How The Government’s Lies Become Truth

Dr. Paul Craig Roberts

In my last column, “A Culture of Delusion,” I wrote that “Americans live in a matrix of lies. Lies dominate every policy discussion, every political decision.” This column will use two top news stories, Iranian nukes and Julian Assange, to illustrate how lies become “truth.”

The western Presstitute media uses every lie to demonize the Iranian government. On September 28 in a fit of unmitigated ignorance, the UK rag, Mail Online, called the president of Iran a “dictator.” The Iranian presidency is an office filled by popular election, and the authority of the office is subordinate to the ayatollahs. Assange is demonized alternatively as a rapist and a spy.

14 Signs That The World Economy Is Getting Weaker

The United States is not the only one with massive economic problems right now. The truth is that just about wherever you look around the globe things are getting even worse. China is experiencing a substantial economic slowdown, and Japan has resorted to yet another round of money printing in an effort to keep the Japanese economy moving. Unemployment in Europe continues to get even worse, and the riots this week in Spain and in Greece have been absolutely frightening at times. In the United States there are a whole host of signs that another recession is approaching, and the number of American CEOs that say that they plan to eliminate jobs in the coming months is rapidly rising. The world economy is more interconnected today than ever before, and that means that we are all in this together. Just remember what happened back in 2008 and 2009. The economic pain that started on Wall Street was felt in every corner of the planet. So anyone that believes that the United States (or any other major nation for that matter) is going to escape the next wave of the economic crisis is simply not being realistic. Why do you think central banks all over the world are in "panic mode" right now? They are firing all of their ammunition and printing money like there is no tomorrow in an attempt to keep the system together. Unfortunately, it is not going to work.

A Culture of Delusion

By Paul Graig Roberts

A writer’s greatest disappointments are readers who have knee-jerk responses. Not all readers, of course. Some readers are thoughtful and supportive. Others express thanks for opening their eyes. But the majority are happy when a writer tells them what they want to hear and are unhappy when he writes what they don’t want to hear.

For the left-wing, Ronald Reagan is the great bogeyman. Those on the left don’t understand supply-side economics as a macroeconomic innovation that cured stagflation by utilizing the impact of fiscal policy on aggregate supply. Instead, they see “trickle-down economics” and tax cuts for the rich. Leftists don’t understand that the Reagan administration intervened in Grenada and Nicaragua in order to signal to the Soviets that there would be no more Soviet expansion or client states and that it was time to negotiate the end of the cold war. Instead, leftists see in Reagan the origin of rule by the one percent and the neoconservatives’ wars for US hegemony.

Quantitative Easing Did Not Work For The Weimar Republic Either

 

Did printing vast quantities of money work for the Weimar Republic? Nope. And it won't work for us either. If printing money was the secret to economic success, we could just print up a trillion dollars for every American and be done with it. The truth is that making everyone in America a trillionaire would not mean that we would all suddenly be wealthy. There would be the same amount of "real wealth" in our economy as before. But what it would do is render our currency meaningless and totally destroy faith in our financial system. Sadly, we have not learned the lessons that history has tried to teach us. Back in April 1919, it took 12 German marks to get 1 U.S. dollar. By December 1923, it took approximately 4 trillion German marks to get 1 U.S. dollar. So was the Weimar Republic better off after all of the "quantitative easing" that they did or worse off? Of course they were worse off. They destroyed their currency and wrecked all confidence in their financial system. There was an old joke that if you left a wheelbarrow full of money sitting around in the Weimar Republic that thieves would take the wheelbarrow and they would leave the money behind. Will things eventually get that bad in the United States someday?

Of course we are not going to see hyperinflation in the U.S. this week or this month.

But don't think that it will never happen.

The people of Germany never thought that it would happen to them, but it did.

QE4? The Big Wall Street Banks Are Already Complaining That QE3 Is Not Enough

 

QE3 has barely even started and some folks on Wall Street are already clamoring for QE4. In fact, as you will read below, one equity strategist at Morgan Stanley says that he would not be "surprised" if the Federal Reserve announced another new round of money printing by the end of the year. But this is what tends to happen when a financial system starts becoming addicted to easy money. There is always a deep hunger for another "hit" of "currency meth". Federal Reserve Chairman Ben Bernanke was probably hoping that QE3 would satisfy the wolves on Wall Street for a while. His promise to recklessly print 40 billion dollars a month and use it to buy mortgage-backed securities is being called "QEInfinity" by detractors. During QE3, nearly half a trillion dollars a year will be added to the financial system until the Fed decides that it is time to stop. This is so crazy that even former Federal Reserve officials are speaking out against it. For example, former Federal Reserve chairman Paul Volcker says that QE3 is the "most extreme easing of monetary policy" that he could ever remember. But the big Wall Street banks are never going to be satisfied. If QE4 is announced, they will start calling for QE5. As I noted in a previous article, quantitative easing tends to pump up the prices of financial assets such as stocks and commodities, and that is very good for Wall Street bankers. So of course they want more quantitative easing. They always want bigger profits and bigger bonus checks at the end of the year.

