Links 7/14/13

Lambert here: My own blog, Corrente, is holding its summer fundraiser. 27 31 donors have already contributed to keeping the Corrente servers humming, and to getting lambert a new set of progressive trifocals. Here’s what Corrente is all about, and a history of some of the campaigns we’ve done, going back to 2003. The PayPal and WePay buttons are in the right hand sidebar. Like NC, Corrente is not part of any political tribe or faction. That makes us unusually dependent on contributions from individual readers. Your help is appreciated, and thanks to Yves for giving me the opportunity to ask for it.

* * *

Happy Bastille Day!

Mammals Can ‘Choose’ Sex of Offspring, Study Finds Science Daily

Not Guilty Miami Herald

Zimmerman Not Guilty in Killing of Trayvon Martin Times

Schweitzer Deals Senate Dems A Blow National Journal

A vote for Eliot Spitzer is a bid for the moral high ground FT

Markets feast on ‘good news is bad news’ FT

Consumer Sentiment in U.S. Unexpectedly Declined in July Bloomberg

Two Sentences that Explain the Crisis and How Easy it Was to Avoid William R. Black, New Economic Perspectives

David Stockman: Financial Engineering As The ATM Of The Prosperous Classes Testosterone Pit

Draghi Impotent as Fed Trumps ECB on Yield Curve Bloomberg

More On the German Gold Situation: Some Light from Deutschland and Canada Jesse’s Café Américain. “I find the refusal of the Federal Reserve to release the national gold of Germany for repatriation for seven years to be one of the most remarkable of recent developments in the world of money.” And it’s a crowded field.

Big Brother is Watching Watch

Snowden documents could be ‘worst nightmare’ for U.S.: journalist  Reuters

About the Reuters article Glenn Greenwald, Guardian

Edward Snowden statement: ‘It was the right thing to do and I have no regrets’ Guardian

Edward Snowden, come on home Melissa Harris-Perry, MSNBC. “Dear Ed, It’s me, Melissa” (takedown).

Senator Ron Wyden: White House considering scaling back data collection Guardian. Lucy and the football.

The Doubters Are Wrong: Edward Snowden Is a Game-Changer Mother Jones

Whatever Happened to MoveOn.Org? Progressives and NSA Spying  Counterpunch. Nothing at all. Why?

Barrett Brown, political prisoner of the information revolution Guardian

Wikileaks Party prepare for election campaign as Julian Assange remains stranded in London ABC Australia (SW)

Gangs Ruled Prison as For-Profit Model Put Blood on Floor Reuters

Insight: Apple controversy lays bare complex Irish tax web Reuters

There’s Growing Evidence Of A Vast Conspiracy To Undermine Former Egypt President Morsi Business Insider

Critics denounce Al Jazeera exclusive  Al Jazeera

Why China and the US (Probably) Won’t Go to War The Diplomat. Nukes, the Pacific.

The bloody day Harry was witness to an horrific war crime: Prince was just 220yds away when US Special Forces trooper fired machine gun at Afghan goat herders Daily Mail

Thaksin Isan love affair in full bloom Bangkok Post

Why is the rich US in such poor health? New Scientist

Where are the missing 90-year-olds? BBC

Spill settlement papers leave BP in a bind FT. “Revenue” and “expenses” not defined.

The oil and gas of their discontent: Will 10 energy-rich, conservative Colorado counties break off to form the 51st U.S. state? Daily Mail 

State withholds more than 60% of Fukushima cleanup budget Asahi Shimbun

Link between quantum physics and game theory found phys.org

Game Theory is Useful, Except When it is Not Symposium

The creepy mindset of online credit scoring mathbabe

F2P Monetization Tricks Schneier on Security (citing).

In a few minutes you do not learn much Bill Mitchell – billy blog. Shovel, Dr. Thoma?

Into the Silent Darkness? Power of Narrative

Antidote du jour (via Fat Cats):

delacroix-eugene-la-liberte-guidant-le-peuple-1830-cat-w

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About Lambert Strether

Readers, I have had a correspondent characterize my views as realistic cynical. Let me briefly explain them. I believe in universal programs that provide concrete material benefits, especially to the working class. Medicare for All is the prime example, but tuition-free college and a Post Office Bank also fall under this heading. So do a Jobs Guarantee and a Debt Jubilee. Clearly, neither liberal Democrats nor conservative Republicans can deliver on such programs, because the two are different flavors of neoliberalism (“Because markets”). I don’t much care about the “ism” that delivers the benefits, although whichever one does have to put common humanity first, as opposed to markets. Could be a second FDR saving capitalism, democratic socialism leashing and collaring it, or communism razing it. I don’t much care, as long as the benefits are delivered. To me, the key issue — and this is why Medicare for All is always first with me — is the tens of thousands of excess “deaths from despair,” as described by the Case-Deaton study, and other recent studies. That enormous body count makes Medicare for All, at the very least, a moral and strategic imperative. And that level of suffering and organic damage makes the concerns of identity politics — even the worthy fight to help the refugees Bush, Obama, and Clinton’s wars created — bright shiny objects by comparison. Hence my frustration with the news flow — currently in my view the swirling intersection of two, separate Shock Doctrine campaigns, one by the Administration, and the other by out-of-power liberals and their allies in the State and in the press — a news flow that constantly forces me to focus on matters that I regard as of secondary importance to the excess deaths. What kind of political economy is it that halts or even reverses the increases in life expectancy that civilized societies have achieved? I am also very hopeful that the continuing destruction of both party establishments will open the space for voices supporting programs similar to those I have listed; let’s call such voices “the left.” Volatility creates opportunity, especially if the Democrat establishment, which puts markets first and opposes all such programs, isn’t allowed to get back into the saddle. Eyes on the prize! I love the tactical level, and secretly love even the horse race, since I’ve been blogging about it daily for fourteen years, but everything I write has this perspective at the back of it.

71 comments

  1. F. Beard

    re antidote:

    The day I’ll prefer a cat in that picture is the day I should be committed!

  2. Bev

    Love that Amy Goodman’s Democracy Now http://www.democracynow.org/2013/7/11/jailed_journalist_barrett_brown_faces_105 and others are reporting on this. Look at her last sentence:

    AMY GOODMAN: Well, we’ll certainly follow this case, Peter Ludlow, professor of philosophy at Northwestern University. He’s written extensively on hacktivist actions against private intelligence firms and the surveillance state. His most recent piece is in The Nation; it’s called “The Strange Case of Barrett Brown.” We will link to it at democracynow.org.

    http://www.thenation.com/article/174851/strange-case-barrett-brown#axzz2Z29RmkGD

    The Strange Case of Barrett Brown

    Amid the outrage over the NSA’s spying program, the jailing of journalist Barrett Brown points to a deeper and very troubling problem.

    Read more: The Strange Case of Barrett Brown | The Nation http://www.thenation.com/article/174851/strange-case-barrett-brown#ixzz2Z29Znk2R

    ……………

    Other real journalists are reporting. I find it powerful that a Republican whistle-blower (on the GOP political imprisonment of Democratic Gov. Don Siegleman) has teamed up with an Election Integrity whistle-blower from BBV (Bev Harris’ http://www.blackboxvoting.org/ ) and found a link to Brown and what he was reporting on:

    from:
    http://legalschnauzer.blogspot.com/2013/07/was-fiery-death-of-journalist-michael.html

    July 1, 2013
    Was The Fiery Death Of Journalist Michael Hastings Connected To Atlanta Security Firm Called Endgame?

