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Gary Edwards

There is nothing new about Obama's Socialism: Mark Levine in The Corner on National Review Online - 0 views

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    The "change" he peddles is not new. We've seen it before. It is change that diminishes individual liberty for the soft authoritarianism of socialism. It is a populist appeal that disguises government mandated wealth redistribution as tax cuts for the middle class, falsely blames capitalism for the social policies and government corruption (Fannie Mae and Freddie Mac) that led to the current turmoil in our financial markets, fuels contempt for commerce and trade by stigmatizing those who run successful small and large businesses, and exploits human imperfection as a justification for a massive expansion of centralized government. Obama's appeal to the middle class is an appeal to the "the proletariat," as an infamous philosopher once described it, about which a mythology has been created. Rather than pursue the American Dream, he insists that the American Dream has arbitrary limits, limits Obama would set for the rest of us - today it's $250,000 for businesses and even less for individuals. If the individual dares to succeed beyond the limits set by Obama, he is punished for he's now officially "rich."
Gary Edwards

Congressional Power - 1 views

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    Legal Brief on Congressional Power, Court Rulings, & the Constitution: The expressed powers of Congress are listed in the Constitution. Congress also has implied powers, which are based on the Constitution's right to make any laws that are "necessary and proper" to carry out those expressed powers. Congress has exercised its implied powers thousands of times over the years. Here are but a few major illustrations of that fact. 1780 1789 The Constitution gives expressed powers to Congress in Article 1, Section 8. 1800 1810 1819 In McCulloch v. Maryland, the Supreme Court holds that the powers to tax, borrow, and regulate commerce give Congress the implied power to establish a national bank. 1820 1824 Gibbons v. Ogden is the first commerce clause case to reach the Supreme Court. The broad definition of commerce the Court lays out in its ruling extends federal authority. 1830 1840 1850 1860 1862 The U.S. government issues its first legal tender notes, which are popularly called greenbacks. 1870 1870 In Hepburn v. Griswold the Supreme Court rules that the Constitution does not authorize the printing of paper money. 1870 The Court reverses its position on the printing of paper money and holds that issuing paper money is a proper use of the currency power in the Legal Tender cases. The decision in Juliard v. Greenman (1884) reaffirms this holding. 1880 1890 1890 The Sherman Antitrust Act, based on the commerce power, regulates monopolies and other practices that limit competition. 1900 1910 1920 1930 1935 The Wagner Act, based on the commerce power, recognizes labor's right to bargain collectively. 1935 The Social Security Act is passed. 1937 The Supreme Court upholds the Social Security Act of 1935 as a proper exercise of the powers to tax and provide for the general welfare in Steward Machine Co. v. Davis and Helvering v. Davis. 1940 1950 1956 The Interstate and National Highway Act, based on the commerce and war powers, provides for a national interstate highway system.
Paul Merrell

Ukrainian Nazis Pay Private Military Company Academi (formerly Blackwater) for Training, Russian Report | Global Research - 0 views

  • The Russian Government’s Tass ‘news’ agency is alleging that “The US private military company Academi (formerly known as Blackwater) … has confirmed to the Kiev authorities its readiness to start training an experimental battalion of 550 men as of January at the request of Ukraine’s General Staff,” according to an unnamed source, which source is probably one of the few remaining anti-nazi bureaucrats still remaining in the Ukrainian Government. The reported price of this Blackwater (a.k.a. “Xe,” a.k.a. “Academi”) training contract is $3.5 million. Furthermore, “‘Ukraine has said it is ready to pay the money on the condition of assistance from the Ukrainian association Patriot, providing technical and financial support for the project,’ the source said.” That organization is Patriot of Ukraine. If this report in Tass is true, then the Ukrainian Government, which now is being funded almost entirely by U.S. taxpayers (inasmuch as it no longer meets the financial requirements of the IMF and EU, both of which receive funding from both U.S. and European taxpayers), and for which the U.S. Congress just passed and the U.S. President just signed into law in December authorization of a $450 million donation, is now co-funding this military training, along with — as wikipedia describes “Patriot of Ukraine” (but with wikipedia’s footnotes removed) —
  • a Ukrainian nationalist organization with racist and neo-Nazi political beliefs. It constitutes a paramilitary wing of the Social-National Assembly of Ukraine (S.N.A.), an assemblage of neo-Nazi organizations and groups founded in 2008 that share the social-national ideology and agree upon building a social-national state in Ukraine. Both the “Patriot of Ukraine” and the S.N.A. engage in political violence against minorities and their political opponents. The leader of the “Patriot of Ukraine” and of the Social-National Assembly is Andriy Biletsky. The S.N.A. derived from “the Social Nationalist Party of Ukraine,” whose name was derived from the National Socialist Party of Germany — the original Nazis. America’s CIA hides its longstanding support of nazis after World War II (see this and this), but the Bushes and Obama have continued it even decades after the Soviet Union and its communism ended. Consequently, in 2004, the Social Nationalist Party of Ukraine was advised by the CIA to, and it did, change its name to the “Freedom Party,” or “Svoboda,” because that sounds better to Americans.
Paul Merrell

