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There is, as usual, a complete lack of healthy skepticism over the Government's most recent terrorism claims

so everyone agrees on the broader issue that our government is utterly corrupt and beholden to corporate power, and that if we are going to be able to successfully deal with any problem ever we have to deal with that issue first. Like an alcoholic that's going to lose his job, wife, and liver, it's not that that those aren't important issues to deal with, but that alcoholism needs to be dealt with first.

By Ralph Nader & Carl J. Mayer New York Times, April 9, 1988 Our constitutional rights were intended for real persons, not artificial creations. The Framers knew about corporations but chose not to mention these contrived entities in the Constitution. For them, the document shielded living beings from arbitrary government and endowed them with the right to speak, assemble, and petition. Today, however, corporations enjoy virtually the same umbrella of constitutional protections as individuals do. They have become in effect artificial persons with infinitely greater power than humans. This constitutional equivalence must end. Consider a few noxious developments during the last 10 years. A group of large Boston companies invoked the First Amendment in order to spend lavishly and thus successfully defeat a referendum that would have permitted the legislature to enact a progressive income tax that had no direct effect on the property and business of these companies. An Idaho electrical and plumbing corporation cited the Fourth Amendment and deterred a health and safety investigation. A textile supply company used Fifth Amendment protections and barred retrial in a criminal anti-trust case in Texas. The idea that the Constitution should apply to corporations as it applies to humans had its dubious origins in 1886. The Supreme Court said it did "not wish to hear argument" on whether corporations were "persons" protected by the 14th Amendment, a civil rights amendment designed to safeguard newly emancipated blacks from unfair government treatment. It simply decreed that corporations were persons. Now that is judicial activism. A string of later dissents, by Justices Hugo Black and William O. Douglas, demonstrated that neither the history nor the language of the 14th Amendment was meant to protect corporations. But it was too late. The genie was out of the bottle and the corporate evolution into personhood was under way. It was not until the 1970's that corporations

North Korea tested a nuke and fired a rocket today. According to Reuters, a North Korean ruling party official said: "We have successfully conducted another nuclear test on May 25 as part of the republic's measures to strengthen its nuclear deterrent."

The current high debt can only be resolved through a properly timed debt default, controlled bankruptcy, and mass restructuring in order to create: 1) an industrial base for post-default recovery2) aggressive drive to court foreign investment It is highly unlikely that American power elites will be able to successfully restructure while preserving large parts of both the political and economic architecture. That is due to 2009 economic foundations being drastically different than in 1870s, 1930s, or 1950s.

This story from Bloomberg just hit the wires this morning.  Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC. What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan.  Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.