    At the time of his death in a fiery car crash on June 18, journalist Michael Hastings was working on a story about alleged Anonymous leader Barrett Brown. Currently under federal indictment on charges related to computer hacking, Brown is the journalist who first reported on a shadowy private security firm in Atlanta called Endgame.

    The Web site freebarrettbrown.org reports that Hastings was planning to interview Brown in late June and had announced to his followers, “Get ready for your mind to be blown.”

    A Hastings/Brown interview almost certainly would have included questions about Brown’s research on “black hat” private security firms that work with the official U.S. intelligence community. Some of these outfits also have powerful ties to corporate America via the U.S. Chamber of Commerce. Primary among such firms is Endgame, which is based on the seventh floor of the former Biltmore Hotel building in Atlanta.

    Before the interview could take place, Hastings was killed when his car exploded, with the engine blown some sixty feet from the wreckage on a Los Angeles street. Were individuals connected to Endgame and the U.S.Chamber–fearing possible exposure in government-sponsored wrongdoing–involved in Michael Hastings’ death?

    We don’t have a solid answer to that question? But a report last week from Alabama attorney Jill Simpson and election-integrity specialist Jim March presents perhaps the most disturbing revelations yet about Endgame and similar private security firms. The report, dated June 24, 2013, is titled “Black Hat Versus White Hat: The Other Side of the Snowden/Hastings/Barrett Brown Cases.”

    Here is how March summarizes the report in a piece at OpEd News:

    This is a look into the world of the private contractors that work in alliance with the official US intelligence community and appear to be state-sanctioned to commit crimes. We focus on one of these shady contractors, Endgame–an Atlanta GA corporation that both Barrett Brown and Michael Hastings were looking at. We show who they are, what they do, what their founders did before, who funds them and who they are connected to. We even filmed and photographed their building and lobby.

    Simpson is best known as a former Republican operative who became a whistleblower in the political prosecution of former Alabama Governor Don Siegelman. March is on the board of directors of blackboxvoting.org and is a former board member for the Southern Arizona chapter of the ACLU.

    They note the ominous meanings behind the term “Endgame” and provide background on the firm’s early days.

    snip

    The final moves in a chess game are called the “endgame.” It has come to the attention of American whistleblowers and election integrity specialists that the CIA, NSA and White House have designed the ultimate final “endgame” for the free world as we know it–with a group of computer “security specialists.”

    snip

    In November 2010, Hunton and Williams organized a number of private intelligence, technology development and security contractors—HBGary, plus Palantir Technologies, Berico Technologies and, according to Brown, a secretive corporation with the ominous name Endgame Systems—to form “Team Themis”—‘themis’ being a Greek word meaning “divine law.” Its main objective was to discredit critics of the Chamber of Commerce, like Chamber Watch, using such tactics as creating a “false document, perhaps highlighting periodical financial information,” giving it to a progressive group opposing the Chamber, and then subsequently exposing the document as a fake to “prove that US Chamber Watch cannot be trusted with information and/or tell the truth.”

    The bottom line? Barrett Brown helped expose Endgame’s role in a disinformation campaign that was designed to protect the U.S. Chamber of Commerce. Michael Hastings was set to interview Brown, and that almost certainly would have yielded damaging information about both Endgame and the U.S. Chamber.

    Before that interview took place, Michael Hastings’ car exploded.

    ……………….

    http://www.washingtonsblog.com/2013/06/nsa-whistleblower-nsa-spying-on-and-blackmailing-high-level-government-officials-and-military-officers.html

    NSA Whistleblower: NSA Spying On – and Blackmailing – Top Government Officials and Military Officers
    WashingtonsBlog

    Whistleblower Says Spy Agency Targeting Top American Leaders

    NSA whistleblower Russel Tice – a key source in the 2005 New York Times report that blew the lid off the Bush administration’s use of warrantless wiretapping – told Peter B. Collins on Boiling Frogs Post (the website of FBI whistleblower Sibel Edmonds):

    Tice: Okay. They went after–and I know this because I had my hands literally on the paperwork for these sort of things–they went after high-ranking military officers; they went after members of Congress, both Senate and the House, especially on the intelligence committees and on the armed services committees and some of the–and judicial. But they went after other ones, too. They went after lawyers and law firms. All kinds of–heaps of lawyers and law firms. They went after judges. One of the judges is now sitting on the Supreme Court that I had his wiretap information in my hand. Two are former FISA court judges. They went after State Department officials. They went after people in the executive service that were part of the White House–their own people. They went after antiwar groups. They went after U.S. international–U.S. companies that that do international business, you know, business around the world. They went after U.S. banking firms and financial firms that do international business. They went after NGOs that–like the Red Cross, people like that that go overseas and do humanitarian work. They went after a few antiwar civil rights groups. So, you know, don’t tell me that there’s no abuse, because I’ve had this stuff in my hand and looked at it. And in some cases, I literally was involved in the technology that was going after this stuff.

    ……………

    So, I think the entire political, economic spectrum can get behind the following bill:

    http://firedoglake.com/2013/07/06/come-saturday-morning-reclaiming-our-libert-e/

    Come Saturday Morning: Reclaiming Our LIBERT-E

    Democratic United States Representative John Conyers and his Republican colleague Justin Amash don’t agree on a lot of things. But they are, like most of us, united in being aghast at all the government snooping being done to us, for us, against us, and on everyone else in the world. Unlike most of us, they’re in a position to do something about it — or at the very least shame those Beltway officials who would perpetuate this snooping.

    To that end, they’ve introduced H.R. 2399, the “Limiting Internet and Blanket Electronic Review of Telecommunications and Email Act,” or the LIBERT-E Act for short.

    1. Bev

      maybe this accounts for no progress:

      http://my.firedoglake.com/mspbwatch/2013/06/19/breaking-nsa-whistleblower-russ-tice-alleges-nsa-wiretapped-then-senator-barack-obama/

      BREAKING: NSA Whistleblower Russ Tice Alleges NSA Wiretapped Then-Sen. Candidate Barack Obama

      From the Boiling Frogs Show Podcast, with FBI Whistleblower Sibel Edmonds and Radio Host Peter B. Collins:

      In this bombshell episode of the Boiling Frogs Post Podcast Show NSA whistleblower Russ Tice joins us to go on record for the first time with new revelations and the names of official culprits involved in the NSA’s illegal practices. Mr. Tice explains in detail how the National Security Agency targets, sucks-in, stores and analyzes illegally obtained content from the masses in the United States. He contradicts officials and the mainstream media on the status of the NSA’s Utah facility, which is already operating and “On-Line.” He reveals the NSA as a Deep State that targets and wiretaps US political candidates for its own purposes. We discuss the latest controversies involving the NSA, PRISM, Edward Snowden, and the spins and lies that are being floated by the US mainstream and pseudo-alternative media.

      Source: http://www.boilingfrogspost.com/2013/06/19/podcast-show-112-nsa-whistleblower-goes-on-record-reveals-new-information-names-culprits/

      Update: Tice says that NSA wiretapped Senate candidate Barack Obama (contra my original title that said “Then-Senator”)

      Add’l Source: PBC News & Comment: Bombshell NSA Revelations from Russell Tice (The Peter B. Collins Show website)

      Full BFP Podcast available here (.mp3)

      Follow-up Interview on The Corbett Report.

