Posts Tagged ‘Debt’
Taibbi: “Orwellian” SEC May Have Been Hiding Big Wall Street Crimes
By Sarah Seltzer | AlterNet
By Naomi Klein / The Nation When you rob people of what little they have, in order to protect the interests of those who have more than anyone deserves, you should expect resistance.
By David Graeber
Anthropologist David Graeber argues that it is only with a general historical understanding of debt and its relationship to violence that we can begin to appreciate our emerging epoch. Here he begins to fill in our historical knowledge gap
By David DeGraw | Amped Status
Post Carbon Institute June, 2011
Last weekend, the New York Times published a series of articles that — through leaks from EIA officials and natural gas industry insiders — corroborated the findings of our landmark report, Will Natural Gas Fuel America in the 21st Century?: Don’t believe the hype about plentiful U.S. natural gas supplies.
Of course, the controversy over natural gas is far from over, and PCI continues to provide energy realism and literacy to the debate. This week, PCI Fellow David Hughes published an analysis of two contradictory studies assessing the greenhouse gas emissions of shale gas vs. coal. The conclusion? Shale gas is worse for the climate over a 30-50 year timeframe.
From hot air to deflating (economic) balloons… We were blown away to receive nearly 600 orders in the span of 12 hours for Senior Fellow Richard Heinberg’s newest book, The End of Growth: Adapting to Our New Economic Reality. In the video above, Richard Heinberg, author of “The Party’s Over” and leading peak oil educator, talks about the future of our ‘growth’ society.
June 24, 2011 Naked Capitalism
Matt Stoller is a current fellow at the Roosevelt Institute. His Twitter feed is @matthewstoller.
More than a third of all states allow debtors “who can’t or won’t pay their debts” to be jailed. In 2010, according to the Wall Street Journal, judges have issued 5,000 such warrants. What is behind the increased pressure to incarcerate people with debts? Is it a desire to force debt payment? Or is it part of a new structure where incarceration is becoming increasingly the default tool to address any and all social problems?
Consider a different example that has nothing to do with debts. Earlier this year, a Pennsylvania judge was convicted of racketeering, of taking bribes from parties of interest in his cases. It was a fairly routine case of bribery, with one significant exception. The party making the payoffs was a builder and operator of youth prisons, and the judge was rewarding him by sending lots of kids to his prisons.
Welcome to the for-profit prison industry. It’s an industry that wants people in jail, because jail is their product. And they have shareholder expectations to meet.
Privatized prisons are marketed to international investors as “social infrastructure”, and they are part of a wave of privatization washing over the globe. Multi-billion dollar prison companies are upgraded by analysts with antiseptic words like “prospects for global prison growth”, and these companies have built a revolving door and patronage machine characteristic of any government contractor. Only, in this case, the business they are in is putting people into steel cages (or “filling beds” as they put it), and they don’t care how, why, or whether the people in those beds should be there. They don’t care if you’re in prison for smoking pot, stealing cars, or being in debt. They just want people in jail.
Here’s the 2010 10k of the Corrections Corporation of America (PDF), the largest operator of private prisons in the country. It’s a pretty simple business model – more prisoners, more money. Or, as the company writes, “Historically, we have been successful in substantially filling our inventory of available beds and the beds that we have constructed. Filling these available beds would provide substantial growth in revenues, cash flow, and earnings per share.”
By Joe Bageant Deer Hunting with Jesus
July 6, 2010 Ajijic, Jalisco, Mexico
As an Anglo European white guy from a very long line of white guys, I want to thank all the brown, black, yellow and red people for a marvelous three-century joy ride. During the past 300 years of the industrial age, as Europeans, and later as Americans, we have managed to consume infinitely more than we ever produced, thanks to colonialism, crooked deals with despotic potentates and good old gunboats and grapeshot. Yes, we have lived, and still live, extravagant lifestyles far above the rest of you. And so, my sincere thanks to all of you folks around the world working in sweatshops, or living on two bucks a day, even though you sit on vast oil deposits. And to those outside my window here in Mexico this morning, the two guys pruning the retired gringo’s hedges with what look like pocket knives, I say, keep up the good work. It’s the world’s cheap labor guys like you — the black, brown and yellow folks who take it up the shorts — who make capitalism look like it actually works. So keep on humping. Remember: We’ve got predator drones.
After twelve generations of lavish living at the expense of the rest of the world, it is understandable that citizens of the so-called developed countries have come to consider it quite normal. In fact, Americans expect it to become plusher in the future, increasingly chocked with techno gadgetry, whiz bang processed foodstuffs, automobiles, entertainments, inordinately large living spaces — forever.
Reyes, one of our agriculture campaigners in India, shares her immediate thoughts on this ‘first-of-its-kind’ admission by Monsanto
This was my Saturday’s lyrics to breakfast in sunny Bangalore: Monsanto has decided to tell the truth about something: its technology doesn’t work!, reports The Hindu. I’m going to need a second cup of chai to digest this, Monsanto speaking honest!? Indian farmers and scientist have been seeing this in their Bt cotton fields for a few years: pests become resistant to Monsanto’s genetically engineered toxins and thus farmers apply huge amounts of pesticides. Monsanto has always denied this, has the recent massive rejection of its Bt brinjal in India woken up its senses?
For years Monsanto has been shouting that the main – read only – benefit of Bt cotton in India (the only genetically engineered crop planted here) was the reduction in pesticide use. Well, it seems they have just admitted this is not true. Pink bollworm, a serious pest for cotton farmers in India, is now resistant to the toxin in Bt cotton. Meaning that this bug is now sort of a super-pest that farmers will have to work harder and harder to avoid.
What is Monsanto’s solution to this? Maybe you have guessed it: use Monsanto’s next weapon – same technology – Bt cotton 2.0. With double the amount of toxins (and almost double the price of non-Bt seeds). Read the rest of this entry »
Wall Street tycoon Pete Peterson wants to bring IMF-style economic insanity to the U.S. The scary part? He might get away with it.
March 5, 2010 | By Ellen Hodgson Brown
In addition to mandatory private health insurance premiums, we may soon be hit with a “mandatory savings” tax and other belt-tightening measures urged by the president’s new budget task force. These radical austerity measures are not only unnecessary, but will actually make matters worse. The push for “fiscal responsibility” is based on bad economics.
When billionaires pledge a billion dollars to educate people to the evils of something, it is always good to peer closely at what they are up to. Hedge fund magnate Peter G. Peterson was formerly chairman of the Council on Foreign Relations and head of the New York Federal Reserve. He is now senior chairman of Blackstone Group, which is in charge of dispersing government funds in the controversial AIG bailout, widely criticized as a government giveaway to banks. Peterson is also founder of the Peter Peterson Foundation, which has adopted the cause of imposing “fiscal responsibility” on Congress. He hired David M. Walker, former head of the Government Accounting Office, to spearhead a massive campaign to reduce the runaway federal debt, which the Peterson/Walker team blames on reckless government and consumer spending. The Foundation funded the movie “I.O.USA.” to amass popular support for their cause, which largely revolves around dismantling Social Security and Medicare benefits as a way to cut costs and return to “fiscal responsibility.”