Today's Stories

October 2-4, 2009

Saul Landau
News From Raul Castro

October 1, 2009

Andy Worthington
A Truly Shocking Gitmo Story

Carl Ginsburg
The Great Marginalization

Mary Lynn Cramer
Seniors on the Chopping Block

Col. Douglas Macgregor
The Bog of History in Afghanistan

Brian M. Downing
The Paradox of Financial Disorder

John V. Walsh
Mao's China at 60

Ramzy Baroud
The Big Diversion

Norman Solomon
Starting Another Year of War in Afghanistan

Dan Bacher
Undamming the Klamath

Brenda Norrell
Lazy Journalists are the Darlings of the Corporations

Website of the Day
Neoliberalism as Water Balloon

September 30, 2009

Vijay Prashad
McChrystal's Afghan Desolation

Gareth Porter
U.S. Story on Iran Nuke Facility Doesn't Add Up

Andy Thayer
The Fiasco Behind Chicago's Olympics Bid

Paul Craig Roberts
Another War in the Works

Dean Baker
Medicare Buy-In: What's Wrong With Giving People a Choice?

Ricardo Alarcón de Quesada
Mission Impossible

Laura Flanders
Punch in the Streets, But Not in the Suites

Dave Lindorff
The Baucus Excuse

Seumas Milne
Why British Workers Are Angry

Martha Rosenberg
What Integrity Means to Pfizer

Website of the Day
Why You Should Boycott Hyatt Hotels

September 29, 2009

Marshall Auerback
A Neoliberal Hijacking

Alan Farago
Recovery Without Feeling

Jeff Sher
Shopping for Health Care

Bruce Jackson
60 Minutes and the General

Gareth Porter
Fears of Defeat in Afghanistan

Jonathan Cook
Palestinians in the Israeli Army

Bouthaina Shaaban
Arabs in the International Balance

Dave Lindorff
Looking Under the TARP

Stephen Soldz
Spreading Hysteria About Swine Flu "Hysteria"

Sara Mann
The Party of No Meets the Island of No

Website of the Day
Cosmos, Autotuned

September 28, 2009

Laura Carlsen
The Sound and Fury of the Honduran Coup

Anthony DiMaggio
The U.S., Iran and Nuclear Terror

Paul Craig Roberts
More Lies, More Deceptions

Neve Gordon
On Palestinian Civil Disobedience

Bill Quigley
Street Report From the G20

Harvey Wasserman
Obama's LBJ Moment

Nicola Nasser
Stuck Between Two Failures

Ben Rosenfeld Murder in New Orleans: Remembering Kirsten Brydum

Website of the Day
The Short March

September 25-7, 2009

Alexander Cockburn
The Ruin of His Presidency

Daniel Wolff
Speculating on Education

Rev. William E. Alberts
How "White Magic" Makes the Ism of Race Disappear

Mike Roselle
Send Lawyers, Guns and Money

Saul Landau
Covert Memories From Miami

Eshan Azari
Why Afghan Intellectuals Live in National Despair

Winslow T. Wheeler
The Pentagon Feedlot

Robert Jensen
Is Obama a Socialist?

Jonathan Cook
Sleeping with the Enemy

Nelson P Valdés
Cuba, Hurricanes and the Internet

David Michael Green
Dumping Dubya

Ramzy Baroud
The Goldstone Report and Israeli Impunity

John V. Whitbeck
The Partition Straightjacket

Andy Worthington
Gitmo Trial Delayed ... Again

David Ker Thomson
The Lady Vanishes

Seth Sandronsky
Obama and Race Management

Jim Goodman
Why are Farmers Afraid of Michael Pollen?

Charles R. Larson
From Oppression to Opportunity

David Yearsley
Froberger's Travels

Kim Nicolini
Hardcore Capitalism

Lorenzo Wolff
Transparent Pink

Website of the Weekend
An Emergency Appeal in the Fight Against Big Coal

September 24, 2009

Steven Higgs
Even in Indiana, Doctors Support National Health Insurance

Christopher Brauchli
Death Pays

Marshall Auerback
The Shortfall at the FDIC

Stephanie Westbrook
Italy's Fallen Soldiers

Nadia Hijab
Know Your Dictator

Sen. Russell Feingold
Fixing the Patriot Act, Restoring the Constitution

David Macaray
Goodbye "Norma Rae"

Binoy Kampmark
Curry Bashings in Oz

Joe Allen
Dancing With the Hammer

Website of the Day
The Most Corrupt Members of Congress

September 23, 2009

Paul Craig Roberts
The Economy is a Lie, Too

Gabriel Kolko
The United States in Afghanistan: Eight Years Later

Uri Avnery
The Waldorf-Astoria Summit

Shamus Cooke
The First Shots of the Trade War

Missy Beattie
The Sound of Money

Gareth Porter
Taliban Rising

Mark Weisbrot
How Much Repression Will Hillary Clinton Support in Honduras?

