|
|
Calling All CounterPunchers!
|
home / subscribe / donate / books / t-shirts / search / links / feedback / events / faq
Calling All CounterPunchers!
Annual Fundraising AppealWe interrupt your regular reading habits to bring you the following important announcement: CounterPunch needs your financial support!
We're not in the habit of making idle threats and this isn't one. Either we meet our fundraising goal of $75,000 over the next three weeks or we'll be forced to drastically curtail the operation of our website. It's near the end of our year and the wolves are gathering at the door.
CounterPunch's website is supported almost entirely by subscribers to the print edition of our
newsletter. We don't clutter the site by selling annoying popup ads. We tried getting money out of Google, but they gave us the boot. We aren't on the receiving end of six-figure grants from big foundations. George Soros doesn't have us on retainer. And we don't sell tickets on cruiseliners.
The continued existence of CounterPunch depends solely on the support and dedication of our readers. And we know there are a lot of you. We get thousands of emails from you every day. Our website receives millions of hits and nearly 100,000 readers each day-and those numbers grow by the month. Of course, all these readers chew up a lot of bandwidth and that costs money.
Barack Obama came into office preaching hope and promising change. Nine months later, hope is diminishing and change has yet to arrive. From the cratering economy to the wars in Iraq and Afghanistan, from warrantless wiretaps to a fatally compromised health care plan, from banker bailouts to ongoing rendition flights, this new administration governs a lot like the old. In spite of this, many progressive outlets have gone soft on Obama. We haven't. That's why so many of you have found a refuge at CounterPunch and made us your homepage. You tell us that you love CounterPunch because the quality of writing you find here every day and because we never flinch under fire. We appreciate the support and are prepared for the fierce battles to come.
Unlike many other outfits, we don't hit you up for money every month ... or even every quarter, like our friends at Antiwar.com. We only ask for your support once a year. But when we ask, we mean it. Please, use our secure server make a tax-deductible donation to CounterPunch today or purchase a subscription and a gift sub for someone or one of our award winning books (or a crate of books!) as holiday presents. (We won't call you to shake you down or sell your name to any lists--even Dick Cheney's.)
To contribute by phone you can call Becky or Deva toll free at: 1-800-840-3683
Onward,
Alexander, Jeffrey, Becky, Alya, Deva, Kimberly and Marc
CounterPunch
PO Box 228, Petrolia, CA 95558
|
Today's Stories October 26, 2009 Bill Quigley / October 23-25, 2009 Alexander Cockburn Christopher Ketcham Jeff Gore Gareth Porter Jayne Lyn Stahl Saul Landau Mike Whitney Nikolas Kozloff Ron Jacobs Russell Mokhiber Missy Beattie Ricardo Alarcón de Quesada Stephen Lendman David Ker Thomson Rannie Amiri Ronnie Cummins Norm Kent Charles R. Larson David Yearsley Lorenzo Wolff Ben Sonnenberg Kim Nicolini Poets' Basement Website of the Weekend October 22, 2009 Dan Pearson / Jonathan Cook Paul Craig Roberts The US as Failed State Mark Engler Johann Hari Brian M. Downing Eric Toussaint Tom Mountain Israel Shamir Charles Thomson Website of the Day October 21, 2009 Pam Martens Linn Washington, Jr. Liaquat Ali Khan D. K. Wilson Franklin Lamb Norman Solomon Stephen Fleischman Patrice Higonnet Binoy Kampmark Kevin Coval / Website of the Day October 20, 2009 Sharon Smith Tariq Ali Mark Brenner Bouthaina Shaaban Michael D. Yates Dean Baker Dave Lindorff John Ross Ricardo Alarcón de Quesada Kevin Zeese Gilad Atzmon Website of the Day October 19, 2009 Mike Whitney Greg Moses John Ross Michael Donnelly Jayne Lyn Stahl Eric Walberg Russell Mokhiber Barbara Rose Johnston John V. Whitbeck Christopher Ketcham Website of the Day October 16-18, 2009 Alexander Cockburn Saul Landau Paul Craig Roberts Carl Ginsburg Ralph Nader Nikolas Kozloff Carlo Galli Dave Lindorff Catherine Rottenberg
