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THE WHITE TERRORISTS — Yvette Carnell writes a scathing history of Lynching in America; Ajamu Baraka on Netanyahu the Rejectionist; Patrick Smith on Reinventing the Foreign Correspondent; Peter Lee on the escalating cyberwar between the US and China; Jeffrey St. Clair on the Real Israeli Defense Force: the US Congress. Plus: Mike Whitney: Getting Cured in Vietnam; JoAnn Wypijewski on Gramsci, Chick Webb and the Art of Living Well; Chris Floyd: Learning About the Rapture from Michele Bachmann and Lee Ballinger: Driving Nat King Cole.
Archives by Tag 'Economy'
Austerity Grips Ireland
CAOIMHGHIN Ó CROIDHEÁIN
Dublin. Despite the fact that the Irish people are currently enduring endless austerity and cutbacks, ...
Democrats and the Fiscal Cliff
SHAMUS COOKE
Literally the day after the election a sudden “urgency” gripped the nation: the imminent danger of the so-called “fiscal cliff” — the national automatic tax increases and spending cuts due in January. The media screamed that the suddenly approach...
Cashing In While the Economy Burns
MIKE WHITNEY
Housing prices are rising fast. According to CoreLogic, home prices increased 5 percent nationwide on a year-over-year basis from September 2011 to September 2012. The new data is the strongest sign yet that the housing bust is over and a recovery is underway. The...
Private Equity Firms Gone Wild
EILEEN APPELBAUM
The $166 million settlement reached in October by creditors against private equity companies Cerberus Capital, Sun Capital Partners, and Lubert-Adler/Klaff was among the largest against private equity firms accused of stripping assets from a company they owned and driving...
The Political Economy of Sharing
ADAM PARSONS
The idea of sharing is increasingly popular today as an answer to many of our social, environmental and economic problems. By learning how to share more in our everyday lives – in everything from cars, clothes, couches, meals, household tools, even our time and skil...
Capitalism is the Crisis
KATRINA BACOME
Our topic today is a livable economy, and right now that conversation is urgent. I don’t have to tell you that, you’re all here because you know something is wrong. We live in a society that promises us that if we work hard we will succeed. If we allow the fre...
The Inequality Gap
DEAN BAKER
There is no serious dispute that the United States has seen a massive increase in inequality over the last three decades. However there is a major dispute over the causes of this rise in inequality. The explanation most popular in elite and policy circles is that t...
Is Housing About to Tank?
MIKE WHITNEY
Well, what do you know; mortgage applications have fallen off a cliff. According to the Mortgage Bankers Association (MBA) loan applications decreased by 12 percent on a seasonally adjusted basis from one week earlier “registering the biggest percentage decl...
Why Revive the System?
ROB URIE
One of the more telling stories of Western economics takes me back to my days as a wee lad studying at university. Ben Bernanke (Chairman, Federal Reserve) and Andrew Abel had co-written the imaginatively titled ‘...
America RIP
PAUL CRAIG ROBERTS
During the second half of the 20th century the United States was an opportunity society. The ladders of upward mobility were plentiful, and the middle class expanded. Incomes rose, and ordinary people were able to achieve old-age security. In the 21st century the o...
Fair Trade Comes Home
STAN MAHAN
Most coffee and chocolate aficionados are generally well-versed on the Fair Trade movement, which organized to offer producers in developing countries better trade deals than would normally be offered to them by large corporate purchasers. Today’s ma...
Obomney vs. Romobama
CHRISTOPHER KETCHAM
Few creatures in American political discourse today are as simpleton and grotesque as the Obama liberal when trying to distinguish his candidate from the rest of the prostitutes seeking office.  Behold, for example, the fellow author on the raft next to me, somewhere rec...
The Myth of U.S. Manufacturing Decline
JOHN V. WALSH
“We are not making stuff anymore in America,” is the word on the street. “Our industrial base is eroding,” say the academics. In short the decline of domestic U.S. manufacturing is conventional wisdom. The problem is that it is not true – not even close. And thi...
Romney’s $9 Trillion Dilemma
ANDREW FIELDHOUSE and ISAAC SHAPIRO
The budget plan of Republican presidential nominee Mitt Romney includes large unspecified consequences; these are tallied here, and the complete implications of the plan are briefly illustrated. The tally includes not only the unspecified tax increases his plan dictates t...
Reimagining Austerity
ELLIOT SPERBER
Though their conclusions are specious, the proponents of economic austerity programs are in one crucial respect entirely correct: the present economic system is dysfunctional and, as such, requires a radical transfiguration. Indeed, as it ceaselessly spews toxins into the...
Who Will Create More Jobs: Romney or Obama?
