Archive for July, 2012

Florida man charged with hate crime says he ‘only shot a n*gger’ | The Raw Story


By David Edwards
Tuesday, July 31, 2012 11:20 EDT
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Walton Henry Butler charged with hate crime
Topics: Everett Gant ♦ Gulf County Sheriff Joe Nugent ♦ Henry Butler

Authorities in Port St. Joe, Florida say a man charged with a hate crime felt inconvenienced by his arrest because he had “only shot a n*gger.”

Walton Henry Butler, 59, was arrested by Gulf County Sheriff’s deputies on Monday night for shooting 32-year-old Everett Gant, who is black, in the head with a .22 caliber rifle.

According to a charging affidavit obtained by The Star, Butler had referred to Pamela Rogers’ child and other children at his apartment complex with racial slurs.

Gant was shot between the eyes when he went to Butler’s apartment to confront him over the remarks, the documents said. Butler allegedly closed his sliding glass door and left Gant bleeding on ground outside.

The suspect contacted 911 and had finished his dinner before Gulf County Sheriff Joe Nugent arrived.

Nugent recalled that Butler appeared “inconvenienced” by the arrest, saying that “he had only shot a n*gger.”

“He was brought to the investigation unit where he was interviewed and basically admitted to shooting the victim and said he shot a, used a racial slur, and said that is what he shot and acted like it was not like a big deal or anything to him,” Nugent told WJHG.

Butler was charged with attempted murder with a hate crime enhancement. He was being held in the Gulf County Jail after an appearance in court on Tuesday morning.

Gant was in stable condition at Bay Medical Center and is expected to survive.

Watch this video from WJHG, broadcast July 31, 2012.

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Showing 1-40 of 282 comments

han2loe

Odd as it may sound, this does not seem to qualify as a hate crime as he shot the man for menacing him. When it goes to trial, a good lawyer will suppress his comments and will attempt to show the jury he was in fear of his life. This guy could get from zero to 2 years if he gets a good lawyer.
Like
Reply
10 minutes ago
Carl Kerstann

The only thing that surprises me is that a Florida cop arrested the guy instead of telling him to claim stand your ground as a defense.
Like
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10 minutes ago
bev rose

um no. YOU can have Fla. I’d rather vacation in Afghanistan where the citizens are MORE RATIONAL
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11 minutes ago
greendemo

Reason #12, 346 on why I have never gone and will never go to Florida. These people are nuts!

Who says there is no racism in America?

If he is convicted, I hope they put him in general population where he can exchange philosophical viewpoints with some others with different views. I’m sure he will learn the value of different opinions or at least keeping his opinions to himself.
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26 minutes ago
3 Likes
captaincharming

THAT…ladies and germs, is a racist.

Since being unbiased is such a dying art form these days, if one were trying, they would have to ask i he was threatened at his home by the victim. If i were going to take it further, I would say, that as an american, you should have the right to think and say what you want, no matter how horrible, ugly, sad and ignorant it is. You should also be safe in your home, from aggressors and have the right to defend your home.

You are supposed to have those rights, and want to die supporting others having those rights, even when they are different from you.

But I know, hes a bad man and thought and said bad things and is being charged with a thought crime, as if the attempted murder wasnt enough of a sign, since so many people attempt to murder people they love, am I right?

All I got to say is thank god our government is officially charging people with thought crimes for things we can all agree are bad, because I cant foresee our thoughts being used against us at all in the future. As long as we all think like you, right?

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36 minutes ago
Carl Kerstann

Shooting someone in the head is not a “thought” crime. People like yourself, and the idiot in this story are incapable of thought, and that is the real crime. You can think any moronic thought that your 3 remaining brain cells can still produce, the rest of us would rather not know what you’re thinking.
Like
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5 minutes ago
in reply to captaincharming
iyamtoo

WAT?
Like
Reply
7 minutes ago
in reply to captaincharming
Bcre8ve

First, most people who are murdered are killed by one of their “loved” ones. This is why “crime of passion” is so firmly associated with murder.

Second, he can think or feel whatever he likes. But if he then acts on those despicable thoughts, he will be charged with that crime.

Its called motive.

Just like all of the many and various “attempted” crimes, proving that someone thought and felt are extremely difficult to prove. This is why there have been almost no attempted prosecutions, and even less convictions for this crime.

Many of our laws go too far, IMHO, and many should be wiped from the books. But in this case, society has deemed it to be even more of a crime to murder someone because you don’t like the color of their skin.

I this guy didn’t want to be charged with a hate crime he had two choices: refrain from shooting someone because he felt was inferior to him, or refrain from telling the police how little he valued not only this young man’s life, but the lives of everyone that looked like him as well.

Save your sympathy – he is reaping what he sowed.

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16 minutes ago
in reply to captaincharming
1 Like
Foxhunter

In Seattle, as in a lot of places in this country, if you use the “n word” you get the death sentence if you are caught.
Like
Reply
40 minutes ago
1 Like
ShineOn, My doppleganger, the clueless executive all dressed up with nowhere to go, and the look of a deer caught in the headlights. Me, not so much – seeing as I’m female, too hippie-hearted for business, and still fiery after all these years.

Go to Florida and get yer OUTLAW on! It’s a mass shoot-out/cannibal fest! Get there or be square!
Like
Reply
55 minutes ago
3 Likes
mjcc1987

That’s republican VP material right thar!
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Reply
57 minutes ago
10 Likes
Stephan Heinz

Isn’t Huckabee going to throw a media event to bring fundamentalist christians over to this man’s house to celebrate this man’s right (and freedom) to be a racist. Where’s the love, Huckabee?
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58 minutes ago
6 Likes
Bosfarcal

Future Tea Party candidate.
Like
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Today 03:12 PM
10 Likes
zakta

I personally do not think that this man is intelligent enough to have any kind of political leanings. I don’t even think that he bothers to vote. All he is capable of is hating. Having been raised in an environment of hate and fear he probably trusts few people and hates just about everyone, especially blacks.
Like
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Today 03:07 PM
5 Likes
MsBJns

Actually, that makes him a PERFECT Republican.
Like
Reply
Today 03:11 PM
in reply to zakta
16 Likes
It's Baseball Ray

So did I read this article right? The guy that go shot took a bullet between the eyes and is in stable condition???
Like
Reply
Today 03:07 PM
smartalix

Well, it was a .22 caliber bullet…
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26 minutes ago
in reply to It's Baseball Ray
1 Like
pigboy

Republicans are sending him an absentee ballot while they push for his trial to be delayed until after November elections……
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Today 03:03 PM
6 Likes
John M Conley

Here’s a modern-day Republican for you. Cowardly racists all. Take me on, Butler. When I’m through with your worthless ass and neighbors call the police, I’ll just say I only kicked the shit out of a worthless, southern, yellow-toothed racist. What’s the big deal?
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Today 03:00 PM
7 Likes
nunya

I hope his judge is a man of color.
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Today 02:55 PM
11 Likes
C

Oh man if this guy hate black people now just wait till he gets to his new residence where he’s going to be beat by them frequently.
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Reply
Today 02:54 PM
7 Likes
ShineOn, My doppleganger, the clueless executive all dressed up with nowhere to go, and the look of a deer caught in the headlights. Me, not so much – seeing as I’m female, too hippie-hearted for business, and still fiery after all these years.