| The Archived Columns of Conn M. Hallinan - 0 views

  • Almost before the votes were counted in the recent Greek elections, battle lines were being drawn all over Europe. While Alexis Tsipras, the newly elected Prime Minister from Greece’s victorious Syriza Party, was telling voters, “Greece is leaving behind catastrophic austerity, fear and autocratic government,” Jens Weidmann, president of the German Bundesbank, was warning the new government not to “make promises it cannot keep and the country cannot afford.”   On Feb. 12 those two points of view will collide when European Union (EU) heads of state gather in Brussels. Whether the storm blowing out of Southern Europe proves an irresistible force, or the European Council an immovable object, is not clear, but whatever the outcome, the continent is not likely to be the same after that meeting.   The Jan 25 victory of Greece’s leftwing Syriza Party was, on one hand, a beacon for indebted countries like Spain, Portugal, Italy and Ireland. On the other, it is a gauntlet for Germany, the Netherlands, Finland, and the “troika”—the European Central bank, the European Commission, and the International Monetary Fund (IMF)—the designers and enforcers of loans and austerity policies that have inflicted a catastrophic economic and social crisis on tens of millions of Europeans.
  • The troika’s policies were billed as “bailouts” for countries mired in debt—one largely caused by the 2008 financial speculation bubble over which indebted countries had little control—and as a way to restart economic growth. In return for the loans, the EU and the troika demanded massive cutbacks in social services, huge layoffs, privatization of pubic resources, and higher taxes.   However, the “bailouts” did not go toward stimulating economies, but rather to repay creditors, mostly large European banks. Out of the $266 billion loaned to Greece, 89 percent went to investors. After five years under the troika formula, Greece was the most indebted country in Europe. Gross national product dropped 26 percent, unemployment topped 27 percent (and over 50 percent for young people), and one-third of the population lost their health care coverage.   Given a chance to finally vote on the austerity strategy, Greeks overwhelmingly rejected the parties that went along with the troika and elected Syriza.
  • Gerry Adams of Sinn Fein—now the third largest party in the Irish Republic—hailed the vote as opening “up the real prospect of democratic change, not just for the people of Greece, but for citizens right across the EU.” Unemployment in Ireland is 10.7 percent, and tens of thousands of jobless young people have been forced to emigrate.   The German Social Democrats are generally supportive of the troika, but the Green Party hailed the Syriza victory and Die Linke Party members marched with signs reading, “We start with Greece. We change Europe.”   Italian Prime Minister Matteo Renzi—who has his own issues with the EU’s rigid approach to debt—hailed the Greek elections, and top aide Sandro Gozi said that Rome was ready to work with Syriza. The jobless rate in Italy is 13.4 percent, but 40 percent among youth.
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  • In short, there are a number of currents in the EU and a growing recognition even among supporters of the troika that prevailing approach to debt is not sustainable.   One should have no illusions that Syriza will easily sweep the policies of austerity aside, but there is a palpable feeling on the continent that a tide is turning. It did not start with the Greek elections, but with last May’s European Parliament elections, where anti-austerity parties made solid gains. While some right-wing parties that opportunistically donned a populist mantle also increased their vote, they could not do so where they were challenged by left anti-austerity parties. For instance, the right did well in Denmark, France, and Britain, but largely because there were no anti-austerity voices on the left in those races. Elsewhere the left generally defeated their rightist opponents.   If Syriza is to survive, however, it must deliver, and that will be a tall order given the power of its opponents.
  • The French Communist Party hailed the Greek elections as “Good news for the French people,” and Jean-Luc Melenchon of the Parti de Gauche called for a left-wing alliance similar to Syriza. French President Francois Hollande made a careful statement about “growth and stability,” but the Socialist leader is trying to quell a revolt by the left flank of his own party over austerity, and Paris is closer to Rome than it is to Berlin on the debt issue.   While the conservative government of Portugal was largely silent, Left Bloc Member of Parliament Marisa Matias told a rally, “A victory for Syriza is a victory for all of Europe.”
  • As convoluted as Greek politics are, the main obstacle for Syriza will come from other EU members and the Troika.   Finnish Prime Minister Alex Stubb made it clear “that we would say a resounding ‘no’ to forgive loans.” Merkel’s chief of staff, Peter Altmaier, says, “We have pursued a policy which works in many European countries, and we will stick to in the future.” IMF head Christine Lagarde chimed in that “there are rules that must be met in the euro zone,” and that “we cannot make special exceptions for specific countries.”   But Tsipras will, to paraphrase the poet Swinburne, not go entirely naked into Brussels, but “trailing clouds of glory.” Besides the solid support in Greece, a number of other countries and movements will be in the Belgian capital as well.   Syriza is closely aligned in Spain with Podemos, now polling ahead of the ruling conservative People’s Party. “2015 will be the year of change in Spain and Europe,” tweeted Podemos leader Pablo Iglesias in the aftermath of the election, “let’s go Alexis, let’s go!” Unemployment in Spain is 24 percent, and over 50 percent for young people.
  • At home, the Party will have to take on Greece’s wealthy tax-dodging oligarchs if it hopes to extend democracy and start refilling the coffers drained by the troika’s policies. It will also need to get a short-term cash infusion to meet its immediate obligations, but without giving in to yet more austerity demands by the troika.   For all the talk about Syriza being “extreme”—it stands for Coalition of the Radical Left— its program, as Greek journalist Kia Mistilis points, is “classic ‘70s social democracy”: an enhanced safety net, debt moratorium, minimum wage raise, and economic stimulus.   Syriza is pushing for a European conference modeled on the 1953 London Debt Agreement that pulled Germany out of debt after World War II and launched the “wirtschaftswunder,”or economic miracle that created modern Germany. The Agreement waved more than 50 percent of Germany’s debt, stretched out payments over 50 years, and made repayment of loans dependent on the country running a trade surplus.
  • The centerpiece of Syriza’s Thessaloniki program is its “four pillars of national reconstruction,” which include “confronting the humanitarian crisis,” “restarting the economy and promoting tax justice,” “regaining employment,” and “transforming the political system to deepen democracy.”   Each of the “pillars” is spelled out in detail, including costs, income and savings, and, while it is certainly a major break with the EU’s current model, it is hardly the October Revolution.   The troika’s austerity model has been quite efficient at smashing trade unions, selling off public resources at fire sale prices, lowering wages and starving social services. As a statement by the International Union of Food Workers argues, “Austerity is not the produce of a deficient grasp of macroeconomics or a failure of ‘social dialogue,’ it is a conscious blueprint for expanding corporate power.”
  • Under an austerity regime, the elites do quite well, and they are not likely to yield without a fight.   But Syriza is poised to give them one, and “the little party that could” is hardly alone. Plus a number of important elections are looming in Estonia, Finland, and Spain that will give anti-austerity forces more opportunities to challenge the policies of Merkel and the troika.   The spectre haunting Europe may not be the one that Karl Marx envisioned, but it is putting a scare into the halls of the rich and powerful.
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    I'm struck again by the poltical brilliance of Russia's decision to drop the South Stream Pipeline in favor of a new pipeline through Turkey to the border with Greece. Russia has gained an ally in Greece in terms of fighting economic sanctions on Russia and reinstating trade between Russia and the EU. Greece has veto power in the EU on any new sanctions or renewal of existing sanctions, at least most of which have sunset provisions. Russia also made allies of two NATO members, Greece and Turkey. And Greece is positioned by its threat of refusal to repay debt to the troika banksters to break the absolute hold the banksters have on monetary policy in the Eurozone. Russia magnifies that threat by saying that it is open to a proposal to bail out the Greek government. Not yet known is whether a condition would be abandoning the Euro as Greece's own currency. Greece might conceivably reinstate the drachma with its value pegged to a basket of foreign currencies, including the ruble and yuan. In other words, Greece leaving the EU and NATO and joining BRICS is conceivable.
Paul Merrell

