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Today's
Stories
Today's Stories
March 15 /
16, 2008
Ralph Nader
Of
Laws and Men
March 14, 2008
Paul Craig
Roberts
Watching
the Dollar Die
Don Santina
Vichy
Democrats: Pelosi and the Politics of Collaboration
Patrick Cockburn
Iraqi
Mother Vows Revenge on US: How She Lost Her Husband and Her Sons
Tim Rinne
StratCom
Rules! The Next War Will Start in Nebraska
Robert Fantina
In
Torture We Trust
Saul Landau
Letter
to the Presidents-in-Waitings
David Macaray
Common
Myths About Labor Unions
Franklin Lamb
Is
the Bush Administration Switching Horses in Lebanon
Michael Neumann
The
One State Illusion: Reply to My Critics
March 13, 2008
Paul Craig
Roberts
Republicans
and "Free Market" Zealots Bring Disaster to America
Mike Whitney
Meltdown
Looms Larger As Credit Markets Freeze
Assaf Kfoury
"One-State
or Two State?"- Sterile Debate on False Alternatives
Andy Worthington
Afghan
Hero Who Died in Guantánamo: The Background to the Story
Adam Federman
From
Autopia to Autogeddon: Cars Reach the End of the Road
March 12, 2008
Dave Lindorff
Bringing
Down Spitzer: It's the Big Brother Who Should Bother US
R.F. Blader
The
Spitzer Backlash
Yonatan Mendel
How
to be an Israeli Journalist. Never Write "Murder" or
"Palestine"
Jonathan Cook
One
State or Two? Neither. The Issue is Zionism
Bill and Kathy
Christison
Fallon
and Gates -- At Least One Cheer
James J. Brittain
Was
the U.S. Involved in Killing the FARC-EP Leaders
Ron Jacobs
"All
the Money You Make Will Never Buy Back Your Soul"
March 11, 2008
Paul Craig
Roberts
How
to End the Subprime Crisis
Ed O'Loughlin
How
Israeli Troops Invade Homes in Gaza, Brutalize, Smash and Steal
Ramzy Baroud
'Unwavering
Commitment' to Inequality
Kathy Christison
One
State or Two? The Debate Over Israel and Palestine
China Hand
PRC
Plays it Cool, as U.S. Tries to Amp Up Pressure on Iran
John Joslin
Thank
You, Nafta! Welcome to Weirton, Home of the Discount Cigarette
Mike Averko
Serb
Politics, Kosovo and the Moscow-Washington Divide
Ben Rosenfeld
Gavin
Newsom's Kneejerk Plan
Thierry Paquot
High
Rise, Low Spirits:The Curse of the Tower Block
March 10, 2008
Uri Avnery
"Kill
A Hundred Turks and Rest": The Five-Day War in Gaza
Col. Dan Smith
Scoring
the "Surge" and What Lies Beyond
R.F. Blader
Why
"Lock Them Up and Throw Away the Key" is Losing its
Sheen
Michael Neumann
The
One-State Illusion: More is Less
Bob Fitrakis
and Harvey Wasserman
Did
the Republicans Give Hillary Her Victory in Ohio?
James J. Brittain
Anti-Uribe
Protests in Colombia and the World
Missy Comley
Beattie
The
Passion of John McCain
March 8-9,
2008
Weekend Edition
JoAnn Wypijewski
The
Only Way to Fight the Clintons
Mike Whitney
Sorting
Through the Rubble in Post Bubble America
Peter Morici
Fed
and Treasury Fiddle as Economy Plummets
Ralph Nader
The
Silent Violence of Gaza's Suffering that Candidates Ignore
Jonathan Cook
The
Meaning of Gaza's Shoah
Steve Niva
Behind
the Israeli Escalation in Gaza
Bill and Kathy
Christison
Crisis
over Teheran's Alleged Nuclear Plans Nearing Climax
Hervé
Do Alto and Franck Poupeau
Bolivia:
Morales is Checked
Eric Walberg
To
Leave and Stay at the Same Time: Putin to Medvedev to?
Scott Johnson
City
of A Thousand Foreclosures
Mark Scaramella
James
Brown's Gate
Bill Clinton
President
Clinton's Remarks on Naming William M. Daley as NAFTA Task Force
Chairman
Poet's Basement
St.
Thomasino, Engel, Davies and Willson
Website of
the Weekend
Hillary
Blackens Barack
March 7, 2008
Patrick Cockburn
Why
Iraq Could Blow-Up in John McCain's Face
Robin Blackburn
Question
for Barrack Obama: Why Afghanistan is the 'Right War'?
