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Today's
Stories
March 30, 2004
Bill Christison
The 9/11 Commission: Dangerous
Harbringer for the Future
March 29, 2004
John Maxwell
Crisis
in the Caribbean: a Miasma Foretold
J. Michael Springmann
Email
Spying & Attorney Client Privilege
Robert Fisk / Severin
Carrell
Coalition
of the Mercenaries
The Black Commentator
Haiti's Troika of Terror
Doug Giebel
Candide in the Wilderness:
How Bush Policy Was Made
David Krieger
The Nuclear Non-Proliferation
Bargain
Mike Whitney
Rejecting the Language of Terrorism
Richard Oxman
The Pitts: a 9/11 Burrow of an American
Family
Kim Scipes
The AFL-CIO in Venezuela: Deja Vu All Over Again
Michael Donnelly
End Game for Northwest Forests
Norman Solomon
The Media Politics of 9/11
Kathy Kelly
Last Lines Before Vanishing
Website of the Day
Swans: Can Money Buy Everything?
March 27 / 28, 2004
Jennifer Loewenstein
A
Journey to Rafah
Jeffrey St. Clair
Empire of the Locusts
Gary Leupp
The Yassin Assassination: Prelude to an Attack on Syria
William A. Cook
The Yassin Assassination: a Monstrous Insanity Blessed by the
US
Faheem Hussain
Some Thoughts on Waziristan: Once and Always a Colonial Army
Elaine Cassel
Is Playing Paintball Terrorism?
Larry Birns / Jessica
Leight
Disturbing Signals: Kerry and Latin America
John Ross
Bush Tells the World: "Drop Dead"
John Eskow
A Memo to Karl Rove from the Hollywood Caucus
Alan Maass
Who Are the Real Terrorists?
Dave Lindorff
Spineless of US Journalists
Joe Bageant
Howling in the Belly of the Confederacy
Dave Zirin
Reasonable Doubt: Why Barry Bonds is Not on Steroids
Craig Waggoner
Who Would Mel's Jesus Nuke?
The Kerry Quandry
Joel Wendland
Marxists
for Kerry
Josh Frank
Scary,
Scary John Kerry
Matt Vidal
Spoilers, Electability and the Poverty of American Democracy
Poets' Basement
LaMorticella, Hamod, Guthrie, Davies and Albert
Website of the Weekend
Say a Little Prayer
March 26, 2004
Christopher Brauchli
There's
a Chill Over the Country
Robert Fisk
The Man Who Knew Too Much: the Ordeal
of Mordechai Vanunu
Joe DeRaymond
Democracy in El Salvador? Think Again
Mike Whitney
Lessons on Apartheid from Ariel Sharon
Mickey Z.
Somalia and Iraq: Looking Back and Ahead
Chris Floyd
The Pentagon Archipelago
CounterPunch Photo Wire
Cheney's Close Shave?
John Breneman
Bush's Comic Bomb
Website of the Day
Dick
is a Killer
March 25, 2004
Lee Sustar
Who
is to Blame for Lost Jobs?
Standard Schaefer
An
Interview with Michael Hudson on Offshore Banking Centers
Roger Burbach
Lula vs. the IMF: Brazil Begins
to Throw Off the Austerity Planners
Jimmer Endres
Elections Without Politics: The Military Budget Is Not an "Issue"
Larry Tuttle
Acting in Your Name: Identity Theft and Public Interest Groups
Toni Solo
Misreporting Venezuela
Dan Bacher
A Memorial Wall for Iraq War's Dead and Wounded
Saul Landau
Is
Venezuela Next?
Website of the Day
The Spiral Railway
March 24, 2004
Gary Leupp
General
Musharraf's IOU
Richard Oxman
Shakespeare
for Kerry
William Lind
The Beginning
of Phase Three: 4G Warfare Hits Iraq
Rep. Ron Paul
Iraq One Year Later
Michael Dempsey
Killing Rachel Corrie Again
Alan Farago
The Bad Math of Mercury: Bush's War on the Unborn
Benjamin Dangl
and April Howard
Media
in Cuba
John L. Hess
No Lie Left Behind: Judy Miller Does Dick Clarke
Greg Weiher
Two Cheers for Dems: "We're Not as Bad as George"
Eva Golinger
An Open Letter to John Kerry on Venezuela
Grayson Childs
Where's Cynthia McKinney?
