Henry Ford, for all his faults, once stated that he needed to pay his workers enough that they would be able to buy the cars they manufactured. I guess globalists thought such laws don’t apply when you ship the jobs to a foreign land.
Now I hear people say that a cheaper dollar will make American products more competitive to foreign buyers. Who exactly is going to buy these “cheaper” American goods? Some Chinese guy earning $2 a day? Now out of a job because there’s an ongoing depression in the United States?
Rather than bring the rest of the world’s workers up to some sort of decent living standard, global financial players and manufactuers raced toward the lowest common denominator: workers earning slave wages, receiving no benefits, toiling in unsafe conditions, exploited to produce a bunch of cheap disposable products then sold in our big box stores.
I was trying to think of ways that we could possibly take down as many financial problems as we can while simultaneously bringing the power back to the people. That is, going through our own channels rather than the official process that has proven itself to be ineffective.
I was mulling bank bailouts, "too big to fail" and the notion of money as power when it hit me. What if we just took all of our money out of big banks and put it into local community banks and credit unions? This would greatly strengthen the community, rewarding banks that actually stick to banking, keep money local and even help bolster small business loans, while forcing the large banks to break down. Sure, things would be hairy at first and it wouldn't be pretty, but wouldn't it be a better situation in the long run?
Gina Keating & Carol Bishopric | Los Angeles | November 20
Reuters - A Florida jury on Thursday ordered cigarette maker Philip Morris USA to pay $300 million in damages to a 61-year-old ex-smoker named Cindy Naugle who is wheelchair-bound by emphysema.
The Broward Circuit Court jury assessed $56.6 million in past and future medical expenses against the company, part of Altria Group Inc, as well as $244 million in punitive damages.
The verdict is the largest of the so-called Engle progeny cases that have been tried so far, both sides said.
The military and intelligence establishment remains unassailable. It is both revered and feared by Pakistanis, who suspect its nationalist fringes of maneuvering behind the scenes, with help from allies in the news media, to keep civilian governments off balance.
At the same time, the news media today need little prodding, and are more diverse, powerful and nationalistic of their own accord than at any other point in the nation’s history.
“The media has a larger-than-life role,” said Maleeha Lodhi, a former Pakistani ambassador to the United States. “It’s been setting the agenda for the country.”
Pakistanis themselves are not entirely comfortable with that development. In a Gallup Pakistan poll released last Friday, nearly one-third of 2,765 Pakistanis surveyed blamed the media for political instability in the country, according to the Gilani Research Foundation, which released it.
The anti-Americanism is part of that new media explosion. “It reached a fever pitch,” said Madiha Sattar, a journalist with the monthly magazine The Herald, who wrote a cover article on the topic in October.
Pakistanis have reason to mistrust the U.S. of course. Most notably our backing of the military dictator Zia who crushed dissent and executed the elected president. That was followed by ignoring the region once the Cold War ended. Now we're suddenly concerned again. It's no wonder the local Rupert Murdochs see a play in fomenting against the Great American Satan.
POGO - The House Financial Services Committee voted 43-26 yesterday afternoon in favor of an amendment introduced by Reps. Ron Paul (R-TX) and Alan Grayson (D-FL) that would remove restrictions preventing the GAO from auditing the Federal Reserve. The amendment was modeled after Rep. Paul’s long-standing bill to audit the Fed, which was co-sponsored by over 300 Members in the House and supported by POGO and many other groups.
The vote on the final passage of the financial regulatory package to which the Paul-Grayson amendment is attached has been delayed until after Thanksgiving. Nonetheless, yesterday’s vote signals a defeat for Rep. Mel Watt (D-NC), who had introduced an alternative amendment that would have limited the scope of the GAO’s audits.
Kudos to FDL: FDL Statement on the Committee Passage of H.R. 1207, the Paul-Grayson Bill to Audit the Fed
WASHINGTON (Reuters) - The U.S. government is having a tough time guesstimating how many small businesses failed in this recession, casting doubt on the reliability of vital data on employment and economic growth.
The formula the U.S. Labor Department designed to help it deliver timely, thorough monthly employment reports broke down in the heat of the financial crisis, miscounting the number of jobs by an estimated 824,000 in the year through March.
