Phi Beta Iota: The most important decision Barack Obama faces is the fundamental one of whether he wants to lead a government that works for all, or continue to be a meaningless placeholder in the theater of the absurd. Electoral Reform is the only thing that matters at this point. Absent Electoral Reform, his mid-term Cabinet appointments will be meaningless–business as usual. Colin Powell is as good as it gets if he can reframe his sense of loyalty back to the Constitutional Oath and actually down-size the Pentagon program by a third or more, while shifting $200 billion a year to State, where Senator Chuck Hagel would be well qualified to get the place back to evidence-based policies and coherent strategic planning. Commerce is a big one–Clyde Prestowitz would be our recommendation, along with Joseph Stiglitz to Office of Management and Budget–see our Virtual Cabinet at Huffington Post. However stellar the appointments, nothing they do will matter absent fundamental Electoral Reform and a restoration of the integrity not only of the US executive policy process, but of the legislative deliberation process as well. Only Electoral Reform can create an honest representative Congress. There are many other critical changes to be made at the highest levels, but ONLY in the context of a restoration of the government being Of, By, and For We the People. Obama is one single piece of paper away from greatness. We observe with interest.
Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk.
But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster.
Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability.
Charles Ferguson's new movie, Inside Job, is a fast-moving and fascinating account of the process and the people who wrecked the economy with their blind ambition and unfettered greed. The timing could not have been better, coming amidst the Wall Street establishment's celebration of the second anniversary of the TARP.
Ex-Intelligence Officers, Others See Plusses in WikiLeaks Disclosures
WASHINGTON – December 7 – The following statement was released today, signed by Daniel Ellsberg, Frank Grevil, Katharine Gun, David MacMichael, Ray McGovern, Craig Murray, Coleen Rowley and Larry Wilkerson; all are associated with Sam Adams Associates for Integrity in Intelligence.
WikiLeaks has teased the genie of transparency out of a very opaque bottle, and powerful forces in America, who thrive on secrecy, are trying desperately to stuff the genie back in. The people listed below this release would be pleased to shed light on these exciting new developments.
How far down the U.S. has slid can be seen, ironically enough, in a recent commentary in Pravda (that's right, Russia's Pravda): “What WikiLeaks has done is make people understand why so many Americans are politically apathetic … After all, the evils committed by those in power can be suffocating, and the sense of powerlessness that erupts can be paralyzing, especially when … government evildoers almost always get away with their crimes. …”
So shame on Barack Obama, Eric Holder, and all those who spew platitudes about integrity, justice and accountability while allowing war criminals and torturers to walk freely upon the earth. … the American people should be outraged that their government has transformed a nation with a reputation for freedom, justice, tolerance and respect for human rights into a backwater that revels in its criminality, cover-ups, injustices and hypocrisies.
I completely missed the release of this film in July, and stumbled on it while picking movies for a sick son.
It opens with Henry Kissinger, since demonstrated to be a war criminal, calling Daniel Elsberg the most dangerous man in America, and lamenting the release of secret documents (that ultimately proved government perfidy). Fast forward to WikiLeaks as a sequel to the 935 documented lies led by Dick Cheney.
When things are not going well, until you get the truth out on the table, no matter how ugly, you are not in a position to deal with it. — Bob Seelert, Chairman, Saatchi & Saatchi Worldwide (New York), 2009
A Nation's best defense is an educated citizenry. – Thomas Jefferson, circa 1776
Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power which knowledge gives. — James Madison, circa 1776
The truth at any cost reduces all others costs. — Robert Steele, 2010
In recent years, months, weeks, and days the confrontational convergence of 2012 has emerged with startling clarity. The key negative trends are these:
In short, the horror story collapses as soon as anyone gives it any serious thought. The Wall Street gang can hardly be faulted for trying cheap scare tactics for pushing its agenda; after all it worked so brilliantly with the TARP two years ago. At the time the plot line was that unless we immediately gave all our money to the Wall Street banks, with no questions asked, then the whole economy would collapse.
Joseph Stiglitz outlines a very sensible approach for placing the United States on a pathway toward correcting the problems paralyzing our political economy. Of course, his ideas will never be seriously considered by the let-them-eat-cake oligarchs now running Versailles on the Potomac, because to put this plan into action, someone must smash the Hall of Mirrors that is distorting what passes for reality in our collective OODA Loops. CS<
A five-part plan to cut the deficit, narrow inequality, and strengthen the economy—and why special interests would block it.
By Joseph E. Stiglitz, Slate, Monday, Dec. 6, 2010
Technically, reducing a deficit is a straightforward matter: One must either cut expenditures or raise taxes. It is already clear, however, that the deficit-reduction agenda, at least in the United States, goes further: It is an attempt to weaken social protections, reduce the progressivity of the tax system, and shrink the role and size of government— all while leaving established interests, like the military-industrial complex, as little-affected as possible.
Precis: history includes massive increase in defense expenditures, growth in inequality, underinvestment in public sector including infrastructure, and growth in corporate welfare. Remediation demands increased spending on high-return public investments, cut in military expenditures “not just funding for the fruitless wars, but also for the weapons that don't work against enemies that don't exist;” eliminate corporate welfare; create a fairer and more efficient tax system; 5% increase in taxes actually paod (focus on top 1%).
Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University. The paperback version of his latest book, Freefall: Free Markets and the Sinking of the Global Economy,with a new afterword, was published in October.
Phi Beta Iota: The Deficit Commission has not produced any supporting documentation. The public intelligence available, of which the above is a small sample, is overwhelming in suggesting that the deficit commission is a criminal fraud being perpetuated on the American public. Wall Street and the two-party tyranny appear to believe that the public is both stupid and permanently inert, and that they can get away with this. Time will tell. We condemn it–and note that Joseph Stiglitz was appointed Director of the Office of Management and Budget (OMB) in the Virtual Cabinet at Huffington Post. We trust him.
Stunningly Relevant Today and Always