USA to continue its wars as long as dollar remains reserve currency

 

Pravda.Ru interviewed Paul Craig Roberts, an American economist, who served as an Assistant Secretary of the Treasury in the Reagan Administration and became a co-founder of Reaganomics – the economic policies promoted by the U.S. President Ronald Reagan during the 1980s. We asked Mr. Roberts to share his views about the current state of affairs inside and outside the United States.

Pravda.Ru: Mr. Roberts, you are known in Russia as the creator of Reaganomics, which helped the country overcome stagflation. What were the key aspects of that policy and how would you estimate its results today? Do you think your faith in free market has shattered?

Paul Craig Roberts: Free market means the freedom of price to adjust to supply and demand. It does not mean the absence of regulation of human behavior.

Reaganomics was a political word for supply-side economics, a new development in economic theory. In the post World War 2 western world, governments used Keynesian demand management economic policy to control inflation and to boost employment. John Maynard Keynes was the British economist who explained the Great Depression in the West as a consequence of insufficient aggregate demand to maintain full employment and stable prices.

WORLD WITHOUT TORTURE: THE RESPONSIBILITIES OF THE WEST

Paul Craig Roberts was interviewed by Nilantha Ilangamuwa, editor of Torture, a print and online magazine published by the Asian Human Rights Commission based in Hong Kong and the Rehabilitation and Research Centre for Torture Victims in Denmark. Torture: Asian and Global Perspectives is a new initiative which focuses on torture and its related issues globally. Writers interested in having their research on this subject published, may submit their articles totorturemag@ahrc.asia

TORTURE
August 2012

WORLD WITHOUT TORTURE: THE RESPONSIBILITIES OF THE WEST

Dr. Paul Craig Roberts was educated at Georgia Tech, the University of Virginia, the University of
California, Berkeley, and Oxford University where he was a member of Merton College. He has been the Assistant Secretary of the US Treasury in the Reagan administration, a member of the US Congressional staff, an associate editor and columnist for the Wall Street Journal, and a columnist for Business Week, the Scripps Howard News Service, and Creators Syndicate. He was also a Senior Research Fellow for the Hoover Institution at Stanford University and was appointed to the William E. Simon Chair in Political Economy at Georgetown University’s Center for Strategic and International Studies. He is currently the chairman of the Institute for Political Economy and has authored or coauthored ten books and numerous articles in scholarly journals. He has testified before committees of Congress on 30 occasions. Dr. Roberts was awarded the US Treasury’s Meritorious Service Award for “outstanding contributions to the formulation of US economic policy,” and France’s Legion of Honor as “the artisan of a renewal in economic science and policy, after half a century of state interventionism.”

Greece Caught Underreporting Its Budget Deficit By Nearly 50%

There was a time about a year ago, before the second Greek bailout was formalized and the haircut on its domestic-law private sector bonds (first 50%, ultimately 80%, soon to be 100%) was yet to be documented, when it was in Greece's interest to misrepresent its economy as being worse than it was in reality. Things got so bad that the former head of the Greek Statistics Bureau Elstat, also a former IMF employee,faced life in prison if convicted of doing precisely this.

A year later, the tables have turned, now that Germany is virtually convinced that Europe can pull a Lehman and let Greece leave the Eurozone, and is merely looking for a pretext to sever all ties with the country, whose only benefit for Europe is to be a seller of islands at Blue Aegean water Special prices to assorted Goldman bankers (at least until it renationalizes them back in a few short years). So a year later we are back to a more normal data fudging dynamic, one in which Greece, whose July unemployment soared by one whole percentage point, will do everything in its power to underrepresent its soaring budget deficit.

