http://www.ricefarmer.blogspot.com/
Sovereign Debt Panic
In a bid to goose their economies, governments are spending with abandon, and now — even before any appreciable effects have been realized — they suddenly realize that they have spent themselves into a corner. Now, wallowing in debt and with unprecedented debt-to-GDP ratios staring them in the face (see previous post), everyone is starting to panic. Privately at least, they are asking: What if we can’t pay off all this debt? I’ve made no secret of my belief that all that debt cannot be paid, because that would require some really hot economic growth worldwide, which in turn would necessitate a copious supply of cheap energy and resources.
So, it appears that panic is setting in. Japan is ready to implode, and deflation is proceeding apace. The US too is a basket case. And we all know about Greece and Spain. Spain has embarked on making huge cuts everywhere in a desperate effort to stop the bleeding. Greece’s situation is so critical that the IMF is on standby and says that Greece must slash its budget (this article says that this year Greece’s debt-to-GDP ratio will reach 120%, but that’s just sovereign debt). In the US, President Obama says that “it is critical that we rein in the budget deficits we’ve been accumulating for far too long.” You bet!
At Davos, “audience participants voted electronically, with 50.7% declaring sovereign debt to be the top candidate for the cause of the next global crisis.” That got by far the most votes.
And then there’s China. Everyone is raving about its economic growth, but China has been pumping up a really big bubble. If it deflates suddenly (good possibility), it will be more like an explosion than a pop. There is a colossal amount of non-performing real estate assets in China (vacancy rates in Shanghai’s Pudong district are as high as 50%), and a mountain of debt piled up because obviously real estate developers have borrowed heavily to build all those office buildings and condominiums.
So, amigos, it’s about time people started to panic. Keep a watch on the situation and have an emergency bag packed at all times.
Saturday, January 30, 2010
Friday, January 29, 2010
SC101-4
http://www.globalresearch.ca/index.php?context=va&aid=17224
The Sanctity of Military Spending
Administration officials announced last night that the President, in tomorrow's State of the Union address, will propose a multi-year freeze on certain domestic discretionary spending programs. This is an "initiative intended to signal his seriousness about cutting the budget deficit," officials told The New York Times.
But the freeze is more notable for what it excludes than what it includes. For now, it does not include the largest domestic spending programs: Medicare, Medicaid and Social Security. And all "security-related programs" are also exempted from the freeze, which means it does not apply to military spending, the intelligence budget, the Surveillance State, or foreign military aid. As always, the notion of decreasing the deficit and national debt through reductions in military spending is one of the most absolute Washington taboos. What possible rationale is there for that?
The facts about America's bloated, excessive, always-increasing military spending are now well-known. The U.S. spends almost as much on military spending as the entire rest of the world combined, and spends roughly six times more than the second-largest spender, China. Even as the U.S. sunk under increasingly crippling levels of debt over the last decade, defense spending rose steadily, sometimes precipitously. That explosion occurred even as overall military spending in the rest of the world decreased, thus expanding the already-vast gap between our expenditures and the world's. As one "defense" spending watchdog group put it: "The US military budget was almost 29 times as large as the combined spending of the six 'rogue' states (Cuba, Iran, Libya, North Korea, Sudan and Syria) who spent $14.65 billion."......
......Since much of that overall spending is mandatory, military spending -- all of which is discretionary -- accounts for over 50% of discretionary government spending. Yet it's absolutely forbidden to even contemplate reducing it as a means of reducing our debt or deficit. To the contrary, Obama ran on a platform of increasing military spending, and that is one of the few pledges he is faithfully and enthusiastically filling (while violating his pledge not to use deceitful budgetary tricks to fund our wars):
President Barack Obama will ask Congress for an additional $33 billion to fight unpopular wars in Afghanistan and Iraq on top of a record $708 billion for the Defense Department next year, The Associated Press has learned.
In sum, as we cite our debtor status to freeze funding for things such as "air traffic control, farm subsidies, education, nutrition and national parks" -- all programs included in Obama's spending freeze -- our military and other "security-related" spending habits become more bloated every year, completely shielded from any constraints or reality. This, despite the fact that it is virtually impossible for the U.S. to make meaningful progress in debt reduction without serious reductions in our military programs......
......The clear fact is that, no matter how severe are our budgetary constraints, military spending and all so-called "security-related programs" are off-limits for any freezes, let alone decreases. Moreover, the modest spending freeze to be announced by Obama tomorrow is just the start; the Washington consensus has solidified and is clearly gearing up for major cuts in Social Security, Medicare and Medicaid, with the dirty work to be done by an independent "deficit commission." It's time for "everyone" to sacrifice and suffer some more -- as long as "everyone" excludes our vast military industry, the permanent power factions inside the Pentagon and intelligence community, our Surveillance and National Security State, and the imperial policies of perpetual war which feed them while further draining the lifeblood out of the country.
The Sanctity of Military Spending
Administration officials announced last night that the President, in tomorrow's State of the Union address, will propose a multi-year freeze on certain domestic discretionary spending programs. This is an "initiative intended to signal his seriousness about cutting the budget deficit," officials told The New York Times.
But the freeze is more notable for what it excludes than what it includes. For now, it does not include the largest domestic spending programs: Medicare, Medicaid and Social Security. And all "security-related programs" are also exempted from the freeze, which means it does not apply to military spending, the intelligence budget, the Surveillance State, or foreign military aid. As always, the notion of decreasing the deficit and national debt through reductions in military spending is one of the most absolute Washington taboos. What possible rationale is there for that?