Steve Niva
Israel's Assassinations will Only
Fuel More Suicide Bombings
Website of the Day
The Bushiad and the Idiossey
March 23, 2004
Phillip Cryan
The
Drug War's Next Casualty: Colombia's National Parks
Ron Jacobs
They Shoot Men in Wheelchairs, Too?
Dave Lindorff
A Spanish Parallel: Scare Tactics and Elections
Mike Whitney
Richard Clarke and Teflon George
Brian McKinlay
Bush's Lil' Buddy in Trouble: John Howard Starts to Wobble
JG
Driving Mr. Koon: "Jim Crow Lives Next Door"
Phyllis Pollack
Gettin' Jigga with Metallica: the Battle Over the Double Black
CD
Ahmed Bouzid
Sharon's One-Way Track
Sean Carter
The G-Word Goes to Court: One Nation Under [Your Logo Here]
M. Shahid Alam
World's Greatest Country: Do the Facts Lie
March 22, 2004
Mazin Qumsiyeh
On Extrajudicial
Executions
Uri Avnery
The
Assassination of Sheikh Yassin is Worse Than a Crime
Gilad Atzmon
Sharon's Rampage
Mike Whitney
Guilty Until Proven Innocent: the Story of Captain James Yee
Jason Leopold
Firm With Ties to Cheney Faces Criminal Indictment in Cal Energy
Scam
Greg Moses
Stop
Walling and Stalling: a Report from Houston's Peace March
Phil Gasper
San Francisco: 25,000 March for an End to the Occupation
Lenni Brenner
Report
from NYC: Old and Young Parade for Peace
Julian Borger
The Clarke Revelations
Steve Perry
Karl Rove's Moment
Website of the Day
Enviros Against War
March 20 / 21, 2004
Alexander Cockburn
Gay
Marriage: Sidestep on Freedom's Path
Jeffrey St. Clair
Intolerable Opinions in an Age of Shock and Awe: What Would Lilburne
Do?
Ted Honderich
Tony Blair's Moral Responsibility for Atrocities
Saul Landau / Farrah Hassen
The Plot Against Syria: an Irresponsibility Act
Gary Leupp
On Viewing "The Passion of the Christ"
William A. Cook
Fence, Barrier, Wall
Phil Gasper
Bush v. Bush-lite: Chomsky's Lesser Evilism
Ron Jacobs
Fox News and the Masters of War
John Stanton
Which Way John Kerry? The Senator's Inner Nixon
Justin Felux
Kerry and Black America: Just Another Stupid White Man
Mike Whitney
Greenspan's Treason: Swindling Posterity
Augustin Velloso
Avoiding Osama's Abyss
Lawrence Magnuson
Eyes Wide Open: Is Spain Caving in to Terrorism?
Kathy Kelly
Getting Together to Defeat Terrorism
Tracy McLellan
Scalia & Cheney: Happiness is a Warm Gun
Kurt Nimmo
Emma Goldman for President!
Luis J. Rodriguez
The Redemptive Power of Art: It's Not a Frill
Mickey Z
The Michael Moore Diet
Jackie Corr
When Harry Truman Stopped in Butte
Niranjan Ramakrishnan
The Great Trial of 1922: Gandhi's Vision of Responsibility
Poets' Basement
Stew Albert & JD Curtis
Website of the Weekend
Virtual World Election
March 19, 2004
Jeffrey St. Clair
Zapatero
to Kerry: Back Off, Senator, Our Troops are Coming Home
Ann Harrison
So
Protesters, How Well Do You Know Your Rights?