FRANKLIN C. SPINNEY
My prediction: The eventual answer will turn out to be a distinction without a difference.  Here’s why. Both political parties and their candidates for President now accept neoliberal ideology as being the incontrovertible truth.  This belief is more theologica...
A Toxic Stimulant
MARK VORPAHL
If foxes are put in charge of rebuilding a chicken coop, it is a given that the chicken’s new quarters will be less than secure. In terms of rebuilding the economy, with the predatory interests of Wall Street dictating the “solutions” proposed by both the Re...
Did Obama Scuttle the Recovery?
MIKE WHITNEY
The New York Times believes that Barack Obama is responsible for today’s sputtering economy. In an article titled “Cautious Moves on Foreclosures Haunting Obama”, Times journalist Binyamin Applebaum says that Obama’s failure to seriously a...
Life Under Romney
SAUL LANDAU
We survived eight years under George W. Bush, albeit seriously wounded by his two wars and a destroyed economy that resulted from his martial efforts. This year we watched Mitt Romney buy and maneuver his way into the 2012 Republican presidential candidacy. At the Republi...
Public Sector Jobs Are Real Jobs
MARSHALL AUERBACK
In 1976 at a time when economists thought more about unemployment, the US economist Charles C. Killingsworth wrote a paper entitled “Should full employment be a major national goal”. He was a long-time advocate of public employment programs and understood how...
Why You’re a Lot Poorer Than You Thought You Were
MIKE WHITNEY
You’re a lot poorer than you thought you were. According to a report by Sentier Research “real median annual household income… has fallen by 4.8 percent since the ‘economic recovery’ began in June 2009.” That’s worse...
America’s Descent Into Poverty
PAUL CRAIG ROBERTS
The United States has collapsed economically, socially, politically, legally, constitutionally, environmentally, and morally. The country that exists today is not even a shell of the country into which I was born.  In this article I will deal with America’s economic co...
The Katrina Pain Index, 2012
BILL QUIGLEY and DAVIDA FINGER
1 Rank of New Orleans in fastest growing US cities between 2010 and 2011.  Source: Census Bureau. 1 Rank of New Orleans, Louisiana in world prison rate.  Louisiana imprisons more of its people, per head, than any of the other 50 states.  Louisiana rate is five t...
The New Masters of Capital
ROBERT HUNZIKER
When the elite of capitalism met in Davos for the 2012 World Economic Forum, the world did not stand still, tongue-in-cheek, but a vision or special revelation of some kind was expected if only because of their self-elevated status. However, the accolades for the event go...
Give Bernanke a Pink Slip
MIKE WHITNEY
  You don’t need to comb the pages of the Wall Street Journal or the Financial Times to know what’s going on with the economy. Just take a look at Bloomberg Bonds and skip-down to the price/yield section on 10-year US Treasuries. ...
The Deepening Recession in Black America
SALVATORE BABONES
The recession has been hard on everyone. Tens of millions of people lost their jobs. Many of those who didn’t lose their jobs suffered salary cuts. Retirement savings and home values have plummeted. Even people who have kept their jobs and homes have ha...
Three Big Lies of the Super-Rich
PAUL BUCHHEIT
When it comes to the economy, too many Americans continue to be numbed by the soothing sounds of conservative spin in the media. Here are three of their more inventive claims: 1. Higher taxes on the rich will hurt small businesses and discourage job creator...
The Left, Reagan and Cockburn
PAUL CRAIG ROBERTS
In Memoriam:  Alexander Cockburn, co-editor with Jeffrey St. Clair of CounterPunch, has died after his silent two-year battle with cancer.  Although he didn’t please everyone, his was an important voice. His mother was an English aris...
The Plight of Labor on the Campaign Trail
ROB URIE
With Barack Obama and Mitt Romney trading barbs over the outsourcing of jobs, the facts are that Mr. Obama has repeatedly given full-throated endorsement to the neo-liberal policies behind outsourcing. And Mr. Romney has actually outsourced jobs through his business at Ba...
The Breaking of Scranton
CHARLES ORLOSKI
Rats (spokesman) :  “I think we are in Scranton alleys.” After completing work as emergency spill response manager, on July 3, 2012, I handed my family’s rent-check to our Taylor Borough landlord, and rather pleased with myself, ...
American Freefall
PAUL CRAIG ROBERTS
Washington has been at war since October, 2001. This war took a back seat when Bush concocted another excuse to order the invasion of Iraq in 2003, a war that went on without significant success for 8 years and has left Iraq in chaos with dozens more killed and wounded ev...
Latvia’s Fake Economic Model
JEFFREY SOMMERS and MICHAEL HUDSON
Austerity’s advocates are declaring victory with Latvia’s battle against the European economic crisis and advocating it as the model for Greece & Spain to emulate.  Curiously, Latvians have been declaring this “win” by exiting their country. The “aus...
