What is truth?

Posts tagged ‘New York Times’

The “Anti-Economist” Calls Bitcoin the Anti-Social Network

From boombustblog.com

Paul Krugman wrote an anti-cryptocurrency Op-Ed piece in the NY Times titled the “Anti-social Network“. Now, I know the Times needs to sell ad space and subscriptions, hence technical accuracy may not be exactly what they are going for, but Mr. Krugman (the classical Keynesian economist type – I don’t particularly subscribe to such schools of thought, I guess I’m not educated enough) has spewed so many inaccurate statements, false facts and just plain old indications of his total misunderstanding of the subject matter one would think it would behoove the Times to either have him issue corrections (or, since it is Op-Ed after all) have someone such as my self (you know, maybe a little less academically involved) come after him and clean up a little.

Now, where shall I start? To quote Mr. Krugman:

So how is bitcoin different? Unlike credit card transactions, which leave a digital trail, bitcoin transactions are designed to be anonymous and untraceable. When you transfer bitcoins to someone else, it’s as if you handed over a paper bag filled with $100 bills in a dark alley.

I don’t think that’s true Mr.Krugman. Let’s refer to Wikipedia’s write-up on the Crypto……………… full article at source: http://boombustblog.com/blog/item/9178-the-anti-economist-calls-bitcoin-the-anti-social-network


Is there anybody out there who can help set up a Bitcoin currency for us In Ireland????

Let’s talk about tax.

By David Mc Williams

On Friday, both the Financial Times and the New York Times carried banner pieces criticising how Ireland is being used and, more to the point, is allowing itself to be used as part of a large tax avoidance scheme. Opinion is shifting against Ireland’s corporate tax system. And we are talking about the Financial Times and the New York Times – hardly the Worker’s Hammer or Militant.

Added to this, we have reports that the Irish corporate tax system might be a sticking point in the on-going German coalition talks as the left-leaning Social Democrats is demanding tax harmonisation in return for access to future EU bank bailout funds. Right across the political spectrum – left to right – momentum is moving against the way in which Ireland taxes its foreign corporations.

Not that long ago, at the G20 in Enniskillen, the world’s head honchos said that they would act together to level the playing field for corporation tax to prevent companies abusing tax shelters…………………

full article at source: http://www.davidmcwilliams.ie/2013/10/14/lets-talk-about-tax


By Thomás Aengus O Cléirigh


The  Irish government’s attempt to re-invent the toxic banks as “Pillar community friendly banks” is just a farce. The Banks latest advertisement that floods our TV screens is insulting and an attempt to dumb down the citizens of Ireland. These toxic corrupt dens should be closed down and the directors should be doing jail time. But there is a more sinister problem here on our door step and it is in the IFSC in Dublin.

Did you know that there is approximately 1.4 trillion Euros on deposit and under Management in the various Fund management companies in the IFSC? Now I myself have two bank accounts one in Bank of Ireland and one at Allied Irish Bank and I estimate I am paying about 2.5% in costs every year (taxes) for the privilege of having these two bank accounts. I suspect that everybody else in Ireland is paying the same through the dirt tax and penal bank charges, but what taxes are the super rich paying to hide the billions in the ISFC off shore tax haven? “Nothing”. Not a single penny, No Taxes!

Remember every euro the government gives away to these billionaires they squeeze out of our health service, our educational system and our community services. Want to know why your taxes are going up in the next budget? Easy the puppet government is giving tax concessions to the likes of all these multinational corporations. Remember that when you get your water charges, your property tax etc you are paying Google’s and Apple’s taxes for them!and dont get me started on the corrupt tax avoidance scams down at Europe’s largest hot money centre the IFSC

What a great bunch of suckers we really are!  Time to get these leaches to pay their proper taxes!

Bernanke Told Friends He Plans to Leave the Fed in 2014

Ben Bernanke, Vampire Chairman

Ben Bernanke, Vampire Chairman (Photo credit: DonkeyHotey)



No matter who wins the White House this fall, it appears the next administration  will be accepting resumes for the crucial job of chairman of the Federal  Reserve.

According to The New York Times, Fed chief Ben Bernanke has told close  friends he plans to step down when his term expires in early 2014 even if  President Obama wins re-election this fall.

