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Congratulations chumps! You are now on the hook for $303 Trillion in Derivatives

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wage slave

Congratulations chumps! You are now on the hook for $303 Trillion in Derivatives

Daily Kos 12/15/14

Before Glass-Steagall was repealed in 1999, Wall Street was on the hook for bad bets with derivatives. During the real estate bubble the taxpayer was on the hook for these casino chips.

Then came the 2008 meltdown and Dodd-Frank was pushed through. The taxpayer was off the hook for six years. But now Congress rolled over for Wall Street and the taxpayer is on the hook again…..

Did Wall Street Need to Win the Derivatives Budget Fight to Hedge Against Oil Plunge?

naked capitalism 15 Dec 2014

Conventional wisdom among banking experts is that Wall Street’s successful fight last week to get a pet provision into the must-pass budget bill (or in political junkies’ shorthand, Cromnibus) as more a demonstration of power and a test for gutting Dodd Frank than a fight that mattered to them. But the provision they got in, which was to undo a portion of Dodd Frank that barred them from having taxpayer-backstopped deposits fund derivative positions, may prove to be more important than it seemed as the collateral damage from the 40% fall in oil prices hits investors and intermediaries….

 

Cromnibus Pension Provisions Gut Forty Years of Policy, Allow Existing Pensions to Be Slashed

naked capitalism 15 Dec 2014

The Kline-Miller amendment allows multi-employer pension benefits to be cut. Shouldn’t Warren Democrats be against that? ….

Deterioration of Public Health Parallels Increase in GM Crops and Glyphosate Use

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Marked Deterioration of Public Health Parallels Increase in GM Crops and Glyphosate Use, US Government Data Show

The steep rise in incidence of 22 chronic diseases in the US correlates strongly with the increase in GM crops and the application of glyphosate-based herbicides

Institute of Science in Society      Prof Peter Saunders   Dec. 10, 2014

Ample evidence of glyphosate toxicity already exists

Despite what the manufacturers say, there is ample evidence to show that glyphosate, the active ingredient of Monsanto’s Roundup, Syngenta’s Touchdown, Dow’s Durango and many other herbicides, is highly toxic and a serious hazard to human and animal health. There is documentation of miscarriages, birth defects, carcinogenesis, endocrine disruption, DNA damage, neurotoxicity, and toxicity to liver and kidney at levels well below recommended agricultural use (See, for example, first Chapter of [1] Ban GMOS Now , ISIS special report, [2]  Glyphosate and Cancer, SiS 62). Several countries, among them Denmark, The Netherlands, France, El Salvador and Sri Lanka have recognised the dangers imposed total or partial bans on the use of glyphosate, though the ban in Sri Lanka was lifted under pressure from the manufacturers (Sri Lanka Partially Bans Glyphosate for Deadly Kidney Disease Epidemic  [3]) .

Other countries, especially those with large chemical and biotech industries and/or a major commitment to industrial farming, take a totally different view. The US Environmental Protection Agency (EPA) recently increased the permitted tolerance levels for glyphosate residues in food. The European Food Safe Agency (EFSA) has recommended the re-approval of glyphosate for use in Europe with an increase in acceptable daily intake (ADI) from 0.3 to 0.5 mg per kg body weight. It is not surprising that EFSA reached this decision; the review was in fact carried out by a ‘Glyphosate Task Force’ (GTF) made up of a consortium of chemical companies including Monsanto, and based its conclusions largely on reports submitted by the manufacturers (Scandal of Glyphosate Re-assessment in Europe [4]).

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Wal-Mart is concentrated neoliberalism

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Shopping ’til we all drop at Wal-Mart

Wal-Mart is concentrated neoliberalism. From working to weaken government at the same time it gorges on government subsidies, to exploitation of its workforce, to moving production to the places with the lowest wages and weakest laws, to underpaying taxes, the workers who walked out on Black Friday have no shortage of targets.

