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'Our imperative is to promote growth and jobs,' G-8 Leaders
By Michael Collins
So, now it's an imperative to "promote growth."
The joint statement (full text after the jump) from the G-8 meeting in Chicago documents the utter failure of the very leaders who issued it. Were they capable leaders with the least knowledge of economic downturns, the statement would not be necessary. Nevertheless, they deserve some credit for admitting their deficiencies. Unfortunately, they have no serious solutions. (Image Banksy)
The joint statement has some weasel words like "We commit to fiscal responsibility" to balance the urgent words about growth and jobs". That reflects the atavistic positions of German Chancellor Angela Merkel and British Prime Minister David Cameron. Merkel suffered a huge set back in the Westphalia state elections with her Christian Democratic Party losing 25% to 50%. Corporate media maintains that her popularity as a leader is higher than ever.
Her Scrooge faction comrade, PM Cameron is also pushing austerity. Nobody can pretend that his polling is any better than his party. The Conservatives were wiped out in local elections and Cameron is going down without a life jacket.
The closing paragraph is the give away. The urgent need for growth must accommodate "the importance of intellectual property rights (IPR) to stimulating job and economic growth" We will regulate our way out of this crisis by taking the Yellow Brick Road to oppressive copyright laws. What a relief! They're serious.
PermalinkRebekah Brooks, Witness for the Prosecution
By Michael Collins
Criminal charges against Rupert Murdoch insider and favorite Rebekah Brooks may be a prelude to looming charges arising out of Brooaks' testimony before the Leveson Inquiry last week.
Crown Prosecution Services charged Brooks, her husband, and four others with conspiracy to pervert the course of justice on Tuesday May 15. The alleged conspiracy took place between July 6 and July 19, 2011.
Brooks and the co-conspirators concealed and removed materials sought by police in their investigation of phone hacking by Rupert Murdoch's News Corporation subsidiary, News International, according to prosecutors. Brooks resigned as chief executive officer of the subsidiary on July 15, 2011. (Image: SnowViolent)
Brooks' current legal troubles should not obscure the significance of her testimony before the Leveson Inquiry last week. During her several hours on the witness stand, she was confronted with an explosive email that, if true, implicates Conservative Party Culture Secretary Jeremy Hunt in a conspiracy to pervert the British regulatory process in favor of News Corporation's bid to acquire the ten-million-subscriber pay TV company BSkyB. News Corp owns 39% of the company. It sought the remaining 61%.
Greek left gets mandate to create government - Says NO to bailout and illegal debt
By Michael Collins
Wall Streeters, big banks, and their proxies in political office are all reaching for the Xanax tonight. The Greek left, led by Alexis Tsipras, is saying that there's no obligation to pay back the rotten deal handed down to the Greek people. (Image: Oneiros)
"After accepting a mandate to create a multiparty administration following inconclusive elections, Alexis Tsipras sent shockwaves through financial markets by announcing the pledges Athens had made to secure rescue funds from the EU and IMF were null and void.
"The popular verdict clearly renders the bailout deal null," said the politician, whose stridently anti-austerity coalition of the radical left, known as Syriza, sprung the surprise of the weekend's poll, coming in second with 16.8% of the vote. "This is an historic moment for the left and the popular movement and a great responsibility for me." Guardian, May 8, 2012
And what does this mean?
When was the last time a legislative body denounced any business leader by name?
By Michael Collins
May Day! How remarkable (even though Rupert Murdoch was denounced by a committee of the House of Commons, not the entire body). Murdoch is "not a fit person" to run "a major international company," we were told in a report released by the Commons' committee investigating phone hacking on May 1). He may not be unbalanced, as Murdoch recently characterized former Prime Minister Gordon Brown, but he's certainly not fit. (Image)
Here's some of what this means:
1) There's no way Murdoch will survive the regulatory investigation on his ownership of media in Great Britain.. One of Ofcom's charters (the regulatory body) is to determine if Murdoch is a "fit and proper" person to own BSkyB and other British media properties.
