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Arabesque$: Enquête sur le rôle des États-Unis dans les révoltes arabes (Investigation into the US Role in the Arab Uprisings) is an update of Ahmed Bensaada’s 2011 book L’Arabesque Américaine. It concerns the US government role in instigating, funding and coordinating the Arab Spring “revolutions.” Most of this history has been carefully suppressed by the western media.The new book devotes much more attention to the personalities leading the 2011 uprisings. Some openly admitted to receiving CIA funding. Others had no idea because it was deliberately concealed from them. A few (in Egypt and Syria) were officially charged with espionage. In Egypt, seven sought refuge in the US embassy in Cairo and had to be evacuated by the State Department.

According to Bensaada, the MENA Arab Spring revolutions have four unique features in common: None were spontaneous – all required careful and lengthy (5+ years) planning, by the State Department, CIA pass through foundations, George Soros, and the pro-Israel lobby.1 All focused exclusively on removing reviled despots without replacing the autocratic power structure that kept them in power. No Arab Spring protests made any reference whatsoever to powerful anti-US sentiment over Palestine and Iraq. All the instigators of Arab Spring uprisings were middle class, well educated youth who mysteriously vanished after 2011.

Follow the Money Relying mainly on Wikileaks cables and the websites of key CIA pass through foundations (which he reproduces in the appendix), Bensaada methodically lists every State Department conference and workshop the Arab Spring heroes attended, the dollar amounts spent on them by the State Department and key “democracy” promoting foundations3, the specific involvement of Google, Facebook, Twitter and Obama’s 2008 Internet campaign team in training Arab Spring cyperactivists in encryption technologies and social media skills, US embassy visits, and direct encounters with Hillary Clinton,  Condoleezza Rice, John McCain, Barack Obama and Serbian trainers from CANVAS (the CIA-backed organization that overthrew Slobodan Milosevic in 2000). Bensaada focuses most heavily on the Tahrir Square uprising in Egypt. TheWashington Post has estimated approximately 10,000 Egyptians took part in NED and USAID training in social media and nonviolent organizing techniques. For me the most astonishing information in this chapter concerned the role of an Egyptian exile (a former Egyptian policeman named Omar Afifi Suleiman) in coordinating the Tahrir Square protests from his office in Washington DC. According to Wikileaks, NED paid Suleiman a yearly stipend of $200,000+ between 2008-2011.

Did perennial Clinton rainmaker and current Virginia Governor Terry McAuliffe let the cat out of the bag? The “cat” is the widely-held suspicion that Democratic presidential candidate Hillary Clinton isn’t really opposed to the Trans Pacific Partnership (TPP). The “bag” is the campaign narrative that frames her election year reversal on the controversial trade accord as the outcome of an honest re-examination of a deal that she once hailed as “the gold standard in trade agreements.” Just to add to the confusion, Hillary Clinton failed to declare her opposition to the TPP in her historic acceptance speech. Instead, she asked assembled Democrats to join her if they “believe that we should say ‘no’ to unfair trade deals” and “stand up to China.”

It was an understandable omission given the grievances of Bernie loyalists poised to pounce on her every misstep. By avoiding the minefield completely she disappointed union leaders and deferred the issue until she debates Donald Trump. Until then, she — and notable surrogates like economist Joseph Stiglitz — will try to convince a trade-weary public that she’s truly committed to renegotiating the increasingly unpopular deal. She’ll also be beating-back the ghost of trade deals past. United Auto Workers President Dennis Williams claims Hillary assured him during the primary that she’s also committed to reopening the North American Free Trade Agreement (NAFTA). Like the TPP, she was for it before she was against it. And like Hillary’s campaign promise to tweak NAFTA, McAuliffe suggested in an interview with Politico that – if she wins the White House – Clinton would make a few tweaks in the Trans Pacific Partnership trade deal and then support it. These caveats fit into a long pattern of trade policy triangulation that raises the question: Is this policy reversal truly a switch or just another bait and switch? There is good reason for the buyer to beware.

