Blogger arrests hit record high BBC. I am not certain that this is as meaningful as it seems, since the number of bloggers is also at a record high.
Exposing Bush Administration Corruption Stephen Lendman. I was plenty upset about Clinton corruption too (please, the commodity trading, the sale of the Lincoln bedroom, the list goes on) but they now look like amateurs (hat tip Michael Panzner). The source is a former member of the CIA who was also given a two star general rank as an advisor to the Joint Chiefs of Staff. Some indirect confirmation: Army Overseer Tells of Ouster Over KBR Stir New York Times
Morgan Stanley warns of ‘catastrophic event’ as ECB fights Federal Reserve Ambrose Evans-Pritchard. Telegraph
Booming, China Faults U.S. Policy on the Economy New York Times. Good, albeit sobering, piece (although Dean Baker thinks the reporters should have been a bit more tough-minded). Representative quote:
Last month, Liu Mingkang, the chairman of the China Banking Regulatory Commission, delivered a lecture at the British Museum in London in which he blamed the American government for the subprime mortgage crisis that came close to freezing Western debt markets and required extensive intervention by the Federal Reserve. The turmoil, he said, was “counteracting the course of global civilization.”
“Does moneymaking or doing business justify the regulators in ignoring their duty for prudential supervision and their job of preventing misbehavior?” he said.
Re-thinking That ‘70’s Inflation Show Thomas Palley. Key section:
In effect, fighting a price – wage spiral with high interest rates is a form of class based policy that breaks the spiral by undercutting the bargaining power of workers.
Note: Mark Thoma doesn’t necessarily buy it.
Antidote du jour. I don’t normally go for videos, but I liked the sound effects here: