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Paul Merrell

Paul Craig Roberts: Our Collapsing Economy and Currency - 0 views

www.informationclearinghouse.info/article33198.htm

war & peace economy currency financial-collapse

shared by Paul Merrell on 04 Dec 12 - No Cached
  • Is the “fiscal cliff” real or just another hoax? The answer is that the fiscal cliff is real, but it is a result, not a cause. The hoax is the way the fiscal cliff is being used. The fiscal cliff is the result of the inability to close the federal budget deficit. The budget deficit cannot be closed because large numbers of US middle class jobs and the GDP and tax base associated with them have been moved offshore, thus reducing federal revenues. The fiscal cliff cannot be closed because of the unfunded liabilities of eleven years of US-initiated wars against a half dozen Muslim countries--wars that have benefitted only the profits of the military/security complex and the territorial ambitions of Israel. The budget deficit cannot be closed, because economic policy is focused only on saving banks that wrongful financial deregulation allowed to speculate, to merge, and to become too big to fail, thus requiring public subsidies that vastly dwarf the totality of US welfare spending.
  • The real crisis facing the US is the impending collapse of the US dollar’s foreign exchange value. The US dollar’s value in relation to silver and gold has already collapsed. In the past ten years, gold’s price in US dollars has increased from $250 per ounce to $1,750 per ounce, an increase of $1,500. Silver’s price has risen from $4 per ounce to $34 per ounce. These price rises are not due to a sudden scarcity of gold and silver, but to a flight from the dollar into the two forms of historical money that cannot be created with the printing press.
  • What can be done? For a number of years I have pointed out that the problem is the loss of US employment, consumer income, GDP, and tax base to offshoring. The solution is to reverse the outward flow of jobs and to bring them back to the US. This can be done, as Ralph Gomory has made clear, by taxing corporations according to where they add value to their product. If the value is added abroad, corporations would have a high tax rate. If they add value domestically with US labor, they would face a low tax rate. The difference in tax rates can be calculated to offset the benefit of the lower cost of foreign labor. As all offshored production that is brought to the US to be marketed to Americans counts as imports, relocating the production in the US would decrease the trade deficit, thus strengthening belief in the dollar. The increase in US consumer incomes would raise tax revenues, thus lowering the budget deficit. It is a win-win solution.
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  • The second part to the solution is to end the expensive unfunded wars that have ruined the federal budget for the past 11 years as well as future budgets due to the cost of veterans’ hospital care and benefits. According to ABC World News, “In the decade since the Sept. 11, 2001 terrorist attacks on the World Trade Center, 2,333,972 American military personnel have been deployed to Iraq, Afghanistan or both, as of Aug. 30, 2011 [more than a year ago].” These 2.3 million veterans have rights to various unfunded benefits including life-long health care. Already, according to ABC, 711,986 have used Veterans Administration health care between fiscal year 2002 and the third-quarter of fiscal year 2011. http://abcnews.go.com/Politics/us-veterans-numbers/story?id=14928136#1 The Republicans are determined to continue the gratuitous wars and to make the 99 percent pay for the neoconservatives’ Wars of Hegemony while protecting the 1 percent from tax increases. The Democrats are little different.
  • No one in the White House and no more than one dozen members of the 535 member US Congress represents the American people. This is the reason that despite obvious remedies nothing can be done. America is going to crash big time. And the rest of the world will be thankful. America along with Israel is the world’s most hated country. Don’t expect any foreign bailouts of the failed “superpower.”
Paul Merrell

Iraq war costs U.S. more than $2 trillion -study | Reuters - 0 views

www.reuters.com/...iversary-idUSL1N0C5FBN20130314

foreign wars costs casualties

shared by Paul Merrell on 16 Mar 13 - No Cached
  • (Reuters) - The U.S. war in Iraq has cost $1.7 trillion with an additional $490 billion in benefits owed to war veterans, expenses that could grow to more than $6 trillion over the next four decades counting interest, a study released on Thursday said.The war has killed at least 134,000 Iraqi civilians and may have contributed to the deaths of as many as four times that number, according to the Costs of War Project by the Watson Institute for International Studies at Brown University.When security forces, insurgents, journalists and humanitarian workers were included, the war's death toll rose to an estimated 176,000 to 189,000, the study said.
  • The report, the work of about 30 academics and experts, was published in advance of the 10th anniversary of the U.S.-led invasion of Iraq on March 19, 2003.It was also an update of a 2011 report the Watson Institute produced ahead of the 10th anniversary of the Sept. 11 attacks that assessed the cost in dollars and lives from the resulting wars in Afghanistan, Pakistan and Iraq.The 2011 study said the combined cost of the wars was at least $3.7 trillion, based on actual expenditures from the U.S. Treasury and future commitments, such as the medical and disability claims of U.S. war veterans.That estimate climbed to nearly $4 trillion in the update.
  • The estimated death toll from the three wars, previously at 224,000 to 258,000, increased to a range of 272,000 to 329,000 two years later.Excluded were indirect deaths caused by the mass exodus of doctors and a devastated infrastructure, for example, while the costs left out trillions of dollars in interest the United States could pay over the next 40 years.The interest on expenses for the Iraq war could amount to about $4 trillion during that period, the report said.The report also examined the burden on U.S. veterans and their families, showing a deep social cost as well as an increase in spending on veterans. The 2011 study found U.S. medical and disability claims for veterans after a decade of war totaled $33 billion. Two years later, that number had risen to $134.7 billion.
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  • The report concluded the United States gained little from the war while Iraq was traumatized by it. The war reinvigorated radical Islamist militants in the region, set back women's rights, and weakened an already precarious healthcare system, the report said. Meanwhile, the $212 billion reconstruction effort was largely a failure with most of that money spent on security or lost to waste and fraud, it said.
  • "Action needed to be taken," said Steven Bucci, the military assistant to former Defense Secretary Donald Rumsfeld in the run-up to the war and today a senior fellow at the Heritage Foundation, a conservative Washington-based think-tank.Bucci, who was unconnected to the Watson study, agreed with its observation that the forecasts for the cost and duration of the war proved to be a tiny fraction of the real costs."If we had had the foresight to see how long it would last and even if it would have cost half the lives, we would not have gone in," Bucci said. "Just the time alone would have been enough to stop us. Everyone thought it would be short."
Paul Merrell

Syrian Army Moves to Rebel-Held Qusayr - NYTimes.com - 0 views

www.nytimes.com/...oves-to-rebel-held-qusayr.html

war & peace Syria Lebanon Iran

shared by Paul Merrell on 25 May 13 - No Cached
  • Syrian government forces backed by Lebanese fighters from the militant group Hezbollah pushed Sunday into parts of Qusayr, a strategic city long held by rebels, according to an antigovernment activist and pro-government news channels. If the advance holds, it would be a serious setback for opponents of President Bashar al-Assad.
  • Both sides called it one of the war’s most intense ground battles. The fight seemed likely to inflame regional tensions as Hezbollah plunges more deeply into the conflict in Syria, increasing fears of a regional conflagration. The Syrian military hammered Qusayr, on the Lebanon border, with airstrikes and artillery, killing at least 52 people and wounding hundreds as civilians cowered, unable to flee the city, activists said. By day’s end about 60 percent of the city, including the municipal office building, was under the army’s control for the first time in months, one activist said. Residents said rebels kept fighting into the night in Qusayr, killing a number of Hezbollah and government fighters.
  • The battle for the city, in heavily contested Homs Province, is viewed by both loyalists and government opponents as a turning point that could, in the words of one activist in Qusayr, “decide the fate of the regime and the revolution.”
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  • Mr. Assad, according to people who have spoken with him, believes that reasserting his hold in Homs Province is crucial to maintaining control of a string of population centers in western Syria, and eventually to military campaigns to retake rebel-held territory in the north and east. Many analysts say it is unlikely that the government will be able to regain control of those areas, but that it could consolidate its grip on the west, leading to a de facto division of the country. The battle has brought Hezbollah’s role in Syria to the forefront as the war becomes a regional conflict, pitting Shiite-led Iran, the main backer of Mr. Assad and Hezbollah, against the Sunni Muslim states and their Western allies that support the uprising.
  • Tensions have risen in Lebanon as Syrian rebels have shelled Hezbollah-controlled areas. On Sunday, they hit the Lebanese town of Hermel with Grad rockets, activists said.
Gary Edwards