An Obama defeat seemed very likely to end Bernanke’s time at the Fed as GOP  standard bearer Mitt Romney told  FOX Business over the summer that he won’t reappoint the former Princeton  University economist to another four-year term.

During a news conference last month, Bernanke declined to spell out his  personal plans for when his term ends in January 2014.

Bernanke was first appointed to the Fed’s top post by President George W.  Bush in 2006, a move that left one of the foremost experts in the Great  Depression navigating the central bank through the 2008 financial crisis.

Read more: http://www.foxbusiness.com/business-leaders/2012/10/23/bernanke-probably-wont-stand-for-third-term/#ixzz2A8mUt7zv

Money laundering: JP Morgan in the frame for Venezuelan drugs link

From the Slog  larest article :

Those slightly dense British politicians convinced that American attacks on our banks involved in drug-money laundering were motivated by envy may be in for a few jolts in the next few weeks, I hear. The first of these comes in the shape of US regulators being on the verge of filing such charges against that most un-British of banks (save for the presence of Tony Blair) JP Morgan.

While the extent of the inquiry taking place into JPM is for the moment vague, I’m told the liabilities could be gigantic. Morgan has already gone public to say it expects ‘heightened scrutiny’ of its compliance with laundry regulations. But I understad that, in turn, the Office of the Comptroller of the………………………..

full article at source:  http://hat4uk.wordpress.com/2012/09/15/money-laundering-jp-morgan-in-the-frame-for-venezuelan-drugs-link/

I’m Being Followed:

This morning, if you opened your browser and went to NYTimes.com, an amazing thing happened in the milliseconds between your click and when the news about North Korea and James Murdoch appeared on your screen. Data from this single visit was sent to 10 different companies, including Microsoft and Google subsidiaries, a gaggle of traffic-logging sites, and other, smaller ad firms. Nearly instantaneously, these companies can log your visit, place ads tailored for your eyes specifically, and add to the ever-growing online file about you.

There’s nothing necessarily sinister about this subterranean data  exchange: this is, after all, the advertising ecosystem that supports  free online content. All the data lets advertisers tune their ads, and the rest of the information logging lets them measure how well things are actually working. And I do not mean to pick on The New York Times. While visiting the Huffington Post or The Atlantic or Business Insider, the same process happens to a greater or lesser degree. Every move you make on the Internet is worth some tiny amount to someone, and a panoply of companies want to make sure that no step along your Internet journey goes unmonetized.

Even if you’re generally familiar with the idea of data collection for targeted advertising, the number and variety of these data collectors will probably astonish you. Allow me to introduce the list of companies that tracked my movements on the Internet in one recent 36-hour period of standard web surfing: Acerno. Adara Media. Adblade. Adbrite. ADC Onion. Adchemy. ADiFY. AdMeld. Adtech. Aggregate Knowledge. AlmondNet. Aperture. AppNexus. Atlas. Audience Science

full article at source:http://www.theatlantic.com/technology/archive/2012/02/im-being-followed-how-google-151-and-104-other-companies-151-are-tracking-me-on-the-web/253758/

Who Runs the world?

By Michael Ricciardi
In the first such analysis ever conducted, Swiss economic researchers have conducted a
global network analysis of the most powerful transnational corporations (TNCs).
Their results have revealed a core of 787 firms with control of 80% of this
network, and a “super entity” comprised of 147 corporations that have a
controlling interest in 40% of the network’s TNCs.

When we hear conspiracy theorist talk about this or that powerful group (or alliance
of said groups) “pulling strings” behind the scenes, we tend to dismiss or
minimize such claims, even though, deep down, we may suspect that there’s some
degree of truth to it, however distorted by the theorists’ slightly paranoid
perception of the world. But perhaps our tendency to dismiss such claims as
exaggerations (at best) comes from our inability to get even a slight grip on
the complexity of global corporate ownership; it’s all too vast and complicated
to get any clear sense of the reality.

read full article at source : http://planetsave.com/2011/08/28/who-runs-the-world-network-analysis-reveals-super-entity-of-global-corporate-control/

A murky turn to the phone hacking scandal

Mr. Hoare, who was dismissed by NoW for drink and drug problems, hit the headlines when he told The New York Times that Prime Minister David Cameron’s ex-communications chief Andy Coulson was aware of phone hacking by NoW journalists during his time as its Editor. He described as a “lie…simply a lie’’ Mr. Coulson’s claim that he did not know about it.