Chris Hayes and the Elites
THOMAS H. NAYLOR
I consider myself to be a huge fan of MSNBC talk show host Chris Hayes.  His Saturday – Sunday morning political news analysis talk show known as Up w/Chris Hayes is hands down the best news commentary program on American television.  It is arguably the only ...
Romney’s Inane Campaign
RALPH NADER
Mitt Romney’s daily dittohead assertions make one wonder what he got out of the law and business degrees he received from Harvard University. One of his regular blasts blames Barack Obama for the daily reports of bad economic indicators. Unemployment increases – blame...
President Cat Food
ROB URIE
Back in the depths of the financial crisis Barack Obama put together a ‘bipartisan’ commission to balance the national budget. To promote this effort he used the stunningly misleading conflation of family and national budgets to argue that Americans need to “tighten...
Time for a Raise
RALPH NADER
Thirty million American workers arise, you have nothing to lose but some of your debt! Wednesday morning, Rep. Jesse Jackson, Jr. (D-Ill.) introduced the “Catching Up to 1968 Act of 2012” (H.R. 5901) – legislation to raise the federal minimum wage to $10 per ...
The Economy Comes Unglued
PAUL CRAIG ROBERTS
Ever since the beginning of the financial crisis and Quantitative Easing, the question has been before us:  How can the Federal Reserve maintain zero interest rates for banks and negative real interest rates for savers and bond holders when the US government is adding $1...
In Negative Territory
MIKE WHITNEY
“Every major part of the global economy is slowing, and slowing rapidly….Right now, we seem to be in a synchronized global slowdown, and that is very worrisome.” — Mohamed El-Erian, Pimco Growing troubles in t...
The Electoral Tunnel
JACK A. SMITH
Less than six months before the November presidential elections in an exceptionally distressed United States the narrow, unpleasant parameters of political possibility are emerging. Two alternatives confront the American people, both to the right of center. 1. If P...
David Brooks on American Capitalism
RAVI KATARI
A recent op-ed by NY Times columnist, David Brooks, asserts that “Forty years ago, corporate America was bloated, sluggish, and losing ground to competitors in Japan and beyond.”  However, the rise of private equity firms and “bare-knuckled corporate executives” ...
Bet on Collapse
PAUL CRAIG ROBERTS
The US financial system and, probably, the financial system of Europe, like the police, no longer serves a useful social purpose. In the US the police have proven themselves to be a greater threat to public safety than private sector criminals.  I just googled “...
The Greediness of Brain Drain
RALPH NADER
The phrase “brain drain” used to mean, in the 1950s and ‘60s, the flight of professionally-trained people from dictatorships to find opportunity in the U.S. and other Western countries. Now “brain drain” is used in American media to mean an active U.S. governmen...
On the History of the U.S. Economy in Decline
NOAM CHOMSKY
The Occupy movement has been an extremely exciting development. Unprecedented, in fact. There’s never been anything like it that I can think of.  If the bonds and associations it has established can be sustained through a long, dark period ahead — because victory...
Waist Deep in Stagnation
MIKE WHITNEY
“We emphatically view present conditions as being among the most negative subset we’ve observed in the historical record.” — John Hussman Ph.D., Hussman Funds The weakest recovery in the post-war period, is ge...
Reinflating a New Housing Bubble?
MIKE WHITNEY
Have housing prices hit bottom? Many analysts are saying, “Yes”. Economist Bill McBride is one of the yea-sayers. Bill runs Calculated Risk, the Number 1 economics’s blog on the Internet. Here’s what McBride said in a post on Febr...
Banks Got Bailed Out, We Got Sold Out
ROB URIE
It was nearly half a century ago that Noam Chomsky, in his book “American Power and the New Mandarins...
Helmsley and the “Little People”
SCOTT KLINGER
Twenty-nine years ago, billionaire hotel magnate Leona Helmsley told one of her housekeepers: “We don’t pay taxes; taxes are what the little people pay.” Her words set off a firestorm that spanned the political spectrum. Today, our tax syst...
Europe’s Economic Maginot Line
DEAN BAKER
In the build-up to World War II, the French military created the Maginot Line. This barrier, which utilized state of the art military defenses, was intended to defend France from a ferocious assault by Hitler’s armies. When the attack ultimately came, the Germans made q...
An Economic Quagmire
MIKE WHITNEY
A poor jobs report, higher than expected inflation in China, and another flare-up in the Eurozone sent stocks tumbling on Monday. US Treasuries rallied on news from the Labor Department that employers added just 120,000 non-farm payrolls in March, far below analysts most ...
China’s Economy
CONN HALLINAN
Behind the political crisis that saw the recent fall of powerful Communist Party leader Bo Xiali is an internal battle over how to handle China’s slowing economy and growing income disparity, while shifting from a cheap labor export driven model to one built around inte...