The Associated Press story this week revealing that as secretary of state, Hillary Clinton frequently met with donors to the Clinton Foundation, set off a firestorm in the media. Many Democrats and sympathetic pundits are criticizing the article — and have made the sweeping claim that, contrary to many deeply reported investigations, there is no evidence that well-heeled backers of the foundation received favorable treatment from the State Department. While there are some legitimate criticisms of the AP story — its focus, for instance, on a Nobel Peace Prize winner meeting with Clinton distracts from the thesis of the piece — it is nonetheless a substantive investigation based on calendars that the State Department has fought to withhold from the public. The AP took the agency to court to obtain a partial release of the meeting logs. Other commentators took issue with a tweet promoting the AP piece, which they said might confuse readers because the AP story reflected private sector meetings, not overall meetings. But in challenging the overall credibility of the AP story, Clinton surrogates and allies are going well beyond a reasoned critique in an effort to downplay the serious ethical issues raised by Clinton Foundation activities.

The assertions above obscure the problems unearthed through years of investigative reporting on the foundation. Journalist David Sirota, who has reported extensively on the Clinton Foundation, rounded up a sample of the stories that provide a window into Clinton Foundation issues: The Washington Post found that two months after Secretary Clinton encouraged the Russian government to approve a $3.7 billion deal with Boeing, the aerospace company announced a $900,000 donation to the Clinton Foundation. The Wall Street Journal found that Clinton made an “unusual intervention” to announce a legal settlement with UBS, after which the Swiss bank increased its donations to, and involvement with, the Clinton Foundation. The New York Times reported that a Russian company assumed control of major uranium reserves in a deal that required State Department approval, as the chairman of the company involved in the transaction donated $2.35 million to the Clinton Foundation.

The Intercept has also reported on the Clinton Foundation and the conduct of the State Department under Clinton. Leaked government documents obtained by The Intercept revealed that the Moroccan government lobbied Clinton aggressively to influence her and other officials on the Moroccan military occupation of Western Sahara, which holds some of the world’s largest reserves of phosphate, a lucrative export for the kingdom. As part of its strategy for influence, the Moroccan government and companies controlled by the kingdom donated to the Bill Clinton presidential library, the Clinton Foundation, and hired individuals associated with the Clinton political network. Despite a statement by the Obama administration that suggested it would reverse the previous Bush administration support for the Moroccan government and would back a U.N.-negotiated settlement for the conflict in Western Sahara, Clinton announced there would be “no change” in policy — and has gone on to praise the Moroccan government’s human rights record. As recently as Monday, we learned that after being denied an official meeting with the State Department, Peabody Energy, the worlds largest coal company, used a consultant who donated heavily to the Clinton Foundation to back channel and attempt to set up a meeting with Clinton via her aide Huma Abedin. The consultant, Joyce Aboussie, wrote that “It should go without saying that the Peabody folks” reached out to her because of her “relationship with the Clinton’s [sic].” Peabody and Aboussie have declined to comment, and it is unclear if the meeting took place.

Congressman Walter Jones, a Republican who represents a wide swath of eastern North Carolina, might not strike you as a populist. But as a lawmaker, the veteran politician with a slow Southern drawl has become a gadfly in his own party for thumbing his nose at powerful political interests. He is the only GOP co-sponsor of the DISCLOSE Act, a measure to reveal the donors of dark-money campaign advertisements. He is among the loudest critics of the war in Iraq and Afghanistan, telling an audience one that “Lyndon Johnson’s probably rotting in hell right now because of the Vietnam War, and he probably needs to move over for Dick Cheney.” And Speaker John Boehner removed Jones from the House Financial Services Committee, which oversees Wall Street. His sin? Bucking leadership and supporting many bills to further regulate the financial sector, along with serving as the last remaining House Republican to have voted for the Dodd-Frank reform package. The Republican establishment has attempted to remove Jones from office by dispatching a number of primary challengers over the years. For this cycle, a former Bush administration aide named Taylor Griffin is the party favorite to finally wipe out Jones. Several outlets, such as Bloomberg News, have reported that Griffin’s candidacy is being heavily promoted by the financial industry. JPMorgan Chase, Bank of America, Wells Fargo and other banks helped fuel the $114,000 fundraising haul Griffin reported in his first campaign disclosure report. Earlier this week, a Super PAC financed in part by hedge fund titan Paul Singer went on air with a negative ad against Jones.

What hasn’t been reported, however, is that Griffin himself is a longtime political consultant for the biggest predators on Wall Street. Republic Report has obtained a disclosure report that shows that Griffin’s client list reads like a who’s who of financial interests that have preyed upon North Carolina families for short term gain.

Official Washington’s influential neocons appear back in the driver’s seat steering U.S. policy in the Middle East toward a wider conflict in Syria and away from a “realist” alternative that sought a Putin-Obama collaboration to resolve the region’s crises more peacefully, reports Robert Parry.