Mr. Hoare claimed that Mr. Coulson in fact “actively encouraged me to do it’’..

Last week, Mr. Hoare revealed more details about the practices at NoW telling The New York Times that its journalists paid police to use technology to locate people through mobile phone signals, a technique known as “pinging’’. Police said the death was being treated as “unexplained, but not thought to be suspicious’’.?????

Greece – Salvation by Politicians( By The Daily Bell)

Thursday, June 23, 2011 – by Staff Report

 The Reboot Greece Needs … Greece’s prime minister, George A. Papandreou, comfortably survived a confidence vote on Tuesday, momentarily stabilizing his fragile Socialist government and clearing the way for a fresh infusion of financial assistance from the European Union. But the country’s economic crisis, which began at the end of 2009 when the world belatedly realized that Greece’s fiscal and trade deficits were unsustainable, is far from over; in fact it has taken a new and dangerous turn. – New York Times

Dominant Social Theme: If we could all just get along … Let the politicians lead the way.

Free-Market Analysis: Loukas Tsoukalis has written an editorial for the New York Times (excerpt above) that provides us with yet another glimpse into elite thinking when it comes to the salvation of the European Union.

It is perhaps persuasive on paper, but we would humbly submit that the laundry list Tsoukalis proposes is proof positive of the EU’s dire circumstances. None of them are practical, at least not when pursued to their logical conclusion. That they appear in the pages of the New York Times and are presented as logical outcomes is further evidence of the undoing of the euro, and perhaps the union itself.

As we mentioned, the article SOUNDS reasonable, in a kind of soft-authoritarian way. He provides us, throughout, with a fear-based dominant social theme – that disaster will occur if Greece is not properly “fixed.” He then suggests political solutions, beginning with a meeting of the minds of the leadership and a “government of national unity.”

full article at source: http://www.thedailybell.com/2528/Greece-Salvation-by-Politicians

If Yemen Falls, so Does the Dollar Reserve?

Anthony Wile

How is it that the world’s fortunes hang on the life or death of a murderous thug that the US has been supporting for 30 years? And why, in fact, if Yemen’s President Ali Abdullah Saleh is so important, isn’t it common knowledge? Saleh was wounded yesterday when opposition forces blew up his palace. But as I’ll discuss, below, there’s more to the story. (Isn’t there always?)

In my opinion, this story is so big it should be on the front pages of the New York Times and The Wall Street Journal: “US dollar hegemony hangs in the balance.” Or how’s this: “Future of the world’s monetary system to be decided in Yemen’s Sana, the city built inside the mouth of an extinct volcano.”

How can one silly, little and desperately poor country full of people in ankle-length white robes be in the position to take down the Anglo-American empire?

First, context. It hasn’t been a good year for the West’s power elite. Yemen is only one country in tumult. Other countries verging on civil war are Bahrain and Syria. (Libya is already convulsed.) But in fact there are hundreds of places in the Middle East, Africa and Europe now where people are demonstrating and marching – or fighting with various levels of efficiency and organization.

In Afghanistan, the Obama administration is said to be desperately searching for Mullah Omar, the one-eyed leader of the Taliban, now and again reported dead or missing. US officials, in turn, wish to find Omar so that they can work out a deal where the US declares victory and Omar retains the territory. Some victory.

Libya is currently in a stalemate; China is Pakistan’s new best friend; Pakistan’s generals are again denying what Ms. Hillary Clinton – US Secretary of State – said only a week ago, that the Pakistan army was about to launch a significant attack against the Pashtun/Taliban. It’s not true, the generals say.

Meanwhile, Egypt’s youths sleep on the streets; Tunisian youth are no happier; Iran is gaining considerable regional influence because of the “color revolutions” that the CIA apparently triggered. Even the Palestinians are resurgent.