The facts about America's bloated, excessive, always-increasing military spending are now well-known. The U.S. spends almost as much on military spending as the entire rest of the world combined, and spends roughly six times more than the second-largest spender, China. Even as the U.S. sunk under increasingly crippling levels of debt over the last decade, defense spending rose steadily, sometimes precipitously. That explosion occurred even as overall military spending in the rest of the world decreased, thus expanding the already-vast gap between our expenditures and the world's. As one "defense" spending watchdog group put it: "The US military budget was almost 29 times as large as the combined spending of the six 'rogue' states (Cuba, Iran, Libya, North Korea, Sudan and Syria) who spent $14.65 billion."......
......Since much of that overall spending is mandatory, military spending -- all of which is discretionary -- accounts for over 50% of discretionary government spending. Yet it's absolutely forbidden to even contemplate reducing it as a means of reducing our debt or deficit. To the contrary, Obama ran on a platform of increasing military spending, and that is one of the few pledges he is faithfully and enthusiastically filling (while violating his pledge not to use deceitful budgetary tricks to fund our wars):
President Barack Obama will ask Congress for an additional $33 billion to fight unpopular wars in Afghanistan and Iraq on top of a record $708 billion for the Defense Department next year, The Associated Press has learned.
In sum, as we cite our debtor status to freeze funding for things such as "air traffic control, farm subsidies, education, nutrition and national parks" -- all programs included in Obama's spending freeze -- our military and other "security-related" spending habits become more bloated every year, completely shielded from any constraints or reality. This, despite the fact that it is virtually impossible for the U.S. to make meaningful progress in debt reduction without serious reductions in our military programs......
......The clear fact is that, no matter how severe are our budgetary constraints, military spending and all so-called "security-related programs" are off-limits for any freezes, let alone decreases. Moreover, the modest spending freeze to be announced by Obama tomorrow is just the start; the Washington consensus has solidified and is clearly gearing up for major cuts in Social Security, Medicare and Medicaid, with the dirty work to be done by an independent "deficit commission." It's time for "everyone" to sacrifice and suffer some more -- as long as "everyone" excludes our vast military industry, the permanent power factions inside the Pentagon and intelligence community, our Surveillance and National Security State, and the imperial policies of perpetual war which feed them while further draining the lifeblood out of the country.
SC101-3
http://www.globalresearch.ca/index.php?context=va&aid=17226
Rule by the Rich
The election of Republican Scott Brown to the U.S. Senate by Democratic voters in Massachusetts sends President Obama a message. Voters perceive that Obama’s administration has morphed into a Bush-Cheney government. Obama has reneged on every promise he made, from ending wars, to closing Gitmo, to providing health care for Americans, to curtailing the domestic police state, to putting the interests of dispossessed Americans ahead of the interests of the rich banksters who robbed Americans of their homes and pensions.
But what can Obama do other then spout more rhetoric?
The Democrats were destroyed as an independent party by jobs offshoring and so-called free trade agreements such as NAFTA. The effect of"globalism" has been to destroy the industrial and manufacturing unions, thus leaving the Democrats without a power base and source of funding.
Obama and the Democrats cannot be an opposition party, because Democrats are as dependent as Republicans on corporate interest groups for campaign funding.
The Democrats have to support war and the police state if they want funding from the military/security complex. They have to make the health care bill into a subsidy for private insurance if they want funding from the insurance companies. They have to abandon the American people for the rich banksters if they want funding from the financial lobby.
Now that the five Republicans on the Supreme Court have overturned decades of U.S. law and given corporations the ability to buy every American election, Democrats and Republicans can be nothing but pawns for a plutocracy.
Most Americans are hard pressed, but the corporations have only begun to milk them.
Wars are too profitable for the armaments industry to ever end. High unemployment is now a permanent state in the U.S., thus coercing job seekers into military service.
The security industry profits from the police state and regards civil liberties as a hindrance to profits. By announcing that he intends to continue the Bush policy of indefinite detention, a violation of the Constitution and U.S. legal procedures, Obama has granted the Democratic Party’s consent to the Republicans’ destruction of habeas corpus, the main bastion of individual liberty.
Jobs offshoring is too profitable for U.S. corporations for Obama to be able to save American jobs and restart the broken economy.
Americans are being squeezed out of health care not only by the loss of job benefits, but also by corporate takeover of medical practice from physicians. Today medical doctors are wage slaves of corporate health providers that leverage doctors by turning them into supervisors of physician assistants, lower-paid people without medical degrees who perform the services that doctors once provided. As neither doctor nor physician assistant has any independence, there is no one to represent the patient’s care against the profits of the corporation.
Even environmental concerns are being used to create "cap and trade" rights to buy and sell the ability to pollute. Wall Street is licking its lips over a new source of leveraged derivative instruments.
The American public cannot even get reliable information about their plight as the "MainStream Media" has been concentrated into a few corporate hands that do not permit independent reporting. The media is as dependent on corporate money as are politicians.
How can President Obama restart an economy that has been moved offshore? Millions of manufacturing jobs are gone, as are millions of jobs for college graduates, such as software engineering, Information Technology--indeed, any intellectual skill the product of which can be conveyed via the Internet. Even those intellectual skill jobs that do remain in the U.S. are filled increasingly by foreigners brought in on work visas.
The wipeout of blue collar and middle class job growth has stopped the growth of American incomes except, of course, those of the super rich. For a decade American consumers substituted increased personal indebtedness for income growth. In order to maintain and to increase their consumption, Americans consumed their assets, such as their home equity. Americans reached their maximum debt load just as the real estate bubble burst and just as the banksters highly-leveraged, toxic financial instruments brought down the stock market and the values of Americans’ pensions.
