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MY LAI VET SAYS: HERE IT COMES AGAIN IN IRAQ Tony Swindell recalls "Butcher's Brigade" in '69; says "gooks" have now become "ragheads", every adult male is an "insurgent" ... atrocities against Iraqi civilians are soon going to explode in America's face; US Government's courtroom jihads against terror stumble. Alexander Cockburn on Lodi case where Feds paid $250,000 to man who "saw" world's three top terrorists at mosque. As neocons and Israel lobby howl for US to bomb Teheran, an Iranian outlines simple path to peace. CounterPunch Online is read by millions of viewers each month! But remember, we are funded solely by the subscribers to the print edition of CounterPunch. Please support this website by buying a subscription to our newsletter, which contains fresh material you won't find anywhere else, or by making a donation for the online edition. Remember contributions are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now! |
Today's Stories April 25, 2006 Sharon
Smith April 24, 2006 Tim
Wise John
Stanton Dave
Lindorff Steve
Shore Amadou
Deme Mickey
Z. Ralph Nader Alexander
Cockburn Website
of the Day
April 22/23, 2006 Jeffrey
St. Clair Jeff
Halper Jeff
Klein Thomas
P. Healy David
Underhill Lee
Sustar Deb
Reich John
Chuckman Fred
Gardner Julian
Edney Seth
Sandronsky Brynne
Keith-Jennings Dave
Lindorff Catherine
Ann Cullen and Harry Browne Bill
Pahnelas Jim
French Ron
Jacobs David
Krieger Jeffrey
St. Clair Poets'
Basement Website
of the Weekend
April 21, 2006 Jonathan
Cook Lawrence
R. Velvel Evelyn
Pringle Christopher
Brauchli Pratyush
Chandra Michael
George Smith Missy
Comley Beattie Sarah
Hines Website
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April 20, 2006 Chris
Kutalik Gary
Leupp Joshua
Frank Diane
Christian William
S. Lind Ramzy
Baroud Justin
E.H. Smith
April 19, 2006 P.
Sainath Norman
Solomon Anthony
Papa Mike
Ferner Stanley
Heller Rifundazione Christopher
Reed Alexander
Cockburn Website
of the Day April 18, 2006 Paul
Craig Roberts Eric
Wingerter Juan
Santos Greg
Weiher Sam
Bahour Behzad
Yaghmaian Website
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April 17, 2006 Kevin Zeese Uri Avnery Norman Solomon John Ross Laila al-Haddad Jeffrey Blankfort Website of the Day
April 15 / 16, 2006 Jeffrey
St. Clair Ralph
Nader Thaddeus
Hoffmeister Kevin
Prosen / Dave Zirin Thomas
P. Healy Kristoffer
Larsson Fred
Gardner Edwin
Krales Brian
Cloughley John
Holt Seth
Sandronsky Rafael
Renteria Michael
Ortiz Hill William
A. Cook Gideon
Levy Andrew
Wimmer Madis
Senner Michael
Kuehl Mark
Scaramella Nate
Mezmer Jesse
Walker Poets'
Basement Website
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April 14, 2006 Col.
