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Today's Stories September 20, 2007 Kathleen Christison Whatever Happened to Palestine? Zoltan Grossman An Endless Occupation?   September 19, 2007 Paul Craig Roberts Why Did Senator John Kerry Stand Idly By? Paul Krassner The Power of Laughter Sgt. Martin Smith The New Private Warriors: Blackwater in Iraq Seth Sandronsky Living in a Dilapidated Market: To Rent or Own? Claud Cockburn Looking back at the Great Crash Victoria Buch Israel's Agenda for Ethnic Cleansing and Transfer Robert Weissman Oil Warriors: From Greenspan to Kissinger Mike Ferner Can We Talk? Dan Bacher Schwarzenegger's $9 Billion Boondoggle for Big Water Website of the Day Housing Cost Calculator   September 18, 2007 Mike Whitney U.S. Banks Brace for Storm Surge as Dollar and Credit System Reel Alan Farago Interviewing Alan Greenspan: How 60 Minutes Blew It John Ross America's Great Wall: Where Will the Workers Go When They Finish It? Ron Jacobs Nooses Hung From Jena, La. to College Park, Md. Alex Doherty Britain's 9/11 "Truth Movement": Who's Responsible? September 17, 2007 Marjorie Cohn Erwin Chemerinsky and the Post-9/11 Attack on Academic Freedom Paul Craig Roberts Conservatism Isn't What It Used to Be Ricardo Alarcón The Return of C. Wright Mills Amid the Dawn of a New Era Marc Levy Fake Vets Chasing Fame Eva Liddell In 1969 We Already Knew What 2007 Would Look Like Website of the Day Propaganda: Your Job in Germany. Directed by Frank Capra, and written by Theodor Geisel Sept. 15-16, 2007 Alexander Cockburn The General Came to Washington Vicente Navarro How the U.S. Schemed Against Spain's Transition from Dictatorship to Democracy Mike Whitney Plummeting Dollar, Credit Crunch Herman Mindshaftgap Has There Ever Been a Surge? If so, Has it a Future? Ellen Cantarow Girls! Music! Palestine! Jordan Flaherty K-Ville: Fox's New Paean to the N.O.P.D. Zachary Hurwitz Julio Cusurichi on Amazonian Development September 14, 2007 Debbie Nathan New York Times reporter was a member of an illegal underage porn site, claims he was only "posing as online predator" Franklin Lamb Sabra-Shatilla, 25 Years Later Patrick Cockburn Greet Bush and Die: The Killing of Abu Risha Farzana Versey The World's Richest Muslim Tycoon Alan Farago This is Florida, Epicenter of the Housing Bust and of Public Corruption Hank Edson Bill's New Book is Giving Me a Headache September 13, 2007 Patrick Cockburn Petraeus Confided Presidential Ambitions to Iraqi Official Scott Vest, former Air Force Captain at Minot The Barksdale Nukes Andy Worthington Guantánamo: "Ghost" Prisoners Speak At Last Michael Baney Mr. Fixit of Quake-Stricken Peru Has Death Squad Past Dr. Susan Block Is U.S. Run by Secret Homintern? September 12, 2007 Paul Craig Roberts American Economy: RIP Stan Goff The Petraeus Report William Blum When Soldiers Mutiny...Only Those Fighting the War Can End It. Manuel Garcia Forgetting 9/11 Debbie Nathan Why One Sex Survey Didn't Make the Big Time September 11, 2007 Patrick Cockburn The Fakery of General Petraeus Iain Boal Specters of Malthus: Scarcity, Poverty, Apocalypse Michael Dickinson Osama on 9/11 Guerry Hoddersen Free Speech is Not Given, but Taken Bill Hatch Irish Politics in Old Time California Gary Leupp The Legacy of Luciano Pavarotti Website of the Day Elisa Salasin's "My September 11th" September 10, 2007 Uri Avnery A Big Victory Against the Wall Patrick Cockburn Petraeus's Closet Saul Landau and Farrah Hassen Screwing Up In Iraq David Michael Green Why Fred Thompson is Uniquely Qualified to be the GOP's Nominee Pius Adesanmi A Solidarity Letter to a Victim of Michael Vick Betty Schneider How to Deal With Sex Offenders   September 8 / 9, 2007 Alexander Cockburn Will the US Really Bomb Iran? Saul Landau The Irrational Drama of a Declining Empire Ismael Hossein-Zadeh Hurricane Katrina and Bush's Wars Ray McGovern Petraeus, the Westmoreland of Iraq Matthew Abraham Finkelstein's Legacy at DePaul Alan Farago The Governor and the Growth Machine Christopher Brauchli Grand Old Party Animals Rannie Amiri Battle of the Camps Fred Gardner Will Snoops Get Stopped? James L. Secor B-52 Flexing Nuclear Muscles: H-Bombs Over Barksdale Missy Comley Beattie Choices: Shall We Stay or Shall We Go Now? Ben Tripp Still in the Clover Francis Boyle The University of Illinois' Little Red Sambo Show Joe Allen and Paul D'Amato Jason Bourne vs. James Bond Website of the Weekend Drilling Wyoming: the View from Above September 7, 2007 Robert Fantina Those Iraq Reports: Bush vs. Reality John Ross Coca-Cola's Raid on a Sacred Mountain