William MacDougall
Fortress Britain's War on "Economic Migrants"
Greg Moses
Sold American: Cowboy Nation Gets Ready to Vote
Cynthia McKinney
Haiti and the Impotence of Black America: Roll Back This Coup,
Mr. Bush
Norman Solomon
Spinning the Past; Threatening the Future
John L. Hess
"Missing" Evidence and the NYTs
Vicente Navarro
The
End of Aznar, Bush's Best Friend
Website of the War
Naming the Dead
March 18, 2004
Gila Svirsky
Rachel
Corrie, One Year Later: She Never Lost Faith in Decency
Christopher Brauchli
Drilling a Hole in the Sanctions: How Halliburton Made $73 Million
from Saddam
William Kulin
Report from Iraq: Just Another Baghdad Car Bombing
Mike Whitney
Resistance: a Moral Imperative
Rep. Ron Paul
Broadcast Indecency Act: an Indecent Attack on the First Amendment
Josh Frank
The Nader Question
Jack Random
They Lied & They Lost: Madrid and the Lessons of Democracy
Greg Bates
What Makes a Nader Voter Tick? A Survey
Sam Hamod / Alfredo Reyes
Contempt of the World: Hastert, Bush and Cheney on Spain
Gary Leupp
The
Madrid Bombings: the Chickens Come Home to Roost
Website of the Day
Privatizing Armageddon: Buy Your Own Doomsday Key
March 17, 2004
Marjorie Cohn
Spain, the EU and the US: War on
Terror or Civil Liberties?
David MacMichael
Untruth
and Consequences
Michael Donnelly
Wear the Green, But Skip the Green Beer
Tom Stephens
"Steady Leadership": Let the Buyer Beware
Wayne Madsen
Sen. Kerry, Let Me Help You Out
Karyn Strickler
Who Owns the Sierra Club? Anonymous Donors and Rigged Elections
Peter Linebaugh
Bush:
Blanc Blanc
March 16, 2004
Lenni Brenner
James
Madison: the Anti-Clerical Father of the Bill of Rights
Scott Boehm
Madrid
Diary: How to Change World Order in Four Days
Alexander Lynch
From Franco to Aznar: the History
Behind the Spanish Elections
Sam Hamod and Alfredo
Reyes
The Truth About the Spanish Elections: Aznar Was Going Down Anyway
Elizabeth Weill-Greenberg
You Wouldn't Do a Dog This Way:
Executing David Clayton Hill
Mike Whitney
The Case for a Nuclear Iran
Robert Fisk
The Bloody Price of the "War
on Terror"
Bill Christison
The
Aftershocks from Madrid
CounterPunch Photo Wire
The Passion of St. Teresa
Website of the Day
Join the War on Art!
March 15, 2004
Harry Browne
Terror Nothing New to Europe
Mike Whitney
Justice
Not Murder: the Tragic Symmetry of Terrorism
Lidice Valenzuela
Haiti: a Coup without Consultation
Greg Moses
Lessons
from the Texas Primaries: Looking for a Coalition with Legs
Mickey Z.
Depraved Indifference: C-Sections, Patriarchy & Women's Health
Asaf Shtull-Trauring
AWOL
in New York: From Refusenik to Organizer
CounterPunch Wire
Gen. Gramajo Executed by Bees!
March 12 / 14, 2004
Gabriel Kolko
The
Coming Elections and the Future of American Global Power
Saul Landau
Oh, Jesus...It's the Movie!
William Blum
Neo-Con(tradictions)
William S. Lind
Why They Throw Rocks
Rahul Mahajan
The Meaning of Madrid: War on "Terrorism" Makes Us
All Less Safe
Neve Gordon
Demographic Wars
Kurt Nimmo
Kerry and the Progressive Interventionists
Mickey Z.
The "New" UN Blames the Poor
Mike Whitney
War Games: the American Media Leads the Charge
Helen Scott and Ashley
Smith
Aristide's Fall: What Led to the Coup?