Some of the latest findings in a just released report reveal that Wal-Mart dodges $1 billion a year in taxes and is the recipient of an estimated $6.2 billion a year in indirect subsidies through social-welfare programs such as food stamps. A separate report also just published documents the poverty of Wal-Mart workers, many of whom regularly skip meals because their pay is so low……..    read more here

 

The Rise of American Cannibals

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The Economist  Nov 6th 2014

A NEW paper by Emmanuel Saez of the University of California, Berkeley, and Gabriel Zucman of the London School of Economics suggests that, in America at least, inequality in wealth is approaching record levels. The authors examine the share of total wealth held by the bottom 90% of families relative to those at the very top. In the late 1920s the bottom 90% held just 16% of America’s wealth—considerably less than that held by the top 0.1%, which controlled a quarter of total wealth just before the crash of 1929. From the beginning of the Depression until well after the end of the second world war, the middle class’s share of total wealth rose steadily, thanks to collapsing wealth among richer households, broader equity ownership, middle-class income growth and rising rates of home-ownership. From the early 1980s, however, these trends have reversed. The top 0.1% (consisting of 160,000 families worth $73m on average) hold 22% of America’s wealth, just shy of the 1929 peak—and almost the same share as the bottom 90% of the population.

Read the full article here

The baleful influence of corporate power

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CorporateEarth2

Over 100 years ago, it was a Republican who warned us about the baleful influence of corporate power on representative government.

Today the business once transacted by individuals in every community is in the control of corporations, and many of the men who once conducted an independent business are gathered into the organization, and all personal identity, and all individualities lost. Each man has become a mere cog in one of the wheels of a complicated mechanism. It is the business of the corporations to get money. It exacts but one thing of its employees: Obedience to orders. It cares not about their relations to the community, the church, society, or the family. It wants full hours and faithful service, and when they die, wear out or are discharged, it quickly replaces them with new material. The corporation is a machine for making money, but it reduces men to the insignificance of mere numerical figures, as certainly as the private ranks of the regular army.

from  The Texas Economic Miracle Is Killing People by Charlie Pierce

 

Chem Corps mega $$ donations to defeat GMO labeling: time to fight back!

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Updated below

DuPont’s massive donation of $4.46 million this week, shattered the record for making the single largest contribution to a political campaign in Oregon history!

  • DuPont – the giant chemical corporation – dumped a whopping $7.46 MILLION into the GMO labeling fight this week – $4.46 million in Oregon and $3 million in Colorado!
  • Already Monsanto has spent more than $8.1 million in Oregon and Colorado to prevent common sense labeling initiatives from being passed into law.
  • These companies – combined with Coca-Cola, PepsiCo, and the rest of their agrochemical friends – have spent a whopping $30+ MILLION to defeat GMO labeling.

That’s right, these 5 corporations are leading the pack to deceive voters by dumping in a stunning $30 MILLION to silence our voices and keep GMOs unlabeled on our tables. In Oregon, Monsanto, DuPont and Friends have already dumped more than $16.5 million to defeat Measure 92, while pouring another $14.3 million to defeat of Colorado’s Prop 105.

The real question is – What are they so desperate to HIDE?

We saw this in Washington in 2013 and California in 2012 – Monsanto, DuPont and the rest of their Big Food friends will stop at absolutely nothing in their disinformation campaign to defeat GMO labeling. They’ll lie to and confuse voters in misleading TV ads airing every single day if it means preventing GMO labeling from becoming law.

We can’t let them win! A victory at the ballot boxes for labeling would be a historic moment for our GMO labeling movement. We could see a wave of similar labeling measures roll across the entire nation – but only if we’re able to fight back now and deliver a crushing blow to Monsanto.

You could be the deciding factor in defeating Monsanto and winning GMO labeling. Make an urgent contribution today and we’ll rush it directly to labeling supporters in Colorado and Oregon.

What your contribution today will help accomplish:

  • Chip in $25 today to support volunteers going door to door in neighborhoods across Oregon and Colorado.
  • Chip in $50 today to buy 70 mailers to get the message out to voters. With the 3 to 1 match this will reach 210 voters!
  • Chip in $100 today to support volunteer phone banks to make more than 500 calls! With the triple match this grows to 1,500 phone calls to targeted voters!
  • Chip in $250 today to reach 400,000 voters with a hard-hitting TV ad!
  • Chip in $500 today to reach 1 million voters to combat the lies of Monsanto and the GMA’s misleading ads.

