Exclusively in the new print issue of CounterPunch
GOD SAVE HRC, FROM REALITY — Jeffrey St. Clair on Hillary Clinton’s miraculous rags-to-riches method of financial success; LA CONFIDENTIAL: Lee Ballinger on race, violence and inequality in Los Angeles; PAPER DRAGON: Peter Lee on China’s military; THE BATTLE OVER PAT TILLMAN: David Hoelscher provides a 10 year retrospective on the changing legacy of Pat Tillman; MY BROTHER AND THE SPACE PROGRAM: Paul Krassner on the FBI and rocket science. PLUS: Mike Whitney on how the Central Bank feeds state capitalism; JoAnn Wypijewski on what’s crazier than Bowe Bergdahl?; Kristin Kolb on guns and the American psyche; Chris Floyd on the Terror War’s disastrous course.
Archives by Tag 'Economy'
Domestic Cold War Casualties
EVAN JONES
In 1981 I read an article by Noam Chomsky that I have never forgotten. The article was published in the British Guardian, 15 June 1981. The title tells it all: ‘The cold war is a device by which superpowers control their own domains. That is why it will continue...
Crushing the Middle Class
MIKE WHITNEY
The Federal Reserve presently lends money at a lower rate than anytime in history. In fact, the rate at which the Fed lends money is more than a full percentage point below the current rate of inflation. That means the Fed is subsidizing borrowing. Naturally, zero rates c...
It’s Still Class Warfare
DAVID MACARAY
It’s an old joke, but it bears repeating: An Oxford professor meets a former student on the street. He asks what he’s been up to lately. The student tells him he’s working on a doctoral thesis about the survival of the class system in the United States. The professo...
The Economy, Labour and the 2015 Canadian Election
MURRAY DOBBIN
With the formation Unifor, a “new kind of union” and the country’s largest private sector union, there is at least a chance that the long slumber of the labour movement is over. An organization that big, with a radically new mandate, cannot help but influence develo...
The Fed, QE, and Jobs
JACK RASMUS
Over the past five years the US central bank, the Federal Reserve (Fed), has printed nearly $4 trillion in liquidity (money) which it has provided to banks and professional investors. This is called ‘Quantitative Easing’ (QE). QE means the Fed essentially prints money...
Is the Housing Recovery Over?
MIKE WHITNEY
Mortgage rates are rising and the housing market is getting weaker.  In May of 2013, the 30-year fixed rate mortgage was 3.59%. Today it is 4.71%, more than a full percentage point higher. That means that the payment on a $200,000 loan is 15 percent more than it would h...
Finally, Some Good News for Organized Labor
DAVID MACARAY
A couple of good things happened on the labor front recently.  Granted, thirty-five years ago, neither of these events would have merited more than a casual footnote, let alone be considered “good.”  But that was back in 1978, when there was still hope.  Considerin...
Obama’s Middle Class Problem
GEOFFREY McDONALD
Obama is scandalized that the American dream – the mythical notion that hard work gets you ahead – is not panning out for a lot of people. He is incensed that America is currently not in the position to create jobs that are both globally competitive and provide a dece...
The Stop-Go US Economic Recovery
JACK RASMUS
For the past several years, the US press, pundits, and apologists for both liberal and conservative politicians in the US have jumped at every slight indication of this or that monthly...
The New Economy is the No Jobs Economy
PAUL CRAIG ROBERTS
One of my most popular columns was about escaping from the Matrix existence in which Americans live. It is a world of disinformation and misinformation in which facts are fiction, and abstract theories are substituted for empirical reality. Official government stat...
Housing Shifts Into Reverse
MIKE WHITNEY
Here are a few headlines you might want to mull-over before you plunk 20 percent down on that $500,000 Tudor in Rancho Mirage: “Mortgage Applications Drop for Seventh Straight Week”,  “Homeownership slides to 18 year low”,  “Inve...
