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Today's Stories February 1, 2008 Patrick Cockburn The Most Dangerous Country in the World for Journalists Tariq Ali Et Tu, New York Times? January 31, 2008 Saul Landau Return to Afghanistan Andy Worthington Horror at Guantánamo Mike Whitney Rate Cut as Dagger: America's Teetering Banking System Jeff Ballinger Sustainability for Dictators Initiative? Clinton Praises the "Suharto of the Steppe" Tiffany Ten Eyck The Saga of the Freightliner Five William Loren Katz Waterboarding: Torure or Mystery? Alan Farago Why the Republicans are in Deep Trouble Col. Dan Smith Oh Say Can You See the 2009 Budget? China Hand Slouching Toward Islamabad Dave Lindorff The Usual Suspects Once Again Wadner Pierre Fake Democracy in Haiti Website of the Day One Big Union   January 30, 2008 Cockburn / St. Clair McCain vs. Clinton? Christopher Ketcham The Genius of the Development Industrial-Complex Robert Weissman America By the Numbers: The Shameful State of the Union Neve Gordon An Experiment in Famine Paul Craig Roberts Regulation or Deregulation, Which is Worse? Joanne Mariner How Anti-Terror Laws Threaten Free Speech David Macaray Labor's Only Real Weapon Liaquat Ali Khan Is NATO Committing Genocide in Afghanistan? Raymond J. Lawrence Prankster-in-Chief: Bush's Troubling Non-Verbal Communication Dan Bacher The Collapse of the Central Valley Salmon Website of the Day Onward Through the Fog   January 29, 2008 Franklin C. Spinney Bush's New War Budget: the $70 Billion Hand-Off Mike Whitney The Great Credit Unwind of 2008 Alan Farago Buyer Beware: Florida, the Candidates and the Latin Builders Association Patrick Cockburn "The Americans Bring Us Only Destruction" Gary Leupp "We Can't Afford to Let Them Spill the Beans:" a Sibel Edmonds Timeline R. F. Blader A World Without Abortion: USA v. Romania Ahmad Faruqui Musharraf's Post-Electoral Prospect Fran Shor Obama, the Kennedys and "Change We Can Believe In" Jeremy Scahill Secret Trials and Criminal Convictions: the Ordeal of the Blackwater Protesters Allan Nairn Bush's SOTU: Entitlement, Justice and the War of All Against All Website of the Day The Ghost of Rambo   January 28, 2008 Patrick Cockburn Return to Fallujah Paul Craig Roberts The End of American Liberty Allan Nairn The Breaking of the Gaza Wall Eyad al-Sarraj / Sara Roy Ending the Stranglehold on Gaza Martha Rosenberg Obit for the "Front Page" City Corporate Crime Reporter How They Rip Us Off David Michael Green Kristolizing Iraq: What a Great Freakin' War Jennifer Van Bergen What's Left? Nancy Oden Survival Tips for Hard Times Divya Karnad Saving India's Sea Turtles James L. Secor Pissed About Pistorious: Why the Olympics Needs a Gimp Website of the Day Yellow Journalism?   January 26 / 27, 2008 Uri Avnery Worse Than a Crime JoAnn Wypijewski How the Clintons Lost It, Whatever the Outcome in S. Carolina Ralph Nader Ambition, Power and the Clintons Paul Craig Roberts How Bush Destroyed the Dollar Paul Watson I'm Proud to be a Pirate! John Ross Murder and Cover-Up in Mexico Fred Gardner Ross v. Raging Wire: Employer's Right to Fire Workers Held Sacred by California Supreme Court Allan Nairn Little Hands with Fever: Some Consequences of Poverty Death Joshua Frank Why Bush Wants to Legalize the Nuke Trade with Turkey Binoy Kampmark Société Générale and the Economic Meltdown James T. Phillips America's Sick Comedy: Bringing the War Home Stan Cox The Depressing Truth About Anti-Depressants Eamonn McCann Hillary's Lie: "I Brought Peace to Northern Ireland" Ron Jacobs The Horizons of History: What's at Stake in Bolivia Seth Sandronsky California's Health Care Crisis Ben Terrall The Future is Unwritten Poets' Basement Tripp, Gardner, Gibbons and Davies Website of the Weekend City of Immigrants     January 25, 2008 Douglas Valentine Operation Two-Fold: How the CIA Infiltrated the DEA Patrick Cockburn US Troops Will Be In Iraq for 10 More Years: an Interview with Iraqi Foreign Minister Hoshyar Zebari JoAnn Wypijewski Down to the Wire in South Carolina Heather Gray Are We Seeing a Racial Shift in the South? Conversations with South