Dan Smith Saul
Landau Stan
Cox Kevin
Zeese Brian
McKinlay Howard
Meyers Ishmael
Reed Website
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April 13, 2006 CounterPunch
News Service Norman
Solomon Stanley
Heller Jeff
Birkenstein Evelyn
J. Pringle Michael
Donnelly Kamran
Matin Website
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April 12, 2006 Vijay
Prashad Alan
Maass Dave
Lindorff Ron
Jacobs Ramzy
Baroud Randall
Dodd Missy
Comley Beattie P. Sainath Website
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April 11, 2006 Al
Krebs Lawrence
R. Velvel Sonia
Nettinin Willliam
S. Lind Robert
Ovetz Pratyush
Chandra Grant
F. Smith Laray
Polk Francis
Boyle José
Pertierra Website
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April 10, 2006 Ralph
Nader Heather
Gray Uri
Avnery Joshua
Frank Seth
Sandronsky Michael
Leonardi Evelyn
Pringle Tom
Kerr Lucinda
Marshall Website
of the Day April 7 -9, 2006 Alexander
Cockburn Jeffrey
St. Clair Patrick
Cockburn David
Vest Dave
Lindorff Gary
Leupp Elaine
Cassel Saul
Landau James
Ridgeway Ron
Jacobs John
Walsh Ramzy
Baroud Christopher
Brauchli Todd
Chretien Jonathan
Scott John
Bomar Michele
Brand Ronan
Sheehan Mickey
Z. Don
Monkerud Michael
Dickinson Website
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April 6, 2006 John
Ross Dave
Lindorff Don
Monkerud Robert
McDonald Boris
Kagarlitsky Remi
Kanazi Niranjan
Ramakrishnan Robert
Fisk
April 5, 2006 Dick
J. Reavis Mark
Brenner Brian
Cloughley Jozef
Hand-Boniakowski Matt
Vidal Juan
Santos Alan
Maass JoAnn
Wypijewski Website
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April 4, 2006 Jackson
Thoreau Gary
Corseri Dave
Lindorff Paul
Craig Roberts Norman
Solomon Michael
Carmichael Winslow
T. Wheeler Ingmar
Lee Michael
Neumann Website
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April 3, 2006 Saul
Landau Richard
Thieme Timothy
B. Tyson Omar
Barghouti Iwasaki
Atsuko Julian
Edney Roger
Morris
April 1 / 2, 2006 Alexander
Cockburn Ralph
Nader Dave
Zirin David
Underhill Earl
Ofari Hutchinson Dave
Lindorff P.
Sainath Fred
Gardner Clancy
Chassay Heather
Gray Greg
Moses John
Chuckman Ron
Jacobs Jeffrey
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April 25, 2006 Obliterating the Dollar ... and the Middle Class?Preparing for the Economic Typhoon By MIKE WHITNEY Gold traders love George Bush. They know that his blundering mismanagement of the economy will keep gold soaring well into the future. In the last year alone gold increased nearly $200 an ounce capping off a 5 year run that has taken it from $274 per ounce to $635 at Friday's close. These are serious numbers and they reflect the uneasiness with the global political situation (Iran, Nigeria) as well as concern about the oceans of debt generated by our Oval Office numbskull. Is it really possible for one man to single-handedly obliterate the world's most robust economy? Guess so. After 6 years of looting the public till, the cupboard is just about bare. Bush has chalked up another $3 trillion of public debt which sounds the death-knell for Social Security, public education, and the social safety net. Think I'm kidding? Consider what new Fed-master Ben Bernacke said just yesterday, "If the dollar declined sharply, it would not necessarily disrupt markets". That's right; the Fed is conspiring to reduce its debt payments by driving a wooden stake into the heart of the greenback. In three to six months the dollar will probably be valued at 1.40 to 1.50 per euro. That is, if the bottom doesn't fall out completely. After all, allies and enemies alike are pretty sick of the good old USA, so it wouldn't be out of the question for someone (perhaps, China) to start a sell-off that would end in disaster. The dollar is now recognized as the empire's Achilles heel and the primary target for any asymmetrical warfare directed at America. If that means regime change at home, count me in. I'll worry about the wheelbarrow-loads of greenbacks for a loaf of bread some other time. The Group of Seven industrialized nations (G-7) took a few swipes at Washington's profligate spending this weekend; warning that they wanted "more flexibility" in the Asian currencies. This is a clear sign that the path is being paved for a freefalling dollar while the other currencies gain ground. How do you like the idea that half of your savings will be erased through executive fiat? Since Bush took office the dollar has plummeted 30% against the euro. The only thing that has kept it from joining the peso is the skyrocketing oil prices which have allowed the Fed to keep the printing presses going at full tilt. That's because oil is denominated exclusively in dollars, so while the price per barrel continued upward, the Fed was able to circulate another $2.5 trillion of funny money. The