THE TRUTH ABOUT SPYING: The Feds Are Intercepting Your Internet Data And Tech Giants Kn... - 0 views

www.businessinsider.com/he-nsas-data-collection-2013-6

Prism NSA-Patriot-Act-NDAA Edward-Snowden

shared by Gary Edwards on 12 Jun 13 - No Cached
  • Last year James Bamford of Wired — who wrote the book "The Shadow Factory: The NSA from 9/11 to the Eavesdropping on America" — reported that the NSA hired secretive companies linked to Israeli intelligence to establish 10 to 20 wiretapping rooms at key Internet Service Provider (ISP) telecommunication points throughout the country.
  • In 2004 AT&T engineer Mark Klein discovered that a special NSA network actively "vacuumed up Internet and phone-call data from ordinary Americans with the cooperation of AT&T," emphasizing that "much of the data sent through AT&T to the NSA was purely domestic."
  • Glenn Greenwald revealed that the National Security Agency (NSA) is secretly using the so-called "business records" provision of the Patriot Act to collect telephone records of millions of Americans from Verizon. Greenwald noted that "previous reporting has suggested the NSA has collected cell records from all major mobile networks," which was best illustrated by this ACLU infographic graphic illustrating how the NSA intercepts more than a billion electronic records and communications every day.
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  • NSA whistleblowers William Binney and Thomas Drake corroborated Klein's assertions: Binney contends that the NSA analyzes the information "to be able to monitor what people are doing" and who they are doing it with while Drake maintains that the NSA is using Israeli-made NARUS hardware to "seize and save all personal electronic communications."
  • Eric Lichtblau and James Risen of the New York Times won a Pulitzer-Prize for this 2005 story: As part of the program approved by President Bush for domestic surveillance without warrants, the N.S.A. has gained the cooperation of American telecommunications companies to obtain backdoor access to streams of domestic and international communications, the officials said.
  • in January Google released a transparency report detailing the government's use of controversial legislation that bypasses judicial approval to access the online information of private citizens.
  • Given the fact that the CIA's recently visited tech conference to detail the Agency's vision for collecting and analyzing all of the information people put on the Internet, it would be naïve to think that American tech giants hasn't know that all their data belongs to NSA.
  • Gary Edwards on 12 Jun 13
     
    Timeline for reports and whistleblower information going public about NSA world wide dragnet of information and communications.  Note that the official timeline the NSA slides depict the start of the Internet dragnet as late 2007, when the Bush Administration wrangled Microsoft as a source.  The whistleblower timeline starts in 2001 and is rolling worldwide by 2004.
Paul Merrell

Top Stories - U.S. Government Redistributes Wealth…to the Rich - AllGov - News - 0 views

www.allgov.com/...butes-wealthto-the-rich-121224

class warfare income inequality

shared by Paul Merrell on 26 Dec 12 - No Cached
  • For about thirty years now, the federal government has been implementing policies that take tax dollars from middle class Americans and give them to the rich, supposedly as a way to spur economic growth. Although Americans actually want greater economic equality, the net effect has been to redistribute wealth to the rich and create the most unequal developed society on earth.   According to a series of reports by Reuters, since 1989 inequality has risen all across the U.S. to levels not seen since before the Great Depression:
  • • Inequality has increased in every state except Mississippi, which is the poorest state in the Union;   • The poverty rate increased in 43 states;   • In 28 states inequality and poverty rose while median income fell;   • In every state, the richest 20% of households far outpaced the income gains of any other quintile;   • Income for the median household fell in 28 states.
  • Three specific aspects of federal policy—low taxes for the rich, outsourcing government functions to private companies, and the financial clout of Washington lobbyists—have been the major drivers of growing inequality.
Paul Merrell

McCain and the POW Cover-Up | The American Conservative - 0 views

www.theamericanconservative.com/...mccain-and-the-pow-cover-up

mccain pows viet nam cover-up conspiracy

shared by Paul Merrell on 05 May 13 - No Cached
  • Eighteen months ago, TAC publisher Ron Unz discovered an astonishing account of the role the 2008 Republican presidential nominee, John McCain, had played in suppressing information about what happened to American soldiers missing in action in Vietnam. Below, we present in full Sydney Schanberg’s explosive story. * * * John McCain, who has risen to political prominence on his image as a Vietnam POW war hero, has, inexplicably, worked very hard to hide from the public stunning information about American prisoners in Vietnam who, unlike him, didn’t return home. Throughout his Senate career, McCain has quietly sponsored and pushed into federal law a set of prohibitions that keep the most revealing information about these men buried as classified documents. Thus the war hero who people would logically imagine as a determined crusader for the interests of POWs and their families became instead the strange champion of hiding the evidence and closing the books.
  • Almost as striking is the manner in which the mainstream press has shied from reporting the POW story and McCain’s role in it, even as the Republican Party has made McCain’s military service the focus of his presidential campaign. Reporters who had covered the Vietnam War turned their heads and walked in other directions. McCain doesn’t talk about the missing men, and the press never asks him about them. The sum of the secrets McCain has sought to hide is not small. There exists a telling mass of official documents, radio intercepts, witness depositions, satellite photos of rescue symbols that pilots were trained to use, electronic messages from the ground containing the individual code numbers given to airmen, a rescue mission by a special forces unit that was aborted twice by Washington—and even sworn testimony by two Defense secretaries that “men were left behind.” This imposing body of evidence suggests that a large number—the documents indicate probably hundreds—of the U.S. prisoners held by Vietnam were not returned when the peace treaty was signed in January 1973 and Hanoi released 591 men, among them Navy combat pilot John S. McCain.
  • Paul Merrell on 05 May 13
     
    Perhaps no other moral principle is so deeply burned into the psyche of the American soldier than "leave no one behind." It is a permutation of the Golden Rule that allows of no cost-benefit analysis. Commonly, hundreds of lives have been lost to save only a few. That we left behind hundreds of members of the U.S. military as prisoners of war in Viet Nam is morally reprensible. That John McCain, himself a former POW,  played and still plays a key role in the cover-up conspiracy is well beyond morally reprehensible.   
Paul Merrell

