Review of Thomas Greco’s book
by Richard C. Cook
Hat tip: Global Research
October 14, 2009
It’s too late for anyone to pretend that the U.S. government, whether under President Barack Obama or anyone else, can divert our nation from long-term economic decline. The U.S. is increasingly in a state of political, economic, and moral paralysis, caught as it were between the “rock” of protracted recession and the “hard place” of terminal government debt.
Even if the stock market can be shored up by more government borrowing for “stimulus” spending, it’s a temporary reprieve, because nothing can bring back the consumer purchasing power that was lost when the banks stopped pumping money into the economy through out-of-control mortgage lending. We simply no longer have the job base for people to earn the income they need to live.
The underlying cause of the crisis is in fact the debt-based monetary system, whereby the U.S. ruling class long ago sold out our nation and its people to the international banking cartel of which the Rockefeller and Morgan interests have been the chief representatives for over a century. It was lending on a previously unheard of scale for overpriced assets to people and businesses unable to repay that created the bubbles that burst in 2008, not only in the housing market but also in such areas as commercial real estate, equities, commodities, and derivatives. It was an explosion that reverberated throughout the world.
The Obama administration’s response to the crisis has been to print Treasury bonds both for the financial system bailouts and the sputtering Keynesian stimulus that so far has gone substantially into military infrastructure. This bond bubble is what I have referred to as “Obama’s Last Picture Show.” http://www.globalresearch.ca/index.php?context=va&aid=12512
Government debt is fundamentally inflationary. For a generation, the U.S. dollar has been inflating at an increasing rate, with the economy being kept in a growth posture by selling our debt instruments abroad or allowing foreigners holding dollars to purchase property and other assets on our own soil. The website EconomyinCrisis.org reports that in 2007, the most recent year for which data are available, “foreign entities spent $267.8 billion to acquire or establish U.S. businesses.” http://www.economyincrisis.org/articles/show/2801
The Dollar Needs to be Devalued by Half?
by Ellen Brown
hat tip: Global Research
“A year ago,” said law professor Ross Buckley on Australia’s ABC News on September 22, “nobody wanted to know the International Monetary Fund. Now it’s the organiser for the international stimulus package which has been sold as a stimulus package for poor countries.”
The IMF may have catapulted to a more exalted status than that. According to Jim Rickards, director of market intelligence for scientific consulting firm Omnis, the unannounced purpose of the G20 Summit in Pittsburgh on September 24 was that “the IMF is being anointed as the global central bank.” Rickards said in a CNBC interview on September 25 that the plan is for the IMF to issue a global reserve currency that can replace the dollar.
“They’ve issued debt for the first time in history,” said Rickards. “They’re issuing SDRs. The last SDRs came out around 1980 or ’81, $30 billion. Now they’re issuing $300 billion. When I say issuing, it’s printing money; there’s nothing behind these SDRs.”
SDRs, or Special Drawing Rights, are a synthetic currency originally created by the IMF to replace gold and silver in large international transactions. But they have been little used until now. Why does the world suddenly need a new global fiat currency and global central bank? Rickards says it because of “Triffin’s Dilemma,” a problem first noted by economist Robert Triffin in the 1960s. When the world went off the gold standard, a reserve currency had to be provided by some large-currency country to service global trade. But leaving its currency out there for international purposes meant that the country would have to continually buy more than it sold, running large deficits until it eventually went broke. The U.S. has fueled the world economy for the last 50 years, but now it is going broke. The U.S. can settle its debts and get its own house in order, but that would cause world trade to contract. A substitute global reserve currency is needed to fuel the global economy while the U.S. solves its debt problems, and that new currency is to be the IMF’s SDRs.
That’s the solution to Triffin’s dilemma, says Rickards, but it leaves the U.S. in a vulnerable position. If we face a war or other global catastrophe, we no longer have the privilege of printing money. We will have to borrow the global reserve currency like everyone else, putting us at the mercy of global lenders.
Tuesday 06 October 2009
by: Jason Leopold
Hat tip: t r u t h o u t
On Monday, a federal court ordered the government to turn over a videotape of the brutal interrogation of a Guantanamo detainee to the prisoner’s lawyers.
A federal court judge on Monday revealed that the brutal interrogation of an alleged “war on terror” detainee imprisoned at Guantanamo for more than seven years was videotaped and she ordered the government to turn over the materials to the prisoner’s lawyers.
Mohammed al-Qahtani was someone Bush administration officials had referred to as the “20th hijacker” of the 9/11 attacks. The government claimed the Saudi man intended to take part in 9/11, but he was denied entry into the United States by an immigration official a month before the attacks on the World Trade Center and the Pentagon.
As reported previously, specific interrogation methods used against al-Qahtani were approved by former Secretary of Defense Donald Rumsfeld in a December 2002 action memorandum.
The treatment of al-Qahtani was cataloged in an 84-page “torture log” that was leaked in 2006. The “torture log” shows that beginning in November 2002 and continuing well into January 2003, al-Qahtani was subjected to sleep deprivation, interrogated in 20-hour stretches, poked with IVs and left to urinate on himself.