Hiding Economic Depression With Spin
PAUL CRAIG ROBERTS
Time is running out for the US economy and the American people. The financial press and economic commentators, with few exceptions, do a good job of keeping this fact from the public. Consider for example the spin put on the “advance estimate” of the real GDP g...
Chester on the Edge
LINH DINH
Traveling by train to Philadelphia, going North, you will pass by Chester, PA, a city that has been in decline for more than half a century. Founded in 1682, the same year as Philadelphia, Chester was a major manufacturer of US Navy ships from the Civil War until World Wa...
Is Turkey Thriving?
T. SABRI ÖNCÜ
On 27 May 2013, Jeffrey Sachs of Columbia University published a commentary titled “Why Turkey is Thriving?” at Project Syndicate. He argued,  “Long-term growth stems from prudent monetary and fiscal policies, the political will to regulate banks, and a combination...
Bernanke’s Inflation Problem
MIKE WHITNEY
Ben Bernanke has an inflation problem. There isn’t any inflation and that’s a problem. In the last 12 months, consumer prices have risen a mere 1.1 percent which–according to Bloomberg–”matches the smallest increase since records began...
Sequester Optionally Applied Only to Good Things
DAVID SWANSON
Spending cuts have been applied by Congress to both military and non-military spending. In my view, the military cuts are much too small and the non-military cuts should not exist at all.  In the view of most liberal organizations, the military cuts — like t...
Time for an Economy Of, By and For the People
KEVIN ZEESE & MARGARET FLOWERS
The reaction to Ben Bernanke suggestion that it may be time to wind down the easy money policies which have been injecting $85 billion into the hands of Wall Street each month show that the ‘recovery’ has been a fraud. In the weeks since the Fed chairman first ...
Rural Definitions: You’re O-U-T!
CAROL MILLER
The squabble over how to define rural diverts us from the real problem: Support for vital rural development programs has been decimated. Maybe it’s time for a new take on an old idea. The emerging fight in Washington over how to define “rural” for some federa...
Made In Post-China™
ASHOK KUMAR & ALEX GAWENDA
“Those jobs are gone and they’re not coming back” snapped Apple Ceo Steve Jobs. The scene was a 2011 dinner held at the home of venture capitalist John Doerr in Woodside, California, a short drive south of San Francisco. Those on the guest list–the...
The Collapse of the Hourly Wage
MIKE WHITNEY
“If we care about building a fast growing economy that provides opportunity for every American, then we must enact policies that build it from the middle out, not the top down. Tax the wealthy and corporations–and invest that money in the middle cl...
Another Phony Jobs Report
PAUL CRAIG ROBERTS
The payroll jobs report for May released continues the fantasy. Goods producing jobs declined, with manufacturing losing another 4,000 jobs, but the New Economy produced 179,000 service jobs. Are these jobs the high-powered, high-wage  “innovation jobs”...
Privatizations and Failures in Russia’s Economy
JEFFREY SOMMERS
The departure of college rectors is typically is not the topic of national news, let alone a story dominating global press coverage for a week.  The exit of Sergey Guriev as rector from Russia’s New Economic School, however, has proved just that.  From Russian interne...
Sweat Shops, Then and Now
DAVID MACARAY
Despite his support for some policies and programs that organized labor has strongly opposed (NAFTA anyone?),  I’ve always been a fan of Robert Reich, President Clinton’s first-term Secretary of Labor.  Even when disagreeing with him, I’ve always found his thinkin...
Deflation Smackdown
MIKE WHITNEY
“Under a fiat money system, a government… should always be able to generate increased nominal spending and inflation, even when the short-term nominal interest rate is at zero.” Ben S. Bernanke, “Deflation: Making...
Krugman’s Austerity Blinders
JOSHUA SPERBER
The liberal case against austerity has recently gained momentum with the exposure of Harvard economists Carmen Reinhart and Kenneth Rogoff’s calculation errors in their influential pro-austerity paper, “Growth in a Time of Debt.” Amon...