      1. Bev

        via: http://my.firedoglake.com/mspbwatch/2013/06/19/breaking-nsa-whistleblower-russ-tice-alleges-nsa-wiretapped-then-senator-barack-obama/

        http://www.boilingfrogspost.com/2013/06/21/msnbc-censors-nsa-whistleblower-russ-tice-minutes-before-interview/

        MSNBC Censors NSA Whistleblower Russ Tice Minutes Before Interview

        Friday, 21. June 2013

        “We Don’t Want a Word on Your Allegations Pertaining to NSA Wiretapping of Obama, Judges & Activists”-MSNBC

        On Wednesday, June 19, Boiling Frogs Post broke the news on the NSA’s targeting of political candidates, elected officials, federal judges, law firms and activists, including candidate Barack Obama, revealed by veteran NSA officer and whistleblower Russ Tice.

        In this bombshell episode of the Boiling Frogs Post Podcast Show NSA whistleblower Tice went on record for the first time with new revelations and names of official culprits involved in the NSA’s illegal practices, and explained in detail how the National Security Agency targets, sucks-in, stores and analyzes illegally obtained content from the masses in the United States. He revealed for the first time the NSA Deep State involved in the targeting and wiretapping of US elected officials, political candidates, federal judges and activists for its own purposes.

        Prior to his exclusive interview with Boiling Frogs Post, Mr. Tice tried to expose these government illegalities through US mainstream and larger pseudo alternative media outlets. Both mainstream and quasi alternative media outlets refused to publish or air Mr. Tice’s revelations; while some cited legal concerns others refrained from providing any justification whatsoever.

        Today MSNBC aired an interview with Mr. Tice disclosing “some” of his revelations, thanks to the vigilant activists who tirelessly shared and disseminated Mr. Tice’s revelations and interview audio. Interestingly, at the last minute, MSNBC told Mr. Tice that they would NOT include his revelations on NSA’s targeting of Obama, elected officials, attorneys, judges and activists. Basically, they censored his entire testimony on these stunning allegations!

        In a correspondence with Boiling Frogs Post immediately following his censored interview with MSNBC Mr. Tice stated:

        “When they were placing the ear-phone in my ear with less than ten minutes left till my air time, the producer in New York said that their lawyers were discussing the material, and at this time, they did not want me to mention anything about the NSA wiretaps against all the people and organizations that I mentioned. That is how it went down. I did say on the air that I know it is much worse and would like to talk about that some time.”

        The pathetic sorry state of the United States Media! But, that’s the negative part.There are some positives:

        This is another instant of proving the idea of People-Power. This is another case where a truly independent alternative outlet dares to expose government illegality and cover-up. This is one more example illustrating the power that rests with the people-no matter the size and its irate minority status.

        We can do it. We must do it. We have to continue and expand. We need to escalate our pressure and raise our stand as the opposition to our expanding police state oppression. It starts with us-and it ends with us. Kudos to us-the people-power.

        Here is the MSNBC segment with NSA Whistleblower Russ Tice:
        – See more at: http://www.boilingfrogspost.com/2013/06/21/msnbc-censors-nsa-whistleblower-russ-tice-minutes-before-interview/#sthash.uc6XJwpK.dpuf

        1. neo-realist

          Quasi alternative media refused, hmmmm. Democracy Now? NPR, which would be no surprise, as a matter of fact, I shouldn’t include them in the category of alternative anything.

    2. Bev

      Demand Up or Down Vote to identify politicians who are for Spying on All Americans versus politicians who are against Spying on All Americans.

      Thanks Salon for such a wonderful article.

      via: http://www.nakedcapitalism.com/2013/07/links-72413.html

      http://www.salon.com/2013/07/22/gop_civil_war_leaders_target_rising_star/

      Jul 22, 2013

      GOP insurrection heats up over surveillance

      Rep. Justin Amash wants to deprive the NSA of funds for spying. Now, his angry House leadership is fighting back

      In an attempt to prevent Washington lawmakers from having to publicly declare their position on the National Security Administration’s mass surveillance, will congressional leaders formally snuff out one of the last embers of democracy in the U.S. House? This is one of the big questions this week in Washington, as the Republicans who control the House are resorting to brass knuckled tactics in an effort to thwart one of their own.

      Before getting to that stunning story, it’s worth reviewing how the Congress actually operates.

      As I learned from four-plus years working in the Capitol’s lower chamber during President Bush’s first term, the U.S. House of Representatives runs like a politburo did in a typical Soviet satellite state. Decisions about what even gets voted on — much less passed — usually happen behind closed doors, with a handful of party leaders handing down orders to the rest of the body’s loyal apparatchiks. That means most legislative drama can’t be seen by voters, and it means congresspeople rarely have to cast public votes on anything the House Speaker doesn’t want them to vote on. By design, this system (which differs from the Senate, where all members can force votes on almost anything) deliberately protects majority party House members from having to cast embarrassing campaign-ad-worthy public votes against the minority party’s proposals.

      Repressive as the House is, tradition provides lawmakers with a few ways to hack the system — that is, if they happen to know what they are doing (which most lawmakers and staff, alas, don’t). The best of these hacks is what’s known as the appropriations “rider” — or what can alternately be called the Amendment Hack.

      snip

      This brings us to Amash, the simmering fight over mass surveillance in America — and just how committed transpartisan Permanent Washington is to preserving that surveillance.

      According to The Hill, Amash is openly defying his party’s leadership by championing a simple amendment to the annual Defense Appropriations Bill based on the larger bill he’s co-sponsoring with Democratic Rep. John Conyers. As National Journal suggests, Amash’s amendment would ostensibly get his legislation ruled in order for an up-or-down vote by simply barring funds in the bill from going to the NSA for the purpose of “collecting telephone and other records from anyone who is not the subject of an investigation.”

      It’s a brilliant example of the Amendment Hack, raising precisely the questions that Washington doesn’t even want to talk about. Do lawmakers support an NSA that inherently presumes all Americans are guilty and worthy of surveillance? Or do they want surveillance resources aimed only at those who truly warrant probable cause? Amash’s amendment would tell us exactly where each member of the House stands on those critical queries — which is why, of course, Permanent Washington is in a tizzy and why the House leadership is now hustling to figure out some way to stop the amendment from even being voted on.

      more

  3. fresno dan

    Why is the rich US in such poor health? New Scientist

    “And, as it turns out, the US spends plenty on social welfare. It may tax less and spend less on social programmes than most rich democracies, but when you add in tax-based subsidies and private social spending, it ranks as the fifth highest in the world, just after Sweden. What distinguishes the US is how that money is spent. More goes on healthcare – while still leaving many without health insurance or access to care – and less on children, families and the disadvantaged”

    Well, ALL of our social programs from crop insurance, tax incentives for buying a house, SHADOW bank welfare, to ACA benefit the wealthy far more than anyone else. The analogy used to justify these programs was that they would help people who were far behind the startling line get a little closer to the starting line – but as it has turned out, it is more correct to say that 99% gets ahead one step while the 0.001% get ahead 99 yards in a 100 yard dash, where 1st prize is a trillion dollars, second price is a set of steak knives (made in China), and third prize is your fired and beaten by the police…
    Than we get nothing but propaganda about this being a meritocracy and nothing about how every law is skewed by corruption.

