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On March 16th, the New York Times carried reportage by Peter S. Goodman, Keith Bradsher and Neil Gough, which was titled “The Fed Acts. Workers in Mexico and Merchants in Malaysia Suffer.” The theme of their extensive reportage is that U.S. monetary policy is the elephant in the room. It is the elephant that swings exchange rates and capital flows to and fro in emerging-market countries, causing considerable pain.

The real problem that all of the countries mentioned in the New York Times reportage face is the fact that they have central banks that issue half-baked local currencies. Although widespread today, central banks are relatively new institutional arrangements. In 1900, there were only 18 central banks in the world. By 1940, the number had grown to 40. Today, there are over 150.

Before the rise of central banking the world was dominated by unified currency areas, or blocs, the largest of which was the sterling bloc. As early as 1937, the great Austrian economist Friedrich von Hayek warned that the central banking fad, if it continued, would lead to currency chaos and the spread of banking crises. His forebodings were justified. With the proliferation of central banking and independent local currencies, currency and banking crises have engulfed the international financial system with ever-increasing severity and frequency. What to do?

The obvious answer is for vulnerable emerging-market countries to do away with their central banks and domestic currencies, replacing them with a sound foreign currency. Panama is a prime example of the benefits from employing this type of monetary system. Since 1904, it has used the U.S. dollar as its official currency. Panama’s dollarized economy is, therefore, officially part of the world’s largest currency bloc.

The results of Panama’s dollarized monetary system and internationally integrated banking system have been excellent (see accompanying table).

…click on the above link to read the rest of the article…

NYT Cheers the Rise of Censorship Algorithms

May 5, 2017

NYT Cheers the Rise of Censorship Algorithms

Exclusive: The New York Times is cheering on the Orwellian future for Western “democracy” in which algorithms quickly hunt down and eliminate information that the Times and other mainstream outlets don’t like, reports Robert Parry.

Just days after sporting First Amendment pins at the White House Correspondents Dinner – to celebrate freedom of the press – the mainstream U.S. media is back to celebrating a very different idea: how to use algorithms to purge the Internet of what is deemed “fake news,” i.e. what the mainstream judges to be “misinformation.”

New York Times building in New York City. (Photo from Wikipedia)

The New York Times, one of the top promoters of this new Orwellian model for censorship, devoted two-thirds of a page in its Tuesday editions to a laudatory piece about high-tech entrepreneurs refining artificial intelligence that can hunt down and eradicate supposedly “fake news.”

To justify this draconian strategy, the Times cited only a “fake news” report claiming that the French establishment’s preferred presidential candidate Emmanuel Macron had received funding from Saudi Arabia, a bogus story published by a Web site that mimicked the appearance of the newspaper Le Soir and was traced back to a Delaware phone number.

Yet, while such intentionally fabricated articles as well as baseless conspiracy theories are a bane of the Internet – and do deserve hearty condemnation – the Times gives no thought to the potential downside of having a select group of mainstream journalistic entities feeding their judgment about what is true and what is not into some algorithms that would then scrub the Internet of contrary items.

…click on the above link to read the rest of the article…

The Sound of One Wing Flapping

May 1, 2017

The Sound of One Wing Flapping

And suddenly the storms of early Trumptopia subside, or seem to. The surface of things turns eerily placid as the sweets of May sweep away the toils of an elongated mud season. Somebody stuffed Kim Jong Un back in his bunker with a carton of Kools and the Vin Diesel video library. France appears resigned to Hollandaise Lite in the refreshing form of boy wonder Macron. It’s been weeks since The New York Times complained about the Russians stealing Hillary’s turn as leader of the free world. We’re given to understand that Congress managed overnight to cook up a spending bill that will avert a Government shut-down until September. Rest easy America… oh, and buy every dip.