James Brooks The Occupation Within Russell Mokhiber Robert Reich and the Elimination of Corporate Criminal Liability Joshua Frank The Green Implosion Continues: Cyberlynching John Murphy John Walsh On the Green Party Mark Brenner New York Taxi Workers Strike Over Tracking Devices Mike Ferner "I Will Salute No More Forever" Website of the Day Help Save Osny Zachary's Life   September 6, 2007 Kathleen and Bill Christison Bush, Iran and Israel's Hidden Hand Allan J. Lichtman When General Petraeus Speaks, Don't Listen ... Norman Solomon The Secret Addiction of Thomas Friedman Yifat Susskind Hurricane Felix's First Responders: Courage and Tragedy on the Miskito Coast Catherine Fenton Why I Am Going to the Protest Laura Santina Can the War Machine be Contained? Farzana Versey Fission Kashmir Yves Engler Haiti: Where a Wage of $2 a Day is Too Much for the Lords of Industry to Pay Kelly Overton Bang Bang; Shoot Shoot: Is Hunting Racist? Michael Simmons One Jew's Views: The Strange Genius of Drew Friedman and Kominsky Crumb Website of the Day Dams and Genocide in Guatemala     September 5, 2007 Stan Goff The End Begins Michael Dickinson Working for Mother Teresa: Memoirs of a Rebellious Volunteer Matthew Abraham Standing Firm with Norman Finkelstein and DePaul's Heroic Students: a Defining Moment Patrick Cockburn The Basra Debacle Dave Lindorff Beware the Wounded Beast Paul Craig Roberts Who Are the Fanatics? Clifton Ross Ecuador and the Struggle for Latin American Unity Elizabeth Schulte Katrina's Forgotten Refugees Joseph Grosso Labor Day in New York City Ben Terrall Where's Nancy? On Trying to Protest Pelosi in San Francisco Website of the Day A Guide to Narco Dollars   September 4, 2007 Jean Bricmont Why Bush Can Get Away with Attacking Iran Patrick Cockburn Cut and Run in Iraq Ron Jacobs The Haditha Massacre: Spinning a War Crime Tom Kerr Buried Alive on San Quentin's Death Row Gary Leupp The Case of Jose Maria Sison Sonja Karkar The Weeping Olive Trees of Palestine Heather Gray The Best and Worst of America: 9/11, Joseph Lowery and the Lethal Silence of Billy Graham Fidel Castro The Super-Revolutionaries Jackie Corr Home Depot Comes to Butte--Begging Bowl in Hand Sunsara Taylor Katrina and the Progress of the System Website of the Day Colombia Journal   September 3, 2007 Patrick Cockburn Brits Flee from Basra Eamon McCann Qana, Derry: The Dead Lie in Familiar Shapes Joshua Frank The End of the Green Party? Chris Floyd Post-Mortem America: Bush's Year of Triumph Marjorie Cohn A Look at Bush's Iran War Plans Walter Brasch The News Drones: How Fake Photos Helped Lead the US to War in Iraq Matt Reichel Redefining the American Dream Website of the Day Don't Get Fooled Again   September 1 / 2, 2007 Alexander Cockburn Entrapment Snares Larry Craig Andy Worthington Britain's Guantánamo Saul Landau The Tragic Ordeal of the Cuban Five David Keen An Occident Waiting to Happen: Intellectuals and the War on Terror Patrick Cockburn The Collapse of Iraq's Health Care Services Diana Johnstone Back in Uncle Sam's Pocket George Longstreth, MD & Karen Longstreth, RN The Sorrows of Occupation: Life in the West Bank Linda M. Woolf A Sad Day for Psychologists--a Sadder Day for Human Rights Ralph Nader Wrapping the World with Advertising Fred Gardner The Trial of Mollie Fry, MD Ben Tripp Enquiry in America Today David Michael Green American Indigestion: Why Bush Governs from the Gut Missy Comley Beattie Looking for Love in All the Wrong Places: What the GOP Hasn't Learned About Tolerance Michael Dickinson Who's Cheating: Remembering Princess Diana Paul Krassner Assholes of the Week: From Larry Craig to Wesley Clark Ron Jacobs A Sports Nation of Millions Poets' Basement Buknatski, Davies and Mickey Z   August 31, 2007 Jeff Gibbs Why I Am Not Going to the Protest Paul Craig Roberts The War Criminal in the Living Room Ray McGovern Do We Have the Courage to Stop War with Iran? Robert Weissman The Benchmarks Iraq is Missing Matt Vidal Subprime Lending and Shady Mortgages Robin Mittenthal The Biofuels Trap Chris Kutalik Auto Makers Push Health Care Trust Solution for Industry in Crisis Richard Forno Watching Freedom's Watch Binoy Kampmark Dianified Dave Zirin Kenneth Foster Lives Website of the Day Free the Jena 6   August 30, 2007 Gary Leupp Larry Craig on the Seat John Ross Dead Forest Defenders Anthony DiMaggio Arabic as a Terrorist Language: the Right-Wing Assault on the Gibran Academy Jordan Flaherty Racism and Criminal Justice in New Orleans Michael Donnelly The Sierra Club Greenwashes Al Gore (and Desecrates John Muir) Russell