Hadn’t thought of that! Karma’s a bitch, as they say…
Like
Reply
58 minutes ago
in reply to C
4 Likes
Gregory Williams, navy vet, sf&f for fun, politics for citizenship, VOX POPULI is the real reason, married and happy cats love ma and I have three

It is amazing that the Conservatives claim that there is no racial problem in this country, this mans attitude is getting very prevalent in the RED SOUTH that the Cultist of Conservatism have given us.

VOTE the GOP out and we will see this kind of thing decrease, it always does.
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Reply
Today 02:51 PM
7 Likes
Im not Racist!

ABOLISH THE NRA…STOP SELLING GUNS TO MORONS AND MENTAL TEA BAGGERS AND RACIST ASSHOLESS ALREADY!
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Today 02:45 PM
8 Likes
MsBJns

Bet he has a Romney sticker on his truck, right next to one for the NRA.

We can expect a hell of a lot more of this. After all, we have an entire political party that does NOTHING to stop their ignorant TeaBagger arm and their supporters from blathering on television and radio that our President is a foreigner, Muslim and hates white folk.

Not once has anyone in the Republican leadership publicly stated that all the talk about our President is uncalled for,outrageous lies and does NOTHING to make us a better society so that leaves one to deduce that they’re encouraging it.

Like
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Today 02:39 PM
14 Likes
Bcre8ve

Nah – there isn’t any room after all the “W” and “Cold dead hands” bumper stickers.
Like
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13 minutes ago
in reply to MsBJns
trex67

Clearly, Mr Butler is a fine example of the Master Race.
Like
Reply
Today 02:28 PM
7 Likes
Ed Dominguez

What is wrong with the state of Florida get a gun permit n shoot away? Thank you NRA for getting the state back to the years when they walked around with a gun get drunk n shot up the bar for one glance your way .
Like
Reply
Today 02:28 PM
5 Likes
Bcre8ve

“The State of Florida is on pace to issue over one million concealed weapons permits by the end of this year.

That’s
more than any other state and its still on the rise. Right now, the
state is issuing 10,000 to 15,000 permits per month. That’s according
to the Florida Department of Agriculture, who operates the gun permit
program. ”
……….
“Florida residents do not need a concealed weapons permit to keep a
handgun in your home or to carry it in your car as long as it is secure
and not easily accessible.”
……….
Most gun owners, like concealed weapons permit holder Mike Washburn aren’t surprised by the statistics.

“My question is, ‘What took so long?’” asked Washburn. “I think other states need to follow suit.”

And they wonder why their tourist industry isn’t rebounding and they can’t fill their out-of-state student slots in their colleges. I don’t.

Like
Reply
2 minutes ago
in reply to Ed Dominguez
phillypro

F***KIN REPUBLICANS man…i swear
Like
Reply
Today 02:26 PM
5 Likes
Thee Dude, Oh, the usual. I bowl. Drive around. The occasional acid flashback.

blood lust….WTF is in the Florida water?

Like
Reply
Today 02:24 PM
5 Likes
Texas_Independent_Texas_Proud

GOD DAMN WHAT YEAR IS THIS????
I can not f—–g believe what I’m seeing in the news these days.
Any minute I expect to see Bull Conner come back from the dead with fire hose in hand.

The 24 hour hate-fest broadcast on Fox and rightwing radio is KILLING PEOPLE. IT MUST STOP!!!
Like
Reply
Today 02:19 PM
29 Likes
lardheppus

He looks awfully “Anglo-Saxon” to me.
Like
Reply
Today 02:14 PM
4 Likes
Foxhunter

Yeah, Here is Seattle about fifteen years ago there was this crazy homeless guy who used racial slurs at an outdoor party and then ran away. He was chased down from behind about two blocks away and found dead stabbed in the back on the sidewalk.
Like
Reply
Today 02:11 PM
1 Like
Friday Foster

I am quite sure that a web site will be started for his defense fund a la Zimmerman.
Like
Reply
Today 02:07 PM
13 Likes
Ed Dominguez

Same lawyer also to set up defense fund.
Like
Reply
Today 02:29 PM
in reply to Friday Foster
3 Likes
Mike

Another reason for stricter gun control. That’s the only was in this violent society. And don’t make the argument that law abiding citizens shouldn’t have to pay the penalty of gun control. Know what? ALL citizens are law abiding – until they break the law.
Like
Reply
Today 02:04 PM
7 Likes
schlub

Ah, …Florida!….Vacation resorts, the wonderful beaches and fishing, the everglades, bike week, Daytona, Spring Break, wealthy old retirees riding around happily in their golf carts, ….and of course, sadly, it’s indigenous inbreds.
Like
Reply
Today 02:02 PM
9 Likes
beernotwar

Hey, thanks, Mr. Teabagger Redneck Dumbshit Racist Fuck for helping everyone understand the definition of and need for laws against hate crimes.
Like
Reply
Today 01:57 PM
11 Likes
Trippin Mczoink

You’re starting to drool.
Like
Reply
Today 01:55 PM
1 Like

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REPORT: ABC, NBC Evening News Shows Ignore Massive Banking Scandal For More Than A Month | Blog | Media Matters for America


American television news outlets continue to devote sparse time to one of largest banking scandals in history. The controversy over whether major banks have been manipulating the LIBOR, a crucial interest rate that banks use to borrow money from one another, has been gathering steam for more than a month since U.S. and U.K. regulators fined British bank Barclays $450 million for its role in trying to rig the rate.

CNN’s Erin Burnett has explained that LIBOR is “an interest rate at the core of our entire economy,” adding, “It’s really not wrong to say that if you can’t trust LIBOR, you can’t trust anything in banking.” According to The Economist, the LIBOR is used “as a benchmark to set payments on about $800 trillion worth of financial instruments.” Baltimore City filed a lawsuit against major banks in the first of what may be a wave of such actions, alleging that the LIBOR manipulation potentially cost it millions of dollars in investment returns.

Despite the enormous implications of the scandal, ABC’s World News and NBC’s Nightly News both ignored the story in the 16 days after news of the Barclays fine broke, as we documented earlier this month. In the 16 days following the period of our original study, the LIBOR blackout has continued on ABC and NBC’s flagship evening news programs. Those programs have gone more than a month without mentioning the controversy.