Dr. Susan Block
The Murder of Annie Le

Norm Kent
Pot and the Right to Pursue Happiness

Richard Neville
Apocalypse Porno

Website of the Day
In Carver Country

September 22, 2009

Franklin C. Spinney The Huge Hole in Gen. McChrystal's Afghan Counterinsurgency Strategy

Russell Mokhiber
Who's the Pimp?

Greg Grandin
Zelaya's Brazilian Gambit

Nikolas Kozloff
Salvaging Democracy in Honduras Will Be Tricky

John Ross
Mexico Convulsed by Paranoia

Ron Jacobs
Gen. McChrystal's Salespitch

Tariq Ali
The Afghan Folly

Dave Lindorff
NYT Trashes Single-Payer

Harvey Wasserman
Tom Friedman's Idiocy Atomique

Vijay Prashad
Is Anything Better Than Nothing?

Kareem Shora
After the CIA Torture Report

Website of the Day
Did a State Dept Official Sell Nuclear Secrets?

September 21, 2009

JoAnn Wypijewski
Will Trumka or the Steelworkers Push Labor Into Battle?

Carl Finamore
Backstage at the AFL-CIO Convention

Uri Avnery
Sliming Goldstone and His Report

Nikolas Kozloff
Joe Wilson's Immigration Hypocrisy

Paul Simpson, M.D.
Why Your Doctor May Have PTSD

Alan Nasser
New Deal Liberalism Writes Its Obituary

Ray McGovern
CIA Torturers Running Scared

Dave Lindorff
Thoughts on Saving an Old Barn

Lina Thorne
Women, War and Afghanistan

Jeb Sprague
Confronting the G20

Website of the Day
Petition: Save the Yellowstone Grizzly

September 18-20, 2009

Alexander Cockburn
When Gossip Came Back and Our Modern Age was Born

Russell Mokhiber
Meet the Real Death Panels

Mike Whitney
The Post-Bubble Malaise

David Michael Green
Can America be Salvaged?

Jonathan Cook
Boycott Derails Jerusalem Rail Line

Nadia Hijab
Sinking the Goldstone Report

Mark Weisbrot
Recession, Recovery and Reform: Will Anything Change?

Michael Winship
Let's Make a Deal, Beltway Edition

Michael Leonardi
The Nuclear Dump in the Mediterranean Sea

Andy Worthington
The Kuwaiti Who Met Bin Laden

Fred Gardner
The Prohibitionists' Manifesto

David Macaray
What Happens in Congress Stays in Congress

David Rosen
System Failure and the Garrido Case

Jason Mark
Hacking the Sky

Mike Ferner
In Praise of Senator Baucus

Farzana Versey
The Great Indian Rope Trick

Ron Jacobs
Dr. Guillotin and Dr. Faustus: an Interview with Marc Estrin

elin o'Hara slavick
Flags for Hiroshima: Artist's Statement

Gilad Aztmon
Vengeance, Barbarism and Tarantino's Inglourious Basterds

David Yearsley
Mendelssohn as Organ Maestro

Charles R. Larson
Darkness, Dignity and Hope in Liberia

Lorenzo Wolff
Dialing Up The Clash

Website of the Weekend
Meet Your Conservative Movement

September 17, 2009

Joshua Frank
Max Baucus: the Slick Swindler

Brenda Norrell
Cry Me a River: Uranium and Genocide in Indian Country

Robert Weissman
The Financial Crisis, One Year Later

Pam Martens
The Filmmakers vs. the Capitalists

Franklin Lamb
Palestinian Camps Are Ready to Erupt

Ricardo Alarcón de Quesada
Cuban Five: An Insult to Humanity

Jed Bickman
Drone War Over Pakistan

Alan Farago
The Mayor of Coconut Creek Gets Butterflies

Website of the Day
C.R.O.C.

September 16, 2009

Ray McGovern
Torture and Accountability

Stephen Green
America's Strange Health Care Debate

Andy Worthington
Is Bagram Obama's New Secret Prison?