Great Britain Creates a Cyber Brigade to Manipulate Public Opinion | New Eastern Outlook - 0 views

  • t’s no coincidence then that the White House advised London to establish a special unit within its military structure – the British Cyber Command, transferring up to 1500 officers under its command just “for starters”. One must note that Washington has already created its own special unit for cyberwarfare back in 2009. This unit goes under the name of United States Cyber Command, with its headquarters being located at Fort Meade (Maryland). According to The Guardian, the 77th brigade will formally come into being in April. The brigade will be carrying out covert operations on social networks exclusively, in an effort to spread disinformation and manipulate the population of certain countries, which should create “favorable conditions” for applying political pressure or the executing of regime change in strategically important regions of the world. Its headquarters will be located to the west of London in Newbury (Berkshire) while it’s official insignia will be the famous symbol of Chindits (a mythical god-like lion guarding temples in Myanmar and other countries in South-East Asia), that was used by a a British India ‘Special Force’ which participated in the suppression of guerrilla Japanese troops deep in the forests of Southeast Asia. The use of social networks to overthrow unwanted regimes has been Washington’s modus operandi for decades now. This led to the creation of a whole industry of disinformation and the manipulation of public opinion. The events surrounding the Arab Spring, countless other color revolutions and the latest events in Ukraine can serve as a perfect example of how an unstable sociopolitical and economic situation in a country can be exploited by Western intelligence agencies to a achieve a radical change in the sovereign governments of other states .First appeared: http://journal-neo.org/2015/02/11/rus-v-britanii-sozdayut-internetarmiyu/
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    In Egypt, Tunisia, Yemen, Algeria, Jordan, Syria, Ukraine, and Hong Kong along with a number of other countries, social networks have been used to coordinate the movement of protest groups, which allowed the gathering of a considerable number of protesters in designated areas. Back in 2011 the The Guardian reported the US Department of Defense was developing special software designed solely for manipulating social network users into buying pro-American propaganda. This operation was codenamed Operation Earnest Voice. This software has been put to "good use" in Britain, the United States and other Western countries during the Ukraine crisis for mass distribution of misleading information about Russia. This operation went as far as attempting to rewrite the history of World War II, with the active participation of Polish and Baltic politicians. The news on the creation of the 77th Brigade came short after the announcement made by Lieutenant General Marshall Webb the Commander, NATO Special Operations Forces HQ on the need to improve counter-information efforts against the Islamic State, as well as Russian and alternative media's coverage of the true causes of the ongoing events in Ukraine, and the large scale extermination of the civilian population by Kiev military units. These concerns, along with the recent events in Afghanistan, Iraq, and Syria, were the reason behind the assembly of a British cyber squad.
Paul Merrell

Democrats More Positive About Socialism Than Capitalism - 0 views

  • or the first time in Gallup's measurement over the past decade, Democrats have a more positive image of socialism than they do of capitalism. Attitudes toward socialism among Democrats have not changed materially since 2010, with 57% today having a positive view. The major change among Democrats has been a less upbeat attitude toward capitalism, dropping to 47% positive this year -- lower than in any of the three previous measures. Republicans remain much more positive about capitalism than about socialism, with little sustained change in their views of either since 2010.
Paul Merrell

Four in 10 Americans Embrace Some Form of Socialism - 0 views

  • Americans today are more closely divided than they were earlier in the last century when asked whether some form of socialism would be a good or bad thing for the country. While 51% of U.S. adults say socialism would be a bad thing for the country, 43% believe it would be a good thing. Those results contrast with a 1942 Roper/Fortune survey that found 40% describing socialism as a bad thing, 25% a good thing and 34% not having an opinion.
Joe La Fleur

Chants for 'Karl Marx,' 'socialism' at Dem victory rally - 1 views

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    AMERICAS GREATNESS LOST TO SOCIALISM. SOCIALISTS HAVE WON. IT SADDENS ME TO KNOW THAT MY CHILDREN WILL NEVER SEE THE GREAT NATION THAT I WAS RAISED IN.
Gary Edwards

McNaughton Patriotic Art: One Nation Under Socialism - 0 views

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    Artist Jon McNaughton has another painting called "One Nation Under Socialism".  Obama is portrayed burning the Constitution.  McNaughton also painted and annotated the engagingly interactive scene called "The Forgotten Man".  Great stuff for sure, but you can hear this man's heart ache with sadness for what is happening to this great Constitutional Republic.  Damn the Socialist and the power lusting Globalist aristocrats and Luciferians using them to create a new world feudalism.
Gary Edwards

The Declaration of Independence Affirms Unalienable Property Rights - 1 views

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    I needed some background regarding the founding documents and their position on individual property rights.  Google came back with this gem!   The basic argument i'm pursuing is that socialism is unconstitutional because it's based on the selective seizure and redistribution of wealth.  Meaning, not all citizens are equal before the law.  The complaints lodged against King George in the Declaration of Independence are very much about the colonist not having the same rights of Englishmen as those whom the King favors. excerpt: the purpose of the Declaration of Independence. "Not to find out new principles, or new arguments, never before thought of, not merely to say things which had never been said before; but to place before mankind the common sense of the subject . . . ."1 The "common sense of the subject" expressed in the Declaration of Independence was that a national civil government must be based upon the "Laws of Nature and of Nature's God." The laws of nature and of nature's God dictate that all men are equally endowed by their Creator with unalienable rights to "Life, Liberty and the pursuit of Happiness." In Jefferson's day, the common sense of the subject was that the pursuit of happiness included the unalienable right of the individual to acquire, possess, protect and dispose of property. Because the purpose of civil governments was to secure unalienable rights, violations of one's unalienable right of property were subject to civil sanction. Today, however, the common sense of the subject is quite the opposite. The modern idea is that civil government properly possesses all power over all subjects of property. Any rights that may exist are derived from the civil government. Any rights to property that a person has may be regulated, limited or revoked by the civil government in order to satisfy the "public interest." Some have advocated that there are no such things as rights, but merely social duties. There is a clear distinction betwee
Gary Edwards