Americans Are Literally Being Worked To Death

 

Are you constantly tired and do you feel incredibly stressed almost all the time? Well, that means that there is a really good chance that you are a typical American worker. Even though our incomes are going down, Americans are spendingmore time at work than ever before. In fact, U.S. workers spend more time at work than anyone else in the world. But it was not always this way. Back in 1970, the average work week for an American worker was about35 hours. Today, it is up to 46 hours. But there are other major economies around the globe that are doing just fine without burning their workers out. For example, the average American worker spends 378 more hours working per year than the average German worker does. Sadly, for many Americans work is not even finished once they leave the office. According to one recent survey, the average American worker spends an extra seven hours per week on work tasks such as checking emails and answering phone calls after normal work hours have finished. Other Americans are juggling two or three jobs in a desperate attempt to make ends meet. Americans are busier than ever and work is often pushing the other areas of our lives on to the back burner. What this also means is that "family vacations" are becoming increasingly rare in the United States. In fact, Americans spend less days on vacation than anyone else in the industrialized world. While some would applaud our "work ethic", the truth is that the fact that we are being overworked is having some very serious consequences. In fact, as you will see below, Americans are literally being worked to death.

Elder Joseph of Vatopedi for IMF and Turks

Elder Paisios - The Prophecies about Constantinople (English subs)

THE OTHER GREEK CRISIS

Mohammadi Younus grew up in Ghazni Province, in the east of Afghanistan, and studied medicine in the northern city of Mazar-i-Sharif. He had “a problem with the Taliban… a political problem” during the dark days of their rule, and he landed in jail. He decided to leave the country and crossed into Iran.

He bought a fake passport for a little more than two thousand dollars and made it to Turkey. He registered there as a refugee with the United Nations and chose Greece as his next destination because he had learned the Hippocratic oath, and Hippocrates was Greek. In 2004, he applied for asylum and was accepted, probably because of his medical education.


It was a rare achievement. That year, he estimates, about six thousand migrants applied for asylum in Greece; he was one of eleven who were accepted. Now there are about twenty-five thousand undocumented Afghans crowded into the country; the backlog of asylum applications has reached sixty thousand. Younus tries to aid the more recent arrivals from back home. He directs the Afghan Refugees and Migrants Community Organization from a modest office off Omonoia Square, in Athens. As he put it succinctly one recent afternoon, “Asylum doesn’t work.”

In The End, Empire Destroys Itself: Widespread Attacks On The Imperial Power’s Embassies Are Only The Beginning

Dr. Paul Craig Roberts

Libya: “Death to America”

September Try to imagine more deluded reporting than this by America’s Presstitute “free press.” For 11 years Washington in pursuit of its rightful hegemony has been sending troops, bombers, jet fighters, helicopter gunships, drones, and assassination teams into seven Muslim countries.

Two of the Muslim countries, Iraq and Libya, and perhaps more depending on how you see it, have been overthrown by Washington and left in chaos.

Washington’s assaults on seven countries have blown up weddings, funerals, kids’ soccer games, farm houses, hospitals, aid workers, schools, people walking along the streets, village elders, but the Muslims don’t mind!

They understand that the well-meaning Americans who love them and are committed to their human rights, are bringing them democracy and women’s rights. The million or more dead, maimed, and displaced Muslims are a low price to be paid for liberation by Washington.

The Muslims understand that liberation has costs and were content with Washington’s liberating violence until some idiot in California produced an anti-Islamic film. This film, and not Washington’s predations, set the Muslim world alive with “hate America.”

The Federal Reserve Is Systematically Destroying Social Security And The Retirement Plans Of Millions Of Americans

 

Last week the mainstream media hailedQE3 as the "quick fix" that the U.S. economy desperately needs, but the truth is that the policies that the Federal Reserve is pursuing are going to be absolutely devastating for our senior citizens. By keeping interest rates at exceptionally low levels, the Federal Reserve is absolutely crushing savers and is systematically destroying Social Security. Meanwhile, the inflation that QE3 will cause is going to be absolutely crippling for the millions upon millions of retired Americans that are on a fixed income. Sadly, most elderly Americans have no idea what the Federal Reserve is doing to their financial futures. Most Americans that are approaching retirement age have not adequately saved for retirement, and the Social Security system that they are depending on is going to completely and totally collapse in the coming years. Right now, approximately 56 million Americans are collecting Social Security benefits. By 2035, that number is projected to grow to a whopping 91 million. By law, the Social Security trust fund must be invested in U.S. government securities. But thanks to the low interest rate policies of the Federal Reserve, the average interest rate on those securities just keeps dropping and dropping. The trustees of the Social Security system had projected that the Social Security trust fund would be completely gone by 2033, but because of the Fed policy of keeping interest rates exceptionally low for the foreseeable future it is now being projected by some analysts that Social Security will be bankrupt by 2023. Overall, the Social Security system is facing a 134 trillion dollar shortfall over the next 75 years. Yes, you read that correctly. The collapse of Social Security is inevitable, and the foolish policies of the Federal Reserve are going to make that collapse happen much more rapidly.