A calm surface is exactly what Black Swans like to land on, though by definition we will not know they’re out there until our reveries are broken by the sound of wings flapping. Some kind of dirty bird showed up on Canada’s thawing pond last week when that country’s biggest home loan lender suffered a 60 percent pukage of shareholder equity and had to be bailed out — not by the Canadian government directly, but by the Ontario Province’s Health Care Workers Pension Fund, a neat bit of hocus pocus that amounts to a one-year emergency loan at ten percent interest.

If that’s a way for insolvent public employee pension plans to find enough “yield” to meet their obligations, then maybe that could be the magic bullet for the USA’s foundering pension funds. The next time Citibank, Goldman Sachs, JP Morgan, and friends get a case of the Vapors, let them be bailed out by the Detroit School Bus Drivers’ Pension Fund at ten percent interest. That ought to work. And let Calpers take care of Wells Fargo.

…click on the above link to read the rest of the article…

To Russia with More Russia-Bashing

April 14, 2017

To Russia with More Russia-Bashing

Now that President Trump is bashing Russia, not resetting relations, the mainstream U.S. media has gone from pushing “Russia-gate” conspiracies to decrying doubts about U.S. government anti-Russia claims, notes Nat Parry.

After several months of pushing the “Russia-gate” conspiracy theory – a wild-eyed, all-encompassing but somewhat nebulous narrative involving U.S. President Donald Trump, Russian President Vladimir Putin, WikiLeaks, the Russian mob, assassinations and certain indiscretions with prostitutes in a Moscow hotel – the U.S. mainstream media is now reverting to its traditional role of downplaying conspiracy theories, particularly those raising questions about the intelligence surrounding the alleged chemical weapons attack in Syria last week.

New York Times building in New York City. (Photo from Wikipedia)

On Monday, the New York Times published an article titled “Syria Conspiracy Theories Flourish, at Both Ends of the Spectrum,” which lamented the fact that websites on the left and the right have raised doubts about the casus belli for U.S. military action against Syria.

Noting that some alternative news sites have called the chemical attack a “false flag” operation and others have raised the question of whether Trump’s military action was a “wag the dog” diversion tactic, the Times pointedly attempts to “debunk” the internet memes that have been raising doubts about the chemical attack or calling into question the justification for the U.S. military action.

With an aggressiveness not seen at all when it comes to the unsubstantiated “Russian election-hacking” allegations, the Times fires back forcefully on matters such as whether President Bashar al-Assad had reason to use chemical weapons in the first place or whether anti-Assad forces may have had advance knowledge of the sarin attack. The Times article uses curt, all-caps responses to rebut these claims, such as flatly stating, “FALSE,” “NO EVIDENCE,” or “MISLEADING.”

…click on the above link to read the rest of the article…

Unbelievable How Mainstream Media Has Become Just Liars

February 23, 2017

Unbelievable How Mainstream Media Has Become Just Liars

Video Player

Thomas Friedman of the New York Times demonstrates why mainstream media is just becoming so bought and paid for. You have to wonder if they should not be in prison for attempting to overthrow the government and start a revolution. Here he is still ranting about how Russia hacked the election and asserting that this is somehow a Pearl Harbor and 911 event. I suppose this is implying we should start world war III because Hillary lost.

The Homeland Security and the FBI both said that Russia’s hack of the DNC did not involve altering the vote. In fact, it was his own paper that reported on November 25, 2016: “The Obama administration said on Friday that despite Russian attempts to undermine the presidential election, it has concluded that the results “accurately reflect the will of the American people.”

The constant lies and manipulations seem intent upon creating war exactly as took place with the Spanish American War. We have returned to yellow journalism which is based upon sensationalism and crude exaggeration. Pulitzer and Hearst went head to head. I remember grade school history class blaming the Spanish American War on fake news. There is one such story that male Spanish officials were strip searching American woman tourists in Cuba looking for claimed messages from rebels. This was the front page of Hearst’s newspaper showing what has become known as “yellow journalism” whereby the illustration was by Frederic Remington published in the New York Journal, February 12th, 1897.

Hearst’s New York Journal was called out for this fake news by its rival Joseph Pulitzer’s, New York World, reporting that this story was erroneous and its graphically illustrated strip-search of a woman aboard U.S. passenger steamer was fake.

