Fiscal Cliff: Time to Call Their Bluff

Ellen Brown

The “fiscal cliff” has all the earmarks of a false flag operation, full of sound and fury, intended to extort concessions from opponents. Neil Irwin of the Washington Post calls it “a self-induced austerity crisis.” David Weidner in the Wall Street Journal calls it simply theater, designed to pressure politicians into a budget deal:

The cliff is really just a trumped-up annual budget discussion. . . . The most likely outcome is a combination of tax increases, spending cuts and kicking the can down the road.

Yet the media coverage has been “panic-inducing, falling somewhere between that given to an approaching hurricane and an alien invasion.” In the summer of 2011, this sort of media hype succeeded in causing the Dow Jones Industrial Average to plunge nearly 2000 points. But this time the market is generally ignoring the cliff, either confident a deal will be reached or not caring.

The goal of the exercise seems to be to dismantle Social Security and Medicare, something a radical group of conservatives has worked for decades to achieve. But with the recent Democratic victories, demands for “fiscal responsibility” may just result in higher taxes for the rich, without gutting the entitlements.

The problem is that no deal is going to be satisfactory. If we go over the cliff, taxes will be raised on everyone, and GDP is predicted to drop by 3%. If a deal is reached, taxes will be raised on some people, and some services will be cut. But the underlying problems – high unemployment and a languishing economy – will remain. More effective solutions are needed.


Israeli Terror: The “Final Solution” to the Palestine Question

James Petras

Introduction: For the past forty-five years the state of Israel has been dispossessing millions of Palestinians living in the Occupied Territories, confiscating their lands, destroying homes, bulldozing orchards and setting-up ‘Jews-only’ colonial settlements serviced by highways, electrical systems and water works for the exclusive use of the settlers and occupying soldiers.

The process of Israeli territorial expansion throughout the West Bank and East Jerusalem has greatly accelerated in recent years, converting Palestinian-held territory into non-viable isolated enclaves – like South Africa’s Bantustans – surrounded by the Israeli soldiers who protect violent settler-vigilantes as they assault and harass Palestinian farmers at work in their fields, beat Arab children on their way to school , pelt Palestinian housewives as they hang their laundry and then invade and defecate in Palestinian mosques and churches.

The Rage and Rape of Gaza and its Apologists

Israel’s strategic goal is to impose ‘Greater Israel’ on the region: to take over all of historical Palestine, expell the entire non-Jewish population and subsidize ‘Jews-only’ settlements (for settler-immigrants, often from the US and former USSR). While bulldozers and tanks have dispossessed Palestinians in the West Bank for decades, the launching of thousands of missiles and bombs have become the ‘weapons of choice’ for uprooting and eliminating the Palestinians in Gaza. In just eight days, Israel’s latest blitzkrieg resulted in the killing of 168 Palestinians (42 children and 100 civilians), the wounding of 1,235, the destruction of over 1,350 buildings and the further traumatizing of over 1.7 million children, women and men fenced in the world’s largest concentration camp. According to the Israeli Defense Minister, the Jewish State dropped “a thousand times more bombs onto Gaza” than the Palestinians fired back into Israel.

The current Israeli offensive began with the gruesome assassination of a prominent Hamas leader, Ahmed Jabari, and immediately escalated into an assault on the entire Palestinian population of Gaza. Secure in the knowledge that the Palestinians had no capacity to retaliate with similar weaponry, the Israeli High Command ordered the systematic destruction of civilian life, workplaces and densely populated neighborhoods. Over 75% of the casualties have been non-combatants; almost half are children, women and elders.


The Austerity Hoax

Stephen Lendman

Since 2008, Western nations have force-fed their people austerity poison. Decline replaces prosperity. Millions suffer. Living standards deteriorate. Societies become no longer fit to live in. Neoliberal and imperial priorities let essential public needs go begging. How much more people will take before erupting remains to be seen. The longer fiscal pain continues, the closer an ultimate day of reckoning approaches. It'll arrive disruptively. Perhaps people will recognize that throwing out bums for new ones accomplishes nothing.