CBS Evening News devoted more than five and a half minutes to the story in the first 16 days following the Barclays fine, but has not returned to the scandal in the subsequent 16 day period despite a host of new developments.

After spending roughly six and a half minutes combined covering the scandal on their evening newscasts and opinion programming between June 27 and July 12, MSNBC, CNN, and Fox News devoted less than 32 minutes to stories related to the controversy from July 13 to July 28, with more than two-thirds of that coverage coming from CNN.

These same news outlets spent significantly more time on trivialities like shark sightings and the Tom Cruise/Katie Holmes divorce than on the banking scandal. For context, ABC, NBC, CBS, Fox News, MSNBC, and CNN spent 44 minutes combined on the LIBOR scandal during their evening programming from June 27 to July 28. By contrast, these same outlets devoted nearly 65 minutes to stories about sharks for only the first sixteen days of that period.

Far from being a dormant story, fallout from allegations that the LIBOR has been manipulated has been steady.

On July 14, the New York Times reported that the U.S. Justice Department had “identified potential criminal wrongdoing by big banks and individuals at the center of the scandal” and was building criminal cases “against several financial institutions and their employees.” The Times explained that the “prospect of criminal cases” was expected to “rattle the banking world.”

The scandal has also reached Capitol Hill, with both Treasury Secretary Tim Geithner and U.S. Federal Reserve chairman Ben Bernanke being questioned about regulators’ response to allegations that banks were manipulating the LIBOR. During his appearance in front of the Senate Banking Committee, Bernanke said the LIBOR is “structurally flawed” and called the controversy “a major problem for our financial system.”

The story has gotten major coverage in financial press and on shows like Current TV’s Viewpoint with Eliot Spitzer and MSNBC’s Up with Chris Hayes, but, with a few exceptions, has still received little attention on major American television news outlets their during evening newscasts and primetime programming. Washington Post media critic Erik Wemple has urged media outlets considering LIBOR coverage to “Get on it,” providing “Nine reasons to cover” the scandal.
Results

On July 16, Situation Room host Wolf Blitzer finished up his show’s barely two-minutes-long segment on the LIBOR scandal to tease an upcoming story set to air on Erin Burnett Outfront by saying, “I’m going to look forward to your report later tonight, Erin. Thanks very much. An important story that deserves significant attention.”

Though Blitzer apparently thinks the story deserves “significant attention,” his program devoted a paltry one minute and 17 seconds to LIBOR from June 27 to July 12. In the sixteen days that followed, the July 16 segment was The Situation Room’s sole contribution. If the LIBOR-fixing controversy “deserves significant attention,” why hasn’t the network’s premier hard news show provided more coverage?

Indeed, straight news programming seems to have dropped the ball in the period following our original study. No broadcast network covered LIBOR in their evening half-hour flagship programs between July 13 and July 28.

Cable news increased its coverage during that period. Up from just under five minutes, CNN’s LIBOR reporting increased to about 22 minutes, with Erin Burnett Outfront shouldering 15-and-a-half minutes of that amount. In its July 13 and July 16 episodes, Outfront featured segments eight and seven-and-a-half-minutes long, respectively. However, the July 13 segment, though frequently mentioning LIBOR, covered many other topics related to the financial crisis during an extended panel discussion.

Both Fox News and MSNBC increased their coverage to about five minutes each during the second 16 day block. On Fox, Special Report with Bret Baier and Fox Report with Shepard Smith each devoted a segment to LIBOR. On MSNBC, only The Rachel Maddow Show, with a four minute 47 second segment guest-hosted by Washington Post columnist Ezra Klein, covered the scandal in any meaningful way.

Methodology

Media Matters searched the Nexis databases for news transcripts for evening programs on broadcast (ABC, CBS, NBC) and major cable news (CNN, Fox News, and MSNBC) networks from July 13, 2012 through July 28, 2012 mentioning the LIBOR scandal. We included evening cable shows airing between 5:00 p.m. and 11:00 p.m. and each broadcast networks’ nightly news program. For programs falling within these parameters that were not included in Nexis, we searched transcripts from our video archive.

We searched using the following keywords: “LIBOR,” “Barclays,” “British bank,” “UK bank,” “Bob Diamond,” “Robert Diamond,” “Marcus Agius,” and all variations of “rate” and “fix.” We reviewed the raw video of each result to time the length of each segment, teaser, and mention. When transcripts for a particular program were not available, we reviewed the raw video.

Included in the results are the following weekday programs: ABC’s World News; CBS’ Evening News; NBC’s Nightly News; CNN’s The Situation Room, Erin Burnett Outfront, Anderson Cooper 360, and Piers Morgan; Fox News’ The Five, Special Report with Bret Baier, Fox Report with Shepard Smith, The O’Reilly Factor, Hannity, and On the Record with Greta Van Susteren; and MSNBC’s Hardball with Chris Matthews, Politics Nation, The Ed Show, The Rachel Maddow Show, and The Last Word with Lawrence O’Donnell.

We did not include the first hour of CNN’s The Situation Room, which begins at 4:00 p.m. However, a separate search of that hour using the same parameters above returned no results for the time period in question.
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mary5920 Today 11:30 AM

The major media outlets ignore global climate change coverage too, why should anyone be surprised they ignore this banking scandal, which affects every interest rate and has a major impact on all our lives???
Nihilist and 9 more liked this

EWeston Today 11:39 AM in reply to mary5920

I’d count the number of ways the liberal media fails to be liberal, but I’d need to take my socks off. Consideration for the people near me precludes this. I’ve also had too many complaints from the EPA when I freely did this.
montanabuddha and 3 more liked this

Nihilist Today 11:40 AM in reply to mary5920

when a bag of corn fritos cost over $5, then you will hear about it….. dont want the media to worry about taco bell commercials…………
crazymule1775 and 2 more liked this

Doug Webster Today 02:27 PM in reply to Nihilist

Hell, CNN’s morning “news” show a few weeks back devoted something like five full minutes to Taco Bell’s “new” menu. A flat out free commercial for TB….trouble was, CNN’s viewership is so dismal, virtually nobody in America saw it except for TB’s marketing department.

ifthethunderdontgetya™³²®© Today 11:31 AM

They don’t want to upset their advertisers and owners.

You’ll see them spending time demanding “entitlement reform”, though.
~
limeyobserver2 and 7 more liked this

papabear3 Today 11:37 AM

. . .ipso facto, Erin, we cant trust the banks, thank you, I think I thought something like that back in 2008
markq_99 and 2 more liked this

BoughtMeASenator Today 01:25 PM in reply to papabear3

Just watched “Inside Job.” Wow! The banksters completely own us, and they own the entire Republican party and some Democrats, too. The middle class is finished and won’t be coming back anytime soon. The banksters own it, and they’re not letting anyone get a piece of their pie.