Saul Landau
The
Stupid Economy
Binoy Kampmark
When
Competition is Good: McCain and the Muddled Democrats
Chris Floyd
Crushing
the Ants: Admiral Fallon and His Empire
Andy Worthington
Spanish
Drop "Inhuman" Extradition Request for Guantánamo
Britons
Will Potter
Before
the Smoke Even Clears in Seattle: Bringing Out the T Word
March 6, 2008
Vincent Navarro
The
Next Failure of Health Reform
Forrest Hylton
High Stakes in the Andes: Colombia's Cornered President
Peter Morici
Why the Dollar is So Cheap
George Ciccariello-Maher
Counter-Attack of the Bureaucrats
John Ross
Taxi! Taxi! The Dark Side of the Oscars
Jacob Hornberger
No Standing to Lecture on Justice
Paul Watson
Illegal Japanese Whaling by the Numbers
Dan Bacher
Off the Deep End
Website of the Day
A Katrina Reader Online
March 5, 2008
Cockburn /
St. Clair
A
Great Day for John McCain (and Maybe Nader)
Joanne Mariner
After Guantanamo
Fidel Castro
The Raid on Ecuador: Underestimating Rafael Correa
Christopher
Brauchli
The Turkish Invasions
Steven Sherman
Obama and the Prospects for a Renewal of the Left
Dave Lindorff
Busting Bush & Co. in New England
James Murren
Bombing Somalia
Adam Engel
Necropolis Now
Website of Day
Remember Song
March 4, 2008
Wajahat Ali
Mumbo
Jumbo: Naming Names with Ishmael Reed
William Blum
How Could Hillary Have Known?
Bill Quigley
The Cleansing of New Orleans
Ralph Nader
The Prince Harry Solution
Patrick Irelan
Oil and Health in Venezuela
James J. Brittain
/
R. James Sacouman
Uribe's Colombia is Destabilizing a New Latin America
Norman Solomon
The War Election
Jacob Hornberger
Hillary in Waco: the Missing Apology
Andy Worthington
Guantánamo and the European Parliament
Mike Averko
Kosovo and the Press
Website of the Day
Tex-Mex Primary
March 3, 2008
Jennifer Loewenstein
Gazan Holocaust
Alan Farago
American Politics and the Faltering Economy
Richard Gott
Colombian Deaths in Ecuador
Wajahat Ali
Who Speaks for a Billion Muslims? Analyzing the World Gallup
Poll with John Esposito
Paul Craig Roberts
The Mukasey Conspiracy: a Bi-Partisan Attack on the Constitution
Robert Weissman
When Multinationals Say Adieu
Uri Avnery
Good Morning, Hamas
Martha Rosenberg
When Your Meat is a Downer
Eva Liddell
Leave the Next Dance for Bill
Michael Donnelly
Will Ferrell Does Flint
Website of the Day
Muddy Waters: Train Fare Home Blues
March 1 / 2,
2008
Alexander Cockburn
The
Race Card
Paul Craig
Roberts
The
Political Trial of Don Siegelman
Kathleen and Bill Christison
Nader the Best Antidote to American Imperialism
Nelson P. Valdés
Cuba After Fidel
Christopher Brauchli
Meet Mr. Nursultan Nazarbayev: Friend of Bill, George and Dick
Ron Jacobs
Inside the Secret City: Bomb Making at Oak Ridge
John Ross
The New Conquistadores: Spain's Reconquest of Mexico
Robert Fantina
Posturing Over Patriotism: Obama and Those Lapel Pins
Robert Weissman
Hidden in Plain Sight: Human Rights Hypocrisy
Mohammed Omer
Fear in Gaza
Remi Kanazi
Barack Obama and the Politics of Xenophobia
Bob Jackson
Why is Yellowstone Destroying Its Bison Herd?
Richard Rhames
Casual Threats: Loaded with Mercury
Franklin Lamb
Lebanon Awaits the Arrival of the USS Cole
Rannie Amiri
Showboat Diplomacy: US Warships Steam Toward Lebanon
David Michael
Green
The Three Faces of Hillary: the Politics of Flim-Flam
Conn Hallinan
Notes from the Southern Cone
Faheem Hussain
Prince Harry of Afghanistan and the Meaning of Normalcy
Poets' Basement
Gibbons, Orloski, Gardner and Ford
Website of
the Weekend
The Palestine Chronicle Needs (and Deserves) Your Help!
