September, 18 2008, 11:30am EDT
Wall Street Teeters, the Empire and China Shake
Markets nosedive, recession spreads, world financial system shaken
WASHINGTON
On Wednesday, markets in New York were rocked again as anxieties ran high after the 'government's bailout of insurer American International Group left investors with little confidence in many banking stocks'. The market was unnerved 'by news that the Federal Reserve is giving a two-year, 85 billion dollar loan to AIG in exchange for a nearly 79.9 percent stake in the company, which lost billions in the risky business of insuring against bond defaults. With the markets rattled, waiting to see who the next victim could be, shares of two other major financial firms Morgan Stanley and Goldman Sachs, sank 24 percent and 14 percent respectively'.
In a column titled 'Socialism, 21st Century Style' by Floyd Norris, chief financial correspondent, said 'the government nationalized the American International Group - That is not the official version.' They do not want to reveal that the government will now control A.I.G. The idea is that 'it will have a warrant allowing it to take 79.9 percent of the stock whenever it wants. But they contend there is no control until the warrant is exercised. The Federal Reserve and Bush Administration believe the threat of defaults by A.I.G on a lot of unregulated derivative contracts create a national emergency. It's too bad they didn't think of that when they were opposing any efforts to regulate these markets. That would have been interfering with free enterprise. This move somehow is not'.
Doug Henwood, founder and editor of the Left Business Observer stated that there was the idea that the U.S can to into a crisis of recession but the rest of the world would be fine. He thinks it is unlikely to happen since Western Europe is now in recession along with Japan who also looks to be in recession. The major question is China, which keeps on growing, but for how long? Do they have enough export markets to keep them going? U.S is disliked by a number of countries in ways we haven't seen since the Vietnam War, and their economic problems are visible for the world to see. This weakening of the great hegemonic power may result in great instability. China is not ready to take over, and neither is Russia, so there may truly be political instability.
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LATEST NEWS
Israeli Settlers, Soldiers 'Wiping Palestinian Communities Off the Map' in the West Bank
"While the attention of the world is focused on Gaza, abuses in the West Bank, fueled by decades of impunity and complacency among Israel's allies, are soaring."
Apr 17, 2024
Israeli soldiers have either passively watched or participated in the uprooting of at least seven communities in the West Bank since October of last year, Human Rights Watch said Wednesday in a new report documenting surging settler violence in the occupied Palestinian territory.
The rights group interviewed dozens of eyewitnesses and examined video footage showing harassment and other abuse of Palestinians in the West Bank "by men in Israeli military uniforms carrying M16 assault rifles."
Following the Hamas-led October 7 attack on southern Israel, the Israeli military drafted more than 5,000 settlers into "regional defense" units in the West Bank, Haaretzreported earlier this year. The Israeli newspaper noted that "alongside this large-scale mobilization, the [Israel Defense Forces] has distributed some 7,000 weapons to the battalions as well as to settlers who were not recruited into the army but received them as civilians whom the army considers eligible to carry military arms."
HRW's investigation found that "armed settlers, with the active participation of army units, repeatedly cut off road access and raided Palestinian communities, detained, assaulted, and tortured residents, chased them out of their homes and off their lands at gunpoint or coerced them to leave with death threats, and blocked them from taking their belongings."
"Israeli settlers and soldiers are literally wiping Palestinian communities off the map," said Omar Shakir, HRW's Israel and Palestine director.
"While the attention of the world is focused on Gaza, abuses in the West Bank, fueled by decades of impunity and complacency among Israel’s allies, are soaring."
The new report comes days after Israeli settlers—escorted by IDF soldiers—went on their latest destructive and deadly rampage in the West Bank, killing at least two Palestinians, injuring dozens, and setting homes and vehicles ablaze. At least 20 households were displaced after Israeli settlers burned down their homes.
The wave of settler violence came after a missing 14-year-old Israeli boy was found dead in the area around the West Bank city of Ramallah. The Israeli military said the boy was killed in a "terrorist attack."
Since October 7, according to the United Nations, Israeli settlers have launched more than 720 attacks on Palestinians in the West Bank, displacing at least 206 households comprised of 1,244 people—including 603 children. Israeli soldiers in uniform have been present at many of the attacks.
"Settlers and soldiers have displaced entire Palestinian communities, destroying every home, with the apparent backing of higher Israeli authorities," Bill Van Esveld, associate children's rights director at HRW, said in a statement Wednesday. "While the attention of the world is focused on Gaza, abuses in the West Bank, fueled by decades of impunity and complacency among Israel's allies, are soaring."
HRW's new report examines five West Bank communities that have come under attack by Israeli settlers, including one in which uniformed Israeli men armed with assault rifles entered tents and destroyed or stole people's belongings, abused residents, and threatened to kill them if they didn't leave the area.
"One man in uniform kicked me in the back of my neck," a Palestinian mother told HRW. "They said, 'Go to the valley, and if you come back, we will kill you.'"
None of the families forcibly evicted from the five communities examined in the HRW report have been allowed to return home.