There’s also the other finicky little problem that the action of arming and training rebels and unleashing them against a sovereign state is an act of aggression (if not terrorism depending on what they do), similar to what U.S. officials have piously condemned the Russians of doing in Ukraine. But this hypocrisy is never acknowledged either by U.S. policymakers or the mainstream U.S. press, which has gone into Cold War hysterics over Moscow’s alleged support for embattled ethnic Russians in eastern Ukraine on Russia’s border — while demanding that Obama expand support for Syrian rebels halfway around the world, even though many of those “moderates” have allied themselves with al-Qaeda terrorists.

Though it’s been known for quite awhile that the Syrian civil war had degenerated into a sectarian conflict with mostly Sunni rebels battling the Alawites, Shiites, Christians and other minorities who form the base of support for Assad, the fiction has been maintained in Washington that a viable and secular “moderate opposition” to Assad still exists. The reality on the ground says otherwise. For instance, in Friday’s New York Times, an article by correspondent Ben Hubbard described the supposed Syrian “moderates” who are receiving CIA support as “a beleaguered lot, far from becoming a force that can take on the fanatical and seasoned fighters of the Islamic State.” But the situation is arguably worse than just the weakness of these “moderates.” According to Hubbard’s reporting, some of these U.S.-backed fighters “acknowledge that battlefield necessity had put them in the trenches with the Nusra Front, Al Qaeda’s Syrian affiliate, an issue of obvious concern for the United States. …

The past, especially the political past, doesn’t just provide clues to the present. In the realm of the presidency and Wall Street, it provides an ongoing pathway for political-financial relationships and policies that remain a threat to the American economy going forward. When Hillary Clinton video-announced her bid for the Oval Office, she claimed she wanted to be a “champion” for the American people. Since then, she has attempted to recast herself as a populist and distance herself from some of the policies of her husband. But Bill Clinton did not become president without sharing the friendships, associations, and ideologies of the elite banking sect, nor will Hillary Clinton.  Such relationships run too deep and are too longstanding.

To grasp the dangers that the Big Six banks (JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley) presently pose to the financial stability of our nation and the world, you need to understand their history in Washington, starting with the Clinton years of the 1990s. Alliances established then (not exclusively with Democrats, since bankers are bipartisan by nature) enabled these firms to become as politically powerful as they are today and to exert that power over an unprecedented amount of capital. Rest assured of one thing: their past and present CEOs will prove as critical in backing a Hillary Clinton presidency as they were in enabling her husband’s years in office.  In return, today’s titans of finance and their hordes of lobbyists, more than half of whom held prior positions in the government, exact certain requirements from Washington. They need to know that a safety net or bailout will always be available in times of emergency and that the regulatory road will be open to whatever practices they deem most profitable. 

Whatever her populist pitch may be in the 2016 campaign -- and she will have one -- note that, in all these years, Hillary Clinton has not publicly condemned Wall Street or any individual Wall Street leader.  Though she may, in the heat of that campaign, raise the bad-apples or bad-situation explanation for Wall Street’s role in the financial crisis of 2007-2008, rest assured that she will not point fingers at her friends. She will not chastise the people that pay her hundreds of thousands of dollars a pop to speak or the ones that have long shared the social circles in which she and her husband move. She is an undeniable component of the Clinton political-financial legacy that came to national fruition more than 23 years ago, which is why looking back at the history of the first Clinton presidency is likely to tell you so much about the shape and character of the possible second one.

They are overwhelmingly white, rich, older and male, in a nation that is being remade by the young, by women, and by black and brown voters. Across a sprawling country, they reside in an archipelago of wealth, exclusive neighborhoods dotting a handful of cities and towns. And in an economy that has minted billionaires in a dizzying array of industries, most made their fortunes in just two: finance and energy. Now they are deploying their vast wealth in the political arena, providing almost half of all the seed money raised to support Democratic and Republican presidential candidates. Just 158 families, along with companies they own or control, contributed $176 million in the first phase of the campaign, a New York Times investigation found. Not since before Watergate have so few people and businesses provided so much early money in a campaign, most of it through channels legalized by the Supreme Court’s Citizens United decision five years ago.