Socialism vs Corporatism by Ron Paul - 0 views

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    Libertarian Ron Paul argues that Obama isn't a socialist.  He's a corporatist.  Not sure i agree with that assessment.  Obammunism is turning out to be government-by-Banksters, where DEBT is racked up through massive socialist, corporatist, and militarist spending.  The current generation pays the INTEREST only, leaving future generations with massive escalating systemic debt and interest payments.  It's the combination of socialism, corporatism and militarism that makes Obammunism unique, and the Banksters who back it so happy........ The one thing Obammunism is not is "Constitutional". excerpt: socialism is a system where the government directly owns and manages businesses. Corporatism is a system where businesses are nominally in private hands, but are in fact controlled by the government. In a corporatist state, government officials often act in collusion with their favored business interests to design polices that give those interests a monopoly position, to the detriment of both competitors and consumers.
Paul Merrell

The Daily Dot - How a major bank and the U.S. government joined forces to spy on Anonymous - 0 views

  • New details have surfaced regarding the surveillance protocols used by Bank of America to keep tabs on social activists. Last year, Anonymous hacktivists published 14 gigabytes of private emails and spreadsheets which revealed that Bank of America was monitoring social media and other online services used by activists for basic communication. This time however, information about the bank’s recent surveillance activities were obtained legally through a public records request by a single petitioner. The newly published documents reveal a coordinated effort by Bank of America, the Washington State Patrol (WSP), and federal counterterrorism agencies, to monitor activists as they prepared for a public demonstration in Olympia, Wash. Over 230 people originally signed up to attend the “Million Mask March” event, which was organized by the Anonymous movement and took place on November 5, 2013. Although an official report by the WSP described the event as a “peaceful protest” being organized by activists who had made “no threats of violence,” those involved were still monitored by the department before the event took place. Information gathered about the potential protesters was then shared with Bank of America. Furthermore, Bank of America solicited information about activists from various federal agencies, including the Federal Bureau of Investigation.
  • According to Andrew Charles Hendricks, an activist who originally acquired the documents, the emails included the home address of a demonstration organizer. Hendricks claims he redacted the address before publishing the documents online. The relationship between Bank of America and the WSP, as well as their long-term investment in surveillance, is highlighted by an email sent on September 23, 2013. Kim Triplett-Kolerich, an intelligence analyst for Bank of America requested that WSP share any intelligence gathered on activists taking part in the Million Mask March with the bank. She began the email by identifying herself as a former officer and provided her former rank. “From time to time I will see items that I believe will be of use to my friends at WSP—especially during session,” she told the officer. “May Day I will pick your brain for intel and I will give you a lot also,” she wrote.
  • The next week, Triplett-Kolerich emailed the same WSP sergeant again about the march. “Sorry for not getting back to you sooner—hectic weeks lately with foreclosures and this MMM,” Triplett-Kolerich wrote. She then notified the sergeant that Bank of America has been in contact with “the Fusion Center and JTTF” regarding the Anonymous march. JTTF refers to the Joint Terrorism Task Force, which is a group comprised of local law enforcement agencies, the Federal Bureau of Investigation (with whom it shares a website) and the Homeland Security department. The Fusion Center is a state-level counterterrorism agency, which coordinates “national intelligence” between various local law enforcement and public safety departments. In addition, the Fusion Center provides for “the effective communication of locally generated threat-related information to the federal government.”
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  • Triplett-Kolerich concluded her email by boasting that the surveillance tactics used by Bank of America to monitor activists online was superior to that of the WSP. “I will most likely find it first as social media trolling is not what WSP does best. Bank of America has a team of 20 people and that’s all they do all day and then pass it to us around the country!!!” On October 24, an email was sent by a sergeant at the WSP’s Special Operations Division to an executive aide at the Thurston County Sheriff’s Office. The sergeant notified the office that a large number of arrests may take place during the Million Mask March, which could impact the jail. Attached to the letter was a message written by an Anonymous activist, and a link to its Facebook event page where the names of those planning to attend the march could be seen.
  • Unbeknownst to the crowd, the supervisor of a local transit company had dropped off an Olympia city bus nearby at the request of the WSP. According to recently published emails, it was parked on the west side of an administration building close to the demonstration, just in case they needed to move in and haul a large group of disorderly protesters off to jail—but they didn’t. The Daily Dot reached out to Triplett-Kolerich and three Bank of America media relations contacts requesting a comment for this article, but received no response. 
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    More evidence of the cozy relationship between the banksters and the "anti-terrorism" folk in the U.S. Of particular interest BofA has a 20-person unit that spends their days trolling social media for intelligence.
Gary Edwards

The Project To Restore America - 0 views

  • One hundred years ago this month, on December 23, 1913, the Congress passed the Federal Reserve Act, establishing a national central-banking system in the United States. The governing board of the Federal Reserve was organized on August 12, 1914, and the Federal Reserve banks opened for operation on November 16, 1914.   On the surface, the preamble to the Act, which summarized the purpose of the new government-created institution, seemed fairly innocuous:   “An Act to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.”
  • The Powers of the Federal Reserve   But what this meant was the start of the monopolization of monetary matters in the hands of a single politically appointed authority within the boundaries of the United States.   Those innocuously sounding functions listed in the Act’s preamble, however, gave the Federal Reserve the power to:   (a) Control the quantity of money and credit supplied in the United States.   (b) Influence the value, or purchasing power, of the monetary unit that is used by the citizenry of the country in all their transactions.   (c) Indirectly manipulate the rates of interest at which borrowers and lenders transfer savings for investment and other purposes, including the funding of government budget deficits.
  • A Century of Central Bank Mismanagement   The 100-year record of the Federal Reserve has been a roller coaster of inflations and recessions, including the disaster of the Great Depression of the 1930s, the “excessive exuberance” of the late 1990s that resulted in the “Dot.Com” bubble that burst in the early 2000s, and the recent boom-bust cycle of the last decade from which the U.S. economy is still slowly recovering.   The crucial and fundamental problem with the power and authority of the Federal Reserve is that it represents monetary central planning. In a world that has, for the most part, turned its back on the theoretical error and practical disaster of believing that governments have the wisdom and ability to centrally plan the economic affairs of a society, central banking remains one of the major remaining forms of socialism practiced around the globe.   Government control and planning of the monetary system has resulted in extensive political power over virtually every aspect of our economic life. In 1942 Gustav Stolper, a German free-market economist then in exile in America from war-torn Europe, published a book titled “This Age of Fables.” He pointed out:
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  • “Hardly ever do the advocates of free capitalism realize how utterly their ideal was frustrated at the moment the state assumed control of the monetary system . . . A ‘free’ capitalism with government responsibility for money and credit has lost its innocence. From that point on it is no longer a matter of principle but one of expediency how far one wishes or permits government interference to go. Money control is the supreme and most comprehensive of all governmental controls short of expropriation.”
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    Interesting two part summary of the Federal Reserve that emphasis' the essential relationship between central banking and socialism.  The author, Richard Ebeling, goes as far as to say that not only is central banking essential to socialism but also that free market - individual liberty capitalism cannot coexist with central banking. IIRC, there is a clause int he Federal Reserve Act of 1913 where the US Treasury can purchase back control of the money supply at a cost of $144 Million dollars.  Not sure where I read that, but the cancellation of near two thirds of the interest due on our national debt would work wonders for the dollar.
Paul Merrell

