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09.21 Google is investing $3.3B to build clean data centers in Europe

09.21 Why Prescription Drugs Cost So Much More in America

09.21 The Health Care Industry Poses an Existential Threat to the Middle Class

09.21 California and 23 other states sue Trump to stop ban on auto emissions standards [“Stupid is as Trump does”, to paraphrase Forrest Gump]

09.21 Google signs up to $2bn wind and solar investment

09.20 US and Canada have lost three billion birds since 1970

09.19 Slimy lakes and dead dogs: climate crisis has brought the season of toxic algae

09.19 Tap water contaminants linked with 100,000 cancer cases, US study finds

09.19 Virginia governor sets renewable energy goal of 100 percent by 2050

09.19 Johns Hopkins, McCormick ink solar energy deal with Constellation

09.19 We're losing species at shocking rates – so why is conservation failing?

09.18 'Terrifying' New Climate Models Warn of 6-7°C of Warming by 2100 If Emissions Not Slashed

09.17 New Report Details 10 'Critical Transitions' to Tackle the Climate Crisis and Feed the World

09.16 Common pesticide makes migrating birds anorexic [Neonicotinoids, again...]

09.16 ACT plans far-reaching electrification of vehicles and homes in drive to reduce emissions

09.16 'Like a sunburn on your lungs': how does the climate crisis impact health? [Important]

09.16 $1m a minute: the farming subsidies destroying the world [Important]

09.15 German Study: Alarming Levels of Dangerous Plastics in Children's Bodies

09.15 Sea levels may rise more rapidly due to Greenland ice melt

09.15 The world has a third pole – and it's melting quickly

09.14 Not Just the Bees, First-of-Its-Kind Study Shows Neonics May Be Killing Birds Too [A GESTALT: Like happened at Boeing, deregulation has displaced scientific and engineering professionalism in many companies and governments to focus on profits/economics almost exclusively. But after similar failure of scientific rigor, die-off reports of bees, worms and sea-life, generally, there must be a moritorium on production, sale and use of all potentially dangerous chemicals!]

09.13 Trump Rollback of Key EPA Water Protection Rule Denounced as 'Callous' and 'Immoral' Giveaway to Big Polluters

09.13 Worms fail to thrive in soil containing microplastics – study

09.13 Dolphins in Channel carry 'toxic cocktail' of chemicals [What is safe to eat?]

09.11 How Can We Address Climate Change Through Agriculture? [3:43 video]

09.11 New solar tech could revolutionise electricity production

09.11 'It can kill you in seconds': the deadly algae on Brittany's beaches

09.10 How to look after your mental health

09.10 Who’s Ready for the Electric Moped Moment? [Uses car lanes instead of sidewalks!]

09.09 The Climate Investment That Promises 400 Percent Returns

09.09 Suicide rates are rising across the US, especially in rural areas

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09.19 Ocasio-Cortez accuses NY Times of 'dripping condescension'

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09.20 Sanders Vows, If Elected, to Pursue Criminal Charges Against Fossil Fuel CEOs for Knowingly 'Destroying the Planet'

09.20 Elizabeth Warren’s Crusade Against Corruption

09.20 Summits, Strikes, and Climate Change

09.20 Los Angeles: Why tens of thousands of people sleep rough

09.20 Al Gore: Changing light bulbs is important, but not as important as changing laws [7:42 video]

09.20  Covering Climate Now: The sinking class: the New Yorkers left to fight the climate crisis alone

09.20 Thunberg is right. Congress is ignoring science – and that includes Democrats [Quid pro quo (as yet legal bribery) dominance of government must end!]

09.20 Iowa: progressives to the fore as Sanders and Warren attend 'people's forum'

09.19 Matt Drudge: Democratic nomination is Elizabeth Warren's to lose

09.18 Why Trump Can’t Learn: An Educated Guess by a Veteran Teacher [Might dyslexia explain the Republican party, generally?]

09.18 'Heartless and Unconscionable': Outrage as General Motors Cuts Off Healthcare for 50,000 Striking Workers [Hideous corporate behavior putting 50,000 families at greater health and bankruptcy risk.]

09.18 Whole Foods Will Cut Health-Care Benefits for Nearly 2,000 Employees [Hideous corporate behavior putting 2,000 families at greater health and bankruptcy risk.]

Justice Matters

09.18 The Big American Bribery Scandal Isn't Felicity Huffman's $15,000

09.14 NY AG uncovers $1 billion in Sackler family wire transfers amid opioid probe: report

High Crimes vs. Human Rights

09.21 New Study Documents Depleted Uranium Impacts on Children in Iraq

Economics & Corrupt Capitalism

09.20 Money Is the Oxygen on Which the Fire of Global Warming Burns

09.19 For the sake of life on Earth, we must put a limit on wealth

International & Futurism

09.21 Trump is a walking, talking national security liability [“Stupid is as Trump does”, to paraphrase Forrest Gump]

09.21 Climate strikes: hoax photo accusing Australian protesters of leaving rubbish behind goes viral [Right-wing “humor”]

09.21 This isn't extinction, it's extermination: the people killing nature know what they're doing

09.20 US dials back Iran rhetoric and seeks 'peaceful resolution' over Saudi attack [Let us give thanks to unknown agents for sanity]

09.20 Global climate strike: Greta Thunberg and school students lead climate crisis protest – live updates [1:32 video of marchs | 2:51 student performance video]

