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Weill, separate banking from investment banking, repeal enabling acts for era of greed
The Godfather unregulated banking, Sanford I Weill, just endorsed restoring the most fundamental provision of the Glass-Steagal Act - separating banks from risky investment activity, a cardinal principal of banking regulation from the Great Depression through the end of the Clinton administration (Weill Calls for Splitting up the Big Banks, NYT, July 26), If he's serious, Weill should also demand a repeal of Commodity Futures Modernization Act of 2000, that bipartisan legislation that allowed derivatives to function without regulation. A turnaround by some masters of finance should not obscure the history described below (thepeoplesvoice.org, April 14, 2009). It's a toxic brew of the greed that motivate the ultra rich and their minions.
Huge majorities in both houses of Congress voted for legislation to allow the biggest bank heist of all time. But this time, it was the banks pulling the heist.
The Rise of the Police State and the Absence of Mass Opposition
James Petras and Robin Eastman Abaya
Introduction
One of the most significant political developments in recent US history has been the virtually unchallenged rise of the police state. Despite the vast expansion of the police powers of the Executive Branch of government, the extraordinary growth of an entire panoply of repressive agencies, with hundreds of thousands of personnel, and enormous public and secret budgets and the vast scope of police state surveillance, including the acknowledged monitoring of over 40 million US citizens and residents, no mass pro-democracy movement has emerged to confront the powers and prerogatives or even protest the investigations of the police state.
Austerity, Adjustment, and Social Genocide: Political Language and the European Debt Crisis
By: Andrew Gavin Marshall
Angela Merkel, Jose Manuel Barroso, and Mario Monti: Europe’s champions
of austerity and adjustment
The following is a sample analysis from my upcoming book on the global economic crisis and global resistance movements. Please consider donating to The People’s Book Project to help support the effort to finish this book.
Political language… is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind.
- George Orwell, “Politics and the English Language,” 1946
Political language functions through euphemism, by employing soft-sounding or simply meaningless words to describe otherwise monstrous and vicious policies and objectives. In the European debt crisis, political language employed by politicians, economists, technocrats and bankers is designed to make policies which create poverty and exploitation appear to be logical and reasonable. The language employed includes the words and phrases: fiscal austerity/consolidation, structural adjustment/reform, labour flexibility, competitiveness, and growth. To understand political language, one must translate it. This requires four steps: first, you look at the rhetoric itself as inherently meaningless; second, you examine the policies that are taken; third, you look at the effects of the policies. Finally, if the effects do not match the rhetoric, yet the same policies are pursued time and time again, one must translate the effects as the truemeaning of the rhetoric. Thus, the rhetoric has meaning, but not at face value.
Approaching Financial Abyss
Stephen Lendman
An ocean of liquidity and institutionalized fraud alone keep dysfunctional economies from imploding.
Conditions look increasingly grim. Political solutions resolve nothing. On July 20, Der Spiegel headlined "Merkel Is Driving Europe into the Abyss." It quoted the Financial daily Handelsblatt saying:
"German Chancellor Angela Merkel has managed once again to get a parliamentary majority. But who cares? No one."
"Regardless of whether the vote passes with or without the opposition, more questions than answers remain. Since the financial crisis began two years ago, euro-zone leaders have passed one aid package after the next, increasing Germany's liability. Little has come of it. The situation in the debt-ridden countries has not improved."
Washington's Plan B for Syria
by Stephen Lendman
Replacing independent governments with pro-Western puppets is official US policy. So is war on Islam.
After Soviet Russia dissolved, Muslims replaced communists as public enemy number one. Since the 1990s, millions were ruthlessly killed. Many more die daily. Dozens succumb every day in Syria. US-sponsored death squads murder them.
On July 20 or 21st, Ramadan began. It continues for 30 days until August 18. It's a time for prayer, fasting, reflection, spiritual purification, self-sacrifice, charity, and forgiveness.
On July 20, Obama hypocritically "extend(ed) warmest wishes to" American and global Muslims. He wished them a "blessed month." He did it despite official US policy to murder them. It doesn't stop in deference to Ramadan, Christmas, or any other time of year.