Nihilist Today 11:39 AM

dont you people realize we have more issues than the complete collapse of the world banking cabal? or that a billion people in india are without power? or other world shaking news? more important to the librul lame stream media, is who is the pop culture distraction of the day……….

another raygun legacy letting the multinationals own and operate what were independent news orgs, with real journalists…………………………………….rMONEY, release your taxes……….
EWeston and 2 more liked this

Michael Today 11:40 AM

Once I discovered how to use Google Reader and RSS feeds, I never watch news on the teleboob. What’s the point? I know the information for days before it hits pre-approved corporate sponsored faux news. The only thing TV is good for is Comedy Central and the Science channel. Everything else is just static.
Fed up Fed and 2 more liked this

ifthethunderdontgetya™³²®© Today 11:59 AM

I can recommend Naked Capitalism as a site that has carefully covered the crimes our banksters have committed, and the lack of effort by our government to bring them to justice.

http://www.nakedcapitalism.com…
~
montanabuddha and 2 more liked this

Phil Perspective Today 02:13 PM in reply to ifthethunderdontgetya™³²®©

What’s funny is that Yves sounds more like the Socialist that the GOP claims the President is. And she works on Wall Street!!!

CrashGordon1 Today 12:02 PM

BOOOORRRIIIIING! Why would I care about a banking scandal that affects international interest rates (and likely everyone who uses a bank)? Bring on shark attacks and Tom Cruise/Katie Holmes. If only sharks could attack Tom Cruise and Katie Holmes, that’d be some good TV right there…
EWeston and 5 more liked this

DesertRose1960 Today 12:09 PM in reply to CrashGordon1

Katie Holmes got smart and got out. She put her daughter in a Catholic school. I think she got out of the shark tank. In a match between sharks and scientologists, it’s a toss up who would chomp more flesh. But it you’re serious about shark attacks, can we throw in the whole Kardashian clan? (Well, yes, I’m being shallow. I would much rather hear about LIBOR than any of the stuff in my post.)
Phil Perspective liked this

CrashGordon1 Today 01:17 PM in reply to DesertRose1960

Making Chum of the Kardashians? I’m sure Fox would air it.
Phil Perspective liked this

bilbodies Today 02:02 PM in reply to CrashGordon1

But you couldn’t lead that out for more than a show or two.

Of course, the repeat business on it would be awesome.

tmcbpatriot Today 02:07 PM in reply to CrashGordon1

If only a shark could attack LIBOR then may be we would hear about it.

tmcbpatriot Today 12:06 PM

Why do we continue to fool ourselves that mainstream news is anything more than infortainment? Does LIBOR bleed, does it have sex, does it have boobs, anything to do with the kardashians, did it call Obama a cracker, did it call Romney a dog hater? No. It is just boring occupy type liberal stuff. Go after LIBOR and you are going after complicated, complex issues that bore viewers. They will change the channel. Nobody wants complexity. Nobody wants to think about the economy. They just want it to be fixed.

Next?
mcbane1 and 4 more liked this

Turkeysocks Today 12:12 PM

Ah, the myth of the mainstream media. Well the media is owned by a lot of people who, I’m betting, have some kind of connections to Barclays. Whether it was personal or business connection, I cannot say. But what I can say is that scandals like Barclays tend to spread and affect a lot of people, especially those who profited from this rigged system. Which I’m betting, is a lot of the top brass from the parent companies.
Imbecile and 1 more liked this

Imbecile Today 12:14 PM

Isn’t ABC World News busy breaking front page stories about romances on movie sets and what Olympic fans are wearing to the games?

Why, yes, they are:
http://abcnews.go.com

If I want to read about banks, I’ll get in my DeLorean and go back to 2008. Banking scandals are sooo 4 years ago.
mcbane1 and 1 more liked this

Libby Bratzler Maxey Today 12:16 PM

Romney’s Richie Rich London soiree featured the Barclay’s and USB upper-crust and there was precious little coverage of THAT. There was damn little coverage about the Iranian bankers who were given the death penalty for screwing over the Iranian people, too.

But see, don’t worry because we have a ‘special relationship’ with Britain and ‘we’ hate Iran.
montanabuddha and 1 more liked this

Daddaye Today 12:43 PM

To be fair, even the New York Times story fails to provide any specifics.

So far everything reported is “un-named financial institutions and individuals”. Even the Naked Capitalism site speculates that the effect on US Mortgages is probably low.

As it’s unfolding, I’m glad that it’s being followed by the papers, NPR, CNN and the Internet.

But, until there’s a name, a face, a fine, some sort of resolution, or an indication that it’s on-going – it’s not really a prime time TV story.
1 person liked this.

David2020 Today 12:52 PM

Way, way, way too complicated.

It’s much easier to cover the campaign horserace and the latest candidate gaffe.

And LIBOR really doesn’t give you any good footage.
JoseAldo liked this

David2020 Today 01:17 PM

The amount of money involved here is stupendous. You would think that amount, if nothing else, would attract the attention of somebody at those networks.

There is about $300 trillion notional amount in LIBOR-based derivatives in the market. If LIBOR was understated by 1 lousy basis point (.01%, i.e., 1/100 of 1%), that’s $30 billion dollars extra annually in the floating-rate payors’ pockets, taken (stolen, actually) from the the fixed rate payors.
EWeston liked this

Bert Johnson Today 01:57 PM

A fictitious newsroom executive: “LIBOR? I thought they said LABOR! And I’ve heard enough about those parasitic working slobs!”
Phil Perspective liked this

Phil Perspective Today 02:15 PM in reply to Bert Johnson

What’s even funnier is that your fictitious rant is probably 50% right. They probably do think someone said Labor. And of course that never gets covered, unless it’s to crap on unions.
Sabreen60 liked this

Doug Webster Today 02:26 PM

Well, Discovery is about to launch “Shark Week” and it IS vital that our national television media be ready to compete in the vital marketplace of ideas…..

Denise Caskey Today 02:30 PM

So, they spend more time on a worthless POS like Casey Anthony than they do on something that actually matters. Is that the direction our media is taking? I guess as a journalism student, I’ve got my work cut out for me if I want to work to change this trend.

Timmy Keller 6 minutes ago

MM slams NBC??? I gotta mark this down. Is there trouble at camp gimme?

manc3 2 seconds ago

Your right! These outlets also missed the “u didn’t build that” remark; totally missed fast and furious; totally misssed the churchill bust lie; totally missed “the private sector is doing fine” remark? Whats up with these guys ? The nerve of them missing a chance to lambast bankers. DRAT

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Exposé: Iran and Syria’s Nerve Gas is Made in Europe – Op-Eds – Israel National News


Nothing keeps a German or French firm – and a British, Italian or Swiss one – from making a good profit. And if it puts the Zionist state in danger, no problem.