The Greek election on January 25 will be the most important in recent memory. If the pollsters are proven correct, Syriza is poised to win by a large margin and this victory will end four decades of two-party rule in Greece. Since 2010 – and as a result of austerity measures – the country has seen its GDP shrink by nearly a quarter, its unemployment reach a third of the labour force and nearly half of its population fall below the poverty line. With the slogan “hope is coming” Syriza, a party that prior to 2012 polled around 4.5% of the vote, seems to have achieved the impossible: creating a broad coalition that, at least rhetorically, rejects the TINA argument (There Is No Alternative) that previous Greek administrations have accepted. In its place, Syriza advocates a post-austerity vision, both for Greece and Europe, with re-structuring of sovereign debt at its centre. How significant is this victory for Europe and the rest of the world? Comments range from grave concerns about the impact on the euro and the global economy to jubilant support for the renewal of the European left. For sure, Syriza is at the centre of political attention in Europe.

Israel’s high court on Thursday upheld a 2011 law imposing stiff sanctions on those advocating boycotts of Israel or its colonial settlements in the occupied West Bank and Golan Heights. The so-called Law for the Prevention of Damage to the State of Israel through Boycott allows entities to sue and win compensation from individuals or organizations that call for economic, cultural or academic boycott. It also allows the finance ministry to financially penalize any organization that receives state funding that participates in such calls. The court threw out only one minor provision of the law, which would have allowed anyone to sue for boycott-related damages without showing proof they were harmed.

Sawsan Zaher, an attorney for Adalah – the Legal Center for Arab Minority Rights in Israel, said the law “harms Palestinians more than others because they are on the frontlines of struggling against the occupation and the violation of the human rights of their people under occupation in the West Bank and Gaza.” In a press release from Adalah, Zaher added that the law would also hit Palestinians in occupied East Jerusalem hard, as it would prevent them from using the “main civil protest tool of boycott to end the occupation.”

In their challenge, the petitioners pointed out that the law was discriminatory, as it did not outlaw boycotts for purposes other than supporting Palestinian rights. Israelis have successfully used consumer boycotts for a host of causes, for example in order to fight for lower cottage cheese prices.

Less than three months before the kickoff Iowa caucuses, there is growing anxiety bordering on panic among Republican elites about the dominance and durability of Donald Trump and Ben Carson and widespread bewilderment over how to defeat them. Party leaders and donors fear that nominating either man would have negative ramifications for the GOP ticket up and down the ballot, virtually ensuring a Hillary Rodham Clinton presidency and increasing the odds that the Senate falls into Democratic hands. The party establishment is paralyzed. Big money is still on the sidelines. No consensus alternative to the outsiders has emerged from the pack of governors and senators running, and there is disagreement about how to prosecute the case against them. Recent focus groups of Trump supporters in Iowa and New Hampshire commissioned by rival campaigns revealed no silver bullet.

According to other Republicans, some in the party establishment are so desperate to change the dynamic that they are talking anew about drafting Romney — despite his insistence that he will not run again. Friends have mapped out a strategy for a late entry to pick up delegates and vie for the nomination in a convention fight, according to the Republicans who were briefed on the talks, though Romney has shown no indication of reviving his interest.

South Carolina Gov. Nikki Haley, herself an outsider who rode the tea party wave into office five years ago, explained the phenomenon. “You have a lot of people who were told that if we got a majority in the House and a majority in the Senate, then life was gonna be great,” she said in an interview Thursday. “What you’re seeing is that people are angry. Where’s the change? Why aren’t there bills on the president’s desk every day for him to veto? They’re saying, ‘Look, what you said would happen didn’t happen, so we’re going to go with anyone who hasn’t been elected.’ ”

Martin Shkreli, a boastful pharmaceutical executive who came under withering criticism for price gouging vital drugs, denied securities fraud charges on Thursday following an early morning arrest, and was freed on a $5 million bond. While the 32-year-old has earned a rare level of infamy for his brazenness in business and his personal life, what he was charged with had nothing to do with skyrocketing drug prices. He is accused of repeatedly losing money for investors and lying to them about it, illegally taking assets from one of his companies to pay off debtors in another. “Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company,” Brooklyn U.S. Attorney Robert Capers said at a press conference.

Evan Greebel, a New York lawyer, who is alleged in the federal indictment to have helped Shkreli in his schemes, was also arrested and charged. Like Shkreli, he pleaded not guilty, and he was freed on a $1 million bond. Both men and their lawyers declined to comment after their court appearance.