The "Cuban Twitter" Scam Is a Drop in the Internet Propaganda Bucket - The Intercept - 0 views

  • This week, the Associated Press exposed a secret program run by the U.S. Agency for International Development to create “a Twitter-like Cuban communications network” run through “secret shell companies” in order to create the false appearance of being a privately owned operation. Unbeknownst to the service’s Cuban users was the fact that “American contractors were gathering their private data in the hope that it might be used for political purposes”–specifically, to manipulate those users in order to foment dissent in Cuba and subvert its government. According to top-secret documents published today by The Intercept, this sort of operation is frequently discussed at western intelligence agencies, which have plotted ways to covertly use social media for ”propaganda,” “deception,” “mass messaging,” and “pushing stories.” These ideas–discussions of how to exploit the internet, specifically social media, to surreptitiously disseminate viewpoints friendly to western interests and spread false or damaging information about targets–appear repeatedly throughout the archive of materials provided by NSA whistleblower Edward Snowden. Documents prepared by NSA and its British counterpart GCHQ–and previously published by The Intercept as well as some by NBC News–detailed several of those programs, including a unit devoted in part to “discrediting” the agency’s enemies with false information spread online.
  • he documents in the archive show that the British are particularly aggressive and eager in this regard, and formally shared their methods with their U.S. counterparts. One previously undisclosed top-secret document–prepared by GCHQ for the 2010 annual “SIGDEV” gathering of the “Five Eyes” surveillance alliance comprising the UK, Canada, New Zealand, Australia, and the U.S.–explicitly discusses ways to exploit Twitter, Facebook, YouTube, and other social media as secret platforms for propaganda.
  • The document was presented by GCHQ’s Joint Threat Research Intelligence Group (JTRIG). The unit’s self-described purpose is “using online techniques to make something happen in the real or cyber world,” including “information ops (influence or disruption).” The British agency describes its JTRIG and Computer Network Exploitation operations as a “major part of business” at GCHQ, conducting “5% of Operations.” The annual SIGDEV conference, according to one NSA document published today by The Intercept, “enables unprecedented visibility of SIGINT Development activities from across the Extended Enterprise, Second Party and US Intelligence communities.” The 2009 Conference, held at Fort Meade, included “eighty-six representatives from the wider US Intelligence Community, covering agencies as diverse as CIA (a record 50 participants), the Air Force Research Laboratory and the National Air and Space Intelligence Center.” Defenders of surveillance agencies have often insinuated that such proposals are nothing more than pipe dreams and wishful thinking on the part of intelligence agents. But these documents are not merely proposals or hypothetical scenarios. As described by the NSA document published today, the purpose of SIGDEV presentations is “to synchronize discovery efforts, share breakthroughs, and swap knowledge on the art of analysis.”
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  • (The GCHQ document also describes a practice called “credential harvesting,” which NBC described as an effort to “select journalists who could be used to spread information” that the government wants distributed. According to the NBC report, GCHQ agents would employ “electronic snooping to identify non-British journalists who would then be manipulated to feed information to the target of a covert campaign.” Then, “the journalist’s job would provide access to the targeted individual, perhaps for an interview.” Anonymous sources that NBC didn’t characterize claimed at the time that GCHQ had not employed the technique.) Whether governments should be in the business of publicly disseminating political propaganda at all is itself a controversial question. Such activities are restricted by law in many countries, including the U.S. In 2008, The New York Times’ David Barstow won a Pulitzer Prize for exposing a domestic effort coordinated by the Pentagon whereby retired U.S. generals posed as “independent analysts” employed by American television networks and cable news outlets as they secretly coordinated their messaging with the Pentagon.
  • For instance: One of the programs described by the newly released GCHQ document is dubbed “Royal Concierge,” under which the British agency intercepts email confirmations of hotel reservations to enable it to subject hotel guests to electronic monitoring. It also contemplates how to “influence the hotel choice” of travelers and to determine whether they stay at “SIGINT friendly” hotels. The document asks: “Can we influence the hotel choice? Can we cancel their visit?” Previously, der Spiegel and NBC News both independently confirmed that the “Royal Concierge” program has been implemented and extensively used. The German magazine reported that “for more than three years, GCHQ has had a system to automatically monitor hotel bookings of at least 350 upscale hotels around the world in order to target, search, and analyze reservations to detect diplomats and government officials.” NBC reported that “the intelligence agency uses the information to spy on human targets through ‘close access technical operations,’ which can include listening in on telephone calls and tapping hotel computers as well as sending intelligence officers to observe the targets in person at the hotels.”
  • The GCHQ document we are publishing today expressly contemplates exploiting social media venues such as Twitter, as well as other communications venues including email, to seed state propaganda–GHCQ’s word, not mine–across the internet:
  • Because American law bars the government from employing political propaganda domestically, that program was likely illegal, though no legal accountability was ever brought to bear (despite all sorts of calls for formal investigations). Barack Obama, a presidential candidate at the time, pronounced himself in a campaign press release “deeply disturbed” by the Pentagon program, which he said “sought to manipulate the public’s trust.” Propagandizing foreign populations has generally been more legally acceptable. But it is difficult to see how government propaganda can be segregated from domestic consumption in the digital age. If American intelligence agencies are adopting the GCHQ’s tactics of “crafting messaging campaigns to go ‘viral’,” the legal issue is clear: A “viral” online propaganda campaign, by definition, is almost certain to influence its own citizens as well as those of other countries.
  • But these documents, along with the AP’s exposure of the sham “Cuban Twitter” program, underscore how aggressively western governments are seeking to exploit the internet as a means to manipulate political activity and shape political discourse. Those programs, carried out in secrecy and with little accountability (it seems nobody in Congress knew of the “Cuban Twitter” program in any detail) threaten the integrity of the internet itself, as state-disseminated propaganda masquerades as free online speech and organizing. There is thus little or no ability for an internet user to know when they are being covertly propagandized by their government, which is precisely what makes it so appealing to intelligence agencies, so powerful, and so dangerous.
  •  
    Glenn Greenwald drops a choice few new documents. Well worth viewing. 
Paul Merrell

