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Signs of recession are hitting Europe. Is its new Central Bank president up for the challenge?

Signs of recession are hitting Europe. Is its new Central Bank president up for the challenge?

If new institutional reform is to come to the Eurozone, it will entail a major paradigmatic shift

We now know that there will be a changing of the guard at the European Central Bank (ECB) in October. The current head of the International Monetary Fund (IMF), Christine Lagarde, will succeed current ECB President Mario Draghi at that time.

A known quantity among the political and investor class of Europe, Lagarde seems like a safe choice: she is a lawyer by training, not an economist. Hence, she is unlikely to usher in any dramatic changes, in contrast to current European Central Bank president Mario Draghi, who significantly expanded the ECB’s remit in the aftermath of his pledge to do “whatever it takes” to save the single currency union (Draghi did this by underwriting the solvency of the Eurozone member states through substantially expanded sovereign bond-buying operations). Instead, Lagarde will likely stick to her brief, as any good lawyer does. There’s no doubt that her years of operating as head of the IMF will also reinforce her inclination not to disrupt the prevailing austerity-based ECB ideology.

Unfortunately, the Eurozone needs something more now, especially given the increasingly frail state of the European economies. The Eurozone still doesn’t have a treasury of its own, and there’s no comprehensively insured banking union. Those limitations are likely to become far more glaring in any larger kind of recession, especially if accompanied by a banking crisis. That is why the mooted candidacy of Jens Weidmann may have been the riskier bet for the top job at the ECB, but ultimately a choice with more political upside. An old-line German central banker might have been able to lay the groundwork for the requisite paradigmatic shift more successfully than a French lawyer, especially now that Germany itself is in the eye of the mounting economic storm.

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Former Bush Official Just Confirmed That Our Wars Are for Corporate Interests

Major General Smedley Butler earned the highest rank in the U.S. Marine Corps, accumulating numerous accolades as he helped lead the United States through decades of war. He later became an ardent critic of such militarism and imperialism.

“War is a racket,” Butler famously said, and Wilkerson — who has also turned critical of U.S. imperialist policy — agrees with and admires the esteemed Marine.

Wilkerson, who served as chief of staff to former secretary of state, Colin Powell, has grown tired of “the corporate interests that we go abroad to slay monsters for.”

Of the profiteering scheme that wars have come to embody, Wilkerson quoted Butler:

“Looking back on it, I might have given Al Capone a few hints. The best he could do was to operate his racket in three districts. I operated on three continents.”

Noting Butler’s brief but accurate characterization of what Eisenhower called the military-industrial complex, Wilkerson added that today’s war machine “is more pernicious than Eisenhower ever thought it would be.”

The willingness of such weapons and military equipment corporations to excuse the transgressions of repressive and abusive regimes in the Middle East and Asia for the sake of profit, Wilkerson asserted, stands as evidence Eisenhower underestimated the extent the to which the problem would manifest.

“Was Bill Clinton’s expansion of NATO — after George H. W. Bush and [his Secretary of State] James Baker had assured Gorbachev and then Yeltsin that we wouldn’t go an inch further east — was this for Lockheed Martin, and Raytheon, and Boeing, and others, to increase their network of potential weapons sales?” Wilkerson asked.

“You bet it was,” he answered his own question.

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We created Islamic extremism: Those blaming Islam for ISIS would have supported Osama bin Laden in the ’80s

We created Islamic extremism: Those blaming Islam for ISIS would have supported Osama bin Laden in the ’80s 

Jingoists conveniently forget the West’s Cold War strategy was to arm the Islamic extremists that became al-Qaida

We created Islamic extremism: Those blaming Islam for ISIS would have supported Osama bin Laden in the '80s(Credit: AP/Dennis Cook)

History takes no prisoners. It shows, with absolute lucidity, that the Islamic extremism ravaging the world today was borne out of the Western foreign policy of yesteryear.

Gore Vidal famously referred to the USA as the United States of Amnesia. The late Chinese Premier Zhou Enlai put it a little more delicately, quipping, “One of the delightful things about Americans is that they have absolutely no historical memory.”
In order to understand the rise of militant Salafi groups like ISIS and al-Qaida; in order to wrap our minds around their heinous, abominable attacks on civilians in the U.S., France, Syria, Iraq, Lebanon, Nigeria, Turkey, Yemen, Afghanistan and many, many more countries, we must rekindle this historical memory.

Where did violent Islamic extremism come from? In the wake of the horrific Paris attacks on Friday, November the 13, this is the question no one is asking — yet it is the most important one of all. If one doesn’t know why a problem emerged, if one cannot find its root, one will never be able to solve and uproot it.

Where did militant Salafi groups like ISIS and al-Qaida come from? The answer is not as complicated as many make it out to be — but, to understand, we must delve into the history of the Cold War, the historical period lied about in the West perhaps more than any other.

How the West cultivated Osama bin Laden

We needn’t reach back far into history, just a few decades.

A much-circulated photo of an article published in British newspaper the Independent in 1993 exemplifies the West’s twisted hypocrisy. Titled “Anti-Soviet warrior puts his army on the road to peace,” it features a large photo of Osama bin Laden, who, at the time, was a Western ally.

Osama bin Laden, reported on favorably in the U.K.'s The Independent in 1993 (Credit: Imgur)

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Olduvai IV: Courage
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Olduvai II: Exodus
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