President Xi's speech to Davos in full | World Economic Forum - 0 views

www.weforum.org/...te-at-the-world-economic-forum

globalization China Xi Davos speech must-read

shared by Paul Merrell on 26 Jan 17 - No Cached
  • “It was the best of times, it was the worst of times.” These are the words used by the English writer Charles Dickens to describe the world after the Industrial Revolution. Today, we also live in a world of contradictions. On the one hand, with growing material wealth and advances in science and technology, human civilization has developed as never before. On the other hand, frequent regional conflicts, global challenges like terrorism and refugees, as well as poverty, unemployment and widening income gap have all added to the uncertainties of the world. Many people feel bewildered and wonder: What has gone wrong with the world? To answer this question, one must first track the source of the problem. Some blame economic globalization for the chaos in the world. Economic globalization was once viewed as the treasure cave found by Ali Baba in The Arabian Nights, but it has now become the Pandora’s box in the eyes of many. The international community finds itself in a heated debate on economic globalization.
  • Today, I wish to address the global economy in the context of economic globalization. The point I want to make is that many of the problems troubling the world are not caused by economic globalization. For instance, the refugee waves from the Middle East and North Africa in recent years have become a global concern. Several million people have been displaced, and some small children lost their lives while crossing the rough sea. This is indeed heartbreaking. It is war, conflict and regional turbulence that have created this problem, and its solution lies in making peace, promoting reconciliation and restoring stability. The international financial crisis is another example. It is not an inevitable outcome of economic globalization; rather, it is the consequence of excessive chase of profit by financial capital and grave failure of financial regulation. Just blaming economic globalization for the world’s problems is inconsistent with reality, and it will not help solve the problems.
  • But we should also recognize that economic globalization is a double-edged sword. When the global economy is under downward pressure, it is hard to make the cake of global economy bigger. It may even shrink, which will strain the relations between growth and distribution, between capital and labor, and between efficiency and equity. Both developed and developing countries have felt the punch. Voices against globalization have laid bare pitfalls in the process of economic globalization that we need to take seriously. As a line in an old Chinese poem goes, “Honey melons hang on bitter vines; sweet dates grow on thistles and thorns.” In a philosophical sense, nothing is perfect in the world. One would fail to see the full picture if he claims something is perfect because of its merits, or if he views something as useless just because of its defects. It is true that economic globalization has created new problems, but this is no justification to write economic globalization off completely. Rather, we should adapt to and guide economic globalization, cushion its negative impact, and deliver its benefits to all countries and all nations.
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  • Whether you like it or not, the global economy is the big ocean that you cannot escape from. Any attempt to cut off the flow of capital, technologies, products, industries and people between economies, and channel the waters in the ocean back into isolated lakes and creeks is simply not possible. Indeed, it runs counter to the historical trend.
  • First, lack of robust driving forces for global growth makes it difficult to sustain the steady growth of the global economy. The growth of the global economy is now at its slowest pace in seven years. Growth of global trade has been slower than global GDP growth. Short-term policy stimuli are ineffective. Fundamental structural reform is just unfolding. The global economy is now in a period of moving toward new growth drivers, and the role of traditional engines to drive growth has weakened. Despite the emergence of new technologies such as artificial intelligence and 3-D printing, new sources of growth are yet to emerge. A new path for the global economy remains elusive. Second, inadequate global economic governance makes it difficult to adapt to new developments in the global economy. Madame Christine Lagarde recently told me that emerging markets and developing countries already contribute to 80 percent of the growth of the global economy. The global economic landscape has changed profoundly in the past few decades. However, the global governance system has not embraced those new changes and is therefore inadequate in terms of representation and inclusiveness. The global industrial landscape is changing and new industrial chains, value chains and supply chains are taking shape. However, trade and investment rules have not kept pace with these developments, resulting in acute problems such as closed mechanisms and fragmentation of rules.
  • Third, uneven global development makes it difficult to meet people’s expectations for better lives. Dr. Schwab has observed in his book The Fourth Industrial Revolution that this round of industrial revolution will produce extensive and far-reaching impacts such as growing inequality, particularly the possible widening gap between return on capital and return on labor. The richest one percent of the world’s population own more wealth than the remaining 99 percent. Inequality in income distribution and uneven development space are worrying. Over 700 million people in the world are still living in extreme poverty. For many families, to have warm houses, enough food and secure jobs is still a distant dream. This is the biggest challenge facing the world today. It is also what is behind the social turmoil in some countries. All this shows that there are indeed problems with world economic growth, governance and development models, and they must be resolved. The founder of the Red Cross Henry Dunant once said, “Our real enemy is not the neighboring country; it is hunger, poverty, ignorance, superstition and prejudice.” We need to have the vision to dissect these problems; more importantly, we need to have the courage to take actions to address them.
  • First, we should develop a dynamic, innovation-driven growth model. The fundamental issue plaguing the global economy is the lack of driving force for growth.Innovation is the primary force guiding development. Unlike the previous industrial revolutions, the fourth industrial revolution is unfolding at an exponential rather than linear pace. We need to relentlessly pursue innovation. Only with the courage to innovate and reform can we remove bottlenecks blocking global growth and development. With this in mind, G-20 leaders reached an important consensus at the Hangzhou Summit, which is to take innovation as a key driver and foster new driving force of growth for both individual countries and the global economy. We should develop a new development philosophy and rise above the debate about whether there should be more fiscal stimulus or more monetary easing. We should adopt a multipronged approach to address both the symptoms and the underlying problems. We should adopt new policy instruments and advance structural reform to create more space for growth and sustain its momentum. We should develop new growth models and seize opportunities presented by the new round of industrial revolution and digital economy. We should meet the challenges of climate change and aging population. We should address the negative impact of IT application and automation on jobs. When cultivating new industries and new forms models of business models, we should create new jobs and restore confidence and hope to our peoples.
  • Second, we should pursue a well-coordinated and inter-connected approach to develop a model of open and win-win cooperation. Today, mankind has become a close-knit community of shared future. Countries have extensive converging interests and are mutually dependent. All countries enjoy the right to development. At the same time, they should view their own interests in a broader context and refrain from pursuing them at the expense of others. We should commit ourselves to growing an open global economy to share opportunities and interests through opening-up and achieve win-win outcomes. One should not just retreat to the harbor when encountering a storm, for this will never get us to the other shore of the ocean. We must redouble efforts to develop global connectivity to enable all countries to achieve inter-connected growth and share prosperity. We must remain committed to developing global free trade and investment, promote trade and investment liberalization and facilitation through opening-up and say no to protectionism. Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air. No one will emerge as a winner in a trade war.
  • Third, we should develop a model of fair and equitable governance in keeping with the trend of the times. As the Chinese saying goes, people with petty shrewdness attend to trivial matters, while people with vision attend to governance of institutions. There is a growing call from the international community for reforming the global economic governance system, which is a pressing task for us. Only when it adapts to new dynamics in the international economic architecture can the global governance system sustain global growth. Countries, big or small, strong or weak, rich or poor, are all equal members of the international community. As such, they are entitled to participate in decision-making, enjoy rights and fulfill obligations on an equal basis. Emerging markets and developing countries deserve greater representation and voice. The 2010 IMF quota reform has entered into force, and its momentum should be sustained. We should adhere to multilateralism to uphold the authority and efficacy of multilateral institutions. We should honor promises and abide by rules. One should not select or bend rules as he sees fit. The Paris Agreement is a hard-won achievement which is in keeping with the underlying trend of global development. All signatories should stick to it instead of walking away from it as this is a responsibility we must assume for future generations.
  • Despite a sluggish global economy, China’s economy is expected to grow by 6.7 percent in 2016, still one of the highest in the world. China’s economy is far bigger in size than in the past, and it now generates more output than it did with double-digit growth in the past. Household consumption and the services sector have become the main drivers of growth. In the first three quarters of 2016, added value of the tertiary industry took up 52.8 percent of the GDP and domestic consumption contributed to 71 percent of economic growth. Household income and employment have steadily risen, while per unit GDP energy consumption continues to drop. Our efforts to pursue green development are paying off. The Chinese economy faces downward pressure and many difficulties, including acute mismatch between excess capacity and an upgrading demand structure, lack of internal driving force for growth, accumulation of financial risks, and growing challenges in certain regions. We see these as temporary hardships that occur on the way forward. And the measures we have taken to address these problems are producing good results. We are firm in our resolve to forge ahead. China is the world’s largest developing country with over 1.3 billion people, and their living standards are not yet high. But this reality also means China has enormous potential and space for development. Guided by the vision of innovative, coordinated, green, open and shared development, we will adapt to the new normal, stay ahead of the curve, and make coordinated efforts to maintain steady growth, accelerate reform, adjust economic structure, improve people’s living standards and fend off risks. With these efforts, we aim to achieve medium-high rate of growth and upgrade the economy to higher end of the value chain.
  • We should foster a culture that values diligence, frugality and enterprise and respects the fruits of hard work of all. Priority should be given to addressing poverty, unemployment, the widening income gap and the concerns of the disadvantaged to promote social equity and justice. It is important to protect the environment while pursuing economic and social progress so as to achieve harmony between man and nature and between man and society. The 2030 Agenda for Sustainable Development should be implemented to realize balanced development across the world. A Chinese adage reads, “Victory is ensured when people pool their strength; success is secured when people put their heads together.” As long as we keep to the goal of building a community of shared future for mankind and work hand in hand to fulfill our responsibilities and overcome difficulties, we will be able to create a better world and deliver better lives for our peoples.
  • This is a path that puts people’s interests first. China follows a people-oriented development philosophy and is committed to bettering the lives of its people. Development is of the people, by the people and for the people. China pursues the goal of common prosperity. We have taken major steps to alleviate poverty and lifted over 700 million people out of poverty, and good progress is being made in our efforts to finish building a society of initial prosperity in all respects. This is a path of pursuing reform and innovation. China has tackled difficulties and met challenges on its way forward through reform. China has demonstrated its courage to take on difficult issues, navigate treacherous rapids and remove institutional hurdles standing in the way of development. These efforts have enabled us to unleash productivity and social vitality. Building on progress of 30-odd years of reform, we have introduced more than 1,200 reform measures over the past four years, injecting powerful impetus into China’s development.
  • This is a path of pursuing common development through opening-up. China is committed to a fundamental policy of opening-up and pursues a win-win opening-up strategy. China’s development is both domestic and external oriented; while developing itself, China also shares more of its development outcomes with other countries and peoples. China’s outstanding development achievements and the vastly improved living standards of the Chinese people are a blessing to both China and the world. Such achievements in development over the past decades owe themselves to the hard work and perseverance of the Chinese people, a quality that has defined the Chinese nation for several thousand years. We Chinese know only too well that there is no such thing as a free lunch in the world. For a big country with over 1.3 billion people, development can be achieved only with the dedication and tireless efforts of its own people. We cannot expect others to deliver development to China, and no one is in a position to do so. When assessing China’s development, one should not only see what benefits the Chinese people have gained, but also how much hard effort they have put in, not just what achievements China has made, but also what contribution China has made to the world. Then one will reach a balanced conclusion about China’s development.
  • Between 1950 and 2016, despite its modest level of development and living standard, China provided more than 400 billion yuan of foreign assistance, undertook over 5,000 foreign assistance projects, including nearly 3,000 complete projects, and held over 11,000 training workshops in China for over 260,000 personnel from other developing countries. Since it launched reform and opening-up, China has attracted over $1.7 trillion of foreign investment and made over $1.2 trillion of direct outbound investment, making huge contribution to global economic development. In the years following the outbreak of the international financial crisis, China contributed to over 30 percent of global growth every year on average. All these figures are among the highest in the world. The figures speak for themselves. China’s development is an opportunity for the world; China has not only benefited from economic globalization but also contributed to it. Rapid growth in China has been a sustained, powerful engine for global economic stability and expansion. The inter-connected development of China and a large number of other countries has made the world economy more balanced. China’s remarkable achievement in poverty reduction has contributed to more inclusive global growth. And China’s continuous progress in reform and opening-up has lent much momentum to an open world economy.
  • Fourth, we should develop a balanced, equitable and inclusive development model. As the Chinese saying goes, “A just cause should be pursued for common good.”Development is ultimately for the people. To achieve more balanced development and ensure that the people have equal access to opportunities and share in the benefits of development, it is crucial to have a sound development philosophy and model and make development equitable, effective and balanced.
  • — China will foster an enabling and orderly environment for investment. We will expand market access for foreign investors, build high-standard pilot free trade zones, strengthen protection of property rights, and level the playing field to make China’s market more transparent and better regulated. In the coming five years, China is expected to import $8 trillion of goods, attract $600 billion of foreign investment and make $750 billion of outbound investment. Chinese tourists will make 700 million overseas visits. All this will create a bigger market, more capital, more products and more business opportunities for other countries. China’s development will continue to offer opportunities to business communities in other countries. China will keep its door wide open and not close it. An open door allows both other countries to access the Chinese market and China itself to integrate with the world. And we hope that other countries will also keep their door open to Chinese investors and keep the playing field level for us.
  • — China will vigorously foster an external environment of opening-up for common development. We will advance the building of the Free Trade Area of the Asia Pacific and negotiations of the Regional Comprehensive Economic Partnership to form a global network of free trade arrangements. China stands for concluding open, transparent and win-win regional free trade arrangements and opposes forming exclusive groups that are fragmented in nature. China has no intention to boost its trade competitiveness by devaluing the RMB, still less will it launch a currency war. Over three years ago, I put forward the “Belt and Road” initiative. Since then, over 100 countries and international organizations have given warm responses and support to the initiative. More than 40 countries and international organizations have signed cooperation agreements with China, and our circle of friends along the “Belt and Road” is growing bigger. Chinese companies have made over $50 billion of investment and launched a number of major projects in the countries along the routes, spurring the economic development of these countries and creating many local jobs. The “Belt and Road” initiative originated in China, but it has delivered benefits well beyond its borders.
  • Ladies and Gentlemen,Dear Friends, World history shows that the road of human civilization has never been a smooth one, and that mankind has made progress by surmounting difficulties. No difficulty, however daunting, will stop mankind from advancing. When encountering difficulties, we should not complain about ourselves, blame others, lose confidence or run away from responsibilities. We should join hands and rise to the challenge. History is created by the brave. Let us boost confidence, take actions and march arm-in-arm toward a bright future.
  • Paul Merrell on 26 Jan 17
     