The enormous damage done to the U.S. economy by jobs offshoring, work visas, and financial deregulation cannot be offset by government stimulus plans, which expand the debt burdens that are crushing Americans. The federal government’s massive budget deficits and the Federal Reserve’s easy monetary policy are setting the stage for an inflationary depression to follow a deflationary depression.
The Federal Reserve chairman says not to worry about inflation, because the Fed can take the money back out of the economy. But can the Fed take the money out without contracting the economy?
The Federal Reserve says not to worry about financing the federal budget deficit. Banksters are buying the Treasury bonds with the proceeds from their sales of their toxic derivatives to the Fed.
So what is happening to the Federal Reserve’s balance sheet? And when will the Fed have no recourse but to print new money in order to finance the federal deficit?
How long can the dollar retain its reserve currency role in such circumstances, and how does the U.S. pay for its imports when this role is lost?
Don’t look to Washington for answers to these questions.
Rule by the Rich
The election of Republican Scott Brown to the U.S. Senate by Democratic voters in Massachusetts sends President Obama a message. Voters perceive that Obama’s administration has morphed into a Bush-Cheney government. Obama has reneged on every promise he made, from ending wars, to closing Gitmo, to providing health care for Americans, to curtailing the domestic police state, to putting the interests of dispossessed Americans ahead of the interests of the rich banksters who robbed Americans of their homes and pensions.
But what can Obama do other then spout more rhetoric?
The Democrats were destroyed as an independent party by jobs offshoring and so-called free trade agreements such as NAFTA. The effect of"globalism" has been to destroy the industrial and manufacturing unions, thus leaving the Democrats without a power base and source of funding.
Obama and the Democrats cannot be an opposition party, because Democrats are as dependent as Republicans on corporate interest groups for campaign funding.
The Democrats have to support war and the police state if they want funding from the military/security complex. They have to make the health care bill into a subsidy for private insurance if they want funding from the insurance companies. They have to abandon the American people for the rich banksters if they want funding from the financial lobby.
Now that the five Republicans on the Supreme Court have overturned decades of U.S. law and given corporations the ability to buy every American election, Democrats and Republicans can be nothing but pawns for a plutocracy.
Most Americans are hard pressed, but the corporations have only begun to milk them.
Wars are too profitable for the armaments industry to ever end. High unemployment is now a permanent state in the U.S., thus coercing job seekers into military service.
The security industry profits from the police state and regards civil liberties as a hindrance to profits. By announcing that he intends to continue the Bush policy of indefinite detention, a violation of the Constitution and U.S. legal procedures, Obama has granted the Democratic Party’s consent to the Republicans’ destruction of habeas corpus, the main bastion of individual liberty.
Jobs offshoring is too profitable for U.S. corporations for Obama to be able to save American jobs and restart the broken economy.
Americans are being squeezed out of health care not only by the loss of job benefits, but also by corporate takeover of medical practice from physicians. Today medical doctors are wage slaves of corporate health providers that leverage doctors by turning them into supervisors of physician assistants, lower-paid people without medical degrees who perform the services that doctors once provided. As neither doctor nor physician assistant has any independence, there is no one to represent the patient’s care against the profits of the corporation.
Even environmental concerns are being used to create "cap and trade" rights to buy and sell the ability to pollute. Wall Street is licking its lips over a new source of leveraged derivative instruments.
The American public cannot even get reliable information about their plight as the "MainStream Media" has been concentrated into a few corporate hands that do not permit independent reporting. The media is as dependent on corporate money as are politicians.
How can President Obama restart an economy that has been moved offshore? Millions of manufacturing jobs are gone, as are millions of jobs for college graduates, such as software engineering, Information Technology--indeed, any intellectual skill the product of which can be conveyed via the Internet. Even those intellectual skill jobs that do remain in the U.S. are filled increasingly by foreigners brought in on work visas.
The wipeout of blue collar and middle class job growth has stopped the growth of American incomes except, of course, those of the super rich. For a decade American consumers substituted increased personal indebtedness for income growth. In order to maintain and to increase their consumption, Americans consumed their assets, such as their home equity. Americans reached their maximum debt load just as the real estate bubble burst and just as the banksters highly-leveraged, toxic financial instruments brought down the stock market and the values of Americans’ pensions.
The enormous damage done to the U.S. economy by jobs offshoring, work visas, and financial deregulation cannot be offset by government stimulus plans, which expand the debt burdens that are crushing Americans. The federal government’s massive budget deficits and the Federal Reserve’s easy monetary policy are setting the stage for an inflationary depression to follow a deflationary depression.
The Federal Reserve chairman says not to worry about inflation, because the Fed can take the money back out of the economy. But can the Fed take the money out without contracting the economy?
The Federal Reserve says not to worry about financing the federal budget deficit. Banksters are buying the Treasury bonds with the proceeds from their sales of their toxic derivatives to the Fed.
So what is happening to the Federal Reserve’s balance sheet? And when will the Fed have no recourse but to print new money in order to finance the federal deficit?
How long can the dollar retain its reserve currency role in such circumstances, and how does the U.S. pay for its imports when this role is lost?
Don’t look to Washington for answers to these questions.
Wednesday, January 27, 2010
SC101-2
http://www.informationclearinghouse.info/article24519.htm
The Kidnapping of Haiti
The theft of Haiti has been swift and crude. On 22 January, the United States secured “formal approval” from the United Nations to take over all air and sea ports in Haiti, and to “secure” roads. No Haitian signed the agreement, which has no basis in law. Power rules in an American naval blockade and the arrival of 13,000 marines, special forces, spooks and mercenaries, none with humanitarian relief training.