Giulio Meotti
The writer, an Italian journalist with Il Foglio, writes a weekly column for Arutz Sheva. He is the author of the book “A New Shoah”, that researched the personal stories of Israel’s terror victims, published by Encounter. His writing has appeared in publications, such as the Wall Street Journal, Frontpage and Commentary.
► More from this writer

Syria threatens to use chemical weapons, including lethal gas and germs, against “external forces”. And the unthinkable becomes much more concrete in Israel.

The gas mask distribution centers have increased their activities in the last few days. Health authorities may start inoculation of soldiers and emergency care personnel against smallpox. Family drug kits, including antibiotics against anthrax, may be delivered door-to-door. The Education Ministry will prepare material for all students instructing them on the ABC’s of chemical and biological warfare. The message is clear: Israel should be prepared for the worst.

The Germans used chlorine gas against the Allies in World War I; in 1937, they developed nerve gas, the most deadly of all. Mustard gas was used by the Egyptians in the war with Yemen. But by far the worst were the Iraqis in the Iran-Iraq war, when nerve gas killed untold numbers. Saddam Hussein was also responsible for the gassing of thousands of Kurdish civilians in 1988.

The sarin gas attacks by the Aum Shinrikyo cult in Japan in 1994-1995, the anthrax attack in the United States in October 2001 and the chlorine attacks by al-Qaida in Iraq in 2006-2007 are a few examples that serve to remind us that the use of weapons of mass destruction can be a reality in today’s Middle East.

Already in May 2011, then US Defense Secretary Robert Gates warned about the possibility that Hizbullah is armed with chemical warheads. Syria’s stockpiles could fall into the hands of al-Qaeda, which is involved in the fighting, a military faction, or a post-Assad regime controlled by Islamists.
It’s the worst kind of nightmare.

A four milligram droplet of VX kills in under an hour. The first symptoms include drooling, sweating, difficulty breathing and the constriction of pupils to zombie pinpoints. Then come gastrointestinal spasms, vomiting, convulsions and asphyxiation. Unlike other nerve gases, such as sarin, VX evaporates slowly so winds can’t blow it away. And unlike sarin, VX penetrates the skin.

What very few people know is that European companies and scientists gave Iran, Syria, Libya and Iraq the material to attempt to kill the Jews, again.

In 1992 a 100-page report, prepared by the Paris-based Middle East Defence News, listed about 300 European firms which the centre said it believed had “played a significant role in the unconventional weapons programmes in Iran, Syria and Libya”.

Germany topped the list of suppliers with 100, the report said, then 29 French, 22 British, 13 Italian and 13 Swiss.

German companies have played a crucial role in helping Iran to build a chemical weapons industry, and have illegally supplied nerve gas precursor chemicals,” the report said. It said France had played a “crucial role…in helping Syria to develop both a chemical weapons and a biological weapons capability”.

The West German firm Degussa supplied of chemicals to Libya used to manufacture poison gas. This company also owned a 42.5 per cent share in the Degesch company, which supplied the Zyklon B gas used in the death camps. Degesch is the acronym for “Deutsche Gesellschaft fuer Schaedlingsbekaempfung”, a company for the extermination of vermin.

It developed the method of using hydrogen cyanide, Zyklon B, as an ingredient in its fumigation gas for buildings and ships. The gas it supplied to Auschwitz was used in the killing of two million Jews.

“For years, Iraqi officers had asked us how it had been with the gassing of the Jews.” said Maj. Gen. Karl-Heinz Nagler, former head of the East German Army’s chemical service, who had trained the Iraqi Army in chemical warfare for 15 years.

The manufacturing of di-fluoro – from which nerve gas is obtained – requires resistant glass components. Two German companies gave these to the Syrians.

French scientific institutes also played a role, through scientific exchanges.

In 1988, the Wall Street Journal revealed that German companies sold Saddam what he needed to perfect new types of poison gas, including manufacturing equipment for hydrogen cyanide, the active ingredient of Zyklon B, the gas used in Hitler’s crematoriums.

In 1990, members of the German parliament demanded a confidential briefing from Economics Minister Helmut Haussmann. What they heard surpassed their worst fears. Haussmann read off a list of companies believed to have supplied Iraq and Syria with the means to manufacture arms.

A German company was the chief supplier for six plants in Samarra, Iraq, that make nerve and mustard gases, gases already used against the Kurds and the Iranians. We know that some of Saddam’s chemical weapons have been moved to Syria.

In 1996, the weekly ‘Stern’ revealed the German involvement in a toxic gas facility in Aleppo, similar to that of Tarhuna in Libya.

According to Raul Hilberg, the use of pesticides in the Final Solution was no accident. In German propaganda Jews had frequently been portrayed as insects. Hans Frank, Head of the German Occupation Government in Poland, and Heinrich Himmler, head of the SS, had stated that the Jews were parasites who had to be exterminated like vermin.

Today, again, Jews are described by Islamists as sub-humans, with expressions like “pig,” “cancer,” “filth”, “microbes” or “vermin”.

Without the European chemical companies, there would be no Syrian and Iranian germs and gas’ threat to Israel.

We can be partners in the Jewish struggle against the new apocalypse. Or we can be part of it. The European companies and scientists have made their choice.

Let’s hope that one day we will not have to judge these Europeans responsible for another catastrophe, like the one facilitated with Degesch’s Zyklon B.

Tags: Germans ,chemical warfare

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Beware of CAIR Where is Syria’s Peace Now Movement? And Their Beinart? From Washington to Jerusalem: The Year of the Centrists
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Comments (2)
Post CommentOpen All comments
1. Finally someone said it.
Sergio HaDaR Tezza, (30/7/12)
2. and these same countries own the Israeli government (n.c)
Rudy, (30/7/12)
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DHS gears up for civil unrest prior to presidential elections — RT


The Department of Homeland Security has ordered masses of riot gear equipment to prepare for potential significant domestic riots at the Republican National Convention, Democratic National Convention and next year’s presidential inauguration.

The DHS submitted a rushed solicitation to the Federal Business Opportunities site on Wednesday, which is a portal for Federal government procurement requisitions over $25,000. The request gave the potential suppliers only one day to submit their proposals and a 15-day delivery requirement to Alexandria, Virginia.

As the brief explains, “the objective of this effort is to procure riot gear to prepare for the 2012 Democratic and Republican National Conventions, the 2013 Presidential Inauguration and other future similar activities.”

The total amount ordered is about 150 sets of riot helmets, thigh and groin protectors, hard-shell shin guards and other riot gear.

Specifically, DHS is looking to obtain:

“147 riot helmets” with “adjustable tactical face shield with liquid seal”

“147 sets of upper body and shoulder protection”

“152 sets of thigh and groin protection”

“147 hard-shell shin guards” with “substantial protection from flying debris, non-ballistic weapons, and blows to the leg” and “optimized protective design for severe riot control or tactical situations.”