/ Neve Gordon Marshall Auerback Nicola Nasser Windy Cooler James L. Secor Ron Jacobs Wes Jackson Jesse Lerner-Kinglake David Ker Thomson Against Leaders Missy Beattie Emily Ratner Stephen Martin Michael Snedeker Charles R. Larson David Yearsley Peter Stone Brown Poets' Basement Website of the Weekend October 15, 2009 Andrew Cockburn Brian M. Downing Ramzy Baroud Danny Weil M. Idrees Ahmad Margaret Kimberley Ricardo Alarcón de Quesada Harvey Wasserman Nirmal Ghosh Charles R. Larson Website of the Day October 14, 2009 Michael Neumann M. Reza Pirbhai Gareth Porter Paul Craig Roberts John Strausbaugh Fortress Moon Ralph Nader Dean Baker Charles Modiano Nadia Hijab Walter Brasch Website of the Day October 13, 2009 Peter Linebaugh Shamus Cooke John Ross Brendan Cooney Frida Berrigan Yves Engler David Macaray Dave Lindorff Mark Weisbrot Ricardo Alarcón de Quesada Binoy Kampmark Website of the Day October 12, 2009 Pam Martens Mike Whitney Martha Rosenberg Jessica Arents Eamonn McCann Bill Hatch Sen. Russell Feingold Niranjan Ramakrishnan Gideon Levy Iyad Burnat Alan Cabal Dan Bacher Website of the Day October 9-11, 2009 Alexander Cockburn James Bovard Kathleen and Bill Christison Andy Worthington Marc Levy Tariq Ali Mike Whitney Paul Craig Roberts Alan Nasser Jack Z. Bratich Steve Breyman David Michael Green Dave Lindorff Paul Buchheit Jim Goodman Missy Beattie Michael Leonardi Nadia Hijab Mel Packer David Macaray James T. Phillips Charles R. Larson Michael Donnelly David Yearsley Lorenzo Wolff Poets' Basement Website of the Weekend October 8, 2009 Saul Landau Paul Fitzgerald / Linn Washington, Jr. Marshall Auerback Dave Lindorff David Rosen Chris Darimont / Misty MacDuffee John V. Walsh Stewart Lawrence Charles R. Larson Website of the Day October 7, 2009 Brendan Cooney Paul Craig Roberts Dean Baker Jonathan Cook John Stanton Joanne Mariner Ricardo Alarcón de Quesada Stephen Lendman Sen. Russell Feingold Mary Lynn Cramer Website of the Day October 6, 2009 Mike Whitney Gareth Porter Jonathan Cook Boris Kagarlitsky Iain Boal Ron Jacobs John Ross Michael Dickinson Stephen Fleischman Ira Glunts Missy Beattie Website of the Day October 5, 2009 Pam Martens Mike Whitney Paul Craig Roberts Harry Browne Sara Mann Omar Barghouti Shamus Cooke Brenda Norrell Fred Gardner Binoy Kampmark Copenhagen Blues: McChrystal and the Afghan Trap Website of the Day October 2-4, 2009 Alexander Cockburn Saul Landau Diana Johnstone Greg Moses William Blum Brian Cloughley Russell Mokhiber John Ross Ellen Brown David Ker Thomson David Macaray Gary Engler Robert Fantina Lisa Stolarski / Naomi Archer Anthony Papa Joe Allen Harry Browne Ron Jacobs Charles R. Larson David Yearsley Poets' Basement Website of the Weekend
|
The Financo-StateAre You Ready for the Next Crisis?By PAUL CRAIG ROBERTS Evidence that the US is a failed state is piling up faster than I can record it. One conclusive hallmark of a failed state is that the crooks are inside the government, using government to protect and to advance their private interests. Another conclusive hallmark is rising income inequality as the insiders manipulate economic policy for their enrichment at the expense of everyone else. Income inequality in the US is now the most extreme of all countries. The 2008 OECD report, “Income Distribution and Poverty in OECD Countries,” concludes that the US is the country with the highest inequality and poverty rate across the OECD and that since 2000 nowhere has there been such a stark rise in income inequality as in the US. The OECD finds that in the US the distribution of wealth is even more unequal than the distribution of income. On October 21, 2009, Business Week highlighted a new report from the United Nations Development Program concluded that the US ranked third The stark increase in US income inequality in the 21st century coincides with the offshoring of US jobs, which enriched executives with “performance bonuses” while impoverishing the middle class, and with the rapid rise of unregulated OTC derivatives, which enriched Wall Street and the financial sector at the expense of everyone else. Millions of Americans have lost their homes and half of their retirement savings while being loaded up with government debt to bail out the banksters who created the derivative crisis. Frontline’s October 21 broadcast, “The Warning,” documents how Federal Reserve Chairman Alan Greenspan, Treasury Secretary Robert Rubin, Deputy Treasury Secretary Larry Summers, and Securities and Exchange Commission Chairman Arthur Levitt blocked Brooksley Born, head of the Commodity Futures Trading Commission, from performing her statutory duties and regulating OTC derivatives. After