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Gary Edwards

Goldman Sachs mortgage-backed securities settlement - Business Insider - 0 views

  • “Goldman took $10 billion in TARP bailout funds knowing that it had fraudulently misrepresented to investors the quality of residential mortgages bundled into mortgage backed securities,” said Special Inspector General Christy Goldsmith Romero for TARP. 
  • “Many of these toxic securities were traded in a taxpayer funded bailout program that was designed to unlock frozen credit markets during the crisis.  While crisis investigations take time, SIGTARP is committed to working with our law enforcement partners to protect taxpayers and bring accountability and justice.”
  • $5 billion settlement with Goldman Sachs over the bank’s deceptive practices leading up to the financial crisis.
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  • The settlement includes an agreed-upon statement of facts that describes how Goldman Sachs made multiple representations to RMBS investors about the quality of the mortgage loans it securitized and sold to investors, its process for screening out questionable loans, and its process for qualifying loan originators. 
  • Contrary to those representations, Goldman Sachs securitized and sold RMBS backed by large numbers of loans from originators whose mortgage loans contained material defects.
  • In the statement of facts, Goldman Sachs acknowledges that it securitized thousands of Alt-A, and subprime mortgage loans and sold the resulting residential mortgage-backed securities (“RMBS”) to investors for tens of billions of dollars. 
  • During the course of its due diligence process, Goldman Sachs received pertinent information indicating that significant percentages of the loans reviewed did not conform to the representations it made to investors.
  • Goldman also received and failed to disclose negative information that it obtained regarding the originators’ business practices.  Indeed, Goldman’s due diligence vendors provided Goldman with reports reflecting that the vendors had graded significant numbers and percentages of sampled loans as EV3s, i.e., not in compliance with originator underwriting guidelines. 
  • In certain circumstances, Goldman reevaluated loan grades and directed that such loans be waived into the pools to be purchased or securitized. 
  • In many cases, 80 percent or more of the loans in the loan pools Goldman purchased and securitized were not sampled for credit and compliance due diligence. 
  • Nevertheless, Goldman approved various offerings for securitization without requiring further due diligence to determine whether the remaining loans in the deal contained defects.  A Goldman employee overseeing due diligence for a particular loan pool noted that the pool included loans originated with “[e]xtremely aggressive underwriting” and “large program exceptions made without compensating factors.”  Despite this observation, Goldman did not review the remaining portion of the pool, and subsequently securitized thousands of loans from the pool. 
  • Goldman made statements to investors in offering documents and in certain other marketing materials regarding its process for reviewing and approving originators, yet it failed to disclose  to investors negative information it obtained about mortgage loan originators and its practice of securitizing loans from suspended originators. 
  • Attorney General Schneiderman was elected in 2010 and took office in 2011, when the five largest mortgage servicing banks, 49 state attorneys general, and the federal government were on the verge of agreeing to a settlement that would have released the banks – including Bank of America – from liability for virtually all misconduct related to the financial crisis.
  • Attorney General Schneiderman refused to agree to such sweeping immunity for the banks. As a result, Attorney General Schneiderman secured a settlement that preserved a wide range of claims for further investigation and prosecution.
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    If this doesn't qualify as fraud, nothing does. "We now know more about the $5 billion settlement Goldman Sachs has agreed to pay related to residential mortgage-backed securities it sold between 2005 and 2007. Regulators announced details of the settlement on Monday. Goldman Sachs initially announced the settlement in January. That nearly wiped out fourth-quarter earnings for the firm. "Today's settlement is yet another acknowledgment by one of our leading financial institutions that it did not live up to the representations it made to investors about the products it was selling," said one regulator, U.S. Attorney Benjamin B. Wagner of the Eastern District of California, in a statement. Morgan Stanley announced a similar settlement in February. It agreed to pay $3.2 billion over charges that it misled investors on the quality of mortgage loans it sold. And on Friday, the Justice Department announced that Wells Fargo had agreed to pay $1.2 billion to settle "shoddy" mortgage-lending practices. Here's what we learned about the Goldman settlement on Monday:"
Paul Merrell

Are Trump Sanctions Backfiring? Iran's Oil Revenues Are Soaring - 0 views

  • Despite the Trump administration’s “maximum pressure” campaign targeting the Iranian economy, Iran’s crude oil and oil product revenues jumped a surprising 60 percent from March 21 to July 23. In addition, figures provided by Iran’s Central Bank show that Iran’s revenues from oil sales soared by 84.2 percent over that same period, setting a new record. The increased revenues seem to have resulted from a jump in oil prices this year as well as Iran’s high oil export volume during part of that period. Notably, the increased revenues were reported despite the United States’ announcement in May that it would sanction those purchasing Iranian oil starting in early November, with the ultimate goal of reducing Iranian oil sales to zero in order to place pressure on the Iranian government
  • Further dashing U.S. hopes of crushing Iranian oil exports have been recent announcements from Iran’s top two customers, China and India, that they would continue to import Iranian crude despite the looming threat of U.S. sanctions. India, along with some other countries, has sought “waivers” from Washington that would allow them to continue to import Iranian oil and avoid retaliation from the U.S. for a certain period of time. In addition, the European Union, which had previously joined the U.S. in targeting Iranian oil exports in 2012, has shown its unwillingness to follow Washington’s lead this time around, openly vowing to rebel against the U.S. sanctions regimen and increasing the likelihood that Europe will continue to buy some Iranian oil despite U.S. threats.
  • Another indication that efforts to curb Iranian oil exports are backfiring for the Trump administration is the jump in oil prices that has resulted from concerns about the U.S. sanctions on Iran’s oil exports. The increase in oil prices is likely to be felt domestically in the U.S., the world’s largest consumer of oil, potentially posing a political risk to Trump and his fellow Republicans ahead of the November 6 midterm elections.  In addition, further oil price increases could trigger a slowdown in domestic or global economic growth, which could further complicate the U.S.’ Iran policy and Trump’s domestic political situation.
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  • While the Trump administration may have assumed that U.S. oil producers – and the U.S. economy in general — would benefit from the elimination of Iranian oil exports, the growing rejection of the impending U.S. sanctions by other countries shows that these nations are unwilling to pay for more expensive American oil or even Saudi oil, preferring less expensive Iranian oil despite potential future consequences. Furthermore, efforts to increase U.S. crude production have fallen short of government expectations, further complicating the U.S.’ efforts to offset an increase in oil prices resulting from Iranian oil sanctions.
Paul Merrell