    Very important speech. A must-read (I snipped only portions).
Paul Merrell

Central asset bubbles, currency wars are destroying emerging markets | Sunday Guardian - 0 views

www.sundayguardianlive.com/...re-destroying-emerging-markets

economy Fed Bank-of-England European-Central-Bank hdge-funds bubbles real-estate

shared by Paul Merrell on 31 Jan 17 - No Cached
  • as the out-of-control cabal of central banks inflated grotesque asset bubbles in global property, stock, and fixed-income markets? Or are we to believe traditional media’s “fake news” mantra of “it’s different this time?” Well, bad news, folks. It’s never different, not this time, not anytime, never.  Capitalism is being destroyed The US Federal Reserve, the Bank of England, and the European Central Bank have become gargantuan, out-of-control, rogue hedge funds. They are loaded with non-elected academics operating in opaque groupthink bubble chambers, repeating the broken Keynesian economic mantra of “whatever it takes, more debt is good”. They have magicked-up 100s of trillions in debt and guarantees, while the US Federal Reserve has gobbled up over 90% of the US mortgage market. Global stock market valuations are buoyed by stock buybacks, funded by record corporate debt, and enabled by reckless central bank zero-interest-rate policies. Pay no attention to the fact that in the past few years, US stock indices have surged over 70% to new all-time highs, while profits have only risen an anaemic 2%. Today’s record amount of corporate debt is cannibalising corporations, by bringing future earnings forward, which makes future stagnation and collapse into bankruptcy a certainty. For the near term, CEOs will continue to receive record pay packets for out-performing the market, as their stock prices bubble like a rocket ship into outer space, while these actions decimate any long-term growth prospects.
  • In 2005, preceding the credit crisis and the subsequent nationwide property price collapse, US Federal Reserve chairman, Dr Ben Bernanke was asked about risks associated with a dangerous subprime housing bubble that could destabilise the economy.  Bernanke stated that “I disagree with your premise. We’ve never had a decline in house prices on a nationwide basis. So, what I think is more likely is that house prices will slow, maybe stabilise: might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.” So, what led to history’s biggest financial crisis in 2006? Too much debt, credit, and leverage—proving that Fed Chair Ben Bernanke was dead wrong. What did we learn? Nothing, a big fat zero. In fact, property prices have recently eclipsed previous 2006 highs, bubbling to frothy new all-time highs, while real wages declined and high-paying jobs have disappeared. 
  • Real estate is an asset but not an asset class because it lacks liquidity. It takes time to sell property and the difference between what a buyer is willing to pay and what a seller is willing to sell for may be huge. For example, a buyer may be willing to pay $750,000, but the seller will only sell at $900,000. In good times, frenzied buyers create “bidding wars” on coveted properties, sometimes rocketing the price 30% above the original offer. This is terrific if you are a property owner or property seller, but not so much if you are a first-time buyer. In bad times, prices collapse and the only price a buyer is willing to pay for the $900,000 home above is $90,000. Great for buyers, but not so great for the owner, who holds a mortgage of $700,000 that must be repaid to a bank.  During these boom times, optimism bias creeps into the minds of buyers, allowing them to pay off the charts, wildly inflated, irrational prices for fear of “missing out”. Optimism bias is a cognitive bias that causes a person to (mistakenly) believe nothing negative could ever happen to them. It is a “close your eyes and buy at new all-time highs” belief system. If the prices collapse, the banks can require more capital. If you do not have more capital, the bank can take your property. If the government wants to increase your taxes, you must pay or they will confiscate your property. In fact, property confiscations are already happening in Greece and Italy.  Commercial and residential real estate are now grotesque asset bubbles ready to explode. 
Paul Merrell

Afghan government 'has lost territory to the insurgency' | FDD's Long War Journal - 0 views

www.longwarjournal.org/...erritory-to-the-insurgency.php

war & peace Afghanistan U.S.-foreign-policy losses

shared by Paul Merrell on 02 Feb 17 - No Cached
  • The Afghan government “has lost territory to the insurgency” and “district control continues to decline,” the Special Inspector General for Afghanistan Reconstruction (SIGAR) said in its most recent quarterly report to United States Congress. An estimated 15 percent of Afghanistan’s districts have slipped from the government’s control over that time period. The picture is more bleak than what the Obama administration and top military commanders have let on when looked at from a longer distance. According to SIGAR, the Afghan government controls or influences just 52 percent of the nation’s districts today compared to 72 percent in Nov. 2015. “SIGAR’s analysis of the most recent data provided by US Forces in Afghanistan (USFOR-A) suggests that the security situation in Afghanistan has not improved this quarter,” the watchdog group noted in its most recent assessment of the country. “The numbers of the Afghan security forces are decreasing, while both casualties and the number of districts under insurgent control or influence are increasing.”
  • “[T]he ANDSF [Afghan National Defense and Security Forces] has not yet been capable of securing all of Afghanistan and has lost territory to the insurgency,” since the last reporting period. The Afghan government has lost control of more than six percent of Afghanistan’s 407 districts since SIGAR issued its last report, on Oct. 30. According to SIGAR, the insurgency, which is overwhelmingly made up of the Taliban, now controls nine districts and influences another 32, while 133 districts are “contested.” USFOR-A defines contested districts as “having ‘negligible meaningful impact from insurgents,’ contending that neither the insurgency nor the Afghan government maintains significant control over these areas.” The names of the Taliban controlled and influenced districts, as well as those that are contested, were not disclosed by USFOR-A or SIGAR.
  • The US military justified the loss of territory by claiming the Afghan government’s “new Sustainable Security Strategy” calls for abandoning districts that are “not important.” “USFOR-A attributes the loss of government control or influence over territory to the ANDSF’s strategic approach to security prioritization, identifying the most important areas that the ANDSF must hold to prevent defeat, and focusing less on areas with less strategic importance,” SIGAR reported. “Under its new Sustainable Security Strategy, the ANDSF targets ‘disrupt’ districts for clearance operations when the opportunity arises, but will give first priority to protecting ‘hold’ and ‘fight’ districts under its control.” This strategy neglects the fact that the Taliban views rural districts or those “with less strategic importance” as critical to its insurgency. The Taliban uses theses districts to raise funds, recruit and train fighters, and launch attacks on population centers. Additionally, Taliban allies such as al Qaeda run training camps and operate bases in areas under Taliban control. This strategy was explained by Mullah Aminullah Yousuf, the Taliban’s shadow governor for Uruzgan, in April 2016. The Taliban has utilized its control of the rural districts to directly threaten major population centers. Last year, the Taliban was able to threaten five of Afghanistan’s 34 provincial capitals. The government lost control of Kunduz for more than a week last fall.
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  • FDD’s Long War Journal has maintained that the US military’s assessment of the state of play in Afghanistan’s districts is flawed. Our study estimates the Taliban controls 42 Afghan districts and contests (or influences) another 55. [Note: USFOR-A’s definition of “influence” matches our definition of “contested.” The term “influenced/contested” will be used for clarity to describe these districts. LWJ does not assess districts that are defined by USFOR-A as “contested,” which means neither the Taliban or Afghan government hold sway.] The number of Taliban controlled and influenced/contested districts has risen from 70 in October 2015 to 97 this month. Districts under Taliban command are typically being administered by the group, or the group controls the district center. Additionally, districts where the district center frequently changes hands are considered Taliban-controlled. In influenced/contested districts, the Taliban dominates all of the areas of a district except the administrative center.
Gary Edwards