the worst crisis in US financial history struck, just as Brooksley Born said it would, a disgraced Alan Greenspan was summoned out of retirement to explain to Congress his unequivocal assurances that no regulation of derivatives was necessary. Greenspan had even told Congress that regulation of derivatives would be harmful. A pathetic Greenspan had to admit that the free market ideology on which he had relied turned out to have a flaw. Greenspan may have bet our country on his free market ideology, but does anyone believe that Rubin and Summers were doing anything other than protecting the enormous fraud-based profits that derivatives were bringing Wall Street? As Brooksley Born stressed, OTC derivatives are a “dark market.” There is no transparency. Regulators have no information on them and neither do purchasers. Even after Long Term Capital Management blew up in 1998 and had to be bailed out, Greenspan, Rubin, and Summers stuck to their guns. Greenspan, Rubin and Summers, and a roped-in gullible Arthur Levitt who now regrets that he was the banksters’ dupe, succeeded in manipulating a totally ignorant Congress into blocking the CFTC from doing its mandated job. Brooksley Born, prevented by the public’s elected representatives from protecting the public, resigned. Wall Street money simply shoved facts and honest regulators aside, guaranteeing government inaction and the financial crisis that hit in 2008 and continues to plague our economy today. The financial insiders running the Treasury, White House, and Federal Reserve shifted to taxpayers the cost of the catastrophe that they had created. When the crisis hit, Henry Paulson, appointed by President Bush as Rubin’s replacement as the Goldman Sachs representative running the US Treasury, hyped fear to obtain from “our” representatives in Congress with no questions asked hundreds of billions of taxpayers’ dollars (TARP money) to bail out Goldman Sachs and the other malefactors of unregulated derivatives. When Goldman Sachs recently announced that it was paying massive six and seven figure bonuses to every employee, public outrage erupted. In defense of banksters, saved with the public’s money, paying themselves bonuses in excess of most people’s life-time earnings, Lord Griffiths, Vice Chairman of Goldman Sachs International, said that the public must learn to “tolerate the inequality as a way to achieve greater prosperity for all.” In other words, “Let them eat cake.” According to the UN report cited above, Great Britain has the 7th most unequal income distribution in the world. After the Goldman Sachs bonuses, the British will move up in distinction, perhaps rivaling Israel for the fourth spot in the hierarchy. Despite the total insanity of unregulated derivatives, the high level of public anger, and Greenspan’s confession to Congress, still nothing has been done to regulate derivatives. One of Rubin’s Assistant Treasury Secretaries, Gary Gensler, has replaced Brooksley Born as head of the CFTC. Larry Summers is the head of President Obama’s National Economic Council. Former Federal Reserve official Timothy Geithner, a Paulson protege, runs the Obama Treasury. A Goldman Sachs vice president, Adam Storch, has been appointed the chief operating officer of the Securities and Exchange Commission. The Banksters are still in charge. Is there another country in which in full public view so few so blatantly use government for the enrichment of private interests, with a coterie of “free market” economists available to justify plunder on the grounds that “the market knows best”? A narco-state is bad enough. The US surpasses this horror with its financo-state. As Brooksley Born says, if nothing is done “it’ll happen again.” But nothing can be done. The crooks have the government. Note: The OECD report shows that despite the Reagan tax rate reduction, the rate of increase in US income inequality declined during the Reagan years. During the mid-1990s the Gini coefficient (the measure of income inequality) actually fell. Beginning in 2000 with the New Economy (essentially financial fraud and offshoring of US jobs), the Gini coefficient shot up sharply. Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He is coauthor of The Tyranny of Good Intentions.He can be reached at: PaulCraigRoberts@yahoo.com |
Now Available from CounterPunch Books! Yellowstone Drift:
"Powerful and shocking ..
Waiting for
Lightning
|
