James Petras Website
Laurence Fink: The Trillion-Dollar Deadhead
James Petras | Professor (Emeritus) of Sociology at Binghamton University in Binghamton, New York and adjunct professor at Saint Mary's University, Halifax, Nova Scotia
An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
But while these debacles are embarrassing for the paper, they are also richly rewarding. That’s because journalists — including those at the Post — aggressively hype and promote the original, sensationalistic false stories, ensuring that they go viral, generating massive traffic for the Post (the paper’s executive editor, Marty Baron, recently boasted about how profitable the paper has become).This is similar to the strategy of fake news sites that generate revenue from advertising, which is an intreating of the tabloid press, which was emulated successfully by Rupert Murdoch and has spread through the mainstream media as a revenue-generator.
After spreading the falsehoods far and wide, raising fear levels and manipulating U.S. political discourse in the process (both Russia stories were widely hyped on cable news), journalists who spread the false claims subsequently note the retraction or corrections only in the most muted way possible, and often not at all. As a result, only a tiny fraction of people who were exposed to the original false story end up learning of the retractions.
Baron himself, editorial leader of the Post, is a perfect case study in this irresponsible tactic. It was Baron who went to Twitter on the evening of November 24 to announce the Post’s exposé of the enormous reach of Russia’s fake news operation, based on what he heralded as the findings of “independent researchers.” Baron’s tweet went all over the place; to date, it has been re-tweeted more than 3,000 times, including by many journalists with their own large followings:
But what was the Post’s motive in publishing two false stories about Russia that, very predictably, generated massive attention, traffic, and political impact? Was it ideological and political — namely, devotion to the D.C. agenda of elevating Russia into a grave threat to U.S. security? Was it to please its audience — knowing that its readers, in the wake of Trump’s victory, want to be fed stories about Russian treachery? Was it access and source servitude — proving it will serve as a loyal and uncritical repository for any propaganda intelligence officials want disseminated? Was it profit — to generate revenue through sensationalistic click-bait headlines with a reckless disregard to whether its stories are true? In an institution as large as the Post, with numerous reporters and editors participating in these stories, it’s impossible to identify any one motive as definitive.…How about all the above. What's not to like about multiple motives?
The blockade of water from Wadi Barada to 5 million people in Damascus is taking an interesting turn. The U.S. and UK financed White Helmet organization seems to be directly involved in it. This increases the suspicion that the illegal blockade of water to civilians in Damascus is part of a organized campaign under U.S. command. The campaign is designed to block utilities to government held areas as revenge for the liberation of east Aleppo.…Smoking gun.
Earlier, the CIA Director John Brennan has accused Russia of using "scorched earth" policy in Syria, noting that the United States would never have operated in this manner in any armed conflict.
"What Russia did in Syria, using the "scorched earth" tactics, which led to the destruction and the deaths of thousands of civilians, the USA would never do in any of military conflicts," - said Brennan in an interview with PBS.The article reviews evidence showing that scorched earth has been US policy since WWII — use of nuclear weapons on Hiroshima and Nagasaki, carpet bombing with B-52s, use of Agent Orange in Southeast Asia during the Vietnam War, and many more.
When President Obama expelled Russian diplomats over the hysterical and unproven accusation of Russia “hacking the election,” Russian President Vladimir Putin refused to be drawn into a petty squabble, saying he would delay any response until Donald Trump assumed office. Instead Putin invited American diplomats and their families in Moscow to join the official holiday celebrations in the Kremlin.
Then came the shock that shook Official Washington: President-elect Trump, in the form of a tweet heard round the world, wrote: “Great move on delay (by V. Putin) – I always knew he was very smart!”
And just to be sure that everyone saw it, Trump “pinned” the tweet which means it is the first thing seen by viewers of his account. This was a first use of “pinning” for Trump. And to be doubly sure, he posted it on Instagram as well. This was no spontaneous midnight outburst but a very deliberate action taken on Friday noon, Dec. 30, the day after Obama had issued his retaliation order.
The implications of this move are, arguably, breathtaking. Trump treated Putin as his ally, not as a hated adversary. And he treated Obama and the bipartisan foreign policy elite of Washington as his adversaries, not his allies – a move that makes perfect sense if Trump’s desire is to rein in the War Party’s New Cold War and to strive for a New Détente with Russia.