The airport in the capital, Port-au-Prince, is now an American military base and relief flights have been re-routed to the Dominican Republic. All flights stopped for three hours for the arrival of Hillary Clinton. Critically injured Haitians waited unaided as 800 American residents in Haiti were fed, watered and evacuated. Six days passed before the US Air Force dropped bottled water to people suffering thirst and dehydration.
The first TV reports played a critical role, giving the impression of widespread criminal mayhem. Matt Frei, the BBC reporter dispatched from Washington, seemed on the point of hyperventilation as he brayed about the “violence” and need for “security”. In spite of the demonstrable dignity of the earthquake victims, and evidence of citizens’ groups toiling unaided to rescue people, and even an American general’s assessment that the violence in Haiti was considerably less than before the earthquake, Frei claimed that “looting is the only industry” and “the dignity of Haiti’s past is long forgotten.” Thus, a history of unerring US violence and exploitation in Haiti was consigned to the victims. “There’s no doubt,” reported Frei in the aftermath of America’s bloody invasion of Iraq in 2003, “that the desire to bring good, to bring American values to the rest of the world, and especially now to the Middle East … is now increasingly tied up with military power.”
In a sense, he was right. Never before in so-called peacetime have human relations been as militarised by rapacious power. Never before has an American president subordinated his government to the military establishment of his discredited predecessor, as Barack Obama has done. In pursuing George W. Bush’s policy of war and domination, Obama has sought from Congress an unprecedented military budget in excess of $700 billion. He has become, in effect, the spokesman for a military coup
For the people of Haiti the implications are clear, if grotesque. With US troops in control of their country, Obama has appointed George W. Bush to the “relief effort”: a parody surely lifted from Graham Greene’s The Comedians, set in Papa Doc’s Haiti. As president, Bush’s relief effort following Hurricane Katrina in 2005 amounted to an ethnic cleansing of many of New Orleans’ black population. In 2004, he ordered the kidnapping of the democratically-elected prime minister of Haiti, Jean-Bertrand Aristide, and exiled him in Africa. The popular Aristide had had the temerity to legislate modest reforms, such as a minimum wage for those who toil in Haiti’s sweatshops.
When I was last in Haiti, I watched very young girls stooped in front of whirring, hissing, binding machines at the Port-au-Prince Superior Baseball Plant. Many had swollen eyes and lacerated arms. I produced a camera and was thrown out. Haiti is where America makes the equipment for its hallowed national game, for next to nothing. Haiti is where Walt Disney contractors make Mickey Mouse pjamas, for next to nothing. The US controls Haiti’s sugar, bauxite and sisal. Rice-growing was replaced by imported American rice, driving people into the cities and towns and jerry-built housing. Years after year, Haiti was invaded by US marines, infamous for atrocities that have been their specialty from the Philippines to Afghanistan.
Bill Clinton is another comedian, having got himself appointed the UN’s man in Haiti. Once fawned upon by the BBC as “Mr. Nice Guy … bringing democracy back to a sad and troubled land”, Clinton is Haiti’s most notorious privateer, demanding de-regulation of the economy for the benefit of the sweatshop barons. Lately, he has been promoting a $55m deal to turn the north of Haiti into an American-annexed “tourist playground”.
Not for tourists is the US building its fifth biggest embassy in Port-au-Prince. Oil was found in Haiti’s waters decades ago and the US has kept it in reserve until the Middle East begins to run dry. More urgently, an occupied Haiti has a strategic importance in Washington’s “rollback” plans for Latin America. The goal is the overthrow of the popular democracies in Venezuela, Bolivia and Ecuador, control of Venezuela’s abundant oil reserves and sabotage of the growing regional cooperation that has given millions their first taste of an economic and social justice long denied by US-sponsored regimes.
The first rollback success came last year with the coup against President Jose Manuel Zelaya in Honduras who also dared advocate a minimum wage and that the rich pay tax. Obama’s secret support for the illegal regime carries a clear warning to vulnerable governments in central America. Last October, the regime in Colombia, long bankrolled by Washington and supported by death squads, handed the US seven military bases to, according to US air force documents, “combat anti-US governments in the region”.
Media propaganda has laid the ground for what may well be Obama’s next war. On 14 December, researchers at the University of West England published first findings of a ten-year study of the BBC’s reporting of Venezuela. Of 304 BBC reports, only three mentioned any of the historic reforms of the Chavez government, while the majority denigrated Chavez’s extraordinary democratic record, at one point comparing him to Hitler.
Such distortion and its attendant servitude to western power are rife across the Anglo-American corporate media. People who struggle for a better life, or for life itself, from Venezuela to Honduras to Haiti, deserve our support.
The Kidnapping of Haiti
The theft of Haiti has been swift and crude. On 22 January, the United States secured “formal approval” from the United Nations to take over all air and sea ports in Haiti, and to “secure” roads. No Haitian signed the agreement, which has no basis in law. Power rules in an American naval blockade and the arrival of 13,000 marines, special forces, spooks and mercenaries, none with humanitarian relief training.
The airport in the capital, Port-au-Prince, is now an American military base and relief flights have been re-routed to the Dominican Republic. All flights stopped for three hours for the arrival of Hillary Clinton. Critically injured Haitians waited unaided as 800 American residents in Haiti were fed, watered and evacuated. Six days passed before the US Air Force dropped bottled water to people suffering thirst and dehydration.