We’re running out of time to fight for GMO labeling in Colorado and Oregon. Standing up to the huge chemical companies will take everything we’ve got – are you in?

Please don’t wait – contribute before midnight tonight and your donation will be triple-matched by the incredible teams at Presence Marketing and Dr. Bronner’s Magic Soaps.

TRIPLE your impact before time runs out – we need to hear from you today! Every dollar counts!

Update 11/21/14:

GMO labeling measure heads into recount range as opposition margin narrows dramatically

Syngenta Sued for $1 Billion Damages over China’s Rejection of GM Corn

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Syngenta Sued for $1 Billion Damages over China’s Rejection of GM Corn as China Halts Its GM Rice and Corn Programmes

85 % US export market to China destroyed as domestic prices for corn dropped 11 cents per bushel

Dr Mae-Wan Ho      Institute of Science in Society 10/13/14

US corn prices plummeted as China rejected all shipments containing traces of Syngenta’s MIR162. Farmers from 5 major corn growing states have filed 3 class action lawsuits against Syngenta, claiming damages of more than $ 1 billion [1, 2].

Syngenta released MIR162, trade name Agrisure Vipera, in 2009. It is engineered to make a Bacillus thuringiensis (Bt) protein vip3Aa20 toxic to lepidopteran insect pests (butterflies and moths) [3], and also has a gene pmi (phosphomannose isomerase) from E. coli to allow positive selection for the transgene. It was created with Agrobacterium tumefaciens-mediated plant transformation, a particularly hazardous vector system that risks further horizontal gene transfer (see [4] Ban GMOs Now, ISIS Special Report).  While MIR162 is approved for use in the US, China has not allowed its import into the country.

Syngenta is blamed for destroying the export of US corn to China, which led to depressed prices for domestic corn, according to Volnek Farms, the lead plaintiff in the lawsuit filed in Omaha, Nebraska federal court. The two other suits were filed in Iowa and Illinois federal courts.

None of the farmers involved in the lawsuits planted MIR162 seed in their fields in Illinois, Iowa, Kansas, Missouri, and Nebraska. But their harvested crop was contaminated with traces of the transgenic trait, and hence unsalable to the Chinese market.

Although Viptera has been planted on only about 3 % of US farm acreage, it is difficult to say for sure “that any shipments of US corn will not be contaminated with trace amounts of MIR162”, the Nebraska plaintiff stated.

The National Grain and Feed Association (NGFA) had encouraged Syngenta to stop selling Viptera, according to the Iowa claim. The NGFA estimated that actions taken in China against US corn have caused prices to drop by 11 cents per bushel. The Iowa suit also claims that the release of Syngenta’s Viptera caused the US to China export market to drop by 85 %. Nebraska plaintiffs, too, accuse Syngenta of having crippled the 2013-14 corn export market to China. The NGFA reported in April 2014 that China had barred nearly 1.45 million tons of corn shipments since 2013.

In 2011, Syngenta requested in federal court that a grain elevator firm, Bunge North America, to remove its signs that said it would not accept Vipera corn. The request was denied.

Concern over the safety of GM food may have played a role in a recent decision by China’s officials to move away from GM production. In August, China’s Ministry of Agriculture announced it would not continue with GM rice and corn [5].

References

  1. “Billion-dollar lawsuits claim GMO corn ‘destroyed’ US export to China”, RT Qestion More, 6 October 2014, http://rt.com/usa/193612-china-lawsuits-gmo-corn/
  2. Farmers Sue Syngenta. Chemical & Engineering News, 13 October 2014, http://cen.acs.org/articles/92/i41/Farmers-Sue-Syngenta.html
  3. Event Name: MIR162, International Service for the Acquisition of Agri-Biotech Applications, accessed 13 October 2014, http://www.isaaa.org/gmapprovaldatabase/event/default.asp?EventID=130
  4. Ho MW and Sirinathsinghji E. Ban GMOs Now, ISIS Special Report, June 2013, http://www.thesparc.net/eprint_details/70/ban-gmos-now
  5. “End of the line: GMO production in China halted”, RT Question More, 21 August, 2014, http://rt.com/news/181860-gm-china-rice-stopped/

Written by laudyms

October 13, 2014 at 7:35 am

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