Read the full text of the indictment here In the federal indictment and a complaint by the Securities and Exchange Commission, authorities say Shkreli began losing money and lying to investors from the time he began managing money. In his mid-20s, he got nine investors to place $3 million with him and at one point he had only $331. Securities fraud is hardly unheard of on Wall Streeet and the amounts involved here are nowhere near on the scale of Bernie Madoff. But Shkreli’s case has drawn such attention because of his defiant price-gouging and his own up-by-the-bootstraps history. The son of immigrants from Albania and Croatia who did janitorial work and raised him and his brothers in working-class Brooklyn, Shkreli seemed at first to embody the American dream and then to mock it. After dropping out of an elite Manhattan high school, he worked as an intern for Jim Cramer’s hedge fund as a 17-year-old and quickly impressed with his ability to call stocks. He created hedge funds, taught himself biology and, after earning a BA at Baruch College in New York City, began hedge funds investing in biotech.

A coalition of 26 organizations, including the American Civil Liberties Union (ACLU) and Google, signed a letter Monday asking lawmakers to delay a measure that would expand the government’s hacking authority. The letter asks Senate Majority Leader Mitch McConnellMitch McConnellTrump voices confidence on infrastructure plan GOP leaders to Obama: Leave Iran policy to Trump GOP debates going big on tax reform MORE (R-Ky.) and Minority Leader Harry ReidHarry ReidNevada can’t trust Trump to protect public lands Sanders, Warren face tough decision on Trump Google, ACLU call to delay government hacking rule MORE (D-Nev.), plus House Speaker Paul RyanPaul RyanTrump voices confidence on infrastructure plan GOP leaders to Obama: Leave Iran policy to Trump GOP debates going big on tax reform MORE (R-Wis.), and House Minority Leader Nancy Pelosi (D-Calif.) to further review proposed changes to Rule 41 and delay its implementation until July 1, 2017. ADVERTISEMENTThe Department of Justice’s alterations to the rule would allow law enforcement to use a single warrant to hack multiple devices beyond the jurisdiction that the warrant was issued in. The FBI used such a tactic to apprehend users of the child pornography dark website, Playpen. It took control of the dark website for two weeks and after securing two warrants, installed malware on Playpen users computers to acquire their identities. But the signatories of the letter — which include advocacy groups, companies and trade associations — are raising questions about the effects of the change. 

That Russia has been pushing for trade arrangements that minimize the participation (and influence) of the US dollar ever since the onset of the Ukraine crisis (and before) is no secret: this has been covered extensively on these pages before (see Gazprom Prepares "Symbolic" Bond Issue In Chinese Yuan; Petrodollar Alert: Putin Prepares To Announce "Holy Grail" Gas Deal With China; Russia And China About To Sign "Holy Grail" Gas Deal; 40 Central Banks Are Betting This Will Be The Next Reserve Currency; From the Petrodollar to the Gas-o-yuan and so on). But until now much of this was in the realm of hearsay and general wishful thinking. After all, surely it is "ridiculous" that a country can seriously contemplate to exist outside the ideological and religious confines of the Petrodollar... because if one can do it, all can do it, and next thing you know the US has hyperinflation, social collapse, civil war and all those other features prominently featured in other socialist banana republics like Venezuela which alas do not have a global reserve currency to kick around. Or so the Keynesian economists, aka tenured priests of said Petrodollar religion, would demand that the world believe. However, as much as it may trouble the statists to read, Russia is actively pushing on with plans to put the US dollar in the rearview mirror and replace it with a dollar-free system. Or, as it is called in Russia, a "de-dollarized" world.

Voice of Russia reports citing Russian press sources that the country's Ministry of Finance is ready to greenlight a plan to radically increase the role of the Russian ruble in export operations while reducing the share of dollar-denominated transactions. Governmental sources believe that the Russian banking sector is "ready to handle the increased number of ruble-denominated transactions". According to the Prime news agency, on April 24th the government organized a special meeting dedicated to finding a solution for getting rid of the US dollar in Russian export operations. Top level experts from the energy sector, banks and governmental agencies were summoned and a number of measures were proposed as a response for American sanctions against Russia. Well, if the west wanted Russia's response to ever escalating sanctions against the country, it is about to get it. The "de-dollarization meeting” was chaired by First Deputy Prime Minister of the Russian Federation Igor Shuvalov, proving that Moscow is very serious in its intention to stop using the dollar. A subsequent meeting was chaired by Deputy Finance Minister Alexey Moiseev who later told the Rossia 24 channel that "the amount of ruble-denominated contracts will be increased”, adding that none of the polled experts and bank representatives found any problems with the government's plan to increase the share of ruble payments.