    1. rich

      Will The Federal Reserve Provide Us With The Next Abuse Of Power Scandal?

      After internal leaks and disclosures two of the most powerful agencies of the U.S. government, the Internal Revenue Service and the National Security Agency, are under increased scrutiny. Will the same happen to the more independent but still secretive Federal Reserve System? A new thriller, “Hidden Order,” which focuses on the Fed and is written by best-selling author Brad Thor, will fuel speculation about misdeeds at the powerful monetary authority. Going after the Fed, however, is not easy. Incentives to protect the status quo are even stronger than at the IRS or the NSA.

      We are approaching the first anniversary of the passage of H.R. 459, the Federal Reserve Transparency Act, which called for audits of the discount policies, the funding facilities, the open market operations, and the Fed agreements with foreign bankers. The bill was passed 327 to 98. Ninety-seven of the votes to protect the Fed came from Democrats. The bill remains stuck in the Senate.

      Transparency in monetary affairs is an issue of justice and morality, not only economics. Several of the first books devoted to economics focused on the perils of government monetary manipulation and were written by moralists of the late middle-ages. Oresme in Italy, Copernicus in Poland, and Juan de Mariana in Spain were prime examples.

      If we can’t count yet on price increases to mobilize public opinion to battle the current statist monetary system and scrutinize the Fed, is it possible to rely on arguments describing the immorality of the manipulation of money and credit? Making a credible case against credit manipulation is more difficult than making a case against price inflation. It requires a more elaborate analysis and getting into specifics: which banks and credit institutions were benefited, which suffered? Within banks, which executives lobbied for privileges and received big bonuses? It is not enough to blame “corporate welfare,” “crony capitalism” or the “banksters.” Sound money advocates should describe and have access to data from the Federal Reserve to study how they distributed their favors.

      http://www.forbes.com/sites/alejandrochafuen/2013/07/10/will-the-federal-reserve-provide-us-with-the-next-abuse-of-power-scandal/

      amazing how some groups always come out on top while others remain at bottom?

    2. David Lentini

      This is a meritocracy—The most crooked get all the money and power.

      We tend to forget that the value of a “meritocracy” depends on how we define “merit”.

    1. ginnie nyc

      Wow, what a great article. I worked for the Resnick’s when I lived in LA; Levine doesn’t mention that they also owned Teleflora, the flowers-by-wire service – at least they did in the early-mid 80’s. The corporate HQ was in the South Bay.

      I knew they were greedy bastards, but I had no idea about the security firm operation. Whoa! I was aware of the Franklin Mint (Levine doesn’t mention it, but their suit against the Diana, Princess of Wales Foundation destroyed it; it had to be wound down last year.) and POM, but the pistachios, no.

      Another reason to buy organic.

  4. fresno dan

    About the Reuters article Glenn Greenwald, Guardian

    “This “threat” fiction is just today’s concoction to focus on anything but the revelations about US government lying to Congress and constitutionally and legally dubious NSA spying. Yesterday, it was something else, and tomorrow it will be something else again. As I said in an interview with Falguni Sheth published today by Salon, this only happens in the US: everywhere else, the media attention and political focus is on NSA surveillance, while US media figures are singularly obsessed with focusing on everything but that.”

    Excuse my 2 comments in one day, but this just confirms my view that substantively, not only do we have only one big business/security state government philosophy, but that the vast majority of the US “media” is WORSE than Pravda – at least Soviet propaganda didn’t have the tremendous power of financial incentives, stock options, to buy out or censure any “journalist” who doesn’t toe the party line…

    The US constitution, the 4th amendment, ….what quant ideas we used to have.

      1. Synopticist

        It’s striking, reading American BLT comments on the Snowden revelations, how succesful the political republican vs democrat kibbuki has been, and how politcally polarised the US has become.
        Reps blame Obama, and dems point to Bush, and it’s done with a great passionate intensity. Add the “it’s no big deal, everyone does it” argument, and and you can ACTUALLY SEE the consent being manufactured, and the problem being spun away.

  5. Bev

    Love that Amy Goodman’s Democracy Now http://www.democracynow.org/2013/7/11/jailed_journalist_barrett_brown_faces_105
    and others are reporting on this. Look at her last sentence:

    AMY GOODMAN: Well, we’ll certainly follow this case, Peter Ludlow, professor of philosophy at Northwestern University. He’s written extensively on hacktivist actions against private intelligence firms and the surveillance state. His most recent piece is in The Nation; it’s called “The Strange Case of Barrett Brown.” We will link to it at democracynow.org.

    http://www.thenation.com/article/174851/strange-case-barrett-brown#axzz2Z29RmkGD

    The Strange Case of Barrett Brown

    Amid the outrage over the NSA’s spying program, the jailing of journalist Barrett Brown points to a deeper and very troubling problem.

    ..

    from:
    http://legalschnauzer.blogspot.com/2013/07/was-fiery-death-of-journalist-michael.html

    July 1, 2013
    Was The Fiery Death Of Journalist Michael Hastings Connected To Atlanta Security Firm Called Endgame?

    At the time of his death in a fiery car crash on June 18, journalist Michael Hastings was working on a story about alleged Anonymous leader Barrett Brown. Currently under federal indictment on charges related to computer hacking, Brown is the journalist who first reported on a shadowy private security firm in Atlanta called Endgame.

    The Web site freebarrettbrown.org reports that Hastings was planning to interview Brown in late June and had announced to his followers, “Get ready for your mind to be blown.”

    1. Bev

      NSA whistleblower Russel Tice who further adds via:

      http://www.washingtonsblog.com/2013/06/nsa-whistleblower-nsa-spying-on-and-blackmailing-high-level-government-officials-and-military-officers.html

      NSA Whistleblower: NSA Spying On – and Blackmailing – Top Government Officials and Military Officers
      WashingtonsBlog

      Whistleblower Says Spy Agency Targeting Top American Leaders

      NSA whistleblower Russel Tice – a key source in the 2005 New York Times report that blew the lid off the Bush administration’s use of warrantless wiretapping – told Peter B. Collins on Boiling Frogs Post (the website of FBI whistleblower Sibel Edmonds):

      Tice: Okay. They went after–and I know this because I had my hands literally on the paperwork for these sort of things–they went after high-ranking military officers; they went after members of Congress, both Senate and the House, especially on the intelligence committees and on the armed services committees and some of the–and judicial. But they went after other ones, too. They went after lawyers and law firms. All kinds of–heaps of lawyers and law firms. They went after judges. One of the judges is now sitting on the Supreme Court that I had his wiretap information in my hand. Two are former FISA court judges. They went after State Department officials. They went after people in the executive service that were part of the White House–their own people. They went after antiwar groups. They went after U.S. international–U.S. companies that that do international business, you know, business around the world. They went after U.S. banking firms and financial firms that do international business. They went after NGOs that–like the Red Cross, people like that that go overseas and do humanitarian work. They went after a few antiwar civil rights groups. So, you know, don’t tell me that there’s no abuse, because I’ve had this stuff in my hand and looked at it. And in some cases, I literally was involved in the technology that was going after this stuff.
      …………

      So, I think the entire political, economic spectrum can get behind the following bipartisan bill which attempts to control all this spying: Rep. John Conyers and Rep. Justin Amash bill H.R. 2399, the “Limiting Internet and Blanket Electronic Review of Telecommunications and Email Act,” or the LIBERT-E Act for short.

      http://firedoglake.com/2013/07/06/come-saturday-morning-reclaiming-our-libert-e/

      Come Saturday Morning: Reclaiming Our LIBERT-E

      By: Phoenix Woman Saturday July 6, 2013

      Democratic United States Representative John Conyers and his Republican colleague Justin Amash don’t agree on a lot of things. But they are, like most of us, united in being aghast at all the government snooping being done to us, for us, against us, and on everyone else in the world. Unlike most of us, they’re in a position to do something about it — or at the very least shame those Beltway officials who would perpetuate this snooping.