Despite Comey Assurances, Vast Bulk of Weiner Laptop Emails Were Never Examined | RealClearInvestigations - 0 views

  • When then-FBI Director James Comey announced he was closing the Hillary Clinton email investigation for a second time just days before the 2016 election, he certified to Congress that his agency had “reviewed all of the communications” discovered on a personal laptop used by Clinton’s closest aide, Huma Abedin, and her husband, Anthony Weiner.
  • At the time, many wondered how investigators managed over the course of one week to read the “hundreds of thousands” of emails residing on the machine, which had been a focus of a sex-crimes investigation of Weiner, a former Congressman. Comey later told Congress that “thanks to the wizardry of our technology,” the FBI was able to eliminate the vast majority of messages as “duplicates” of emails they’d previously seen. Tireless agents, he claimed, then worked “night after night after night” to scrutinize the remaining material. But virtually none of his account was true, a growing body of evidence reveals.
Paul Merrell

FBI Can Neither Confirm Nor Deny Trump Tower Wiretap - 0 views

  • In response to a Freedom of Information Act (FOIA) request filed by Shadowproof, the Federal Bureau of Investigation (FBI) said it “can neither confirm nor deny the existence of records” regarding a wiretap of Trump Tower. The FBI sent its response via email earlier this afternoon, hours before news broke that the United States government wiretapped President Trump’s former campaign chairman, Paul Manafort. The Bureau’s response appears to be a reversal from its response to an earlier FOIA request, in which the Department of Justice stated that “Both FBI and NSD confirm that they have no records related to wiretaps as described by the March 4, 2017 tweets [in which Trump alleged President Obama had wiretapped Trump Tower]”. CNN reported today that U.S. investigators employed secret court orders to wiretap Manafort, both prior to and following the election. Though Manafort owns an apartment in Trump Tower, the report by CNN did not make clear whether that was the location or subject of the wiretap.
Paul Merrell

The CIA Democrats: Part one - World Socialist Web Site - 0 views

  • An extraordinary number of former intelligence and military operatives from the CIA, Pentagon, National Security Council and State Department are seeking nomination as Democratic candidates for Congress in the 2018 midterm elections. The potential influx of military-intelligence personnel into the legislature has no precedent in US political history. If the Democrats capture a majority in the House of Representatives on November 6, as widely predicted, candidates drawn from the military-intelligence apparatus will comprise as many as half of the new Democratic members of Congress. They will hold the balance of power in the lower chamber of Congress.
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    This can't be happenstance and uncoordinated. Having failed in a takeover of the Executive Branch via Russia-gate, the neoliberal right now aims to take over the House of Representatives.
Paul Merrell

Billionaire hires impeachment 'army' to 'remove Trump from power' - 0 views

  • Liberal billionaire Tom Steyer, a friend and donor to Obama and Clinton, is hiring an army of more than 50 political operatives in a major campaign to help Democrats get control of the U.S. House this year and “remove Trump from power.” “Need to Impeach” Founder Steyer, 60, announced Thursday that he is hiring a team of 50 political and communications strategists to coordinate his campaign. While Steyer launched his $20 million campaign to impeach Trump last year, he has now promised to double that amount and also spend $30 million on 2018 House races through his super PAC, NextGen America. “The team, including 50 staff members, is adding thousands of new supporters to the impeachment movement each day, creating a digital army of activists who are mobilizing to take back the House of Representatives in the 2018 election and remove Trump from power,” read a Thursday statement from “Need to Impeach.” Separately, House Democrats announced Thursday that they plan to target as many as 101 Republican-held congressional seats this year, the most in a decade.
  • Nonetheless, even Obama’s former top adviser, David Axelrod, has condemned Steyer’s campaign to impeach Trump, saying the effort is too much, too soon. In November, Axelrod tweeted: “Steyer impeachment ads seem to me more of a vanity project than a call to action. It is – at least at this point – an unhelpful message. If imepachment becomes a political tool, it will be as damaging to our democracy as the degradations @realDonaldTrump has inflicted on it.”
Paul Merrell

Facebook blasted by US and UK lawmakers - nsnbc international | nsnbc international - 1 views

  • Lawmakers in the United States and the United Kingdom are calling on Facebook chief executive Mark Zuckerberg to explain how the names, preferences and other information from tens of millions of users ended up in the hands of the Cambridge Analytica data analysis firm.
  • After Facebook cited data privacy policies violations and announced that it was suspending the Cambridge Analytica data analytics firm also tied to the Trump campaign, new revelations have emerged. On Saturday, reports revealed that Cambridge Analytica, used a feature once available to Facebook app developers to collect information on some 270,000 people. In the process, the company, which was, at the time, handling U.S. President Donald Trump’s presidential campaign, gained access to data on tens of millions of their Facebook “friends” and that it wasn’t clear at all if any of these people had given explicit permission for this kind of sharing. Facebook’s Deputy General Counsel Paul Grewal said in a statement, “We will take legal action if necessary to hold them responsible and accountable for any unlawful behavior.”
  • The social media giant also added that it was continuing to investigate the claims. According to reports, Cambridge Analytica worked for the failed presidential campaign of U.S. Senator Ted Cruz and then for the presidential campaign of Donald Trump. Federal Election Commission records reportedly show that Trump’s campaign hired Cambridge Analytica in June 2016 and paid it more than $6.2 million. On its website, the company says that it “provided the Donald J. Trump for President campaign with the expertise and insights that helped win the White House.” Cambridge Analytica also mentions that it uses “behavioral microtargeting,” or combining analysis of people’s personalities with demographics, to predict and influence mass behavior.  According to the company, it has data on 220 million Americans, two thirds of the U.S. population. Cambridge Analytica says it has worked on other campaigns in the United States and other countries, and it is funded by Robert Mercer, a prominent supporter of politically conservative groups.
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  • Facebook stated that it suspended Cambridge Analytica and its parent group Strategic Communication Laboratories (SCL) after receiving reports that they did not delete information about Facebook users that had been inappropriately shared. For months now, both the companies have been embroiled in investigations in Washington and London but the recent demands made by lawmakers focused explicitly on Zuckerberg, who has not testified publicly on these matters in either nation.
Gary Edwards

