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Paul Merrell

Goldman Non-Prosecution: AG Eric Holder Has No Balls | Matt Taibbi | Rolling Stone - 0 views

www.rollingstone.com/...c-holder-has-no-balls-20120815

banksters criminals non-prosecution

shared by Paul Merrell on 17 Aug 12 - No Cached
  • I’ve been on deadline in the past week or so, so I haven't had a chance to weigh in on Eric Holder’s predictable decision to not pursue criminal charges against Goldman, Sachs for any of the activities in the report prepared by Senators Carl Levin and Tom Coburn two years ago. Last year I spent a lot of time and energy jabbering and gesticulating in public about what seemed to me the most obviously prosecutable offenses detailed in the report – the seemingly blatant perjury before congress of Lloyd Blankfein and other Goldman executives, and the almost comically long list of frauds committed by the company in its desperate effort to unload its crappy “cats and dogs” mortgage-backed inventory.
  • In the notorious Hudson transaction, for instance, Goldman claimed, in writing, that it was fully "aligned" with the interests of its client, Morgan Stanley, because it owned a $6 million slice of the deal. What Goldman left out is that it had a $2 billion short position against the same deal. If that isn’t fraud, Mr. Holder, just what exactly is fraud?
Gary Edwards

Everything You Need to Know About Wall Street, in One Brief Tale | Matt Taibbi | Rollin... - 0 views

www.rollingstone.com/...eet-in-one-brief-tale-20120113

Bear-Stearns Mike-Taibi Jeffrey-Verchleiser Goldman-Sachs financial-collapse Banksters

shared by Gary Edwards on 13 Jan 12 - No Cached
  • Gary Edwards on 13 Jan 12
     
    Another great piece of writing about the 2008 financial collapse, from Mike Taibi. excerpt: At first,  I couldn't remember where I knew that name from. But then I looked it up and saw an explosive Atlantic magazine story, published last year, called, "E-mails Suggest Bear Stearns Cheated Clients Out Of Millions." And then I remembered that piece, and it hit me: Jeffrey Verschleiser is one of the biggest assholes in the entire world! The story begins at Bear Stearns, where Verschleiser used to work, up until the company exploded, in large part because of him personally. Back in the day, you see, Verschleiser headed Bear's mortgage-backed securities operations. Toward the end of his tenure, his particular specialty began with what at the time was the usual industry-wide practice, putting together gigantic packages of crappy subprime mortgages and dumping them on unsuspecting clients. But Verschleiser reportedly went beyond that. According to a lawsuit later filed by a bond insurer called Ambac, Verschleiser also masterminded a kind of double-dipping scheme. What he would do is sell a bunch of toxic mortgages into a trust, which like all mortgage trusts had provisions written into their pooling and servicing agreements (PSAs) that required the original lenders to buy the loans back if they went into default. So Verschleiser would sell bad mortgages back to the banks at a discount, but instead of passing the money back to the trust, he and other Bear execs allegedly pocketed the funds. From the Atlantic story:
Paul Merrell

How Ron Wyden nearly became an NSA leaker - 0 views

www.washingtonpost.com/...en-nearly-became-an-nsa-leaker

surveillance state NSA Wyden constitution Speech-&-Debate-Clause

shared by Paul Merrell on 17 Aug 13 - No Cached
  • One of the intelligence community’s most outspoken critics says he considered talking about the National Security Agency’s bulk surveillance program on the Senate floor. In an interview with Rolling Stone, Sen. Ron Wyden (D-Ore.) said he felt pressure from others to disclose the classified information in a way that would have protected him from prosecution. Under the Speech or Debate Clause of the U.S. Constitution, lawmakers receive immunity from lawsuits or trials for acts committed during the process of legislating. If Wyden had spoken out about the NSA, his comments would have become part of the Congressional Record:
  • There are very significant limits [on what you can and cannot say], and they are very cumbersome and unwieldy. If you want to play a watchdog role, you try to work within the rules. This is a sensitive subject. A lot of people have just said to me, “Well, you feel so strongly about [these issues] – when you knew this, why didn’t you just go to the floor of the United States Senate and just, you know, read it all [into the record]?” And, of course, anybody who does this kind of work thinks a lot about that. You think about it all the time. I can see why plenty of people would criticize me – progressives and others. I can understand why plenty of people who have views similar to mine would say they would have done it differently. Wyden has spent years dropping hints that Americans were being spied upon. But despite his outrage, he appears to have chosen to color within the lines.
Paul Merrell