Further, if you thought that only Obama can reign supreme by executive order alone, you were wrong - the Russians can do it just as effectively. Enter the "currency switch executive order": It is interesting that in his interview, Moiseev mentioned a legal mechanism that can be described as "currency switch executive order”, telling that the government has the legal power to force Russian companies to trade a percentage of certain goods in rubles. Referring to the case when this level may be set to 100%, the Russian official said that "it's an extreme option and it is hard for me to tell right now how the government will use these powers". Well, as long as the options exists. But more importantly, none of what Russia is contemplating would have any practical chance of implementation if it weren't for other nations who would engage in USD-free bilateral trade relations. Such countries, however, do exist and it should come as a surprise to nobody that the two which have already stepped up are none other than China and Iran.

Last week, the country’s biggest mortgage lenders scored a couple of key victories that will allow them to ease lending standards, crank out more toxic assets, and inflate another housing bubble.  Here’s what’s going on. On Monday,  the head of the Federal Housing Finance Agency (FHFA), Mel Watt, announced that Fannie and Freddie would slash the minimum down-payment requirement on mortgages from 5 percent to 3 percent while making loans more available to people with spotty credit. If this all sounds hauntingly familiar, it should. It was less than 7 years ago that shoddy lending practices blew up the financial system precipitating the deepest slump since the Great Depression. Now Watt wants to repeat that catastrophe by pumping up another credit bubble.

Here’s the story from the Washington Post: “When it comes to taking out a mortgage, two factors can stand in the way: the price of the mortgage,…and the borrower’s credit profile.” On Monday, the head of the agency that oversees the mortgage giants Fannie Mae and Freddie Mac outlined … how he plans to make it easier for borrowers on both fronts. Mel Watt, director of the Federal Housing Finance Agency, did not give exact timing on the initiatives. But most of them are designed to encourage the industry to extend mortgages to a broader swath of borrowers.

Here’s what Watt said about his plans in a speech at the Mortgage Bankers Association annual convention in Las Vegas: Saving enough money for a downpayment is often cited as the toughest hurdle for first-time buyers in particular. Watt said that Fannie and Freddie are working to develop “sensible and responsible” guidelines that will allow them to buy mortgages with down payments as low as 3 percent, instead of the 5 percent minimum that both institutions currently require.”

June 25, 2014. A final number for real US GDP growth in the first quarter of 2014 was released today. The number is not the 2.6% growth rate predicted by the know-nothing economists in January of this year. The number is a decline in GDP of -2.9 percent. The negative growth rate of -2.9 percent is itself an understatement. This number was achieved by deflating nominal GDP with an understated measure of inflation. During the Clinton regime, the Boskin Commission rigged the inflation measure in order to cheat Social Security recipients out of their cost-of-living adjustments. Anyone who purchases food, fuel, or anything knows that inflation is much higher than the officially reported number. It is possible that the drop in first quarter real GDP is three times the official number. Regardless, the difference is large between the January forecast of +2.6 percent growth and the decline as of the end of March of -2.9 percent.

Any economist who is real and unpaid by Wall Street, the government, or the Establishment knew that the +2.6 percent forecast was a crock. Americans’ incomes have not grown except for the one percent, and the only credit growth is in student loans, as those many who cannot find jobs mistakenly turn to “education is the answer.” In an economy based on consumer demand, the absence of income and credit growth means no economic growth. The US economy cannot grow because corporations pushed by Wall Street have moved the US economy offshore. US manufactured products are made offshore. Look at the labels on your clothes, your shoes, your eating and cooking utensils, your computers, whatever. US professional jobs such as software engineering have been moved offshore. An economy with an offshored economy is not an economy. All of this happened in full view, while well-paid free market shills declared that Americans were benefiting from giving America’s middle class jobs to China and India.

An official decline of -2.9 percent in the first quarter implies a second quarter GDP decline. Two declines in a row is the definition of recession. Imagine the consequences of a recession. It means that years of unprecedented Quantitative Easing failed to revive the economy. It means that years of Keynesian fiscal deficits failed to revive the economy. Neither fiscal nor monetary policy worked. What then can revive the economy? Nothing except to force the return of the economy that the anti-American corporations moved offshore. This would require credible government. Unfortunately, the US government has been losing credibility since the second term of the Clinton regime. It has none left.

