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The New Print Edition of CounterPunch, Only for Our Newsletter Subscribers! How Cops Extort Confessions;
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The New Print Edition of CounterPunch, Only for Our Newsletter Subscribers!
How Cops Extort Confessions;
How the U.S. “Justice System” Really WorksNinety-two per cent of felony convictions in the U.S. are obtained by plea bargains or confessions. Without them the “justice system” would grind to a halt. In an important piece in our latest newsletter, available only to subscribers, Emily Horowitz shows how totally innocent people will “confess” under police pressure, even without physical torture. Horowitz outlines the powerful case for banning confessions altogether. Also in this new edition Marcus Rediker, co-author of the legendary The Many Headed Hydra, writes of popular heroism and resistance in the favelas of Medellin, Colombia. Alexander Cockburn reports on how America’s oldest bank, patronized by the global elites, washed billions smuggled out of Russia, and how the Russians might win their money back, shaking the world’s banking system if they do so. Serge Halimi describes the real battle for the soul of Europe. Get your copy today by subscribing online or calling 1-800-840-3683 Contributions to CounterPunch are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now! CounterPunch books and gear make great presents.
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Today's Stories August 20, 2008 Michael Neumann August 19, 2008 Paul Craig Roberts Deepak Tripathi Marwan Bishara Saul Landau William S. Lind Martha Rosenberg James Brittain Pratyush Chandra David Macaray Website of the Day August 18, 2008 Tariq Ali Gary Leupp Uri Avnery John Ross Farooq Sulehria Luis Rodriguez Manuel Garcia, Jr. Noah Baker Merrill Charles Thomson Website of the Day August 16 / 17, 2008 Alexander Cockburn Jeffrey St. Clair Deepak Tripathi Conn Hallinan Mike Whitney Robert Fantina Ray McGovern Nicole Colson Fatima Bhutto Jean-Luis Rocca David Michael Green Ramzi Kysia Dave Lindorff Lisa Martinovic Richard Rhames Don Santina Rannie Amiri Ramzy Baroud John Stanton Howard Lisnoff Ron Jacobs Seth Sandronsky Poets' Basement Website of the Weekend
August 15, 2008 Steve Niva David Remington Michael Winship Paul Craig Roberts Farzana Versey Harvey Wasserman Felice Pace Julian Critchley Website of the Day August 14, 2008 Saul Landau / Conn Hallinan Mike Whitney Reza Fiyouzat Ralph Nader Christopher Brauchli The Cheerleader in China Jack Bradigan Spula Patrick Irelan John Walsh Dan Bacher Website of the Day
August 13, 2008 Paul Craig Roberts David Remington Brian Cloughley Glen Ford Brendan Cooney Dave Lindorff Tom Lewis Stan Cox Alan Farago Martha Rosenberg Website of the Day August 12, 2008 Uri Avnery Anthony DiMaggio Bill Christison Eric Walberg Kate Connolly Diane Farsetta Peter Morici Thom Rutledge Lee Patton Niranjan Ramakrishnan Website of the Day August 11, 2008 Ishmael Reed Paul Craig Roberts Gary Leupp Douglas Kammen William Willers Greg Moses Jeff Leys Cynthia McKinney Alan Farago Website of the Day August 9 / 10, 2008 Alexander Cockburn Jeffrey St. Clair Bruce Jackson Kevin Young Chris Floyd Joshua Frank Robert Fantina Brendan Cooney Mark Almond Lois Gibbs Rev. William Alberts Kathy Kelly John Ross David Michael Green Bill Moyers / Ron Jacobs Richard Rhames David Yearsley Lee Sustar Brenda Norrell Ben Terrall Poets' Basement Website of the Weekend August 8, 2008 Patrick Cockburn Manuel Garcia, Jr. M. Shahid Alam Andy Worthington Lawrence J. Korb David Model Alan Farago Diop Olugbala Firmin DeBrabander Website of the Day August 7, 2008 Dr. Trudy Bond William Blum Paul Craig Roberts Ralph Nader Robert Weitzel Jacob G. Hornberger Binoy Kampmark David Macaray Howard Lisnoff Website of the Day August 6, 2008 Marc Herold Greg Moses Sheldon Rampton Kevin Young Michael Estrada Robert Weissman Dr. Susan Block Cindy Sheehan Ace Hoffman Website of the Day August 5, 2008 Paul Craig Roberts Jeff Halper Patrick Cockburn Nancy Welch Peter Morici Sousan Hammad Eamon Martin Shepherd Bliss Tim Matson Website of the Day August 4, 2008 