      To that end, they’ve introduced H.R. 2399, the “Limiting Internet and Blanket Electronic Review of Telecommunications and Email Act,” or the LIBERT-E Act for short.

      ….

      And, in comments at
      http://www.washingtonsblog.com/2013/06/nsa-whistleblower-nsa-spying-on-and-blackmailing-high-level-government-officials-and-military-officers.html

      coleenrowley

      This was always the real danger of the massive dragnet “total information awareness” type surveillance. If there are no filters or distinctions made between spying on ordinary Americans “who have nothing to hide” and congresspersons, judges, NGO officials, military officials, agency heads, etc. (those with some power and who often do have much to hide) this tips the balance of power built into the Constitution in favor of the group and the branch who’s collecting the information because information is power. J. Edgar Hoover was just one of many historical figures who gained power over government officials through his spying and collection of information (and selectively handing it over to HUAC).

      Snowden however, has indicated in one of his responses that some kind of filter may have been put on the NSA surveillance to shield Congress members — that may have happened, I’m guessing, in the 2007-2008 period when the Bush Admin was pressuring Congress to approve its warrantless surveillance program and give immunity to the telecoms. It seems inconceivable to me that none of the smarter congresspersons would not have realized this danger, that they would themselves be targeted, and consequently demanded that some kind of mechanism be put in to shield themselves from surveillance. (I actually warned our MN Sen Amy Klobuchar about this when she voted for the first “emergency” extension of Bush’s warrantless monitoring in August 2007 when they all caved the first time. It was like a midnight vote before recess and they were pressured that a terrorist act could occur unless they gave Bush the authority to continue his illegal monitoring so Klobuchar and most of the others caved.)

      1. LucyLulu

        Filters can be removed even more easily than applied. If Congress thinks they’re safe because of some agreement, they’re more nuts than we even thought.

  6. QT

    Lord have mercy — if ANY sovereign nation is proved to be bankrupt of gold that was fraudulently accounted for, the global economy will derail, IMO. PM ETFs will, more than likely, also be exposed and bankrupted.

    I’m not a “gold bug”, but I do own some PMs (and even with the declining price, as of late, as still far ahead of any asset I could have invested in, save having jumped two feet into the markets at their crash lows). I would expect than any Central Bank shortfall will result in a radical price change or radical policy changes regarding PMs.

    Gold might be a “barbarous relic”, but the truth is, Central Banks and exchanges are, and have always been, technically, dependent on it. If not, they would simply liquidate them at deeply discounted prices, and be done with them.

    1. Lambert Strether Post author

      Me neither, but what could possibly be the issue here? Did the architects for the Fed’s vaults underspecify the elevators? Like, they can let the gold down, but not hoist it up? Shipping contracts for a North Atlantic crossing take seven years to sign? The gold mysteriously transmigrates to a different vault through a cosmic wormhole whenever Ben’s back is turned? “I know it’s here somewhere….”

      1. F. Beard

        Gold is for suckers anyway I discovered when I modeled an ethical fractional reserve bank on a spreadsheet. The higher the gold redemptions, the more profitable the bank! That’s because gold is a non-performing asset and the bank was well rid of it in exchange for its own money.

        1. F. Beard

          However, the bank eventually would run out of gold (and thus have to break its pledge to redeem) so that’s when I abandoned fractional reserves and moved to Equity as money, in order to be 100% ethical.

    2. F. Beard

      Yep. The value of gold heavily depends on government privilege or the expectation thereof. So gold is not only a “barbarous relic”; it is a fascist relic.

      Are you proud of having propped up its value?

      1. QT

        Better to prop up the price of gold than to encourage the blatant and rank creation of Fiat FedRes Notes, or even worse, stocks falsely inflated by OMOs (or whatever vehicle), so that I could allow some exec to fly his jet around.

        1. F. Beard

          Inexpensive fiat is the ONLY ethical money form for government debts otherwise the taxation authority and power of government is misused to profit private interests such as gold owners, usurers, etc.

          That said, the Fed should be abolished since only the monetary sovereign should be allowed to create fiat and ONLY for the general welfare, not to back-up the banks.

        2. wunsacon

          Any gold “standard” *is* fiat.

          The problem with our credit/money system isn’t the base (paper or electronic dollar) but in the myriad of ways organizations lie — often with implicit official sanction — about their accounting in order to claim they possess much more than they do.

          Gold can be manipulated like any other “base” currency. Indeed, I believe Jesse’s theories and therefore believe gold is manipulated widely. Therefore, I doubt a gold “standard” would help us. TPTB would play the same games as they do now.

          What am I missing?

    3. mystified by shiny

      A quick check of other articles, from reporters less invested in tinfoil, indicates that the FED will give Germany the gold anytime they want it. When you are attempting to transport 300 tons by air under strict security provisions and with maintenance of risk via insurance it becomes slightly more complicated than putting in the 4 digit pin for an ATM machine.

      The total value of the gold Germany plans to move is around the 36 Billion mark. Considering that the total liabilities of the US Fed and the ECB and the Bundesbank are accounted in the Trillions, 36 Billion in gold is nothing.

      Ever since the days of kings people have gotten worked up over the word gold. Does anyone care to comment on greater values in copper, iron, steel, platinum, or any other mineral of value you can name moves across world daily?

  7. nobody

    Regarding the Zimmerman verdict, I think that this post from a few days ago at emptywheel about the state of the evidence in the case is worth a look:

    http://www.emptywheel.net/2013/07/11/uncomfortable-truth-the-state-of-evidence-in-the-george-zimmerman-prosecution/

    Also, Jeralyn Merritt’s posts at TalkLeft:

    http://www.talkleft.com/tag/George%20Zimmerman

    I do not know what the facts of the matter are, but I do know that many of the notions that so many people I know have embraced are factually ungrounded, and in many instances plainly false.

    1. Lambert Strether Post author

      I haven’t followed the story since I read that the dispatcher told Zimmerman not to get involved, and he went ahead anyhow.

      That said, if I were a malevolent Power That Is*, I’d enjoy setting up a system that put a bunch of poor schlubs at each other’s throats — “crabs in a bucket.” A poor Florida gated community would be one instantiation of such a system.

      Set it up, sit back, wait for the explosion, feed the ka-boom into the Strategic Hate Management program. Life is good!

      NOTE * Like this but not funny:

      1. nobody

        “Zimmerman was NOT on the phone with anybody operating under any color of law whatsoever; instead he spoke with a common non-emergency operator (effectively the desk receptionist at the station). It was about as far from ‘dispatch’ as is possible.

        “Secondly, the conversation was simply to the effect, and this is a direct quote ‘we don’t need you to do that (follow Martin)’. At that point, Zimmerman, by both his own statements, and consistent timing of observations of other percipient witnesses and physical evidence of where the confrontation really did start, including even the statements of Rachel Jeantel, appear to have immediately complied with that statement and headed back toward where he came from. He did not disobey anything, much less any official order.