February 29,
2008
Matt Gonzalez
The
Obama Craze
Jonathan Cook
Academic Freedom? Not for Arabs in Israel
Joshua Frank
Obama and Israel
Anthony DiMaggio
The Unilateral Presidency: Signing Statements and the Rollback
of American Law
Linn Washington, Jr.
Cop Abuse in America
Binoy Kampmark
Hubris and Nemesis
Robert Bryce
Energy Efficiency May be a Good Thing, But It Won't Cut Energy
Use
Sonja Karkar
Australia's Government Continues Its Love Affair with Israel
Dave Lindorff
A Manchurian Candidate in the White House? Obama or Bush?
Website of
the Day
Olduvai George
February 28,
2008
Patrick Cockburn
"Iraq"
Falls Apart
Fred Gardner
The Birth of NAFTA
Michael Levitin
The Crisis in Kosovo is Just Beginning
William S.
Lind
The Fake State of Kosovo
David Macaray
A Ray of Hope for Organized Labor
Stephen Fleischman
Nader's Latest Run: Monkey Wrench or Cattle Prod?
George Wuerthner
The Myths of Forest Health: Why Ecological Logging is an Oxymoron
Laura Carlsen
The North American Union Farce
Carl Finamore
Why the Delta-Northwest Deal Hasn't Taken Off
Michael Dickinson
The Day I Bombed the House of Commons
Website of the Day
Plane Stupid
February 27,
2008
David Rosen
Playing
the Race Card: Obama, Love Across the Color Line and Political
Dirty Tricks
Vijay Prashad
Bomber John: McCain and the 100 Year War
Harvey Wasserman
Incident at Turkey Point: Did Florida Go to the Radioactive Brink?
Andy Worthington
Guantánamo's Shambolic Trials: Pentagon Boss Resigns,
Ex-Prosecutor Joins Defense
Wajahat Ali
Pakistan for Sale: an Interview with Ayesha Siddiqa on Pakistan's
Military Economy
Peter Morici
The Auction-Rate Securities Fiasco: a Drama of Greed and Betrayal
Stephen Philion
Conspiracy Theory, Fears of Betrayal and Today's Anti-War Movement
Michael Donnelly
Obama by Unanimous Decision
Erica Rosenberg /
Janine Blaeloch
After the Land Deals: Will There
be Any Wilderness Left to Protect?
Website of
the Day
Dress Blues
February 26,
2008
Debbie Nathan
Confessions
of a Gitmo Guard
Alan Dershowitz
v. Frank Menetrez
On Finkelstein
Harvey Wasserman
How Ohio Got Nuked
Michael Colby
Ralph Nader vs. the Fundamentalist Liberals
Gary Leupp
Condi vs. Putin on Bullying Belgrade
David Orchard
The New Conquistadors: Canada in Afghanistan
Martha Rosenberg
The Big HRT
Fran Shor
The Electoral Circus and Nader's Sideshow
Serge Halimi
The Dom Perignon Socialist Manifesto: Bernard Henri-Levy's Plan
for the French Left
Global Balkans
Neo-Liberalism and Protectorate States in the Post-Yugoslav Balkans:
an Interview with Tariq Ali
Website of
the Day
Texistentialism
February 25,
2008
Roger Morris
A
Death in Damascus
Anthony DiMaggio
Military
Bases, the Media and the Democrats
Ralph Nader
Why I'm Running
Patrick Cockburn
Iraq Broils
Paul Craig Roberts
Kosovo and the Empire Crazies
Peter Morici
Bernanke's Failing Policies: a Long Recession Looms
Dave Lindorff
General Welch's Whitewash: What We Still Don't Know About That
Minot Nuke Incident
Saul Landau
/
Farrah Hassen
Fanatics, Mountebanks and Drillers: a Bloody Oil Film
Heather Gray
James Orange, Civil Rights Legend
Robert Weitzel
Accomodating Torture
John Halle
Kucinich Goes Down
Website of the Day
Do the Trunk Monkey!
February 23 / 4, 2008
Alexander Cockburn
The
Mushrooming Clouds That Hang Over McCain
Paul Craig
Roberts
Obama
and Global Trade
Wajahat Ali
Omissions of the Commission: an Interview with Phillip Shenon
on the 9/11 Commission
Ralph Nader
Neutering the FDA
Jürgen
Vsych
"What Was Ralph Nader Thinking?"
Fidel Castro
Watching the US Presidential Campaign from Havana
Andy Worthington
Britain's Guantánamo
David Macaray
Unions Under Assault
Jeremy Scahill
The Real Story Behind Kosovo's Independence
David Krieger
Stanley Sheinbaum
Caging the Cold War Monster
Ron Jacobs
Building for the Future
Michael Garrity
The Last, Best Hope for the Northern Rockies
Brian McKenna
Higher Ed's "Civic Engagements" Get Dumbed Down
Missy Beattie
Over the Hill with John McCain
Fred Gardner
American College of Physicians Takes Pro-Cannabis Stand (Mostly)
Boris Kagarlitsky
The Growth of the Russian Labor Movement
Mike Ferner
Kick That Barrel
Dan Bacher
On the Trail with the Border Angels
Christopher
Ketcham
Hillary Goes Where Obama Fears to Tread
Poets' Basement
Davies and Buknatski
Website of
the Weekend
Obama
Mariachi
February 22,
2008
Mike Whitney
The
Bonfire of Capital
Jason Hribal
Elephants and the Circus: The Story of Janet
Liaquat Ali Khan
Arresting Musharraf
Joshua Frank
That Obama Glow: the Nuclear Industry's Golden Child
Dave Lindorff
Vicki's John: Ask Not What She Did for Him, Ask What He Did for
Her!
Liliana Segura
When Torture is Old News: McCain's Blonde Diversion
Robert Fantina
Castro, Bush and Cuba: a Fiasco Waiting to Happen?
Yifat Susskind
The ABCs of Death: Bush vs. Africa's Women
Norm Kent
Pushing 60 with Pot
Website of
the Day
Bush Gets Down in Liberia
February 21,
2008
Saul Landau
Fidel
Steps Aside
Elizabeth Schulte
Left Behind, With No End in Sight: America's Long-Term Unemployed
Helen Redmond
Health Care as a Human Right
Benjamin Dangl
Undermining Bolivia
Michael Levitin
Kosovo's Dilemma
Liam Leonard
Fear and Loathing on the Emerald Isle
Patrick Irelan
Land and Food in Venezuela
Linn Cohen-Cole
Poor Ohio: a Second Letter to Hillary on Her Ties to Monsanto
Michael Simmons
Daydream Believer: John Stewart, the Miles Davis of Folk Music
CounterPunch
News Service
A Message from the Women of Okinawa to US GIs
Website of the Day
Cop Abuse in Shreveport
February 20,
2008
Paul Craig
Roberts
Lies
and Spies
Paul Krassner
My
Brief Encounter with Fidel Castro
Fawzia Afzal-Khan
The
Pakistani Elections
Farzana Versey
The
Great Dictator: Musharraf, Peace and the Autumn of the Patriarch
Allan Nairn
Dying for a Second Round: Israel's
New Plan to Attack Lebanon
John V. Whitbeck
If Kosovo, Why Not Palestine?
Niranjan Ramakrishnan
A Balcony Seat to Our Own Balkanization?
Steve Eckardt
Cuba Sans Fidel: No News is Big News
Lee Sustar
Union-Busting at Freightliner
Mike Ferner
How Sick of It are You?
Website of the Day
The US Military Index
February 19,
2008
Uri Avnery
Blood
and Champagne
Paul Craig
Roberts
Paying
Insurgents Not to Fight
Gary Leupp
The Independence of Kosovo
Fidel Castro
The Moment Has Come
David Macaray
Management's Dirty Little Secret
Reza Fiyouzat
Buck the Circus! The Left and the Elections
Valerie Morse
The New Zealand Terror Raids: Land of the Long White Lie
Walter Brasch
Bush on Safari
Website of the Day
Don't Think Twice, It's Alright
February 18,
2008
Wajahat Ali
Free
Pakistan: an Interview with Imran Khan
Diana Johnstone
NATO's
Kosovo Colony
Paul Craig Roberts
What Do We Stand For?
Andy Worthington
Gitmo: "We're Making This Up as We Go Along"
Debbie Nathan
Bernie Ward's Sex Tapes
Anthony DiMaggio
Following the Money Trail: the Democratic Party and the Business
of Elections
Bill Simpich
Ten Years Ago, People Power Stopped Clinton in Iraq
Eva Liddell
A Short History of Super-Delegates: Hope, Yes! But Pay in Cash
Christopher Brauchli
The President Who Couldn't Keep His Word: Short-Changing Veterans
Stephen Soldz
Wikileaks is Under Attack!
Johann Rossouw
The Ouster of Thabo Mbeki: South Africa and the Costs of Neoliberalism
Website of
the Day
Sick of It Day!