The first TV reports played a critical role, giving the impression of widespread criminal mayhem. Matt Frei, the BBC reporter dispatched from Washington, seemed on the point of hyperventilation as he brayed about the “violence” and need for “security”. In spite of the demonstrable dignity of the earthquake victims, and evidence of citizens’ groups toiling unaided to rescue people, and even an American general’s assessment that the violence in Haiti was considerably less than before the earthquake, Frei claimed that “looting is the only industry” and “the dignity of Haiti’s past is long forgotten.” Thus, a history of unerring US violence and exploitation in Haiti was consigned to the victims. “There’s no doubt,” reported Frei in the aftermath of America’s bloody invasion of Iraq in 2003, “that the desire to bring good, to bring American values to the rest of the world, and especially now to the Middle East … is now increasingly tied up with military power.”
In a sense, he was right. Never before in so-called peacetime have human relations been as militarised by rapacious power. Never before has an American president subordinated his government to the military establishment of his discredited predecessor, as Barack Obama has done. In pursuing George W. Bush’s policy of war and domination, Obama has sought from Congress an unprecedented military budget in excess of $700 billion. He has become, in effect, the spokesman for a military coup
For the people of Haiti the implications are clear, if grotesque. With US troops in control of their country, Obama has appointed George W. Bush to the “relief effort”: a parody surely lifted from Graham Greene’s The Comedians, set in Papa Doc’s Haiti. As president, Bush’s relief effort following Hurricane Katrina in 2005 amounted to an ethnic cleansing of many of New Orleans’ black population. In 2004, he ordered the kidnapping of the democratically-elected prime minister of Haiti, Jean-Bertrand Aristide, and exiled him in Africa. The popular Aristide had had the temerity to legislate modest reforms, such as a minimum wage for those who toil in Haiti’s sweatshops.
When I was last in Haiti, I watched very young girls stooped in front of whirring, hissing, binding machines at the Port-au-Prince Superior Baseball Plant. Many had swollen eyes and lacerated arms. I produced a camera and was thrown out. Haiti is where America makes the equipment for its hallowed national game, for next to nothing. Haiti is where Walt Disney contractors make Mickey Mouse pjamas, for next to nothing. The US controls Haiti’s sugar, bauxite and sisal. Rice-growing was replaced by imported American rice, driving people into the cities and towns and jerry-built housing. Years after year, Haiti was invaded by US marines, infamous for atrocities that have been their specialty from the Philippines to Afghanistan.
Bill Clinton is another comedian, having got himself appointed the UN’s man in Haiti. Once fawned upon by the BBC as “Mr. Nice Guy … bringing democracy back to a sad and troubled land”, Clinton is Haiti’s most notorious privateer, demanding de-regulation of the economy for the benefit of the sweatshop barons. Lately, he has been promoting a $55m deal to turn the north of Haiti into an American-annexed “tourist playground”.
Not for tourists is the US building its fifth biggest embassy in Port-au-Prince. Oil was found in Haiti’s waters decades ago and the US has kept it in reserve until the Middle East begins to run dry. More urgently, an occupied Haiti has a strategic importance in Washington’s “rollback” plans for Latin America. The goal is the overthrow of the popular democracies in Venezuela, Bolivia and Ecuador, control of Venezuela’s abundant oil reserves and sabotage of the growing regional cooperation that has given millions their first taste of an economic and social justice long denied by US-sponsored regimes.
The first rollback success came last year with the coup against President Jose Manuel Zelaya in Honduras who also dared advocate a minimum wage and that the rich pay tax. Obama’s secret support for the illegal regime carries a clear warning to vulnerable governments in central America. Last October, the regime in Colombia, long bankrolled by Washington and supported by death squads, handed the US seven military bases to, according to US air force documents, “combat anti-US governments in the region”.
Media propaganda has laid the ground for what may well be Obama’s next war. On 14 December, researchers at the University of West England published first findings of a ten-year study of the BBC’s reporting of Venezuela. Of 304 BBC reports, only three mentioned any of the historic reforms of the Chavez government, while the majority denigrated Chavez’s extraordinary democratic record, at one point comparing him to Hitler.
Such distortion and its attendant servitude to western power are rife across the Anglo-American corporate media. People who struggle for a better life, or for life itself, from Venezuela to Honduras to Haiti, deserve our support.
SC101-1
http://guymcpherson.com/2010/01/wanted-two-miracles/
WANTED: TWO MIRACLES
The cover of William Catton’s 1980 book, Overshoot, includes the following definitions:
carrying capacity: maximum permanently supportable load.cornucopian myth: euphoric belief in limitless resources.drawdown: stealing resources from the future.cargoism: delusion that technology will always save us fromovershoot: growth beyond an area’s carrying capacity, leading tocrash: die-off.
Most people to whom I speak do not believe these definitions apply to us. Our species, they say, is way too clever to cause a crash in our own population.
As if the temporary access to inexpensive fossil fuels does not constitute the basis for human overshoot. As if we’re not already there, suspended like Wile E. Coyote. As if we’re not stealing resources from the future and, in the case of industrialized nations, from every other culture on Earth. As if we are not destroying, degrading, and desecrating the living planet that supports us all.
Look around. We are surrounded by cornucopians, and we’re drowning in cargoism. Delusion? Yeah, we’ve got that.
Ignore the delusions for a short time, and you’ll see we’re headed for a correction. At this late juncture in the industrial game, hoping for anything else requires a massive dose of wishful thinking.
Even a correction seems unlikely, unless by “correction” you mean “crash.”