Spain should seek aid, Greece needs more time to pay: IIF

By Nick Edwards

BEIJING (Reuters) - Greece should get cheaper rates on its 130 billion euro aid deal and at least two more years from the European Union and International Monetary Fund to repay them, the chief negotiator of the country's private sector creditors said on Tuesday.

But better terms could only come after Athens delivers on commitments it has made to fiscal reform, Charles Dallara, managing director of the Institute of International Finance (IIF), told a news conference while on a trip to Beijing.

"Once that has been done, and I am confident it will be done, Europe and the IMF should move quickly to extend the adjustment period for at least two years and provide the modest additional financial support for that extension to be effective," Dallara said.

Blasphemy as a Tactic

 

By Thierry Meyssan

September 15, 2012 "Information Clearing House" - - The circulation on the Internet of the trailer for a film, The Innocence of Muslims, sparked demonstrations across the world and resulted in the killing in Benghazi of the U.S. Ambassador to Libya and members of his entourage.

At first glance, these events can be located in the long line leading from Salman Rushdie’s Satanic Verses to the burnings of the Koran by Pastor Terry Jones. Nevertheless, this new attack differs from other incidents in that the film was not directed at a Western audience but instead was uniquely conceived as an instrument of provocation directed at Muslims.

World War III: the unthinkable cost of preserving the petrodollar

As noted by many of our readers, one of the key topics omitted from our article on the inevitability of economic collapse was the petrodollar system. Due to its significance, we felt that this subject deserves its own article. If you have never heard of the petrodollar, don’t be surprised. There’s a good reason for this. No major news network will dare touch this subject because if this information was ever to become public knowledge, politicians would find it next to impossible to convince American people to support any more wars. Public approval of wars is only possible as long as people remain ignorant of the primary driving force behind our foreign policy. The reason you haven’t heard of the petrodollar system is because our government wants you to think that we start wars to spread democracy.

The Fed Has Failed, Failed, Failed

Bernanke knows QE3 will fail to revive the real economy, but he doesn't care; his real job is to protect the Fed's political power and the banking sector's wealth

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The unleashing of QE3--unlimited money-printing in support of the financial Status Quo-- is proof the Fed has failed, failed, failed. If anything the Fed has done in the past four years had actually had a positive consequence in the real economy, Bernanke would have identifed that policy and expanded it in a measured response.

How QE3 Will Make The Wealthy Even Wealthier While Causing Living Standards To Fall For The Rest Of Us

The mainstream media is hailing QE3 as a great victory for the U.S. economy. On nearly every news broadcast, the "talking heads" are declaring that Ben Bernanke's decision to pump 40 billion dollars a month into our financial system is definitely going to help solve our economic problems. The money for QE3 is being created out of thin air and this round of quantitative easing is going to be "open-ended" which means that the Federal Reserve is going to keep doing it for as long as they feel like it. But is this really good for the average American on the street? No way. Despite two previous rounds of quantitative easing, median household income has still fallen for four years in a row, the employment rate has not bounced back since the end of the last recession, and new home sales have remained near record lows. So what have the previous rounds of quantitative easing accomplished? Well, they have driven up the prices of financial assets. Those that own stocks have done very well the past couple of years. So who owns stocks? The wealthy do. In fact,82 percent of all individually held stocks are owned by the wealthiest 5 percent of all Americans. Those that have invested in commodities have also done very nicely in recent years. We have seen gold, silver, oil and agricultural commodities all do very well. But that also means that average Americans are paying more for basic necessities such as food and gasoline. So the first two rounds of quantitative easing made the wealthy even wealthier while causing living standards to fall for all the rest of us. Is there any reason to believe that QE3 will be any different?

Save Us From America's Wars

 

One of the most awe inspiring photographs ever taken was by a machine, not a person. The ‘Pale Blue Dot’ is the name of the photograph.It is an image of the Earth taken in 1990 by the Voyager spacecraft, some six billion kilometers away from our planet as the craft was about to leave the Solar System. The Earth appears as a miniscule dot, almost lost in the vastness of space.

The ‘Blue Marble’ is another image from space that also shows the Earth. It was taken by the US Apollo 17 spacecraft in 1972. The entire planet is a vivid, enchanting swirl of deep blue oceans, scattered white clouds and solid green land masses set in stark contrast against the apparent emptiness of space.

To see the magnificent fragility of Earth hanging in a mind boggling expanse of blackness is as wondrous as it is humbling. The late astrophysicist Carl Sagan commented on the ‘Pale Blue Dot’ by saying that from out there in space, there is no inkling, no clue whatsoever, that there is life here. There is no hint of humankind’s squabbles, posturings, religions, civilizations or doctrines. There is no possible comprehension of the intensity or magnitude of human joys and wonder, prejudices and sufferings.

