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Collapsing the Economy in the Buildup to World War III: 11 of the Most Important Economic Events of the Last 11 Years

December 12th, 2008


The following is an update of “10 of the Most Important Economic Events of the Last 10 Years: Collapsing the Economy in the Buildup to World War III ”, which in turn was an update of “7 of the Most Important Economic Events of the Last 7 Years: Collapsing the Economy in the Buildup to World War III.”

For those who have been following this series, minor updates were made to events 1 through 10 and the Implications section, and event 11, the Short selling ban, was added. I also reformatted the piece and have supplied permalinks for ease of reference.

Since 1999, the following events have either caused or been the symptom of the present economic crises:

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America Concedes

December 12th, 2008

Patrick Cockburn

On 27 November the Iraqi parliament voted by a large majority in favour of a security agreement with the US under which its 150,000 troops will withdraw from Iraqi cities, towns and villages by 30 June next year and from all of Iraq by 31 December 2011. The Iraqi government will take over military responsibility for the Green Zone in Baghdad, the heart of American power in Iraq, in a few weeks’ time. Private security companies will lose legal immunity. US military operations will only be carried out with Iraqi consent. No US military bases will remain after the last American troops leave in 2011 and in the interim the US military is banned from carrying out attacks on other countries from within Iraq.

The Status of Forces Agreement (SOFA), signed after eight months of rancorous negotiations, is categorical and unconditional. America’s bid to act as the world’s only super-power and to establish quasi-colonial control of Iraq, an attempt that began with the invasion of 2003, has ended in failure. There will be a national referendum on the new agreement next July, but the accord is to be implemented immediately, so the poll will be largely irrelevant. Even Iran, which had denounced the first drafts of the SOFA, fearing that any agreement would enshrine a permanent US presence in Iraq, now says that it will officially back the new security pact after the referendum: a sure sign that America’s main rival in the Middle East sees the accord as marking the end of the occupation and the end of any notion of Iraq being used as a launching-pad for military assaults on its neighbours.

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Why Noam Chomsky is Dead Wrong About 911!

December 12th, 2008

Len Hart

"I mean even if it [US GOVERNMENT COMPLICITY IN THE 9/11 ATTACKS] were true, which is extremely unlikely, who cares? I mean it doesn't have any significance." -Noam Chomsky

Noam, I care! And I care because the very document that created the United States --the US Constitution --tells us in precise and legal language that the American people are 'sovereign'. If the US government --the 'hired hands' whom we, the people, have tasked with the day to day job of governance --are in any way complicit in the attacks of 911, then the crimes of mass murder and high treason have been perpetrated against us! If 911 was an inside job, then we have no legitimate government! I call that 'significance'!

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Excess Debt and Deflation Equals Depression

December 12th, 2008

Stephen Lendman

Irving Fisher (1867 - 1947) was perhaps the most noted economist of his day. The Concise Encyclopedia of Economics calls him "one of America's greatest mathematical economists and one of" its clearest writers. He earned special acclaim for his work on monetary and statistical theory, policy, index numbers, econometrics, and the distinction between real and nominal interest rates.

He's also remembered for having made one of the worst and most ill-timed ever stock market calls that cost him his reputation and millions in the subsequent crash - on October 17, 1929 (a week before Black Thursday) when he said "stock prices had reached what looks like a permanently high plateau."

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El Khoudary calls on bringing Israeli leaders to Courts of Justice

December 12th, 2008

Popular Committee Against Siege (PCAS)

Chairman of Popular Committee Against Siege, Independent Mp Jamal El Khoudary, called on bringing Israeli leaders for courts in accountancy for their human rights violation and the siege on Gaza strip.

El Khoudary welcomed the report issued by United Nation's expert in human rights, Richard Falk in regard of human rights conditions in Gaza. The report criticized the Israeli policies against Palestinians considering them as equal to war crimes against humanity.

He also welcomed Richard's call to implement the humanitarian laws and charters in Palestine to protect the civilians being exposed to a policy of collective punishment equals war crimes.

PCAS Chairman touched upon the need of implementing the call of Mr. Falk on the ground saying, " the situation in the Gaza strip is direful and there has to be a quick and prompt implementation of all humanitarian laws as Mr. falk requested."