An interview with Lt. Gen. Ion Pacepa, the highest ranking Soviet bloc intel officer to... - 0 views

www.theblaze.com/...c-intel-officer-to-ever-defect

Ion-Pacepa

shared by Gary Edwards on 15 Feb 14 - No Cached
  • In a gripping interview with Blaze Books in connection with his most-recent title, “Disinformation“, the highest-ranking Soviet bloc intelligence officer to ever defect, Lt. Gen. Ion Pacepa provided his insights on a wide array of topics, from Putin’s Russia to the disinformation campaign to rebrand Pope Pius XII to “Hitler’s Pope” to the links between Leftism and anti-Semitism to the Boston bombing, and all things in-between.
  • Playing devil’s advocate here, some might argue that since the Soviet Union was defeated, Americans shouldn’t care about a book on Soviet disinformation tactics. What would you say to these people? Pacepa: The very idea that the Soviet Union was defeated is disinformation in itself. The Soviet Union changed its name and dropped its façade of Marxism, but it remained the same samoderzhaviye, the historical Russian form of autocracy in which a tsar is running the country with the help of his political police. During the Soviet Union, the KGB was a state within the state. Now the KGB is the state. Over 6,000 former KGB officers are running Russia’s federal and local governments. The Soviet Union had one KGB officer for every 428 citizens. In 2004, Russia had one FSB officer for every 297 citizens.
  • How would you describe today’s Russia? Russia today is the first intelligence dictatorship in history. It is a brand new form of totalitarianism, which we are not yet familiar with. Now the KGB, rechristened FSB, is openly running Russia. On Sept. 11, 2002, hordes of former KGB officers gathered in Moscow at the Lubyanka—the headquarters of the old and new KGB. They had not congregated to sympathize with America’s national tragedy of the previous year, but to celebrate the 125th birthday of Feliks Dzerzhinsky—the man who created the most criminal institution in contemporary history. One of my former bosses, KGB chairman Vladimir Semichastny, groused to a crowd: “I think a goal was set to destroy the KGB, to make it toothless.”[1] A few days later, Moscow’s mayor, Yury Lushkov, one of Russia’s most influential politicians, reversed himself by saying he now wanted to restore Dzerzhinsky’s statue to its place on Lubyanka Square. It will not be easy to break Russia’s five-century-old tradition of being a police state. Nevertheless, man would not have learned to walk on the moon had he not first studied what the moon was really made of and where it lay in the universe. This is one reason we wrote “Disinformation.” Let’s hope a new generation of Russians will learn the truth, and will give that immense country a new national identity.
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  • Pacepa: That Marxism and its earthly Socialism are immense disinformation operations, and that all they have left behind is former Marxist countries that ended up looking like trailer camps hit by a hurricane, and leaders roasting in Dante’s Inferno. That all Marxists who have ever risen to lead a country have ended up in hell—all, from Trotsky to Stalin, Tito to Enver Hoxha to Mátyás Rakosi, Sékou Touré, Nyeree and Hugo Chavez. That all had their days of temporary glory, but that all ended in eternal disgrace. Some, like Khrushchev and Ceausescu, were even found unworthy of having their final resting place marked by any gravestone. A few remnants, like Fidel and Raul Castro, are still hanging on, but they certainly have a place in hell reserved and waiting for them. Perhaps our book may also help President Obama abandon his craving for Marx’s utopian ideology, “to each according to his need,” which is transforming the United States into a decaying socialist country in all but name.
Paul Merrell

Americans on Wrong Side of Income Gap Run Out of Means to Cope - 0 views

www.moneynews.com/...544365

financial-collapse income inequality statistics Obama Boehner

shared by Paul Merrell on 02 Jan 14 - No Cached
  • “We’ve exhausted our coping mechanisms,” said Alan Krueger, an economics professor at Princeton University in New Jersey and former chairman of President Barack Obama’s Council of Economic Advisers. “They weren’t sustainable.” The result has been a downsizing of expectations. By almost two to one — 64 percent to 33 percent — Americans say the U.S. no longer offers everyone an equal chance to get ahead, according to the latest Bloomberg National Poll. The lack of faith is especially pronounced among those making less than $50,000 a year, with close to three-quarters in the Dec. 6-9 survey saying the economy is unfair.
  • The diminished expectations have implications for the economy. Workers are clinging to their jobs as prospects fade for higher-paying employment. Households are socking away more money and charging less on credit cards. And young adults are living with their parents longer rather than venturing out on their own. In the meantime, record-high stock prices are enriching wealthier Americans, exacerbating polarization and bringing income inequality to the political forefront. Even independent government agencies like the Securities and Exchange Commission and the Federal Reserve have been dragged into the debate.
  • “The basic bargain at the heart of our economy has frayed,” Obama said in a Dec. 4 speech in Washington. “This is the defining challenge of our time: Making sure our economy works for every working American.” Democratic lawmakers also intend to press next year for a higher minimum wage to tackle the yawning gap between rich and poor, Durbin said. Republicans aren’t ceding the issue. “The American dream is certainly more in doubt than in decades,” House Speaker John Boehner of Ohio said in response to Obama’s speech. “But after more than five years in office, the president has no one to blame but himself.”
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  • Income inequality has been rising more or less steadily since the mid-1970s. The Gini coefficient, a broad-based measure of inequality, stood at a record high last year, according to Census Bureau data dating back 46 years.
  • Women who became unemployed during the recession and its aftermath have been slower to find new positions. Among women losing jobs they’d held for at least three years between January 2009 and the end of 2011, 50 percent were re-employed by the start of 2012, while the share for men was 61 percent, according to a Bureau of Labor Statistics report released in February. Households turned to stepped-up borrowing to help make ends meet, until that avenue was shut off by the collapse of house prices. About 10.8 million homeowners still owed more money on their mortgages than their properties were worth in the third quarter, according to Seattle-based Zillow Inc. The fallout has made many Americans less inclined to take risks. The quits rate — the proportion of Americans in the workforce who voluntarily left their jobs — stood at 1.7 percent in October. While that’s up from 1.5 percent a year earlier, it’s below the 2.2 percent average for 2006, the year house prices started falling, government data show.
  • “The middle has really collapsed,” said Lawrence Katz, an economics professor at Harvard University in Cambridge, Massachusetts, and a former chief economist at the Labor Department in Washington. Even those with college degrees are having trouble keeping up, he said. While they earn more than those with less schooling, they’ve seen no real wage growth in recent years. The median income of men 25 years of age and older with a bachelor’s degree was $56,656 last year, 10 percent less than in 2007 after taking account of inflation, according to Census data.
  • It’s the richest of the rich who are reaping the most benefit as an increasingly interconnected and technologically sophisticated world puts a premium on those perceived to have the highest skills — a phenomenon dubbed “winner take all” by Cornell University Professor Robert Frank. Government policies also play a role. The Treasury Department, for instance, taxes capital gains racked up by the wealthy on the sale of shares, bonds and other assets at about half the rate of ordinary income. The top 1 percent captured 95 percent of the gains in incomes in the first three years of the recovery, based on analysis of tax returns by Saez. Those less well-off, meanwhile, are running out of ways to cope. The percentage of working-age women who are in the labor force steadily climbed from a post-World War II low of 32 percent to a peak of 60.3 percent in April 2000, fueling a jump in dual-income households and helping Americans deal with slow wage growth for a while. Since the recession ended, the workforce participation rate for women has been in decline, echoing a longer-running trend among men. November data showed 57 percent of women in the labor force and 69.4 percent of men.
  • The disparity has widened since the recovery began in mid-2009. The richest 10 percent of Americans earned a larger share of income last year than at any time since 1917, according to Emmanuel Saez, an economist at the University of California at Berkeley. Those in the top one-tenth of income distribution made at least $146,000 in 2012, almost 12 times what those in the bottom tenth made, Census Bureau data show. Economists have posited a variety of explanations for the growing differences in incomes. Manufacturing companies moved once high-paying jobs abroad, to China and elsewhere. Technological advances led to the loss of clerical and office work, especially relating to routine tasks. The decline of unions — 11.3 percent of workers were represented in 2012 compared with 20.1 percent in 1983 — has advantaged bosses at the expense of their employees.
  • Millennials — adults aged 18 to 32 — are still slow to set out on their own more than four years after the recession ended, according to an Oct. 18 report by the Pew Research Center in Washington. Just over one in three head their own households, close to a 38-year low set in 2010. Obama has proposed a raft of policies to attack the widening wage gap — from simplifying the tax code and increasing exports to enhancing worker training and boosting pre-kindergarten education. Yet in a divided Washington he hasn’t made much progress pushing them through. The president’s renewed focus on income inequality has more to do with politics than policy, said Douglas Holtz-Eakin, president of the American Action Forum, a self-described center- right institute in Washington.
  • “It’s great politics to demagogue income distribution and complain about the rich getting ahead and the poor falling behind,” said Holtz-Eakin, a former Congressional Budget Office director. “The substance of what he’s actually done doesn’t match the enormity of the problem as he’s portrayed it.”
  • The wage-gap debate has reverberated to other parts of Washington, as the SEC published a rule Sept. 18 that would compel public companies to reveal pay ratios between chief executives and their employees. While businesses have decried the requirement as overreach, some investors welcome the data as a way to help assess a company’s health.
  • Across companies in the S&P 500, the average multiple of CEO compensation to that of rank-and-file workers is 204, up 20 percent since 2009, according to data compiled by Bloomberg in April. The Fed also has been caught up in the debate over growing income disparities. Lawmakers from both parties have questioned whether its bond-buying policy, called quantitative easing, has benefited the rich at the expense of those less well-off by boosting prices of stocks and other assets.
  • The S&P 500 stock index has risen 29 percent in 2013. The richest third of U.S. households account for 89 percent of all equities ownership, according to the Center for Retirement Research at Boston College.
  • Janet Yellen, nominated to take over as Fed chairman next year, defended the central bank’s actions at a Senate Banking Committee hearing on Nov. 14. “The policies we’ve undertaken have been meant to generate a robust recovery,” Yellen told the committee. The growing calls for action to reduce income inequality have translated into a national push for a higher minimum wage. Fast-food workers in 100 cities took to the streets Dec. 5 to demand a $15 hourly salary.
  • Paul Merrell on 02 Jan 14
     