The College-Loan Scandal - Slashdot - 0 views

news.slashdot.org/...the-college-loan-scandal

banksters predatory-lending student-loans

shared by Paul Merrell on 17 Aug 13 - No Cached
  • Matt Taibbi writes in Rolling Stone about the economics behind college tuition. Interest rates get the headlines and the attention of politicians, but Taibbi says the real culprit is "appallingly high tuition costs that have been soaring at two to three times the rate of inflation, an irrational upward trajectory eerily reminiscent of skyrocketing housing prices in the years before 2008." He writes,
  • "For this story, I interviewed people who developed crippling mental and physical conditions, who considered suicide, who had to give up hope of having children, who were forced to leave the country, or who even entered a life of crime because of their student debts. ... Because the underlying cause of all that later-life distress and heartache – the reason they carry such crushing, life-alteringly huge college debt – is that our university-tuition system really is exploitative and unfair, designed primarily to benefit two major actors. First in line are the colleges and universities, and the contractors who build their extravagant athletic complexes, hotel-like dormitories and God knows what other campus embellishments. For these little regional economic empires, the federal student-loan system is essentially a massive and ongoing government subsidy, once funded mostly by emotionally vulnerable parents, but now increasingly paid for in the form of federally backed loans to a political constituency – low- and middle-income students – that has virtually no lobby in Washington. Next up is the government itself. While it's not commonly discussed on the Hill, the government actually stands to make an enormous profit on the president's new federal student-loan system, an estimated $184 billion over 10 years, a boondoggle paid for by hyperinflated tuition costs and fueled by a government-sponsored predatory-lending program that makes even the most ruthless private credit-card company seem like a "Save the Panda" charity. Why is this happening? The answer lies in a sociopathic marriage of private-sector greed and government force that will make you shake your head in wonder at the way modern America sucks blood out of its young."
Gary Edwards

Wall Street's Bailout Hustle : Matt Taibbi Rolling Stone - 0 views

www.rollingstone.com/...1

obammunism financial-crisis financial-oligarchs Goldman-Sachs matt-taibbi Banksters banksters

shared by Gary Edwards on 01 Mar 10 - Cached
  • Gary Edwards on 01 Mar 10
     
    If you were to read only one article explaining the Wall Street, Washington DC and financial crisis, this is the one! What an incredible story, but confirmed by everything i've been able to piece together. Very entertaining, well written, and sadly, true to my understanding of the facts. Read it and weep. Wall Street's Bailout Hustle Goldman Sachs and other big banks aren't just pocketing the trillions we gave them to rescue the economy - they're re-creating the conditions for another crash MATT TAIBBI
Gary Edwards

How JP Morgan Took Over All Kentucky's Financial Services, And Why You Should Be Scared... - 0 views

www.alternet.org/...C_and_why_you_should_be_scared

Banksters JP-Morgan-Chase financial-collapse

shared by Gary Edwards on 06 Aug 11 - No Cached
  • Writing in response to the JP lawsuit on his Rolling Stone blog, Taibbi lamented that big banks were getting away with crimes that, when pulled off by blue-collar muscle outfits like the mob (and they are), result in lengthy jail sentences. Fraud on the part of JP Morgan and other corporate banks, he concluded, is “not going to stop until people start doing hard time for these crimes.”
  • Gary Edwards on 06 Aug 11
     
    On July 1, JP Morgan Chase became the Commonwealth's bank. As the state's official depository, JP now receives all deposits, writes all checks and makes all wire transfers on the $12-15 billion that flow through Kentucky state government in the course of a fiscal year. It will cut payroll checks, receive federal and other funds earmarked for the state, and disburse educational or transportation or any other funds to their appropriate monetary endpoints. For its trouble, the bank will receive $1.3 million in state fees and the ability to re-lend idle state funds out to customers for private gain. Yes, you should be worried. JP's decade A global corporation with more than $2 trillion in assets and operations in 60 countries, JP Morgan Chase has been a major figure in the ongoing global financial crisis. As one of the largest private banks in the U.S., the bank made incredible amounts of money by underwriting many of the questionable loans (sub-prime, zero down, adjustable rate) that fueled the American housing bubble. It then made even more money by packaging hundreds of these shitty loans into a single "product," a mortgage backed security, which it sold like Twinkies to pious religious non-profits, filthy-rich hedge fund managers, municipal fire-fighters, retired auto-workers, and the like, each security effectively putting these groups on the hook-and not JP-for the shitty loans that it had helped create. When, inevitably, individual homeowners began to default on their loans, thereby triggering the stock market collapse of 2008, JP Morgan found a way to make money on that, too, by buying insurance (known as credit default swaps) on the shitty securities of shitty mortgages that it had sold to unwitting investors. For good measure, the U.S. government handed the corporation $25 billion in TARP funds, $30 billion in U.S. treasury backing to purchase bankrupt Bear Stearns (previously a global leader in mortgage backed securities), and the biggest chun
Gary Edwards

Obama Goes All Out For Dirty Banker Deal | Rolling Stone Politics | Taibblog | Matt Tai... - 0 views

www.rollingstone.com/...for-dirty-banker-deal-20110824

matt-taibbi Banksters Mortgage-Fraud Obama-banksters

shared by Gary Edwards on 24 Aug 11 - No Cached
  • Gary Edwards on 24 Aug 11
     
    Perhaps the most incredibly audacious power play yet by the Banksters and their boy Obama!  Watch carefully my fellow Americans and see how fragile our liberty really is........ excerpt: A power play is underway in the foreclosure arena, according to the New York Times. On the one side is Eric Schneiderman, the New York Attorney General, who is conducting his own investigation into the era of securitizations - the practice of chopping up assets like mortgages and converting them into saleable securities - that led up to the financial crisis of 2007-2008. On the other side is the Obama administration, all the banks, and, now, apparently, all the other state attorneys general. This second camp has all gotten together, put their heads together, and cooked up a deal that would allow the banks to walk away with just a seriously discounted fine from a generation of fraud that led to millions of people losing their homes. The idea behind this federally-guided "settlement" is to concentrate and centralize all the legal exposure accrued by this generation of grotesque banker corruption in one place, put one single price tag on it that everyone can live with, and then stuff the details into a titanium canister before shooting it into deep space. This deal is all about protecting the banks from future enforcement actions on both the civil and criminal sides. The plan is to provide year-after-year, repeat-offending banks like Bank of America with some stability and certainty, so that they know exactly how much they'll have to pay in fines (trust me, it will end up being a tiny fraction of what they made off the fraudulent practices) and will also get to know for sure that there are no more criminal investigations in the pipeline.  
Gary Edwards

Obama Goes All Out For Dirty Banker Deal | Rolling Stone Politics | Taibblog | Matt Tai... - 0 views

www.rollingstone.com/...for-dirty-banker-deal-20110824

matt-taibbi Banksters Obama-Bankster-Power-Play

shared by Gary Edwards on 24 Aug 11 - No Cached
  • Gary Edwards on 24 Aug 11
     
    This is as bad as white-collar crime gets. But to Wylde, it doesn't rise to the level of being "indefensible." Until they do something worse than this, we apparently should support the banks, and make sure they don't have to pay more than a fraction of what they made off of this kind of crime. What is most amazing about Wylde's quote is the clear implication that even a law enforcement official like Schneiderman should view it as his job to "do everything we can to support" Wall Street. That would be astonishing interpretation of what a prosecutor's duties are, were it not for the fact that 49 other Attorneys General apparently agree with her. In Schneiderman we have at least one honest investigator who doesn't agree, which is to his great credit. But everyone else is on Wylde's side now. The Times story claims that HUD Secretary Shaun Donovan and various Justice Department officials have been leaning on the New York AG to cave, which tells you that reining in this last rogue cop is now an urgent priority for Barack Obama. Why? My theory is that the Obama administration is trying to secure its 2012 campaign war chest with this settlement deal. If he can make this foreclosure thing go away for the banks, you can bet he'll win the contributions battle against the Republicans next summer. Which is good for him, I guess, but it seems to me that it might be time to wonder if is this the most disappointing president we've ever had.
Gary Edwards

The Purchase Of Our Republic | Zero Hedge - 0 views

www.zerohedge.com/...purchase-our-republic

shared by Gary Edwards on 06 Jun 14 - No Cached
  • The massive consolidation of wealth, combined with the removal of any limits on money in campaigns, has allowed for the purchase of our government. Today I am publishing a comprehensive and important guest essay, The Purchase of Our Republic, by longtime correspondent Y. Falkson.
  • Americans know that something is wrong, deeply wrong. They see signs of the problem everywhere: income inequality, growing concentration and power of mega corporations, political donations/corruption, the absence of jobs with decent salaries, the explosion of the US prison population, healthcare costs, student loan debt, homelessness, etc. etc.  However, the true causes and benefactors behind these problems are purposely hidden from view. What Americans see is Kabuki Theater of a functioning form of capitalism and democracy, but beyond this veneer our country has devolved into the exact opposite. Those who benefit from this crony capitalist state go to extreme lengths to paper over the reality and convince Americans that the system works, the American Dream is still a reality and that American democracy is in fact democratic. Below I hope to begin to outline some of the underlying dynamics and trends that have evolved in recent decades and led us so far from what we once were. As fun as it would be, the answer is not some evil conspiracy by the Illuminati, but rather the unfortunate result of three long term and mutually reinforcing components that have been attacking the fundamental roots of the structure of our Republic. The first is the increased concentr
  • ation of corporate and private wealth. Both of which are quickly yelled down in the media as anti-free market and class war hysteria. The second is the use of this wealth to capture all three branches of government in order to ensure the continued extraction of capital from the many and to the few.The rich might have climbed the ladder because they earned it, but they have then purchased government to pull up the ladder behind them. The consequence of the first two components is a democracy in name only that represents the very few.
  • ...28 more annotations...
  • 1. Faux Capitalism = Wealth Consolidation / Income Inequality
  • While there is no true beginning to the story, we can start with the incredible build up and concentration of wealth among corporations in recent decades. The USA now boasts a cartel-like set of corporate titans in almost every industry. It goes beyond, but certainly includes, our Too Biggerer To Fail banks, merged from what was 37 banks in 1995 into a Frankenstein’s monster like 5 (Citigroup, JP Morgan-Chase, Bank of America, Wells Fargo and Goldman Sachs). In agriculture, Monsanto alone controls over 85% of all corn and soy bean crops, four companies control 83% of the beef market, 66% of the hog market and 58% of the chicken market. So while shopping at the grocery store might appear to be the manifestation of capitalism at its finest, it doesn’t take much digging to look behind the curtain to see how little competition truly exists.
  • When the average American goes to pick up some groceries, they are shopping at Walmart and buying something from P&G that is mostly made of Monsanto corn. Is that true choice? The same story plays out with our news and media (and other industries) where we have gone from 50 companies in 1983 to the big 6 which control over 90% of all media. Is choosing to watch one of 30 news channels, all of which are owned by News Corp (Rupert Murdoch) a real choice? This is not capitalism and they are not competing, not in the true sense of the word. Along with this consolidation of corporations in recent decades, their senior leaders have taken up a larger and larger piece of the pie at the expense of their employees. In particular, the ratio of CEO-to-worker pay has increased 1,000 percent since 1950. Unsurprisingly, Walmart is both the largest employer in the country and the worst CEO pay offender with a ratio of over 1000:1. This is at a time where worker productivity has increased significantly, something that historically correlated with increased pay. But no more. It’s a new twist on the old Soviet saying “we pretend to work and they pretend to pay us”, but now it’s closer to “we do all of the work and they pretend to pay us”.
  • Private Wealth: As a consequence of the royal tribute we pay to the C-suite class these days, we have likely surpassed the pre-Depression Roaring Twenties in terms of inequality.
  • This, amazingly, has only accelerated since the crisis in 2008 in thanks to bailouts, Quantitative Easing and other gifts from Congress and the Fed. The wealthy 1% and in particular the .01% have now grown their fortunes to levels that tax comprehension and even their ability to spend it (the decisions by a few billionaires such as Bill Gates to essentially donate his fortune is a tacit acknowledgement that our current system over provides wealth to a select few).
  • So what is an incredibly wealthy capitalist CEO of a mega-corporation do once they control their industry and have essentially limitless wealth? Well in a competitive market, the only way to go from the top is down and the only thing that can make that happen is competition. Consequently, competition must be avoided whenever possible.
  • To squash or prevent competition, the oligopolies and oligarchs target their resources on the one place that can make competition illegal, our government.Something to keep in mind the next time you see a corporate billionaire grandstanding about the importance of “Free Markets” when their strategy is quite the opposite. As this capture of the government has taken place we have essentially shifted from capitalism and to crony capitalism. So we now have industries that have mastered the art of faking capitalism by turning our government into one that fakes democracy. This government takeover took time, but the purchase of all 3 branches of government has almost been completed by 2014. You don’t have to take my word for it, luckily that has now been empirically proven in an analysis of over 20 years of government policy where the clear conclusion was that policy makers respond solely to those in the top 90th percentile and essentially ignore the large majority of Americans.
  • 2. Wealthy Purchase of Government Institutions / Elections
  • Purchase of the Executive Branch:
  • Let’s take a step back and take a glimpse at how the government was purchased, beginning with the executive branch. In 1980, Reagan’s election cost less than $300 million. When Bush beat Kerry in 2004, it cost almost 3x times as much, almost $900 Million. 4 years later, the 2008 election cost a record $1.3 Billion. It was in this election where Obama hammered the final nail in the coffin for government funded for elections. Obama, more so than any other candidate in recent decades had the widespread support of millions of small donors, but in the end I guess it wasn’t enough. So when Obama “leaned to the green”, it forever set the precedent that you can’t win without the backing of our nation’s oligarchs. Consequently, the money has only gushed in since as the cost of Obama’s reelection in 2012 skyrocketed to an unfathomable $7 billion. Needless to say this is slightly above the rate of inflation. Our Presidents are now preselected exclusively by a tiny fraction of Americans can have the money to fund what has become necessary for a legitimate run. Summary: Candidates spend years courting the super-rich to build up a multi-billion dollar war chest. Only those who succeed can actually run a campaign that an average American will be aware of. Then Americans get to choose one of the pre-selected “candidates”. No wonder voter turnout is so low… Executive branch, check!
  • – Note that media corporations benefit doubly as they can use their cash to fund elections, but are also the beneficiary of all that money as it is used for campaign spending.
  • Purchase of the Legislative Branch:
  • The process has progressed similarly in Congress. In 1978, outside groups spent $303,000 on congressional races. In 2012 that was up to $457,000,000. That is over 1,500 times the level in 1978. It would be funny, if it was so blatant and terrifying. By many accounts, our “leaders” in Congress spend 50% or more of their time working the phones or fundraisers rather than trying (and failing) to actually do the “people’s business”. Let’s also take a minute to appreciate the hypocrisy of anyone that pretends that the money doesn’t influence our government. Businesses do not give to politicians for charity. This is a payment for services that has proven exceedingly reliable and profitable. The ROI for money invested in purchasing Congressman is what CEO dreams are made of. No wonder the incentive is to invest in Congress rather than R&D or marketing. There are very few places in the world or times in history where you can find ROI’s in the thousands, or even the tens of thousands.
  • Review: Congressmen beg for money to get elected, make sure to vote the way your benefactors would like, consequently get more money to get elected again. If at any point they do lose or quit, they take the big payday to work for those who have been paying them all along. Legislative Branch, Check!
  • In addition, increasingly those who work on Congress (and regulators) were previously employed by these large corporations or expect to work there later. A recent example is Chris Dodd who left the Senate the head lobbyist for Hollywood at the MPAA, the guys behind SOPA and PIPA, but there are many many others.
  • Judicial Branch Endorsement of the Purchase of Government:
  • Last but not least, we have the enabling Judicial Branch. It only took a few purchased presidents to ensure the appointment of a majority of “free market” and “pro-business” judges. For instance, and disgracefully, Clarence Thomas was once legal counsel for Monsanto, but has not once recused himself from any cases involving Monsanto and always votes in their favor. These radicals have now fully endorsed and enabled the influx of money used to purchase the other branches. Specifically, 2 major decisions have completely opened the floodgates, Citizens United and McCutcheon. The first allowed unlimited contributions of corporate money into elections and brought us the notorious declaration that “corporations are people” and that “money is free speech”. This was more recently followed up with the private wealth equivalent in McCutcheon. In this ruling, Supreme Court Chief Justice John Roberts said as part of his majority opinion (presumably with a straight face) “… nor does the possibility that an individual who spends large sums may garner influence over or access to elected officials or political parties”. And with this, the Supreme Court has fully endorsed both major sources of immense wealth to purchase our elections and consequently our government. Review: The rich fund Presidential elections, Presidents nominate “business-friendly” judges and then the bought Congress approves their nominations. New judge then votes to ensure even more money is allowed to purchase elections. Judicial Branch, CHECK!
  • 3. A Faux Republic Dependent Upon the Funders and Not the Voters
  • The Founder’s Hope and the Sad Reality:
  • Acknowledging where we are as a country, it is often helpful to look to where we started for some perspective. Unsurprisingly, this type of problem was not overlooked back in the 18th century. In 1776, James Madison stated that his goal was to design a republic in which “powerful interest groups would be rendered incapable of subdoing the general will”. Madison hoped, perhaps naively, that factions would be thwarted by competing with other factions. Sadly, we are now in a time where factions (aka wealthy special interests) subdue the will of the people and ensure the government responds to them alone on those issues where they have a “special interest” and consequently asymmetric stakes in the game (Charles Hugh Smith). As a result, these groups essentially collude to allocate their resources to their own issues, but do not “thwart” or compete with other factions as they do the same. It’s a pretty great system, as long as you’re one of the wealthy few who can use their money to drown out the poor and voiceless many. And just like that, what was once a Republic has become a corrupt shell of its past self. All the signs are still there; votes, elections, campaigns, branches of government, etc., but behind the scenes the only ones represented are those who can afford to be heard.
  • Summary: This massive consolidation of wealth, combined with the removal of any limits on money in campaigns, has allowed for the purchase of our government, or as Dick Durban once stated, “frankly they [the banks in this case] own the place”. If money = free speech, then those with all the money, have all the free speech.
  • What Might Help? Now that I have likely and thoroughly depressed the reader, let’s bounce around some ideas for what can be done. As stated in the beginning, this is not an unknown problem and many people are promoting a number of ways to fix or at least ameliorate the problem. I will briefly describe just a few which I think provide some direction any of us could easily implement or support.
  • Change the Rules: Laurence Lessig of Harvard Law has put forward a visionary proposal for re-writing the way that campaigns are financed in his book, Republic, Lost: How Money Corrupts Congress--and a Plan to Stop It. Put simply, he would like to empower every voter with a stipend, say $150 per election to give to whatever candidate or candidates they prefer. If you would like to accept this money, you would need to forgo any other contributions or support (one would hope including the indirect PAC kind). This would actually provide even more money than is used in current elections, but would effectively democratize the funding process. While there would still be a “funding election” that takes place before the actual election, the funding would not be unequally provided. Lessig’s work has only begun, as this sort of bill or likely constitutional reform is nearly impossible to achieve, but he has undertaken and I assume will continue to implement many brave and creative ways of bringing about the change all American’s should support. Most recently he has suggested we begin to fund, ironically enough, a Super PAC to end all Super PACs. It would be funded with the solitary goal of changing how money impacts our elections. Please support them here: www.mayone.us/
  • Change Our Day-to-Day: At the more micro level, Charles Hugh Smith believes that we will inevitably see our overly centralized and inefficient system erode away as it is replaced by more resilient, local and efficient businesses and societies outside of the current system. With that in mind, he recommends that “all anyone can do is the basic things--lower our energy footprint, stay healthy and avoid unnecessary medications and procedures, support local businesses, organic food growers, etc. In other words, what we can do is support local businesses that are part of the emerging economy rather than support corporate cartels.” Your Vote Does Matter: Do you live in Ohio, Florida or New Hampshire? Probably not. Despite what we are told every 4 years, there are actually states outside of the “swing states”, and even more surprising, the very large majority of Americans live in those states where your “vote doesn’t matter”. New Yorkers an Californians all know their state will turn Blue no matter who the candidates are and either don’t vote at all, or often vote for the Blue team in order to feel like they are on the winning side.
  • The truth is that if you see the election as Red vs. Blue, you vote probably doesn’t matter. But here is the trick, if all the people who think their vote didn’t matter decided to vote for whom they might actually believe in, then their votes just might matter.
  • What if all the growing number of “Independents” (who usually still vote Blue), chose to vote for a third party? What if a third party candidate won a state like New York or California? What if that candidate was one whose primary promise to the voters was to champion a change to the role of money in government (perhaps in line with what Lessig proposes)? Would you vote for such a person?I would argue you should. If California alone (with 55 electoral votes) were to vote for a 3rd party that would likely prevent either Red or Blue candidate from winning the requisite 270 electoral votes.
  • Think about the message that would send to both parties. I would predict that both sides would start to bend over backwards for an endorsement from that 3rd party and they would have to get it by taking up the same primary cause for reforming money in government. Consequently, at the root of our corrupted system which is perpetually ignored as both sides might suddenly become the big issue of the election. Then maybe we might begin to turn things around.
  • Sources: Charles Hugh Smith (oftwominds, Surivival+, etc.), Yves Smith (Naked Capitalism, Econned), Laurence Lessig (Republic Lost, multiple TED Talks), Matt Taibbi (blog at Rolling Stone and now at The Intercept), Zero Hedge, John Robb, Max Keiser, Clay Shirky (Cognitive Surplus), Aldous Huxley (Brave New World, Brave New World Revisited), George Orwell (1984), Michael Lewis, Daniel Kahneman (Thinking Fast and Slow), James Richards (Currency Wars), Han Joon Chang (23 Things They Don’t Tell You About Capitalism) and Joseph Stiglitz (Mismeasuring Our Lives) 
Paul Merrell