…click on the above link to read the rest of the article…

Is The NYT a Failed Newspaper Sustained By CIA Subsidies?

February 20, 2017

Is The NYT a Failed Newspaper Sustained By CIA Subsidies?

NYT Anti-Trump Jihad

The Times represents pro-Hillary dark forces militantly against Trump – denigrating him relentlessly, featuring advocacy, not real journalism.

Daily feature stories vilify him, going way beyond justifiable criticism. The self-styled newspaper of record mocks fair and balanced reporting, absent on its pages.

It supports US imperial madness, neoliberal harshness harming the nation’s most vulnerable, and police state targeting of nonbelievers.

It’s gone all-out to delegitimize Trump, failed to prevent his electoral triumph, now on a rampage to weaken him irreparably, ideally wanting him removed from office – a coup d’etat by any standard if happens.

Urging improved relations with Russia, both nations cooperating in combating terrorism, became his achilles heel.

The Times exploits his vulnerability on this issue relentlessly. On Wednesday, it published fake news, citing four unnamed, clearly anti-Trump, current and former US officials, claiming his campaign aides had “repeated contacts with Russian intelligence” – allegations without evidence proving them.

In a Thursday editorial, it called on “Congress to investigate Mr. Trump’s (alleged) ties to Russia.”

No indication of anything out of the ordinary cited. Nothing about wrongdoing. Big business operates in many countries, dealing with governments at times required. It’s standard practice.

Yet Times editors allege Trump “crossed the line,” posturing about a situation presented as being akin to Watergate and Iran-Contra. Nothing suggests it.

The issue is solely about Trump defeating Times favorite Hillary and wanting better relations with Russia, hoping he and Vladimir Putin can get along well.

That’s the so-called “line” he’s accused of crossing. The Times wants US adversarial relations kept unchanged – risking eventual confrontation if responsible action doesn’t change things.

The Times: “(M)embers of Mr. Trump’s campaign and inner circle were in repeated contact with Russian intelligence officials.”

…click on the above link to read the rest of the article…

Liberal Media Turns On Itself As NYT Promises To “Rededicate” Itself To “Honest” Reporting

November 12, 2016

Liberal Media Turns On Itself As NYT Promises To “Rededicate” Itself To “Honest” Reporting

In a letter from its owner and executive editor, the New York Times, a biased media outlet which together with the rest of the liberal press misreported on the presidential race – whether due to conflicts of interest or due to sheer stupidity – from day one, leading to such idiotic forecasts as an 86% probability for Hillary to win as recently as one week ago (contrast with our own prediction):

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3:20 PM – 3 Nov 2016

… Arthur Sulzberger, the owner and publisher of the NYT, promised that the paper would “reflect” on its coverage of this year’s election, as it “rededicates” itself to reporting on “America and the world” honestly.

To be sure, that would be a vast change from the NYT’s existing coverage of events, even though despite the tacit admission of its failure to account for Trump’s “stunning” victory, in the same letter Sulzberger also writes that “we believe we reported on both candidates fairly during the presidential campaign.”

No, you did not: you were too worried about losing your advertisers who would complain loudly, and threaten to pull their revenue, if they saw even implicit criticism of Hillary Clinton, which meant non stop explicit criticism of Trump. So why bring it up? Because seapking of the all important top-line, the NYT – already suffering from a collapse in ad revenue – which plunged 18.5% in Q3, desperately needs subscribers to keep paying for its disinformation or else the very future of the NYT is in danger. This is how Sulzberger put it:

“you can rely on The New York Times to bring the same fairness, the same level of scrutiny, the same independence to our coverage of the new president and his team.”

What about the same humor?