“156 forearm protectors”

“147 pairs of tactical gloves”

The riot gear will be worn by Federal Protective Service agents who are tasked with protecting property, grounds and buildings owned by the federal government.

The urgency of the order can be explained by the fact that there is a growing anticipation that many demonstrators will travel to the Republican National Convention (RNC), scheduled for August 27-30 in Tampa Bay, Florida, and Democratic National Convention (DNC), planned for September 3-6 in Charlotte, North Carolina.

The RNC itself, for example, will have free speech zones, which will serve as containment quarters for the protesters by not allowing them to leave the designated areas and cause trouble.

Another recent DHS move to gear up was back in March of this year, when it gave the defense contractor ATK a deal to provide the DHS with 450 million .40 caliber hollow-point ammunition over a five year period.

On top of that, the DHS has recently purchased a number of bullet-proof checkpoint booths and hired hundreds of new security guards to protect government buildings.

 

 

next MORE NEWS

 

Roop claims he became scared because the salesman was approaching his house, so he pulled out his gun and fired. Today: 01:53 21 comments

Florida man shoots door-to-door salesman dead for ‘trespassing’

A door-to-door lobster salesman was shot dead this week when an attempt to peddle his wares at a Cape Coral, Florida home ended in tragedy.

"Trust me." US President Barack Obama shakes hands with Israel's Prime Minister Benjamin Netanyahu (AFP Photo/Saul Loeb) Today: 22:34 2 comments

Best of friends? CIA considers Israel one of its biggest spy threats

While US politicians boast strong ties with Israel, CIA officials suggest Israel is one of its biggest counter-intelligence threats. With spyware that rivals that of American agencies, it is extremely difficult to detect the extent of its spying.

 

 

Mary (unregistered) July 28, 2012, 23:30-1

Looks like Hollywood combat at its best turning agression inward- to U.S people. Not even funny.

 

KC Ted (unregistered) July 28, 2012, 23:260

If they are concerned about the Ron Paul supporters, they are wasting resources and tax payer money. In all of the state conventions, Paul supporters conducted themselves properly. The “shenanigans” were pulled by the Romney supporters, including physical violence.
No doubt the Paul supporters will be in large numbers in Tampa, because of the 2 festivals and the Sunday rally by Paul. None of the very large crowds at any Paul functions ever developed into violence or problems. Adding intimidating and instigating police presence may have an agenda to purposefully incite trouble. They seem to desire that.
As far as the Democratic National Convention, most high level Democrats are taking a pass on attending. It will probably look like one of Mitt’s pitiful little rallies. Basically, just a photo op for Barack.

 

Tomasz July 28, 2012, 23:050

@duncan lucas — Seriously, do you have like social issues or something? They way you write is one clue that you have some serious problems. And you make no sense when you write here, either. I urge you to go see a doctor, they will be more than happy to prescribe you some medication. Just tell them what your issues are and they will treat you accordingly.

 

 

DHS gears up for civil unrest prior to presidential elections — RT.

Voter Suppression Laws In 30 States


Today, 30 states require voters to present identification to vote in federal, state and local elections. Many Americans do not have the necessary identification that these laws require, and face barriers to voting as a result. Research shows that more than 21 million Americans do not have government-issued photo identification; a disproportionate number of these Americans are low-income, racial and ethnic minorities, and elderly. Voter ID laws have the potential to deny the right to vote to thousands of registered voters who do not have, and, in many instances, cannot obtain the limited identification states accept for voting. Many of these Americans cannot afford to pay for the required documents needed to secure a government-issued photo ID. As such, these laws impede access to the polls and are at odds with the fundamental right to vote. Learn more >>

Voter Suppression is an LGBT Rights Issue – Just Ask Asher

By Patrick DePoy, ACLU Washington Legislative Office at 11:05am
Like many Americans, Asher Schor is excited to vote this coming November. Asher was born and raised in Pittsburgh, works at a public interest law firm, and feels … Read More

Wisconsin’s Recall Election: State Law Makes Voting An Uphill Battle for Young Voters

By Demelza Baer, Washington Legislative Office at 4:16pm
You remember Wisconsin, right? It’s the place where last year a battle over proposed budget cuts – that would reduce employee benefits and collective … Read More

From Missouri to Minnesota: ACLU Takes Aim at Another Misleading Voter ID Ballot Initiative

By Jon Sherman, Voting Rights Project & Teresa Nelson, ACLU of Minnesota at 1:46pm
Shannon Doty is a 28-year-old resident of Minnesota and a member of the Wisconsin National Guard. She is currently serving her country as a combat medic in … Read More

On the Agenda: Week of May 7-13, 2012

By Rekha Arulanantham, ACLU at 1:38pm
Congress is back, so we’re looking at a busy schedule this week. As we mentioned last week, this Wednesday the House Armed Services Committee will mark up this … Read More

This Week in Civil Liberties (5/4/2012)

By Rekha Arulanantham, ACLU at 4:41pm
What surveillance tool used by law enforcement could lead to nightmarish privacy infringement? This week, the White House confirmed the existence of what program that … Read More

Keeping Ohio’s Souls at the Polls: Sen. Durbin Holds Field Hearing on Ohio Voting Law

By Deborah J. Vagins, ACLU Washington Legislative Office & Mike Brickner, ACLU of Ohio at 11:30am
On Monday, May 7, the Senate Judiciary Subcommittee on the Constitution, Civil Rights and Human Rights will hold a field hearing in Cleveland, Ohio to examine the … Read More

Thousands of Pennsylvanians at Risk of Losing the Right to Vote

By Sara Mullen, ACLU of Pennsylvania at 3:04pm
The American Civil Liberties Union of Pennsylvania filed a lawsuit Tuesday challenging the state’s discriminatory voter ID law. Read More

Infographic: The Facts About Voter Suppression

By Elizabeth Beresford, ACLU at 5:18pm
Learn more about how the attack on the right to vote disproportionately impacts minority voters. Read More

Let Ruthelle Vote

By Elizabeth Beresford, ACLU at 2:39pm
After multiple lawsuits, 84-year-old Ruthelle Frank was able to vote in Tuesday’s Wisconsin primary. But she still might not be able to vote in November. Read More

Standing up for Voting Rights Again: DOJ Objects to Texas’ Discriminatory Voter ID Law

By Katie O’Connor, Voting Rights Project at 2:04pm
The Justice Department has objected to Texas’ proposed voter ID law, stopping the law before it goes into effect. Read More

Are US IMF Austerity Measures The Real Goal For Corporatists?


Why are the real rulers of America pushing so hard for the US government to assume the banks private gambling debts?

Experts agree that the banks real losses dwarf any estimates seen so far, and that the eventual bill will be huge.

