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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 'European Union'
The Colossal Muddle
MIKE WHITNEY
“Today we have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand. The result is that our possibilities of wealth may run to waste for a time—perhaps for a long time...
Freezing Out Britain
BINOY KAMPMARK
There is much more in the way of European chatter taking place in that troubled part of the world.  Discussions held at the Brussels summit on Friday saw the 27 countries of the EU attempting to forge an agreement in an effort to create what would effectively amount to a...
Europe’s Deadly Transition From Social Democracy to Oligarchy
MICHAEL HUDSON
The easiest way to understand Europe’s financial crisis is to look at the solutions being proposed to resolve it. They are a banker’s dream, a grab bag of giveaways that few voters would be likely to approve in a democratic referendum. Bank strategists learned not to ...
Austerity for Europe
MARK WEISBROT
The house is on fire and the owners are arguing about what kind of safety regulations should be implemented in the future so as to prevent these types of fires.  That is what appears to be going on in the eurozone right now, as European leaders try to reach agreement on ...
There Will Be Blood
MARSHALL AUERBACK
Another week to go before the euro blows up, or so we’re told again for the thousandth time. More likely is that the ECB does barely enough to keep the show on the road, fiscal austerity continues and riots intensify on the streets of Madrid, Athens, Rome and Paris.  L...
One Bank to Rule Them All
MIKE WHITNEY
On Wednesday, the Federal Reserve and the central banks of Canada, England, Japan, Switzerland, and Europe launched a coordinated monetary intervention aimed at easing interbank lending in the eurozone. While the emergency action sent stocks into the stratosphere, it did ...
The One Percent Solution in Europe
SAUL LANDAU
Last month a Super Committee (12Members of Congress) failed to decide — fortunately — our economic destiny: where our tax money would go – or not. Yes, capitalism failed again. And with it went democratic procedures in the political arena. Big Facts: ...
A Self-Inflicted Recession Threatens World Economy
MARK WEISBROT
The economic news out of the eurozone is getting worse every day, and so is the contagion to the rest of the world. The OECD (Organization for Economic Co-operation and Development), the club of 34 mostly high-income countries, has now lowered its projection for eurozone ...
An Irreversible Slide?
MIKE WHITNEY
“In every crisis there’s a point of no return….I’m increasingly convinced we’ve already passed that point of no return in Europe. The banks won’t lend to each other, the Germans won’t do Eurobonds, and the ECB won’t act as a lender of l...
Germany’s “Failed” Bond Auction
MIKE WHITNEY
“We are caught, it seems, in one of those self-reinforcing loops that almost always presage a collapse.” – Michael Pettis, China Financial Markets Germany’s “failed” bund auction on Wednesday was a...
The Roads To War And Economic Collapse
PAUL CRAIG ROBERTS
November 23, 2011: The day before the Thanksgiving holiday brought three extraordinary news items.  One was the report on the Republican presidential campaign debate. One was the Russian President’s statement about his country’s response to Washington’s mi...
Meet the Global Ruling Class
STEVEN COLATRELLA
Padua, Italy. Making economics and politics appear separate is one of the chief characteristics of capitalism as a system of class rule, as Ellen Mieksins Wood has pointed out in many of her writings. But it is how politics is manifested AS economics and e...
Past the Point of No Return
MIKE WHITNEY
“Eurozone banks’ demand for European Central Bank funding surged to a two-year high on Tuesday, as fast spreading sovereign debt worries left lending markets virtually frozen and  the ECB the only available funding option for many institutions....
Powergrab at the ECB
MIKE WHITNEY
“Time is running out fast. I think we have maybe a few months — it could be weeks, it could be days — before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrop...
Will the Euro be Destroyed?
DEAN BAKER
We could be living through the last days of the euro. That is not a happy thought. While there were many negative aspects to the rules governing the European Central Bank and the eurozone economies, no one can want to see the economic chaos that will almost certainly foll...
Vulture Funds Gorge on Stricken Economies
OLAFUR ARNARSON, MICHAEL HUDSON and GUNNAR TOMASSON
The problem of bank loans gone bad, especially those with government-guarantees such as U.S. student loans and Fannie Mae mortgages, has thrown into question just what should be a “fair value” for these debt obligations. Should “fair value” reflect what debtors ca...
Cheers as Gain-through-Pain Crowd Take Aim at Italy
MARSHALL AUERBACK
The markets are again in free-fall and, once again, a lazy Mediterranean profligate is to blame.  This time, it’s an Italian, rather than a Greek.  No, not Silvio Berlusconi, but his fellow countryman, Mario Draghi, the new head of the increasingly spineless European ...
Economic Mismanagement in Europe
MARK WEISBROT
Some of us have been warning for months about the cri...
The Specious Case Against a Financial Transactions Tax
DEAN BAKER
With the European Commission seriously considering a tax on financial transactions (sometimes referred to as a “speculation tax”), the opponents of such a tax are shifting their campaign into high gear. We are hearing predictions of disaster from the financial industr...
The Never-Ending Eurofiasco
MIKE WHITNEY
Imagine if the local fire chief, in the spirit of conservation, decided he’d use no more than 1,000 gallons of water to put out any given house fire. Do you think the citizens would support that policy if their town was burned to the ground? And, yet, this is the sa...
Living in a Delusional World
PAUL CRAIG ROBERTS
I have come to the conclusion that Big Brother’s subjects in George Orwell’s 1984 are better informed than Americans. Americans have no idea why they have been at war in the Middle East, Asia and Africa for a decade.  They don’t realize that their...
The Myth of Greek Profligacy
MARSHALL AUERBACK
Historically, Greeks are very good at constructing myths.  The rest of the world?  Not so much.  Reading the press, one gets the impression of a bunch of lazy Mediterranean scroungers, enjoying one of the highest standards of living in Europe while making the frugal Ge...
A Coup in the European Union?
SUSAN GEORGE
European Union workers’ pretentions to better pay and working conditions, shorter working lives, munificent retirement benefits, long holidays and time off for this and that have got to be brought under control!  Enough is enough! Let ...
The European Debt Crisis Myth
MIKE WHITNEY
 No one opposes unity. And no one opposes a stronger, more unified Europe. What people oppose is policy; policies that slash workers wages, privatize state assets, increase unemployment, and prolong recession. That’s what people oppo...
Alternative Ways Out of the Debt Crisis
ERIC TOUSSAINT
CADTM: During this talk, you have claimed that Greece is forced to choose between two options: either to eat humble pie, resigning itself to turning to the Troika; or to refuse the dictates of the markets and the Troika by suspending repayment and cal...