…click on the above link to read the rest of the article…

On WikiLeaks, Journalism, and Privacy: Reporting on the Podesta Archive Is an Easy Call

October 16, 2016

On WikiLeaks, Journalism, and Privacy: Reporting on the Podesta Archive Is an Easy Call

FOR YEARS, WIKILEAKS has been publishing massive troves of documents online — usually taken without authorization from powerful institutions and then given to the group to publish — while news outlets report on their relevant content. In some instances, these news outlets work in direct partnership with WikiLeaks — as the New York Times and The Guardian, among others, did when jointly publishing the Iraq and Afghanistan war logs and U.S. diplomatic cables — while other times media outlets simply review the archives published by WikiLeaks and then report on what they deem newsworthy.

WikiLeaks has always been somewhat controversial, but reaction has greatly intensified this year because many of its most significant leaks have had an impact on the U.S. presidential election and, in particular, have focused on Democrats. As a result, Republicans who long vilified the group as a grave national security threat have become its biggest fans (“I love WikiLeaks,” Donald Trump gushed last night, even though he previously called for Edward Snowden to be executed), while Democrats who cheered the group for its mass leaks about Bush-era war crimes now scorn it as an evil espionage tool of the Kremlin.

The group’s recent publication of the emails of Clinton campaign chair John Podesta has been particularly controversial because it comes less than a month before the election; it included all sorts of private and purely personal exchanges along with substantive, newsworthy material; and it was obtained through actions that were likely criminal (hacking). Compounding the intensity of the debate is the now standard Democratic campaign tactic of reflexively accusing adversaries of being tools or agents of Moscow.

…click on the above link to read the rest of the article…

A Pleasant Lull

September 10, 2016

A Pleasant Lull

A pleasant lull lies over the land where today fewer people labor honestly — and some labor gruelingly for too little — while a matrix of rackets sustains the illusion that our living arrangements have a future. Is Quarterback Colin Kaepernick on the minds of the millions moiling around their backyard barbeques? I applaud his refusal to stand for the national anthem, though not for the reasons he stated. Rather, because I’m sick of vulgar symbolism in a dark moment of a fraying culture that demands more than cheap talk and lame gestures.

In case you’re wondering, the reason we’re subject to all these repetitions of The Star Spangled Banner is not for love-of-country but something quite the opposite: the fear that its promises are empty. Ever wonder why every public official in the land has to wear a flag lapel pin? Should it be necessary for the president of the US to signal his devotion to duty? Wouldn’t we normally just assume this to be the case? No, it signals the widespread and generalized anxiety that the national condition is dire and that we don’t have the confidence or the clarity to face the challenges of the time. President Obama might as well wear a crucifix or a bulb of garlic in his lapel.

In this presidential election year especially, Labor Day serves as a sort of collective deep breath before the plunge into a season of political anguish. The number of potential voters disgusted with the choice between two clueless monsters of egotism must be epic. If WalMart held a sale on bullshit filters, they might stand a chance of turning a Q3 profit. Otherwise, expect economic performance to be increasingly frightening even if The New York Times and CNN continue to spin out tales of unicorns jumping rainbows.

…click on the above link to read the rest of the article…

Heretical Thoughts And Doing The Unthinkable

May 14, 2016

Heretical Thoughts And Doing The Unthinkable

Submitted by Bill Bonner of Bonner & Partners (annotated by Acting-Man’s Pater Tenebrarum),

Heresy!

The Dow rose 222 points on Tuesday – or just over 1% – and everyone was exuberant…but things have not turned out well since. We agree with hedge-fund manager Stanley Druckenmiller: This is not a good time to be a U.S. stock market bull.

Druckenmiller

Legendary former hedge fund manager Stanley Druckenmiller at the Ira Sohn conference – not an optimist at present, to put it mildly.

Speaking at an investment conference in New York last week, George Soros’ former partner warned that…

“…higher valuations, three more years of unproductive corporate behavior, limits to further easing, and excessive borrowing from the future suggest that the bull market is exhausting itself.”

But we promised to return to the scene of our crime today. In these pages, we recently committed heterodoxy… even heresy! We don’t know what got into us and we are deeply sorry for our misdoings, the remembrance of which is grievous unto us…

… but in a moment of weakness (oh, ye gods of democracy, why have you forsaken us?) we dared to question whether voting makes any damned sense. We concluded that it didn’t.