The Arab Awakening is truly a regional if not global phenomenon. Of course, we have our own name for it: The Internet Reformation. It’s really the same thing. Just as the Gutenberg press spawned the Renaissance and Reformation, so the Internet has now spawned a truly significant social convulsion. The world will never be the same. And of course, dear reader, no one’s really noticed. We have. (We read history, and so do you.)

America’s CIA-sponsored AYM youth movements were behind the initial color revolutions. But notice how the mainstream press has stopped celebrating them. Perhaps they haven’t worked out as planned. In fact, things don’t look pretty for the West. Either Western elites are encouraging a series of Arab Islamic Republics (so as to buttress what seems to be an essentially phony “war on terror“) or they are trying to create controllable regulatory democracies that will likely be run by dependable militaries with a constitutional façade. Neither of these options looks to be feasible in the near term.

Alternatively, the West seeks generalized chaos for some reason – or, more intriguingly, it has simply lost control of the situation. As we’ve stated before, Yemen is important because it may well indicate how much control the West actually has over the Arab Awakening. So far, what’s been most apparent is dithering. The West hasn’t shown a firm hand. There are reasons why.

Yemen may be spinning out of Western control. After Saleh was wounded, he was quoted as saying, “I salute our armed forces and the security forces for standing up firmly to confront this challenge by an outlaw gang that has nothing to do with the so-called youth revolution.” It’s interesting that the words Saleh used were “outlaw gang” as the tribal opposition to his rule denied making the attack. Apparently, it was what one might call “an inside job.”

That means that individuals nominally allied with Saleh tried to knock him off. And why not? He is a thoroughly despicable man. He has ruled Yemen for about 30 years through a mixture of truculence and torture; like Gaddaffi, his favorite method of staying in power is one of “divide and conquer” in which he set various tribes against each other.

Yup … Yemen is another “tribal backwater” like Afghanistan – a place where the Anglo-American elite (exaggeratedly) has no interest. It is like a kid kicking a stone past the house of a pretty girl. He just happened along the way … and thus the US just “happened’ into Afghanistan and Iraq. In fact, the US is intensely interested – mesmerized in a kind of Ted Bundy (bad) way.

How seriously does the Anglo-American empire take Afghanistan (as a speed-bump on the way to world government)? Try, probably, say … US$2 trillion in expenditures, thousands killed and tens of thousands wounded. True the total all-in cost hasn’t been as much as Vietnam (50,000 dead and 500,000 wounded) but there’s considerable evidence that the US has been undercounting the dead and wounded through a variety of manipulations.

Yemen has never presented the kind of problems as Afghanistan. In part that’s because Yemen is even more difficult to subdue militarily than the stiff-necked Pashtun Taliban. The West has wanted as little to do with Yemen as possible (outside of controlling the coastline). Here’s a description of Yemen by Paul Herman of the New Zealand Post in a recent article entitled “Cry, cry and cry again for my beloved Yemen.”

So now my beloved Yemen is on the verge of going up in flames, on the verge of a cataclysmic civil war. I say “my beloved” because I had such an extraordinary time there on an Intrepid Journey a few years back Not a lot of people actually know where Yemen is. I don’t think I really did until I checked a map before we went there. It is essentially the bottom left portion of the Arabian Peninsula. And what I certainly didn’t realise about the entire Arabian Peninsula is that a massive mountain range runs north to south down its western side, sloping down eventually to the Red Sea.

In fact, the Saudis move their capital up to the mountains, to Taif, during the ferocious Arabian summers. The Yemeni capital Sana’a sits in this same mountain range. The thing about Yemen is the architecture. There is nothing like it in the world. They seem to have engineering in their genes. They built skyscrapers when no one was doing it.

Osama Bin Laden’s father, who got rich building roads in Saudi Arabia, was Yemeni. He got so rich he rebuilt the mosque at Mecca with his own money. Old Man bin Laden came from one of the most spectacular parts of the world I have ever seen, the Wadi Hadromaut. It is probably as vast and as breathtaking as the Grand Canyon. And all through this great and ancient valley are villages perched on high, impossible sites, above steep cliffs, and you look at them and marvel because they have been there hundreds and hundreds of years.