Dean Baker
Short Sellers: the Unsung Heroes of the Financial Crisis

Anthony DiMaggio
Killing the Messenger

Ricardo Alarcón de Quesada
Cuban Five: The Unheard Call

Benjamin Dangl
Justice Follows Direct Action

Robin Willoughby
The World Seed Conference: Good for Farmers?

Eric Walberg
EuroPeace, the Sounds of Silence

James Ridgeway
Bring That "Boy" Down

Website of the Day
Baucus' Bogus Bill

September 15, 2009

Mike Whitney
The Real Lesson of Lehman's Fall

Mutadhar al-Zaidi
The Story of My Shoe

Marshall Auerback
Government Spending is the Solution--Not the Problem

Afshin Rattansi
The Deal That Led to the Srebrenica Massacre: Former UN Spokeswoman Fingers Holbrooke and the Clinton Administration

Jonathan Cook
How US Tax Breaks Fund Israeli Settlers

Gareth Porter:
Niger Redux? IAEA Conceals Evidence Iran Nuke Docs Were Forged

Dave Lindorff
Congress Needs More Catcalls

Winslow T. Wheeler
Obama and Pentagon Pork

Franklin Spinney
Bin Laden's Latest Message and the Nuttiness of the War on Terror

Karen Korenoski /
Michael Yates
Up in Wood Smoke: Boulder's Dirty Little Secret

David Macaray
Government Cheese

Susie Day
President Mao-bama's Little Red Primer

Website of the Day
The Cotton Pickin' Truth: the Persistance of Slavery in Mississippi

September 14, 2009

Paul Craig Roberts
The Health Care Deceit

M. G. Piety
The Danes Do It (Health Care) Better

Shamus Cooke
Wall Street Under Obama: Bigger and Riskier

Bouthaina Shaaban
Three Faces and a Homeland

Alvaro Huerta
In Defense of the Undocumented: Immigrants and Health Care

John Ross
Mexico Loses Its History

Harvey Wasserman
The Supreme Court and Corporate Money

Adam Federman
The Plight of the Bumblebee

Stephen Fleischman
The Federal Twist

Robert Jensen
Can Journalism Schools be Relevant in a World on the Brink?

Website of the Day
The Origin of Sex Offender Registries

September 11-13, 2009

Alexander Cockburn
Obama's Big Speech: Math Trumps Rhetoric

JoAnn Wypijewski
Trumka Takes Over AFL-CIO

Carl Ginsburg
The Patient as Profit Center

Leonard Peltier
I am Barack Obama's Political Prisoner Now

Franklin Lamb
Ted Kennedy's Changing Take on Israel

Benjamin Dangl
Throwing Bullets at Failed Policies

Mike Whitney
How to Fight Deflation

John Berger
In Search of Antonello

Saul Landau
Watergate and Modern Scandals

Russell Mokhiber
Disgraceful Democrats

Ricardo Alarcón de Quesada
Pryor's Judgment

Felice Pace
NPR's Linda Gradstein Has Done It Again on Gaza

Jordan Flaherty
The Battle Over Discriminatory Housing Laws in New Orleans

Ron Jacobs
It's Time to be Impolite About Afghanistan

David Macaray
The Utility of Boycotts

David Correia
Welcome to the Business-Friendly Carpenter's Union

Robert Bryce
Wind Turbines and Bird Kills

Christopher Brauchli
Defenders of the Classroom

Paul Krassner
Aha! A Few Words About the 9/11 Truth Movement

Charles R. Larson
Deracination

Kim Nicolini
"Extract:" An Exercise in Economic Realism

David Yearsley
Tall Buildings: the Sound and the Silence

Lorenzo Wolff
In Defense of the One Hit Wonder

Poets' Basement
McEnteer and Corseri

Website of the Weekend
Pizarchik: the Wrong Choice

September 10, 2009

Joshua Frank
Inside Hanford's B Reactor: a Tour of the World's Most Toxic Nuclear Site

Dean Baker
Bernanke's Bad Money

Brian M. Downing
The State of U.S. National Security

Franklin C. Spinney
Portrait of an Afghan Firefight: Up Close and Personal

Andy Worthington
No Escape From Guantánamo

Chase Madar
Samantha Power and the Weaponization of Human Rights

Farzana Versey
A Tale of Two Slums

Ronnie Cummins
Whole Foods, Fair Trade and Organics

Binoy Kampmark
Health Care, Obama and the System

Timothy Lebrón
The Conservative Case for Health Care Reform

Charles R. Larson
A Solution to the Health Care Dilemma

Website of the Day
The Debtor's Revolt Begins!