Yet the overwhelming majority of people with whom I speak cannot wrap their minds around correction, let alone crash. Many of these folks are university faculty members. They’re supposed to be intelligent, although I’ve concluded that the average academic has below-average intellect. Many of them are ecologists, too, who have been learning about — and in many cases allegedly teaching about — limits to growth. We’ve known about limits to growth since at least 1798. Yet we’ve acted as if those limits do not apply to us. Indeed, we’ve acted as if a miracle would will save us.
Well, two miracles. First, we need a miraculous comprehensive substitute for crude oil. Then we need a miraculous removal of carbon from the atmosphere. We need the first miracle right now. We need the second within a generation.
In the two million years of the human experience on planet Earth, we haven’t had a single miracle. Now we need two.
WANTED: TWO MIRACLES
The cover of William Catton’s 1980 book, Overshoot, includes the following definitions:
carrying capacity: maximum permanently supportable load.cornucopian myth: euphoric belief in limitless resources.drawdown: stealing resources from the future.cargoism: delusion that technology will always save us fromovershoot: growth beyond an area’s carrying capacity, leading tocrash: die-off.
Most people to whom I speak do not believe these definitions apply to us. Our species, they say, is way too clever to cause a crash in our own population.
As if the temporary access to inexpensive fossil fuels does not constitute the basis for human overshoot. As if we’re not already there, suspended like Wile E. Coyote. As if we’re not stealing resources from the future and, in the case of industrialized nations, from every other culture on Earth. As if we are not destroying, degrading, and desecrating the living planet that supports us all.
Look around. We are surrounded by cornucopians, and we’re drowning in cargoism. Delusion? Yeah, we’ve got that.
Ignore the delusions for a short time, and you’ll see we’re headed for a correction. At this late juncture in the industrial game, hoping for anything else requires a massive dose of wishful thinking.
Even a correction seems unlikely, unless by “correction” you mean “crash.”
Yet the overwhelming majority of people with whom I speak cannot wrap their minds around correction, let alone crash. Many of these folks are university faculty members. They’re supposed to be intelligent, although I’ve concluded that the average academic has below-average intellect. Many of them are ecologists, too, who have been learning about — and in many cases allegedly teaching about — limits to growth. We’ve known about limits to growth since at least 1798. Yet we’ve acted as if those limits do not apply to us. Indeed, we’ve acted as if a miracle would will save us.
Well, two miracles. First, we need a miraculous comprehensive substitute for crude oil. Then we need a miraculous removal of carbon from the atmosphere. We need the first miracle right now. We need the second within a generation.
In the two million years of the human experience on planet Earth, we haven’t had a single miracle. Now we need two.
SC100-15
http://carolynbaker.net/site/content/view/1486/1/
YOUR DISAPPOINTMENT IN OBAMA IS YOUR TEACHING MOMENT
.......Yet both sadly and fortunately, as is true whenever the betrayer shows his true colors, this is a teaching moment for the enablers. And this particular teaching moment is more important, more momentous than any in our national history. Why? Because of what is at stake in terms of the future of the planet, and that future is inextricably connected with a paradigm to which we have been "married" as a people since the birth of our nation.
Last week's Supreme Court ruling lifting limits on campaign financing by corporations was truly the last nail in the coffin of democracy and sealed the fundamental definition of fascism attributed to Mussolini which was simply, "the corporate state." Abramoff rules, and politicians no longer have any reason to function other than corporate whores. As a friend suggested to me a few days ago, members of Congress should now dress themselves in NASCAR uniforms indicating which corporations own them so that we don't need to bother researching the facts but can see them wearing the information on their bodies.
During the 2007-2008 hyperventilating euphoria of progressives regarding the candidacy of Obama, my website, Speaking Truth to Power, was exposing Obama's corporate connections and forecasting that little if anything would significantly change with his election. I was labeled Debbie Downer from Doom and Gloomville and called a conspiracy nut. And so here we are: Revelations from Matt Taibbi and others regarding Goldman Sachs as the largest contributor to Obama's election campaign, an escalation of war in Afghanistan above and beyond the proportions of Bush's war in Iraq, Obama's sanctioning of Bush's policies on torture, Obama's prone position in relation to Wall St. and his choice to surround himself with economic advisors who were directly responsible for creating economic collapse-I could continue ad nauseum. The similitude between the policies of Bush II and Obama are so glaring that last week, progressive journalist, Danny Schechter, asked, "Has Obama Become Bush II?" (I am particularly fond of the Photoshopped image attending the article-a picture worth more than a thousand words.)
In this teaching moment, those disappointed and despairing of their tryst with Obama have a golden opportunity to ask themselves what his betrayal of them reveals regarding the political and economic systems of America and the reality that no politician can even be nominated for the Presidency by the two-party monstrosity, let alone elected, unless that candidate is permanently dressed in his or her NASCAR uniform. If you do not ask this question, you will continue living out the definition of insanity with every national election because you refuse to look deeply at the fundamentals of how the corporate state functions. You will cover its rotting stench with come cloying cologne of "hope" and thereby not only enable your betrayers but waste precious time by not attending to life and death issues.
My 2006 book, U.S. History Uncensored: What Your High School Textbook Didn't Tell You, endeavored first and foremost to leave the reader with an understanding of who owns and operates the American political system. Others have offered their brilliant analyses-Naomi Klein in Shock Doctrine, Mike Ruppert in Crossing The Rubicon, and Kevin Phillips in Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism. Your failed love affair with Obama is now your teaching moment-a critical opportunity to research these four books above and buy out of the putrid, perfidious American political system and buy into making your local community resilient and self-sufficient.