        “From the testimony of Jeantel, Martin had been literally at the entrance to the house he was staying at. Yet he did not stay there or go in it, he went away from the house, toward Zimmerman, and confronted Zimmerman. It is crystal clear Martin initiated at a minimum the verbal confrontation, again, well away from the safety of the house he had been at.

        “The above is all corroborated by the trial record, from the state’s own witnesses, not just Zimmerman, including even by Jeantel’s testimony on the record. The evidence admitted and extant on the trial record further reflects that only one person suffered injuries from assault prior to the gunshot and, from a direct eyewitness, John Good, it was Martin on the top of Zimmerman hitting him. By the end of the trial, the state effectively conceded Martin was on top of Zimmerman.

        “That is what the evidence in the trial record reflects.”

        http://www.emptywheel.net/2013/07/11/uncomfortable-truth-the-state-of-evidence-in-the-george-zimmerman-prosecution/#comment-572567

        I myself have not followed the trial and I do not know how sound or accurate this comment by bmaz might be.

        1. Bridget

          It’s pretty accurate. The state’s own evidence demonstrated that Martin was on top of Zimmerman pummeling him immediately prior to the shooting. That Zimmerman initiated the tragic chain of events by following a young Martin, who was minding his own business in a place he had every right to be, is not legally relevant under Florida criminal law to Zimmerman’s claim that he acted in self defense.

          1. barrisj

            Absolutely the logical outcome of Florida’s concealed-weapon together with “stand your ground” laws: when unwitnessed, one can provoke a retaliatory response, then shoot to kill in “self-defense”…dead men tell no tales. Too bad if one’s target is unarmed, but, that’s the whole idea, isn’t it? Legalised murder under defined conditions. Sort of like state-sponsored assassinations in the name of “national security”.

            1. Lambert Strether Post author

              Read the bmaz post; the defense theory of the case was straight “self defense,” not “stand your ground.” (I agree that “stand your ground” is idiotic, along with the open carry hoopla.)

              1. barrisj

                Lambert, “stand-your-ground” presumes “self-defense”…the whole point of SYG is to promote/codify “lethal response” if the conditions “warrant” it…i.e., in the mind of the shooter there is “unlawful threat” or the like, and one’s “life is at risk”, and there is no opportunity NOR obligation to flee from the “threat”. SYG laws don’t actually need to be invoked by a defense attorney: they in themselves establish a more lenient climate and application of “self-defense”, ESPECIALLY in the absence of witnesses. It’s not even a case of “he said – he said”, as when the other “he” is – conveniently enough – eliminated.

        2. Durivan

          No, that is not accurate.

          The defense was far better at shaping the narrative, and everyone thinking these are facts is just a sign of it.

          First Zimmerman wasn’t that injured. A few punches may have been thrown, and Zimmerman was knocked down and hit the back of his head on something once. The repeated punches and slamming Zimmerman’s head on the sidewalk like he claimed never happened. That is a fact reflected in the state of Zimmerman’s injuries.

          Trayvon may have been on top, that does not mean he was pummeling Zimmerman.

          The fact that Zimmerman lied to law enforcement (reflected in his version of the fight that isn’t reflected in his injuries.) is also a troubling factor in his self defense claim.

          All that said Zimmerman was going to get off anyway. Florida has a very stupid self defense law where the state has to prove it wasn’t self defense. This is near impossible to prove if only two people saw the whole thing and one of them is now dead.

          1. neo-realist

            A black journalist for the MiamiHerald, Joy-Ann Reid, said that she was not surprised at the verdict; Sanford is very conservative, pro-gun, pro stand your ground. I would also add, given who was shot and under what circumstances….RACIST. A verdict that was more than a mere sober adherence to statutes on the part of the jury, but one that was very much culturally and politically informed as far as I’m concerned.

        3. LucyLulu

          I don’t find bmaz’s account all that accurate. First, there were two witnesses, not at the exact same time. One saw Zimmerman on top. One saw Martin on top. Conveniently bmaz only mentioned one of them. Second, there is no evidence that Z was returning to his car. Jeantel did not testify to that. Z said he went looking for a street sign to give police address. There are only 3 streets in subdivision. Z has lived there for years and is watch commander but doesn’t know street names? Speculation was made that Martin didn’t want to go into his home until Z was gone, due to 12 year old being there alone. Martin was fleeing from Z per Jeantel. But that isn’t close to the half of it. For example, Martin’s body was found 25-30 ft from the sidewalk. Now how did he get there in 45 seconds of struggle with Z pinned on his back, having his head slammed into sidewalk, 20 or more times per Z’s original statement? Non-stop screams abruptly ended at same instant as gunshot (not mentioned in trial, left to jury to notice?), having continued while Z was struggling to pull gun from inside pants behind his back on rt side while laying on his back. Martin allegedly had reached for gun, grabbing either gun or holster with his right hand, all while laying straddled over Z, knees on either side of Z’s chest where Z had slid down. Grab a partner and try it sometime, see if your arm can reach. There were several other major issues that were either “overlooked” or glossed over by the state, and the crime scene was processed like junior high students had been in charge. No luminol to look for blood in area, Martin’s hands were not bagged, his sweatshirt not properly bagged, coroner was an idiot, e.g. said Martin could have been stoned with trace THC of 0.15, 100-200 is considered intoxicated, acted like he’d never testified before, …………

          The first hint of what was to come was when they did a toxicology screen on the murder victim but not on Zimmerman.

          The verdict was reasonable given the case presented. Can’t fault the jury. The prosecution royally f—ed up. At the presser afterwards, Corey acted like they’d won. O’Mara (defense attorney) said that if Z had been black, he’d never have been charged. Yeah, sure.

          1. LucyLulu

            Forgot to mention the bushes that Trayvon jumped out from behind and attacked George from. The bushes that had mysteriously vanished when George was later asked to retrace his steps. Yep, those bushes.

    2. zn

      One heard about the verdict while listening to kpfa. It good source of info kpfa.org. The verdict is both expected & shocking. The murderer is honorary cracker being Latino. If the victim was Anglo-Saxon, then verdict would have been: not guilty. It shows that racism is very alive & well. Should be paying attention to Black Agenda Report. For a UK far left (actually democratic socialist) perspective read: http://socialistunity.com/trayvon-martins-killer-acquitted/. One understand there are rallies in NYC & Oakland.
      Greetings,
      zero

      1. barrisj

        “Yeah, dude, the guy was “Hispanic”, for God’s sake!” Therefore, not a race-based killing. Oh, OK, NOW I get it. Yet another red “brown” herring dragged in to exculpate criminal conduct using…wait for it…RACE-BASED language.
        People, this IS America, and deliberate murders – OK, murders in “self-defense”, will always be a feature, not a bug, of American society; It’s who you are, right? And, as these types of crimes are committed both by public agencies – the police – and now, by private citizens, why not just invest them with some sort of legislative protection, and let people just get on with it, hmmm? After all, ol’ George called it, didn’t he…”fucking punks…and assholes…always get away with it!”