Justin E.H. Smith
Loïc Wacquant: Against a Sociodicy
of the American Prison
Brandy Baker
Him Again? Al Gore Needs to Move On
Robin Philpot
Nobody Can Call It a "Plane Crash" Now: the Report
on the Assassination of Rwandan President Habyarimana
Mokhiber / Weissman
The Meat Monopoly Takes a Rare Pounding
Dave Zirin
She Turned Her Back on the War: an Interview with Toni Smith
Daniel Wolff
The Lord's Pier
Hot Stories
Alexander Cockburn
Behold,
the Head of a Neo-Con!
Subcomandante Marcos
The
Death Train of the WTO
Norman Finkelstein
Hitchens
as Model Apostate
Steve Niva
Israel's
Assassination Policy: the Trigger for Suicide Bombings?
Dardagan,
Slobodo and Williams
CounterPunch Exclusive:
20,000 Wounded Iraqi Civilians
Steve
J.B.
Prison Bitch
Sheldon
Rampton and John Stauber
True Lies: the Use of Propaganda
in the Iraq War
Wendell
Berry
Small Destructions Add Up
CounterPunch
Wire
WMD: Who Said What When
Cindy
Corrie
A Mother's Day Talk: the Daughter
I Can't Hear From
Gore Vidal
The
Erosion of the American Dream
Francis Boyle
Impeach
Bush: A Draft Resolution
Click Here
for More Stories.
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March
30, 2004
Insider Trading is the American Way
The
Founding Scam
By MARK SCARAMELLA
The dashing face of Alexander Hamilton, first
Treasurer of the United States, is a fitting portrait for the
$10 bill because back in 1790 he engineered what became the great
insider trading scam that founded the United States of America.
Although the illegitimate son of an itinerant
Scottish merchant and a planter's daughter, Hamilton was a devout
monarchist -- so devout that he spied for the British King while
a founding cabinet member, undermining early treaty negotiations
with England.
Hamilton made his way into George Washington's
graces by studying the famously corrupt English system of finance
and credit, and military theory. As George Washington's aide-de-camp
during the Revolutionary War, Hamilton's assignment was "to
think for me," said Washington, "as well as execute
orders."
Hamilton went on to become a lawyer,
of course, representing the nation's founding money men at 57
Wall Street. This experience, combined with his well-honed intellectual
capacities and his marriage to the extremely wealthy Elizabeth
Schuyler, brought him into contact with New York's richest bankers
and businessmen, not the least of whom was his father-in-law.
At the end of the Revolutionary War,
the loose confederation of states which wore down the British
and forced them to abandon their colonies had accumulated a huge
war debt to soldiers, farmers, tradesmen and suppliers who had
sold goods to the army -- paid in currency called "Continentals."
The Continentals became virtually worthless after the war, yet
they remained in circulation, falling in value and creating price
inflation. The states had borrowed and printed a lot of money
to fight the Brits themselves, too. Many of their currencies
fell in value, reflecting their debt levels; others rose. Financial
confusion reigned. European backers of the Revolution, predominantly
Dutch bankers and the French government, awaited repayment and
US investors awaited assurances of monetary stability.
But "the government" didn't
yet exist and there was no money to pay with.
Would the holders of the Continental
IOUs be stiffed? Would the US try to pass off Continentals to
the Europeans, ruining its credit? Amid factional and geographic
disputes, ordinary American IOU holders expected to be left holding
the bag of Continentals.
But the ingenious Hamilton had other
ideas, ideas known to his banking associates and other insiders.
Hamilton privately convinced President Washington (who didn't
bother himself with financial arcana and left such details to
Hamilton) that the newly formed government should pay off the
debts at full value.
Soon, Hamilton's associates -- bankers,
agents, and speculators -- got wind of the government's secret
plans to pay off the debt in full and bought up the supposedly
worthless Continentals at 10% of their face value, letting the
rubes believe that they'd starve before there would ever be a
government capable of paying them off, or that they'd never be
able to prove that their claims on the government were valid.
But Hamilton's circle knew they stood
to make ten times their money when Hamilton's clever plans were
implemented. The main opposition to Hamilton was Thomas
Jefferson who thought that Hamilton's financial schemes were
too royal, too British, and therefore too corrupt. Jefferson
and James Madison hoped that the nascent government would be
less centralized and more democratic.