September 9, 2009

Richard Neville
Trigger-Happy in Afghanistan

Melissa Checker
Double Jeopardy: Carbon Offsets and Human Rights Abuses

Nadia Hijab
Settling for ... Settlements?

Robert Weissman
The Stakes at the Supreme Court

Jonathan Cook
Israeli Arabs Call for General Strike

Russell Mokhiber
Pollan, Mackey, Whole Foods and Single Payer

James Ridgeway
The Dotty Factor: Will Demented Geezers Wreck the Economy?

Richard W. Behan
Obama's Imperative in Afghanistan

James McEnteer
The Photo and the Secretary: How to Appall Robert Gates

Martha Rosenberg
Hatchery Horrors

Website of the Day
Belmondo Verité

September 8, 2009

Henry A. Giroux
The Corporate Stranglehold on Education

Stephen Soldz
Psychologist Accused of War Crimes Opposes Investigations

John Ross
Rituals of the Absurd

Jeff Leys
Health Care vs. Warfare: the Future of the Afghan War

Mike Whitney Ashcroft: Repugnant to the Constitution

Shamus Cooke
Obama's Empty Labor Day Speech

Ellen Brown
Did Lehman Brothers Fall or Was It Pushed?

Norman Solomon Men With Guns: In Kabul and Washington

Deepak Tripathi
The Axis of Evil and the Great Satan

Laray Polk
Personality Cults, Indoctrination and Inculcation

Charles R. Larson
Just Who Does He Think He Is?

Website of the Day
The President is Not a Guidance Counselor

September 7, 2009

Vicente Navarro
Obama's Mistakes in Health Care Reform

Bouthaina Shaaban
In Praise of Admiral Mullen

David Macaray
Obama's Labor Day Report Card

Paul Craig Roberts
Indefensible Nation

Jonathan Cook
Israeli Ads Warn Against Marrying Non-Jews

Conn Hallinan
Brazil Flexes Its Muscles

Walter Brasch
The Origins of Labor Day, the Unknown Holiday

Mark Weisbrot
IMF Gives Honduran Government $175 Million

Carl Finamore
China's Birthday Stimulation

C. G. Estabrook
Advance Text of Obama's Big Speech

Website of the Day
One Down, 20,000 to Go

September 4-6, 2009

Alexander Cockburn
Deeper Into the Tunnel

Carl Ginsburg
Saving New Orleans' Charity Hospital

Jonathan Cook
The Missing Link in Israeli Organ Theft?

George Wuerthner
The Unintended Consequences of Wolf Hunting

Marc Levy
The Bling They Curse and Carry

Ray McGovern
Holbrooke's Afghan Benchmark

Ricardo Alarcón de Quesada
It Happened in Miami

Joe Paff
Organizing the Mission

Gareth Porter
Taliban's Tank-Killing Bombs Came From CIA, Not Iran

Devin Beaulieu
Scaremongering About Bolivia and Islam

Anthony Papa
Why Leslie Crocker Snyder Should Not Become New York City's New DA

David Ker Thomson
Love and Dekes in Utopia

Don Fitz
The Case of the Biodevastation 7: What the Police Won't Apologize For

Lee Sustar /
S. Sepehri
The Fallout From Iran's Elections

Jim Goodman
Why Honor Organized Labor?

Wajahat Ali
Domestic Crusaders: Making Muslim American Theater

Ron Jacobs
Agitator Journalism: Remembering Ramparts

Helen Redmond
The Lion Sleeps Tonight: the Crimes and Misdemeanors of Teddy Kennedy

John V. Walsh
Obama to Cindy Sheehan: Get Lost

Charles R. Larson
Mandanipour's Masterpiece: Censoring an Iranian Love Story

Mark Scaramella
Ho-Bleeping-Hum: a Few Well-Chosen Words About Valerie Plame's Book

David Yearsley
Cameron Carpenter's Amazing Organ Transplants

Ben Sonnenberg
Hooking, Breaking Friendships, Cross-Dressing and, Above All, Delphine Seyrig

Poets' Basement
Davies, Orloski and Bready

Website of the Weekend
Architectural Semiotics with Glenn Beck

September 3, 2009

Marcus Rediker
Inside Auburn Prison

Ron Jacobs
Embedded With the Taliban

Mike Whitney
How Bad Will It Get?

Ricardo Alarcón de Quesada
Untold Story of the Cuban Five: Indictment À La Carte

Saul Landau
Moby Dick and Asian Typhoons

Anat Matar
Israeli Academics Must Pay a Price to End Occupation

Tanya Golash-Boza
How Immigration Enforcement is Weakening National Security

Dave Lindorff
Which Side Are You On?