Carolina Voters Marjorie Cohn Senate Democrats Poised to Fold to Cheney on FISA Erica Rosenberg Environmentalists Out on a Limb: the Perils of Collaboration Alan Farago Jeb Bush Goes Nuclear Robert Weissman Reclaiming Economic Freedom Laura Carlsen Wild Cards: Mining the Hispanic Vote in Nevada Stephen Lendman Israeli Repression in the Hebron Website of the Day The FIX is In   January 24, 2008 JoAnn Wypijewski Obama as Anthologist of Uplift Paul Craig Roberts President Hillary Alexander Cockburn Hillary Wants to Talk About Dirty Legal Dealings? Remember Her Nursing Home Scam? Kathleen Christison One and Two State Solutions and the Myth of International Consensus Jeff Halper Power to the (Palestinian) People! Stanley Heller The Siege of Gaza is Broken George Wuerthner The Moronic Sport: ORVs on the Public Lands Patrick Cockburn Desperate Iraqi Farmers Turn to Opium Jeff Sher Just How "Good" is Your Health Insurance? Patrick Irelan Musharraf, the Steadfast Ally? Charles Modiano Restoring the Anti-War King Website of the Day An Illustrated History of Trepanation   January 23, 2008 David Rosen The Great Disappearing Act: the Presidential Candidates and the Politics of Sex David Isenberg Is It Really So Hard to Believe That Iran Stopped Its Nuclear Weapons Program? Farzana Versey Hillary's Harem Paul Craig Roberts The Empire That Must Be Obeyed Alan Farago Where Did All the Good Times Go? Allan Nairn Indonesian Intelligence Service Threatens to Kill Human Rights Activist Kenneth Couesbouc Another Turn of the Screw Niranjan Ramakrishnan How the West was Re-Sold Michael Donnelly Obama Strikes Back Norman Solomon The Power of Love Website of the Day Rafah Today   January 22, 2008 Paul Craig Roberts Farewell to Old Economic Nostrums JoAnn Wypijewski King Day in Columbia, South Carolina Al Giordano Divide and Conquer Politics: How the Clinton Campaign Armed a Black-Latino Time Bomb in Nevada Felice Pace Power Politics in the Klamath: Water, Dams and Salmon Paul Wolf Bolívar's Sword Robert Weissman Deregulation and the Financial Crisis Dave Lindorff The Bush Dollar Trap Marjorie Cohn Cheney Impeachment Gains Traction Richard Neville Keeping Shakespeare in a Box Don Fitz / Zaki Baruti St. Louis Mayor Booed Off MLK Platform Ben Terrall Cindy Sheehan and the Virtues of Divisiveness Sam Husseini Stoning Martin Luther King, Jr. Website of the Day Defend the Mapuche!     January 21, 2008 Kevin Alexander Gray Playing the Race Card Linn Washington, Jr. Deferring Dreams, Delusions of Democracy Pam Martens How Wall Street Blew Itself Up David Macaray Labor's Grim Dilemma: Do We Need a Labor Party? Uri Avnery Look Who's Talking Omar Barghouti Europe's Collusion in Israel's Slow Genocide Joe DeRaymond Protest and Trial in D.C. B.R. Gowani Why Islam Should Tolerate Images Shepherd Bliss The False U.S. Economy Jean-Guy Allard Philip Agee Versus the CIA Dan Bacher Leaping Steelhead! Website of the Day Destroyed By a Rising Flood January 19 / 20, 2008 Alexander Cockburn The Campaign in Black and White Saul Landau Good Time Charlie's War China Hand Endgame for Pakistan? Conn Hallinan Desert Mirage: What Was the Bombing of Syria Really About? Ron Jacobs No Retreat Dave Lindorff A Tax Rebate Won't Fix This Mess Andy Worthington Canada's Humiliating Double Standard on Torture Paul Armentano What's the Going Price for a Joint? More Than You Might Think Seth Sandronsky High Crimes and Economics Michael Donnelly Dodging Ecocide Patrick Irelan The Ordeal of Dr. Safdar Sarki Martha Rosenberg The Drug Industry Takes Another Hit Sherwood Ross Making the World Safe for Despots: Bush's Global Arms Trade David Michael Green So You Want to be My President, Eh? James Rothenberg Unimpeachable: Under House Protection Daniel Gross Starbucks Shortchanges Dr. King Peter N. Carroll In Memory of Milton Wolff Susie Day Croakin' on Hudson Paul Krassner Woody Allen Meets Tongue Fu Poets' Basement Wolff, Buknatski and Orloski Website of the Day Rocky Mountain Blues   January 18, 2008 Allan Nairn Killing Civilians, Carefully Ralph Nader When the Big Boys Get in Trouble, Who Pays the Ultimate Bill? Joanne Mariner