"Palestinian children have seen their families brutalized, and their homes and schools destroyed, and the Israeli authorities are ultimately to blame," Van Esveld said Wednesday. "Senior state officials are fueling or failing to prevent these attacks, and Israel's allies are not doing enough to stop that."
Following the latest wave of settler violence in the West Bank this past weekend, a coalition of human rights organizations said in a joint statement Wednesday that "the international community must swiftly and decisively pressure the government of Israel to halt these attacks and urgently de-escalate the situation."
"With international attention centered on Gaza, the government of Israel has not only allowed settler violence to spiral but also persisted in the expansion of Israeli settlements built on Palestinian land and unlawfully seized Palestinian territory by designating it as 'state land,' blatantly violating international law," the groups noted. "Concerted efforts are needed to tackle the root cause of settler violence by permanently dismantling settlement outposts and ensuring the safe return of displaced Palestinians to their lands."
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Wyden Says Spying Bill Would Force Americans to Become an 'Agent for Big Brother'
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Democratic Sen. Ron Wyden took to the floor of the U.S. Senate on Tuesday to speak out against a chilling mass surveillance bill that lawmakers are working to rush through the upper chamber and send to President Joe Biden's desk by the end of the week.
The measure in question would reauthorize Section 702 of the Foreign Intelligence Surveillance Act (FISA) for two years and massively expand the federal government's warrantless surveillance power by requiring a wide range of businesses and individuals to cooperate with spying efforts.
"If you have access to any communications, the government can force you to help it spy," said Wyden (Ore.), referring to an amendment that was tacked on to the legislation by the U.S. House last week with bipartisan support. "That means anyone with access to a server, a wire, a cable box, a Wi-Fi router, a phone, or a computer. So think for a moment about the millions of Americans who work in buildings and offices in which communications are stored or pass through."
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Wyden said the process "can all happen without any oversight whatsoever: The FISA Court won't know about it, Congress won't know about it. Americans who are handed these directives will be forbidden from talking about it. Unless they can afford high-priced lawyers with security clearances who know their way around the FISA Court, they will have no recourse at all."
Wyden's remarks came after the Senate narrowly approved a motion Tuesday to proceed to the FISA reauthorization bill ahead of Section 702's expiration at the end of the week. The Oregon senator, an outspoken privacy advocate, was among the seven members of the Democratic caucus who voted against the procedural motion.
Despite its grave implications for civil liberties, the bill has drawn relatively little vocal opposition in the Senate. A final vote could come as soon as Thursday.
Titled Reforming Intelligence and Securing America Act (RISAA), the legislation passed the Republican-controlled House last week after lawmakers voted down an amendment that would have added a search warrant requirement to Section 702.
The authority allows U.S. agencies to spy on non-citizens located outside of the country, but it has been abused extensively by the Federal Bureau of Investigation and National Security Agency to collect the communications of American lawmakers, activists, journalists, and others without a warrant.
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That would mean U.S. intelligence agencies could, without a warrant, compel gyms, grocery stores, barber shops, and other businesses to hand over communications data.
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More than two dozen House Democrats on Tuesday challenged the Biden administration's claim that Israel is using U.S.-supplied weapons in compliance with domestic and international law—an assertion made amid an ongoing World Court probe of "plausibly" genocidal Israeli policies and practices in Gaza.
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"We write to express our deep concern regarding the U.S. Department of State's recent comments regarding assurances from the Israeli government, under National Security Memorandum (NSM) 20, that the Israeli government is using U.S.-origin weapons in full compliance with relevant U.S. and international law and is not restricting the delivery of humanitarian assistance," the lawmakers wrote in a letter to the Cabinet members.
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While Biden has called out Israel's "indiscriminate bombing" in Gaza—much of it carried out using U.S.-supplied warplanes and munitions including 2,000-pound bombs that can level whole city blocks—his administration has approved more than 100 arms sales to Israel, has repeatedly sidestepped Congress to fast-track emergency armed aid, and is seeking to provide the key ally with billions of dollars in addition weaponry atop the nearly $4 billion it gets annually from Washington.
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According to Palestinian and international officials, more than 110,000 Palestinians have been killed or wounded by Israeli forces since October 7. Most of the dead are women and children. At least 7,000 Palestinians are also missing and presumed dead and buried beneath the rubble of hundreds of thousands of bombed-out homes and other buildings.
Around 90% of Gaza's 2.3 million people have been forcibly displaced in what many Palestinians are calling a second Nakba, a reference to the ethnic cleansing of over 750,000 Arabs from Palestine during the establishment of the modern state of Israel in 1948.
A growing number of not only progressive lawmakers but also mainstream Democrats are calling for a suspension of U.S. military aid to Israel.
On Tuesday, Sen. Bernie Sanders (I-Vt.)—who was criticized earlier in the war for not calling for a cease-fire—stood beside a photo of a starving Gazan girl while declaring "no more money for" the far-right government of Israeli Prime Minister Benjamin Netanyahu and his "war machine."
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