Andy Worthington
The Story of Gitmo's Two Syrians

Website of the Day
Plundering Appalachia

September 2, 2009

John Ross
Mexico's Plagues

Vijay Prashad
Hey Ram, the Things the Financial Times Group Does!

Rev. Jim Rigby
Why is Universal Health Care "Un-American"?

Joanne Mariner
What the Inspector General Found

Missy Beattie
Hejira: At Martha's Vineyard with Cindy Sheehan

Soren Ambrose
Multilateral Money

Diane Farsetta
Water: the Newest Wave of Corporate "Social Responsibility"

Nadia Hijab
Mulling Mullen's Message

Shamus Cooke
How to Lower the Deficit Without Killing Social Security

Charles R. Larson
Is Dick Cheney Running Scared?

Website of the Day
Inside the Egg Hatchery

September 1, 2009

Jeffrey St. Clair
The Wolf at Trout Creek

Paul Craig Roberts
Why Not Sanctions for Israel?

Mark T. Harris
The Whole Foods Boycott: It's About More Than CEO Hypocrisy

Dean Baker
Bank Profits Are Up: Did You Hear Anyone Say, "Thank You"?

Jeffrey Buchanan
Ending the Human Rights Crisis in KatrinaRitaVille

Robin Mittenthal
A Sea of Monocrops: Old MacDonald Never Had a Farm Like This

Ellen Brown
Mercury Mischief

Martha Rosenberg
Vytorin Marketing is Back

Website of the Day
Crazy Town Hall Protester Interviews

Weekend Edition
October 2-4, 2009

The Rise of the SDRs

IMF Catapults From Shunned Agency to Global Central Bank

By ELLEN BROWN

"A year ago,” said law professor Ross Buckley on Australia’s ABC News last week, “nobody wanted to know the International Monetary Fund. Now it’s the organiser for the international stimulus package which has been sold as a stimulus package for poor countries.”

The IMF may have catapulted to a more exalted status than that. According to Jim Rickards, director of market intelligence for scientific consulting firm Omnis, the unannounced purpose of last week’s G20 Summit in Pittsburgh was that “the IMF is being anointed as the global central bank.” Rickards said in a CNBC interview on September 25 that the plan is for the IMF to issue a global reserve currency that can replace the dollar.

“They’ve issued debt for the first time in history,” said Rickards. “They’re issuing SDRs. The last SDRs came out around 1980 or ’81, $30 billion. Now they’re issuing $300 billion. When I say issuing, it’s printing money; there’s nothing behind these SDRs.”

SDRs, or Special Drawing Rights, are a synthetic currency originally created by the IMF to replace gold and silver in large international transactions. But they have been little used until now. Why does the world suddenly need a new global fiat currency and global central bank? Rickards says it because of “Triffin’s Dilemma,” a problem first noted by economist Robert Triffin in the 1960s. When the world went off the gold standard, a reserve currency had to be provided by some large-currency country to service global trade. But leaving its currency out there for international purposes meant that the country would have to continually buy more than it sold, running large deficits; and that meant it would eventually go broke. The U.S. has fueled the world economy for the last 50 years, but now it is going broke. The U.S. can settle its debts and get its own house in order, but that would cause world trade to contract. A substitute global reserve currency is needed to fuel the global economy while the U.S. solves its debt problems, and that new currency is to be the IMF’s SDRs. 

That’s the solution to Triffin’s dilemma, says Rickards, but it leaves the U.S. in a vulnerable position. If we face a war or other global catastrophe, we no longer have the privilege of printing money. We will have to borrow the global reserve currency like everyone else, putting us at the mercy of the global lenders.

To avoid that, the Federal Reserve has hinted that it is prepared to raise interest rates, even though that would mean further squeezing the real estate market and the real economy. Rickards pointed to an oped piece by Fed governor Kevin Warsh, published in The Wall Street Journal on the same day the G20 met. Warsh said that the Fed would need to raise interest rates if asset prices rose – which Rickards interpreted to mean gold, the traditional go-to investment of investors fleeing the dollar. “Central banks hate gold because it limits their ability to print money,” said Rickards. If gold were to suddenly go to $1,500 an ounce, it would mean the dollar was collapsing. Warsh was giving the market a heads up that the Fed wasn’t going to let that happen. The Fed would raise interest rates to attract dollars back into the country. As Rickards put it, “Warsh is saying, ‘We sort of have to trash the dollar, but we’re going to do it gradually.’ . . . Warsh is trying to preempt an unstable decline in the dollar. What they want, of course, is a stable, steady decline.”