America is Exhibit A. Political Washington is corrupt, immoral, degenerate, and unprincipled. Instead of helping people, they destroy them. They benefit from imposing misery. Allied with criminal bankers an other corporate predators, their policies made conditions for growing millions intolerable.

Imperial wars destroy nations. Austerity leaves "nothing to drive the economy," says Paul Craig Roberts. Washington's solution is increase it. Doing it is economically destructive. Only bankers, other corporate favorites, and war profiteers benefit.

Michael Hudson says austerity sacrifices the "production economy, the consumption economy, (and) the real economy...." Viable alternatives are ignored to benefit privileged elites at the expense of most others. Hudson calls it

"financial warfare against the entire society, not only against labor, but against industry and, most of all, against government." Productive "industrial capitalism" became predatory "finance capitalism." It's not financing industry. It's furthering "economic parasitism and overhead."

Politicians in Washington support it. Obama exceeds the worst of Bush. Europe is corrupted the same way.


Escape From Economics

Paul Craig Roberts

Readers ask me from time to time to recommend a book from which they can learn about economics.

The problem with reading a book to learn economics that is taught in the universities and practiced in Washington is that economics is now a highly formalized subject based on abstract models and assumptions and has been mathematized. It is not that the subject is totally useless and without any applicability to real world problems. Rather, the problem is that the discipline both lags an ever-changing world and got some things wrong at the beginning. Consequently, learning economics places one inside a box where some of the tools and understanding provided are outdated and incorrect.

For example, every textbook will draw a picture of agriculture as the perfect example of competitive markets in which “no producer’s output is large enough to affect price.” This made sense when one-third of the US work force was on family farms. Today, American agriculture is dominated by corporations and agribusiness. Additionally, part of the disastrous financial deregulation pushed by no-think economists and special interests was the removal of position limits on speculators. Formerly, speculators smoothed agricultural and commodity markets by buying and selling in order to stabilize price over periods when supply and demand were out of balance. Now speculators can dominate markets and rig prices to the benefit of their profits. There are many such examples where economics no longer speaks to the real world.


US Cities Going Bankrupt

Stephen Lendman

Photo: Riverdale, Ill. has run operational deficits for a number of consecutive years, driven primarily by a reduction in the amount the village relies on debt financing. “The village funded itself by borrowing money from its sewer and water funds, and now carries an operating fund balance of -52.1 percent of revenues.” The city, like many others on this list, is extremely small, with a population of just over 14,000. (AP Photo/Nam Y. Huh)

In past decades, many US municipalities declared bankruptcy. Since 1981, 42 cases were filed. Ten came in the past four years. Given hard times getting harder, what's happening now is unprecedented since the Great Depression. Cities occasionally declare bankruptcy. In America, they're coming more often. Others in dire financial straits may follow.

San Bernardino, CA is the latest. On July 11, The New York Times headlined "Third City In California Votes to Seek Bankruptcy," saying:

Officials have no choice. They can't meet payroll obligations through summer. "Faced with a budget shortfall of $45 million and city coffers that have already been drained, the San Bernardino City Council voted on Tuesday to file for bankruptcy."

Interim city manager Andrea Travis-Miller said:

"I am concerned about our ability to make payroll, not only in the next 30 days but also in the next 60 to 90 days. A major restructuring of this organization is needed."

California cities have two Chapter 9 bankruptcy options. They can either hire a third-party mediator to negotiate with unions and creditors or declare a fiscal emergency. San Bernardino chose the latter way. Depression conditions ravage the city. Many others face similar problems. Stockton and Mammoth Lakes declared bankruptcy earlier. Other financially strapped cities and towns around the state and country may follow. It's hard keeping up with many troubled municipalities, counties, school systems, and other public services potentially facing bankruptcy.


Recovery or Callapse? Bet on Collapse

Paul Craig Roberts

Ironic, isn’t it? - The United States, the “indispensable nation,” now stands before us as the likely candidate whose government will be responsible for the collapse of the West.