Portugal has entered dangerous political waters. For the first time since the creation of Europe’s monetary union, a member state has taken the explicit step of forbidding eurosceptic parties from taking office on the grounds of national interest. Anibal Cavaco Silva, Portugal’s constitutional president, has refused to appoint a Left-wing coalition government even though it secured an absolute majority in the Portuguese parliament and won a mandate to smash the austerity regime bequeathed by the EU-IMF Troika.

He deemed it too risky to let the Left Bloc or the Communists come close to power, insisting that conservatives should soldier on as a minority in order to satisfy Brussels and appease foreign financial markets.

Democracy must take second place to the higher imperative of euro rules and membership. “In 40 years of democracy, no government in Portugal has ever depended on the support of anti-European forces, that is to say forces that campaigned to abrogate the Lisbon Treaty, the Fiscal Compact, the Growth and Stability Pact, as well as to dismantle monetary union and take Portugal out of the euro, in addition to wanting the dissolution of NATO,” said Mr Cavaco Silva.

Much Needed New Scrutiny of the Clinton Foundation   Will there ever be a serious investigation and prosecution of the Clinton cash machine? Maybe. Micah Morrison, our chief investigative reporter, has an important update in his latest Investigative Bulletin:   Rumors have been floating up from Little Rock for months now of a new investigation into the Clinton Foundation. John Solomon advanced the story recently in a January report for The Hill. FBI agents in the Arkansas capital, he wrote, “have taken the lead” in a new Justice Department inquiry “into whether the Clinton Foundation engaged in any pay-to-play politics or other illegal activities while Hillary Clinton served as secretary of state.” Solomon reports that the probe “may also examine whether any tax-exempt assets were converted for personal or political use and whether the foundation complied with applicable tax laws.”   Main Justice also is “re-examining whether there are any unresolved issues from the closed case into Clinton’s transmission of classified information through her personal email server,” Solomon notes.   Solomon is not alone. The Wall Street Journal is tracking the story. And earlier this month, investigative journalist Peter Schweizer cryptically told SiriusXM radio that federal authorities should “convene a grand jury” in Little Rock “and let the American people look at the evidence” about the Clinton Foundation.   Judicial Watch continues to turn up new evidence of Clinton pay-to-play and mishandling of classified information. In recent months, through FOIA litigation, Judicial Watch has forced the release of more than 2,600 emails and documents from Mrs. Clinton and her associates, with more to come. The emails include evidence of Clinton Foundation donors such XL Keystone lobbyist Gordon Griffin, futures brokerage firm CME Group chairman Terrence Duffy, and an associate of Shangri La Entertainment mogul Steve Bing seeking special favors from the State Department. Read more about Judicial Watch’s pay-to-play disclosures here.   Judicial Watch also revealed many previously unreported incidents of mishandling of classified information. Mrs. Clinton and her former State Department deputy chief of staff, Huma Abedin, sent and received classified information through unsecure channels. The emails and documents involved sensitive information about President Obama, the Middle East, Africa, Afghanistan, Mexico, Burma, India, intelligence-related operations and world leaders. For documents and details from Judicial Watch on the mishandling of classified information, see here, here, here and here.   Smelling a rat in Arkansas when it comes to the Clintons of course is nothing new, and the former First Couple are masters of the gray areas around pay-to-play. But mishandling of classified information is a serious matter. And the tax angle is intriguing, even if you’re not Al Capone. The tenacious financial expert Charles Ortel, who has been digging deep into Clinton finances for years, told us back in 2015 that there are “epic problems” with the entire Clinton Foundation edifice, which traces its origins back to Arkansas. He noted that independent accounting firms may have been “duped by false and materially misleading representations” made by Clinton charitable entities. Down in Arkansas, law enforcement may be finally catching up with Ortel’s insights.

Donald Trump’s $1 trillion infrastructure plan is not an infrastructure plan and it won’t put $1 trillion of fiscal stimulus into the economy. It’s basically a scheme for handing over public assets to private corporations that will extract maximum profits via user fees and tolls. Because the plan is essentially a boondoggle, it will not lift the economy out of the doldrums, increase activity or boost growth.  Quite the contrary. When the details of how the program is going to be implemented are announced,  public confidence in the Trump administration is going to wither and stock prices are going to plunge.   This scenario cannot be avoided because the penny-pinching conservatives in the House and Senate have already said that they won’t support any plan that is not “revenue neutral” which means that any real $1 trillion spending package is a dead letter.  Thus, it’s only a matter of time before the Trump’s plan is exposed as a fraud and the sh** hits the fan.