February 16
/ 17, 2008
Alexander Cockburn
The
Terrorists Still at Ground Zero, 7 World Trade Tower, Lower Manhattan
Ralph Nader
We
the Corporations ...
David Macaray
The Big Buy Out: Did GM Drive Another Nail in Labor's Coffin?
William J.
Peace
Wheelchair Dumping
Ron Jacobs
War on the Psyche: Shellshock and Redemption
Diane Christian
War Corrupts
Alan Maass
Oil, Blood and Greed: Taking Upton Sinclair to the Big Screen
(and Beyond)
Ramzy Baroud
Iraq and the US Elections
Michael Donnelly
Genitalia First! Old Guard Feminists Play the XX Card
Cpt. Paul Watson
The Art of Finding Whalers
James L. Secor
China Diary: Spring Festival and New Year 2008
Eve Bachrach
Bush Returns to Africa
Nikolas Kozloff
Hugo Chávez's Anti-Imperialist Army
Stephen Gowans
Steven Spielberg, Faux-Humanitarian
Missy Beattie
To Vote or Not to Vote?
David Michael
Green
Warming Slowly to Obama
Wajahat Ali
Attack of the Info-tainment Circus
Poets' Basement
Gibbons, Willson, Mickey Z., Orloski and Reuther
Website of the Day
Yellowstone's Bison Need Your Help--NOW!
February 15,
2008
George Szamuely
The
Absurdity of "Independent" Kosovo
Patrick Cockburn
Ground-Truthing the Surge: Is the US Really Bringing Stability
to Baghdad?
Wajahat Ali
Pakistan is Burning: an Interview with Steve Coll on the Taliban,
Bin Laden and the Bush Administration
Mike Whitney
Henry Paulsen's Wild Ride on the Economic Hindenberg
Alan Farago
God and the Democrats
Chris Genovali
Alberta's Black Gold Rush
Jacob Hornberger
Courting Injustice: Scalia on Torture
Dave Lindorff
Snoops Always Ring Twice: Bush's Protect America Bill Bull
Website of the Day
Live From the Land of Hopes and Dreams
February 14,
2008
Kathleen and
Bill Christison
Palestine
in the Mind of America
Mike Whitney
Swan Song for NATO
Clancy Sigal
Strike Notes from a Screenwriter
George Wuerthner
A Bloody Sham: the Yellowstone Bison Slaughter
Peter Morici
Is Bernanke Headed for the Exit?
John Ross
Drug War Mayhem Boils Over from Border to Border
Allan Nairn
Mafia Rules in the Middle East: If You're Big Enough, You Can
Whack Anyone
Rannie Amiri
Lebanon's Warmongers
Niranjan Ramakrishnan
The New Tractatus: Where Wittgenstein Meets Feinstein
Donna Volatile
Be Careful What You Vote For, You Just Might Get It
Seth Sandronsky
The Student Squeeze: Fighting California's Tuition Hikes
Website of
the Day
Conventions: the Land Around Us
February 13,
2008
Nikolas Kozloff
Meet
John McCain: Mr. Big Stick in Latin America
Alan Farago
Hell to Pay: Warren Buffett on the Goal Line
Christina Kasica
King's Dream Foreclosed: the Subprime Crisis in Black America
Vicente Navarro
How to Read the U.S. Primaries
Hall Greenland
Australia's Finest Hour
Lee Sustar
Strange Stimulation: Too Little for Those Who Need It Most
David Macaray
The Writers' Strike Finally Ends
Roderick Frazier
Nash
Celebrating Wilderness
Patrick Irelan
Hugo Chávez and High Anxiety at the NYT
Anthony Papa
Mean Mister Mukasey: AG Tries to Block Crack Cocaine Releases
Carl Finamore
Another Parade Passes Me By: Don't Let Your Movement be Coopted
by Politicians
Website of
the Day
John He Is
February 12,
2008
Frank J. Menetrez
The
Case Against Alan Dershowitz
Paul Craig
Roberts
War Without End
Dr. Trudy Bond
The Elephant at Gitmo: Camp 7 and the Torturer's Shrink
Andy Worthington
The Guantánamo Six: Why Charge Them Now? What About the
Torture?
Col. Dan Smith
The Psychology of Killing: Close In or Far Away?
