Commerce – Page 281 – Public Intelligence Blog

2011/12/282011/12/28

NIGHTWATCH: Financial Crisis Now a Crisis of Fundamentals

03 Economy, 07 Other Atrocities, 10 Transnational Crime, 11 Society, Budgets & Funding, Civil Society, Collective Intelligence, Commerce, Commercial Intelligence, Corporations, Corruption, Cultural Intelligence, General Accountability Office, Government, Key Players, Law Enforcement, Misinformation & Propaganda, Money, Banks & Concentrated Wealth, Office of Management and Budget, Power Behind-the-Scenes/Special Interests, Secrecy & Politics of Secrecy

Europe: Updates. In an interview with a French daily on 25 December, International Monetary Fund (IMF) Managing Director Christine Lagarde stressed that Europe's financial crisis is turning into “a crisis of confidence in public debt and the solidity of the financial system.

Greece: According to an IMF source involved in discussions with Greece, the situation in Athens is “deteriorating” and “a further 10-15 billion euros ($13.1-19.6 billion) still needs to be found.” Banks may be asked to agree to write off 65 % instead of 50% of Greece's debt.

France: The French National Institute for Statistics and Economic Studies (INSEE) said on 26 December that there were 29,000 new job seekers “without any occupation” in November, up 1.1% over October. The year-on-year increase reached 5.2%. In total, 2,844,800 people did not have any occupation, the highest such figure since November 1999.

An economist at the French Observatory of Economic Conditions speculated that France's unemployment rate — which currently stands at 9.3% — will reach 10.7% by the end of 2012, and predicted that Paris will not succeed in bringing the deficit down to 3% of GDP by 2013.

Spain: At a news conference on 26 December, Spanish Economy Minister Luis De Guindos said that the Spanish economy had suffered a “relapse” and would record negative growth in the fourth quarter of 2011. De Guindos warned that “the next two months are not going to be easy, neither from a growth nor a jobs point of view.”

Comment: According to the Financial Times and multiple economists the fate of the euro depends on what happens in Italy. This week Italy intends to auction bonds worth Euros 20 billion. The market reaction to the auction will be an important indicator of whether the central bankers have found a way to stabilize the financial crisis, or have just made it worse.

All analysts of European economics predict a recession in 2012. They differ only about how severe it will be. In an integrated global economy, the ripple effects from Europe will drag the US and the Chinese economies, among all others.

Phi Beta Iota: Christine Lagarde, perhaps because she is a woman with a smaller ego and larger intuition than most men, appears to be the first Epoch A leader to “get” that we are all calling into question the very existence of the Western financial system that is rooted in fraud, waste, and abuse. When she begins to point to Iceland as an example, and to demand that Western countries arrest and try Goldman Sachs, Morgan, Citi-Bank, Bank of America, and other officials for high crimes against the public, the healing can begin. Until then, the West is avoiding the fundamentals.

NIGHTWATCH KGS Home

Chuck Spinney: Financial Coups Destroying Europe

Michel Bauwens: Human Evolution – Who Are We Becoming?

Mini-Me: European-US Banking–Tangled Web — Tell Me Again, Why Shouldn’t We Default and Let the Banks Fry? + Financial Terrorism RECAP

2011/12/282011/12/28

Butler Shaffer: War as a Lifestyle + Does Integrity Matter?

Civil Society, Commerce, Corruption, Government, IO Deeds of War, Military

War as a Lifestyle

Butler Shaffer

Lou Rockwell.com, 28 December 2011

Whenever I watch the Republican presidential debates, my mind is drawn to that important children’s book, The Emperor’s New Clothes. The six sock-puppets who have thus far managed to survive the musical-chairs comedy ballet wow Mr. and Mrs. Boobus with their visions of a violent, intrusive, policed, and war-loving America that equals, if not exceeds, what Barack Obama has been able to generate. It was but four years ago that John McCain choreographed his campaign around the lyrics “bomb, bomb, bomb Iran.” That so few people were repulsed by such psychopathic utterances is but one of many symptoms of a society in moral, spiritual, and intellectual collapse. The domestic police-state so passively accepted by most Americans – and insisted upon by the voices of the political establishment – reminds me of the comment made by the Prince of Wales in the 1934 film, The Scarlet Pimpernel: “if a country goes mad, it has the right to commit every horror within its own walls.”

Read full essay.