2) When it looks like Murdoch has to divest the 39% News Corp interest in the highly profitable BSkyB pay TV network, institutional shareholders will Kirk out! The Sky enterprise amounted to 20% plus of News Corp's 2011 profits. Oops!
3) Murdoch won't go gentle into the dark night. He will become increasingly irrational as seen in his sting operation against his once loyal servant David Cameron. It is fair to assume that he's got more dirt on public officials than J. Edgar ever had … and he'll start using it.
4) Murdoch will retain the continued loyalty of the News Corp board (see members listed below). After the release of the condemnation by the Commons committee, Murdoch's board released a statement expressing "full confidence in Rupert Murdoch's fitness and support for his continuing to lead News Corporation into the future as its Chairman and CEO."
5) Murdoch may get the bums rush out of News Corp as a result of an institutional investor like the Christian Brothers Investment Services which has said it would ask the SEC to change the voting rights of shareholders (Murdoch has outsized representation in voting shares).
Murdoch Watch - the Kiss of Death
By Michael Collins
When things don't work out, doing business with Murdoch can be the kiss of death.
No matter how hard you try, how loyal you are, if something goes wrong, you can be sure it will be your fault.
Reporting has failed to lay the proper foundation for understanding Rupert Murdoch's remarkable testimony before the Leveson Inquiry in London and his behavior of late.
Rupert Murdoch is a nihilist.
Murdoch’s television outlets in the United States stoked the fires for the 2003 invasion of Iraq based on outrageous misrepresentations like the idea that Saddam Hussein was responsible for the 9/11 attacks. The war cost tens of thousands of dead and seriously injured U.S. soldiers, several hundred thousand dead Iraqi civilians, and $3 trillion. (Image: acb)
Last summer, Murdoch went full throttle to support Republicans in the U.S. Congress as they fabricated a debt ceiling crisis that seriously damaged the credit rating of the United States of America.
Murdoch’s support of the Tea Party created an utterly irrational voice in U.S. politics that prevents even the most modest necessary reforms. Created by right wing lobbyists, this pseudo party blocks every vital project, from reviving the economy to an effective, coordinated response to the crisis created by climate change.
In the nations occupied by his multinational media empire Murdoch takes the path of maximum damage to the public and governance.
Rupert watch - signaling the end
By Michael Collins
Rupert Murdoch's reign over the $33 billion News Corporation hinges on events surrounding the company's ownership share of Britain's dominant pay TV network, BSkyB (Sky). As Business Insider said, "it's the only asset that really matters" in the News Corp collection of media properties.
As a result of Murdoch scandals, News Corp lost the chance to buy 100% of Sky's shares. More troubling for the media monarch, the company may lose the 39% interest it already holds if British regulators determine that Murdoch is not a fit and proper owner. This would fuel the major News Corp shareholder suits in Delaware and New York that seek to remove Murdoch as board chairman and vastly diminish his power and that of his family and cronies.
Rupert watch - Apocalypse when?
By Michael Collins
Rupert Murdoch is in big trouble. It is not a perfect storm but we're getting there.
British attorney Mark Lewis is in New York to take legal action in behalf of clients who may have had their phones hacked in the United States.
More significantly, News Corp withdrew its bid to buy the remaining 61% of BSkyB, the highly profitable British cable TV franchise (£1.1 billion 2011, News Corp owns 39% now). (Murdoch images: left, right)
Last week, James Murdoch stepped down as chairman of BSkyB after surviving a challenge to his position just weeks ago.
The unclassified Zelikow torture memo as evidence of crimes
By Michael Collins
"My colleagues were entitled to ignore my views," he [Zelikow] continued. "They did more than that: The [2006] White House attempted to collect and destroy all copies of my memo. I expect that one or two are still at least in the State Department's archives." Phillip D. Zelikow, State Department Counselor, 2005-2007, to Congress, May 13, 2009
Former legal counsel to the Department of State, Phillip Zelikow, produced a convincing and elegant argument for the immediate cessation of anything that looked like torture in February 2006. The government declassified the memo last week and National Security Archive released it on April 3.
The failure to follow Zelikow's clear statement of the law, withholding the memo without justification, and the failure to prosecute those responsible for the previous acts represent evidence of crimes.
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