The recently declared bankruptcy of Detroit City could serve as an epitome of the rise and fall of not just American capitalism, but the capitalist system generally as an historical mode of production. It is a mode of production that is no longer viable as a way of efficiently organizing and sustaining society in the 21st Century. In fact, the system has become the nemesis of American and other societies across the world.
I have known my postman for more than 20 years. Conscientious and good-humoured, he is the embodiment of public service at its best. The other day, I asked him, “Why are you standing in front of each door like a soldier on parade?”
“New system,” he replied, “I am no longer required simply to post the letters through the door. I have to approach every door in a certain way and put the letters through in a certain way.”
CapitalWatch on Jul 20, 2013
Here’s what’s in your Prime Interest today:
Insolvent! That would be Detroit, which gave us the Supremes and the vehicles that fueled our happy motoring paradise for decades. Unfortunately, after years of decline, the Motor City finally filed for bankruptcy protection yesterday — a move that was not entirely unexpected. That’s right — $18 billion in liabilities is at stake — a record for the US. Is this the first domino that might just validate Meredity Whitney’s 2011 prediction of a wave of muni defaults? Continue reading
Why I Created a Millennial Lemuel Gulliver and Wrote Travels of a New Gulliver
“Investments in zero-carbon energy are relatively inexpensive and good for the economy . . . But it’s tough –pointless? — to make these arguments to the energy companies and their Congressional lackeys, who will fight as they have been effectively paid to do.” — Mark Bittman, “Let’s Not Braise The Planet,” NY Times, July 2, 2013
All manner of crises, fierce arguing, unfathomable advocacies, and Yahoo level (Jonathan Swift’s “Yahooes” and not the search engine) absurdities accompanied me as I wrote Travels of a New Gulliver over the past three years.
Updated: July 14, 2013
“The TPP, one of the highest trade priorities for President Obama’s second term….” — The White House
TPP’s Corporate Takeover
breakingtheset on Jul 10, 2013
On this episode of Breaking the Set, Abby Martin talks to Lori Wallach, director of Global Trade Watch at Public Citizen about why the TPP trade negotiations remain so secretive, and the dangerous implications this international agreement has on the rest of us.
What the disclosures of former CIA contractor Edward Snowden show perhaps above all else is just how petrified the leaders of the United States have become – of ordinary citizens both in the US and around the world. When we say “leaders” we mean the ruling elite – the top one percent of the financial-corporate-military-industrial complex and its bought- and paid-for politicians.
The international manhunt by the US authorities for Snowden, which has accelerated with his flight to Moscow to evade extradition from Hong Kong, is indicative of the desperation in Washington’s elitist establishment to quash him and what he is revealing about their despotic rule.
June 10, 2013
Interview with award-winning progressive political analyst and author Michael Parenti about his new memoir, “Waiting for Yesterday: Pages from a Street Kid’s Life.” Interviewed June 10 by Jane Bouey.
An exclusive series for Occupy.com
The Global Power Project, an investigative series produced by Occupy.com, aims to identify and connect the worldwide institutions and individuals who comprise today’s global power oligarchy. By studying the relationships and varying levels of leadership that govern our planet’s most influential institutions — from banks, corporations and financial institutions to think tanks, foundations and universities — Continue reading
PressTVGlobalNews on Jun 16, 2013
As the leaders of the world’s eight most powerful economies – or G8 – prepare to meet in northern Ireland next week, anti-capitalist and anti-war campaigners made their voices heard.
Even though the rain teemed down intermittently, spirits weren’t dampened.
The awful weather hasn’t stopped thousands of people marching through the center of Belfast today. There are several different groups here from anti-capitalists to anti-war campaigners.
But basically the message is the same, they want the G8 leaders to govern on behalf of the people rather than just the rich and powerful.
Wouldn’t it be fun if we could somehow revive an average American citizen who had been frozen in a cryogenic capsule from, say, the 1950s? Then, on revival, we allow this presumably open-minded person to sample international news developments that have occurred over the intervening decades since the time he was put into deep-frozen sleep; and, more especially, recent international developments.
breakingtheset on May 30, 2013
Abby Martin talks to Richard Wolff, Professor Emeritus at the University of Massachusetts, and author of ‘Democracy at Work: A Cure for Capitalism’, about the recent school closures in Chicago, and how it reflects a systemic problem within the current capitalist model.
Sent to Dandelion Salad from Les Leopold
by Nomi Prins
May 23, 2013
How to Make a Million Dollars an Hour: Why Hedge Funds Get Away With Siphoning Off America’s Wealth
A book by Les Leopold
Les Leopold’s latest masterpiece, How to Make a Million Dollars an Hour: Why Hedge Funds Get Away With Siphoning Off America’s Wealth, is necessary, alarming and really funny. His talent for deconstructing complex financial terms and topics constitutes a public service. What he reveals in “How to Make,” in a sardonic and appropriately irreverent tone, is something more ominous.
Why are big, global U.S. corporations so unpatriotic? After all, they were created in the U.S.A., rose to immense profit because of the toil of American workers, are bailed out by American taxpayers whenever they’re in trouble, and are safeguarded abroad by the U.S. military.
Yet these corporate goliaths work their tax lawyers overtime to escape U.S. taxes. Many pay less than you do in federal income taxes. Imagine corporations, like General Electric, have not paid federal income taxes on U.S. profits for years.
Today’s bank system adheres to a very simple principle. When you want to borrow money, you promise the banker you will pay him back and with that promise the banker creates a balance for you. You owe interest on it.
Because so few people know how the system works, nearly nobody sees how – in an almost mechanical way – banking with thin air parasites society like a cancer tumor and reduces people to cogs to appease its financial hunger.