What Obama Told Us At West Point -- Paul Craig Roberts - PaulCraigRoberts.org - 0 views

www.paulcraigroberts.org/...-west-point-paul-craig-roberts

war & peace Obama West-Point U.S.-foreign-policy rule-of-law war crimes

shared by Paul Merrell on 05 Jun 14 - No Cached
  • At West Point Obama told us, to the applause of West Point cadets, that “American exceptionalism” is a doctrine that justifies whatever Washington does. If Washington violates domestic and international law by torturing “detainees” or violates the Nuremberg standard by invading countries that have undertaken no hostile action against the US or its allies, “exceptionalism” is the priest’s blessing that absolves Washington’s sins against law and international norms. Washington’s crimes are transformed into Washington’s affirmation of the rule of law. Here is Obama in his own words: “I believe in American exceptionalism with every fiber of my being. But what makes us exceptional is not our ability to flout international norms and the rule of law; it is our willingness to affirm them through our actions.” Actions indeed. In the 21st century “American exceptionalism” has destroyed seven countries in whole or in part. Millions of people are dead, maimed, and displaced, and all of this criminal destruction is evidence of Washington’s reaffirmation of international norms and the rule of law. Destruction and murder are merely collateral damage from Washington’s affirmation of international norms.
  • “American exceptionalism” also means that US presidents can lie through their teeth and misrepresent those they choose to demonize. Listen to Obama’s misrepresentations of the Putin and Assad governments: “Russia’s aggression towards former Soviet states unnerves capitals in Europe . . . In Ukraine, Russia’s recent actions recall the days when Soviet tanks rolled into Eastern Europe .” Obama misrepresents Assad as “a dictator who bombs and starves his own people.” Did any of the cadets in Obama’s West Point audience wonder why, if Assad is a brutal dictator who bombs and starves his own people, the Syrian people are supporting Assad instead of the American-backed “liberation forces,” the combination of imported jihadists and al Qaeda fighters who object to Assad’s government because it is secular? The US military is taught to respect its civilian commander-in-chief, but if West Point cadets actually do obtain an education, it is remarkable that Obama’s audience did not break out in laughter.
  • Obama’s speech is probably the most disingenuous ever given by a Western politician. We could have fun for hours with all the crimes that Washington commits but buries in rhetoric directed at others. Perhaps my favorite is Obama evoking a world in which “individuals aren’t slaughtered because of political belief.” I am sure Obama was thinking of this just world when he murdered without due process of law four American citizens “outside of areas of active hostilities.” Another favorite is the way Obama flushed the US Constitution of its meaning. Obama said, with reference to bringing the Guantanamo prisoners to the US, that “American values and legal traditions don’t permit the indefinite detention of people beyond our borders.” No, Obama, the US Constitution prevents the indefinite detention of US citizens by the US government anywhere on earth, especially within our borders. By detaining and by murdering US citizens without due process of law, Obama has violated his oath of office and should be impeached. It was only a short time ago that President Bill Clinton was impeached by the US House of Representatives (the Senate saved him from conviction) for lying about his sexual affair with a White House intern. How times change. Today a president who violates his oath of office to protect the Constitution from enemies foreign and domestic gets a free ride. The Constitution has lost its power to protect citizens from the arbitrary power of government. The US is the Constitution. Without the Constitution the US ceases to exist, and the country becomes a tyranny, both at home and abroad.Today the US is a tyranny cloaked in the garb of “freedom and democracy.”
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  • Instead of laughing our way through Obama’s ridiculous speech to what apparently was a dumbed-down West Point graduating class, lets pay attention to Obama’s bottom line: “America must always lead on the world stage. . . . The military is, and always will be, the backbone of that leadership.” In other words, Washington doesn’t use diplomacy. Washington uses coercion. The favorite threat is: “Do as you are told or we will bomb you into the Stone Age.” Obama’s speech is a justification of Washington’s criminal actions on the grounds that Washington acts for the exceptional Americans whose exceptionalism places them and, thereby, their government above law and international norms. In this way of thinking, only the failure to prevail constitutes failure. Americans are the new ubermensch, the new master race. Inferior humans can be bombed, invaded, and sanctioned. Obama’s West Point speech asserts American superiority over all others and Washington’s determination to continue this superiority by preventing the rise of other powers. This arrogant hubris was not enough for the Washington Post editorial board. The newspaper’s editorial damned Obama for binding US power and limiting its use to “a narrow set of core interest,” such as direct threats to America.
  • The American “liberal media” object that Obama’s claim of exceptionalism is not broad enough for Washington’s purposes. Obama’s address, the Washington Post wrote, bound “US power” and “offered scant comfort” to those militarists who want to overthrow Syria, Iran, Russia, and China. The world should take note that the most militarily aggressive American president in history is considered a wimp by the neoconized American media. The media drives wars, and the American media, firmly allied with the military/security complex, is driving the world to the final war.
  • Paul Merrell on 05 Jun 14
     