Terrorism and Preventative Detention Alan Farago The Stimulus and the Meltdown P. Sainath Pity the Brahmins R.F. Blader Beyond Steinem's Feminism Andy Worthington A Letter from Guantánamo John Jonik Private Insurance is Bad for Your Health Brian McKenna Where Even Sharing is Prohibited: Notes from Inside a Michigan Women's Prison Daoud Kuttab This Time Next Year? Website of the Day Those South Carolina Voting Machines   January 17, 2008 Paul Craig Roberts Leader and Vassal Christopher Brauchli The FBI's Bills Come Due Robert Fantina Leadership, Bush and the New York Times Patrick Irelan Eternal War Paul A. Moore When the Rich Pay No Taxes Stephen Lendman Institutionalized Spying on Americans Beena Sarwar Bhutto and the "State Within a State" Walter Brasch Buzzwords in the Echo Chamber: Change and the Establishment Brenda Norrell Bush Legacy in Texas Sours Adam Federman End of the Left? Website of the Day Democrats for Romney   January 16, 2008 Jeffrey St. Clair Return of the Native Franklin Lamb The Bombing at Qarantina Julian Sanchez David Weigel Who Wrote Ron Paul's Newsletters? Sharon Smith Ron Paul and the Left: a Slippery Slope? Allan Nairn Economic Indicator: No Free Lunch, No Free Market Ayesha Ijaz Khan How the American Media Enables Bush's Iran Fixation Andy Worthington A Strategic Call to Close Guantánamo Richard Behan Nancy Pelosi, You Must Impeach! Website of the Day Obama the New JFK? He's Not That Bad!   January 15, 2008 Andrea Peacock Breach of Trust in America's Most Toxic Town: How the EPA is Rubbing Poison Into Libby's Wounds Wajahat Ali An Interview with Seymour Hersh on Iraq, Bush Foreign Policy and the Prospects of War with Iran Joe Bageant Getting Out the Bling Vote Ralph Nader The Candidate Taboos John Ross Zero Hour: NAFTA and Mexico's Agrarian Apocalypse Elaine Cassel Jose Padilla vs. John Yoo: Can a National Disgrace be Rectified? Peter Morici The Fed Needs More Than a New Communications Strategy Beena Sarwar Pakistan's Dirty Tricks Brigade Robert Weissman Big Business is Even More Unpopular Than You Thought Binoy Kampmark Going Tata in India Dave Zirin Dennis Brutus Smacks Down the Hall of Fame Website of the Day David Lynch on the iPhone   January 14, 2008 Ishmael Reed Ma and Pa Clinton Flog Uppity Black Man Roger Morris Burials in the Sind Uri Avnery The Hands of Esau Mike Whitney Bush's Voodoo Stimulus Package Allan Nairn General Suharto of Indonesia: One Small Man Leaves a Million Corpses William Blum Oh, By the Way, the Iraqis Don't Really Want Us Alan Farago A Subprime Wake Up Call David Macaray Are Labor Unions Ready for Prime Time? Eva Liddell Getting Drunk with Obama Zoe Blunt Road Kill: New Highway Blocked by Protesting Raccoons Website of the Day Doug and Andrea Peacock on Grizzlies   January 12 / 13, 2008 Andrew Cockburn How the New England Journal of Medicine Undercounted Iraqi Civilian Deaths Saul Landau 60 Years of Empire Corey D. B. Walker Barack Obama and the Crisis of the White Intellectual Col. Dan Smith Bush, Iran and the Magician of the Tarot Eric Toussaint The US Subprime Crisis Goes Global Ron Jacobs Television, Murder and Vietnam Fred Gardner The People vs. Christopher James Chakos Stan Cox Don't Take That Pill! Jacob G. Hornberger The Warfare State Ramzy Baroud The Good, the Bad and the Ugly Joseph Grosso The Anglosphere: a Special Relationship of Elites David Díaz-Arias Imagining An/Other Latin American Left Stacey Warde Before We Move On ... Dan Bacher Pumped to Extinction: the Decline of the Delta Smelt Michael Dickinson Georgie in Jesusland Website of Weekend CounterPunchers Protest Outside NYT Offices   January 11, 2008 Dave Lindorff Did Hillary Really Win New Hampshire? More Questions About Diebold Voting Machines Paul Craig Roberts No Escape from War and Unemployment Andy Worthington Six Years of Guantánamo Kenneth Couesbouc Banking on Thin Ice Jeff Ballinger Inside the Vienna Consensus Christopher Brauchli Lethal Injection, the Supremes and China Manuel Garcia, Jr. Paying No Attention to the Presidential Campaigns Andrew Silverstein Bush's Weepy Visit to Jerasulem Marwan Bishara Bush in the Middle East