If the main enemy is those who are stoking the New Cold War and risking worse, then Trump has placed himself squarely against these war hawks. And stop to consider for a moment who these folks are. Besides President Obama and Hillary Clinton, they represent a full-blown armchair army: neocons, liberal interventionists, the mainstream media, various Soros-funded “non-governmental organizations,” virtually all the important think tanks, the leadership of both major parties, and the CIA and the other U.S. intelligence agencies. This array of Official Washington’s power elite has been working 24/7 at demonizing Putin and stoking tensions with nuclear-armed Russia. Trump took on all of them on with his tweet!…
What is troubling, however, is that some Americans who favor peace hate Trump so much that they recoil from speaking out in his defense over his “treasonous” tweet though they may privately agree with it. Some progressives are uncomfortable with the mainstream’s descent into crude McCarthyism but don’t want to say anything favorable about Trump.Consortium News
Somewhat [un]surprisingly, a genuine grassroots, broad-based movement has emerged to oppose the incoming Trump administration, but perhaps less surprisingly – given the American left’s self-marginalizing tendencies – the nascent efforts may already be descending into sectarianism, finger-pointing and divisive identity-based politics....Anti-Trump Coalition Shows Cracks
This collective misreading has been widely attributed to the perils of “groupthink” – where opinion hugs the consensus for fear of derision - or more conspiratorially, to vested interest and deliberately misleading intent.
But there is in fact a more prosaic explanation; that as a discipline, the dismal science has quite simply lost the plot. All over the shop, economics seems incapable of answering the great questions of our time. Are we heading for deflation or inflation? Are we locked in secular stagnation or have we finally put the financial crisis behind us?
The conceit of modern economics is that it sees itself as an evidence-based science, yet if it could ever be such a thing, it is today no nearer its goal than when Adam Smith penned the Wealth of Nations, and in some respects, a good deal less so....
This failing has been explained by the Nobel prize winning economist Robert Lucas thus: “The simulations were not presented as assurances that no crisis would occur, but as a forecast of what could be expected to occur conditional on a crisis not occurring”. Thanks for nothing.Smackdown
A stone when dropped will always fall to the ground. Human behaviour is by contrast far less certain, the result of a complex series of interactions which will always be inherently unpredictable, or what Mervyn King, former Governor of the Bank of England, has called “radical uncertainty”. The trouble with much modern economic modelling is that it assumes the laws of physics can indeed be applied to economics, or that behaviour will always respond to given inputs in a particular way. Time and again this has been proved incorrect.The Telegraph
The Balanced Budget Amendment Task Force, better known as “Task Force Stupid”, is once again living up to their name. The tile of their thoroughly idiotic petition that you can ignore here says: “Email the Idaho Legislature in Support of a U.S. Balanced Budget Amendment! Destroy the U.S. Economy!” What follows is the technical reason why the Balanced Budget Amendment Task Force is run by complete morons.Ellis Winningham — MMT and Modern Macroeconomics
... the US’ reaction to what it claims is “2016 election interference” could significantly backfire, since the US itself is engaged in very real, overt election interference globally, and for decades. In fact, even as the US berated Russia for allegedly interfering in America’s internal politics, its own organisations, including the National Endowment for Democracy (NED), funded by the US government, openly admitted they were leaking information regarding China’s internal politics in efforts to undermine Beijing.
In fact, NED and its subsidiaries (including the National Democratic Institute (NDI), the International Republican Institute (IRI) and Freedom House) as well as myriad fronts around the world these organisations fund, support and direct, are openly dedicated to manipulating foreign elections, creating US-friendly opposition movements and even overthrowing governments that impede US interests worldwide.…
... nations like China, Malaysia and Thailand have verified evidence that opposition fronts are funded, backed and even directed by US organisations like NED. What has been perhaps preventing these nations from dismantling these foreign-backed networks, has been the illusion of America’s pro-democracy stance. However, with the US now cracking down on whistle-blowers, opposition media and shifting tides amid American politics all based on allegations of “Russian” involvement, what is preventing other states from cracking down on verified US interference in their own internal politics?Russia and China were already kicking out the US NGOs and shuttering domestic NGOs receiving foreign funding for this reason. Of course, the US protested this vigorously as an illiberal outrage.