Who Believes in Russiagate?-print - 1 views

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    The Obama abuse of our national security agencies actually started with surveillance of Israel and the reelection of Netanyahu. Fear of Israeli opposition to an agreement with Iran was the excuse. During this time, Obama perfected the leaking of national security surveillance information to the Israeli and American press to destroy and discredit opposition to an Iranian deal. From direct interference in an Israeli election, Obama used the same apparatus and leaking methods against the Romney Republican presidential campaign. Short step from there to the Hillary Clinton - Trump campaign. The surveil and leak method is now being used to frame Trump and Russia. Left out of the article are the links between Obama and the Soros funded GPS Fusion muck.
Paul Merrell

Summary: Office of Inspector General Report on Andrew McCabe's Firing and Response by McCabe's Lawyer - Lawfare - 0 views

  • On March 16, Attorney General Jeff Sessions fired FBI Deputy Director Andrew McCabe hours before McCabe's retirement, allegedly for showing a lack of candor under oath. A week later, McCabe penned a response in the Washington Post, calling the accusation “not true.” He stated that he “did not knowingly mislead or lie to investigators,” and that, at worst, he “was not clear in [his] responses.” On Friday, April 13, the Department of Justice’s Office of the Inspector General (OIG) released a report on the allegations related to McCabe, concluding that he “lacked candor, including under oath, on multiple occasions in connection with describing his role in connection with a disclosure to the [Wall Street Journal]” in violation of FBI policy, and that his “disclosure of the existence of an ongoing investigation in the manner described in this report violated the FBI’s and the Department’s media policy and constituted misconduct.” The report makes no comment on whether McCabe's dismissal was justified. McCabe’s lawyer, Michael Bromwich, quickly responded with a statement refuting the claims in the OIG report.
  • McCabe’s lawyer, former Justice Department Inspector General Michael Bromwich, responded to the OIG report in a statement released on Friday. Bromwich expresses concerns about the speed at which the process of McCabe’s dismissal proceeded, describing the “rush to termination” as “nothing short of extraordinary.” He disputes the lack of candor findings, which he also discusses in more depth in a separate statement described below.
  • The report on McCabe is only part of a larger investigation by the OIG. Justice Department Inspector General Michael E. Horowitz is reportedly planning to release a broader report on the FBI’s actions during the 2016 election in the coming weeks.
Paul Merrell

Trump vs. Clinton - The Window of Opportunity | StormCloudsGathering - 0 views

  • Observing the presidential elections over the years has been a lot like watching a television series jump the shark. We've gotten to that point where you watch it for the same reason you can't help slowing down and staring as you pass a wreck on the highway. It's the Jerry Springerfication of politics. A morbid fascination with the decline of western civilization. I know. Some of you are on the train. Some of you are actually inspired by the smoke being blown up your collective backsides. I'm not here to burst your bubble. Not necessary. Reality will set in on its own time. No matter who gets inaugurated in January, the American public is going to come to their senses in a ditch, with a hangover and realize that they have no idea where their pants are. That's an ugly picture, but sometimes you have to hit rock bottom to realize you've got a problem. And there's never been a better time for a rude awakening. All around the world we are witnessing the early stages of a massive social and economic upheaval.
Paul Merrell

At the Boiling Point With Israel - The New York Times - 0 views

  • If the aim of the Israeli government is to prevent a peace deal with the Palestinians, now or in the future, it’s close to realizing that goal. Last week, it approved the construction of a new Jewish settlement in the West Bank, another step in the steady march under Prime Minister Benjamin Netanyahu to build on land needed to create a Palestinian state.The Obama administration, with every justification, strongly condemned the action as a betrayal of the idea of a two-state solution in the Middle East. But Mr. Netanyahu obviously doesn’t care what Washington thinks, so it will be up to President Obama to find another way to preserve that option before he leaves office.The best idea under discussion now would be to have the United Nations Security Council, in an official resolution, lay down guidelines for a peace agreement covering such issues as Israel’s security, the future of Jerusalem, the fate of Palestinian refugees and borders for both states.
  • In a statement, the State Department denounced the new construction plan, saying it would create a “significant new settlement” so deep into the West Bank that it would be “far closer to Jordan than Israel.” It said the project would “effectively divide the West Bank and make the possibility of a viable Palestinian state more remote” and contradicts earlier Israeli government assurances that it would block more settlements.
  • A failure to freeze settlements has long been at the center of tensions between successive American administrations and Israel. This latest decision was especially insulting, coming just a few weeks after the United States and Israel concluded a defense agreement guaranteeing Israel $38 billion in military aid over 10 years. If the new settlement was known earlier, it might have affected those negotiations. Theoretically, the aid gives the United States leverage over Israel, but various administrations have been loath to exercise it; the first President George Bush withheld $400 million in loan guarantees from Israel in 1990 over the settlement issue. The move was later assumed to have been one factor in his re-election defeat.
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  • The most plausible pressure would come from Mr. Obama’s leading the Security Council to put its authority behind a resolution to support a two-state solution and offer the outlines of what that could be. That may seem like a bureaucratic response unlikely to change anything, but it is the kind of political pressure Mr. Netanyahu abhors and has been working assiduously to prevent.
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    An act of desperation by the NYT editorial board. They wouldn't be taking this position if they had not learned that the U.S. is preparing a U.N. Security Council Resolution to deal with Israel's intransigience. Of course that would only be a "bureaucratic response," as the NYT puts it, if it is not a resolution under the U.N. Charter's Chapter 7, which authorizes military force to enforce the resolution. By rooting for a resolution that only makes a recommendation, the editorial board is retaining the ability to gripe about a Chapter 7 resolution. But this is also a heads-up from the editorial board directed to the Netanyahu government of Israel that staunch Israel backer NYT has also had it with Israeli colonization of Palestine's West Bank. It's a signal that the era of NYT being Israel's mouthpiece with the loudest voice may come to an end over the colonization issue. The problem for all of the above is that the 2-state solution is dead as a doornail, outpaced by Israeli created facts on the ground. The nation of Israel as we know it is expiring as we watch. A single democratic nation for all of Palestine with equal rights for all citizens, Arab and Jewish, Israel is the only practicable outcome.
Paul Merrell

Why Did the Saudi Regime and Other Gulf Tyrannies Donate Millions to the Clinton Foundation? - 0 views

