Embrace the cause of liberty!

Politics is the science of liberty: man's government of his fellow-man, no matter the name under which it lurks, is oppression: society's highest perfection lies in the marriage of order and anarchy.
The end of the old civilization is nigh: under a new sun, the face of the earth is going to be remade. Let us leave a generation to die out; let us leave the old prevaricators to perish in the desert--the blessed earth will not cover their bones. Young man, outraged by the corruption of the times and consumed by a yearning for justice--if you hold your country dear, and have any feeling for the interests of humanity--make bold and embrace the cause of liberty. Strip off your ancient selfishness and immerse yourself in the popular tide of nascent equality. There, your rehydrated soul can drink deep of a sap an an unknown vigor: your wit, gone flabby, will recover irrepressible energy; your heart--even now shriveled perhaps--will be rejuvenated. Your purified eyes will see everything in a new light: new sentiments will inspire new thoughts in you; religion, morality, poetry, art, language, will loom taller and more beautiful; and, certain then of your faith, thoughtfully enthusiastic, you will greet the dawning of universal regeneration.

Proudhon, from Property is Theft

Can even Keynes save us now?

Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
-John Maynard Keynes (English economist, journalist, and financier) 1883-1946

Financial Armageddon rocks!

Financial Armageddon is right on:

Today, Henry Paulson served up his latest round of reassurances that things were looking up. According to the Associated Press, in a report entitled "Paulson, Bernanke Defend $700 Billion Bailout," the Treasury Secretary said that

the U.S. has "turned a corner" in averting a financial collapse.

With that in mind, Iit seemed like a great time to go back and see whether Mr. Paulson's remarks should be taken at face value. Below is a sampling of his past prognostications (in chronological order):

"Bush, Paulson: Economic Upturn Will Take Time," MSNBC, Oct. 15, 2008:

“I believe [the financial rescue plan] is a major step in restoring confidence in our capital system, and that is key — it’s the most important thing we can do for our economy,” Paulson said.

"Paulson 'Very Optimistic' on Freddie, Fannie Rescue," Bloomberg, July 20, 2008:

The banking system is "sound" and regulators are being "vigilant," though some banks are starting to struggle, he said.

"US Treasury Secretary: Economic Fundamentals are Sound" , VOA News, 20 July 2008:

"We are going through a challenging time with our economy,...but our economy has very strong long-term fundamentals."

"Paulson Says Economy Strong Despite Oil Strains," Reuters, June 24, 2008:

Treasury Secretary Henry Paulson said on Tuesday that the global economy was being strained by costly energy but said U.S. economic fundamentals were sound.

In an interview on Mexican television, Paulson said he thought that most of the slump in U.S. housing prices would be over by year-end and that growth should be stronger by then.

"Paulson Again Downplays Credit Crisis, Expects Continued Economic Growth," Thomson Financial, August 20, 2007:

"US economic fundamentals are healthy: unemployment is low, wages are rising and core inflation is contained," Paulson told the House Financial Services Committee today. "Although the recent reappraisal of risk, coupled with weakness in the housing sector, may well result in a penalty, the fundamentals point to continued US economic growth."

Paulson has said previously that the August credit crunch will act as a penalty on growth, but that the US is not headed toward recession.

Paulson added that unlike previous market downturns, turbulence in the markets over the last few weeks was not caused by problems in the 'real economy,' and instead reflected "excesses in the credit markets."

He also downplayed problems in the subprime mortgage market, saying that US home ownership has increased over the last decade and that home ownership in general is not threatened.

"Even in the current environment, the vast majority of new homeowners will not have difficulty keeping their homes," he said.

"Paulson Sees Subprime Woes Contained," Reuters, August 1, 2007:

Treasury Secretary Henry Paulson said on Wednesday the repricing of credit risk was hitting financial markets, but U.S. subprime mortgage fallout remained largely contained due to the strongest global economy in decades....

"The market has focused on this. There's a wake-up call, and there's an adjustment to this repricing of risk, but I see the underlying economy as being very healthy," he told reporters before leaving Beijing.

Paulson added that he did not see anything that caused him to reconsider his view that the economic damage from the housing correction was "largely contained," despite losses in a number of financial institutions and a long period for subprime issues to move through the economy.

We report. You...cry.

International Anarchist Communist Statement On The Global Economic Crisis And G20 Meeting

International Anarchist Communist Statement On The Global Economic Crisis And G20 Meeting

by Anarkismo Editorial Group Report

International anarchist communist statement on the global economic crisis and G20 meeting, endorsed by Alternative Libertaire (France), Federazione dei Comunisti Anarchici (Italy), Melbourne Anarchist Communist Group (Australia) and Zabalaza Anarchist Communist Front (South Africa).