Hamilton had General Washington in his
hip pocket, but he had to get Jefferson's agreement on the scheme
before the (mostly southern) states and their representatives
would buy in. So Hamilton arrogantly promised Jefferson that
if Jefferson agreed to the financial system of centralized banks,
credits, and paper money, the capitol of the new country would
be in Jefferson's backyard in Virginia, making it more accessible
to Virginia and other southern states, putting them in a better
position to profit from the access.
Hamilton also proposed that the federal
government assume all the outstanding state debts, convincing
the wealthy representatives of the individual states to sign
on to the Constitution at a Convention -- also famously secret.
And so Jefferson and most of the founders agreed to Hamilton's
plans. In fact, many of the nation's first congressional representatives
had bought up the Continentals themselves and made quick personal
windfalls from the governmental payoff.
With great solemnity they spoke in favor
of Hamilton's plan on the floor of Congress and voted against
James Madison, one of the few to remain unconvinced by Hamilton.
Madison wrote to Thomas Jefferson in July of 1791 and sadly reported,
"Of all the shameful circumstances of this business, it
is among the greatest to see the members of this legislature
who were most active in pushing this job openly grasping its
emoluments."
Hamilton's Treasury Department bought
up the Continentals with dollars at face value and issued new
government bonds to cover it.
Hamilton's stated purpose was to design
a byzantine financial system which would be difficult for ordinary
citizens to understand, larded with British monetary lingo that
even lawyers would find difficult. It would also give those in
charge of issuing credit a powerful ability to influence the
country's unruly citizens with discretionary credit -- the so-called
"mother's milk" of politics. Hamilton explained that
"winning and keeping the confidence of men with money to
bestow or withhold was essential to the fiscal operations of
the new government."
Otherwise, Hamilton argued, financial
anarchy would reign and the big piles of cash and credit necessary
to finance the new government would be inaccessible.
Using the ever-expanding land value of
the new country and the already burgeoning agricultural surplus
being generated by farmers, slaves and indentured servants, Hamilton
arranged to borrow more money from Europe to finance the debt
and pay off congressmen and other wealthy Continental holders
-- including his father-in-law -- with the proceeds. This new
debt would in turn be paid off by offering stakes in Indian land
and a British style system of tariffs (later converted to income
taxes since tariffs were thought to be bad for international
trade).
And thus began the financial system of
the United States.
If Martha Stewart had been as smart as
Alexander Hamilton she would have defended herself against the
charges of insider trading by explaining that the country was
founded on it and depends on it to this day -- she was just following
in the grand tradition.
Insider trading and conjured credit is
the American way.
Mark Scaramella
is the managing editor of the Anderson
Valley Advertiser. He can be reached at: themaj@pacific.net
Weekend
Edition Features for March 20 / 21, 2004
Jennifer Loewenstein
A
Journey to Rafah
Jeffrey St. Clair
Empire of the Locusts
Gary Leupp
The Yassin Assassination: Prelude to an Attack on Syria
William A. Cook
The Yassin Assassination: a Monstrous Insanity Blessed by the
US
Faheem Hussain
Some Thoughts on Waziristan: Once and Always a Colonial Army
Elaine Cassel
Is Playing Paintball Terrorism?
Larry Birns / Jessica
Leight
Disturbing Signals: Kerry and Latin America
John Ross
Bush Tells the World: "Drop Dead"
John Eskow
A Memo to Karl Rove from the Hollywood Caucus
Alan Maass
Who Are the Real Terrorists?
Joe Bageant
Howling in the Belly of the Confederacy
Dave Zirin
Reasonable Doubt: Why Barry Bonds is Not on Steroids
Craig Waggoner
Who Would Mel's Jesus Nuke?
The Kerry Quandry
Joel Wendland
Marxists
for Kerry
Josh Frank
Scary,
Scary John Kerry
Matt Vidal
Spoilers, Electability and the Poverty of American Democracy
Poets' Basement
LaMorticella, Hamod, Guthrie, Davies and Albert
Website of the Weekend
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