How in God’s name did they do that, you find yourself asking time and again, round every corner. It’s the same through the entire country, especially in that great mountain range, villages with slim, square buildings six or seven storeys on the most unreachable ridges and peaks. And, of course, that was the point. Defensively, they are brilliantly sited. The truth is, neither the Turks – of whom there are still some 10,000 in Yemen – nor the British ever really conquered anywhere but the Yemeni coast. You couldn’t get near those mountain villages. The Yemenis simply rolled great rocks down on you.

As Afghanistan is the key to Middle Asia, so Yemen is the key to “Arabia.” The tribes of Oman and the Arab Emirates flowed out of Yemen. The Saud family came from Yemen apparently. And today Yemen is no less important than before in terms of the Great Game. It is perched on the edge of one of the most important waterways in the world and fronts the soft underbelly of Saudi Arabia – the part where many of the most profitable oil wells are located.

Yemen is formidable, and strangely important. But because of the mountains, because of the tribes, because of the weaponry (three rifles for every Yemeni), because boys are expected to be proficient with weapons from an early age, Yemen has not been high on the list of the Anglosphere’s “civilizing” influences.

Ironically, the Yemenis are very similar culturally to the Somalis – from the same Somalia that Western newscasters like to call a failed state. (A failed state is any country that stands in the way of the West’s dash toward One World Government.)

What Western mainstream media isn’t bothering to report, however, is that the Anglo-American power elite could already have done away with Saleh if it wanted to. He’s their man and has been for all of his violent existence. It is reprehensible that that Western elites would rather let Yemen drift into civil war than cease to support Saleh. There have been no moves made in the UN to put pressure on Saleh, no sanctions – only apparently regular ammo and tear gas refills, which he has used to slaughter hundreds of Yemenis.

The Western elites have not moved to do away with Saleh because they cannot apparently find a thug to put in his place that will garner a modicum of tribal support. The result of all this is growing antipathy. Possibly, because Yemen is another funny “impoverished backwater,” the US has handled the Yemen very badly. The whole country is inflamed. Saleh, now wounded, will likely never get his power back and the chances that the CIA will have the opportunity to create a new Saleh are growing slimmer by the minute.

The Saudis worked desperately to move Saleh out of power. It is easy to see why now; that was their leverage. But now the nightmare scenario has occurred: increasingly the Saudis are perceived as propping Saleh up (which they are doing actually by not removing him). Ultimately all this returns to the US and the Pentagon, which in turn does the bidding of the City of London. So, here is the answer to the question asked at the beginning of this article. The answer is …


The corrupt and vicious Saudi regime lies at the heart of Money Power. Without Saudi willingness to support the continued dollar-oil exchange (forcing the rest of the world to hold dollars) the dollar reserve currency system fails.

The current system was put in place in the 1940s, but it was elaborated on in 1971, when the US severed the last link between gold and the dollar and substituted oil. How did the Anglosphere elites manage this trick? Using Mao’s observation: “power springs from the barrel of a gun.”

The Saudis were willing accomplices, but in reality they didn’t have a choice. The world’s economy, when you come down to it, is a product of American military force. Use the dollar to buy oil or else … But if the US and Saudi Arabia cannot control the spiraling disaster in Yemen, the next stop on the revolutionary train is Bahrain. And after that … Saudi Arabia. And THIS time, events will not be easily salvageable. The Internet has educated the Arab world about its history.

If the Anglosphere elites had only used their tremendous industrial and monetary advantages to build a free-market instead of a phony one (disguised as a free one)! But the elites chose to propagate a central banking economy in order to chase after world government. Now they are in danger of losing the dollar reserve (GOOD!), which will deal a terrible blow to Western central banking and perhaps end up with the creation of an entirely new (and uncontrollable) currency. Anyway, if Saudi Arabia falls, the dominoes may simply keep tumbling. Who pays any attention to funny little countries like Yemen anyway?