  8. Bruce H Sofa

    What could surpass the current nightmare that the US is yet to awake from? Point the arrow in any direction – 100s of young black men have been killed in American cities since the start of the Zimmerman trial, Wall Street goes unpunished, the fraudclosure crisis is not over, 40+k homeless people in one American city alone, more people in prison and employed to build furniture than professional level jobs for those that need them – it doesn’t matter what the American people think, turn on your TV or particpiate in the online show, the script is already written. What possibly could Snowden reveal- American leadership is filled with war criminals and finance predators whose work is to prevent Democracy anywhere in the world? Will we see real videos of American bombers, say, killing hundreds of civilians in Southern Iraq months before the financial crisis? We torture, yet very few stand up.

    1. Charles LeSeau

      “What could surpass the current nightmare that the US is yet to awake from?

      Why, the next decade, of course. And nearly every instance of this ongoing coup and naked corruption will have someone publicly justifying it the whole way.

      The US population will accept it all. We now rely on the rest of the world to upend this global massacre in process.

    1. Synopticist

      “Fast forward one week when we learn that in a perfectly unrelated event, a massive military drill involving naval forces, strategic bomber aircraft, missile-defense teams, tactical and strategic missiles, infantry, and armored vehicles took place in Russia’s far east: a perfectly unrelated exercise that just happens to have 160,000 soliders, 1,000 tanks, 130 aircraft and 70 naval vessels that has been classified as the largest of its kind in the post-Soviet period. ”

      Yes, unrelated. Perfectly so. You don’t decide to hold your countries’ biggest military exercise in 2 decades with only a weeks notice.

      1. neo-realist

        The Russians got a little sand kicked their way and they decided to muscle flex a bit. Nothing much further to be expected outside of further military assistance.

    2. ohmyheck

      A comment from that link:
      “Israelis may be responding to Russian helping Syria to recently both sink an Israeli submarine and shoot down an Israeli plane – not in mainstream news

      On 4 May 2013 the Syrian navy apparently sunk one of these very same Israeli submarines, a German-built Dolphin.

      This past Monday, 8 July 2013, the Israelis lost an F-16 fighter plane in the Mediterranean … what is unsaid is that it was probably one of the Russian missiles in Syria that shot it down.

      Much more is going on here than we can be sure of …”

      No links offered to support these claims. Interesting no-the-less.

    3. ChrisPacific

      Russian-made missiles. Whether they were the property of Russia or Syria at the time is not specified, and would seem to be an important distinction. In the former case I can see Russia being annoyed. If Syria had paid already, well then, repeat business!

  9. rich

    Report: ‘Pay-to-delay’ agreements for 20 drugs cost consumers $98B

    Brand name drug companies made an estimated $98 billion in total sales of 20 drugs while the generic versions of those same drugs were delayed under what’s become know as “pay-to-delay” settlements, according to a report by MassPirg and Community Catalyst.

    The two nonprofit public interest and consumer advocacy groups released a report Thursday, which says consumers have paid 10 times more on average for certain drugs because courts for years have allowed brand name drug companies to pay generic drug makers to keep low-cost versions off the market. The agreements are usually part of a settlement when a generic company tries to invalidate a patent held by branded drug company in order to put out a generic version sooner.

    Two current bills in the U.S. Senate address the issue. The Preserve Access to Affordable Generics Act (S.214) stipulates that pay-for-delay deals should be presumed illegal and authorizes the FTC to sue companies that participate in such deals; and the FAIR Generics Act (S.504) would let a other generic drug companies enter the market if the first one takes a pay-for-delay deal.

    The report highlights 20 drugs which have been the subject of such settlements. For example, Lipitor, which costs as much as $205 for a 30-day supply, is now available as a generic for $18. But in the last year alone – during which time the generic was delayed under a pay-to-delay agreement – Pfizer made $7.4 billion in sales of Lipitor.
    http://www.bizjournals.com/boston/blog/bioflash/2013/07/report-pay-for-delay-agreements-for.html?page=all

    1. LucyLulu

      the FAIR Generics Act (S.504) would let a other generic drug companies enter the market if the first one takes a pay-for-delay deal.

      In the case of Provigil, 5 different generic manufacturers, all those who expressed interest in making the drug, were paid off to delay coming on market for 5 years. Sales of provigil were $1 billion annually. Sum total payoffs $200,000 (upfront). Does S.504 provide anything new?

  10. rich

    Bill Black: The Banks Have Blood on Their Hands

    We invited Bill Black to return to explain whether the level of systemic risk due to fraud in our financial markets has improved or worsened since the dire situation he painted for us in early 2012. Sadly, it looks like abuse by the big players has only flourished since then.

    In the US, our regulators have publicly embraced a “too big to prosecute” doctrine. We are restraining, underfunding and dismantling regulatory oversight in the interests of short-term stability for the status quo. Which as a criminologist, Black knows with certainty creates an environment where bad actors will act in their self-interest with assumed (and likely real, at this point) impugnity.

    http://youtu.be/B4xEYSUQsZg

  11. Doug Terpstra

    Summarizing David Stockman: Five years of unprecedented “Fed” [sic] QE is pure supply-side voodoo that enriches the superrich at the expense of the rest of the world (as coauthor of Reaganomics he should know.) Quelle revelation!

    Steve Keen says we’re in “a bubble so big we can’t even see it”. Several analysts agree and go further, that Dr. BS Bernanke, preeminent scholar of the Great Depression, is doing exactly what the “Fed” [sic] did in the Roaring Twenties, fueling rampant leveraged speculation and create the Great Depression, ended only by activist, demand-side government. We may now be on our way to the Greatest Depression.

    John Hussman:

    Outside of Bernanke’s counterfactual and economically illiterate “wealth effect” argument, even the members of the Federal [sic] Reserve have no idea what transmission mechanism would link further increases in the monetary base to any increase in economic activity or employment. There are already trillions of dollars of idle reserves in the banking system. Why keep pushing on a string when pushing it relieves no constraint that’s binding? You just have more string to tangle, trip on, and reel in later.

    In short, QE benefits stocks primarily because investors have come to believe that QE benefits stocks – a belief that is ultimately likely to be added to the long list of extraordinary popular delusions and the madness of crowds. Investing based on expectations of more QE is not an act of analysis or a response to investment merit, but is instead an act of blind faith that borders on superstition.

    http://www.hussman.net/wmc/wmc130715.htm

    Doug Noland:

    It is worth noting that Bernanke and others’ historical accounts of the 1920s basically disregard a crucial fact: The Federal [sic] Reserve patently failed in its responsibilities to safeguard financial stability during that period. It basically accommodated a runaway boom. By intervening to limit downturns and backstop system liquidity, the Fed [sic] nurtured historic financial and economic Bubbles. It failed in regulating Credit and it failed in dealing with historic financial excess. Its policies were instrumental in what evolved into epic economic maladjustment and imbalances on a globalized basis.

    Dr. Bernanke and others gloss over these failures, preferring instead their ideological focus on activist central bank post-Bubble “mopping up” stimulus and market interventions. When Milton Friedman in the early-1960s canonized the 1920s as the “Golden Age of Capitalism,” this seemingly brought to an end the critical evaluation of one of the most relevant periods in financial, economic and policy history. The focus shifted to post-Bubble policy activism.