He contemptuously expressed support for their determination to achieve "democracy," "equality," "justice," and "universal rights." He said his administration stands forthrightly with them.
Welcome to the New Syria
By Michael Collins
The assault on Damascus by Syrian rebels and terrorist murder of the Syrian Defense Minister occurred just as the Red Cross announced that the fighting in Syria was officially a civil war. This is an odd reward system for military action by the Free Syria Army. Commit enough acts of violence and you're rewarded with special protections that apply in times of war. (Image)
The rebel Free Syria Army attacks cities and villages, disrupts the Syrian economy, and is in the business of suicide bombing. It has the material and diplomatic support of Saudi Arabia and the other oil oligarchies plus the big guns in NATO. So-called Syrian experts supporting the carnage are amply funded by United States sponsored nongovernment organizations.
Rebel cheerleader Hillary Clinton spans the globe to "build pressure against the Syrian regime," to "end" it, her exact words. She seeks punishment for who disagree, China and Russia.
It's hard to tell how the latest regime change project will come out. The real Syrian Army seems to win every engagement. China and Russia support the Assad government. At the same time, despite strong public opposition to any intervention, the Obama government is pushing hard to force Assad out of power. NATO and the Saudis seem unwavering.
Dying for Justice in Israel
by Stephen Lendman
Among developed countries, Israel is one of the world's most socially, politically, and economically unjust. It mocks democratic values and social justice.
It's run of, for, and by privileged elites. Ordinary people don't matter. Extreme wealth disparities, eroding social benefits, and security force harshness reveal a declining nation in decay.
Its ideologically hardline neoliberal, repressive, and corrupt. It's no fit place to live in. No wonder so many Jews vote with their feet and leave. Many others prepare by securing foreign passports.
Israelis want longstanding grievances resolved equitably. Issue one is social injustice. Street protests highlight growing anger. Moshe Silman expressed outrage by self-immolation death.
Spoiling for Another Lebanon War
by Stephen Lendman
Lebanon has the misfortune of bordering Israel. The IDF attacked its northern neighbor in 1978, 1982, 1996, and 2006. More on the most recent war below.
Israel still illegally occupies Sheba Farms and Ghajar Lebanese territory.
Since at least the 1960s, it conducted repeated violations of its territory. Its warplanes overfly Lebanon provocatively. It committed thousands of terrorist attacks. It remains unaccountable for all of them.
Hezbollah was born out of Israel's 1982 war. It's a legitimate part of Lebanon's government. It's not a terrorist organization. It's repeatedly accused of attacks it didn't commit. The July 19 Bulgarian false flag is the latest. More on the aftermath below.
LIBORGATE REVEALS GLOBAL FINANCIAL GAME IS RIGGED
Allen L Roland
Pete Bagley / Salt Lake Tribune
To the global banking elite it’s always heads they win and tails you lose but the recent LIBOR scandal moves that rigged financial game to a global scale which could and should result in multibillion dollar fines ~ unless Obama continues to protect Wall Street abuse.
Anyone who has worked on Wall Street, as I have, knows that the game has always been rigged but never to the extent that it is now with high frequency trading and trillions of dollars being traded in virtually unregulated derivatives.
Before Glass–Steagall was dismantled by the Clinton administration, the Wall Street Casino was fairly benign but that soon changed when the Banksters took advantage of the lack of regulations and it was only a matter of time before everything from sub-prime mortgages to commodities to the current LIBOR interest rate conspiracy offered direct evidence of the rigged global financial game.
Rupert Watch, Murdoch Faces Shareholder Rebellion in UK
By Michael Collins
News Corporation is facing an investor rebellion in Great Britain that parallels a similar rebellion occurring in the United States. (Image)
"A consortium of 18 heavyweight investors is calling for Mr Murdoch to stand down as chairman in the interests of good corporate governance and be replaced by an independent figure who is seen to be acting in the best interests of shareholders." The Independent, July 20
The investors have filed a resolution to remove Murdoch from power at the October News Corp shareholders meeting. The resolution will accompany those already filed by large investors in the United States.
What upsets the 18? Murdoch and his family have too much control. That control serves the family well, but not the shareholders. Specifically, recent scandals have hurt News Corp performance.
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