Ronnie Cummins
Globalization: Standing at the End of the Road
Ralph Nader
Open the Government
John V. Walsh
Antiwarriors, Divided and Conquered
Dave Lindorff
Obama and Progressive Change: Let's Hope the Movement Transforms
the Candidate
Michael Donnelly
Who's Pimping Whom? The Clintons' Selective No Talk Rules
Ron Jacobs
La Lucha Continua: Castro's "Life"
Ben Tripp
Beggars Collide
Website of the Day
Springsteen and Youngstown
February 11,
2008
Cockburn /
St. Clair
Lessons
for Obama: When is a Delegate Not a Delegate?
Wajahat Ali
A Discussion with Walt and Mearsheimer on the Israel Lobby
Ray McGovern
Waterboarding for God and Country
Allan Nairn
The Shooting of Jose Ramos Horta
Uri Avnery
An End Foreseen?
Chris Floyd
American
Psycho: the Meaning of Mitt Romney's Exit Speech
Martha Rosenberg
School Lessons in a Lunchbox: Lunchmeat from Tortured Cows
Stephen Fleischman
The Bonnie and Clyde of American Politics
Marc Lamont Hill
Not My Brand of Hope
Liliana Segura
Obama and Torture: the Sounds of Silence and Equivocation
Peter Morici
Challenges for the New President
Christopher
Brauchli
A Drug Rant from a Former Taker
Website of the Day
Annie vs. the Blue Angels
February 8
/ 10, 2008
Paul Craig
Roberts
Does
the GOP Have Aces Up Its Sleeves?
Patrick Cockburn
Will Moqtada al-Sadr's Truce Hold?
Mike Whitney
The Great Bust of '08
Anthony DiMaggio
How the Press Covers Waterboarding
Andy Worthington
The Guántanamo Trials: Where are the Terrorists?
Linn Cohen-Cole
Hillary, Will You Renounce Your Ties to Monsanto?
Firmin DeBrabander
Notes from the Foreclosure Front: Suing Your Way to Solvency
Cpt. Paul Watson
The Other Whaling Industry: How Greenpeace Cashes In on the Suffering
and Deaths of the Great Whales
Kenneth S. Pope
Why I Resigned from the American Psychological Association
Jacob G. Hornberger
American Soldiers Will Pay the Price for Bush's Torture Policy
Robert Bryce
Beyond Group Think on Climate Change: If More CO2 is Bad ...
Then What?
P. Sainath
The Last of the Buccaneer Editors
Allan Nairn
Give Me Back My Land
Fred Gardner
/
Pebbles Trippet
"The District Attorney of Shasta County Doesn't Know the
Law!"
Andrew Wimmer
Growing Up Catholic: Ignorance is Death
Robert Fantina
America's Disgrace: the Case of Omar Khadr
David Michael Green
Partycide in Six Easy Steps: Watch the Democrats Destroy Themselves
Kevin Zeese
Is Dennis Kucinich Being McKinney'd?
Peter Morici
Wall Street Gives Bernacke a Vote of No Confidence
Chris Driscoll
Could Nader be the Come-Back Kid of 2008?
Prairie Miller
Black August: Bringing George Jackson's Life to the Screen
Poets Basement
Davies and Buknatski
February 7,
2008
Patrick Cockburn
Why
Baghdad Will Explode Again
Bill Christison
Potholes Bigger Than Ever for Palestinians
David Anderson
NBC's "To Entrap" a Predator: Perverting Justice for
the Sake of Ratings
Ron Jacobs
Innocent Flesh: Recruiting Kids to Kill
Nikolas Kozloff
Hugo Chávez's Coca: It's the Real Thing
Jane Rockefeller
The Moral Economy of an Anti-Poverty Foundation
Andy Worthington
On Waterboarding: Two Questions for Michael Hayden
|
Weekend
Edition
March 15 / 16, 2008
Save the Economy,
Dismantle the Empire
A
Grand Global Bargain?
By MICHAEL HUDSON
Today's deepening financial and economic
crisis cannot be alleviated without addressing a number of problems
that the public does not really want to hear about. Even to cite
them raises a wall of cognitive dissonance.
For starters, today's debt
problem is not marginal, but has become structural--and structural
problems cannot be solved with merely marginal palliatives. What
Alan Greenspan called "wealth creation" turned out
to be asset-price inflation--bidding up property values and the
stock market on credit. The Bubble Economy loaded down households,
real estate and entire companies with debt, while the Bush tax
cuts for the higher tax brackets forcled to soaring federal,
state and local budgets much more deeply into debt.