I have long since rejected the American political system and have not voted in any national election since 2000, nor will I again in my lifetime. To do so is to buy into a system that has created what for years I have termed the Toxic Triangle of energy depletion, economic meltdown, and environmental devastation. Every drop of human energy I invest in that system is energy divested from working with my community, my neighborhood, and my loved ones to respond to the current and coming horrors that have been wrought by the three "E's": catastrophic climate chaos, multitudes of environmental refugees, impending global food shortages, the depletion of safe and clean drinking water worldwide, widespread droughts and environmental disasters, unprecedented energy depletion, environmental illnesses and pandemics, and global economic cataclysm.
Visionaries such as Buckminster Fuller, E.F. Schumacher, and Herman Daly have demonstrated that global challenges are most effectively addressed on the local level, where pragmatic responses and options can be created as an alternative to investment in the fantasy of global solutions. That is to say that in the 21st century, "global" is synonymous with "corporate" and therefore guaranteed to exacerbate rather than grapple with the daunting issues confronting the earth community.
Some individuals argue that focusing on re-localization forces us to ignore the global corporatism of an international ruling elite. My response is to ask why we must do one or the other. It is crucial in my opinion to be aware of the powers that be and their machinations, but I must also ask, what realistically, any of us can do to alter or avert their agenda? The answer is nothing; however, there is much we can do to protect ourselves and our communities from it by becoming self-sufficient and resilient.
On Inauguration Day, 2009, I was intrigued as I watched the swearing in of Obama, by the presence of one man standing behind and to the right of Obama--none other than Senator Jay Rockefeller of West Virginia. I doubt that the positioning was intentional, but for me, it was symbolic. It forces me to ask, which interests, which ruling elite families are "standing behind and to the right" of Obama? To what extent is he their creation and theirs alone? For that reason, I chose a photo of that symbolic moment to accompany this article. Take a closer look and think about it deeply. On Inauguration Day, I scoured the internet to find a photo of Rockefeller standing behind Obama during the Oath of Office because I knew its symbolism would later be appreciated by many more Americans than just me. This moment is the moment I had in mind..........
YOUR DISAPPOINTMENT IN OBAMA IS YOUR TEACHING MOMENT
.......Yet both sadly and fortunately, as is true whenever the betrayer shows his true colors, this is a teaching moment for the enablers. And this particular teaching moment is more important, more momentous than any in our national history. Why? Because of what is at stake in terms of the future of the planet, and that future is inextricably connected with a paradigm to which we have been "married" as a people since the birth of our nation.
Last week's Supreme Court ruling lifting limits on campaign financing by corporations was truly the last nail in the coffin of democracy and sealed the fundamental definition of fascism attributed to Mussolini which was simply, "the corporate state." Abramoff rules, and politicians no longer have any reason to function other than corporate whores. As a friend suggested to me a few days ago, members of Congress should now dress themselves in NASCAR uniforms indicating which corporations own them so that we don't need to bother researching the facts but can see them wearing the information on their bodies.
During the 2007-2008 hyperventilating euphoria of progressives regarding the candidacy of Obama, my website, Speaking Truth to Power, was exposing Obama's corporate connections and forecasting that little if anything would significantly change with his election. I was labeled Debbie Downer from Doom and Gloomville and called a conspiracy nut. And so here we are: Revelations from Matt Taibbi and others regarding Goldman Sachs as the largest contributor to Obama's election campaign, an escalation of war in Afghanistan above and beyond the proportions of Bush's war in Iraq, Obama's sanctioning of Bush's policies on torture, Obama's prone position in relation to Wall St. and his choice to surround himself with economic advisors who were directly responsible for creating economic collapse-I could continue ad nauseum. The similitude between the policies of Bush II and Obama are so glaring that last week, progressive journalist, Danny Schechter, asked, "Has Obama Become Bush II?" (I am particularly fond of the Photoshopped image attending the article-a picture worth more than a thousand words.)
In this teaching moment, those disappointed and despairing of their tryst with Obama have a golden opportunity to ask themselves what his betrayal of them reveals regarding the political and economic systems of America and the reality that no politician can even be nominated for the Presidency by the two-party monstrosity, let alone elected, unless that candidate is permanently dressed in his or her NASCAR uniform. If you do not ask this question, you will continue living out the definition of insanity with every national election because you refuse to look deeply at the fundamentals of how the corporate state functions. You will cover its rotting stench with come cloying cologne of "hope" and thereby not only enable your betrayers but waste precious time by not attending to life and death issues.
My 2006 book, U.S. History Uncensored: What Your High School Textbook Didn't Tell You, endeavored first and foremost to leave the reader with an understanding of who owns and operates the American political system. Others have offered their brilliant analyses-Naomi Klein in Shock Doctrine, Mike Ruppert in Crossing The Rubicon, and Kevin Phillips in Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism. Your failed love affair with Obama is now your teaching moment-a critical opportunity to research these four books above and buy out of the putrid, perfidious American political system and buy into making your local community resilient and self-sufficient.
I have long since rejected the American political system and have not voted in any national election since 2000, nor will I again in my lifetime. To do so is to buy into a system that has created what for years I have termed the Toxic Triangle of energy depletion, economic meltdown, and environmental devastation. Every drop of human energy I invest in that system is energy divested from working with my community, my neighborhood, and my loved ones to respond to the current and coming horrors that have been wrought by the three "E's": catastrophic climate chaos, multitudes of environmental refugees, impending global food shortages, the depletion of safe and clean drinking water worldwide, widespread droughts and environmental disasters, unprecedented energy depletion, environmental illnesses and pandemics, and global economic cataclysm.