Beneath Earth’s colourful blue mask from space, lies a sorry tale. It’s a tale about the hundreds of millions of deaths due to pointless wars and conflicts that have taken place down the ages. We have had little compulsion in destroying living creatures in their droves and gorging on and depleting finite natural resources. And we destroyed in a blink of an eyelid what took the Earth millions of years to nurture.

QE3: Helicopter Ben Bernanke Unleashes An All-Out Attack On The U.S. Dollar

 

You can't accuse Federal Reserve Chairman Ben Bernanke of not living up to his nickname. Back in 2002, Bernanke delivered a speech entitled "Deflation: Making Sure 'It' Doesn’t Happen Here" in which he referenced a statement by economist Milton Friedman about fighting deflation by dropping money from a helicopter. Well, it might be time for a new nickname for Bernanke because what he did today was a lot more than drop money from a helicopter. Today the Federal Reserve announced that QE3 will begin on Friday, but it is going to be much different from QE1 and QE2. Both of those rounds of quantitative easing were of limited duration. This time, the quantitative easing is going to be open-ended. The Fed is going to buy 40 billion dollars worth of mortgage-backed securities per month until they have decided that the economy is in good enough shape to stop. For those that get confused by terms like "quantitative easing" and "mortgage-backed securities", what the Federal Reserve is essentially saying is this: "We're going to print a bunch of money and buy stuff for as long as we feel it is necessary." In addition, the Federal Reserve has promised to keep interest rates at ultra-low levels all the way through mid-2015. The course that the Federal Reserve has set us on is utter insanity. Ben Bernanke can rain money down on us all he wants, but it is not going to do much at all to help the real economy. However, it will definitely hasten the destruction of the U.S. dollar.

And the Federal Reserve is apparently very eager to get QE3 going. Purchases of mortgage-backed securities are going to start on Friday.

Max Igan - The Transformation of Reality

The Revolution From Above ~ Paul Craig Roberts

 

Today the Western peoples are experiencing the destruction of their well being that is comparable to what the one percent in Rome imposed on Roman citizens and conquered peoples. Here is how John Williams (shadowstats.com, 9-12-12) phrases the wipeout of Americans’ hopes:

“Consumers simply cannot make ends meet. Inflation-adjusted, or real, median household income declined for the fourth-straight year, plunging to its lowest level since 1995. Deflated by the CPI-U, the 2011 reading actually stood below levels seen in the late-1960s and early-1970s.”

Is the U.S. election keeping Greece in the euro?

 

Editor's note: Yanis Varoufakis is professor of economics at the University of Athens, visiting professor that the University of Texas, Austin and author of "The Global Minotaur: America, the true causes of the financial crisis and the future of the world economy."

Athens, Greece (CNN) -- My first memory of anything to do with a U.S. presidential election lurks in the mists of my Athenian childhood.

It was a warm June evening. My mother had taken me for a walk around the ancient stadium where the first modern-era Olympics were staged in 1896.

Suddenly I saw her eyes fill with tears after hearing a newsboy screaming, at the top of his voice, that someone called Bobby Kennedy was dead.

The Road to World War 3

We are on a road that leads straight to the World War 3, but in order to see that and to fully understand what is at stake you have to look at the big picture and connect the dots. This video examines the history of the dollar, its relation to oil, and the real motives behind the wars of the past two decades.

China And Russia Are Ruthlessly Cutting The Legs Out From Under The U.S. Dollar

 

The mainstream media in the United States is almost totally ignoring one of the most important trends in global economics. This trend is going to cause the value of the U.S. dollar to fall dramatically and it is going to cause the cost of living in the United States to go way up. Right now, the U.S. dollar is the primary reserve currency of the world. Even though that status has been chipped away at in recent years, U.S. dollars still make up more than 60 percent of all foreign currency reserves in the world. Most international trade (including the buying and selling of oil) is conducted in U.S. dollars, and this gives the United States a tremendous economic advantage. Since so much trade is done in dollars, there is a constant demand for more dollars all over the globe from countries that need them for trading purposes. So the Federal Reserve is able to flood our financial system with dollars without it causing a tremendous amount of inflation because the rest of the world ends up soaking up a lot of those dollars. But now that is changing. China and Russia have been spearheading a movement to shift away from using the U.S. dollar in international trade. At the moment, the shift is happening gradually, but at some point a tipping point will come (for example if Saudi Arabia were to declare that it will no longer take U.S. dollars for oil) and the entire global financial system is going to change. When that tipping point comes the global demand for U.S. dollars is going to absolutely plummet and nightmarish inflation will come to the United States. If such a scenario sounds far out to you, then you have not been paying attention. In fact, China and Russia have been working very hard to move us toward exactly such a scenario.