White House defends 'Cuban Twitter' to stir unrest - Yahoo News - 0 views

  • The Obama administration defended its creation of a Twitter-like Cuban communications network to undermine the communist government, declaring the secret program was "invested and debated" by Congress and wasn't a covert operation that required White House approval.
  • But two senior Democrats on congressional intelligence and judiciary committees said Thursday they had known nothing about the effort, which one of them described as "dumb, dumb, dumb." A showdown with that senator's panel is expected next week, and the Republican chairman of a House oversight subcommittee said that it, too, would look into the program.An Associated Press investigation found that the network was built with secret shell companies and financed through a foreign bank. The project, which lasted more than two years and drew tens of thousands of subscribers, sought to evade Cuba's stranglehold on the Internet with a primitive social media platform.First, the network was to build a Cuban audience, mostly young people. Then, the plan was to push them toward dissent.
  • Yet its users were neither aware it was created by a U.S. agency with ties to the State Department, nor that American contractors were gathering personal data about them, in the hope that the information might be used someday for political purposes.It is unclear whether the scheme was legal under U.S. law, which requires written authorization of covert action by the president as well as congressional notification. White House spokesman Jay Carney said he was not aware of individuals in the White House who had known about the program.
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  • USAID's top official, Rajiv Shah, is scheduled to testify on Tuesday before the Senate Appropriations State Department and Foreign Operations Subcommittee, on the agency's budget. The subcommittee's chairman, Patrick Leahy, a Democrat, is the senator who called the project "dumb, dumb, dumb" during an appearance Thursday on MSNBC.The administration said early Thursday that it had disclosed the initiative to Congress — Carney said the program had been "debated in Congress" — but hours later the narrative had shifted to say that the administration had offered to discuss funding for it with the congressional committees that approve federal programs and budgets."We also offered to brief our appropriators and our authorizers," said State Department spokeswoman Marie Harf. She added that she was hearing on Capitol Hill that many people support these kinds of democracy promotion programs. And some lawmakers did speak up on that subject. But by late Thursday no members of Congress had acknowledged being aware of the Cuban Twitter program earlier than this week.
  • Harf described the program as "discreet" but said it was in no way classified or covert. Harf also said the project, dubbed ZunZuneo, did not rise to a level that required the secretary of state to be notified. Neither former Secretary of State Hillary Rodham Clinton nor John Kerry, the current occupant of the office, was aware of ZunZuneo, she said.In his prior position as chairman of the Senate Foreign Relations Committee, Kerry had asked congressional investigators to examine whether or not U.S. democracy promotion programs in Cuba were operated according to U.S. laws, among other issues. The resulting report, released by the Government Accountability Office in January 2013, does not examine whether or not the programs were covert. It does not say that any U.S. laws were broken.The GAO report does not specifically refer to ZunZuneo, but does note that USAID programs included "support for the development of independent social networking platforms."
  • "I know they said we were notified," Leahy told AP. "We were notified in the most oblique way, that nobody could understand it. I'm going to ask two basic questions: Why weren't we specifically told about this if you're asking us for money? And secondly, whose bright idea was this anyway?"The Republican chairman of a House oversight subcommittee said his panel will be looking into the project, too."That is not what USAID should be doing," said Rep. Jason Chaffetz, the Republican chairman of the House Oversight and Government Reform National Security Subcommittee. "USAID is flying the American flag and should be recognized around the globe as an honest broker of doing good. If they start participating in covert, subversive activities, the credibility of the United States is diminished."
  • At minimum, details uncovered by the AP appear to muddy the USAID's longstanding claims that it does not conduct covert actions, and the details could undermine the agency's mission to deliver aid to the world's poor and vulnerable — an effort that requires the trust and cooperation of foreign governments.Leahy and Rep. C.A. Dutch Ruppersberger, the top Democrat on the House Intelligence Committee, said they were unaware of ZunZuneo.
  • USAID and its contractors went to extensive lengths to conceal Washington's ties to the project, according to interviews and documents obtained by the AP. They set up front companies in Spain and the Cayman Islands to hide the money trail, and recruited CEOs without telling them they would be working on a U.S. taxpayer-funded project."There will be absolutely no mention of United States government involvement," according to a 2010 memo from Mobile Accord Inc., one of the project's creators. "This is absolutely crucial for the long-term success of the service and to ensure the success of the Mission."ZunZuneo was publicly launched shortly after the 2009 arrest in Cuba of American contractor Alan Gross. He was imprisoned after traveling repeatedly to the country on a separate, clandestine USAID mission to expand Internet access using sensitive technology that only governments use.The AP obtained more than 1,000 pages of documents about the ZunZuneo project's development. It independently verified the project's scope and details in the documents through publicly available databases, government sources and interviews with those involved.
  • The social media project began after Washington-based Creative Associates International obtained a half-million Cuban cellphone numbers. It was unclear to the AP how the numbers were obtained, although documents indicate they were done so illicitly from a key source inside the country's state-run provider. Project organizers used those numbers to start a subscriber base.ZunZuneo's organizers wanted the social network to grow slowly to avoid detection by the Cuban government. Eventually, documents and interviews reveal, they hoped the network would reach critical mass so that dissidents could organize "smart mobs" — mass gatherings called at a moment's notice — that could trigger political demonstrations, or "renegotiate the balance of power between the state and society."At a 2011 speech at George Washington University, Clinton said the U.S. helps people in "oppressive Internet environments get around filters." Noting Tunisia's role in the Arab Spring, she said people used technology to help "fuel a movement that led to revolutionary change."Suzanne Hall, then a State Department official working on Clinton's social media efforts, helped spearhead an attempt to get Twitter founder Jack Dorsey to take over the ZunZuneo project, documents indicate. Dorsey declined to comment.
  • The estimated $1.6 million spent on ZunZuneo was publicly earmarked for an unspecified project in Pakistan, public government data show, but those documents don't reveal where the funds were actually spent.ZunZuneo's organizers worked hard to create a network that looked like a legitimate business, including the creation of a companion website — and marketing campaign — so users could subscribe and send their own text messages to groups of their choice."Mock ad banners will give it the appearance of a commercial enterprise," one written proposal obtained by the AP said. Behind the scenes, ZunZuneo's computers were also storing and analyzing subscribers' messages and other demographic information, including gender, age, "receptiveness" and "political tendencies." USAID believed the demographics on dissent could help it target its other Cuba programs and "maximize our possibilities to extend our reach."
  • Executives set up a corporation in Spain and an operating company in the Cayman Islands — a well-known British offshore tax haven — to pay the company's bills so the "money trail will not trace back to America," a strategy memo said. Disclosure of that connection would have been a catastrophic blow, they concluded, because it would undermine the service's credibility with subscribers and get it shut down by the Cuban government.Similarly, subscribers' messages were funneled through two other countries — and never through American-based computer servers.Denver-based Mobile Accord considered at least a dozen candidates to head the European front company. One candidate, Francoise de Valera, told the AP she was told nothing about Cuba or U.S. involvement.
  • James Eberhard, Mobile Accord's CEO and a key player in the project's development, declined to comment. Creative Associates referred questions to USAID.For more than two years, ZunZuneo grew, reaching at least 40,000 subscribers. But documents reveal the team found evidence Cuban officials tried to trace the text messages and break into the ZunZuneo system. USAID told the AP that ZunZuneo stopped in September 2012 when a government grant ended.
  •  
    More coming related to this story.
Paul Merrell

