Exclusively in the new print issue of CounterPunch
THE DECAY OF AMERICAN MEDIA — Patrick L. Smith on the decline and fall of American journalism; Peter Lee on China and its Uyghur problem; Dave Macaray on brain trauma, profits and the NFL; Lee Ballinger on the bloody history of cotton. PLUS: “The Vindication of Love” by JoAnn Wypijewski; “The Age of SurrealPolitick” by Jeffrey St. Clair; “The Radiation Zone” by Kristin Kolb; “Washington’s Enemies List” by Mike Whitney; “The School of Moral Statecraft” by Chris Floyd and “The Surveillance Films of Laura Poitras” by Kim Nicolini.
Archives by Tag 'Banks'
Ireland’s Home Mortgage Crisis: No Debt Relief
CAOIMHGHIN Ó CROIDHEÁIN
We are living in a society where the combination of fractional-reserve banking (lending out multiples of deposits) helped along by quantitative easing (printing almost unlimited quantities of money) based on fiat currencies (money without intrinsic value) has created expo...
US Housing: Is the Recovery Real?
MIKE WHITNEY
“If it weren’t for the activity of investors, including large hedge funds, there would be no market recovery.” — Larry Roberts, O.C. Housing News There’s no doubt that housing prices are going up. A...
The Great Horsemeat Crisis
CONN HALLINAN
As the Great Horsemeat Crisis continues to spread—“gallops” is the verb favored by the European press—across the continent, and countries pile on to blame Romania (France, Holland, Cyprus, etc.), what is becoming increasingly clear is that old-fashioned corporate ...
Obama’s Carnival of Fraud
NORMAN POLLACK
The big picture is clear, from drone warfare as escalation of sought-after global US military hegemony to the trivialization and evisceration of government’s regulatory functions, all pointing to a business-as-usual continuation of policies and practices going back, reg...
Obama, Housing and the Next Big Heist
MIKE WHITNEY
For those who missed President Obama’s latest giveaway to the Bank Mafia, we’ll repeat what he said here. This is an excerpt from Tuesday’s State of the Union Speech: “Part of our rebuilding effort must also involve our housing s...
Remember Growth?
MIKE WHITNEY
One thing you can say about Obama; he never fails to disappoint. Last night’s State of the Union Speech is a perfect example. In his typical lofty rhetoric, the president promised to continue to implement his regressive social and economic policies without pause pro...
Time to Drop Money From Helicopters
KEVIN ZEESE and Dr. MARGARET FLOWERS
Milton Friedman of the Chicago School of Economics suggested in 1969 that dro...
Housing Hijinx
MIKE WHITNEY
“Experts do not seem to think that we are going back to the same boom. There might be ‘cheap talk’ that housing is ‘off to the races again,’ but the people who think about it seriously, doubt it.” — Robert Schiller,...
End the Fed
ROB URIE
The Federal Reserve is supporting and maintaining a system of finance capitalism that by the ‘rules’ of capitalism should have disappeared in 2008. Wall Street, with its outposts now circling the globe, claims its ‘due’ under the premise its system of savage capit...
How Central Banking Works
MIKE WHITNEY
“Back in 2009, our hot housing market acted as a life preserver in a sea of economic uncertainty. Now it feels more like a cinder block tied around our necks.” — Chris Sorensen, “The Great Canadian Real Estate Crash of 2013″...
The Big Heist in the Great White North
MIKE WHITNEY
Canada’s housing bubble has burst and prices have started to fall. Sales have dipped for 8 straight months as buyer interest has begun to wane. Housing sales in November dropped 12 percent from the same month last year, while previously-hot markets of Vancouver an...
Foreclosures and the Police State
LESLIE RADFORD
Van Nuys. The Hernandez family, who became ...
Santa as Big Brother
DAVID ROSEN
If you go shopping this Christmas season, you really need to watch out because you will likely be tracked, profiled and, if you’re really not careful, digitally ripped off. In most stores, nearly all products, whether a toy or a piece of jewelry, comes with a hid...
The Mysterious New Housing Bubble
MIKE WHITNEY
The rebound in housing is now in full swing. Housing starts are up, existing home sales are gaining pace, inventory is down, and prices are on the rise. According to a recent report by Corelogic “House prices are up 6.3% year-over-year in October, the largest increa...
Exploring the Public Bank Option
ELLEN BROWN
The Royal Bank of Scotland (RBS) and the Bank of Scotland have been pillars of Scotland’s economy and culture for over three centuries.  So when the RBS was nationalized by the London-based UK government following the 2008 banking crisis, and the Bank of Scotland was a...
American Students: the Coal Miners of Today
DARWIN BOND-GRAHAM
Bob Meister isn’t the kind of man who comes across as a radical. He’s a bespectacled grey-haired intellectual who looks comfortable in the sort of suit and tie a distinguished professor would wear. That’s probably because he is a professor, a quite disti...
Consumer Protector Caves to the Banks
MIKE WHITNEY
Richard Cordray might be the most powerful man in America today, and you’ve probably never even heard of him. As head of the new US Consumer Financial Protection Bureau (CFPB), Cordray can effectively set the clock back to 2005 and inflate another gigantic, e...
The Blood of Cities
DARWIN BOND-GRAHAM
When Bill Clinton was elected in 1993 US Treasury bond yields were trading around 5 percent. Within a year prices dipped and yields shot upward of 8 percent. The bond market —meaning a relatively elite coterie of highly paid investment managers working for the largest g...
The Consumer Financial Protection Bureau’s First Big Sellout
MIKE WHITNEY
So now we know why the banks fought tooth-and-nail to prevent Elizabeth Warren from heading the Consumer Financial Protection Bureau (CFPB). It’s because they were already planning their next big coup and didn’t want Warren in a position where she could make w...
The Bankers vs. the People
MIKE WHITNEY
Last Thursday, the Wall Street Journal ran an article titled “Burdened by Old Mortgag...
Wall Street and the Politics of Finance
ROB URIE
In the early days of the Obama administration there was an opportunity, at least in theory, to reconsider the role of finance in Western economies. The financial part of the economic crisis that the banks created left them vulnerable and dependent on visible public suppor...
Bankers And Their Dirty Tricks
MIKE WHITNEY
Didn’t Ben Bernanke promise that another round of bond purchases would lower unemployment and boost economic growth? We think he did, which is why we’re wondering why all the benefits from QE3 appear to be going to the banks. According to Bloomberg News...
Mitt’s Bad Week
ROB URIE
It was Spring of 2010, less than a year after the official end of the last recession but still deep in the throes of the Great Recession, that Barack Obama’s ‘deficit commission’ met for the first time. With close to twenty-five million people unemployed ...
Canada’s Housing Bubble Set to Burst
MIKE WHITNEY
Canada’s housing bubble is about to burst, and when it does, hundreds of billions of dollars in equity will be wiped out, unemployment will spike, and the economy will sink into a protracted slump. We know this will happen, because the same scenario unfolded in th...
The Myth That Japan is Broke
ELLEN BROWN
In an April 2012 article in Forbes titled “...