Democracy loses in struggle to save euro

By Gideon Rachman



The European Central Bank has fired its magic bullet. By promising “unlimited” purchases of sovereign bonds, Mario Draghi, the ECB’s president, may have kept his pledge to do “whatever it takes” to save the euro. But in rescuing the currency, Mr Draghi’s magic bullet has badly wounded something even more important – democracy in Europe.

The Declining West: Tragedy or Comedy? ~ Paul Craig Roberts

 

During the Vietnam War, Sweden was an independent country with a moral conscience, and Sweden gave sanctuary to US war protestors who refused the draft. Washington realized the cost to itself and purchased the Swedish government in order to prevent a reoccurrence of moral conscience on the part of any Western government.

In the aftermath of World War II and during the subsequent decades of the Cold War with the Soviet Union, the Western nations presented themselves as the moral conscience of the world. It turns out that this was largely a hoax. The “Western nations” are merely pawns complicit in Washington’s crimes as Washington attempts to shut down all information in its pursuit of world hegemony.

SYRIA GENOCIDE

The Real Unemployment Numbers Are Worse Than You Are Being Told

According to the Obama administration, the unemployment rate in the United States has been slowly coming down over the past couple of years. But is that actually true? When you take a closer look at the data you quickly realize that the real unemployment numbers are much worse than we are being told. For example, if the labor force participation rate was the same today as it was back when Barack Obama first took office, the unemployment rate in the United States would be a whopping 11.2 percent. But every month the Obama administration has been able to show "progress" because of the fiction that hundreds of thousands of Americans are "disappearing" from the labor force each month. Frankly, the way that they come up with these numbers is an insult to our intelligence. Personally, I much prefer the employment-population ratio. It is a measure of the percentage of working age Americans that actually have jobs. I like to call it "the employment rate". So what happened to the "employment rate" in August? It fell slightly to 58.3 percent. It is lower than it was when the last recession supposedly ended, and it is almost as low as it has been at any point since the very beginning of this crisis. A few times during this economic downturn it has actually hit 58.2 percent. Needless to say, things are not getting any better. So why aren't the American people being told the truth?

Spinning Bad Financial News Into Good ~ Paul Craig Roberts

 

Friday’s payroll jobs report says that 96,000 new jobs were created in August and that the unemployment rate (U.3) fell from 8.3% to 8.1%. As 96,000 new jobs are not enough to keep up with population growth, the decline in the U.3 unemployment rate was caused by 368,000 discouraged job seekers giving up on finding employment and dropping out of the work force as measured by U.3. Discouraged workers are not included in the U.3 measure of unemployment, which makes the measure useless. The only purpose of U.3 is to keep bad news out of the news. the U.3 unemployment rate only measures those who have not been discouraged by the inability to find a job and are still actively seeking employment.

The Program

The filmmaker Laura Poitras profiles William Binney, a 32-year veteran of the National Security Agency who helped design a top-secret program he says is broadly collecting Americans' personal data.

It took me a few days to work up the nerve to phone William Binney. As someone already a “target” of the United States government, I found it difficult not to worry about the chain of unintended consequences I might unleash by calling Mr. Binney, a 32-year veteran of the National Security Agency turned whistle-blower. He picked up. I nervously explained I was a documentary filmmaker and wanted to speak to him. To my surprise he replied: “I’m tired of my government harassing me and violating the Constitution. Yes, I’ll talk to you.”



Two weeks later, driving past the headquarters of the N.S.A. in Maryland, outside Washington, Mr. Binney described details about Stellar Wind, the N.S.A.’s top-secret domestic spying program begun after 9/11, which was so controversial that it nearly caused top Justice Department officials toresign in protest, in 2004.

“The decision must have been made in September 2001,” Mr. Binney told me and the cinematographer Kirsten Johnson. “That’s when the equipment started coming in.” In this Op-Doc, Mr. Binney explains how the program he created for foreign intelligence gathering was turned inward on this country. He resigned over this in 2001 and beganspeaking out publicly in the last year. He is among a group of N.S.A. whistle-blowers, including Thomas A. Drake, who have each risked everything — their freedom, livelihoods and personal relationships — to warn Americans about the dangers of N.S.A. domestic spying.

The Message From Both Parties Is That Americans Are Disposable ~ Paul Craig Roberts

 

If political conventions are ranked on a one to ten scale for intelligence, I give the Republican Convention zero and the Democrats one.