    Obama's speech at West Point was indeed a gigantic slap in the face at international law and at the Constitution. http://goo.gl/icJGDz The Rule of Law is no longer a guiding light in the White House, now only an obligatory nod of nominal respect. The Imperial Presidency has announced that we are now citizens of post-constitutional America.  
Paul Merrell

EU Showdown: Greece Takes on the Vampire Squid | nsnbc international - 0 views

nsnbc.me/...ece-takes-on-the-vampire-squid

banksters Greece EU IMF ECB Syriza must-read

shared by Paul Merrell on 07 Jan 15 - No Cached
  • Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken. The Greeks have been threatened with a “Cyprus-Style prolonged bank holiday” if they “vote wrong.” But they have been bullied for too long and are saying “no more.”
  • A return to the polls was triggered in December, when the Parliament rejected Prime Minister Antonis Samaras’ pro-austerity candidate for president. In a general election, now set for January 25th, the EU-skeptic, anti-austerity, leftist Syriza party is likely to prevail. Syriza captured a 3% lead in the polls following mass public discontent over the harsh austerity measures Athens was forced to accept in return for a €240 billion bailout. Austerity has plunged the economy into conditions worse than in the Great Depression. As Professor Bill Black observes, the question is not why the Greek people are rising up to reject the barbarous measures but what took them so long. Ireland was similarly forced into an EU bailout with painful austerity measures attached. A series of letters has recently come to light showing that the Irish government was effectively blackmailed into it, with the threat that the ECB would otherwise cut off liquidity funding to Ireland’s banks. The same sort of threat has been leveled at the Greeks, but this time they are not taking the bait.
  • The veiled threat to the Greek Parliament was in a December memo from investment bank Goldman Sachs – the same bank that was earlier blamed for inducing the Greek crisis. Rolling Stone journalist Matt Taibbi wrote colorfully of it: The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.
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  • Goodbye Euro? Greece can regain its sovereignty by defaulting on its debt, abandoning the ECB and the euro, and issuing its own national currency (the drachma) through its own central bank. But that would destabilize the eurozone and might end in its breakup. Will the troika take that risk? 2015 is shaping up to be an interesting year. Ellen H. Brown, Web of Debt
  • Paul Merrell on 07 Jan 15
     
    Fun! Greece looks to be about to have an Icelandic moment, defaulting on its debt and leaving the Eurozone. The Syriza party is riding a rising trend in popularity running on a sovereignty and anti-foreign bankster platform. That pleasant odor you're sniffing is the return of the drachma. This one is a must-read.    
Paul Merrell

Carl Bernstein - 0 views

www.carlbernstein.com/magazine_cia_and_media.php

propaganda MSM CIA Bernstein

shared by Paul Merrell on 06 Apr 15 - Cached
  • After leaving The Washington Post in 1977, Carl Bernstein spent six months looking at the relationship of the CIA and the press during the Cold War years. His 25,000-word cover story, published in Rolling Stone on October 20, 1977, is reprinted below. THE CIA AND THE MEDIA How Americas Most Powerful News Media Worked Hand in Glove with the Central Intelligence Agency and Why the Church Committee Covered It Up
Paul Merrell

'We will gas you til you die' - 0 views

mondoweiss.net/...military-palestinian-refugee

war & peace Israel Palestine gas-threat

shared by Paul Merrell on 01 Nov 15 - No Cached
  • A shocking video has emerged recording a loud verbal threat from the Israeli military to residents of Aida refugee camp near Bethlehem. As a military jeep rolls down an empty quiet street a threatening voice comes over the loudspeaker  “You throw stones and we will hit you with gas until you die.”
  • Paul Merrell on 01 Nov 15
     
    The gas would be Zyklon B, no doubt. https://en.wikipedia.org/wiki/Zyklon_B
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