But, most Americans didn’t create those debts! WHY should we pay? Because the looting of America demands it! Because the bankers have so much power, thats why! The obvious endgame is that after assuming so much debt, not only would all social programs be put on hold indefinitely, eventually the US would eventually default on the deficit, forcing the US into IMF austerity programs.

Programs like Social Security and Medicare typically are eliminated in these national default situations.

Is the goal to force the US into the same kinds of IMF austerity programs that have caused riots in so many other nations?

Certainly, the US, which has been at the lead in pushing for these measures elsewhere, would not be able to escape having its own medicine applied to it.

Inquiring minds want to know.

http://en.wikipedia.org/wiki/Austerity

“In economics, austerity is when a national government reduces its spending in order to pay back creditors. Austerity is usually required when a government’s fiscal deficit spending is felt to be unsustainable.

Development projects, welfare programs and other social spending are common areas of spending for cuts. In many countries, austerity measures have been associated with short-term standard of living declines until economic conditions improved once fiscal balance was achieved (such as in the United Kingdom under Margaret Thatcher, Canada under Jean Chrétien, and Spain under González).

Private banks, or institutions like the International Monetary Fund (IMF), may require that a country pursues an ‘austerity policy’ if it wants to re-finance loans that are about to come due. The government may be asked to stop issuing subsidies or to otherwise reduce public spending. When the IMF requires such a policy, the terms are known as ‘IMF conditionalities’.

Austerity programs are frequently controversial, as they impact the poorest segments of the population and often lead to a wider separation between the rich and poor. In many situations, austerity programs are imposed on countries that were previously under dictatorial regimes, leading to criticism that populations are forced to repay the debts of their oppressors.[1][2][3]”

The whole trickle down economics thing has been disproven mathematically. But people like Bush and unfortunately, now even Obama keep bringing it back in different forms again.

Tags: cashfortrash, IMF, International Monetary Fund, ponzi scheme (all tags)

Comments

19 Comments

Sort by

The Real Goal

 Perhaps allowing the world to slide into a prolonged deep economic depression would be the more prudent course, as I’m sure it would hurt the very rich while helping poor people across the globe.

by QTG 2009-03-21 08:53AM | 0 recs

Trickle down economics

So you believe in trickle down economics?  As the New York Times said..

“In the Real World of Work and Wages, Trickle-Down Theories Don’t Hold Up”

Did you realize that the banks knew that the loans were bad when they made them?

How does that figure into this?

by architek 2009-03-21 09:03AM | 0 recs

Re: Trickle down economics

 And you believe that MI and FL were stolen?

by QTG 2009-03-21 09:07AM | 0 recs

And you are living in the past

if you don’t understand the immediate meaning of the IMF austerity programs and how they would steal our future from ALL of us.

We must not assume any more of this toxic debt!

by architek 2009-03-21 09:20AM | 0 recs

Serious question:

Are you actually advocating policies that would cause even more extreme and prolonged economic calamity than is going to happen anyway – just to give yourself more opportunities to trash Obama?

(Now that I asked it, it seems more like a rhetorical question.)

by QTG 2009-03-21 09:30AM | 0 recs

No way..

I like Obama. I just think he’s got some kind of mistaken idea that the people want many things they obviously don’t.

Or something.

Its not being responsible to buy these toxic assets the way he’s doing while letting so many other pressing problems go unaddressed.

Still, I agree with what all of you keep saying in that Obama was a far better choice than McCain/Palin.

Even with the many problems that I saw coming due to his trying to be all things to all people.

I was also happy to see a black person getting to be President, even with all the problems they are giving Obama to clean up. He is doing very well except for his embrace of trickle down and the unwillingness to consider single payer when its the only way to fix the healthcare crisis legally. (the stuff he’s suggesting is against the WTO treaty)

Obviously, black people are impacted a LOT by things like our lack of universal healthcare.

Maybe the healing represented by having a black person as President will reduce some of the major issues many of them have with stress-caused diseases even as those same issues increase in other people.

One can only worry when thinking about the future and the economy.

BTW, I never considered doing anything other than voting for a Democrat.

Also, I admire smarts when I see it.

Whoever thought up the caucus crossover voter strategy, pure genius.

by architek 2009-03-21 01:20PM | 0 recs

Re: Are US IMF Austerity Measures The Real Goal Fo

Beware of anyone who throws around demagogic terms such as “the real rulers of America” and “corporatists” – an undefined enemy is an imaginary enemy.

by rfahey22 2009-03-21 09:47AM | 0 recs

Really?

I will do that..

BTW, I’m not the only one terrified by corporations and their frequent amorality.

The founders of this country were too.

by architek 2009-03-21 01:22PM | 0 recs

They were?

What corporations were our founding fathers terrified of exactly? British Tea and Knickers Incorporated?

by DTOzone 2009-03-21 09:37PM | 0 recs

Corporations are unable to say no

Groupthink.. Irving Janis

Yes, barbaric British corporations, and other colonial corporations that savaged their respective fiefdoms.

by architek 2009-03-21 11:49PM | 0 recs

LOL

I always thought King George III was a person…tell me architek, how is Parliament doing on the FTSE 100?

by DTOzone 2009-03-22 12:29AM | 0 recs

Its a sign of ethical collapse

to put meeting numerical targets ahead of ethics.

by architek 2009-03-22 07:01AM | 0 recs

WTF are you even talking about now?
by DTOzone 2009-03-22 11:52AM | 0 recs

Boy are you desperate

to change the subject

by architek 2009-03-22 08:18PM | 0 recs

Re: They were?

That would be the British east India Company, the guys whose policies forced the Boston Tea Party.

by David Kowalski 2009-03-22 11:54AM | 0 recs

Re: I’m SO There

if we get to dress up like Indians!

by QTG 2009-03-22 02:17PM | 0 recs

Corporate personhood

is where we went wrong. That was ths nations biggest mistake.

Ad it wasn’t even done legally The Santa Clara opinion was a scam.

Nobody ever voted on corprate personhood. We need a referendum on such an important issue. Corporations can’t die, they can’t be put in jail. They cannot be responsible.

Money is not free speech. What the hell is going on?

Repeal Santa Clara!

by architek 2009-03-22 08:13PM | 0 recs

Ah yes

I forgot the British East India Company took it upon themselves to exempt themselves from the tea tax and monopolize tea in the colonies…I mean not like Parliament had anything to do with THAT.

by DTOzone 2009-03-22 05:39PM | 0 recs

You needed to buy a stamp to do anything

Sort of like the ACTA, (which the Obama folk wont let be discussed.. like they are discussing now finally in Europe..)

For more, visit eff.org and other sites..

Treaties are above laws, on the level of the Constitution.

Secret treaties should be illegal.