This policy could continue
as long as debt inflated property prices at a faster rate than
the interest rate that had to be paid. But paying interest and
amortization charges diverted consumer and business spending
away from consumption and production. This is what the term "debt
deflation" means. The financial and property sectors received
the income formerly spent on goods and services. If one has to
pay dDebt service is not available to on loans that were issued
to bid up real estate and stock prices, this income cannot be
spent on consumer goods (for homeowners) or for capital investment
(for debt-leveraged companies). The effect iwas to slow sales
and business income, and hence the commercial rental and real
estate market.
By 2006 a point was reached
where debt service grew to exceed operating income or the ability
of many homeowners to carry--especially when interest rates jumped.
The Fed's bailout idea of bailouts of bad debts is simply to
lend debtors enough to pay their bankers and other creditors,
subsidizing their insolvency with enough to keep current on obligations
theyn cannot otherwise afford. The alternative is negative equity:
the sale of homes, office buildings and companies pledged as
collateral and sold at prices below the mortgage or bond loan
value. Such subsidy merely buys time for the debt problem to
become even more deeply engrained.
The reality is that the existing
level of debts cannot be paid. The problem is by no means confined
to the bottom of the economic pyramid, but is concentrated at
the top. The U.S. Government itself turns out to be the world's
largest  subprime debtor. Its $2.5 trillion
debt to foreign central banks--and even larger private-sector
debt to other foreigners--cannot be paid, given the nation's
heavy military and trade deficits. Recognition of this political
fact at the core of the international financial system has led
foreign governments and investors to dump dollar-denominated
bonds and stock. This has driven down the dollar's exchange rate,
raising dollarized prices for oil and other raw materials.
What is ironic is that tThe
larger the U.S. trade deficits and foreign military spending
have grown, the more of these dollars are turned over to foreign
central banks by foreign exporters and other recipients of U.S.
funds. Central banks then find themselves with little to spend
their money on, except to buy U.S. Treasury securities. They
have bought so many that Americans have not had to bear the cost
the U.S. federal budget deficit by buying the bonds to finance
it. Foreigners have bought themse bonds. This means that, iIn
effect, they have loaned the U.S. Government the dollars and
foreign exchange to wage its war in the Near East--a war that
most foreign voters do not support! To fund the U.S. payments
deficit and federal budget deficit is to subsidize this war.
In the last few years, foreign
governments have sought some alternative to buying U.S. Treasury
bills. But when the Chinese sought to buy Union Oil assets, Congress
vetoed the deal, accusing government ownership of leading down
the road to serfdom. For China to buy into U.S. privatizations,
it would have to believe that the U.S. Congress would let it
raise road tolls and other infrastructure access fees by enough
to compensate it for the dollar's decline. The more likely response
would be new complaints against the Yellow Peril. So foreign
governments are finding themselves stuck with dollars they cannot
use to buy real U.S. assets, and also cannot buy spend on U.S.
exports now that the country is de-industrializing. All they
can do is lend money to the U.S. Government.
This is the road that drove
the Medici bankers bankrupt a few centuries ago. By 1776, Adam
Smith was led to conclude that no government ever had repaid
its foreign debt. No private sector has reduced its debt level
for long either--except through bankruptcy, moratorium and repudiation.
These are the options that face us today. But they are not politically
acceptable for public discussion. The last time the economics
profession addressed the global debt problem was in the 1920s,
in response to the unpayably high level of German reparations
and Inter-Ally arms debts to the United States. Since that time
there has been much talk of monetary theory, but little attention
to measuring the ability of economies to carry their domestic
and foreign debt overhead.
This week the Fed tried to
reverse the plunge in asset prices by flooding the banking system
with $200 billion of credit. Banks were allowed to turn their
bad mortgage loans and other loans over to the Federal Reserve
at par value (rather at just 20% "mark to market" prices).
The Fed's cover story is that this infusion will enable the banks
to resume lending to "get the economy moving again."
But the banks are using the money to bet against the dollar.
They are borrowing from the Fed at a low interest rate, and buying
foreign euro-denominated bonds yielding a higher interest rate--and
in the process, making a currency gain as the euro rises against
dollar-denominated assets. The Fed thus is subsidizing capital
flight, exacerbating inflation by making the price of imports
(headed by oil and other raw materials) more expensive. These
commodities are not more expensive to European buyers, but only
to buyers paying in depreciated dollars. (This also squeezes
Latin America and other countries in the dollar area.)
The Fed's behavior (not only
under Alan Greenspan) raises the question of whether central
banks really are necessary. Their idea always has been to sponsor
creditor-oriented rules, financial deregulation, and to bail
out to the financial sector at public expense, painting the economy
into a debt corner. But having done so, the Federal Reserve cannot
solve the problems it has created under the Greenspan regime.