    I strongly believe that the Fed’s [sic] fateful dereliction of responsibilities was committed during the 1920s accommodation of destabilizing Credit and speculative excesses, especially late in the decade. While they may very well remain latent throughout a protracted Bubble period, the reality is that the foundation of financial stability is compromised during the boom. Moreover, the greatest risks to systemic stability manifest during the boom’s late-cycle period, often as authorities move to aggressive interventions in an attempt to stave off the collapse of increasingly vulnerable Credit and speculative Bubbles. This is a most relevant topic, as I believe the [Benjamin] Bernanke Fed [sic] is now repeating errors similar to those committed by the Benjamin Strong Federal [sic] Reserve during the late-twenties period.

    http://www.prudentbear.com/2013/07/bernankes-comment.html

    Brandon Smith:

    So Close They Can’t See It

    Reduced stimulus combined with adversely high oils prices may very well be the tumbling boulders that bring down the mountain. We are close now. Beyond the undeniable economic factors, the very fabric of American government is crumbling. Corruption is openly rampant. Scandals are exposed daily. The establishment leadership is unapologetic and grows even more despotic with each truth that escapes into the open air. They are becoming MORE bold, not less bold, and those of us who seek transparency in all things, from politics, to economics, to surveillance, are being attacked as the source of the problem rather than the solution.

    Collapse, from a historical perspective, seems to occur when the searchlights of the individual mind are dimmest, when the threat is the greatest, and when we are most comfortable in our ignorance. In 2008, the U.S. public was mostly oblivious to the danger, and they were painfully stung. Today, I hope that the liberty movement, the alternative media, and alternative economic analysts have created a window of opportunity by which millions of people can this time see the writing on the wall and prepare accordingly. At this point, there is no question that Americans have been warned. Whether or not they pay heed, is out of our hands.

    http://www.alt-market.com/articles/1587-get-ready-for-the-next-great-stock-market-exodus

  12. diane

    Dear “ambrit”:

    ;0( …

    (sorry if a duplicate, but the first time I hit “post comment” (in the same manner as I just repeated), a window ‘opened’ displaying: “The website cannot display the page.”)

    1. ambrit

      Dear diane;
      I fully empathize. Systems foibles can run a person ragged. Hope to see your comment soon.
      ambrit

  13. b2020

    I find myself increasingly stunned by the “gotcha bubbles” that pop up in otherwise useful blogging. I started using that term with respect to emptywheeling postings a few years back, but this Thoma/MMT runaway cascade looks like a textbook example. It’s just nuts.

    Having finally looked at a related posting – Mitchell, linked above – I read the quote, and it appears clear to me that the writer of the NYT article – whatever its merits – is, in acceptable if somewhat amateurish prose, is effectively trying to say:

    “Thoma delved into a recap of MMT for several minutes, which went over my head, and then summarized it with “nuts”. I cannot summarize or paraphrase what I do not understand and don’t give two shits about, so I’ll just quote his summary.”

    Now I give two shits about Mitchell and Thoma, but is appears beyond ludicrous to describe Thoma’s grasp – or lack thereof – by misreading the pedestrian prose of a hack journalist whose article has already been dismissed by those same critics of Thoma. It looks even more inane to me to assume Thoma “delved” into MMT – papers, wikipedia, what? – on the occasion of the interview, for the first time in his career, and at the same time try to bolster the case by citing earlier dismissals of MMT by Thoma.

    I completely agree that “mainstream economics” has failed to provide useful insights at many important turns of (especially recent) history, and that these failures might well be by design. I also agree that MMT, just like other alternate approaches, should be evaluated in an attempt to work towards an economics that does more than facilitate policy idiocies. But if this kind of BS is the crooked nail on which the case of MMT is to be hung, I find myself unsurprised that the Geithners and Bernankes of the world continue to be able to peddle their higher market value bullshit.

    The blogosphere would gain a lot if the bulk of the commentary would make a good faith attempt to avoid inflating “worst possible” interpretations of irrelevant ornamental – or plain bad – writing to some kind of epic “reveal” or “gotcha”. Speaking of Thoma, why the hell would anyone care what he thinks of MMT? The NYT couldn’t get Krugman to diss it proper? Either way, last time I looked the Fed paid about as much attention to Krugman as they pay to Thoma, or DeLong, or Mosler. These guys aren’t even retainers. Tempest, meet teapot?

    Ah well. We do it for the raisins.

  14. LucyLulu

    From Edward Snowden, come on home, comment by klemartin

    Dear Fredrick Douglas,

    It’s me, Melissa.

    I hear you’re looking for a state. Well, wouldn’t you know, I have an idea for you! How about…this one?

    Come on back to Maryland, Fred I know you’re not super pleased with the government these days–and I feel you. The information you revealed about your Master raises serious issues about the behaviors of plantation owners and how they justify and hide those practices from the public. But, here is the deal: it’s time to come home and face the consequences of the actions for which you are so proud.

    I know you must feel you’ve already given up a lot to reveal your Master’s secrets: your unpaid job, your life the slave cabin, your travel papers that let you go into town without fear of arrest.

    And maybe your intentions were completely altruistic–it’s not that you wanted attention, but that you wanted us, the public, to know the injustice of slavery. That is something worth talking about. But by engaging in this border-jumping drama through some of the country’s most bigoted states, you’re making yourself the story.

    We could be talking about whether slavery is constitutional, or whether we should continue to allow the sale of human beings.

    But we’re not. We’re talking about you! And escape routes between Havre de Grace and New York, and how much of a jerk Harriet Tubman is. We could at least be talking about whether the Lincoln administration is right that your escape jeopardized national interests. But we’re not talking about that, Fred.

    We’re talking about you. I can imagine you’d say, “Well, then stop! Just talk about something else.” But here’s the problem, even if your initial revelations about slavery didn’t compromise a well established economic institution, your new cloak-and-dagger game is having real and tangible geopolitical consequences. So, well, we have to talk about…you.

    We’re talking about how maybe now you’re compromising national economic security by jumping from state to state, causing a national incident and straining U.S. relationships among Southern and Northern states. Really. Important. Relationships. And we’re talking about how you praised Northern States and Canada for “standing against human rights violations” and “refusing to compromise their principles.”

    I mean, where do you even come up with that kind of garbage, Fred? What are you thinking?

    I understand that you don’t want to come back. To do so would mean giving up your freedom, definitely before the trial, and likely for several months or years thereafter, and this is if you don’t get lynched first.

    I get it. It’s in its prisons where the U.S. commits actual human rights violations.

    Someday more than 80,000 prisoners will be held in solitary confinement, some for years, some indefinitely, despite the fact that solitary is cruel and psychologically damaging. I know that in the future one out of nine African American men will be incarcerated between the ages of 20 and 34 and that black males ages 30 to 34 have the highest incarceration rate of any race/ethnicity.

    I know those aren’t the human rights violations, though, that you’re complaining about, Fred. But you might not have anything to worry about, anyway. Unlike most of the Blacks on trial for being disloyal to their Masters–you have cultivated a level of celebrity that itself will act as protection if you ever find yourself in U.S. prison. You’ve made a spectacle of yourself, and the Lincoln Administration will be very careful about how it treats you. Unlike all those other strange hanging fruits.

    So come on home, Fred. So we could talk about, you know, something else.

    Sincerely,

    Melissa

    1. Mildred Montana

      Bravo, LucyLulu! Great parody.

      Melissa Harris-Perry’s best line: “I understand that you don’t want to come back. To do so would mean giving up your freedom, definitely before the trial, and likely for several months or years thereafter…”

      Several MONTHS, Melissa? I have to start watching your show. You’re funny.

    2. psychohistorian

      It is with humor like this that we will take back our society from the inherited plutocrats.

      Thanks!

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