Big banks bad. Small banks good. Credit Unions fabulous.
A post from Arianna Huffington worth reading. US_based figures but the same principle applies here.
Who Is Millennium Challenge Corp.?
I just read this fascinating report on the narcosphere (Millennium Challenge Corp. poured millions into Honduras in months leading up to putsch) that describes the activities of a US aid entity set up by Bush (the MCC) in Honduras leading up to the coup against President Zelaya.
It’s well known that aid agencies are sometimes used as a front by the CIA for spying and funding regime change activities (such as its involvement with USAID, famously documented in the “Family Jewels” documents, which details a joint USAID–OPS operation concerning training foreign police in bomb-making, sabotage, etc).
Narco raises a lot of interesting questions about the timing, motivation, recipients and utilisation of the funding that MCC sent into Honduras just prior to the coup.
Hiroshima & Nagasaki 64
August 6 and 9 are the 64th anniversary of the bombings of Hiroshima and Nagasaki, perhaps the greatest single acts of terrorism committed in human history.
Here are some links worth reading.
- The Lies About Hiroshima by John Pilger (recent Sydney Peace Award winner)
- Chronology on Decision to Bomb Hiroshima and Nagasak
- HIROSHIMA: WHO DISAGREED WITH THE ATOMIC BOMBING?
What Kind Of Country Tortures A 12 Year Old Child?
Iran? North Korea? Cuba? China?
No – the United States of America.
If President Obama and the Democratic Party aren’t willing to prosecute the people responsible for torturing and imprisoning a 12 year-old child, without a trial, without hope of defense, then what does that say about the current American administration?
Nine US Banks Paid Out $33 BILLION in Bonuses
Following on from yesterday’s story about Goldman Sachs as the root of all evil, today we get the information that:
Nine banks that received government aid money paid out bonuses of nearly $33 billion last year — including more than $1 million apiece to nearly 5,000 employees — despite huge losses that plunged the U.S. into economic turmoil. … The nine firms in the report had combined 2008 losses of nearly $100 billion.
And if you think things are going to change, don’t be deluded. Here’s what the Obama White House had to say:
"The president continues to believe that the American people don’t begrudge people making money for what they do as long as…we’re not basically incentivizing wild risk-taking that somebody else picks up the tab for," said White House Spokesman Robert Gibbs.
What happened to Obama’s feigned outrage last year before the election? It’s all gone, baby. It disappeared to the same place as his promises about Gitmo, prison camps, climate change and health care.
If the NBA has a salary cap, why can’t American corporations? One of the key problems with capitalism is the open-ended nature of the upside. It breeds unlimited greed. Surely we can combine the good aspects of capitalism – eg incentives for creativity and effort – but restrict the upsides? I know we have tiered taxation, which effectively acts as a way of channeling some of that upside back into the system, but it doesn’t stop companies and individuals trying to bleed the economy for as much money as they can get their hands on, despite the negative consequences.
It still seems to me that we need another system, one that limits the greed but retains the incentives.
The Great American Bubble Machine
Rolling Stone magazine has a Hunteresque story about Goldman Sachs:
The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.