Robert Weissman The First Amendment Gone Wild Patrick Irelan Damn the Small Boats! Website of the Day Hillary and the Superdelegates: Or Why She Wins Even When She Loses     January 10, 2008 Alexander Cockburn Now Nader Claims He Didn't Endorse Edwards Bob Wing Marqueece Harris-Dawson Race Within the Race: Obama, the NH Vote and the Specter of Tom Bradley Michael Donnelly White Women Gone Wild? David Macaray Three Big Reasons for the Decline of Labor Unions China Hand Bush's Delusional Policy Pushes Pakistan to Brink of Catastrophe Ayesha Ijaz Khan Saudi Arabia and Pakistan: Brotherly, Friendly Countries? Rannie Amiri Obama, Man of Kansas or Kenya? Website of the Day Iranian Video of the Hormuz Incident   January 9, 2008 Cockburn / St. Clair The Empire Strikes Back Dave Lindorff The Bad News from New Hampshire: Death By Triangulation John Chuckman Pardon My Laughter: Watching the US Primaries from Canada James Bovard Stomping Freedom: Inside the Martial Law Act of 2006 Alan Farago As Florida Sinks: the View from the Titanic Russell Mokhiber Why Picket the New York Times in DC on Friday? William S. Lind Kicking the Can Down the Road in Iraq Peter Morici Beyond the Sophistry: Why the Trade Deficit Matters Josh Reubner Sudan vs. Israel: Double Standard on Divestment Mike Roselle The Pursuit of Happiness Website of the Day Bottles of Tears on the Wall: Steve Perry on NH   January 8, 2008 Paul Craig Roberts No Jobs for the New Economy (or the Old) Russell Mokhiber The Black Hillary: Obama is Just Another Political Sedative Robert Fantina The Gulf of Tonkin and the Strait of Hormuz Dave Zirin Butts on Parade Shamako Nobel I Am an Emcee: the Politics of Hip Hop John Ross Zapatista Women Encounter Themselves Brenda Norrell Apaches Defend Homeland from Homeland Security Laura Carlsen Why Bolivia Matters Patrick Irelan Remember the Maine! Evelyn J. Pringle The Holes in Bush's FDA Jonathan M. Feldman After Iowa and New Hampshire: a Strategy for Rebuilding the Peace Movement Michael Dickinson Playing Soldier Website of the Day Sean Hannity on the Run!   January 7, 2008 Chris Floyd There Will Be Blood: But No Justice for Iraq Atrocities John Blair Remove That Man! Creeping Fascism in Indiana Uri Avnery The Case of the White Bird Andy Worthington Who Are the Gitmo Saudis? Binoy Kampmark Needling the Convict: Lethal Injection and the Supreme Court David Macaray Women on Strike Ralph Nader Obamarama: the Politics of the Smooth Mood Michael Donnelly It's the War Vote(s), Stupid! Ron Jacobs Ron Paul's Run: Is Being Against the War Enough? Gideon Levy The Hostile President Dave Lindorff A Real 9/11 Cover-Up? Sibel Edmonds, Turkey and the Bomb Website of the Day Plagues and Pleasures on the Salton Sea   January 5 / 6, 2008 Douglas Valentine Good Guys in Black Hoods Kevin Young The US Occupation and Popular Opinion in Iraq Richard Rhames Saddam Who? Saul Landau Bush Snatches Defeat from Victory Marc Lynch Why Bush's Iran Strategy is Failing Robert Fantina Iowa, Democrats and the Iraq War Donna Volatile Antiwar Soldier: an Interview with Jonathan Hutto, Sr. Jelle Bruinsma Norman Finkelstein in The Netherlands Bob Sutcliffe Remembering Andrew Glyn, Rebel Economist Harvey Wasserman Anti-Nuclear Renaissance Missy Beattie Why Obama Can't Save Us David Swanson Remembering the Separation of Powers Jacob Hornberger The Importance of the Padilla Case Shepherd Bliss Survival Tools from Kokopelli Farms Ron Jacobs Bleeding Kansas Poets' Basement Patti Smith, B.R. Gowani and Peter Buknatski Website of the Weekend Jimmy Dean Sausage Call Complaint   January 4, 2008 Cockburn / St. Clair A Good Night in Iowa Jonathan Cook War Crimes Airbrushed from History Paul Craig Roberts Thinking for Yourself is Now a Crime Stan Goff Ron Paul's Monkeywrench Dave Lindorff Clinton's Iowa Flop Exposes DLC Myths as Frauds Niranjan Ramakrishnan To Pindi Station Allan Nairn U.S. Elections Over Before They Began Joshua Frank The Failures of Sectarianism Peter Morici Economy on the Skids Mary McInnis Iowa Cocky-Us: How to be a Caucus Tease Website of the Day The Return of Obama Girl   January 3, 2008 Fatima Bhutto Farewell to Wadi Bua Pam Martens The Free Market Myth Dissolves into Chaos Joanne Mariner The Presidential Candidates and Torture Zoltan Grossman Remember the '80s: Social Movements Between Woodstock and the Web David Domke The Echoing Press and Huckabee Norman Solomon Edwards Reconsidered Nikolas Kozloff Return of the Faux Liberal Jacob G. Hornberger The Padilla Case and the Future of Habeas Corpus Martha Rosenberg Quit Picking on Huckabee's Son, Michael Vick Russell Means This Property is Condemned: a Notice to Those Occupying Lakotah Lands Website of the Day WolfQuest       Subscribe Online