Visionaries such as Buckminster Fuller, E.F. Schumacher, and Herman Daly have demonstrated that global challenges are most effectively addressed on the local level, where pragmatic responses and options can be created as an alternative to investment in the fantasy of global solutions. That is to say that in the 21st century, "global" is synonymous with "corporate" and therefore guaranteed to exacerbate rather than grapple with the daunting issues confronting the earth community.
Some individuals argue that focusing on re-localization forces us to ignore the global corporatism of an international ruling elite. My response is to ask why we must do one or the other. It is crucial in my opinion to be aware of the powers that be and their machinations, but I must also ask, what realistically, any of us can do to alter or avert their agenda? The answer is nothing; however, there is much we can do to protect ourselves and our communities from it by becoming self-sufficient and resilient.
On Inauguration Day, 2009, I was intrigued as I watched the swearing in of Obama, by the presence of one man standing behind and to the right of Obama--none other than Senator Jay Rockefeller of West Virginia. I doubt that the positioning was intentional, but for me, it was symbolic. It forces me to ask, which interests, which ruling elite families are "standing behind and to the right" of Obama? To what extent is he their creation and theirs alone? For that reason, I chose a photo of that symbolic moment to accompany this article. Take a closer look and think about it deeply. On Inauguration Day, I scoured the internet to find a photo of Rockefeller standing behind Obama during the Oath of Office because I knew its symbolism would later be appreciated by many more Americans than just me. This moment is the moment I had in mind..........
SC100-14
http://www.ricefarmer.blogspot.com/
Total Debt-to-GDP Ratio: Help!
Seeking Alpha has a great article titled “Total Debt to GDP Trumps Everything Else.” Usually the debt-to-GDP ratio is calculated with a country’s public debt alone, but there’s a lot more debt out there to be accounted for (and, ultimately, either paid off or defaulted). That’s why using total debt gives one a much better idea of how serious the situation is. We learn here that the ratio for the US is about 370%. This is really bad, but as noted,
Even more incredible is that the present debt level does not include the entitlement and pension obligations that would just about double the total debt from where it is now.
Wow! And politicians are still assuring us that we’ll pull out of the recession and everything will be OK. Do they really believe that so much debt can be paid? Believe it or not, some other countries are even worse off.
The UK debt to GDP is about 470%, Japan 460%, Spain 340%, South Korea 340%, Switzerland 315%, France and Italy about 300%, Germany 275%, and Canada 245% (all are records of debt to GDP).
But there’s more shocking news ahead. Since the economy is like a big Ponzi scheme, it’s necessary to keep more and more new money coming into the system to fuel growth. So progressively more money is needed to generate the same amount of GDP.
This U.S. debt to GDP started accelerating in the 1960s (with the Vietnam War, Space Race and continuation of the Cold War) when it took $1.53 to generate an additional $1 of GDP. Then during the 1970s, with the continuation of the Vietnam War, it took $1.68 to generate $1 of GDP.
In the 1980s (including Leveraged Buyouts and Star Wars) it took $2.93. In the 1990s (with the internet bubble) the debt it took to generate $1 of GDP climbed to $3.12. However, the most incredible of all was the first decade of this century when it took over $6 to generate an additional $1 of GDP.
Of course, securing the increasing amount money needed to maintain growth and keep the system from collapsing (not to mention the expense of maintaining an empire) necessitates issuing debt. Lots and lots of debt. That’s how we ended up with so much cheap credit. It was virtually inevitable if we are going to keep pumping up the system.
Total Debt-to-GDP Ratio: Help!
Seeking Alpha has a great article titled “Total Debt to GDP Trumps Everything Else.” Usually the debt-to-GDP ratio is calculated with a country’s public debt alone, but there’s a lot more debt out there to be accounted for (and, ultimately, either paid off or defaulted). That’s why using total debt gives one a much better idea of how serious the situation is. We learn here that the ratio for the US is about 370%. This is really bad, but as noted,
Even more incredible is that the present debt level does not include the entitlement and pension obligations that would just about double the total debt from where it is now.
Wow! And politicians are still assuring us that we’ll pull out of the recession and everything will be OK. Do they really believe that so much debt can be paid? Believe it or not, some other countries are even worse off.
The UK debt to GDP is about 470%, Japan 460%, Spain 340%, South Korea 340%, Switzerland 315%, France and Italy about 300%, Germany 275%, and Canada 245% (all are records of debt to GDP).
But there’s more shocking news ahead. Since the economy is like a big Ponzi scheme, it’s necessary to keep more and more new money coming into the system to fuel growth. So progressively more money is needed to generate the same amount of GDP.
This U.S. debt to GDP started accelerating in the 1960s (with the Vietnam War, Space Race and continuation of the Cold War) when it took $1.53 to generate an additional $1 of GDP. Then during the 1970s, with the continuation of the Vietnam War, it took $1.68 to generate $1 of GDP.
In the 1980s (including Leveraged Buyouts and Star Wars) it took $2.93. In the 1990s (with the internet bubble) the debt it took to generate $1 of GDP climbed to $3.12. However, the most incredible of all was the first decade of this century when it took over $6 to generate an additional $1 of GDP.
Of course, securing the increasing amount money needed to maintain growth and keep the system from collapsing (not to mention the expense of maintaining an empire) necessitates issuing debt. Lots and lots of debt. That’s how we ended up with so much cheap credit. It was virtually inevitable if we are going to keep pumping up the system.
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