Anarchist Communist Statement On The Global Economic Crisis And G20 Meeting
1.The current crisis is typical of the crises that regularly appear in the capitalist economy. "Overproduction", speculation and subsequent collapse are inherent to the system. (As Alexander Berkman and others have pointed out, what capitalist economists call overproduction is actually underconsumption: capitalism prevents large numbers of people from fulfilling their needs, and so undermines its own markets.)

2.Any solution to the crisis prepared by capitalists and governments will remain a solution within capitalism. It will not be a solution for the popular classes. Indeed, as in every crisis, the workers and the poor are paying – while financial capital is being bailed out with huge sums. This is likely to continue. No change within capitalism can resolve the problems of the popular classes; still less can such a solution be expected from individual politicians, such as Barack Obama. The most such politicians can do is play a part in offering the capitalists a way out, and perhaps in throwing the working class some crumbs.

3.The bank bailouts show not only whose interests the state serves, but the hollowness of capitalist commitment to free markets. Throughout history, capitalists have stood for markets when it suits them, and state regulation and subsidies when they need it. Capitalism could never have existed without state support.

4.In the US, the UK and elsewhere, the bailouts have taken the form of nationalisation of troubled financial institutions – with the full support of capital. This shows that capitalists have no fundamental problem with state ownership, and that nationalisation has nothing to do with socialism. It can also be a method of screwing the working class. We ourselves, not the state, need to take control of the economy.

5.Owing to the globalisation of capital under neo-liberalism, the ruling class recognises that the solution must be global. The G20 is meeting from 15 November to discuss the crisis. This is significant. The rulers of the US, Europe and Japan are coming to realise that they cannot handle the crisis on their own; that they need, not only one another, but other powers, notably China (which is emerging as a top industrial producer, and is on its way to becoming the world's third-biggest economy). India, Brazil and other "emerging" economies will have seats at the table. This may mark a recognition – under discussion for some years – that the G8 alone are no longer the world's economic decision makers. It is likely to signal a shift in the running of the global economic system.

6.We place no hopes in the inclusion of new capitalist powers. China's rulers may claim to be socialist; others, such as Lula of Brazil and Motlanthe of South Africa, may present themselves at times as champions of the poor. But in fact, all are defenders of capitalism, exploiters and oppressors of the people of their own countries, and, increasingly, imperialist or sub-imperialist exploiters of the people of other countries.

7.If the crisis is to lead to anything other than complete defeat for the global popular classes, poverty, exploitation and war, the popular classes must mobilise. We must demand bailouts, not for the capitalists, but for us. We anarchist communists will fight for those who got homes on subprime mortgages to be bailed out and keep their homes. We will continue to engage in and support struggles for jobs with better wages and shorter hours, housing, services, health services, welfare and education, protection of the environment. We fight for an end to imperialist wars and to repression of our class and its struggles.

8.We present these demands in response to the G20 meeting, and will continue to present them in the future. Through such demands, and through direct action to bring them about, we will work towards building a global movement of the popular classes that can put an end to capitalism, the state and the crises they create.

Signed:

Alternative Libertaire (France)
Federazione dei Comunisti Anarchici (Italy)
Melbourne Anarchist Communist Group (Australia)
Zabalaza Anarchist Communist Front (South Africa)

Justice Brandeis on wealth inequality

Justice Louis D. Brandeis:

We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can’t have both.

Chomsky on Obama: Action vs. Rhetoric

Noam Chomsky on Barack Obama

By Noam Chomsky • November 10, 2008 @20:18

What He Said:

“I’m looking forward to co-operating with the President-elect in building a new global society in which the advancement of people - their homes, jobs, savings and pensions - is always put first.”

Gordon Brown, November 9th 2008.

What He Means:

We have two sources of information: actions and rhetoric — more accurately, “soaring rhetoric,” to borrow the standard phrase. The most important actions are selection of staff. The first selection was for vice-President: Joe Biden, the strongest supporter of the Iraq invasion among Senate Democrats, putting aside his record as Senator for Delaware, a favored corporate headquarters. The second was the crucial position of chief of staff: Rahm Emanuel, the strongest supporter of the Iraq invasion among House Democrats, at the right-wing of the party on most other issues. Both are long-term Washington insiders. The transition team is headed by John Podesta, Clinton’s chief of staff. Leading figures in the economic team are Robert Rubin and Lawrence Summers, who had a substantial role in creating the current financial crisis. The rhetoric is “change” and “hope.”

Noam Chomsky

Palin: The right thing for America will be done on Nov. 4

Sarah Palin: “And it also strengthens my faith because I know at the end of the day putting this in God’s hands, the right thing for America will be done, at the end of the day on Nov. 4.”

LOL!!! Where's your God now????? HAHAHAHAHA

h/t: Project for the Old American Century

War & Reason

Norman Mailer: The Quotations Page: "Any war that requires the suspension of reason as a necessity for support is a bad war.
Norman Mailer, Armies Of The Night
US journalist & novelist (1923 - 2007)"

Thomas Jefferson on Banks

I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)