What about the Fed’s traditional role of maintaining price stability? It’s nonsense, said Rickards. “What they do is inflate the dollar to prop up the banks.” The dollar has to be inflated because there is more debt outstanding than money to pay it with. The government currently has contingent liabilities of $60 trillion. “There’s no feasible combination of growth and taxes that can fund that liability,” Rickards said. The government could fund about half that in the next 14 years, which means the dollar needs to be devalued by half in that time.

The Dollar Needs to be Devalued by Half?

Reducing the value of the dollar by half means that our hard-earned dollars are going to go only half as far, something that does not sound like a good thing for Main Street. Indeed, when we look more closely, we see that the move is not designed to serve us but to serve the banks. Why does the dollar need to be devalued? It is to compensate for a dilemma in the current monetary scheme that is even more intractable than Triffin’s, one that might be called a fraud. There is never enough money to cover the outstanding debt, because all money today except coins is created by banks in the form of loans, and more money is always owed back to the banks than they advance when they create their loans. Banks create the principal but not the interest necessary to pay their loans back.

The Fed, which is owned by a consortium of banks and was set up to serve their interests, is tasked with seeing that the banks are paid back; and the only way to do that is to inflate the money supply, in order to create the dollars to cover the missing interest. But that means diluting the value of the dollar, which imposes a stealth tax on the citizenry; and the money supply is inflated by making more loans, which adds to the debt and interest burden the inflated money supply was supposed to relieve. The banking system is basically a pyramid scheme, which can be kept going only by continually creating more debt.

The IMF’s $500 Billion Stimulus Package:
Designed to Help Developing Countries or the Banks?

And that brings us back to the IMF’s stimulus package discussed last week by Professor Buckley. The package was billed as helping emerging nations hard hit by the global credit crisis, but Buckley doubts that that is what is really going on. Rather, he says, the $500 billion pledged by the G20 nations is “a stimulus package for the rich countries’ banks.”

Why does he think that? Because stimulus packages are usually grants. The money coming from the IMF will be extended in the form of loans. 

“These are loans that are made by the G20 countries through the IMF to poor countries. They have to be repaid and what they’re going to be used for is to repay the international banks now. .  . . [T]he money won’t really touch down in the poor countries. It will go straight through them to repay their creditors. . . . But the poor countries will spend the next 30 years repaying the IMF.”

Basically, said Professor Buckley, the loans extended by the IMF represent an increase in seniority of the debt. That means developing nations will be even more firmly locked in debt than they are now.

“At the moment the debt is owed by poor countries to banks, and if the poor countries had to, they could default on that. The bank debt is going to be replaced by debt that’s owed to the IMF, which for very good strategic reasons the poor countries will always service. . . . The rich countries have made this $500 billion available to stimulate their own banks, and the IMF is a wonderful party to put in between the countries and the debtors and the banks.”

Not long ago, the IMF was being called obsolete. Now it is back in business with a vengeance; but it’s the old unseemly business of serving as the collection agency for the international banking industry. As long as third world debtors can service their loans by paying the interest on them, the banks can count the loans as “assets” on their books, allowing them to keep their pyramid scheme going by inflating the global money supply with yet more loans. It is all for the greater good of the banks and their affiliated multinational corporations; but the $500 billion in funding is coming from the taxpayers of the G20 nations, and the foreseeable outcome will be that the United States will join the ranks of debtor nations subservient to a global empire of central bankers.

Ellen Hodgson Brown is the author of Web of Debt: the Shocking Truth About Our Money System and How We Can Break Free. She can be reached through her website.

Now Available from CounterPunch Books!

Yellowstone Drift:
Floating the Past
in Real Time
by John Holt
Introduction by Doug Peacock

Click here to Buy!

Spell Albuquerque:
Memoir of a
"Difficult Student"
By Tennessee Reed

Waiting for Lightning
to Strike:
The Fundamentals
of Black Politics
Kevin Alexander Gray

Click Here to Buy!

Click Here to Buy!

The Inside Story of the Shannon Five's Smashing Victory Over the
Bush War Machine
By Harry Browne

Born Under a Bad Sky:
Notes from the Dark Side
of the Earth
By Jeffrey St. Clair

Buy End Times Now!

Click Here to Buy!

Click Here to Order!

Humanitarian Imperialism
By Jean Bricmont