    Monetary policy of, by, and for banksters continues in the U.S. One irony is that banksters press for transition to an all digital currency so that savers can be penalized, a blatant "trickle-up"economic policy, whilst also pressing for more bank bailouts, wielding the thoroughly-discredited "trickle down" economic theory. But "trickle down" theory, in the context of bank bailouts, has not successfully trickled down and the only beneficiaries have been the few Americans who can still invest in the stock market, paying the highest dividends to the wealthiest among us. Has their ever been a time when the stock market's behavior has been so divorced from the well-being of the middle and lower economic classes? I doubt there has been at least in the last 50 years. Where would we be if the bank bail-out trillions had instead been mailed as checks to the middle and lower economic classes? "Trickle up" works and that is what built the American economy to its peak in inflation-adjusted dollars -- an affluent middle class. But do not expect leadership from Washington, D.C. in correcting income inquequality; only political rhetoric and a fight over extension of unemployment benefits, now lapsed. "According to the World Bank, the GINI coefficient "measures the extent to which the distribution of income or consumption expenditure among individuals households within an economy deviates from a perfectly equal distribution." Therefore it is used as an indication of income inequality within countries. ... In the late 2000s, Chile had the highest GINI coefficient, after taxes and transfers, among OECD member countries. The United States, Turkey and Mexico came right before it. At the other end of the scale, Slovenia, Denmark and Norway led the ranking with the lowest levels of income inequality." http://www.gfmag.com/tools/global-database/economic-data/11944-wealth-distribution-income-inequality.html#ixzz2pGpv4xGZ Higher minimum wages? How about instead abolishing the Feder
Gary Edwards

Obama To Americans: You Don't Deserve To Be Free - Forbes - 1 views

www.forbes.com/...ns-you-dont-deserve-to-be-free

Obammunism Statism Ayn-Rand-Libertarian

shared by Gary Edwards on 02 Jan 14 - No Cached
  • President Obama’s Kansas speech is a remarkable document. In calling for more government controls, more taxation, more collectivism, he has two paragraphs that give the show away. Take a look at them. there is a certain crowd in Washington who, for the last few decades, have said, let’s respond to this economic challenge with the same old tune. “The market will take care of everything,” they tell us. If we just cut more regulations and cut more taxes–especially for the wealthy–our economy will grow stronger. Sure, they say, there will be winners and losers. But if the winners do really well, then jobs and prosperity will eventually trickle down to everybody else. And, they argue, even if prosperity doesn’t trickle down, well, that’s the price of liberty. Now, it’s a simple theory. And we have to admit, it’s one that speaks to our rugged individualism and our healthy skepticism of too much government. That’s in America’s DNA. And that theory fits well on a bumper sticker. (Laughter.) But here’s the problem: It doesn’t work. It has never worked. (Applause.) It didn’t work when it was tried in the decade before the Great Depression. It’s not what led to the incredible postwar booms of the ’50s and ’60s. And it didn’t work when we tried it during the last decade. (Applause.) I mean, understand, it’s not as if we haven’t tried this theory.
  • Though not in Washington, I’m in that “certain crowd” that has been saying for decades that the market will take care of everything. It’s not really a crowd, it’s a tiny group of radicals–radicals for capitalism, in Ayn Rand’s well-turned phrase. The only thing that the market doesn’t take care of is anti-market acts: acts that initiate physical force. That’s why we need government: to wield retaliatory force to defend individual rights. Radicals for capitalism would, as the Declaration of Independence says, use government only “to secure these rights”–the rights to life, liberty, property, and the pursuit of happiness. (Yes, I added “property” in there–property rights are inseparable from the other three.) That’s the political philosophy on which Obama is trying to hang the blame for the recent financial crisis and every other social ill. But ask yourself, are we few radical capitalists in charge? Have radical capitalists been in charge at any time in the last, oh, say 100 years?
  • I pick 100 years deliberately, because it was exactly 100 years ago that a gigantic anti-capitalist measure was put into effect: the Federal Reserve System. For 100 years, government, not the free market, has controlled money and banking. How’s that worked out? How’s the value of the dollar held up since 1913? Is it worth one-fiftieth of its value then or only one-one-hundredth? You be the judge. How did the dollar hold up over the 100 years before this government take-over of money and banking? It actually gained slightly in value.
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  • Laissez-faire hasn’t existed since the Sherman Antitrust Act of 1890. That was the first of a plethora of government crimes against the free market.
  • The typical Republican would never, ever say “the market will take care of everything.” He’d say, “the market will take care of most things, and for the other things, we need the regulatory-welfare state.” They are for individualism–except when they are against it. They are against free markets and individualism not only when they agree with the Left that we must have antitrust laws and the Federal Reserve, but also when they demand immigration controls, government schools, regulatory agencies, Medicare, laws prohibiting abortion, Social Security, “public works” projects, the “social safety net,” laws against insider trading, banking regulation, and the whole system of fiat money.
  • Even you, dear reader, are probably wondering how on earth anyone could challenge things like Social Security, government schools, and the FDA. But that’s not the point. The point is: these statist, anti-capitalist programs exist and have existed for about a century. The point is: Obama is pretending that the Progressive PGR -2.02% Era, the New Deal, and the Great Society were repealed, so that he can blame the financial crisis on capitalism. He’s pretending that George Bush was George Washington.
  • What Obama is indeed responsible for is the injustice of robbing some to (allegedly) benefit others. To the extent that cronyism, not the free market, sets income, that is an injustice to be laid at the statists’ door.
  • There is no such problem as “unemployment” under capitalism. Prices fall to clear the market. Twice the work force could be employed if average wages dropped in half. But that’s nominal wages; with a constant money supply, prices would also fall in half–or slightly more than that. This isn’t just theory. America’s workforce has grown steadily decade after decade, yet the standard of living has risen at the same time. I grant you that the rise has slowed as statist intervention has grown. Think of the phenomenal progress between, say 1900 and 1920 as compared to the minor progress from 1993 to 2013. Most of the progress in the last 20 years has come in the freest area of the economy: electronics and computing.
  • Gary Edwards on 02 Jan 14
     
    Harry Binswanger defends laissez-faire capitalism, using Ayn Rand Objectivism.
  • Paul Merrell on 02 Jan 14
     