Does Integrity Matter?

The Moral Liberal, 28 December 2011

I become exasperated reading or listening to chuckleheaded people who are unable – or unwilling – to distinguish the peaceful and voluntary nature of a free market, from the violent and coercive character of the corporate-state system that long ago took over our economic lives. Murray Rothbard’s words come to mind, wherein he observed that it was no great wrong to not understand economics, but that one ignorant of the subject ought not be offering advice on such matters. I would no more go to a lawyer, or an orthodontist, or Lew Rockwell, to have brain surgery performed on me, than would I take seriously the prescriptions offered by economic ignoramuses on how to “grow” an economy (an idea as absurd as that of misguided, controlling parents who believe it is their role to “grow” their children).

Read full essay.

2011/12/272011/12/27

DefDog: STRATFOR Bites on Security

03 Economy, Commerce, Computer/online security, Corporations, Corruption, Cultural Intelligence, IO Impotency

No. It's THE code breaker. No more secrets… Sneakers

Victims in hacking of security analyst Stratfor targeted after speaking to news media, online

Associated Press, 27 December 2011

EXTRACT:

The loose-knit hacking movement “Anonymous” claimed Sunday through Twitter that it had stolen thousands of credit card numbers and other personal information belonging to the company’s clients. Anonymous members posted links to some of the information Sunday and more on Monday.

Read full article.

Phi Beta Iota: We sounded the alarm in 1994 and were ignored. We sounded it again in 2010 and were ignored. STRATFOR is the lowest common denominator in an abysmally irresponsible government-private sector ecology of ignorance mixed with complacency.

2011/12/232011/12/23

Josh Kilbourn: Endgame – 2012 Forecast [W.E. Pollock]

01 Agriculture, 03 Economy, 07 Health, 09 Justice, 10 Security, 11 Society, 12 Water, Analysis, Budgets & Funding, Civil Society, Commerce, Corporations, Corruption, Cultural Intelligence, General Accountability Office, Government, IO Deeds of War, Money, Banks & Concentrated Wealth, Office of Management and Budget, Power Behind-the-Scenes/Special Interests, Threats, Waste (materials, food, etc)

We are going to move from denial to realization. Physical world events will drive the process of realization. The primary trend is between stability and instability. We are moving from a multi-class system running from Super Elite to Unperson into a model of have's and have-nots, the unpersons. Labor has become a problem because less than 500 million are involved in life support activities thereby leaving more than 7 billion people very vulnerable to dependency (and treated as expendable containers). We are watching a redistribution process bound towards divestiture as more people become unpersons. Destruction of paper assets, debt collapse, bank failure, and war are all part of the redistribution process. With more unpeople, it becomes easier to reduce population through death and abuse. Our current economic structure has at least six trajectories of support; the physical world, human capital, transportation, technology, rule of law,and money.

Fukishima, Katrina, Gulf of Mexico oil spill — all examples of entire populations treated as “unpersons.”

See Also:

VIDEO: Fukushima – Total Cost (33)

W. E. Pollock Web Site

2011/12/22

John Bogle: ENOUGH – Speculation Bad Investment Good

03 Economy, 07 Other Atrocities, 09 Justice, 10 Transnational Crime, Civil Society, Commerce, Commercial Intelligence, Corporations, Corruption, Government, Money, Banks & Concentrated Wealth, Power Behind-the-Scenes/Special Interests

Bogle: Time for speculators to pay fair tax share

MARK JEWELL

Associated Press, 22 December 2011

EXTRACTS:

Bogle says he's paying close attention to tax policies he considers unfair, including one that's favorable to the fund industry and investors with taxable accounts. The top rate for dividends and long-term capital gains is historically low at 15 percent, as a result of the extension of Bush era tax cuts that Congress and President Barack Obama agreed to a year ago. In contrast, top earners pay 35 percent on regular income. He doesn't like that disparity.

. . . . . . .

As for capital gains, there ought to be some distinction between capital made by people who start businesses, and contribute value to society, and capital made by gamblers on Wall Street, some of whom win. Earned capital income should carry the regular dividend rate, but capital income gains by trading, and particularly short-term trading, should pay a higher tax, even than the present ordinary income rate.

. . . . . . .

Q: What's your take on the Occupy movement?

A: I'm happy to say that my current income puts me in the 99 percent group. So maybe I'm not so happy, I don't know.