We don’t know the candidates well enough to know who is really better. We don’t have any idea what challenges the next president will face, nor which candidate would be better equipped to deal with them. We don’t know if the candidates believe what they say they believe or whether they will do what they promise to do.

We only know our vote, statistically, won’t make a bit of difference. And that we don’t want the “lesser of two evils.” And that we don’t feel any obligation to play this game! Dear readers canceled their subscriptions… and heated up their irons.

…click on the above link to read the rest of the article…

“Getting Things Done” – The Brother of Hillary Clinton’s Campaign Chair is a Major Lobbyist for Saudi Arabia

April 20, 2016

“Getting Things Done” – The Brother of Hillary Clinton’s Campaign Chair is a Major Lobbyist for Saudi Arabia

Although scores of us in the alternative media world have been discussing the obvious links between Saudi Arabia and the attacks of 9/11 for many years, this reality has only now started to enter the mainstream consciousness due to a recent report on 60 Minutes.

But that’s not the only reason Saudi Arabia has been in the news as of late. In an extraordinary act of blackmail, Saudi officials have warned the U.S. government that it could be forced to sell $750 billion in U.S. assets if a specific piece of legislation currently circulating in Congress becomes law.

The New York Times covered the threat on Friday:

WASHINGTON — Saudi Arabia has told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars’ worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks.

The Obama administration has lobbied Congress to block the bill’s passage, according to administration officials and congressional aides from both parties, and the Saudi threats have been the subject of intense discussions in recent weeks between lawmakers and officials from the State Department and the Pentagon. The officials have warned senators of diplomatic and economic fallout from the legislation.

Read that last part again. U.S. officials have warned of “diplomatic and economic fallout from the legislation.” So what sort of economic fallout do they envision? Part of the concern is no doubt related to the impact on global financial markets from a Saudi fire sale, but there’s a potentially even bigger concern at play.

…click on the above link to read the rest of the article…

Syrian Elections Prove Again That Washington And Its Presstitutes Lie Through Their Teeth

April 15, 2016

Syrian Elections Prove Again That Washington And Its Presstitutes Lie Through Their Teeth

Today (April 14) Syria held parliamentary elections at 7,000 polling stations, keeping the voting open an extra five hours to accommodate the massive turnout. All were allowed to vote, even displaced Syrians from the two provinces still terrorized by Washington and Israeli backed ISIS.

Washington is angry, because Syria held elections before Washington had time to purchase its slate of politicians and organize Washington-funded NGOs to take to the streets to protest and to claim that Assad had stolen the election.

Despite the massive voter turnout and extended hours for voting, the US State Department set the tone by declaring that the elections are not legitimate in Washington’s eyes and do not represent “the will of the Syrian people.”

Washington’s two-bit punk vassals in London and Paris chimed in with both claiming that the war conditions in Syria to which London and Paris have contributed mean that the idea of elections is “totally unrealistic.”

The New York Times lied, characteristically, that the elections, which seem to demonstrate nationwide solidarity against the Western-backed overthrow of the Syrian government, “highlight divisions and uncertainty.” The Washington Post added its lies and misrepresentations to the propagandistic reporting.

The Western governments are far out on a limb with their lies that the Syrian people prefer to be governed by the Washington supported terrorists who were overrunning their country and conducting with Western supplied weapons mass murder on the Syrian people until Russia put a stop to it. Now the Western liars are exposed yet again by election results, and so the liars must pretend that the election lacks validity.

Contrast the reports coming from the Western conspirators against Syria with the news report by Vanessa Beeley in 21st Century Wire: http://21stcenturywire.com/2016/04/14/syrian-elections-2016-us-nato-criminals-liars-and-hypocrites-failed-attempt-to-deny-the-will-of-the-syrian-people/

…click on the above link to read the rest of the article…

When Newspapers Die and Reporters Go Bad

April 14, 2016

When Newspapers Die and Reporters Go Bad

When right wingers go off on NPR and the New York Times for being mouthpieces of the Democratic Party or left wingers criticize Fox News and PBS for having too many conservatives on the air, it makes my head spin. Is there no such thing as truth anymore or not a single honest reporter in town?