  • As the numerous and obvious ethical conflicts surrounding the Clinton Foundation receive more media scrutiny, the tactic of Clinton-loyal journalists is to highlight the charitable work done by the foundation, and then insinuate — or even outright state — that anyone raising these questions is opposed to its charity. James Carville announced that those who criticize the foundation are “going to hell.” Other Clinton loyalists insinuated that Clinton Foundation critics are indifferent to the lives of HIV-positive babies or are anti-gay bigots. That the Clinton Foundation has done some good work is beyond dispute. But that fact has exactly nothing to do with the profound ethical problems and corruption threats raised by the way its funds have been raised. Hillary Clinton was America’s chief diplomat, and tyrannical regimes such as the Saudis and Qataris jointly donated tens of millions of dollars to an organization run by her family and operated in its name, one whose works has been a prominent feature of her public persona. That extremely valuable opportunity to curry favor with the Clintons, and to secure access to them, continues as she runs for president.
  • The claim that this is all just about trying to help people in need should not even pass a laugh test, let alone rational scrutiny. To see how true that is, just look at who some of the biggest donors are. Although it did not give while she was secretary of state, the Saudi regime by itself has donated between $10 million and $25 million to the Clinton Foundation, with donations coming as late as 2014, as she prepared her presidential run. A group called “Friends of Saudi Arabia,” co-founded “by a Saudi Prince,” gave an additional amount between $1 million and $5 million. The Clinton Foundation says that between $1 million and $5 million was also donated by “the State of Qatar,” the United Arab Emirates, and the government of Brunei. “The State of Kuwait” has donated between $5 million and $10 million. Theoretically, one could say that these regimes — among the most repressive and regressive in the world — are donating because they deeply believe in the charitable work of the Clinton Foundation and want to help those in need. Is there a single person on the planet who actually believes this? Is Clinton loyalty really so strong that people are going to argue with a straight face that the reason the Saudi, Qatari, Kuwaiti and Emirates regimes donated large amounts of money to the Clinton Foundation is because those regimes simply want to help the foundation achieve its magnanimous goals?
  • All those who wish to argue that the Saudis donated millions of dollars to the Clinton Foundation out of a magnanimous desire to aid its charitable causes, please raise your hand. Or take the newfound casting of the Clinton Foundation as a champion of LGBTs, and the smearing of its critics as indifferent to AIDS. Are the Saudis also on board with these benevolent missions? And the Qataris and Kuwaitis?
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  • Which is actually more homophobic: questioning the Clinton Foundation’s lucrative relationship to those intensely anti-gay regimes, or cheering and defending that relationship? All the evidence points to the latter. But whatever else is true, it is a blatant insult to everyone’s intelligence to claim that the motive of these regimes in transferring millions to the Clinton Foundation is a selfless desire to help them in their noble work. Another primary project of the Clinton Foundation is the elimination of wealth inequality, which “leads to significant economic disparities, both within and among countries, and prevents underserved populations from realizing their potential.” Who could possibly maintain that the reason the Qatari and Emirates regimes donated millions to the Clinton Foundation was their desire to eliminate such economic oppression?
  • It doesn’t exactly take a jaded disposition to doubt that these donations from some of the world’s most repressive regimes are motivated by a desire to aid the Clinton Foundation’s charitable work. To the contrary, it just requires basic rationality. That’s particularly true given that these regimes “have donated vastly more money to the Clinton Foundation than they have to most other large private charities involved in the kinds of global work championed by the Clinton family.” For some mystifying reason, they seem particularly motivated to transfer millions to the Clinton Foundation but not the other charities around the world doing similar work. Why might that be? What could ever explain it? Some Clinton partisans, unwilling to claim that Gulf tyrants have charity in their hearts when they make these donations to the Clinton Foundation, have settled on a different tactic: grudgingly acknowledging that the motive of these donations is to obtain access and favors, but insisting that no quid pro quo can be proven. In other words, these regimes were tricked: They thought they would get all sorts of favors through these millions in donations, but Hillary Clinton was simply too honest and upstanding of a public servant to fulfill their expectations. The reality is that there is ample evidence uncovered by journalists suggesting that regimes donating money to the Clinton Foundation received special access to and even highly favorable treatment from the Clinton State Department. But it’s also true that nobody can dispositively prove the quid pro quo. Put another way, one cannot prove what was going on inside Hillary Clinton’s head at the time that she gave access to or otherwise acted in the interests of these donor regimes: Was she doing it as a favor in return for those donations, or simply because she has a proven affinity for Gulf State and Arab dictators, or because she was merely continuing decades of U.S. policy of propping up pro-U.S. tyrants in the region?
  • While this “no quid pro quo proof” may be true as far as it goes, it’s extremely ironic that Democrats have embraced it as a defense of Hillary Clinton. After all, this has long been the primary argument of Republicans who oppose campaign finance reform, and indeed, it was the primary argument of the Citizens United majority, once depicted by Democrats as the root of all evil. But now, Democrats have to line up behind a politician who, along with her husband, specializes in uniting political power with vast private wealth, in constantly exploiting the latter to gain the former, and vice versa. So Democrats are forced to jettison all the good-government principles they previously claimed to believe and instead are now advocating the crux of the right-wing case against campaign finance reform: that large donations from vested factions are not inherently corrupting of politics or politicians. Indeed, as I documented in April, Clinton-defending Democrats have now become the most vocal champions of the primary argument used by the Citizens United majority. “We now conclude,” wrote Justice Anthony Kennedy for the Citizens United majority, “that independent expenditures, including those made by corporations, do not give rise to corruption or the appearance of corruption.” That is now exactly the argument Clinton loyalists are spouting to defend the millions in donations from tyrannical regimes (as well as Wall Street banks and hedge funds): Oh, there’s no proof there’s any corruption going on with all of this money. The elusive nature of quid pro quo proof — now the primary Democratic defense of Clinton — has also long been the principal argument wielded by the most effective enemy of campaign finance reform, GOP Sen. Mitch McConnell. This is how USA Today, in 1999, described the arguments of McConnell and his GOP allies when objecting to accusations from campaign finance reform advocates that large financial donations are corrupting:
  • So if you want to defend the millions of dollars that went from tyrannical regimes to the Clinton Foundation as some sort of wily, pragmatic means of doing good work, go right ahead. But stop insulting everyone’s intelligence by pretending that these donations were motivated by noble ends. Beyond that, don’t dare exploit LGBT rights, AIDS, and other causes to smear those who question the propriety of receiving millions of dollars from the world’s most repressive, misogynistic, gay-hating regimes. Most important, accept that your argument in defense of all these tawdry relationships — that big-money donations do not necessarily corrupt the political process or the politicians who are their beneficiaries — has been and continues to be the primary argument used to sabotage campaign finance reform. Given who their candidate is, Democrats really have no choice but to insist that these sorts of financial relationships are entirely proper (needless to say, Goldman Sachs has also donated millions to the Clinton Foundation, but Democrats proved long ago they don’t mind any of that when they even insisted that it was perfectly fine that Goldman Sachs enriched both Clintons personally with numerous huge speaking fees — though Democrats have no trouble understanding why Trump’s large debts to Chinese banks and Goldman Sachs pose obvious problems). But — just as is true of their resurrecting a Cold War template and its smear tactics against their critics — the benefits derived from this tactic should not obscure how toxic it is and how enduring its consequences will likely be.
Paul Merrell