In the wake of the JAR-16-20296 dated December 29, 2016, about hacking and influencing the 2016 election, the need for real evidence is clear. The joint report adds nothing substantial to the October 7th report. It relies on proofs provided by the cyber-security firm Crowdstrike that is clearly not on par with intelligence findings or evidence. At the top of the report is an "as is" statement showing this.
The difference between [Co-Founder and CTO of CrowdStrike Inc.] Dmitri Alperovitch's claims, which are reflected in JAR-1620296, and this article is that enough evidence is provided to warrant an investigation of specific parties for the DNC hacks. The real story involves specific anti-American actors that need to be investigated for real crimes.
Later in this article, you'll meet and know a little more about the real "Fancy Bear and Cozy Bear." The bar for identification set by has never been able to get beyond words like probably, may be, could be, or should be in their attribution.
The article is lengthy because the facts need to be in one place. The bar Dimitri Alperovitch set for identifying the hackers involved is that low. Other than asking America to trust them, how many solid facts has Alperovitch provided to back his claim of Russian involvement?
The December 29th JAR adds a flowchart that shows how a basic phishing hack is performed. It doesn't add anything substantial beyond that. Noticeably, they use both their designation APT 28 and APT 29 as well as the CrowdStrike labels of Fancy Bear and Cozy Bear separately.
This is important because information from outside intelligence agencies has the value of rumor or unsubstantiated information at best according to policy. Usable intelligence needs to be free from partisan politics and verifiable. Intel agencies noted back in the early '90s that every private actor in the information game was radically political....Reads like a detective story. Longish but gripping. It's an argument that there was likely a criminal conspiracy involved, but not by either the Trump faction or "the Russians."
It made me smile a bit to contemplate Engels offering a defense of rising output driven by technological progress (and apparently no need for market-based incentives to raise output) as a central part of his challenge to Malthus.I have always wondered why economists believe that this assumption about the need for money incentive is self-evident, so that creative people need to bribed to create. This belies the evidence of "the starving artist" and "the mad inventor." Creative people create and many if not most want to share this bounty with others without great concern for monetary recompense beyond needs and basic wants. At the opposite end of the spectrum, many of the super-rich also continue to "work" until they are no longer able to do so. Does Warren Buffet need the money or even have any use for more of it?
The problem with excitement over a "Trump boom" is that we haven't had a stock-market crash since 2008.
— Richard 🐸 Spencer (@RichardBSpencer) January 3, 2017
These things come in cycles.
Global car giant Ford has cancelled plans to build a new $1.6bn plant in Mexico and will instead invest $700m in a Michigan manufacturing base, just hours after president elect Donald Trump blasted rival General Motors for building some of its cars south of the border.
Mr Trump had used Ford as a whipping boy during his presidential campaign, suggesting that it was moving manufacturing jobs to Mexico which should have been for US workers and vowed to slap a 35pc tariff on Ford vehicles made in Mexico but sold in the US....
A new freight rail route connecting Yiwu West Railway Station in Zhejiang Province with Barking in London has been launched by China Railway.
The route, which has been dubbed the New Silk Route by the Chinese government, will take around 18 days to travel over 7,400 miles carrying a cargo of clothes, bags and other household items.
China Railway already runs services between China and other European cities, including Madrid and Hamburg. The rail line has the advantage of being cheaper than air freight and faster than sea....Here she comes!
With the Clintons’ corporate money machine floundering after a devastating election defeat, Democrats are desperate to find someone to blame and have dangerously settled on Vladimir Putin, writes Norman Solomon.The Democrats have become unhinged over Trump and Putin and are looking like crazy people that are suffering from a severe case of paranoia along with rage and depression. The US "liberal media" is caught up in this mass hysteria. People like that bent on doing stupid stuff and not fit to govern.
It looks like the private sector is starting to save more and/or invest less. The government deficit has stabilized, and so has the current account deficit. Given that the dollar is expensive and global growth weak, demand from the rest of the world will be relatively weak. In order to grow, demand must come from domestic sources then. The private sector, as I just wrote, does not seem to go on a spending binge (and into debt) right now, so it seems like expansionary fiscal policy is the way forward. Let’s see what 2017 brings.
