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CounterPunchers! We Still Mean It!
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CounterPunchers! We Still Mean It!
Please Read This, Then ActThese last days, assuming that you are among the tens of thousands of people around the world who check in at this CounterPunch site every day or two, we’ve been featuring our annual appeal for donations and saying that without the necessary $75,00 to be raised in these weeks, we’ll have to cut back drastically on what we do and what all you site readers who don’t subscribe to our newsletter, get every day for free.
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Today's Stories November 11, 2009 Andrew Cockburn November 10, 2009 Ellen Cantarow Dean Baker Rose Ann DeMoro Ramzy Baroud Peter Lee Dave Lindorff Roberto Rodriguez Winslow T. Wheeler Alan Farago Joseph Grosso November 9, 2009 Patrick Cockburn Linn Washington Carl Ginsburg Jeff Leys John A. Murphy John Halle Bouthaina Shaaban James Ridgeway Dave Lindorff David Macaray Stephen Fleischman Website of the Day November 6-8, 2009 Alexander Cockburn Mark Grueter Paul Craig Roberts Patrick Cockburn Gareth Porter Mike Whitney James Bovard Dean Baker Robert Lawless Saul Landau Jayne Lyn Stahl Stephanie Westbrook M. Shahid Alam Marc Levy Franklin Lamb Ron Jacobs David Ker Thomson John V. Whitbeck Julien Mercille Rannie Amiri John Ross David Michael Green Carl Finamore Farzana Versey Missy Comley Beattie Charles R. Larson David Yearsley Kim Nicolini Poets' Basement November 5, 2009 Pam Martens Vijay Prashad Brian Gallagher Norman Solomon Nadia Hijab Joseph Shansky Andy Thayer Tracy Rosenberg Website of the Day November 4, 2009 Stan Cox Andy Worthington From Gitmo to Palau: Who are the Uighurs? Robert Weissman Susan Galleymore Ralph Nader Michael Leonardi Bitta Mistofi Robert Bryce Martha Rosenberg Dave Lindorff Website of the Day November 3, 2009 Patrick Cockburn Mike Whitney Franklin C. Spinney Laura Carlsen Serge Halimi John Stanton Sophia Weeks Dave Lindorff November 2, 2009 Steven Higgs Ishmael Reed David Macaray Bouthaina Shaaban David Michael Green David Swanson Ellen Brown Adam Federman James McEnteer Stephen Fleischman Website of the Day October 30 - Nov. 1, 2009 Alexander Cockburn Jeffrey St. Clair / Carl Ginsburg Mike Whitney Joe Bageant Gareth Porter Saul Landau Anthony DiMaggio Dave Lindorff Rannie Amiri Niranjan Ramakrishnan Jayne Lyn Stahl Rev. William E. Alberts Alvaro Huerta Martha Rosenberg Binoy Kampmark Norm Kent Charles R. Larson Roth's "The Humbling:" Nothing Like a Novel From an Old Pro Ron Jacobs David Yearsley Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend October 29, 2009 Michael Neumann Mike Whitney Gary Leupp Conn Hallinan Marshall Auerback Laura Flanders Eamonn McCann David Macaray Mark Weisbrot Stephen Soldz Christopher Brauchli Website of the Day October 28, 2009 Moshe Adler Dave Lindorff Frank Joseph Smecker Alexandra Early M. Shahid Alam Vijay Prashad John Ross Franklin Lamb Gregory Travis Susan Galleymore Website of the Day October 27, 2009 Mike Whitney Patrick Cockburn Stewart J. Lawrence Alan Farago Ralph Nader Dave Lindorff Bouthaina Shaaban Brian M. Downing Elections in Afghanistan, the Second Time Around Iain Boal Carl Finamore Jayne Lyn Stahl Website of the Day October 26, 2009 Bill Quigley / Paul Craig Roberts Uri Avnery Mike Whitney Michael Snedeker Shamus Cooke David Michael Green Martha Rosenberg Patrick Bond Binoy Kampmark Website of the Day October 23-25, 2009 Alexander Cockburn Christopher Ketcham Jeff Gore Gareth Porter Jayne Lyn Stahl Saul Landau Mike Whitney Nikolas Kozloff Ron Jacobs Russell Mokhiber Missy Beattie Ricardo Alarcón de Quesada Stephen Lendman David Ker Thomson Rannie Amiri Ronnie Cummins Norm Kent Charles R. Larson David Yearsley Lorenzo Wolff Ben Sonnenberg Kim Nicolini Poets' Basement Website of the Weekend October 22, 2009 Dan Pearson / Jonathan Cook Paul Craig Roberts The US as Failed State Mark Engler Johann Hari Brian M. Downing Eric Toussaint Tom Mountain Israel Shamir Charles Thomson Website of the Day October 21, 2009 Pam Martens Linn Washington, Jr. Liaquat Ali Khan D. K. Wilson Franklin Lamb Norman Solomon Stephen Fleischman Patrice Higonnet Binoy Kampmark Kevin Coval / Website of the Day October 20, 2009 Sharon Smith Tariq Ali Mark Brenner Bouthaina Shaaban Michael D. Yates Dean Baker Dave Lindorff John Ross Ricardo Alarcón de Quesada Kevin Zeese Gilad Atzmon Website of the Day October 19, 2009 Mike Whitney Greg Moses John Ross Michael Donnelly Jayne Lyn Stahl Eric Walberg Russell Mokhiber Barbara Rose Johnston John V. Whitbeck Christopher Ketcham Website of the Day October 16-18, 2009 Alexander Cockburn Saul Landau Paul Craig Roberts Carl Ginsburg Ralph Nader Nikolas Kozloff Carlo Galli Dave Lindorff Catherine Rottenberg
/ Neve Gordon Marshall Auerback Nicola Nasser Windy Cooler James L. Secor Ron Jacobs Wes Jackson Jesse Lerner-Kinglake David Ker Thomson Against Leaders Missy Beattie Emily Ratner Stephen Martin Michael Snedeker Charles R. Larson David Yearsley Peter Stone Brown Poets' Basement Website of the Weekend October 15, 2009 Andrew Cockburn Brian M. Downing Ramzy Baroud Danny Weil M. Idrees Ahmad Margaret Kimberley Ricardo Alarcón de Quesada Harvey Wasserman Nirmal Ghosh Charles R. Larson Website of the Day October 14, 2009 Michael Neumann M. Reza Pirbhai Gareth Porter Paul Craig Roberts John Strausbaugh Fortress Moon Ralph Nader Dean Baker Charles Modiano Nadia Hijab Walter Brasch Website of the Day October 13, 2009 Peter Linebaugh Shamus Cooke John Ross Brendan Cooney Frida Berrigan Yves Engler David Macaray Dave Lindorff Mark Weisbrot Ricardo Alarcón de Quesada Binoy Kampmark Website of the Day October 12, 2009 Pam Martens Mike Whitney Martha Rosenberg Jessica Arents Eamonn McCann Bill Hatch Sen. Russell Feingold Niranjan Ramakrishnan Gideon Levy Iyad Burnat Alan Cabal Dan Bacher Website of the Day October 9-11, 2009 Alexander Cockburn James Bovard Kathleen and Bill Christison Andy Worthington Marc Levy Tariq Ali Mike Whitney Paul Craig Roberts Alan Nasser Jack Z. Bratich Steve Breyman David Michael Green Dave Lindorff Paul Buchheit Jim Goodman Missy Beattie Michael Leonardi Nadia Hijab Mel Packer David Macaray James T. Phillips Charles R. Larson Michael Donnelly David Yearsley Lorenzo Wolff Poets' Basement Website of the Weekend October 8, 2009 Saul Landau Paul Fitzgerald / Linn Washington, Jr. Marshall Auerback Dave Lindorff David Rosen Chris Darimont / Misty MacDuffee John V. Walsh Stewart Lawrence Charles R. Larson Website of the Day October 7, 2009 Brendan Cooney Paul Craig Roberts Dean Baker Jonathan Cook John Stanton Joanne Mariner Ricardo Alarcón de Quesada Stephen Lendman Sen. Russell Feingold Mary Lynn Cramer Website of the Day October 6, 2009 Mike Whitney Gareth Porter Jonathan Cook Boris Kagarlitsky Iain Boal Ron Jacobs John Ross Michael Dickinson Stephen Fleischman Ira Glunts Missy Beattie Website of the Day October 5, 2009 Pam Martens Mike Whitney Paul Craig Roberts Harry Browne Sara Mann Omar Barghouti Shamus Cooke Brenda Norrell Fred Gardner Binoy Kampmark Copenhagen Blues: McChrystal and the Afghan Trap Website of the Day October 2-4, 2009 Alexander Cockburn Saul Landau Diana Johnstone Greg Moses William Blum Brian Cloughley Russell Mokhiber John Ross Ellen Brown David Ker Thomson David Macaray Gary Engler Robert Fantina Lisa Stolarski / Naomi Archer Anthony Papa Joe Allen Harry Browne Ron Jacobs Charles R. Larson David Yearsley Poets' Basement Website of the Weekend
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The Economic Realism of Edward HarrisonA Small "d" DepressionBy MIKE WHITNEY The Fed's extraordinary intervention into the financial markets makes another Lehman-type meltdown extremely unlikely. But while the financial system has been stabilized with a government blank check and rivers of liquidity, the real economy continues to languish. On its current trajectory, GDP will fluctuate erratically for a decade or more while the economy seesaws between positive and negative growth. That means persistent high unemployment, flagging demand, and falling living standards. Where the economy finally lands, will depend more on government policies than on market dynamics. Political changes, like the upcoming midterm elections and Blue-dog resistance to additional stimulus, only add to the uncertainty. That's bad news for anyone who's looking for job security or who wants to see speedy end to the two year-long crisis. There's little chance that the financial system will suddenly implode or that the country will be overtaken by Zimbabwe-type hyperinflation. But the economy will undergo a low-grade depression, a period of sluggishness and retrenchment that drags on for, what seems like, an eternity. This is what typically happens when crises are extended by keeping terminally-ill banks on life-support instead of putting them out of their misery. Capital that could have been used for jobs and productive activity, ends up vanishing down a rathole. Regrettably, the post-Lehman economy can't be explained simply in terms of the extremes. Neither "robust recovery" nor "economic Armageddon" accurately describe present conditions. The truth lies somewhere in between, in that vast gray-area where economic indicators conflict with each other and where the best compass is an analyst who knows how to interpret the data. Edward Harrison is a banking and finance specialist who runs the Credit Writedowns website. He posts articles daily and has a solid grip on some very difficult topics. Here's a recent entry on consumer credit which, paradoxically, appears to be expanding and shrinking at the same time. Harrison sums it up:
See how subtle distinctions can make a big difference? In this case, it looks like government programs (cash for clunkers) have actually helped to keep credit flowing into the economy even though the banks are still cutting back in other areas. That means that Obama's stimulus has helped to slow the pace of household deleveraging making a crash in personal consumption less likely. Although some will argue that this merely kicks the can down the road--since households will eventually have to reduce their red ink by either paying off their debts or defaulting--it does make a short-term recovery more probable, which is the objective. Whether that's enough to keep the economy from tipping back into recession, is left to be seen. In another article, "The Recession is over, but the Depression has just begun", Harrison demonstrates his talent as a capable and insightful analyst. He focuses on the root of our economic problem (debt) and presents a likely scenario of how things will play out. Here's an excerpt: "The issue was and still is overconsumption i.e. levels of consumption supported only by increase in debt levels and not by future earnings. This is the core of our problem--debt.... specifically an overly indebted private sector….When debt is the real issue underlying an economic downturn, the result is a period of stagnation and short business cycles as we have seen in Japan over the last two decades. This is what a modern-day depression looks like – a series of Ws where uneven economic growth is punctuated by fits of recession. A recession is merely a period of recalibration after businesses get ahead of themselves by overestimating consumption demand and are then forced to cut back by making staff redundant, paring back inventories and cutting capacity. Recessions can be overcome with the help of automatic stabilizers like unemployment insurance to cushion the blow. Depression is another event entirely." Harrison describes an economy that is set to bounce along the bottom for years to come. He cites Gluskin Sheff's David Rosenberg, who adds that "Depressions are marked by balance sheet compression" whereas "Recessions are typically characterized by inventory cycles." And, since, "Depressions often are marked by...debt elimination, asset liquidation and rising savings rates" stimulus is not as effective.” As Harrison points out, the Fed has already revealed how it plans to fight deflation, by opening up the liquidity faucet and pumping up asset prices. This is the rationale behind Bernanke's zero-percent interest rates, multi-trillion dollar lending facilities, and quantitative easing (QE) programs. Increase asset prices; that's the whole ball-o-wax. Edward Harrison again:
Okay, so what's next? This is where Harrison separates himself from the pack and shows his ability to grasp the complexity of the economy/policy dynamic. His prediction is less-satisfying, but more realistic than many others:
So, could a momentum-shift and boatloads of liquidity produce a "multi-year recovery" in spite of nagging structural problems and the massive build-up of personal debt? Yes. But even though a rebound is economically feasible, Harrison does not think it is probable. He believes that "the government prop for the economy" is going to be removed. In other words, the Congress will not approve a second round of stimulus; the opposition to deficit-spending is just too great. Without more stimulus to maintain the current level of activity, the economy will slide back into recession. So, get ready for the next leg down; rising unemployment, soaring foreclosures, tumbling stock markets, and growing political unrest. Liquidate, liquidate, liquidate. The Bluedogs and Republican obstructionists are determined to drag the economy back into depression. Onward! Mike Whitney lives in Washington state. He can be reached at fergiewhitney@msn.com
Inside the New Print Edition of Our Subscriber-Only Newsletter! Obama and Black America Ten months into Obama-time, the plight of black Americans is terrible. Yet overwhelmingly they rally behind the president. In a powerful report from the Deep South Kevin Alexander Gray asks the question: what should the black political agenda be? Mark Rudd counterposes “organizing” with “activism” and describes what it will take to build a movement. H. Bruce Franklin gives a chronology of the march into Afghanistan. Get your new edition today by subscribing online or calling 1-800-840-3683 Contributions to CounterPunch are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now! CounterPunch books and t-shirts make great presents.Order CounterPunch By Email For Only $35 a Year !
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Now Available from CounterPunch Books! Yellowstone Drift:
"Powerful and shocking ..
Waiting for
Lightning
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