A Snapshot of a Multipolar World in Action « LobeLog - 0 views

  • In the strangest election year in recent American history — one in which the Libertarian Party’s Gary Johnson couldn’t even conjure up the name of a foreign leader he “admired” while Donald Trump remained intent on building his “fat, beautiful wall” and “taking” Iraq oil — the world may be out of focus for many Americans right now.  So a little introduction to the planet we actually inhabit is in order.  Welcome to a multipolar world.  One fact stands out: Earth is no longer the property of the globe’s “sole superpower.” If you want proof, you can start by checking out Moscow’s recent role in reshaping the civil war in Syria and frustrating Washington’s agenda to overthrow President Bashar al-Assad.  And that’s just one of a number of developments that highlight America’s diminishing power globally in both the military and the diplomatic arenas.  On a peaceable note, consider the way China has successfully launched the Asian Infrastructure Investment Bank as a rival to the World Bank, not to speak of its implementation of a plan to link numerous countries in Asia and Europe to China in a vast multinational transportation and pipeline network it grandly calls the One Belt and One Road system, or the New Silk Road project.  In such developments, one can see ways in which the previously overwhelming economic power of the U.S. is gradually being challenged and curtailed internationally.
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    Yes. We have an empire in decline. Isn't it about time that our politicians address that reality rather than exchanging barbs about "making America great again" or "America is still great?" The western economic system needs a rework to accommodate the reality that western economies will not continually expand and will instead contract. We need to address the reality that there are no longer enough living wage jobs; is it time to recognize that we don't need for everyone to work and flip to an economic model where the rich subsidize the poor instead of vice versa? And it's past time to recognize that the Cold War is over, downsize the military drastically, and refocus our military on defense rather than projection of power. We have enough nukes to melt down the entire planet; why do we need a large military force to defend the Homeland? No conventional force would dare invade while we still have the nukes. Defense could probably be handled with two ground divisions, one for the continental U.S. and the other dispersed among Hawaii, Alaska, and U.S. territories. Get rid of the aircraft carrier groups; they've been obsoleted by Russia's advanced hypersonic carrier killer missiles, which it has shared with China and looks to be soon sharing with India. Maybe it's time for a new Diigo group, "The Empire in Decline?"
Paul Merrell

Wikileaks reveals Hillary Clinton knew Saudi Arabia, Qatar funded ISIS - 1 views

  • A second batch of leaked email exchanges between Hillary Clinton and her 2016 campaign chair John Podesta have been seized on by both left and ring wing commentators as evidence of inconsistencies in the Democratic presidential nominee’s foreign policy stance. The 2,000 new messages, dumped on Monday, are the second release in the last four days from Wikileaks founder Julian Assange, who promised the supposed 50,000 strong email haul from Mr Podesta will provide “significant” insights into the current election campaign.
  • The exchange also appears to show the presidential candidate identified the Gulf states of Saudi Arabia and Qatar as “clandestine” “financial and logistic” supporters of the terrorist group, despite surface cooperation between the US and the Sunni states on combating the militants and other actions in Syria’s multi-sided civil war. “While this military/para-military operation is moving forward, we need to use our diplomatic and more traditional intelligence assets to bring pressure on the governments of Qatar and Saudi Arabia, which are providing clandestine financial and logistic support to ISIL [ISIS] and other radical Sunni groups in the region,” Ms Clinton reportedly wrote. “This effort will be enhanced by the stepped up commitment in the [Kurdish Regional Government]. The Qataris and Saudis will be put in a position of balancing policy between their ongoing competition to dominate the Sunni world and the consequences of serious US pressure.”
Paul Merrell

Putin orders Russian officials relatives studying abroad to return home - YouTube - 0 views

  • Russia is ordering all of its officials to fly home any relatives living abroad amid heightened tensions over the prospect of global war, it has been claimed.Politicians and high-ranking figures are said to have received a warning from president Vladimir Putin to bring their loved-ones home to the 'Motherland', according to local media.It comes after Putin cancelled a planned visit to France amid a furious row over Moscow's role in the Syrian conflict and just days after it emerged the Kremlin had moved nuclear-capable missiles near to the Polish border.Former Soviet leader Mikhail Gorbachev has also warned that the world is at a 'dangerous point' due to rising tensions between Russia and the US.According to the Daily Star, administration staff, regional administrators, lawmakers of all levels and employees of public corporations have been ordered to take their children out of foreign schools immediately.Failure to act will see officials jeopardising their chances of promotion, local media has reported.The exact reason for the order is not yet clear.But Russian political analyst Stanislav Belkovsky is quoted by the Daily Star as saying: 'This is all part of the package of measures to prepare elites to some 'big war'.' Relations between Russia and the US are at their lowest since the Cold War and have soured in recent days after Washington pulled the plug on Syria talks and accused Russia of hacking attacks.
  • The Kremlin has also suspended a series of nuclear pacts, including a symbolic cooperation deal to cut stocks of weapons-grade plutonium. Just days ago, it was reported that Russia had moved nuclear-capable missiles near to the Polish border as tensions escalated between the world’s largest nation and the West.The Iskander missiles sent to Kaliningrad, a Russian enclave on the Baltic Sea between Nato members Poland and Lithuania, are now within range of major Western cities including Berlin.Polish officials – whose capital Warsaw is potentially threatened – have described the move as of the 'highest concern'. Putin's decision to cancel his Paris visit came a day after French President Francois Hollande said Syrian forces had committed a 'war crime' in the battered city of Aleppo with the support of Russian air strikes.Putin had been due in Paris on October 19 to inaugurate a spiritual centre at a new Russian Orthodox church near the Eiffel Tower, but Hollande had insisted his Russian counterpart also took part in talks with him about Syria.The unprecedented cancellation of a visit so close to being finalised is a 'serious step... reminiscent of the Cold War', said Russian foreign policy analyst Fyodor Lukyanov.'This is part of the broader escalation in the tensions between Russia and the West, and Russia and NATO,' he told AFP.The Kremlin has also been angered over the banning of the Russian Paralympic team from the Rio Olympics amid claims of state-sponsored doping of its athletes.
  • Meanwhile, the top advisor to US presidential candidate Hillary Clinton has said the FBI is investigating Russia's possible role in hacking thousands of his personal emails.But Russian officials have vigorously rejected accusations of meddling in the US presidential elections and dismissed allegations that Moscow was behind a series of recent hacks on US institutions. Retired Russian Lt. Gen. Evgeny Buzhinsky told the BBC: 'Of course there is a reaction. As far as Russia sees it, as Putin sees it, it is full-scale confrontation on all fronts. If you want a confrontation, you'll get one.'But it won't be a confrontation that doesn't harm the interests of the United States. You want a confrontation, you'll get one everywhere.'Earlier this week British Foreign Secretary Boris Johnson waded into the row, calling for anti-war campaigners to protest outside the Russian embassy in London.Johnson said the 'wells of outrage are growing exhausted' and anti-war groups were not expressing sufficient outrage at the conflict in Aleppo.'Where is the Stop the War Coalition at the moment? Where are they?' he said during a parliamentary debate.
Paul Merrell

