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within days of passage, the Fed and the Treasury unilaterally decided to abandon the planned purchase of toxic assets in favor of direct injections of billions in cash into companies like Goldman and Citigroup. Overnight, Section 109 was unceremoniously ditched, and what was pitched as a bailout of both banks and homeowners instantly became a bank-only operation – marking the first in a long series of moves in which bailout officials either casually ignored or openly defied their own promises with regard to TARP.

Goodbye Euro? Greece can regain its sovereignty by defaulting on its debt, abandoning the ECB and the euro, and issuing its own national currency (the drachma) through its own central bank. But that would destabilize the eurozone and might end in its breakup. Will the troika take that risk? 2015 is shaping up to be an interesting year. Ellen H. Brown, Web of Debt

Interventionists (i.e., war zealots) New York Times, June 15, 2014 (“Events in Iraq Open Door for Interventionist Revival, Historian Says”):

Old school neocons New York Times, Jacob Heilbrunn, July 5, 2014 (“The Next Act for Neocons: … Getting Ready to Ally With Hillary Clinton”?):

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.