Researcher who joked about hacking a jet plane barred from United flight | Ars Technica - 0 views

  • A researcher who specializes in the security of commercial airplanes was barred from a United Airlines flight Saturday, three days after he tweeted a poorly advised joke mid-flight about hacking a key communications system of the plane he was in. Chris Roberts was detained by FBI agents on Wednesday as he was deplaning his United flight, which had just flown from Denver to Syracuse, New York. While on board the flight, he tweeted a joke about taking control of the plane's engine-indicating and crew-alerting system, which provides flight crews with information in real-time about an aircraft's functions, including temperatures of various equipment, fuel flow and quantity, and oil pressure. In the tweet, Roberts jested: "Find myself on a 737/800, lets see Box-IFE-ICE-SATCOM, ? Shall we start playing with EICAS messages? 'PASS OXYGEN ON' Anyone ? :)" FBI agents questioned Roberts for four hours and confiscated his iPad, MacBook Pro, and storage devices.
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    Bruce Schneier's take on this: "But to me, the fascinating part of this story is that a computer was monitoring the Twitter feed and understood the obscure references, alerted a person who figured out who wrote them, researched what flight he was on, and sent an FBI team to the Syracuse airport within a couple of hours. There's some serious surveillance going on. Now, it is possible that Roberts was being specifically monitored. He is already known as a security researcher who is working on avionics hacking. But still..." Some serious surveillance, indeed. And does the FBI have its own social media monitoring program or is this the result of a tip from the NSA, which assuredly does have a social media surveillance capability?  Consider the short time between the post and interception by FBI agents at the airport and all of the steps it takes to accomplish that feat. I come up with a system that is directly harvesting tweets as they are transmitted, not a web crawler. A huge amount of automation to identify the tweet as a potential threat and get it to someone with the vocabulary to understand the message. And another round of automation to get the import of the post to an FBI dispatcher who sends the agents to the airport armed with the information needed to question the tweeter for four hours on an esoteric subject. That's astounding to me.  
Gary Edwards

Obama's assault on capitalism is killing the Dow: Moving to a European-Style Social Welfare State and Long-Run Economic Stagnation - 0 views

  • Increasing the top tax rates on earnings to 39.6% and on capital gains and dividends to 20% will reduce incentives for our most productive citizens and small businesses to work, save and invest -- with effective rates higher still because of restrictions on itemized deductions and raising the Social Security cap. As every economics student learns, high marginal rates distort economic decisions, the damage from which rises with the square of the rates (doubling the rates quadruples the harm).
  • New and expanded refundable tax credits would raise the fraction of taxpayers paying no income taxes to almost 50% from 38%. This is potentially the most pernicious feature of the president's budget, because it would cement a permanent voting majority with no stake in controlling the cost of general government.
    • Gary Edwards
       
      Maybe this change in the tax base will make it impossible in the future to assemble another Reagan coalition? Libertarians, patriotic repubicans, and patriotic blue collar democrats?
  • Unfortunately, our history suggests new government programs, however noble the intent, more often wind up delivering less, more slowly, at far higher cost than projected, with potentially damaging unintended consequences. The most recent case, of course, was the government's meddling in the housing market to bring home ownership to low-income families, which became a prime cause of the current economic and financial disaster.
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    President Obama is returning to Jimmy Carter's higher taxes and Mr. Clinton's draconian defense drawdown. Mr. Obama's $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents -- from George Washington to George W. Bush -- combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs.
Gary Edwards

Obama's 'Redistributive Change' and the Death of Freedom by Andrew C. McCarthy on National Review Online - 0 views

  • redistribution: the purported right of society’s ne’er-do-wells to pick the pockets of its achievers through the coercive power of government.
  • As Obama sees it, the Warren Court failed to “break free from the essential constraints that were placed by the founding fathers in the Constitution.”
  • First, the Framers viewed government as a necessary evil: required for a free people’s collective security but, if insufficiently checked, guaranteed to devour liberty. The purpose of the Constitution was not to make the positive case for government but for freedom. Freedom cannot exist without order, and thus implies some measure of government. But it is a limited government, vested with only the powers expressly enumerated. As the framers knew, a government that strays beyond those powers is necessarily treading on freedom’s territory. It is certain to erode the very “Blessings of Liberty” the Constitution was designed to secure.
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  • Government is required to safeguard the rule of law and the national security. These injunctions are vital: there is no liberty without them.
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    Oouch!. good article:: "There should no longer be any dispute that Barack Obama's aim is to socialize the American economy - as he vaporously puts it, to bring about "redistributive change." The real question is how he'll go about it. Very likely, the answer lies in a potentially cataclysmic treaty that has gotten virtually no attention during the campaign: the International Covenant on Economic, Social and Cultural Rights...... Obama sought to prove his point by citing the justices' failure to take on "the issues of redistribution of wealth, and of more basic issues such as political and economic justice in society............ Of course on the latter occasion, when Obama spoke of planning to "spread the wealth around," it was a slip. The candidate is far more guarded now than he was in 2001, just as he was more coy in 2001 than in his mid-Nineties incarnation - when he first sought to represent an extremely left-wing district and embraced his endorsement by the radical Chicago New Party (ACORN's electoral arm with ties to the Socialist International). ..."
Gary Edwards