WHO ARE SYRIA'S WHITE HELMETS (terrorist linked)? - 0 views

  • The White Helmets have been demonstrated to be a primarily US and NATO funded organisation embedded in Al Nusra and ISIS held areas exclusively. This is an alleged “non-governmental” organisation, the definition of an NGO, that thus far has received funding from at least three major NATO governments, including $23 million from the US Government and $29 million (£19.7 million) from the UK Government, $4.5 million (€4 million) from the Dutch Government. In addition, it receives material assistance and training funded and run by a variety of other EU Nations. A request has been put into the EU Secretary General to provide all correspondence relating to the funding and training of the White Helmets. By law this information must be made transparent and available to the public. There has been a concerted campaign by a range of investigative journalists to expose the true roots of these Syria Civil Defence operatives, known as the White Helmets.  The most damning statement, however, did not come from us, but from their funders and backers in the US State Department who attempted to explain the US deportation of the prominent White Helmet leader, Raed Saleh, from Dulles airport on the 18th April 2016.
  • To condense our research on the Syria White Helmets, we have collated all relevant articles and interviews below.  We condemn wholeheartedly any senseless murder but we recommend that there is serious public and political re-evauluation of the morality of funding a US NATO organisation established to further “regime change” objectives in Syria. Mass murder is being committed across Syria and the region by US and NATO proxy terrorist militants. Funding the White Helmets will serve to prolong the suffering and bloodshed of the Syrian people.
  • Vanessa Beeley 21st Century Wire Who are the White Helmets? This is a question that everyone should be asking themselves. A hideous murder of a rising star in UK politics, Jo Cox MP, has just sent shock waves across the world. Within hours of her death, a special fund was established in her name to raise money for 3 causes. One of those causes is the Syrian White Helmets. Are we seeing a cynical and obscene exploitation of Jo Cox’s murder to revive the flagging credibility of a US State Department & UK Foreign Office asset on the ground in Syria, created and sustained as first responders for the US and NATO Al Nusra/Al Qaeda forces?
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  • FOLLOW THE MONEY: The White Helmets are just one component of the new NGO Complex.
  • “It was unclear whether Mr. Saleh’s name might have shown up on a database, fed by a variety of intelligence and security agencies and intended to guard against the prospect of terrorism suspects slipping into the country.” ~ New York Times Mark Toner, State Department spokesperson: “And any individual – again, I’m broadening my language here for specific reasons, but any individual in any group suspected of ties or relations with extremist groups or that we had believed to be a security threat to the United States, we would act accordingly. But that does not, by extension, mean we condemn or would cut off ties to the group for which that individual works for.” http://https://www.youtube.com/watch?v=792ODrhwKkk So we come back to the initial question.  Why is the tragic death of a passionate and ambitious politician being exploited? Why are all political parties in the UK endorsing the Jo Cox fund to provide financial assistance for an organisation the UK Government is already funding and training? Why are the public once more being used as political pawns to further our government’s imperialist objectives inside Syria and their covert, illegal, proxy intervention of a sovereign nation via both terrorist forces and phony humanitarian first responders?
  • The White Helmets are perhaps being demonstrated to be the most crucial component of the US and NATO shadow state building inside Syria.  Led by the US and UK this group is essential to the propaganda stream that facilitates the continued media and political campaign against the elected Syrian government and permits the US and NATO to justify their regime of crippling economic and humanitarian sanctions against the Syrian people. If this latest mechanised ‘NGO’ blueprint is successful then we could see it being re-deployed as key to future neo-colonialist projects. The White Helmets are a direct intra-venus line into the terrorist enclaves within Syria, acting as a conduit for information, equipment and medical support to maintain the US NATO forces. Is this the future of warfare, is this the “swarming” outlined in a 2000 report produced by the RAND Corporation and entitled: Swarming and the Future of Conflict. “The emergence of a military doctrine based on swarming pods and clusters requires that defense policymakers develop new approaches to connectivity and control and achieve a new balance between the two. Far more than traditional approachesto battle, swarming clearly depends upon robust information flows. Securing these flows, therefore, can be seen as a necessary condition for successful swarming.”
  • An important “previously unpublished interview with Jo Cox” was released today by Adam Barnett.  In this interview Jo Cox makes a clear statement regarding the way the UK Government should be maximising the use of their assets, the White Helmets, inside Syria: “Second thing: many organisations, whether it’s the White Helmets or others, have got really creative ideas about how to operate under the siege and civil war conditions. They’ve got really interesting ideas about channelling money, getting aid in, thinking creatively about how they operate, which DfID [Department for International Development] should be listening to. [emphasis added] And then the third thing is about giving airtime to civil society groups, making sure that they get more time on panels– and making sure this is representative of the diversity of civil society views as well, whether that’s women’s groups, or the White Helmets, or NGOs, or just doctors or people who are literally trying to get on with making society function in response to the humanitarian crisis.” Is this why we are seeing what is, in effect, crowd funding for  proxy war? Do we really want to look back and be “judged by history” for enabling conflict and state terrorism, violating international law and invading sovereign nations.  Are we prepared to accept the consequences of such actions, consequences that should be taken by our governments alone but are now being diffused outwards to the general public.  Is this an attempt by our government to disassociate themselves from their criminal actions?