    The major problem with Ayn Rand Objectivism is that it's an "ism." The Utopian ideal it is based on has never existed in reality and likely never will; its principles have never been tested. Moreover, I will argue that Binswanger is incorrect in arguing that the anti-capitalist phenomenon in America began with creation of the Federal Reserve; it dates much farther back. The economic basis for the Revolutionary War was largely the Crown-granted monopolies granted to the first great British "companies" (corporations), which had the effect of forcing North American colonists to pay monopoly rents for common goods and kept American ship owners from importing those goods from elsewhere to sell at a lower price. The Founding Fathers were strongly against privately-owned corporations and government-granted monopolies, with only two exceptions, copyrights for literary works and patents for inventions. The Constitution's prohibition against government-granted monopolies is implicit in its allowance for only two narrowly-defined types. The Founding Fathers' writings explicitly discussed the difference between "natural" monopolies and those created by government or anti-competitive conduct. During the early years of the nation corporations were permitted by the States, but only for public purposes, usually for public works such as bridges or roads for which there was a need to amass capital. These early American corporations were usually chartered only for the time required to complete the public work and to recover the invesment and a small profit, e.g., from tolls for using a bridge or road. Many of the early state constitutions explicitly limited the lifetime of corporations. However, such early opposition to corporations gradually eroded; corporate purposes were expanded, corporations were granted perpetual life, and the corporate form of doing business became much more widespread. Here, it is important to recognize that corporations are market artificialities c
Gary Edwards

Welcome to Post-Constitution America - Peter Van Buren - 0 views

www.filmsforaction.org/...me_to_postconstitution_america

NSA-Patriot-Act-NDAA NSA-Whistleblower post-Constitutional-America Peter-Van-Buren

shared by Gary Edwards on 11 Aug 13 - No Cached
  • On July 30, 1778, the Continental Congress created the first whistleblower protection law, stating “that it is the duty of all persons in the service of the United States to give the earliest information to Congress or other proper authority of any misconduct, frauds, or misdemeanors committed by any officers or persons in the service of these states.”
  • Two hundred thirty-five years later, on July 30, 2013, Bradley Manning was found guilty on 20 of the 22 charges for which he was prosecuted, specifically for “espionage” and for videos of war atrocities he released, but not for “aiding the enemy.”
  • Days after the verdict, with sentencing hearings in which Manning could receive 136 years of prison time ongoing, the pundits have had their say. The problem is that they missed the most chilling aspect of the Manning case: the way it ushered us, almost unnoticed, into post-Constitutional America.
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  • As at Guantanamo, rules of evidence reaching back to early
  • During the months of the trial, the U.S. military refused to release official transcripts of the proceedings. Even a private courtroom sketch artist was barred from the room. Independent journalist and activist Alexa O’Brien then took it upon herself to attend the trial daily, defy the Army, and make an unofficial record of the proceedings by hand. Later in the trial, armed military police were stationed behind reporters listening to testimony. Above all, the feeling that Manning’s fate was predetermined could hardly be avoided. After all, President Obama, the former Constitutional law professor, essentially proclaimed him guilty back in 2011 and the Department of Defense didn’t hesitate to state more generally that “leaking is tantamount to aiding the enemies of the United States.”
  • And so to Bradley Manning. As the weaponry and technology of war came home, so did a new, increasingly Guantanamo-ized definition of justice. This is one thing the Manning case has made clear. As a start, Manning was treated no differently than America’s war-on-terror prisoners at Guantanamo and the black sites that the Bush administration set up around the world. Picked up on the “battlefield,” Manning was first kept incommunicado in a cage in Kuwait for two months with no access to a lawyer. Then, despite being an active duty member of the Army, he was handed over to the Marines, who also guard Guantanamo, to be held in a military prison in Quantico, Virginia. What followed were three years of cruel detainment, where, as might well have happened at Gitmo, Manning, kept in isolation, was deprived of clothing, communications, legal advice, and sleep. The sleep deprivation regime imposed on him certainly met any standard, other than Washington’s and possibly Pyongyang’s, for torture. In return for such abuse, even after a judge had formally ruled that he was subjected to excessively harsh treatment, Manning will only get a 112-day reduction in his eventual sentence. Eventually the Obama administration decided Manning was to be tried as a soldier before a military court. In the courtroom, itself inside a military facility that also houses NSA headquarters, there was a strikingly gulag-like atmosphere.  His trial was built around secret witnesses and secret evidence; severe restrictions were put on the press -- the Army denied press passes to 270 of the 350 media organizations that applied; and there was a clear appearance of injustice. Among other things, the judge ruled against nearly every defense motion.
  • “What constitutes due process in this case is a due process in war.”
  • Given all this, it is small comfort to know that Manning, nailed on the Espionage Act after multiple failures in other cases by the Obama administration, was not convicted of the extreme charge of “aiding the enemy.”
  • Obama administration lawyers went on to claim the legal right to execute U.S. citizens without trial or due process and have admitted to killing four Americans. Attorney General Eric Holder declared that “United States citizenship alone does not make such individuals immune from being targeted.”
  • As if competing for an Orwellian prize, an unnamed Obama administration official told the Washington Post,
  • English common law were turned upside down. In Manning’s case, he was convicted of espionage, even though the prosecution did not have to prove either his intent to help another government or that harm was caused; a civilian court had already paved the way for such a ruling in another whistleblower case. In addition, the government was allowed to label Manning a “traitor” and an “anarchist” in open court, though he was on trial for neither treason nor anarchy.
  • Similarly, full-spectrum spying is not considered to violate the Fourth Amendment and does not even require probable cause.
  • Justice can be twisted and tangled into an almost unrecognizable form and then used to send a young man to prison for decades.
  • Government officials concerned over possible wrongdoing in their departments or agencies who “go through proper channels” are fired or prosecuted.
  • Government whistleblowers are commanded to return to face justice, while law-breakers in the service of the government are allowed to flee justice. CIA officers who destroy evidence of torture go free, while a CIA agent who blew the whistle on torture is locked up.
  • Thanks to the PATRIOT Act, citizens, even librarians, can be served by the FBI with a National Security Letter (not requiring a court order) demanding records and other information, and gagging them from revealing to anyone that such information has been demanded or such a letter delivered.
  • Citizens may be held without trial, and denied their Constitutional rights as soon as they are designated “terrorists.” Lawyers and habeas corpus are available only when the government allows.
  • The war on whistleblowers is metastasizing into a war on the First Amendment.
  • People may now be convicted based on secret testimony by unnamed persons.
  • Military courts and jails can replace civilian ones.
  • An Obama administration Insider Threat Program requires federal employees (including the Peace Corps) to report on the suspicious behavior of coworkers.
  • Claiming its actions lawful while shielding the “legal” opinions cited, often even from Congress, the government can send its drones to assassinate its own citizens.
  • One by one, the tools and attitudes of the war on terror, of a world in which the “gloves” are eternally off, have come home.
  • The comic strip character Pogo’s classic warning -- “We have met the enemy and he is us” -- seems ever less like a metaphor.
  • According to the government, increasingly we are now indeed their enemy.
  • Gary Edwards on 11 Aug 13
     
    Well written and researched article describing what it means to live in a post-Constitutional America.  Chilling facts with a cold but obvious conclusion.
Paul Merrell

'War' on illegal drugs is failing: study | Fox News - 0 views

www.foxnews.com/...illegal-drugs-is-failing-study

war-on-drugs prohibition

shared by Paul Merrell on 04 Oct 13 - No Cached
  • The global war on heroin, cocaine and cannabis is failing to stem supply, as prices of these drugs have tumbled while seizures of them have risen, according to a study published Monday.Researchers analysed data from seven government-funded programmes that tracked the illegal drug market over more than a decade.
  • The prices of heroin, cocaine and cannabis tumbled by 81 percent, 80 percent and 86 percent respectively between 1990 and 2007 in the United States when adjusted for inflation, the researchers found.Over the same period, the average purity of these drugs rose by 60 percent, 11 percent and 161 percent respectively.
  • "With few exceptions... illegal drug prices have generally decreased while drug purity has generally increased since 1990," they added.The global supply of illicit drugs had likely not been reduced in the last two decades, the study said, and the availability of cannabis and opiates like heroin may even have increased."These findings suggest that expanding efforts at controlling the global illegal drug market though law enforcement are failing," said the paper published in the open-access journal BMJ Open.
Paul Merrell

Another Global Financial Crisis in the Making | Global Research - 0 views

www.globalresearch.ca/...5389145

economy financial-collapse central-banks monetary-policy

shared by Paul Merrell on 30 Jun 14 - No Cached
  • The Swiss-based Bank for International Settlements has stated that the current policies of central banks and monetary authorities could lead to another financial crisis, potentially bigger than that of 2008. The warning is contained in the latest annual report of the bank, sometimes referred to as the central bankers’ bank, issued yesterday. The report expressed concerns that the present low-interest rate regime, initiated to try to overcome the effects of the 2008 crash, has pushed financial markets to new highs while lowering the rate premium for many risky loans. The BIS noted that markets had been “exuberant over the past year,” particularly in advanced economies. They were “dancing mainly to the tune of central bank decisions,” with volatility reaching historical lows and “market participants … hardly pricing in any risks.”
  • “Overall, it is hard to avoid the sense of a puzzling disconnect between the markets’ buoyancy and underlying economic developments globally,” the bank stated. The “disconnect” is most clearly expressed in the United States, where the Federal Reserve’s policy of pumping trillions of dollars into financial markets has seen stock market indexes reach record highs, while the underlying economy stagnates and reverses. Last week, it was revealed that the US economy contracted almost 3 percent in the first quarter of 2014, but stock markets climbed even further in the belief that the on-going stagnation would lead to the provision of still more ultra-cheap money. The BIS noted that despite an increase in economic growth, the world economy had not shaken off its dependence on monetary stimulus. Regardless of the euphoria in financial markets, investment remained “weak.” On a global scale, the total debt of private non-financial sectors had risen by 30 percent since the global financial crisis, pushing up the ratio of this debt to global output. Moreover, a concentration on short-term growth figures ran the risk of ignoring the long-term dangers created by present monetary policies.
Paul Merrell