How can the United States be a superpower when both political parties are unaware of everything that is happening at home and abroad?

The Republicans are relying for victory on four years of anti-Obama propaganda and their propriety programed electronic voting machines. For nearly four years Republican operatives have flooded the Internet with portraits of Obama as a non-US citizen, as a Muslim (even while Obama was murdering Muslims in seven countries), and as a Marxist (put in power by the Israel Lobby, Wall Street, and the military/security complex).

Most Republican voters will vote against Obama based on these charges despite the curious fact that no committee in the Republican-controlled House of Representatives held a hearing to determine if Obama is a citizen. If Obama were not a citizen, why would the very aggressive House Republicans not capitalize on it. It would be easy for a Congressional committee to determine if Obama were a citizen. Despite the propaganda, the Republicans in office have shown no interest in the propaganda charges spread by Republican operatives over the Internet.

Work Those Greeks! Advent of Modern Slavery?

EU Says Greeks Should Work Six-Day Week: Report ... In the leaked letter, reported in The Guardian newspaper, the European Commission, European Central Bank, andInternational Monetary Fund call for Athens to implement the measure as part of the bailout agreement with lenders. According to the paper, the letter states that more flexibility must be implemented to work schedules, including working into the weekend by increasing the number of maximum working days to six. The paper printed the following extract from the letter: "Increase the number of maximum workdays to six days per week for all sectors. Increase flexibility of work schedules; set the minimum daily rest to 11 hours; delink the working hours of employees from the opening hours of the establishment; eliminate restrictions on minimum/maximum time between morning and afternoon shifts; allow the consecutive two-week leave to be taken anytime during the year in seasonal sectors." – CNBC

To solve Greece crisis tightening should growth

Samaras, Greek Prime Minister’s trip to Germany and France, the recent results have been disappointing. The purpose of this trip is not to seek assistance, but rather to gain time. Samaras hopes the international community to give Greece more time to implement structural reforms. Short-term implementation of the excessive austerity, is bound to exacerbate the economic recession, resulting in further deterioration of the domestic situation. In this regard, Merkel appreciates the great sacrifices made by the Greek people to cut down the national debt and budget deficit, but refused to make concessions on the timing of reforms. Hollande reiterated its support for Greece to remain in the euro zone, and also asked Greece to honor its commitment to reform.

IIF: Greek program revision needed to facilitate recovery

Economic activity in Greece continues to fall at an alarming pace, explains IIF in a report published September 4th. This is making deficit reduction targets difficult to meet, once again, and increasing losses among banks.

After a difficult six months, during which privately-held government debt was written down and two rounds of elections had to be held, the time has come to give greater priority to restarting growth. Doubts will otherwise persist that Greece will be able to avoid default and retain the euro. A sizable boost in public investment and quick action on bank recapitalization would do much to reinvigorate activity. More investment could be accommodated by an extension of the fiscal adjustment timetable, a speedier release of EU funds and the use of privatization proceeds. Lowering interest rates on EU credits and on bonds held by Euro

Some Of The Really Bad Things That Could Happen If You Do Not Prepare For The Coming Economic Collapse

Most people just assume that since things have always been a certain way that they will always be that way in the future. Most people just have blind faith that the people running our government and our financial system know exactly what they are doing and that they are doing their best to take care of us. In fact, once upon a time I was fully convinced of that. When I was a kid I quickly realized that my elementary school teachers really didn't have the answers, but I had total faith that those running society at the highest levels were "experts" that were looking out for our best interests. As time went on I kept progressing in my education, and by the time I was finished with law school I came to understand that none of our "experts" really know what they are doing, and they are definitely not looking out for our best interests. The blind are leading the blind and we all need to finally admit that the emperor is not wearing any clothes. Unfortunately, most Americans will repeat the mantra of "if that was true I would have heard about it on the news" until it is way too late. Most people are waiting for the "authorities" to tell them what to do instead of thinking for themselves. Sadly, time is rapidly running out and a lot of people are going to end up getting totally blindsided by what is coming.

THE REPUBLICANS CROSS THE RUBICON ~ Paul Craig Roberts

Does anyone remember when National Public Radio was an independent voice?

During the 1980s NPR was continually on the case of the Reagan administration. NPR certainly had a Democratic slant, and a lot of its reporting about the Reagan administration was one-sided. Yet, NPR was an independent voice, and it sometimes got things correct.

In the 21st century that voice has disappeared, which was the intention of the George W. Bush regime. Bush put a Republican woman in charge who made it clear to NPR producers and show hosts that the federal part of their funding was at risk.