Uri Avnery Saul Landau David W. Remington Rev. Jesse Jackson Dave Lindorff Peter Morici Joanne Mariner Ramzy Baroud Christian Wright Website of the Day August 2 / 3, 2008 Alexander Cockburn Jeffrey St. Clair Patrick Cockburn Winslow T. Wheeler James Abourezk Andy Worthington Brian Cloughley Robert Fantina Benjamin Dangl Marlene Martin David Yearsley Fatemeh Keshavarz David Michael Green Obama as Dukakis Harvey Wasserman Jason Hribal Phyllis Pollack Laray Polk Ron Jacobs David Macaray David Rosen Dan Bacher Joe Allen Poets' Basement Website of the Weekend August 1, 2008 Jonathan Cook Nikolas Kozloff Rannie Amiri Peter Morici Christopher Brauchli M. K. Bhadrakumar Patrick Cockburn James J. Brittain Dan Bacher Website of the Day
July 31, 2008 Michael Hudson Carl Finamore Mike Whitney Joshua Frank Andy Worthington Ralph Nader Bill Moyers / Robert Weissman Dave Lindorff Website of the Day July 30, 2008 Brian M. Downing Chuck Spinney William S. Lind David Ker Thomson Karl Grossman Mike Whitney Martha Rosenberg James Murren Dave Lindorff Ron Jacobs Website of the Day July 29, 2008 Jeffrey St. Clair John Ross Peter Morici Alison Weir Gary Leupp David Macaray Brenda Norrell Marjorie Cohn Eric Ruder Website of the Day July 28, 2008 Dr. Bryant Welch Kathy Kelly Mike Whitney Peter Morici Christopher Brauchli Clifton Ross Stephen Lendman Website of the Day
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August 20, 2008 The Incredibly Shrinking Dollar? Think Again ...Greenback Surges, Euro ShrivelsBy MIKE WHITNEY The greenback has surged 6 per cent in the last month alone. The euro, on the other hand, has been caught in the same recessionary downdraft that is buffeting a number of other currencies, all of which are unwinding at the same time although unevenly. Currency markets don't move in straight lines, but don't be fooled, most paper money is steadily losing value due to the unprecedented expansion of credit. Investors are moving to cash and hunkering down; the stock and bond markets are just too risky and real estate is in a shambles. As the equity bubble continues to lose gas, balance sheets will have to be mended and lending will slow to a crawl. At present, Germany's slowdown and Spain's housing crash are drawing most of the attention but, the spotlight is shifting fast. Next week it could be shining down on the America's failing banking system or poor corporate-earnings reports in the US. Then it will be the dollar marching off to the gallows. Europe's troubles have put to rest to idea that other countries can "decouple" from the US and prosper without the help of the US consumer. That might be true in the long-term, but falling demand is already visible everywhere. Retail and auto sales are taking a thumping and 2009 is shaping up to be even tougher. It's looking more and more like the Europeon Central Bank was faked-out by the early signs of inflation and missed the deflationary sledgehammer that was about to come crashing down. It was a catastrophic blunder by European Central Bank (ECB) chief Jean Claude Trichet and it could cost him his job. Raising interest rates while sliding into the jaws of recession is madness. Now all of Europe is headed for a hard landing and there's no way to soften the blow. The ECB doesn't have the same tools as the Fed; Trichet can't simply backstop the whole system with green paper and T-Bills like Bernanke. He can either slash rates or sit on his hands and hope for the best. Deficits are expected to soar in the European south (particularly Spain, Greece and Italy) while growth in the industrial north, e.g., Germany, will continue to shrink. Also, Spain, Ireland and England are undergoing the biggest housing meltdown in history after indulging in the same mortgage hanky-panky that took place in the US. Billions of dollars of low interest loans, that were issued to unqualified mortgage applicants, are gumming up the whole system and sending foreclosures skyrocketing. Now the losses have to be written down and thousands of unoccupied houses sold at auction. As the US housing market continues to collapse, trillions of dollars in equity and credit are disappearing in a deflationary