This movement has brought to the surface some very serious problems in our country about disparities in opportunity and income. So many young people are having a terrible time getting a job.

Young people have great idealism, and the Occupy movement has been a bit unrealistic at times. So what? I can't imagine a worse America if our younger generation didn't have great idealism. I salute them for their enthusiasm, and their mission.

The negative side is that they just pushed too hard for too long. It's very difficult for any movement without any seeming leadership — other than a good idea — to have any sense of taste or judgment. Who's to say, ‘This is going too far'? In some places, it's just gone on too long, and it's been too disruptive. So I think it's good that we've been cleaning up the plazas where the Occupy movement set up.

Read full interview.

See Also (Steele Reviews in Each Case):

John Bogle, The Battle for the Soul of Capitalism

William Greider, The Soul of Capitalism: Opening Paths to a Moral Economy

Matt Taibbi, Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History

2011/12/222011/12/22

Chuck Spinney: Europe in Crisis Rule by Troika Spain and Hungary Next

03 Economy, 06 Russia, 08 Wild Cards, 11 Society, Commerce, Commercial Intelligence, Corruption, Government

Rule by troika

by Serge Halimi

Le Monde Diplomatique, December 2011

Former bankers Lucas Papademos and Mario Monti have taken over in Athens and Rome, exploiting the threat of bankruptcy and the fear of chaos. They are not apolitical technicians but men of the right, members of the Trilateral Commission that blamed western societies for being too democratic.

In November, the Franco-German directorate of the European Union, the European Central Bank and the International Monetary Fund — the “troika” — were furious when the Greek prime minister, George Papandreou, announced plans to hold a referendum. This, they said, would call into question an agreement reached in October to strengthen the economic policy that had brought the country to its knees. Summoned to Cannes for an interview during a summit that his country was too small to attend, kept waiting, and publicly upbraided by Angela Merkel and Nicolas Sarkozy (who were responsible for exacerbating the crisis), Papandreou was forced to abandon the plan for a referendum and resign. His successor, a former vice-president of the ECB, promptly decided to include in the Athens government a far-right organisation banned since the Greek colonels lost power in 1974. (The troika expressed no views on this.)

The European project was supposed to secure prosperity, strengthen democracy in states formerly ruled by juntas (Greece, Spain, Portugal), and defuse “nationalism as a source of war”. But it is having the opposite effect, with drastic cuts, puppet governments at the call of the brokers, and renewed strife between nations. A young Spaniard voiced his anger at having to go to Berlin or Hamburg to find work: “We can’t go on being Germany’s slaves.” The Italians find the French president’s high and mighty attitude offensive and wonder, rightly, what exceptional talents might justify this. Some Greeks are complaining about the “occupation” of Greece, with cartoons depicting the German chancellor in Nazi uniform.

For people in countries suffering under austerity measures, the history of Europe provides some outstanding examples. In some ways, recent events in Athens recall Czechoslovakia in 1968: the crushing of the Prague Spring and the removal of the Communist leader Alexander Dubcek. The troika has played the same part in reducing Greece to a protectorate as the Warsaw Pact did in Czechoslovakia, with Papandreou in the role of Dubcek, but a Dubcek who would never have dared to resist. The doctrine of limited sovereignty has been applied, though admittedly it is preferable and less immediately lethal to have its parameters set by rating agencies rather than by Russian tanks rolling over the borders.

Having crushed Greece and Italy, the EU and the IMF have now set their sights on Hungary and Spain.

Mini-Me: European-US Banking–Tangled Web — Tell Me Again, Why Shouldn’t We Default and Let the Banks Fry? + Financial Terrorism RECAP

2011/12/21

John Steiner: Who Is the Government “For”?

03 Economy, 09 Justice, 11 Society, Civil Society, Commerce, Commercial Intelligence, Corruption, Cultural Intelligence, Government

The Defining Issue: Not Government's Size, But Who It's For

Robert Reich

Huffington Post, 19 December 2011

The defining political issue of 2012 won't be the government's size. It will be who government is for.

Americans have never much liked government. After all, the nation was conceived in a revolution against government.

But the surge of cynicism now engulfing America isn't about government's size. It's the growing perception that government isn't working for average people. It's for big business, Wall Street, and the very rich instead.

In a recent Pew Foundation poll, 77 percent of respondents said too much power is in the hands of a few rich people and corporations.

Read rest of article.