The APA Scandal | Just Security - 0 views

justsecurity.org/...apa-scandal

war & peace torture CIA DoD FBI APA psychologists ethics

shared by Paul Merrell on 14 Jul 15 - No Cached
  • Last Friday, James Risen published an article describing an independent investigation of the American Psychological Association (APA) by a team of lawyers at Sidley Austin, headed by former prosecutor David Hoffman. The APA commissioned Sidley to investigate the conduct of its own leadership in connection with the role of psychologists in the torture of detainees. To put it mildly, the Hoffman Report is damning. It provides a detailed account of something unparalleled: the corruption of an esteemed professional organization through coziness with the government, when the government has decided to torture. This is different from the much-discussed role of the “torture lawyers,” which was bad enough. Here, the issue is a major organization engaging in a decade of duplicity to permit its members to participate in abusive interrogations while seeming to forbid it. For those of us who have long argued that the torture debate should focus on torture’s corrupting effect on real institutions rather than on imaginary ticking bombs, seeing it in action is a bitter vindication. An episode from the Hoffman Report provides a window into the problem.
Paul Merrell

Hundreds of thousands protest in Berlin against EU-U.S. trade deal | Reuters - 0 views

www.reuters.com/...protests-idUSKCN0S40L720151010

U.S.-foreign-policy TTIP trade agreements protests

shared by Paul Merrell on 13 Oct 15 - No Cached
  • At least 150,000 people marched in Berlin on Saturday in protest against a planned free trade deal between Europe and the United States that they say is anti-democratic and will lower food safety, labor and environmental standards.Organizers - an alliance of environmental groups, charities and opposition parties - said 250,000 people had taken part in the rally against free trade deals with both the United States and Canada, far more than they had anticipated."This is the biggest protest that this country has seen for many, many years," Christoph Bautz, director of citizens' movement Campact told protesters in a speech.Police said 150,000 people had taken part in the demonstration which was trouble free. There were 1,000 police officers on duty at the march.
  • Opposition to the so-called Transatlantic Trade and Investment Partnership (TTIP) has risen over the past year in Germany, with critics fearing the pact will hand too much power to big multinationals at the expense of consumers and workers.
  • The level of resistance has taken Chancellor Angela Merkel's government by surprise and underscores the challenge it faces to turn the tide in favor of the deal which proponents say will create a market of 800 million and serve as a counterweight to China's economic clout.In a full-page letter published in several German newspapers on Saturday, Economy Minister Sigmar Gabriel warned against "scaremongering".
  • Paul Merrell on 13 Oct 15
     
    Reuters coverage, no less. 
Paul Merrell

Whistleblowers File $100 Million Suit against NSA, FBI - WhoWhatWhy - 0 views

whowhatwhy.org/...0-million-suit-against-nsa-fbi

surveillance state NSA whistleblower-retaliation litigation Drake Loomis Wiebe Binney Roark

shared by Paul Merrell on 01 Sep 15 - No Cached
  • In a $100 million lawsuit that has garnered virtually no public attention, five National Security Agency (NSA) whistleblowers are accusing the federal government of illegally retaliating against them for alerting the NSA and Congress to a waste of taxpayer funds that benefitted a well-connected contractor.The lawsuit tells the story of the infancy of the NSA’s efforts to surveil the Internet. Back then, there were two programs for the spying agency to choose from — and the first was called ThinThread. It had been developed internally, was comparatively inexpensive, had been tested and proven to be effective, and included safeguards preventing the spying on Americans without a court warrant. The other was called Trailblazer. It did not include such safeguards, had not yet been shown to be effective, and cost 1,000 times more than ThinThread. Instead of being developed internally, it was to be outsourced to Science Applications International Corporation (SAIC), a politically connected contractor.The NSA chose Trailblazer.
  • In response, four NSA employees who had worked on ThinThread, as well as a congressional staffer, alerted Congress and the Office of the Inspector General of the NSA that the agency was wasting taxpayer funds. That is when their troubles began, according to the lawsuit.It alleges that the defendants, which include the NSA, FBI, and the Department of Justice, as well as individuals associated with them, “knowingly and intentionally fabricated” a claim that the plaintiffs leaked classified information to New York Times reporters Eric Lichtblau and James Risen.“[The defendants] used this fabricated claim for retaliation, illegal searches and seizures, physical invasion of their residences and places of business, temporary false imprisonment, the confiscation of their property, cancellation of security clearances leading to the loss of their jobs and employment, intentional infliction of emotional distress, harassment and intimidation,” the lawsuit alleges.It also states that the defendants should have known that the plaintiffs were not the leaks because the NSA “was tracking all domestic telephone calls for the supposed purpose of protecting national security.”
  • The plaintiffs are former NSA employees Thomas Drake, Ed Loomis, J. Kirk Wiebe, William Binney, and former congressional staffer Diane Roark. They seek “punitive damages in excess of $100 million because of Defendants [sic] callous and reckless indifference and malicious acts …” as well as well as an additional $15 million for lost wages and to cover costs.Larry Klayman, the prominent conservative public interest attorney and founder of Judicial Watch, filed the suit on August 20th. However, it is expected to be amended this week, and it is possible that additional publicity for the case will be sought then.
Paul Merrell

UNHCR - Worldwide displacement hits all-time high as war and persecution increase - 0 views

www.unhcr.org/558193896.html

war & peace refugees displaced-persons stats-global

shared by Paul Merrell on 18 Jun 15 - No Cached
  • Wars, conflict and persecution have forced more people than at any other time since records began to flee their homes and seek refuge and safety elsewhere, according to a new report from the UN refugee agency. UNHCR's annual Global Trends Report: World at War, released on Thursday (June 18), said that worldwide displacement was at the highest level ever recorded. It said the number of people forcibly displaced at the end of 2014 had risen to a staggering 59.5 million compared to 51.2 million a year earlier and 37.5 million a decade ago. The increase represents the biggest leap ever seen in a single year. Moreover, the report said the situation was likely to worsen still further. Globally, one in every 122 humans is now either a refugee, internally displaced, or seeking asylum. If this were the population of a country, it would be the world's 24th biggest.
  • "We are witnessing a paradigm change, an unchecked slide into an era in which the scale of global forced displacement as well as the response required is now clearly dwarfing anything seen before," said UN High Commissioner for Refugees António Guterres. Since early 2011, the main reason for the acceleration has been the war in Syria, now the world's single-largest driver of displacement. Every day last year on average 42,500 people became refugees, asylum seekers, or internally displaced, a four-fold increase in just four years.
Paul Merrell

United Nations News Centre - Ongoing conflict in eastern Ukraine drives more people fro... - 0 views

www.un.org/...story.asp

war & peace Ukraine refugees UNHCR

shared by Paul Merrell on 04 Sep 14 - No Cached
  • The number of displaced people in eastern Ukraine has risen dramatically in recent weeks due to the ongoing fighting in the country, the United Nations refugee agency (UNHCR) said today, warning of corresponding increases in the need for humanitarian aid for civilians in the region. The agency estimates that the number of displaced people inside Ukraine has more than doubled during the past three weeks, and as of 1 September, that number stands at approximately 260,000, according to spokesperson Adrian Edwards, who addressed reporters in Geneva today. At the same time, he stressed that those numbers might not be fully accurate, as many of them are staying with families and friends and have not registered with the authorities. Therefore, the actual number of persons displaced could be higher. Eastern towns such as Donetsk, Luhansk and neighbouring towns are the more affected regions in the country, with almost 94 per cent of civilians displaced. Local authorities reported that some 10,000 people left Mariupol to Zaporizhzhia and Berdiansk and other locations, after the military activities of the anti-Government forces in Novoazovsk.
  • The ongoing shelling in the country has also caused lack of access to basic necessities, such as water and food. Those in Luhansk and other cities have, for instance, also been affected by electricity shortages and communication problems for a month. The UN refugee agency reports severe damage to main infrastructure, including buildings and roads. This has inevitably limited deliveries of humanitarian aid to those in need. “Newly displaced people are arriving with limited resources and are more dependent on aid” stressed Mr. Edwards. He said that UNHCR was urging additional support and assistance to those who have been displaced. With the winter approaching, he underlined the need for extra help. The UN was also calling for special support for the Luhansk region, where citizens are still waiting for life-saving aid.
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