Here are more of the details from an article at Slate: “Under Trump’s plan…the federal government would offer tax credits to private investors interested in funding large infrastructure projects, who would put down some of their own money up front, then borrow the rest on the private bond markets. They would eventually earn their profits on the back end from usage fees, such as highway and bridge tolls (if they built a highway or bridge) or higher water rates (if they fixed up some water mains). So instead of paying for their new roads at tax time, Americans would pay for them during their daily commute. And of course, all these private developers would earn a nice return at the end of the day.” (“Donald Trump’s Plan to Privatize America’s Roads and Bridges”, Slate) Normally, fiscal stimulus is financed by increasing the budget deficits, but Maestro Trump has something else up his sleeve.  He wants the big construction companies and private equity firms to stump up the seed money and start the work with the understanding that they’ll be able to impose user fees and tolls on roads and bridges when the work is completed.  For every dollar that corporations spend on rebuilding US infrastructure, they’ll get a dollar back via tax credits, which means that they’ll end up controlling valuable, revenue-generating assets for nothing. The whole thing is a flagrant ripoff that stinks to high heaven.   The corporations rake in hefty profits on sweetheart deals, while the American people get bupkis. Welcome to Trumpworld.  Here’s more background from Trump’s campaign website:

“American Energy and  Infrastructure Act Leverages public-private partnerships, and private investments through tax incentives, to spur $1 trillion in infrastructure investment over ten years. It is revenue neutral.” (Donald Trump’s Contract with the American Voter”) In practical terms, ‘revenue neutral’ means that every dollar of new spending has to be matched by cuts to other government programs.  So, if there are hidden costs to Trump’s plan, then they’ll have to be paid for by slashing funds for Medicare, Medicaid, Social Security, food stamps etc. But, keep in mind, these other programs are much more effective sources of stimulus since the money goes directly to the people who spend it immediately and help grow the economy. Trump’s infrastructure plan doesn’t work like that. A lot of the money will go towards management fees and operational costs leaving fewer dollars to trickle down to low-paid construction workers whose personal consumption drives the economy. Less money for workers means less spending, less activity and weaker growth.

Every political junkie on the planet has to be glued to the ongoing Brazilian House of Cards, consistently offering an unparalleled feast of cheap thrills.The latest cliffhanger was the leak of a conversation between one of the key operators involved in the oil giant Petrobras corruption scandal and a senator and short-lived Minister of Planning in the usurper interim government currently replacing President Dilma Rousseff while she is undergoing an impeachment trial by the Senate.  Call the leak a short autopsy of what from the beginning should have been defined as golpeachment; a mix of coup (“golpe”, in Portuguese) and impeachment, which took place in a one/two sequential vote in the Brazilian Congress and Senate, as a notorious congregation of crooks investigated for myriad offenses and crimes seized power in Brasilia in a full-fledged Buffon’s Opera. I call their scam Provisional Banana Scoundrel Republic (PBSR).  

The leak/autopsy duly unveiled how the PBSR cancer progressed.  One of the key plotters outlines the coup; stresses how it should protect Brazilian plutocracy/kleptocracy from unintended consequences of the ongoing, two-year-old Car Wash corruption investigation; and how the Left – from President Rousseff to Lula and the Workers’ Party – should be criminalized for good. 

The rest would be history, including the demolition of recently acquired social and workers’ rights via the imposition of a neoliberal restoration; total reversion in foreign policy, with geopolitical and geoeconomic relations back to a colonized mindset; and the reestablishment of a conservative, neoliberal, rentier hegemonic class lording over a socially-oriented, democratic society. That fits in with the current Brazilian Congress and Senate dominated by “BBB” interests. “BBB” stands for Beef (the powerful agribusiness lobby); Bullet (the weapons and private security complex); and Bible (evangelical fanatics), all supported by corporate media. Many of these unsavory characters are connected and/or represent the toxic Brazilian rural aristocracy – which are in fact heirs to nobility titles handed over to slave owners. It was going all so swell after only a few days – even with the former head of the lower house, notorious crook Eduardo Cunha, temporarily sidelined; Cunha – the ringleader of a campaign financing scam inside Congress – de facto had become the Prime Minister of the puppet former Vice-President and current, interim President Michel Temer.