Mokhiber Whiskey is for Drinking, Water is for Fighting Dennis Brutus and Patrick Bond Global Financial Apartheid William S. Lind The Truth Tellers Martha Rosenberg They Call Him Dr. Cruel Jeff Leys / Brian Terrell Seasons of Discontent: a Presidential Occupation Project Website of the Day Bragg: "Old Clash Fan Fight Song" August 29, 2007 Patrick Cockburn Maliki and The Mass Shia Pilgrimage to Kerbala Winslow T. Wheeler The Costs of the Afghanistan War David Rosen The GOP's Outed All-Stars: The Forced Freeing of Gay Men from the Republican Closet Dave Zirin Confronting Katrina Paul Craig Roberts More Shame, More Sorrow Diane Farsetta Christie Todd Whitman's Nuclear Spinning Wheel Ben Davis Who Won't Stand Up for Kenneth Foster?: Charles Rangel, For One Alan Farago The Housing Crisis and the Environment Jenna Orkin Echoes of 9/11: Another Fire at Ground Zero Don Monkerud The Vanishing American Vacation Richard Nasser Surfing Gaza: More Uplifting News from NPR Website of the Day Don't Sleep on the Struggle   August 28, 2007 Uri Avnery The Language of Force Bill Quigley Katrina, Two Years Later Joshua Frank The Fight to Save the Rocky Mountains China Hand "I am Alden Pyle:" Bush's Vietnam Fantasy Firmin DeBrabander Drug Wars: From Afghanistan to Baltimore Charles Peña Nuclear Fear Factor Andy Worthington Good Riddance, Gonzales Ramzy Baroud Abbas and the Abyss Anthony Papa Roger Stone's New Patsy Ashley Smith Drawing the Line at Kennebunkport Website of the Day B is for Bomb August 27, 2007 Jorge Mariscal The General Reports Bill Christison Why the US and Israel Should Lose Middle East Wars Manuel Garcia, Jr. 911 Emergency! Calling Robert Fisk!: You are Now Entering a Black Hole Anthony DiMaggio Chronicle of a Coup Foretold?: Bush, al-Maliki and the Press Bruce A. Roth India and the New Nuclear Era John Walsh Abe Foxman's Genocide Denial Roadshow, Part 2 Dave Lindorff Gonzo's Gone Ron Jacobs Taking It to the Streets Binoy Kampmark Poshed Up: Why the Beckhams Should Go Back to Brighty Russell D. Hoffman My Favorite Scientist: John Gofman, Bane of the Nuclear Industry Website of the Day George W. Told the Nation             Subscribe Online

September 20, 2007 Greenspan and the Economy of Greed As the Empire Slips By PAUL CRAIG ROBERTS Former Fed Chairman Alan Greenspan's memoir has put him in the news these last few days. He has upset Republicans with his comments on various presidents, with George W. Bush getting the brickbats and Clinton the praise, and by saying that Bush's invasion of Iraq was about oil, not weapons of mass destruction. Opponents of Bush's wars welcomed Greenspan's statement, as it strips the moral pretext away from Bush's aggression, leaving naked greed unmasked. It is certainly the case that Iraq was not invaded because of WMD, which the Bush administration knew did not exist. But the oil pretext is also phony. The US could have purchased a lot of oil for the trillion dollars that the Iraq invasion has already cost in out-of-pocket expenses and already incurred future expenses. Moreover, Bush's invasion of Iraq, by worsening the US deficit and causing additional US reliance on foreign loans, has undermined the US dollar's role as reserve currency, thus threatening America's ability to pay for its imports. Greenspan himself said that the US dollar "doesn't have all that much of an advantage" and could be replaced by the Euro as the reserve currency. By the end of last year, Greenspan said, foreign central banks already held 25 percent of their reserves in Euros and 9 percent in other foreign currencies. The dollar's role has shrunk to 66 percent. If the dollar loses its reserve currency status, the US would magically have to move from an $800 billion trade deficit to a trade surplus so that the US could earn enough Euros to pay for its imports of oil and manufactured goods. Bush's wars are about American hegemony, not oil. The oil companies did not write the neoconservatives' "Project for a New American Century," which calls for US/Israeli hegemony over the entire Middle East, a hegemony that would conveniently remove obstacles to Israeli territorial expansion. The oil industry asserted its influence after the invasion. In his book, Armed Madhouse, BBC investigative reporter Greg Palast documents that the US oil industry's interest in Middle Eastern oil is very different from grabbing the oil. Palast shows that the American oil companies' interests coincide with OPEC's. The oil companies want a controlled flow of oil that results in steady and high prices. Consequently, the US oil industry