Its role--and indeed, that of central banks in general--is to
pursue precisely the kind of policies that have created today's
financial quandary.
Ever since the Bank of England
was founded in 1694, central banks throughout the world have
represented the interests of the commercial banking system. Unfortunately,
the financial time frame always has been short-term. Banks make
money by finding more and more clients to borrow funds, while
investment bankers and brokerage houses take their commissions
and run. Their interest is in promoting a Bubble Economy that
will induce real estate buyers and corporate raiders to borrow
so as to ride the wave of asset-price inflation. This borrowing
seems at first to be self-sustaining as borrowers bid up prices
for property, stocks and bonds. These assets then can be pledged
as collateral for even larger loans as prices and debts rise
together.
This is the kind of "wealth
creation" for which Mr. Greenspan sought to take credit.
But alas, it is not a process that provides stability for the
economy at large. As the financial sector's interests have come
to be opposed to those of the "real" economy of consumers
and producers, Federal Reserve policy seeks to solve the debt
problem with yet more debt, in the form of bailouts to
banks that have made bad loans. The bailout is designed to enable
banks to lend money to support asset prices and preserve the
market price of collateral pledged to back their mortgage loans
and lending to highly leveraged companies and hedge funds. In
bailing out banks to increase their loans to achieve these ends,
the Fed has become an active player in a financial war to indebt
real estate, labor and industry all the more.
The result is an unprecedented
intrusion of Big Government, not in a socialist manner but one
that uses the public purse to proteduct finance and property
at the top of the economic pyramid. This is done by leading down
a uniquely financial road to serfdom, by promoting a regime of
debt peonage. Via the Federal Reserve system, the government
is "solving" the ending of the Bubble Economy by providing
enough loans to indebt industry and agriculture, labor and tangible
capital as it borrows the money to pay debt service on loans
that otherwise would fall into default.
But as noted above, the most
problematic debt is foreign debt, and the major subprime international
debtor is the U.S. Government. It is now indebted to foreign
governments (via their central bank holdings of $2.5 trillion
in dollar reserves) and to private investors (another few trillion)
beyond the nation's ability to pay, not to mention beyond its
political willingness to do so. That is why foreigners no longer
are accepting the dollars being thrown off by U.S. consumers,
U.S. investors buying foreign enterprises, and the U.S. military
extending its bases abroad.
And as the dollar falls, import
prices rise, headed by fuels and minerals.
Something has to give. How
can homeowners and businesses pay their debts, if their operating
costs for heating, electricity and transport are absorbing their
income?
The only way to stop this hemorrhaging
is to negotiate a debt writeoff, starting with the U.S. Treasury
bonds held by foreign central banks. But what does the United
States have to offer? To ask foreign governments to make an economic
sacrifice of this magnitude cannot be negotiated without the
U.S. Government negotiating a grand global bargain. Having little
quid pro quo to offer, the most promising way to get foreign
countries to voluntarily give up their financial claims on the
U.S. economy must include the one thing America can offer--the
military dimension.
There is only one way that
I can see this being done. The United States would agree to dismantle
all its overseas military bases (or at least, those outside of
the Western Hemisphere). This would mean relinquishing its dream
of imposing world hegemony by force of arms. This also would
free it--and other countries--from the post-Cold-War arms race.
It would help revive the "real" economy's production
and consumption by freeing revenue for spending on consumption
and new direct investment. In the process it would free the United
States from "Pentagon capitalism," that is, cost-plus
production contracts that seemingly has led American industrial
engineering to be incapable of cost-minimizing production methods,
thereby losing what used to be its competitive technological
advantage.
Foreign countries are coming
to view the United States from the same perspective that the
Bush Administration viewed other countries: Any economic potential
is by definition military in character. It follows that what
COULD be, should be stifled at the outset. The United
States has become the world's major aggressive destabilizing
force. Without dealing openly with this military "elephant
in the room," any alleviation of foreign claims on the U.S.
economy by foreign governments would simply permit America to
maintain and even to increase its global military presence, building
yet more foreign bases and imposing a yet larger balance-of-payments
drain on the dollar. "Supporting the dollar" is synonymous
with subsidizing the Executive Branch's addiction to hegemonic
military diplomacy.
Unfortunately, this is not
a truth that the American public wants to hear.
Michael Hudson, a professor of economics at the University
of Missouri at Kansas City, was Chief Economic Advisor to the
Kucinich-for-President campaign. He is the author of Super
Imperialism: The Economic Strategy of American Empire.
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