February 1, 2008 The Squandered Wealth of Nations The Mother of All Snowballs By KENNETH COUESBOUC To understand the constant fluctuation of prices, it is wise to begin by looking at the way prices are determined. The value of a commodity is the sum of the values that went into its production. The different costs of production concern the matter to be transformed, the depreciation of buildings, machines and tools, the energy consumed and the work force. The market price should cover this value, plus taxes, land rent, interest and profit. Alternatively, it can be said that the market price of a commodity should cover the value invested plus the added value. The value invested comprises the tools, machines and buildings, the matter to be transformed and the energy consumed. (In fact, investments are no more than an accumulation of past added values. That the added values are from the past usually means their variations have a belated effect on prices.) The value added by labour comprises wages, taxes, interest, land rent and profit. These five elements of value are liable to variations, either up or down. However, some may rise while others fall, and the overall effect on prices can be nil. What seems to have happened is that wages (outsourcing), taxes (rebates) and interest (Allan Greenspan) were consistently reduced. This left the lion's share of value to rent and profit. It also allowed for a considerable reduction in market prices, during a ferocious competition that completely modified the distribution of production around the world. Then, once the downward trends of wages, taxes and interest had reached their limits, they could only move up again. This means that either both rent and profit fall, with a subsequent depreciation of real estate and stocks, or the market prices of commodities rise, resulting in inflation, or both. There is, however, another side to the variations of prices on the commodity market, the monetary side. Supply is the quantity and the price of the goods on offer. Demand is the quantity and the value of money (credit, etc.) in circulation. If the quantity or, less likely, the value of money increases, so does demand. (An increase in the speed of circulation, and hence of spending, also increases demand. But electronic speed has reached a limit that is hard to beat. And how far in advance can incomes be spent?) There used to be a time when the quantity of money in circulation could increase without necessarily affecting consumer demand. Extra money would be put aside for a rainy day. But savings are no longer hidden under a mattress, or buried in a jam jar. They are converted into derivatives. All circulating money that does not become demand is exchanged for "almost-money", and recirculated. Savings are merely spent by someone else, notably governments who balance their budget deficits by selling treasury bonds. Savings are not deducted from demand. The demand is simply resituated elsewhere, and its value is doubled by treasury and corporate emissions of "almost-money". The money has been spent and is circulating, but the potential demand of the saver persists. What seems to have happened is that the long term savings that had been paying off budget deficits were essentially pensions and life insurance set aside by the post-WW2 baby boom generation and, fatally, they are beginning to spend what they had saved. Past savings that had not been withdrawn from circulation are coming back on the market as an increased demand. Just when present