BTW, WTO seems to ban many of Obama’s halfway healthcare proposals. Nobody has even discussed this except for Public Citizen, but it seriously threatens the whole idea of a public alternative for health insurance.

Was that planned? Who knows, nobody.

by architek 2009-03-22 08:17PM | 0 recs

 

 

 

Are US IMF Austerity Measures The Real Goal For Corporatists?.

More on the spurious victory claims of MMT


 

 

Led by Randy Wray (see this and this), supporters of so-called Modern Monetary Theory (MMT) are declaring that they were the first to identify the problems of the euro and that MMT has now proved itself to be the correct approach to monetary theory.

As regards these two claims, permit me to quote the following:

“5.3 Will capital still be able to veto policy?
…First, financial capital may still be able to discipline governments through the bond market. Thus, if financial capital dislikes the stance of national fiscal policy, there could be a sell-off of government bonds and a shift into bonds of other countries. This would drive up the cost of government borrowing, thereby putting a break on fiscal policy (Palley, 1997, p.155-156).” Read the rest of this entry »

From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics

May 9th, 2012

Many countries are now debating the causes of the global economic crisis and what should be done. That debate is critical for how we explain the crisis will influence what we do.

Broadly speaking, there exist three different perspectives. Perspective # 1 is the hardcore neoliberal position, which can be labeled the “government failure hypothesis”. In the U.S. it is identified with the Republican Party and the Chicago school of economics. Perspective # 2 is the softcore neoliberal position, which can be labeled the “market failure hypothesis”. It is identified with the Obama administration, half of the Democratic Party, and the MIT economics departments. In Europe it is identified with Third Way politics. Perspective # 3 is the progressive position which can be labeled the “destruction of shared prosperity hypothesis”. It is identified with the other half of the Democratic Party and the labor movement, but it has no standing within major economics departments owing to their suppression of alternatives to orthodox theory. Read the rest of this entry »

From Financial Crisis to Stagnation: An Interview with Thomas Palley

April 18th, 2012

Conducted by Philip Pilkington and posted on Naked Capitalism on April 18, 2012.


His latest book, From Financial Crisis to Stagnation, was recently published by Cambridge University Press, 2012.

A 20% discount is available when you purchase using this discount code.

[Select country location & enter code “palley2012” at checkout to get the discount]

Philip Pilkington: At the beginning of your book From Financial Crisis to Stagnation you refer to the 2008 crisis as a ‘crisis of bad ideas’. Could you please briefly explain why you refer to the crisis in this way?

Thomas Palley: A central and critical element of my book is its emphasis on the role of economic ideas in generating the crisis. This feature fundamentally distinguishes it from mainstream explanations that tend to represent the crisis in terms of surprise events and economic shocks (e.g. black swans).

My book starts with the fundamental idea that economies are made, not found. The way economies are organized and function is significantly the product of social choices, not the product of nature. Over the past thirty years we (society) have embraced a set of economic ideas that shaped economic arrangements – including the pattern of income distribution, the power of corporations and finance relative to labor, and the way in which the economy generates demand.
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The euro lacks a government banker, not a lender of last resort

December 19th, 2011

In his novel, The Jungle, the American muckraking author Upton Sinclair wrote about the horrendous work and sanitary conditions in the Chicago meat packing industry of the early 20th century. It is sometimes said Sinclair aimed for the heart but hit the stomach. That is because he aimed for progressive social and economic change but instead prompted the founding of the Food and Drug Administration. Read the rest of this entry »

Euro Bonds Are Not Enough: Eurozone Countries Need a Government Banker

September 6th, 2011

The eurozone’s public finance crisis continues to fester, reflecting both political and intellectual failure. The intellectual failure is the crisis has been interpreted exclusively as a debt crisis when it is also a central bank design crisis resulting from the euro’s flawed architecture. The flaw is the inability of eurozone governments to harness the central bank’s power to assist government finances. This systemic weakness explains why U.S. and U.K. government bonds are weathering the storm, whereas Spain confronts default rumors despite having roughly similar debt and deficit profiles. Read the rest of this entry »

A Global Minimum Wage System [1]

July 18th, 2011

Published in the FT Economists’ Forum, July 18, 2011

The global economy is suffering from severe shortage of demand. In developed economies that shortfall is explicit in high unemployment rates and large output gaps. In emerging market economies it is implicit in their reliance on export-led growth. In part this shortfall reflects the lingering disruptive effects of the financial crisis and Great Recession, but it also reflects globalization’s undermining of the income generation process. One mechanism that can help rebuild this process is a global minimum wage system. That does not mean imposing U.S. or European minimum wages in developing countries. It does mean establishing a global set of rules for setting country minimum wages. Read the rest of this entry »

Deaf to History’s Rhyme: Why President Obama is Failing

December 2nd, 2010

The great American novelist Mark Twain observed “history does not repeat itself but it rhymes.” Today the rhyme is with the 1930s, and if you don’t hear it read FDR’s great Madison Square Garden speech of October 1936:

“For twelve years this nation was afflicted with hear-nothing, see-nothing, do-nothing government. The nation looked to government but the government looked away. Nine mocking years with the golden calf and three long years with the scourge! Nine crazy years at the ticker and three long years in the breadlines! Nine mad years of mirage and three long years of despair! Powerful influences strive today to restore that kind of government with its doctrine that that government is best which is most indifferent.”

Despite this clarity, the Obama administration insists on hearing a rhyme with the 1990s. That tone deafness has its roots in political choices made at the administration’s outset and explains why the administration has stumbled so badly in its first years. If continued, the economic and social consequences will be grave. Read the rest of this entry »

Plan B for Obama on the economy

September 8th, 2010

TO: President Obama
FROM: Thomas I. Palley
RE: How to avoid stagnation and restore shared prosperity
DATE: Labor Day, 2010

Mr. President,

With hopes of a V- or U-shaped recovery fading, there is the increasing prospect of an L-shaped future of long stagnation, or even a W-shaped future in which W stands for something worse.

The reason for this dismal outlook is economic policy is trapped by failed conventional thinking that can only deliver wage stagnation and prolonged mass unemployment. Read the rest of this entry »

The Federal Reserve Should Raise Rates and Lower Them Too

August 30th, 2010

There is much debate over whether the Federal Reserve should tighten or further ease monetary policy. This dichotomous framing overlooks another possibility, which is whether the Fed should change the mix of its stance, tightening in some areas and further easing in others. Read the rest of this entry »

Europe’s debt crisis and Keynes’ green cheese solution

May 26th, 2010

The great German physicist Max Planck remarked that “Science advances one funeral at a time.” The situation is worse in economics which is subject to regress, as happened when the valuable but imperfect insights of Keynesianism were supplanted by the ideological blinkers of neoliberalism. Read the rest of this entry »

More on the spurious victory claims of MMT.