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"Old Europe" Backs French Finance Minister Lagarde for IMF Head
Michael Collins
The Financial Times reported that French Finance minister Christine Lagarde was the leading candidate for Managing Director of the International Monetary Fund (IMF). She would replace Dominique Strauss-Kahn, now charged with sexual assault in New York City. (Images: Wiki Commons)
Christine Lagarde, France’s finance minister, has emerged as the leading contender to run the International Monetary Fund after being strongly endorsed by her German and British counterparts, eager to extend Europe’s 65-year grip on the global financial institution. Financial Times May 22
With the UK, Germany, and France supporting Lagarde, a favorable nod from the Obama Administration would assure her the job.
Since its creation in 1945, IMF has had an unbroken string of European managing directors.
Extending Key Patriot Act Provisions
by Stephen Lendman
On October 13, 2001 New York Times writers Robin Toner and Neil Lewis headlined, "A NATION CHALLENGED: CONGRESS; House Passes Terrorism Bill Much Like Senate's, but With 5-Year Limit," saying:
The House gave "the government broad new powers for the wiretapping, surveillance and investigation of terrorism suspects. But in recognition of many lawmakers' fears of the potential for government overreaching and abuse, the House also included a five-year limit after which many of those powers would expire."
Obama's empty rhetoric
By Khalid Amayreh in occupied Jerusalem
President Obama's speech on Thursday, 19 May, was clearly another rehearsal in hypocrisy, moral duplicity and empty rhetoric. Apart from paying lip service to Arab revolutions, Obama reiterated the same old biased American stance on the Palestinian plight, the central issue that continues to generate tension and instability all over the world, especially in the vital Arab region.
The declared American stance on the pro-democracy movement in the Arab world is welcomed. However, it would be dishonest to impute the success of the Egyptian and Tunisian revolutions, even in part, to any genuine American intervention.
Killings, Detentions and Torture in Egypt
by Stephen Lendman
On February 9, London Guardian writer Chris McGreal headlined, "Egypt's army 'involved in detentions and torture,' " saying:
Military forces "secretly detained hundreds and possibly thousands of suspected government opponents since mass (anti-Mubarak) protests began, (and) at least some of these detainees have been tortured, according to testimony gathered by the Guardian."
Moreover, Human Rights Watch (HRW) and other human rights organizations cited years of army involvement in disappearances and torture. Former detainees confirmed "extensive beatings and other abuses at the hands of the military in what appears to be an organized campaign of intimidation." Electric shocks, Taser guns, threatened rapes, beatings, disappearances, and killings left families grieving for loved ones.
Mixed Reactions to Obama's Middle East Speech
by Stephen Lendman
Perhaps one way to view Obama's speech is saying you can please all the people some of the time, some of them all the time, but not all of them all the time. World reactions were indeed mixed, though policies, not posturing, are key.
Obama's, in fact, have no ambiguity, including imperial wars and rock-solid support for Israel. However, not everyone believes it, including the Zionist Organization of America, the oldest American one, founded in 1897.
On May 19, its press release headlined, "ZOA: AIPAC Should Rescind Invitation for Obama to Speak," saying:
ZOA "strongly condemned President Obama's Mideast speech (favoring) the establishment of a Hamas/Fatah/Iran state on the Auschwitz 1967 indefensible armistice lines. This would almost surely become a Hamas/Iran terror state threatening Israel and further destabilizing the Mideast. President Obama has dealt Israel a severe diplomatic blow, which harms all those who care about peace and fighting terrorism."
FEDS TO STATES: “DROP DEAD.” STATE BANK MOVEMENT PICKS UP STEAM
Ellen Brown
“Ford to New York: Drop Dead,” said a famous headline in 1975. President Ford had declared flatly that he would veto any bill calling for “a federal bail-out of New York City.” What he proposed instead was legislation that would make it easier for the city to go bankrupt.
Now the Federal Treasury and Federal Reserve seem to be saying this to the states, which are slated to be the first ritual victims in the battle over the budget ceiling. On May 2, Treasury Secretary Timothy Geithner said that the Treasury would stop issuing special securities that help state and local governments pay for their debt. This was to be the first in a series of “extraordinary measures” taken by the Treasury to avoid default in the event that Congress failed to raise the debt ceiling on May 16. On May 13, the Secretary said these extraordinary measures had been set in motion.
On The Chopping Block: Federal Worker Pensions
by Stephen Lendman
Bipartisan support endorses ending vital social benefits incrementally, principally Social Security, Medicare, Medicaid, healthcare for those who can't afford it, and public pensions.
Notably, deep Medicare cuts were made. Much more is planned, including slashing Medicaid. Now federal pensions are being targeted. Civilian federal employees receive benefits under the Federal Employees Retirement System (FERS), consisting of three components:
-- a FERS annuity defined benefit plan;
WHAT A PUBLIC BANK COULD MEAN FOR CALIFORNIA
Ellen Brown
California is the eighth largest economy in the world, and it has a debt burden to match. It has outstanding general obligation bonds and revenue bonds of $158 billion, largely incurred for infrastructure. Of this tab, $70 billion is just for interest. Over $7 billion of California’s annual budget goes to pay interest on the state’s debt.
As large as California’s liabilities are, they are exceeded by its assets, which are sufficient to capitalize a bank rivaling any in the world. That’s the idea behind Assembly Bill 750, introduced by Assemblyman Ben Hueso of San Diego, which would establish a blue ribbon task force to consider the viability of creating the California Investment Trust, a state bank receiving deposits of state funds. Instead of relying on Wall Street banks for credit – or allowing a Wall Street bank to enjoy the benefits of lending its capital – California may decide to create its own, publicly-owned bank.
Obama's Middle East Hypocrisy
by Stephen Lendman
Since taking office in January 2009, Obama broke every major campaign promise, including relevant ones to his May 19 Middle East speech; namely:
-- "hope;"
-- "change;"
Will the NY Attorney General Bring Doomsday Charges Against Wall Street? If So, How Long Will He Survive?
Gretchen Morgenson of the New York Times just published one of the few feel good stories in months following the 2008 financial crisis. She describes a possible day of reckoning for the perpetrators of the 2008 crisis and much of the pain that has followed.
The newly elected New York attorney general, Eric Schneiderman (D), wants information from Goldman Sachs, Bank of America, and Morgan Stanley. Among other things, the information concerns mortgage pooling and bundling. This may well include information on collateralized debt obligations (CDO's) and mortgage backed securities (MBS). New York state officials told Morgenson:
"The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses." New York Investigates Banks’ Role in Financial Crisis New York Times, May 16
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