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Federal Reserve Refuses to Disclose Recipients of $2 Trillion in Lending

December 12th, 2008

Mark Pittman

The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.

The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.

“If they told us what they held, we would know the potential losses that the government may take and that’s what they don’t want us to know,” said Carlos Mendez, who oversees about $14 billion at New York-based ICP Capital LLC.

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EU rewards Israel for starving Gazans, expanding colonies

December 12th, 2008

By Khalid Amayreh in occupied East Jerusalem

On Monday, 8 December, European Union (EU) foreign ministers decided to boost relations with the apartheid state of Israel.

The decision opens the way towards a first-ever EU-Israel summit in the coming months, perhaps during the Czech Republic’s presidency of the bloc, in the first half of 2009.

The EU will also consider inviting Israel to participate in the civilian missions linked to its security and defense policy.

Czech officials have pointed out that upgrading EU-Israeli relations will be one the Czech Republic’s main priorities when it takes over the EU presidency from France in January.

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A Brief History of CIA Involvement in Drug Trafficking

December 12th, 2008

William Blum

The CIA and Drugs Just say "Why not?"

1947 to 1951, France

CIA arms, money, and disinformation enabled Corsican criminal syndicates in Marseille to wrestle control of labor unions from the Communist Party. The Corsicans gained political influence and control over the docks -- ideal conditions for cementing a long-term partnership with mafia drug distributors, which turned Marseille into the postwar heroin capital of the Western world. Marseille's first heroin laboratories were opened in 1951, only months after the Corsicans took over the waterfront.{3}

Early 1950s, Southeast Asia

The Nationalist Chinese army, organized by the CIA to wage war against Communist China, became the opium barons of The Golden Triangle (parts of Burma, Thailand and Laos), the world's largest source of opium and heroin. Air America, the CIA's principal airline proprietary, flew the drugs all over Southeast Asia.{4}

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Interview with Prof. James Russell

December 12th, 2008

Interview by Kourosh Ziabari

Nowadays, you hear the name of Iran for the most catastrophic reasons in the global media headlines. Nuclear weapons, terrorism, mass destruction, violation of human rights, abduction of freedom activists etc. Such hostile approach for the coverage of Iran news which has been taking by the corporation media since long times ago would easily sequence to an international pessimism toward the people of Iran, the culture of Iran and the history of Iran. That's why, Iran is somehow interpreted as the most misrepresented, misunderstood country in the world that is being distorted by image despite of its richness of civilization.

Speaking to an American scholar of Persian Culture who has devoted almost 15 years of his lifetime to studying the furthest angels and brinks of Persian culture and Iranian lifestyle is worth reading at least once for it gives a clarified and impartial viewpoint of Iran, what the outgoing President of US calls the "Axis of Evil".

James Russell is a world-distinguished figure, a well-known name for those interested in Persian culture, Persian civilization and Iranian studies. He is a Professor of Armenian Studies at Harvard University and the a former Associate Professor of Ancient Iranian studies at Columbia University while teaching at the Hebrew University of Jerusalem priorly.

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Israeli navy bars ship sent by Arab leaders and leftist activists from sailing to Gaza

December 11th, 2008

Saed Bannoura

[Eid ul-Fitr (Arabic: عيد الفطر ‘Īdu l-Fiṭr‎), often abbreviated to Eid, is a Muslim holiday that marks the end of Ramadan, the Islamic holy month of fasting. Eid is an Arabic word meaning "festivity", while Fiṭr means "to break the fast" and so the holiday symbolizes the breaking of the fasting period. It is celebrated starting on the first day of the Islamic month of Shawwal. Eid ul-Fitr is a three day celebration. WikiPedia]

The Israeli navy barred on Sunday morning a ship which was supposed to sail from Jaffa port to the Gaza Strip carrying medical and humanitarian supplies. The ship was organized by Arab leaders and leftist activists in Israel, the Arabs48 news website reported. The ship, was dubbed “the Eid Ship”, as the Muslims will be marking the Adha Eid (feast) on Monday. The Israeli navy took the ship to the Tel Aviv port, Arabs48 added.

The Israeli police said that the ship carried medical equipment and medicine, and that three activists were detained. The ship had on board seven tons of humanitarian and medical aid, food and toys for children.

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