The US financial system and, probably, the financial system of Europe, like the police, no longer serves a useful social purpose.

In the US the police have proven themselves to be a greater threat to public safety than private sector criminals. I just googled “police brutality” and up came 183,000,000 results. (Here are two recent brutal assaults, one deadly, by police on hapless individuals: 1 and 2 )

The cost to society of the private financial system is even higher. Writing in CounterPunch, Rob Urie reports that two years ago Andrew Haldane, executive Director for Financial Stability at the Bank of England (the UK’s version of the Federal Reserve) said that the financial crisis, now four years old, will in the end cost the world economy between $60 trillion and $200 trillion in lost GDP. If Urie’s report is correct, this is an astonishing admission from a member of the ruling elite.

Try to get your mind around these figures. The US GDP, the largest in the world, is about 15 trillion. What Haldane is telling us is that the financial crisis will end up costing the world lost real income between 4 and 13 times the size of the current Gross Domestic Product of the United States. This could turn out to be an optimistic forecast.

In the end, the financial crisis could destroy Western civilization.

Even if Urie’s report (or Haldane’s calculation) is incorrect, the obvious large economic loss from the financial crisis is still unprecedented. The enormous cost of the financial crisis has one single source–financial deregulation. Financial deregulation is likely to prove to be the mistake that destroys Western civilization. While we quake in our boots from fear of “Muslim terrorists,” it is financial deregulation that is destroying us, with help from jobs offshoring. Keep in mind that Haldane is a member of the ruling elite, not a critic of the system like myself, Gerald Celente, Michael Hudson, Pam Martins, and Nomi Prins. (This is not meant to be an exhaustive list of critics.)


Christianity around the World Is under Assault, but not from Muslims

Wayne Madsen

The neo-conservative cabal entwined in Western governments and media is fond of stating that «Judeo-Christianity,» itself a loaded term, is under assault from «Islamo-fascists» around the world. The record, however, is clear.

From Moscow to Cairo and Damascus to east Jerusalem, Christianity is under assault, not from main stream Islam but from a nexus of Jewish and «Christian» Zionists allied with the disruptive forces of non-governmental organizations financed by global troublemaker George Soros, alias György Schwartz.

In Moscow, a feminist rock band called «Pussy Riot» has used trademark Soros disruption tactics against the Russian Orthodox Church. Prior to the recent Russian presidential election, Pussy Rioters staged a sacrilegious, intolerant, and insensitive «concert» during worship services at the Cathedral of Christ the Savior in Moscow. After they were imprisoned for hooliganism, the Pussy Riot punkers instantly received support from all the usual suspects that kow-tow to the anti-Gentile line of the Zionists and their deep-pocketed Soros allies: The Washington Post, Amnesty International, Human Rights Watch, Bloomberg News, and Forbes magazine.

Recently, tens of thousands of Orthodox believers took part in a vigil outside Christ the Savior in support of the Russian Orthodox Patriarch Kirill, who, himself came under fire from the propagandists of the West and global Zionism for wearing an expensive wristwatch, a gift from his parishioners.

Almost half of the Russian public surveyed in a poll conducted by the Levada Center agreed that the Pussy Rioters deserve a two- to seven-year sentence for their antics. However, the Soros and neo-conservative/neo-liberal NGOs and media outlets have demanded the immediate release of the politically-active trollops.

Last year, a group of women protesters from Ukraine, who call themselves FEMEN and are linked to Soros disruption operations, staged a topless protest inside the Vatican. Although the Catholic Church, as an institution, has much to answer for, the disrespect shown by the action to devout Catholics is in keeping with Soros’s and his supporters’ disrespect for the Christian faith.


EU Austerity Madness

Stephen Lendman

European/American austerity assures a wealth grab of the 1% at the expense of all others. Prioritizing banker payments causes debt bondage, human misery, economic wreckage, and eventual collapse. What can't go on forever, won't. It's not rocket science. It's fact.