Money often over-rules principle, and when corporations added their really big money NPR collapsed. Today the local stations still pretend to be funded by listeners, but if you have noticed, as I have, there are now a large number of corporate advertisements, disguised in the traditional terms “with support from . . .” If you are not listening to classical music, you are listening to corporate advertisements.

Today the entire “mainstream media” is closed to truth-tellers. The US media is Washington’s propaganda ministry. The US media has only one function–to lie for Washington.

Greece as a Precautionary Tale of the Welfare State

by Aristides N. Hatzis

Hatzis_2012_09

18 Indications That Europe Has Become An Economic Black Hole Which Is Going To Suck The Life Out Of The Global Economy

Summer vacation is over and things are about to get very interesting in Europe. Most Americans don't realize this, but much of Europe shuts down for the entire month of August. I wish we had something similar in the United States. But now millions of Europeans are returning from their extended family vacations and the fun is about to begin. During August economic conditions continued to degenerate in Europe, but I figured that it wouldn't be until after August that the European debt crisis would take center stage once again. And as I wrote about last week, if there is going to be a financial panic, it typically happens in the fall. The stock market has seen quite a nice rally over the summer, and many investors are nervous that we could see a significant "correction" very soon. The month of September has been the absolute worst month for stock performance over the past 50 years, and it has also been the absolute worst month for stock performanceover the past 100 years as well. Of course that does not guarantee that anything is going to happen this year. But things in Europe continue to get worse. Unemployment rates are spiking, manufacturing activity is slowing down, housing prices are crashing and major financial institutions are failing. What is happening in Europe right now appears to be an even worse version of what happened to the United States back in 2008.

But most Americans aren't too concerned about what is happening in Europe.

U.S. Companies Brace for an Exit From the Euro by Greece

By NELSON D. SCHWARTZ

Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced to leave the euro zone.


Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency.

China Targets American Jobs—Again

Gordon G. Chang






On Saturday, Wen Jiabao said China will try to export its way out of its current economic troubles. The country’s premier suggested technical fixes, such as faster payment of tax rebates, but he did not refer to depreciation of the national currency, the renminbi.



hat’s a rather large omission considering the circumstances. Why? Because his primary plan, evident over the course of the last several months, has been to force down the value of the currency to make Chinese products cheaper on global markets.

Some analysts believe the yuan, as the renminbi is informally known, is undervalued by as much as 40 percent against the dollar. That’s possible, but we do not know the market value of the Chinese currency. The People’s Bank of China, the country’s central bank, essentially fixes the value of the yuan by buying and selling currencies so that it stays within a predetermined band. The renminbi has depreciated against the dollar by about 1 percent this year after it climbed—due to Washington’s pressure—4.7 percent in 2011.

If Elgin

Why Americans Must End America’s Self-Generating Wars

Peter Dale Scott

The most urgent political challenge to the world today is how to prevent the so-called “pax Americana” from progressively degenerating, like the 19th-century so-called “pax Britannica” before it, into major global warfare. I say “so-called,” because each “pax,” in its final stages, became less and less peaceful, less and less orderly, more and more a naked imposition of belligerent competitive power based on inequality.

To define this prevention of war as an achievable goal may sound pretentious. But the necessary steps to be taken are above all achievable here at home in America. And what is needed is not some radical and untested new policy, but a much-needed realistic reassessment and progressive scaling back of two discredited policies that are themselves new, and demonstrably counterproductive.

What about Israel’s nuclear weapons?

Patrick B. Pexton

Readers periodically ask me some variation on this question: “Why does the press follow every jot and tittle of Iran’s nuclear program, but we never see any stories about Israel’s nuclear weapons capability?”

It’s a fair question. Going back 10 years into Post archives, I could not find any in-depth reporting on Israeli nuclear capabilities, although national security writer Walter Pincus has touched on it many times in his articles and columns.

US disowns Israel over Iran strike: No weapons or military backup

US Gen. Martin Dempsey’s assertion Thursday, Aug. 30 that the US would not be “complicit” in an Israel strike against Iran, together with the drastic reduction in the scale of next month’s joint US-Israeli war game disclosed by TIME, add up to a blunt message from US President Barack Obama to Israel: You are on your own! See how you manage without special US weapons and US military backup, including a shield against missile counter-attack, if you decide to defy us and go through with a military operation against Iran.
Instead of the 5,000 US troops originally assigned for Austere Challenge 12, the annual joint exercise, the Pentagon will send only 1,200 to 1,500 service members. The missile interception systems at the core of the joint exercise will be reduced in number and potency: Patriot anti-missiles will come without crews and maybe one instead of two Aegis Ballistic Missile Defense warships, according to the magazine.