No. And we shouldn’t expect there to be. Journalism is one of those bedrock institutions that are critical to a democratic society. Reporters are supposed to inform citizens of things they need to know, to help them navigate the world confidently, effectively, to live well and prosper. Such a noble calling reporters have. From the outside journalism looks like public service. Sometimes it is. But from the inside, the news business is like making sausage or politics. The average person really wouldn’t like to watch how the news is actually made. It’s a pretty dirty and disgusting business even if people like the news product they consume every day.

Reporters are supposed to be fair and thorough but they are often fatuous and sloppy. In order to make their deadlines they take short cuts, make deals, trade information, manipulate gate-keepers, misrepresent themselves, snivel, dissemble and act disingenuously or even dishonestly. Some are quite vindictive and write just enough of the truth to tell a lie or support one. Judith Miller’s shameless reporting about Saddam Hussein’s weapons of mass destruction when he didn’t have any comes to mind. Not exactly the kind of people who follow the golden rule in their work life. But theirs is such a noble calling.

There is a kind of catechism you learn when you go to J-School: get the facts, get the story, get if first, but get it right.

…click on the above link to read the rest of the article…

Duping Progressives into Wars

April 14, 2016

Duping Progressives into Wars

The online advocacy group, Avaaz, has pulled progressives into support of U.S. “humanitarian” wars in Libya and Syria by promoting sweet-sounding ideas like “no-fly zones,” as John Hanrahan explains.

In a recent two-part series in The New York Times laid out in detail the pivotal role that then-Secretary of State Hillary Clinton played in President Obama’s decision to join in France and Britain’s 2011 military campaign against long-time Libyan leader Muammar Gaddafi. The Times articles make the case that Clinton bears a heavy part of the responsibility for the tragic, increasingly chaotic aftermath of that campaign in which Gaddafi was ousted and killed.

As The Times summaries of the articles put it, Gaddafi’s fall “seemed to vindicate Hillary Clinton. Then militias refused to disarm, neighbors fanned a civil war, and the Islamic State found refuge,” leaving Libya “a failed state and a terrorist haven.”

Ousted Libyan leader Muammar Gaddafi shortly before he was murdered on Oct. 20, 2011.

While neocons, right-wingers and humanitarian interventionists back in 2011 were seeking regime change in Libya, there was one non-governmental organization that was alone among progressive groups in mobilizing public opinion around the world in support of military action in Libya in the form of “a no-fly zone.”

And this wasn’t just any organization, but the fast-growing, on-line advocacy giant Avaaz.org, which in 2011 had seven million members and today boasts 43.1-million members in 194 countries. As such, the New York City-based Avaaz is, as we noted in a previous article, the largest and most influential Internet-based, international advocacy organization on the planet.

Through its members’ petitions and a full-page ad last June in The New York Times, Avaaz has for the last few years been pushing for “a no-fly zone” in Syria, as have assorted neocons and war-hawks in Congress and think-tanks who favor military operations to remove Syrian President Bashar al-Assad from power.

…click on the above link to read the rest of the article…

The American Media Is A CIA Front

April 12, 2016

The American Media Is A CIA Front

I reported honestly the facts of the US coup that overthrew the elected Ukrainian government in 2014 (see my columns in February and March 2014). However, the US print and TV media, led by the New York Times, lied through their teeth.

Indeed, the “mainstream” US media functioned as agent and propagandist for the Washington neoconservatives who destroyed Ukrainian democracy and imposed massive suffering and death on Ukrainians.

There is no crime that the American presstitutes will not commit and no lie that they will not tell.

Yesterday (April 11, 2016) Robert Parry held the sordid presstitutes accountable: https://consortiumnews.com/2016/04/11/yats-is-no-longer-the-guy/

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