Capitalism Without Capital?

Stock Market

Stock Market

It has been long understood that our federal government is going deeper into debt, consistently raising the debt ceiling and demonstrating no fiscal restraint. In recent years, debt ceiling increases have been placed in “must pass” legislation as a means to guarantee that Republicans as well as Democrats would vote for them when Congress was under Republican control.

We also know our nation’s “negative savings rate” reflects the habits of private citizens, showing those habits to be not tremendously different than the habits of the public sector. Yet, the signs of decline are becoming ever more apparent. So apparent, in fact, that it seems unlikely that bailouts or other gimmicks will have even short-term success. More inflation, and creating moral hazard by bailing out egregious offenders, is a recipe for disaster. These activities can seem to provide some short-term relief, but it seems we are now at a significant crisis point, where monetary policy gimmicks don’t provide the band-aids they did in the past.

Not only is our nation on the verge of bankruptcy, but so are its people and private institutions. We are now repeatedly hearing about businesses “needing to access the credit market to make payroll.” This is an unmistakable sign of more dire consequences ahead for the economy. If businesses must borrow just to make payroll, this is evidence of a severe undercapitalization that cannot be sustained, even for the short run.

full article: www.insight-info.com

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Neither respected nor feared

Elihu Root

Elihu Root

In an exalted phrase, the keynote speaker at the Republican convention reviewed the record of the administration, and asked, “When have we rested more secure in friendship with all mankind?” That wasn’t in St. Paul, where the Republicans are gathered this week, but at the 1904 Republican convention in Chicago, when the speaker was Elihu Root, a past Secretary of War and future Secretary of State.

His words were sonorous then, and they are haunting now. They will not be repeated this year, because they could not be. A senior American politician might have said something similar in 1920, or 1945 or 1960. But no Republican now – and no Democrat – could utter Root’s words without inviting utter derision.

Today there might be a more bitter question: When has America rested less secure in friendship with all mankind?

And that explains the intense interest which this year’s presidential election has inspired beyond the shores of the United States. It’s not just Obamania – there’s no point in denying that Senator Barack Obama is the man most people outside the United States would like to win – but he was one of three potential candidates until Senator Hillary Clinton conceded defeat who were all fascinating simply in personal terms: a septuagenarian war hero, a woman, a black man.

The election absorbs us in Europe – and others in Africa and Asia – because we can see that a general crisis spreading around the globe is directly linked to the follies and failures of American policy. In his new book, “The Much Too Promised Land,” about the Israeli-Palestinian conflict, in which he used to be engaged as a State Department official, Aaron David Miller puts it with lapidary succinctness.

Having stumbled for eight years under the Clinton administration over how to make peace in the Middle East, and then for eight years under the administration of George Bush the Younger over how to make war there, the United States finds itself “trapped in a region which it cannot fix and it cannot abandon.” Still more to the point, throughout that region, for all of her seeming might, America is “not liked, not feared and not respected.”

full article: www.insight-info.com

Not in My Name

On my birthday last year, I declared my independence from a national leadership that, through its votes in support of the war machine, is now complicit in war crimes, torture, crimes against humanity, and crimes against the peace.

cynthia mckinney

I declared my independence from every bomb dropped, every veteran maimed, and every child killed.

I noted that the Democratic leadership in Congress had failed to restore this country to Constitutional rule by repealing the Patriot Acts, the Secret Evidence Act, and the Military Commissions Act.

That it had aided and abetted illegal spying against the American people. And that it took impeachment off the table.

In addition, the Democratic Congressional leadership failed to promote the economic integrity of this country by not repealing the Bush tax cuts. They failed to institute a livable wage, Medicare-for-
all health care, and gave even more money to the Pentagon as it misuses our hard-earned dollars.

We can add to that list, too, an abject failure to stand up for human rights and dignity.

If the Democratic and Republican leadership won’t respect the right of return for Hurricanes Katrina and Rita survivors, how can we expect them to champion the right of return for Palestinians?

If this country’s leadership tolerates the wanton murder of unarmed black and Latino men by law enforcement officials—extra-judicial killings—how can we expect them to stop or even speak out against targeted assassinations in the Middle East?

If the Democratic and Republican leadership accept ethnic cleansing in this country by way of gentrification and predatory lending, why should we expect them to put an end to it in Palestine?

If the leadership of this country impedes self-determination for native peoples in this country, why should we expect them to support indigenous rights for anyone abroad?

And sadly, the sensationalist corporate media would rather trick us into thinking that reporting on a pastor, a former Vice Presidential nominee, and a former cable TV magnate constitutes this country’s
much-needed discussion of its own apartheid past and present, so why should we expect an honest discussion of apartheid and Zionism?

By: Cynthia McKinney