The most likely culprit is the so-called "birth-death" model, which the Labor Department uses to estimate how many companies were created or destroyed.
The Guardian - The Canadian government was fending off calls for a public inquiry on torture today after allegations from one of its senior diplomats that Canada was complicit in the torture of Afghan detainees.
Richard Colvin, who was second in command at Canada's Kabul embassy in 2006 and 2007, said that Afghans swept up in security sweeps by Canadian troops during that time were routinely handed over to the Afghan intelligence services.
"According to our information, the likelihood is that all the Afghans we handed over were tortured," Colvin told Canada's parliament. "For interrogators in Kandahar, it was standard operating procedure.
"In other words, we detained, and handed over for severe torture, a lot of innocent people."
Colvin said his frequent memos about the abuse were ignored and that senior officials attempted to cover up Canada's complicity until prisoner transfer procedures were changed in 2007, partly as a result of his complaints.
Reuters - Colombia will not be provoked into armed conflict with Venezuela despite the neighboring country's aggressive rhetoric and its dynamiting of two cross-border pedestrian bridges, Colombia's defense minister said on Friday.
Venezuelan leader Hugo Chavez this month ordered his army to prepare for war after Colombia signed a military cooperation pact with Washington allowing U.S. troops increased access to its territory to run anti-narcotics surveillance flights.
Chavez says the agreement could set the stage for a U.S. invasion of oil-rich Venezuela, a claim that Washington and Bogota dismiss. He calls Colombian President Alvaro Uribe "a traitor" to the region for signing the deal.
Venezuela says the narrow bridges were illegally built and used by smugglers. But Colombia's Foreign Ministry issued a statement calling the destruction of the bridges "an aggression against the civilian population and the frontier communities."
- Hey Preacher, Leave those kids alone.
This week, the final phase of the atheist bus campaign will appear in London, Edinburgh, Cardiff and Belfast – not on buses, but on billboards.
"Nobody would seriously describe a tiny child as a 'Marxist child' or an 'Anarchist child' or a 'Post-modernist child'. Yet children are routinely labelled with the religion of their parents. Guardian
THE DEPROLIFERATOR -- As you no doubt know, deterrence is the product of a balance of power -- nuclear arsenals, in other words, that are roughly equal. Constrained by the eye-for-an-eye principle, but to the umpteenth power, states armed with nuclear weapons, such as the United States and the Soviet Union during the Cold War, and India and Pakistan today, keep their nukes holstered.
But terrorists, according to conventional thinking, are immune to deterrence. If they ever obtained nuclear weapons, they'd suffer few qualms about using them. First, they're secure in the knowledge that they're ostensibly stateless. It's unlikely that the state which they've attacked with nuclear weapons, such as the United States, would retaliate against the state which served as their command center for the attack. (Can't speak for another possible target, Israel, though.)
It is midnight. The IT processes I stayed up to babysit at this critical time for retail companies have completed. I am anticipating the likely bankruptcy of the business I've worked for these past years. To say sales are "soft" does not really do justice to what is happening. I will most likely join the ranks of the unemployed sometime before Spring; perhaps sooner if the Bank pulls the line of credit out from under us.
We sell across the US and we know that one of our competitors is in the same trouble; this competitor is much much larger than us and you, dear reader, dear consumer, most likely know their name. They were suckered in by those first few weeks of October when it seemed like it might, just might, be a decent holiday season for retailers. Its not going to be a good retail season; imagine that in a period of just four weeks sales have plummeted 70% even as we begin the holiday shopping season. Its not just our main store but all of our sales channels; even the Amazon channel is down.
CNN - The New York-based Committee to Protect Journalists reports that 26 journalists have been killed since 2005 in Mexico -- most of them while covering the crime or corruption beats. By comparison, 10 journalists were killed in the same time period while covering the war in Afghanistan.
CSM - Judge David Hamilton is elevated to the US appeals court, after GOP effort to stall a vote failed. Republican resistance signals more political fights are likely over Obama's nominees to the federal bench.
The US Senate voted 59 to 39 on Thursday to elevate Judge David Hamilton from his current job as chief judge at the federal courthouse in Indianapolis to a seat on the Seventh US Circuit Court of Appeals.
The vote comes eight months after Judge Hamilton was nominated to the Chicago-based appeals court.