In an interview with The Washington Post last January, Susan Crawford, the retired judge who heads military commissions at Guantanamo, became the highest ranking US official who said the interrogation of al-Qahtani met the legal definition of torture and, as a result, she would not allow a war crimes tribunal against him to proceed because the evidence against him was tainted.
hat tip: The Independent
By Robert Fisk
Tuesday, 6 October 2009
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.
The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China’s former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. “Bilateral quarrels and clashes are unavoidable,” he told the Asia and Africa Review. “We cannot lower vigilance against hostility in the Middle East over energy interests and security.”
By Chris Hedges
Hat tip: opednews.com
War memorials and museums are temples to the god of war. The hushed voices, the well-tended grass, the flapping of the flags allow us to ignore how and why our young died. They hide the futility and waste of war. They sanitize the savage instruments of death that turn young soldiers and Marines into killers, and small villages in Vietnam or Afghanistan or Iraq into hellish bonfires. There are no images in these memorials of men or women with their guts hanging out of their bellies, screaming pathetically for their mothers. We do not see mangled corpses being shoved in body bags. There are no sights of children burned beyond recognition or moaning in horrible pain. There are no blind and deformed wrecks of human beings limping through life. War, by the time it is collectively remembered, is glorified and heavily censored.
I blame our war memorials and museums, our popular war films and books, for the wars in Iraq and Afghanistan as much as George W. Bush. They provide the mental images and historical references to justify new conflicts. We equate Saddam Hussein with Adolf Hitler. We see al-Qaida as a representation of Nazi evil. We view ourselves as eternal liberators. These plastic representations of war reconfigure the past in light of the present. War memorials and romantic depictions of war are the social and moral props used to create the psychological conditions to wage new wars.
War memorials are quiet, still, reverential and tasteful. And, like church, such sanctuaries are important, but they allow us to forget that these men and women were used and often betrayed by those who led the nation into war. The memorials do not tell us that some always grow rich from large-scale human suffering. They do not explain that politicians play the great games of world power and stoke fear for their own advancement. They forget that young men and women in uniform are pawns in the hands of cynics, something Pat Tillman’s family sadly discovered. They do not expose the ignorance, raw ambition and greed that are the engine of war.
by sherry clark
Where to begin?
In the following clip, James Traficant, no matter what you have may be told by the lamestream media, is trying to tell Americans what few in CONgress are willing to say. It is shocking that after all he has endured at the hands of our CRIMINAL “justice” system, he is still willing to say…
He is, of course, speaking from first-hand experience. And as the publisher of The Liberty Voice, I will second his remarks from (far less dramatic) first-hand experience.
Hat tip: Think Progress
By Ian Millhiser
Almost two decades ago, Troy Anthony Davis was convicted of murder and sentenced to die. Since then, seven of the witnesses against him have recanted their testimony, and some have even implicated Sylvester “Redd” Coles, a witness who testified that Davis was the shooter. In light of the very real evidence that Davis could be innocent of the crime that placed him on death row, the Supreme Court today invoked a rarely used procedure giving Davis an opportunity to challenge his conviction. Joined by Justice Clarence Thomas in dissent, however, Justice Antonin Scalia criticized his colleagues for thinking that mere innocence is grounds to overturn a conviction:
“This Court has never held that the Constitution forbids the execution of a convicted defendant who has had a full and fair trial but is later able to convince a habeas court that he is “actually” innocent. Quite to the contrary, we have repeatedly left that question unresolved, while expressing considerable doubt that any claim based on alleged “actual innocence” is constitutionally cognizable.”
So in Justice Scalia’s world, the law has no problem with sending an innocent man to die. One wonders why we even bother to have a Constitution.
Sunday, October 4th, 2009
I’d like to have a word with those of you who call yourselves Christians (Muslims, Jews, Buddhists, Bill Maherists, etc. can read along, too, as much of what I have to say, I’m sure, can be applied to your own spiritual/ethical values).
In my new film I speak for the first time in one of my movies about my own spiritual beliefs. I have always believed that one’s religious leanings are deeply personal and should be kept private. After all, we’ve heard enough yammerin’ in the past three decades about how one should “behave,” and I have to say I’m pretty burned out on pieties and platitudes considering we are a violent nation who invades other countries and punishes our own for having the audacity to fall on hard times.
I’m also against any proselytizing; I certainly don’t want you to join anything I belong to. Also, as a Catholic, I have much to say about the Church as an institution, but I’ll leave that for another day (or movie).
Amidst all the Wall Street bad guys and corrupt members of Congress exposed in “Capitalism: A Love Story,” I pose a simple question in the movie: “Is capitalism a sin?” I go on to ask, “Would Jesus be a capitalist?” Would he belong to a hedge fund? Would he sell short? Would he approve of a system that has allowed the richest 1% to have more financial wealth than the 95% under them combined?