SOURCE: http://www.thedailybell.com/2443/If-Yemen-Falls-so-Does-the-Dollar-Reserve.html

Shock: Krugman Turns on ‘Elites’

Wednesday, May 11, 2011 –
by Staff Report

Well, what I’ve been hearing with growing frequency from members of the policy elite – self-appointed wise men, officials, and pundits in good standing – is the claim that it’s mostly the public’s fault. The idea is that we got into this mess because voters wanted something for nothing, and weak-minded politicians catered to the electorate’s foolishness. So this seems like a good time to point out that this blame-the-public view isn’t just self-serving, it’s dead wrong. The fact is that what we’re experiencing right now is a top-down disaster. The policies that got us into this mess weren’t responses to public demand. They were, with few exceptions, policies championed by small groups of influential people – in many cases, the same people now lecturing the rest of us on the need to get serious. And by trying to shift the blame to the general populace, elites are ducking some much-needed reflection on their own catastrophic mistakes. –

New York Times/Paul Krugman

 Dominant Social Theme: We have to level blame where it belongs, just not too much.

Free-Market Analysis: This is a fairly remarkable article that uber-liberal New York Times media star Paul Krugman (left) has written. Imagine even a few years ago that an article by one of the Times’ most prestigious analysts would frankly castigate America’s ruling class and one begins to get a sense of the growing panic that must be circulating at the top of the proverbial heap. Krugman, who evidently and obviously rubs shoulders with these people, tells us that fingers are starting to be pointed – not at others in the US ruling class but at the larger civilian population. He wants to make clear he disapproves.

Krugman is not merely trotting out the normal dominant social theme of the elites that one would expect at such a time. As we have suggested in the past, the normal elite playbook blames the private sector and “bankers” for what has gone wrong when the business cycle inevitably turns away from fiat money. The idea is always to blame industrial “greed and corruption” for the problems and thus accrue more power for the state, which is actually to blame through a variety of price-fixing mechanisms and central banking stimulation that eventually add up to a ruinous burden.

But in this editorial, Krugman comes perilously close to blaming government and the military industrial complex, which is a startling perspective. Either Krugman wrote the article clumsily or blame is to be cast beyond the normal boundaries. As analyzers of dominant social themes, we think an article like this is significant. The strategy seems to be changing. Instead of the usual Blame Capitalism rhetoric, we are apparently witnessing a new strategy, the Limited Hangout.

A limited hangout is where powers-that-be release some information but not too much in the hopes of defusing a crisis or media-fanned uproar. The idea is that a pliable press will treat the limited information as definitive, write articles using that information and then move on. In this case, Krugman’s limited hangout is being applied to what we call the Anglo-American power elite. He doesn’t mention them of course, which is why this article of his qualifies as a limited hangout. He is directing people’s frustrations toward establishment functionaries, those who carry out elite policies, including economists, politicians, corporate moguls and even Presidents (Barack Obama in this case).

But this is news nonetheless, in our view. And at Krugman’s level we would suggest that nothing happens by accident. Krugman doesn’t simply sit down and dash these editorials off by himself. He may not even write them at all, even though his name goes on them. Thus, such an editorial – appearing in the US “paper of record – may begin to a signal that unrolling sociopolitical disasters afflicting the US and the West have reached a more critical stage. Apparently, the powers-that-be – and this is an important point – may have decided that what has gone wrong in the West is not about to be easily rectified after all.

The blame game is an especially difficult affliction for those who cluster about the power elite. It is when they learn the difference between power that is held and power that rubs off. There are hundreds of functionaries that cluster close to the power elite in the City of London. There are thousands in the next concentric ring, and so on. All benefit from the radiance of those intergenerational banking families at the center of the system, but when times are tough and scapegoats are needed the blame is apportioned outward, much as it is in the military. Those at the center remain unscathed while those in the outer rings are exposed to injury.

Krugman, a functionary himself, has begun a new process of blame. Perhaps by doing so he hopes to avoid guilt-by-association, though no one has been a more faithful proponent of the current disastrous system than Krugman. But with the Anglo-American elite’s wars stalled abroad and Western economies stagnating or worse at home, Krugman must be feeling the pressure too.

And Krugman surely is in the blame mode. The past three years have been a disaster for most Western economies, he writes. “The United States has mass long-term unemployment for the first time since the 1930s. Meanwhile, Europe’s single currency is coming apart at the seams. How did it all go so wrong?”