World Bank - World Bank President Robert Zoellick has said in 15 years the Chinese yuan can become an alternative to US dollar as a global reserve currency, with China's fast economic growth and efforts to internationalise the currency.
Bloomberg - A U.S. House committee advanced a proposal to remove a three-decade ban on congressional audits of Federal Reserve interest-rate decisions, a measure backed by a lawmaker who has called for the abolition of the central bank.
The House Financial Services Committee today, in a 43-26 vote and a second voice vote, attached the amendment for a broad audit of the Fed to legislation creating a council of regulators to monitor systemic risk. The proposal was offered by Representative Ron Paul, a Republican from Texas, and based on a bill with more than 300 co-sponsors.
The Independent - Before you can appeal to America's voters you have to appeal to the corporations
Almost a year after Barack Obama ascended to the White House, many of his supporters are bemused. His healthcare bill is a hefty improvement but it still won't provide coverage for all Americans, and may not provide a public alternative to the over-charging insurance companies - if it passes at all. His environmental team is vandalising the vital Copenhagen conference by saying the US – the single biggest emitter of warming gases – will not sign up to any legally binding restrictions there. He has placed the deregulation-fanatics who caused the New Depression, like Lawrence Summers, in charge of the recovery. Despite the real improvements on Bush – such as the end of torture, the resumption of stem-cell research, and opposition to the coup in Honduras – many people are asking: why he is delivering so little, so slowly?
A pair of seemingly small stories about the forces warping American politics can help us to answer this question. At first glance, they will seem like preposterous caricatures, but the facts are plain. The institutions that are blocking progress on all these issues – Republicans in the Senate, and the mighty corporate lobbying machine that bankrolls both parties – have rallied over the past few months to defend two causes with very little popular support in the United States: rape and slavery. No, really. If we begin to explain how this came to pass, then we might see why the American political system is malfunctioning so badly, even after a landslide victory for change.
The Independent - When the masters of the universe came crashing down to earth last year, the reverberations were felt far beyond Wall Street and the City. Sean O'Grady surveys the best of the books that explode the myth that greed is good
One of the few welcome consequences of the global recession has been a modest upsurge in economic literacy, or at least interest. That's not to be exaggerated; most people still don't know their asset-backed securities from the elbows, but at least we're making some attempt to redress that deficit of understanding.
No previous economic crisis has brought forth such a crop of words – over 3,000 new books, a few more reprints, trillions of column inches of newspaper, magazine and web pieces, official reports, not to mention a Facebook page devoted to "Recession Survivors" and those Twittering and blogging their way to an understanding of seismic changes. OK, it isn't much to throw into the balance when you have mass unemployment, the derangement of national finances and the destruction of the world's banking system on the other side, but at least we are creeping towards some acknowledgement of what went wrong, and why. That's something.
So, what to read? A bit like the bewildering complexity of "exotic derivatives" that helped to get us into this mess (and which the bankers themselves never understood), the choice seems endless. It really boils down to which of the three prevalent treatments of the crisis you prefer: the anecdotal, the analytical or the apoplectic.
Revolutionary treatment using human embryos for patients with incurable blindness
People suffering from a form of incurable blindness could soon become the first patients in the world to benefit from a new and controversial transplant operation using stem cells derived from spare human embryos left over from IVF treatment.
Scientists working for an American biotechnology company yesterday applied for a licence to carry out a clinical trial on patients in the US suffering from a type of macular degeneration, which causes gradual loss of vision. They expect the transplant operations to begin early in the new year.
The development is highly controversial because many "pro-life" groups are opposed to using human embryos in any kind of medical research but scientists believe that the benefits could revolutionise the treatment of many incurable disorders ranging from Parkinson's to heart disease.
The company has applied for a licence from the US Food and Drug Administration (FDA) and is confident of its application being granted.
BBC - Russia's ban on the death penalty will remain when a current legal suspension expires on 1 January, the country's Constitutional Court has ruled.
It said the use of the death penalty was now impossible because Russia had signed international deals banning it.
CBC - China's terracotta warriors are coming to Montreal in 2011.
The Musée des Beaux-Arts de Montréal will receive rare visit of 14 of the warriors — life-sized replicas of soldiers of the Qin dynasty — it announced on Thursday.