All of these technologies are important components of what makes an iPhone, or any smartphone, actually work. Some of them are not just important, but indispensable. But when Mariana Mazzucato assembled this list of technologies, and reviewed their history, she found something striking."Who invented the iPhone?" The government. Apple picked up the technology and adapted it to the iPhone. A lot of that technology was likely developed either for military use or military/intelligence-related use.
The foundational figure in the development of the iPhone wasn't Steve Jobs. It was Uncle Sam. Every single one of these 12 key technologies was supported in significant ways by governments - often the American government.
One source of complexity in economic discussion is the ambiguity of the term "inflation." The usual definition is that this is the rate of growth of a price index of consumer goods (such as the CPI). However, economists quite often distinguish sustained rises in the price index versus one-time shocks. Unfortunately, it is difficult to determine whether a rise in prices is going to be sustained. For this reason, it is useful to avoid discussing generic inflation, and use more precise terminology...."Inflation" is one of those weasel words.
At the heart of economic policy making, particularly central bank forecasting are so-called Dynamic Stochastic General Equilibrium (DSGE) models of the economy, which are a blight on the world and are the most evolved form of the nonsense that economics students are exposed to in their undergraduate studies. Paul Romer recently published an article on his blog (September 14, 2016) – The Trouble With Macroeconomics – which received a fair amount of attention in the media, given that it represented a rather scathing, and at times, personalised (he ‘names names’) attack on the mainstream of my profession. Paul Romer describes mainstream macroeconomics as being in a state of “intellectual regress” for “three decades” culminating in the latest fad of New Keynesian models where the DSGE framework present a chimera of authority. His attack on mainstream macroeconomics is worth considering and linking with other evidence that the dominant approach in macroeconomics is essentially a fraud.…
GREAT AGAIN: US construction spending hits more than 10 year high #Trump #TruePundithttps://t.co/3fRZv05AeG
— True Pundit (@true_pundit) January 3, 2017
Manufacturing in U.S. expands at fastest pace in two years https://t.co/FcjAntaMgj @markets
— Modern Metals (@ModernMetalsMag) January 3, 2017
In an exclusive interview with FOX News Channel's Sean Hannity the founder of WikiLeaks Julian Assange said Russia was not the source for the DNC and John Podesta hacks.…
Hannity's full interview with Assange will air Tuesday night at 10pm ET
On Sunday, the director of China's liaison office in Hong Kong, Zhang Xiaoming, said in an interview with state broadcaster CCTV that Beijing will not tolerate attempts to use Hong Kong as a base for rebellion.
"Hong Kong should never allow anyone to do any forms of activities that are harmful to China's sovereignty and security, to challenge the powers of the central government and the authority of the HKSAR Basic Law, or to take advantage of the HKSAR to engage in infiltrative and subversive activities to sabotage the social and political stability of the Chinese mainland," Zhang said. "These are the three bottom lines."Drawing the (red) lines. Target? US and UK.
As the "icing on the cake" the media now proclaim that the Intelligence Community is a vessel of integrity and patriotic self-sacrifice that, since it hints to us that "the Russians done it," must be believed without question. Well, pilgrims, those who really know the Intelligence Community know that these agencies are run be self-serving political hacks who may once have been people of integrity but who, by the time, they reach the top will say or proclaim anything that advances their personal interest.
Are we mad enough to believe such people? Perhaps Trump is not.Sic Semper Tyrannis
There is a humanitarian catastrophe unfolding in Syria and the "western" media ignore it.
On December 22 al-Qaeda aligned Takfiris in the Wadi Barada valley shut down the main water supply for the Syrian capital Damascus. Since then the city and some 5-6 million living in and around it have to survive on emergency water distributions by the Syrian government. That is barely enough for people to drink - no washing, no showers and no water dependent production is possible.
This shut down is part of a wider, seemingly coordinated strategy to deprive all government held areas of utility supplies. Two days ago the Islamic State shut down a major water intake for Aleppo from the Euphrates. High voltage electricity masts on lines feeding Damascus have been destroyed and repair teams, unlike before, denied access. Gas supplies to parts of Damascus are also cut. A similar tactic was used by the Zionist terrorists of the Haganah who in 1947/48 poisoned and blew up the water mains and oil pipelines to Palestinian Haifa...."Our guys" at work. Nothing to see here and not to worry, because "Assad must go."