Krugman focuses (predictably) on the Bush Administration, which he claims was responsible for creating a good deal of America’s disastrous budget crisis. The Bush tax cuts were part of the initial problem, he writes. And the deficit was deepened further by wars in Iraq and Afghanistan. Finally there was what he calls the Great Recession. (Why not call it a depression and be done with it?)

Krugman’s main point – an unusual one to find a high profile in an elite platform such as the Times – is that all three of these decisions were engineered by a small coterie of American “elites.” The tax cuts benefited only a few of the very wealthy; the decision to go to war was endorsed by a small military-industrialist circle clustered around Bush and the Great Recession was a product of Wall Street’s recklessness. We don’t agree with all of this but it is beyond argument that in each case Krugman is blaming a small cluster of elites. Here’s some more from the article:

So it was the bad judgment of the elite, not the greediness of the common man, that caused America’s deficit. And much the same is true of the European crisis. Needless to say, that’s not what you hear from European policy makers. The official story in Europe these days is that governments of troubled nations catered too much to the masses, promising too much to voters while collecting too little in taxes. And that is, to be fair, a reasonably accurate story for Greece. But it’s not at all what happened in Ireland and Spain, both of which had low debt and budget surpluses on the eve of the crisis.

The real story of Europe’s crisis is that leaders created a single currency, the euro, without creating the institutions that were needed to cope with booms and busts within the euro zone. And the drive for a single European currency was the ultimate top-down project, an elite vision imposed on highly reluctant voters. Does any of this matter? Why should we be concerned about the effort to shift the blame for bad policies onto the general public?

One answer is simple accountability. People who advocated budget-busting policies during the Bush years shouldn’t be allowed to pass themselves off as deficit hawks; people who praised Ireland as a role model shouldn’t be giving lectures on responsible government. But the larger answer, I’d argue, is that by making up stories about our current predicament that absolve the people who put us here there, we cut off any chance to learn from the crisis. We need to place the blame where it belongs, to chasten our policy elites. Otherwise, they’ll do even more damage in the years ahead.

We would argue Krugman’s argument is qualitatively different than the normal one that blames capitalist greed. He writes of “policy elites” and goes out of his way to castigate the Eurocrats as well – and “European policy makers.” Definitively, then, Krugman is blaming government not just the private sector. He wants to blame the policy elites otherwise “they’ll do even more damage.” For such language to appear in the New York Times from a primary exponent of top-down federalism is remarkable.

Is Krugman’s article a sign that the true powers-that-be – the intergenerational banking families and their religious and corporate facilitators – are starting to panic? It is of course hard to read the proverbial tea-leaves, but this is what elite meme-watching is all about. One has to be sensitive to changes in language and strategy, especially at major elite mouthpieces such as the New York Times.

Conclusion: If what we are suggesting is actually taking place, then we would have to assume that the elites are becoming seriously troubled by the failure of their dominant social themes and are prepared to sacrifice intimates to ensure the blame does not reach to the very top where it belongs. We would submit that this is qualitative strategic difference and has numerous ramifications in terms of the world’s larger crises and the elite’s ability to control them. Blame the Internet?

source: http://www.thedailybell.com/2271/Shock-Krugman-Turns-on-Elites.html


Here in Ireland we have the exact same system as the elite have in fact been more successful in attaching the blame for our current financial meltdown on to the shoulders of the ordinary citizens.

Our new government have done a 360 degree turnabout and we are now saddled with the failed policies of the last corrupt government who have by the way have secured enormous pay offs and pensions. To date none of the corrupt directors of our toxic banks have been to the courts and indeed they still enjoy living in their trophy homes while thousands of ordinary people are struggling to keep the bailiffs from the front door .To top all this, we have 1200 people been cut off, by the power company every week and the government have just announced a baked attempt to create jobs but they are proposing to pay for this by raiding the private pensions of its citizens. This is of course the government’s first attack on the private property of its citizens .It won’t be long before we see them rob citizen’s bank accounts.

Thomas Clarke  

“Effectively placing private toxic bank gambling debts on to the shoulders of the taxpayers of Ireland”  (They socialized the bad debts whilst they kept the profits for their shareholders)  

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