  • Vanessa Beeley speaks to Mike Robinson of UK Column about recent executions of Syrian Arab Army soldiers celebrated by White Helmet operatives.” Watch:
  • “Speaking to Mnar Muhawesh on ‘Behind the Headline,’ investigative journalist Vanessa Beeley pulls back the curtain on the anti-Assad ‘freedom fighters’ and ‘moderate rebels,’ revealing a carefully calibrated propaganda campaign to drive US intervention in the war-torn country.” Watch:
  • Video made by Hands Off Syria in Sydney Australia based upon the research of Vanessa Beeley on the White Helmets. Watch: http://https://www.youtube.com/watch?v=5k6hSS6xBTw Mint Press: US Propaganda War in Syria: Report Ties White Helmets to US Intervention “White Helmets primary function is propaganda” reported an independent journalist, who tied the group to George Soros and the controversial advocacy group Avaaz.” Change.org Petition: Do NOT give 2016 Nobel Peace Prize to Syria White Helmets This petition has currently garnered 1370 signatures. The White Helmets have received over $ 40 million in funding from the US Government [USAID] and the UK Foreign Office despite their claims of being “fiercely independent and accepts no money from governments, corporations or anyone directly involved in the Syrian conflict.” Sputnik: Soros Sponsored NGO in Syria Aims at Ousting Assad not Saving Civilians “One of the largest humanitarian organizations operating in war-torn Syria – the White Helmets – has been accused of being an anti-government propaganda arm that encourages direct foreign intervention.” 21st Century Wire: Syria’s White Helmets, War by Way of Deception Part 1 This piece examines the role of the Syria Civil Defence aka,’The White Helmets’ currently operating in Syria and take a closer look at their financial sources and mainstream media partners in order to better determine if they are indeed “neutral” as media moguls proclaim these “humanitarians” to be.
  • 21st Century Wire: Part II. Syria’s White Helmets, “Moderate” Executioners The NGO hydra has no more powerful or influential serpentine head in Syria than the Syria Civil Defence aka The White Helmets who, according to their leader and creator, James Le Mesurier, hold greater sway than even ISIS or Al Nusra confabs over the Syrian communities. This article explores the White Helmet involvement in terrorist executions of civilians particularly in Aleppo. 21st Century Wire: Humanitarian Propaganda War Against Syria – Led by Avaaz and the White Helmets “The White Helmets in their haste to point the finger of blame at Moscow, managed to tweet about Russia’s air strikes several hours before the Russian Parliament actually authorized the use of the Air Force in Syria.” ~ Sott.net UK Column: Syria White Helmets “Mike Robinson speaks to Vanessa Beeley about the so-called NGO, the White Helmets. Are they really the humanitarian first responder organisation they claim to be?” Watch: http://https://www.youtube.com/watch?v=mLa9ztvAGWw Eva Bartlett: Human Rights Front Groups Warring on Syria This page will continue to expand as more so-called “Human Rights” groups are outed for propagating anti-Syria war rhetoric and false allegations against the Syrian government and Syrian Arab Army.  As it is, the list of players is quite extensive.  Below, I’ll list the known HR front people and groups (many, if not most, with links to the US State Department and criminals like George Soros). Ron Paul Institute: Syria the Propaganda Ring We have demonstrated that the White Helmets are an integral part of the propaganda vanguard that ensures obscurantism of fact and propagation of Human Rights fiction that elicits the well-intentioned and self righteous response from a very cleverly duped public. A priority for these NGOs is to keep pushing the No Fly Zone scenario which has already been seen to have disastrous implications for innocent civilians in Libya, for example. Dissident Voice: Seven Steps of Highly Effective Manipulators “But White Helmets primary function is propaganda. White Helmets demonizes the Assad government and encourages direct foreign intervention.”
  • Prof Tim Anderson: Syrian Women Denounce the White Helmets “A range of Syrian women have denounced the US-UK funded group the ‘White Helmets’, led by a former British soldier and recently revealed to be financed by USAID. They come from all the country’s communities (e.g. Sunni, Alawi, Druze, Christian) but, like most Syrians, prefer to identify simply as Syrian.” Khamenei.ir: Interview with Prof. Tim Anderson NATO’s Dirty War on Syria “The ‘White Helmets’ are a Wall Street creation, funded and led by the US and the UK, to give ‘humanitarian’ cover to the al Qaeda groups they support.” AlternativeView7:  Syria: White Helmets Exposed “We live in a world governed by propaganda where the majority of media mouthpieces are gagged by those who own them and only permitted to release information that serves the narrative of the ruling elite or Imperialist powers.”
  • Please note that the child that is rescued is very clean considering she has allegedly been buried under the rubble of “regime” bombing raids..we do not in any way wish to detract from the heroic work of the true first responders on the ground in Syria, the real Syria Civil Defence and the Red Crescent who are never mentioned in the western media but we do wish to draw your attention to the propaganda methods being employed to amplify US and NATO narratives that are insisting upon “regime change.”
  • We will add to the above articles and interviews as they become available.  Vanessa Beeley has just completed a speaking tour of the UK and Iran during which she highlighted the role of the NGO complex in general and the White Helmets in particular as a new breed of predatory humanitarianism being unleashed against target nations. Videos of her talks will be published as soon as they become available from the AV7 conference and Frome Stop War.
  • Author Vanessa Beeley is a special contributor to 21WIRE, and since 2011, she has spent most of her time in the Middle East reporting on events there – as a independent researcher, writer, photographer and peace activist. She is also a US Peace Council delegate and a volunteer with the Global Campaign to Return to Palestine. See more of her work at her blog The Wall Will Fall.
Paul Merrell

A New Poll Shows the Public Is Overwhelmingly Opposed to Endless US Military Interventions | The Nation - 0 views