blocked the neoconservative plan, hatched at the Heritage Foundation and aimed at Saudi Arabia, to use Iraqi oil to bust up OPEC. Saddam got in trouble because one moment he would cut production to support the Palestinians and the next moment he would pump the maximum allowed. Up and down movements in prices are destabilizing events for the oil industry. Palast reports that a Council on Foreign Relations report concludes: Saddam is a "destabilizing influence . . . to the flow of oil to international markets from the Middle East." The most notable aspect of Greenspan's memoir is his unconcern with America's loss of manufacturing. Instead of a problem, Greenspan simply sees a beneficial shift in jobs from "old" manufacturing (steel, cars, and textiles) to "new" manufacturing such as computers and telecommunications. This shows a remarkable ignorance of statistical data on the part of a Federal Reserve Chairman renowned for his command over numbers and a complete lack of grasp of offshoring. The incentive to offshore US jobs has nothing to do with "old" and "new" economy. Corporations offshore their production, because they can more cheaply produce abroad what they sell to Americans. When corporations bring their offshored production to the US to sell, the goods count as imports. Had Greenspan bothered to look at US balance of trade data, he would have discovered that in 2006, the last full year of data, the US exported $47,580,000,000 in computers and imported $101,347,000,000 in computers for a trade deficit in computers of $53,767,000,000. In telecommunications equipment the US exported $28,322,000,000 and imported $40,250,000,000 for a trade deficit in telecommunications equipment of $11,883,000,000. Greenspan probably has given offshoring no serious thought, because like most economists he mistakenly believes that offshoring is free trade and learned in economic courses decades ago before the advent of offshoring that free trade can do no harm. For most of the 21st century I have been pointing out that offshoring is not trade, free or otherwise. It is labor arbitrage. By replacing US labor with foreign labor in the production of goods and services for US markets, US firms are destroying the ladders of upward mobility in the US. So far economists have preferred their delusions to the facts. It is becoming more difficult for economists to clutch to their bosoms the delusion that offshoring is free trade. Ralph Gomory, the distinguished mathematician and co-author with William Baumol, past president of the American Economics Association, of Global Trade and Conflicting National Interests, the most important work in trade theory in 200 years, has entered the public debate. In an interview with Manufacturing & Technology News (September 17), Gomory confirms that there is no basis in economic theory for claiming that it is good to tear down our own productive capability and to rebuild it in a foreign country. It is not free trade when a company relocates its manufacturing abroad. Gomory says that economists and policymakers "still are treating companies as if they represent the country, and they do not." Companies are no longer bound to the interests of their home countries, because the link has been decoupled between the profit motive and a country's welfare. Economists, Gomory points out, are not acknowledging the implications of this decoupling for economic theory. A country that offshores its own production is unable to balance its trade. Americans are able to consume more than they produce only because the dollar is the world reserve currency. However, the dollar's reserve currency status is eroded by the debts associated with continual trade and budget deficits. The US is on a path to economic Armageddon. Shorn of industry, dependent on offshored manufactured goods and services, and deprived of the dollar as reserve currency, the US will become a third world country. Gomery notes that it would be very difficult-perhaps impossible-for the US to re-acquire the manufacturing capability that it gave away to other countries. It is a mystery how a people, whose economic policy is turning them into a third world country with its university graduates working as waitresses, bartenders, and driving cabs, can regard themselves as a hegemonic power even as they build up war debts that are further undermining their ability to pay their import bills. Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions.He can be reached at: PaulCraigRoberts@yahoo.com Your Ad Here

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