09.19 The climate crisis isn’t just causing extreme weather. It’s fuelling extreme politics, too

09.19 Greta Thunberg: ‘We are ignoring natural climate solutions’ [3:41 video]

09.19 Climate strikes around the globe Sep. 20 & 27 led by youth – 3,500 events, 117 countries

09.19 'We're losing the race': UN secretary general calls climate change an 'emergency' [15:49 video]

09.18 If the world ran on sun, it wouldn’t fight over oil [1:45 video]

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  Print view: The Stench of US Economic Decay Grows Stronger
ÜBER-CAPITALISM MORPHS TO ITALIAN FASCISM:

The Stench of US Economic Decay Grows Stronger

by Paul Craig Roberts
29 November 2010
Perhaps the day will come when oppressed Americans will take to the streets like the French, the Greeks, the Irish, and the British.

On Thanksgiving eve the English language China Daily and People’s Daily Online reported that Russia and China have concluded an agreement to abandon the use of the US dollar in their bilateral trade and to use their own currencies in its place. The Russians and Chinese said that they had taken this step in order to insulate their economies from the risks that have undermined their confidence in the US dollar as world reserve currency.

This is big news, especially for the news dead Thanksgiving holiday period. But I did not see it reported on Bloomberg, CNN, New York Times or anywhere in the US print or TV media. The ostrich’s head remains in the sand.

Previously, China concluded the same agreement with Brazil.

As China has a large and growing supply of dollars from trade surpluses with which to conduct trade, China is signaling that she prefers Russian rubles and Brazilian reals to more US dollars.

The American financial press finds solace in the episodes when sovereign debt scares in the EU send the dollar up against the euro and UK pound. But these currency movements are just measures of financial players shorting troubled EU-denominated debt. They are not a measure of dollar strength.

The dollar’s role as world reserve currency is one of the main instruments of American financial hegemony. We haven’t been told how much damage Wall Street fraud has inflicted on EU financial institutions, but the EU countries no longer need the US dollar for trade between themselves as they share a common currency. Once the OPEC countries cease to hold the dollars that they are paid for oil, dollar hegemony will have faded away.

Another instrument of American financial hegemony is the IMF. Whenever a country cannot make good on its debts and pay back the American banks, in steps the IMF with an austerity package that squeezes the country’s population with higher taxes and cuts in education, medical and income support programs until the bankers get their money back.

This is now happening to Ireland and is likely to spread to Portugal, Spain, and perhaps even to France. After the American-caused financial crisis, the IMF’s role as a tool of US imperialism is less and less acceptable. The point could come when governments can no longer sell out their people for the sake of the American banks.

There are other signs that some countries are tiring of America’s irresponsible use of power. Turkey’s civilian governments have long been under the thumb of the American-influenced Turkish military. However, recently the civilian government moved against two top generals and an admiral suspected of involvement in planning a coup. The civilian government further asserted itself when the prime minister announced on Thanksgiving Day that Turkey is prepared to react to any Israeli offensive against Lebanon. Here is an American NATO ally freeing itself from American suzerainty exercised through the Turkish military. Who knows, Germany could be next.

Meanwhile in America, the sheeple remain content with, or blind to, their role as sheep to be slaughtered to feed the rich. The Obama Administration has managed to come up with a Deficit Commission whose members want to pay for the multi-trillion dollar wars that are enriching the military/security complex and the multi-trillion dollar bailouts of the financial system by reducing annual cost-of-living increases for Social Security, raising the retirement age to 69, ending the mortgage interest deduction, ending the tax deduction for employer-provided health insurance, imposing a 6.5% federal sales tax, while cutting the top tax rate for the rich.

Even the Federal Reserve’s low interest rates are aimed at helping the banksters.

The low interest rates deprive retirees and those living on their savings of interest income. The low interest rates have also deprived corporate pensions of funding. To fill the gap, corporations are issuing billions of dollars in corporate bonds in order to fund their pensions. Corporate debt is increasing, but not plant and equipment that would produce earnings to service the debt. As the economy worsens, servicing the additional debt will be a problem.

In addition, America’s elderly are finding that fewer and fewer doctors will accept them as patients as a 23% cut looms in the already low Medicare payments to doctors.

The American government only has resources for wars of aggression, police state intrusions, and bailouts of rich banksters. The American citizen has become a mere subject to be bled for the ruling oligarchies.

The police state attitude of the TSA toward airline travelers is a clear indication that Americans are no longer citizens with rights but subjects without rights.

Perhaps the day will come when oppressed Americans will take to the streets like the French, the Greeks, the Irish, and the British.


Paul Craig Roberts is an economist who served as an Assistant Secretary of the Treasury in the Reagan Administration earning fame as the "Father of Reaganomics". He is a former editor and columnist for the Wall Street Journal, Business Week, and Scripps Howard News Service. He is the author of Supply-Side Revolution: An Insider's Account of Policymaking in Washington; Alienation and the Soviet Economy: The Collapse of the Socialist Era and Meltdown: Inside the Soviet Economy, and is the co-author with Lawrence M. Stratton of The Tyranny of Good Intentions: How Prosecutors and Law Enforcement Are Trampling the Constitution in the Name of Justice.

This article is published in the Baltimore Chronicle with permission of the author.



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This story was published on November 29, 2010.
 

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