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Bail-out Is Out, Bail-in Is In: Time for Some Publicly-Owned Banks
by Ellen Brown
“[W]ith Cyprus . . . the game itself changed. By raiding the depositors’ accounts, a major central bank has gone where they would not previously have dared. The Rubicon has been crossed.”
—Eric Sprott, Shree Kargutkar, “Caveat Depositor”
The crossing of the Rubicon into the confiscation of depositor funds was not a one-off emergency measure limited to Cyprus. Similar “bail-in” policies are now appearing in multiple countries. (See my earlier articles here.) What triggered the new rules may have been a series of game-changing events including the refusal of Iceland to bail out its banks and their depositors; Bank of America’s commingling of its ominously risky derivatives arm with its depository arm over the objections of the FDIC; and the fact that most EU banks are now insolvent. A crisis in a major nation such as Spain or Italy could lead to a chain of defaults beyond anyone’s control, and beyond the ability of federal deposit insurance schemes to reimburse depositors.
PermalinkSimpson-Bowles 2.0Â
by Stephen Lendman
Both men represent the nation's ruling class. They want more wealth transferred from ordinary people to corporate America and privileged elites like themselves. They're back with plan B. More on that below.
On February 18, 2010, Obama issued Executive Order 13531. It established the National Commission on Fiscal Responsibility and Reform (NCFRR).
Two neoliberal ideologues head it: former Senator Alan Simpson (R. WY) and former Clinton White House chief of staff Erskine Bowles.
They head a 19-member team. It's stacked with like-minded members. Their mandate then and now includes fiscal austerity for most people, unlimited wealth opportunities for corporate America and super-rich elites.
Syria: Upping the Stakes
by Stephen Lendman
Things appear heading closer toward full-scale US intervention. The fullness of time will have final say.
On April 28, The New York Times headlined "Lawmakers Call for Stronger US Action in Syria," saying:
Republicans "took President Obama to task Sunday for what they characterized as dangerous inaction in Syria…."
What's so funny Mr. President?
Michael Collins
The president and the mainstream media, along with the capital in-crowd, celebrate their wonderfulness each year at the White House Correspondents Association Dinner. The format consists of an invited comedian who pokes fun at the president and press with some shtick from the current leader of the free world. The event is by invitation only, no common folk allowed.
After watching the dinner on C-Span, I have just one question. What's so funny Mr. President?
The president will never be asked that question. But if just one of those White House correspondents hosting the event had the courage, the answer would be in two parts.
How can the president and the press get together and yuck it up when we're in such a dreadful state of affairs. The nation is in an economic dead calm. Millions of jobs left the country in the past decade, probably for good. Many more jobs were lost due to the ongoing recession. Not many were created to take their place, unless we count minimum wage jobs at Walmart (with benefits from Medicaid).
Watch Out, World! Even Amerika's Wealthy Are Losing Ground
By Daniel Patrick Welch
Cognitive dissonance among the US sub-elite means more war and death for everyone else.
Occasionally the tip of the iceberg pokes through, and the reported facts corroborate the experience of most of the people. The recent Pew Center report that has now reached broad circulation shows that a full 93% of US households *lost* ground in the much vaunted recovery of 2009-2011. burlingtonfreepress.com This just validates what we are all living through, glossed over by averages, smoke and mirrors. There is no "recovery." Sectors *within* the top quintile are holding on, barely.
US False Flag Pretext for War on Syria
by Stephen Lendman
Obama abhors peace. He prioritizes war. His appetite exceeds his predecessors and then some. It's insatiable.
He's currently waging multiple direct and proxy wars. He plans more in Africa. He destroyed Libya. He's ravaging Syria.
Israel's War on Fishing Rights
by Stephen Lendman
Israel wages war on humanity. It persecutes Palestinians many ways. It does so with impunity.
Collective punishment is prohibited. Fourth Geneva's Article 33 states:
"No protected person may be punished for an offense he or she has not personally committed. Collective penalties and likewise all measures of intimidation or of terrorism are prohibited."
Chemical Weapons Charade in Syria
By Sharmine Narwani
"Al-Akhbar",- Let us be clear. The United States can verify absolutely nothing about the use of chemical weapons (CWs) in Syria. Any suggestion to the contrary is entirely false. Don’t take it from me – here is what US officials have to say about the subject:
A mere 24 hours after Washington heavyweights from the White House, Pentagon, and State Department brushed aside Israeli allegations of chemical weapons use in Syria, US Secretary of Defense Chuck Hagel and the White House changed their minds. They now believe “with varying degrees of confidence” that CWs have been used “on a small scale” inside Syria.
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