Paul Joseph Watson
Thursday, February 26, 2009
Barack Obama’s election promise to bring “change” to Washington and reverse the juggernaut of the Bush war machine has proven to be nothing more than a cruel hoax, emphasized by his recent actions on Afghanistan, Pakistan and Iraq and his latest demand for a total of around $800 billion in war funds and subsidiary costs just to cover the rest of 2009.
“According to the US defense officials, Obama needs USD 75.5 billion for 2009 to cover the cost of the additional troops deployed in to Afghanistan this year and an another USD 130 billion for the rest of fiscal 2009,” reports Press TV.
An additional $534 billion is required for the Defense Department, added to another figure of $65.9 billion that has already been approved by Congress, bringing the total figure to over $805 billion dollars.
CARD CHECK: “You have nothing to lose but your chains”
By Mike Whitney
URL of this article:
Global Research, December 9, 2008
Even though the Federal Reserve is now the biggest single participant in the financial system, the myth of a “free market” still lingers on. It’s mind boggling. The Fed has expanded its balance sheet by $2 trillion, guaranteed $8.3 trillion of dodgy mortgage-backed paper, provided a backstop for bank deposits, money markets, commercial paper, and created 8 separate lending facilities to ensure that underwater financial institutions can still appear to be solvent. The whole system is a state subsidized operation buoyed on a taxpayer-provided flotation device which bears no resemblance to an invisible hand. More astonishing, is the massive power grab engineered by the Fed which has taken place without the slightest protest from 535 shell-shocked congressmen and senators. Elected officials have either kept their finger in the air to see which way the political wind is blowing or timidly caved in to Treasury’s every multi-billion dollar demand. It’s flagrant blackmail and everyone knows it. Congressional oversight is an oxymoron.
Anyone who has followed the financial crisis from its origins knows that the Fed’s bloody fingerprints are all over the crime scene. Still, that hasn’t stopped well-meaning liberal economists (Krugman, Stiglitz, Reich) from supporting Bernanke’s increasingly unorthodox attempts to flood the financial system with liquidity (“quantitative easing”) and invoke whatever radical strategy pops into his head. In fact, many of the experts believe that Bernanke should do even more given the sheer size of the meltdown. There’s growing support for a gigantic stimulus package ($700 billion) which will focus on road construction, infrastructure, state aid, extensions to unemployment benefits and green technologies. The Obama camp hopes that government programs and deficit spending will make up for the huge losses in aggregate demand which threaten to drag prices down even further in a self-reinforcing deflationary cycle. Even so, its natural to wonder at the wisdom of giving even more power to the very people who created the mess to begin with and who seem more interested in proving their depression-fighting theories than throwing a lifeline to struggling homeowners, consumers or auto workers. Maybe its time to try something different.