high cost of oil has kept the dollar reasonably stable even though the twin-deficits have eroded its true value. Maintaining the monopoly on the sale of oil (which forces foreign central banks to hold billions of greenbacks in reserve) is critical to US prosperity. A switch to euros would weaken demand for the dollar and send the American economy into a tailspin. Unfortunately, other countries are frustrated with the recklessness of the Bush team and are threatening to destabilize the system. First there was the danger of Iran opening an oil bourse that would compete head-on with the dollar; increasing the number of euros stockpiled in the central banks. Now, the Russian Finance Minister, Alexei Kudrin has fired a broadside at his American counterparts saying, "The US dollar is NOT the world's absolute reserve currency". He noted that the unsustainable' US trade deficit is "causing concern" and that "the international community can hardly be satisfied with this instability." Kudrin's remarks were greeted with the shock one would expect from a dirty bomb on a crowded subway. America's global dominance requires that it maintain the dollar as the world's reserve currency; if that changes then the US will be unable to trade its painted-script for valuable resources. It would also mean that America would have to start paying back its $9 trillion national debt. Kudrin's comments were interpreted to mean that Russia might ease away from the dollar in its oil transactions; a change that might spread to other countries that are equally skeptical of Uncle Sam's recklessness. The eroding value of the dollar is just one of the economic crises facing the American people. A 6 month downturn in housing starts signals that the housing bubble, the largest equity bubble in history, is quickly losing steam. With long term interest rates steadily rising (along with energy prices) the shaky loans that were blessed by former Fed-chief, Greenspan, are beginning to unravel. "No down payment", ARMs (Adjustable Rate Mortgages) and easy financing have the over-extended American public teetering towards insolvency. Foreclosures are up, mortgages balances are at unprecedented levels, and inventories are larger than they've been since the early 90s. Last month produced the biggest slowdown in sales in a decade and the real pain hasn't even begun. At least $3 trillion of the $9 trillion equity bubble is built entirely on the cheap money pumped into the system by the Federal Reserve to keep the economy percolating while Bush and Co. stole every last farthing in the US Treasury. Greenspan's low interest rates were nothing more than a carnival-hucksters' scam to shift the vast wealth of America's middle class into the pockets of well-heeled constituents. Thanks, Alan. Last year Americans used their homes as a personal ATM; withdrawing over $600 billion to pay off credit card debt and for personal spending. That "presto-equity" is quickly evaporating as home prices flatten out and wages continue to stagnate. Personal debt is currently in the stratosphere and there are some gloomy signs that the American consumer, that great engine of global economic power, is finally tapped out. Consumer spending represents 70% of US GDP (Gross Domestic Product) so, as housing prices retreat and energy prices increase; Americans will face the greatest economic challenge since the Great Depression. One thing is absolutely certain; Bush will stick by his constituents to the bitter end. It is physically impossible for him to act in the interests of the American people. He won't be deterred by the falling dollar, the deflating housing market, or the skyrocketing energy prices. He'll make his budget-busting tax cuts permanent and plunge the country into a sea of red ink. Betting that George Bush will do the wrong thing for the nation is not a matter of conjecture; it is a mathematical certainty. He is deliberately destroying the middle class, the prospects for upward mobility, and the currency. The economic underpinnings of American democracy have been demolished in just 6 short years. Smart people will prepare themselves for the typhoon ahead. Mike Whitney lives in Washington state. He can be
reached at: fergiewhitney@msn.com
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from CounterPunch Books! The Case Against Israel By Michael Neumann Grand Theft Pentagon: Tales of Greed and Profiteering in the War on Terror by Jeffrey St. Clair Sick of sit-on-the-Fence speakers, tongue-tied and timid? CounterPunch Editors Alexander Cockburn and Jeffrey St Clair are available to speak forcefully on ALL the burning issues, as are other CounterPunchers seasoned in stump oratory. Call CounterPunch Speakers Bureau, 1-800-840-3683. Or email beckyg@counterpunch.org. |