  • The headline findings show, among other things, that 86.4 percent of those surveyed feel the American military should be used only as a last resort, while 57 percent feel that US military aid to foreign countries is counterproductive. The latter sentiment “increases significantly” when involving countries like Saudi Arabia, with 63.9 percent saying military aid—including money and weapons—should not be provided to such countries. The poll shows strong, indeed overwhelming, support, for Congress to reassert itself in the oversight of US military interventions, with 70.8 percent of those polled saying Congress should pass legislation that would restrain military action overseas in three specific ways: by requiring “clearly defined goals to authorize military engagement” (78.8 percent); by requiring Congress “to have both oversight and accountability regarding where troops are stationed” (77 percent); by requiring that “any donation of funds or equipment to a foreign country be matched by a pledge of that country to adhere to the rules of the Geneva Convention” (84.8 percent). The results of the J. Wallin Opinion Research survey would seem to track with the results of another study undertaken last year by Francis Shen, a law professor at the University of Minnesota Law School, and Dougas Kriner, a political science professor at Boston University, who found that Hillary Clinton’s loss in the 2016 presidential race might well have been owing to her hawkish foreign-policy positions.
  • The study, “Battlefield Casualties and Ballot Box Defeat: Did the Bush-Obama Wars Cost Clinton the White House?,” which was released last summer, found that “a divide is emerging between communities whose young people are dying to defend the country, and those communities whose young people are not.” That divide, which the authors termed “the casualty gap,” may have contributed to Donald Trump’s surprise victory. Indeed, “even controlling in a statistical model for many other alternative explanations,” the authors found there was “a significant and meaningful relationship between a community’s rate of military sacrifice and its support for Trump.”
  • The survey found that 78 percent of Democrats, 64.5 percent of Republicans, and 68.8 percent of independents supported restraining military action overseas. “Rarely,” noted the report, “does opinion research reveal issues that enjoy shared sentiments on a bi-partisan level.” The poll brings home just how divorced the Beltway—and its think tanks, media outlets, and political class—is from the expressed desire of a large majority of Americans for a responsible and reasonable foreign policy, a policy that, arguably, has been absent since the end of the Cold War. Candidates from both parties running in this year’s midterm election ignore the results of the new survey at their peril.
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    Nothing that the pro-war folks can't overcome with a propaganda incident.
Paul Merrell

State witness turning point in Netanyahu corruption case | The News Tribune - 0 views

  • Now that one of Benjamin Netanyahu's closest confidants has turned state witness, according to Israeli media reports Wednesday, it may mark a turning point for the beleaguered prime minister facing a slew of corruption allegations that could topple him from power. The testimony by Shlomo Filber, a long-time Netanyahu aide, is the latest in a dizzying series of developments and scandals that have engulfed the prime minister, his family and his inner circle. Police would not confirm whether Filber would testify against Netanyahu, but all the major Israeli media outlets said a deal to do so had been reached. Aluf Benn, editor-in-chief of the Haaretz daily, wrote Wednesday that "these are the final days of Benjamin Netanyahu's rule" and that "Netanyahu's leadership has been dealt a harsh blow, apparently a mortal one."
  • Former Prime Minister Ehud Barak, a bitter rival of Netanyahu, told Channel 10 TV "there is no way back" for the premier. "This chapter in the political history of Israel is about to end," he said. Barak said he closely knows Netanyahu and believes he "understands that this is the end of the story" but will try and postpone the inevitable in different ways. Other leading Israeli columnists on Wednesday suggested that if Filber told all he knew, Netanyahu was probably more worried about avoiding prison than staying in office. "When so many dark clouds accumulate in the sky, the chances of rain increase," wrote Nahum Barnea in Yediot Ahronot. "His appearance lent the fight he is waging the dimensions of a Shakespearean tragedy. This isn't the end. It isn't even the beginning of the end. But it cannot have a different end."
  • Filber, the former director of the Communications Ministry under Netanyahu, is under arrest on suspicion of promoting regulation worth hundreds of millions of dollars to Israel's Bezeq telecom company. In return, Bezeq's popular news site, Walla, allegedly provided favorable coverage of Netanyahu and his family. The reports came shortly after another bombshell allegation that a different Netanyahu confidant attempted to bribe a judge in exchange for dropping a corruption case against Netanyahu's wife. Nir Hefetz, a longtime media adviser to Netanyahu and his family, remains in custody. The prime minister, who held the communications portfolio until last year, has not yet been named a suspect, though he may soon be questioned. Netanyahu has denied all the charges, calling them part of a media-orchestrated witch hunt that has swept up the police and prosecution as well, and has vowed to carry on. Still, the string of accusations appears to be taking its toll. Senior Cabinet ministers from Netanyahu's ruling Likud party, who until just recently have marched out dutifully to defend him, have largely gone silent. Netanyahu himself appeared ashen in a video released late Tuesday calling the claims "total madness."
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  • Avi Gabbay, head of Labor Party, said he was preparing for elections. "The Netanyahu era is over," he said. "These are not easy days. Netanyahu's personal battle for survival has been accompanied by the corrupting of the public service and the harming of the free press." The latest probes come days after police announced that there was sufficient evidence to indict Netanyahu for bribery, fraud and breach of trust in two separate cases.
Paul Merrell

Iraqi parliament votes to kick out US troops | World | The Times - 0 views

  • The Iraqi parliament has demanded that its government sets a deadline for the withdrawal of foreign troops, piling pressure on the prime minister, Haider al-Abadi, who is seeking re-election in May. There are believed to be more than 5,000 US soldiers stationed in Iraq to fight Islamic State. American troops make up the largest foreign presence, although Washington formed a 74-country coalition to help fight Isis. The US has been reluctant to significantly reduce those numbers. Mr Abadi declared victory over Isis in December but pockets of militants still operate in the north of the country. The parliament voted yesterday to set a timetable for the withdrawal of foreign forces.
Paul Merrell

For most Americans, real wages have barely budged for decades | Pew Research Center - 0 views

  • On the face of it, these should be heady times for American workers. U.S. unemployment is as low as it’s been in nearly two decades (3.9% as of July) and the nation’s private-sector employers have been adding jobs for 101 straight months – 19.5 million since the Great Recession-related cuts finally abated in early 2010, and 1.5 million just since the beginning of the year. But despite the strong labor market, wage growth has lagged economists’ expectations. In fact, despite some ups and downs over the past several decades, today’s real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago. And what wage gains there have been have mostly flowed to the highest-paid tier of workers.
  • The disconnect between the job market and workers’ paychecks has fueled much of the recent activism in states and cities around raising minimum wages, and it also has become a factor in at least some of this year’s congressional campaigns.
  • After adjusting for inflation, however, today’s average hourly wage has just about the same purchasing power it did in 1978, following a long slide in the 1980s and early 1990s and bumpy, inconsistent growth since then. In fact, in real terms average hourly earnings peaked more than 45 years ago: The $4.03-an-hour rate recorded in January 1973 had the same purchasing power that $23.68 would today.
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