Leyland, Ceat, along with Apollo, today said they will cut rates of their products in order to pass on the benefit of two per cent excise duty cut.

Bengal scheme: Meanwhile, prior to the polls the Bengal labour department has announced the launch of a new scheme for self employment of unemployed but skilled youths.

Source; The Sattesman, 25 Feb 2009 : http://www.thestatesman.net/page.news.php?clid=1&theme=&usrsess=1&id=244984

Solidarity To Lalgarh Movement

Wednesday (11 Feb, 2009) Chatradhar Mahato, spokesman of Peoples Committee Against Police Atrocities (PCAPA) and other three members of the committee meet the press and representatives of different mass organizations and progressive individuals in Kolkata. PCAPA has started its struggle since November 2008 to resist state repression in Lalgarh and other villages of Janglemahal, the hilly and forest region of West Midnapur-Bankura-Purulia of West Bengal. The committee specifically demands (i) apology from Superintend of Police (SP) and other police personnel responsible for atrocities; (ii) Compensation of Rs 2,00,000 to each of the victims of state repression; (iii) Unconditional release of villagers arrested for suspected link with Salboni mine blast (iv) Cancellation of the charge-sheets filed against villagers for alleged Maoists link (v) End of indiscriminate arresting villagers without warrant etc.

Chhatradhar Mahato described how CPI(M) goons along with police force killed three people by indiscriminate firing on 3Feb, 2009. Supporters of PCAPA were gathered in a field for a public meeting and suddenly the convoy of vehicles carrying armed goons and the dead body of Nandakumar Paul, a CPM leader murdered on previous day came at the place. As PCAPA has called for police boycott they appealed to move them without police force in that area. In response, the goons and police resorted to indiscriminate firing, gunned down 3 supporters of PCAPA and couple of supporters severely injured.

PCAPA has extended its support to the families of martyrs. Gopinath Murmu, who was murdered on 3 Feb, was a daily wage labourer. Chhatrodhar Mahato said "It is our duty to fully support this family as they do not posses any land; Gopinath was the only earning member." But PCAPA and its supporters have limited financial strength. Moreover, they refused any financial support from any political party. "With financial support, political parties actually purchase the movement", Mr. Mahato said. PCAPA has decided to take support only from the people.

From Mr. Mahato, we have heard how people of Lalgarh and other forest region have been exploited by forest department. When forest department cuts the jungle, only 25% of the profit comes to the people of the village. In the whole procedure the control of villagers is limited and the whole process is not at all transparent. Finally in one year a meager Rs 500 becomes the earning of a villager. Can we imagine? Forest is being destroyed and people are loosing their livelihood in expense of Rs 500 ($10) per villagers per year.

In Lalgarh, Belpahari and other areas of West Midnapur, Bankura and Purulia PCAPA has been formed at village levels. Female represents half of the committee members. Village committees function under area committees and the highest body is the central committee of PCAPA. PCAPA has called for 'Police boycott' to protest police atrocities in the villages and it has been successful till date.

People of Junglemahal, the forest and hilly region of West Midnapur-Bankura-Purulia of West Bengal have been fighting a heroic struggle to establish their right over the forest-land-water, to abolish the root of police atrocities and state repression. The same struggle was fought by Sidhu-Kanu and other Martyrs. They have been fighting the same battle which many of us like to fight. After hearing Mr. Mahato, no wonder, it took only a few minute to form "Lalgarh Movement Solidarity Forum" with of representatives of different progressive mass organizations and individuals. Solidarity forum will build support and raise fund for Lalgarh Movement.

Support And Raise Fund For Lalgarh Movement

Creating 50 Million Jobs

[The current crisis of imperialism is the very part of its general crisis. We know, according to Com Mao, after Second World War imperialism has entered in a phase of "total collapse", which is an integral part of the era of imperialism and proletarian revolution. As the most important feature of this phase is the ever deepening crisis of imperialism, the current crisis cannot be resolved, but has to be intensified with time. Obviously communist revolutionaries must welcome this crisis and intensify the struggle for revolutionary changes---they cannot expect a solution other than abolition of capitalism-imperialism.

However, we should remember that, the imperialist forces will try their best to overcome the crisis and in turn to save the system from being collapsed. Understanding the imperialistic strategy regarding the crisis will help world proletariat to forward their struggle.]

Douglas A. McIntyre

The US economy lost 2.4 million jobs in the last four months of 2008. At the current rate of layoffs, another one million will be lost this month. The unemployment rate may be 8.5% by the end of the first quarter. Almost no one would have forecast this.
The part of the iceberg that is not as easily seen is that 50 million jobs are at risk worldwide.
According to the FT, the International Labour Organization said the global recession would lead to a “dramatic increase” in unemployment this year, which would certainly lead to 18m-30m additional unemployed and more than 50m “if the situation continues to deteriorate”.
The fact that most of these people live outside the US means that the solution to the problem is largely beyond America's control. The financial and trade barriers among the major nations are now tissue thin. A deep recession could change that over time if protectionism becomes part of the way that nations try to shield their economies from imports. Until that day comes, the global economy is essentially borderless.
The worldwide nature of unemployment exacerbates the issue of how to stimulate growth across dozens of large countries and scores of smaller ones. The most expedient remedy to rising global unemployment is to have central banks supply capital to support business expansion around the world. This borrowing will cause national surpluses to shrink or debts to rise, depending on the condition of each country's treasury. There is an increasing need for the United States and other large nations to borrow trillions of dollars every year.
The demand for capital in order to drive up employment puts policy makers in nations, including the UK, the EU, the US, Japan, and China between Scylla and Charybdis (the original rock and hard place from "The Odyssey"). Fiscal conservatives would push for the recession to play itself out. Borrowing tremendous amounts of money, they would argue, creates unsustainable amounts of debt, even if the numbers of people out of work rises to unimaginable levels. This is a hard philosophy based on the premise that all fires, no matter how large, burn themselves out if left alone.
The leaders who believe that spending is the answer to this problem rely on an optimism that may be difficult to understand and this optimism will be impossible to sustain. If the US Treasury borrows money at the rate of $1 trillion a year, the large nations of Europe run up national debt into the hundreds of billions of dollars a year, and China releases a portion of its surplus to repair its economy, the sources of funds will disappear. China is one of the largest buyers of US Treasuries, but even the world's most populous country does not have unlimited financial resources. As sovereign nations compete for funding, interest rates will rise and the cost of creating jobs will increase, probably at a rapid pace.
While it may be unimaginable to talk about the US defaulting on its debt or deferring interest payments, the chances of that rise as the economy gets worse and global unemployment accelerates .
For decades we have operated on the assumption that financial resources were essentially limitless. We are now learning the hard truth that the world may not have enough capital to put 50 million people back to work.

Source: http://www.247wallst.com/2009/01/creating-50-mil.html