savings are at an all time low. This in turn means that treasury bonds are in lesser demand. Just when budget deficits are in full expansion. Demand for goods is sustained by spent savings. But demand for bonds is weakening at a time of predictable XL supply. The price of essential goods can increase but, as a consequence, the market value of bonds must drop and interest rates rise proportionally. This will affect already failing rent and profit, and already rising prices. At some point in the near future, sinking buying power will lead to a general claim for higher wages, countered by rising prices, etc. The start of an inflationary cycle that will deflate the going value of past debts in general and of treasury bonds in particular. A similar process took place in the 1950's, wiping out the massive war-bond emissions and the reconstruction borrowing of the 1940's. The comparison stops there, however, as the balance of power and wealth has completely changed since then. A currency has two distinct values. One on its national market, and the other on the international market. The use of a currency is restricted to its national boundaries (except for the US dollar that is legal tender in a number of countries, and the particular multinational Euro zone). This means that foreign trade is ultimately an exchange of commodities, and woe to those nations with no or insufficient commodities to offer. They must sell their work abroad and send home the wages. As no nation is completely self-sufficient, the exchange of commodities is a necessity. This regularly leads to a trade deficit for some, and a trade surplus for the others. An unbalance that used to be settled by transfers of bullion. But very few of the new post-colonial nations had gold reserves (in the ground). So, for numerous other reasons, the gold standard was finally abandoned in 1973. To be replaced by a standard based on the US dollar. First by paper money (petro-dollars), provoking great movements of liquidities and wild fluctuations in the exchange rates between currencies, then by paper bonds. What seems to have happened is that growing trade deficits have been settled with treasury bonds. The example was given by the Nixon administration (see Michael Hudson's account). Then, progressively, the practice became universal. Up to the junk-bond crisis of 1997, when numerous nations of South America, Africa and Asia found themselves on the verge of bankruptcy. Since then, only the wealthier nations have been able to continue paying their trade deficits with treasury bonds, notably some members of the euro-group (France, Spain) and the USA. Paying a trade deficit with a budget deficit is a convenient way of borrowing what is already owed, for a prolonged period. Except that the method relies on a strong foreign demand for treasury bonds, and this is no longer the case. In fact, the likelihood of a weak demand and a strong supply of treasury bonds on the international market will push up interest rates and bring down the market price of existing bonds. This will affect the exchange rates of currencies, and should make it easier for the depreciated ones to export a larger quantity of cheaper goods. But, coming at a time when demand is weakening, this could lead to protective commercial barriers. A depreciated currency will also make imports more expensive. Thereby reducing them and the trade deficit, while having an inflationary effect on prices. As for budget deficits, they will be ever harder to finance. The question is, "Can the present situation snowball into something gigantic?" And the answer is that there seems no way to avoid it. As all the factors are linked together by a world market and a master currency, the US dollar. The only difficulty is to estimate how long the central banks can go on filling the breaches to hold back the flood, and to foresee when the salvaging process will be forced to the forefront of political debate. It is ultimately the nation's wealth that has been squandered. Kenneth Couesbouc can be reached at kencouesbouc@yahoo.fr

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