bonfire. When a $400,000 home--with no down payment and negative equity--goes into foreclosure; $400,000 vanishes from the digital-pool of credit and has to be written down as a loss. So far, much of the losses have not yet been accounted for because the banks are using their own internal models for determining the value of their downgraded assets. Two weeks ago, Merrill Lynch sold $30 billion of mortgage-backed junk for 20 cents on the dollar. But they also financed the deal, which means that they really only got 5 cents on the dollar! This reflects the true "market value" of these assets. They are virtually worthless. Naturally, Merrill's sale sent tremors through Wall Street where banks and other financial institutions are sitting on trillions of dollars of this garbage marking it down at a few percentage points every reporting period rather than doing what Merrill did and putting it all behind them. As a result, the banks have less capital to lend, which means economic activity will continue to slow and the country will go into a deep recession. The point is, that the Federal Reserve now holds about $400 billion of this junk-paper on their balance sheets and the US Treasury is planning to take on hundreds of billions more (perhaps as mush as $800 billion more under the new legislation!) to prop up Fannie Mae and Freddie Mac. The Bush administration is using the credibility of the dollar as collateral in its plan to bail out the most reckless, high-stakes Wall Street gamblers. So, how does this affect the dollar? The nation's debts are entirely balanced atop its currency. The greenback is like a circus strongman holding a barbell precariously over his head; as the weight is increased, the sweat begins to appear on his brow while the veins in his neck and forehead begin to bulge. Finally, the knees buckle and the and the over-matched weightlifter crashes to the canvas in a heap. That's the future of the dollar in a nutshell. But how does that explain the sudden fall in gold prices; after all, gold is the logical alternative to paper money, right? Wrong. Gold is "real money" alright, but it's also a commodity. And when commodities are smashed by a deflationary tidal wave--as they have been the last few weeks-- gold will follow them into the basement. In truth, gold has taken an even worse pasting than the euro; free-falling from $980 per ounce in mid-July to $786 at Friday's market close. $194 in a month. When the economy is in the grips of deflation; all asset-classes get dragged down, gold included. Many of the hedge funds and other big market players are selling their gold positions recognizing that the commodities boom is over and it's time to move on. That doesn't mean that gold won't rebound sharply when Bernanke slashes rates or if Bush blows up some new part of the globe. It simply means that in the short term, "cash is king". Pension funds and hedge funds will continue to deleverage to reduce their credit exposure to put themselves in a better position to roll over their debt. That means that gold's slide could last a while. This doesn't look like a conspiracy to me, but I have my tin-foil hat in hand just in case. No one knows where the bottom is for gold, but one thing is certain; its future prospects are a lot brighter than the dollar's. The Bush administration has yet to demonstrate that it can enforce Dollar Hegemony via military intervention. That is a very big deal indeed. If the dollar isn't backed by Middle East oil, then the $6 trillion stockpile of dollars and dollar-denominated assets that are languishing in foreign central banks and sovereign wealth funds, will continue to dwindle until the dollar's position as "reserve currency" comes to an end. That's one doomsday scenario, but there is another one, too. If Bernanke and Paulson continue to pile all of the nation's credit problems (bad paper) on top of the greenback; foreign capital will head for the exits and the dollar will crash. Either way, the dollar's troubles are mounting and something's got to give. Mike Whitney lives in Washington state. He can be reached at: fergiewhitney@msn.com
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