Of course he's a socialist! : American Thinker - 0 views

  •  
    Of course he's a socialist. The real question is, how does he feel about America? His favorite Sunday preacher for the last twenty years is simply obsessed with a frothing hatred for this country. His good buddies Bill and Bernardine have been expressing their rage loud and proud since the Sixties. As president, O is trying to put Chas Freeman in charge of the National Intelligence Estimates, a man who is neither competent, nor temperamentally suited, nor emotionally able to restrain his animosity against American Jews who love Israel just as they love America (... because, for one thing, they love democracy, and can recognize fascists even in drag.)  Newsweek tells us we're all socialists now. That's an obvious lie, because the Newsweek socialists like Evan Thomas suffer from regular nightmares that American conservatives will find another Ronald Reagan. But that raised the question of socialism. Obama danced away from it, of course, when a NYT reporter actually asked him. Whoooo me? socialism is internationalist, and that means a genuine dual loyalty for a president of the United States. Marxists are convinced there is an inevitable contradiction between love of country and love of humanity. That's why it's called the Socialist International, and why the anthem is the Internationale. They haven't made a secret of it. Internationalist fervor controls their actions, including very successful efforts to whip up black feelings against whites, women against men, and everybody against capitalism, no matter how many billions of people it has raised out of poverty. The whole point about the global warming scam is to empower the internationalist Ruling Class.
Gary Edwards

Of Bailouts, Bonuses, and Generational Responsibility from The Daily Bail - 0 views

  • When one transfers the learned behavior of selfishness to the world of economics, it is east to see how we got to the world of adjustable rate mortgages, thirty-to-one leverage, credit default swaps, and thirty year hedge fund workers acting as is million dollar paychecks was an otherwise normal entitlement.  If it felt good, it was therefore right – and by all means, don’t rock the boat.  And what we are witnessing today in Washington and Wall Street in response to our economic crisis is nothing but a conscious and willing decision to pass off to the next generation the cost of our mistakes.
  • the fundamental principles of capitalism – namely that bad actors need to fail.
  • First and most foremost, the Congress needs to institute a modernized version of Glass-Stegall and separate commercial banking from investment banking activities. What we have seen in the abolishment Glass-Stegall (please thank Mr. Rubin formerly of Goldman Sachs) is the creation of federally subsidize casinos masquerading as publicly traded financial institutions.  They kept profits from over-leveraged bets and were kind enough to pass their losses onto the taxpayers.  Second, Congress needs to repeal legislation (Gramm-Leach) that allowed financial institutions not only to leverage in ways previously not permitted, but which also granted banks and financial situations exemption from federal gambling laws. Third, and this is where moral outrage hits home to those on Wall Street, we cannot live in a country in which any company is allowed to manipulate the levers of government in such a way as to make itself obscenely rich at the expense of the public.
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  • We saw as we proceeded through life that pursuing one’s self-interest was rewarded just as often than doing what was right, that morals were relative, and that there would be no consequences to bad behavior. It became de rigueur to assume that our parents (and their lawyers) would save us from our bad behavior.
  • no consequences to irresponsible behavior.
  • it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand.
  • Goldman is only the largest corporate contributor to the Obama administration
  • Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of most Americans, and in the process commit the greatest financial rape of the American public in the history of the country.  And if that does resonate, then either you have not been paying attention for the past two years, or you have received your paycheck form Goldman Sachs.
  • Capitalism remains the best economic system on the planet, but when those who have profited handsomely seek to socialize losses caused by their errors, then those in power in Washington have a moral responsibility to demand an accounting.  Our anger comes from the fact that our leaders have failed in their public obligations at the expense of the interests on Wall Street, and in the process created the greatest social divide that this country has seen in the past 40 years.
  • our nation has one of the highest ratios of debt to GDP on the globe
  • Finally, the administration should demand (I know it won’t) that Goldman Sachs return the approximately $13 billion it received in backdoor payments through AIG when AIG received $180 billion in bailout money. That $13 billion belongs to the taxpayers of this country, and the decision to allow Goldman to receive that money perhaps stands as the greatest moral outrage of this entire sordid affair.  
  • he nation will not die; to the contrary, it would become stronger if we permit free markets to work, and allow the next-generation to live unburdened by our mistakes and arrogance.
  • The proposal in question was Ryan's "Roadmap for America's Future," a sweeping plan to stave off the nation's looming economic and fiscal collapse by changing the tax code, overhauling the health care system, and reforming the nation's major entitlement programs. Its debt-reducing claims aren't based on mere fantasy -- the Congressional Budget Office has determined that the plan would boost economic growth while making Medicare and Social Security solvent. And it accomplishes these aims without raising taxes or affecting the benefits of current retirees.
  • There's no doubt where the Treasury will turn for finance. We are about to see the greatest stuffing of banks with government securities the world has ever seen. American banks will be forced to gorge on Treasury securities, and disgorge bank reserves. Where else can the government get the next trillion to spend on things like wars, unemployment benefits, and food stamps?There are a few obvious things to think about here. At the rate of $120 billion a month, it will only take about nine months to blow through over a trillion dollars in free bank reserves. Each Treasury auction will find it more difficult to sell all of the treasury securities, and it will take rising interest rates to coax out even more reserves from the banks. (When you need to borrow over $4 billion a day, even a trillion dollars doesn't last long.)
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    Wow!  This is the best response to the financial collapse i have read to date.  Exceptional in clarity, but written with a tone of mixed sorrow and shame.  Mr. Gallow places the blame exactly where it should be placed.  It's a generational thing with one exception Mr. Gallow overlooks - the Obama margin of victory was very much due to the massive turnout and votes of post baby boomer generations.  We boomers may have created and caused the financial collapse and destruction of America, but they were dumb enough to put the decline of capitalism and ordered liberty on marxist steroids. excerpt:  .... this is the first time that I have been so angered by incompetence and greed in government and Wall Street to express publicly my own thoughts.  In simple terms, what has dawned on me is that my generation, the "Baby Boomers" between the ages of 45 and 65, has emerged not as not the most significant or talented generation in our history (as we thought we were), but rather as the most self-absorbed and reckless. Because ours will be the first generation in the history of this country to leave to its successors a nation in worse shape than that which it inherited; put differently, we will be the first generation in this nation to have taken from our parents and stolen from our children. .. it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand. ... Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of mo
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