Economies thrive on productive economic growth. It includes public sector infrastructure investment in transportation, research and development, roads and bridges, education, healthcare, and other vital areas. Sacrificing it for bankers and other vulture investors causes Greek-type crises.

Financialization highlights "the great problem of our time," says Michael Hudson. He defines is as "capitalizing every form of surplus income and pledging it for bank loans at the going interest rate, personal income over and above basic expenditures, corporate income over and above cash flow....and whatever government can collect in taxes over and above its outlay."

Banker nirvana depends on securing all economic surplus as interest, says Hudson, or in hard times as bailouts. However, doing it "leaves nothing over for living standards and what (18th and 19th century) economists (called) human capital formation (training and education) required for labor productivity to rise." Economies need it to thrive.

There's also "no cash left over for corporations to invest in new tangible capital formation, and no government spending for infrastructure or other social and economic needs."

Hudson talks about a financialization-caused economic/political "Dark Age," "a form of neo-feudalism." Industrial capitalism and people suffer to enrich financial oligarchs. Austerity becomes policy. Debt peonage and hard times follow. Jobs are cut, wages slashed, and living standards shrink. Prioritized banker demands sacrifice fundamental human needs.


Bipartisan Support for World War III

Philip Giraldi


Senator Dan Coats (R-IN) speaking at a BPC anti-Iran conference.

The Bipartisan Policy Center (BPC) is surely one of the more bizarre pro-Israel think tanks doing business in Washington. Its sage advice pops up here and there, most recently in The Wall Street Journal, where it advocated giving Israel tanker aircraft so its warplanes can fly to Iran, bomb the hell out of that country’s nuclear facilities, and make it safely back. The BPC’s National Security Project is headed by Charles Robb, a former senator and governor from Virginia and living proof that you can fool most people more than once. Robb argues that enabling a devastating Israeli attack on Iran would create a credible deterrent to Tehran’s misbehavior and maintains that his judgment is derived from a “fact-driven consensus.”

But perhaps more interesting than the center itself is the reaction to the horse manure that it was trying to sell in the Journal. It is worth looking at the comments on the op-ed, which are generally hostile to the idea of a new war on behalf of Israel. It is refreshing to think that maybe Americans, even readers of The Wall Street Journal, are actually wising up to the con job they have been subjected to, even if it is a bit late to do anything about it.


Readying the Greek Corpse for Burial

Stephen Lendman


The vultures: Christine Lagarde, the managing director of the International
Monetary Fund and Angela Merkel, the Chancellor of Germany.

Greece is being systematically raped, pillaged and destroyed. Bankers demand it. What they want, they get, no matter the human toll and economic ruin. Standing armies pale by comparison. Financial oligarchs wage war by other means and take no prisoners. Greece is Exhibit A. More on it below.

Last July, Christine Lagarde became IMF managing director. She replaced Dominique Strauss-Kahn. Spurious attempted rape allegations forced him out. In fact, he was targeted for supporting more responsible IMF policies. Bankers wanted his head and got it.

Lagarde's mandate is making IMF policy meaner and tougher. Straightaway, she backed harsh austerity measures banks demand. They include debt peonage and forcing nations to place money master interests above sovereign ones.

Last November, Mario Draghi replaced Jean-Claude Trichet as ECB president. Like Largarde, his mandate also entails raping and pillaging nations to pay bankers.

In late February, he told Wall Street Journal interviewers that forced austerity is firm policy. Enforcing it he claims will return troubled economies to long-term prosperity. In other words, starving people fills bellies. Withholding treatment cures patients, and destroying villages save them. Journal interviewers never asked him to explain:

• what right have bankers to prioritize their demands over sovereign state needs;
• how can ritual sacrifice increase demand; and
• how can 17 dissimilar economies coexist under straightjacket Eurozone rules.

Instead, they unquestioningly accepted his assertions about needed austerity and ending Europe's "obsolete" social contract. "There is no feasible trade-off" between social and labor related structural changes and fiscal belt-tightening, he claimed. Only banker demands matter. Draghi and Lagarge enforce them. Corrupt politicians go along.


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