Category: Derivatives


“They are patriotic in time of war because it is to their interest to be so, but in time of peace they follow power and the dollar wherever they may lead.”
– Henry A. Wallace

The actions by the Republican Party in Wisconsin since January have been playing out across the country at the same time. In Wisconsin, the attack was led by stripping public unions, the strongest remaining unions, of their right to collectively bargain. Hidden in the budget bill are provisions to sell state assets so that they can be purchased by large companies and their services can be sold back to the state at a higher price. In Michigan, the Republicans are passing unconstitutional laws that can be used to eliminate elected local governments, fire all union staff and give control of the municipality over to large corporations under the guise of a fiscal crisis. Arizona sold their statehouse so that they can rent it for a higher price in perpetuity! The current political instability in the US is due to a coordinated attack on American public institutions and infrastructure by billionaires and the companies that they run. What is playing out is an attempt to replace representative democracy with corporate control of the like we have not seen since the time of the Robber Barrons during the Gilded Age. During the past few evenings, Rachel Maddow has aired a number of pieces that make an excellent primer to what is taking place, who is funding it, and what the outcomes are. These pieces are a must see for anyone in the middle class that cares about their own standard of living, the future for their children, access to education, and the rights of human beings.

Part I: The Koch Brothers – the billionaires who are funding the Tea Party and directing Republican policy.

The Koch Brothers are behind the Tea Party and they are pulling strings, 7 March, 2011 (The Rachel Maddow Show)

Part II: One of the things that the Right does when they receive hundreds of million dollars from billionaires is to hire people to misinform people on internet discussion sites and to place attack ads on air against popular causes and liberal politicians.

Rachel Maddow discusses Astroturf campaigns, 7 March, 2011 (The Rachel Maddow Show)

Part III: Despite the fact that all of the Republican Governors and Congressmen claim that the problem is one of fiscal insolvency, the actions that are taking place right now have very little to do with the budget and everything to due with taking political control from the people. All of the fiscal problems in the country are easily fixed by raising taxes on the wealthy (the people who created the problem) and state and national budgets are being used as a ruse.

Rachel Maddow on the Tea Party's use of financial crises to drive draconian legislation, 8 March, 2011 (The Rachel Maddow Show)

Part IV: Naomi Klein discusses how the Right uses the threat of disaster to gain control all…the…time. She describes how the current state and federal budget crises are no different.

Naomi Klein discusses Disaster Capitalism and Michigan's Financial Emergency Law with Rachel Maddow, 8 March, 2011 (The Rachel Maddow Show)

Part V: Rachel Maddow announces the Wisconsin State Senate’s illegal vote on collective bargaining rights.

9 March, 2011: Wisconsin Senate illegally votes to remove collective bargaining rights (The Rachel Maddow Show)

Part VI: How did this mess all begin? Remember when a group of billionaires collapsed the economy through their own financial irresponsibility and criminal behavior? Well, neither the irresponsibility nor the criminal behavior have stopped, but now the billionaires want control.

We should focus on the people who created the current economic crisis: The billionaires. 9 March, 2011 (The Rachel Maddow Show)

Part VII: Rachel Maddow announces the new Michigan law that allows the Governor to choose which local governments are in financial crisis… and to pick which corporation can run the town once he invalidates the local elected governments.

A new Michigan law gives the governor the power to overturn local elections and grant control of municipalities to corporations. 9 March, 2011 (The Rachel Maddow Show)

Part VIII: Michael Moore discusses the pro-labor and pro-democracy movements in Wisconsin and how people can rise up against the class war and the loss of democracy in their own state.

Michael Moore discusses the current attack on the Middle Class and what can be done about it. 9 March, 2011 (The Rachel Maddow Show)

Part IX: What is at stake and the need to act to stop the corporate takeover of the country.

Michael Moore: "We can win this, but we have to do something" 9 March, 2011 (The Rachel Maddow Show)

The Supreme Council of the Armed Forces of Egypt mentioned Tuesday that work will soon begin on a new national constitution. Efforts continue to encourage protestors back to work. They are now arguing for labor rights and higher pay. After protests were put down by force in Iran, Iranian MPs call for the death penalty for opposition group leaders Mehdi Karroubi and Mirhossein Mousavi. This time, the US is strongly and quickly standing behind the protestors. On the other hand, the US reaction is not likely to be as eager in Yemen, where protests have continued into their fifth day. Protestors are not terribly happy about the US-back President, nor are they very happy about the American drone strikes against Yemeni nationals as part of the “War on Terror”. All of the strike activity continues to bring up the question “Where next?” While all eyes are on Pakistan, whose push for nuclear arms gives it one of the larger nuclear arsenals in the world, fears are rising that some nuclear weapons may be lost in this very unstable country. Oh, and one source of angst against the government in Pakistan is its cooperation with the US drone attacks that have led to a large number of civilian deaths. But Democracy is winning the day as protests continue in Baharain, despite the King’s gifting every family in the country with $3,000 to soothe the nerves. Sadly, America finds itself in the ironic situation where it is not the self-avowed bastion of democracy it once claimed itself to be. Perhaps this is a problem with marketing.

Few Americans know very much about the drone strikes in different countries, but it turns out they may not care. Many Americans, including a majority of Republican primary voters are preoccupied with whether Barack Obama is an American citizen. (He is.) Despite the falsity of the claim, House Speaker John Boehner and Majority Leader Eric Cantor do not believe it is their job to correct their constituents. This comes even as Republicans plan to attack the 14th Amendment which argues that anyone born on American soil is a US citizen. This seemingly innocuous guarantee prompted an outcry from Representative Louie Gohmert (R-Tx) last summer. On the other hand, they are not very helpful on the economy either. After the Republicans campaigned on jobs, jobs, jobs, John Boehner says that if the proposed draconian cuts to the federal budget cost jobs, “so be it.” The loss of more jobs, would of course limit future federal revenue, creating more budgetary problems in the future.

Despite several costly provisions, the House succeeded on its third attempt in one week to extend several provisions of the PATRIOT Act. 27 Republicans voted against it and 65 Democrats voted for the extension which includes “roving wiretap” court orders and allows authorities to seize “any tangible things” in a search. See how your Representative voted here.

In other portions of the US Government, Supreme Court Justices Scalia and Thomas are taking heat for failing to recuse themselves from apparent conflicts of interest revolving around their involvement with the Koch Brothers prior to the Citizens United ruling last year, in which the two justices argued slavishly in favor of corporate interests such as those of the ultra-libertarian Koch brothers. Clarence Thomas’ wife is also head of a Tea Party group. While many Tea Party groups are financed in part by the billionaire Koch brothers, Clarence Thomas has failed to report income from his wife’s political activities for more than a decade now, prompting the Supreme Court Justice to uncomfortably claim that he did not understand the corresponding tax law when the news became public. Oops.

The US government is asking Twitter to divulge information pertaining to the whereabouts and names of people associated with WikiLeaks in a move that bodes poorly for internet privacy rights. This and other issues related to first amendment rights may be reasons that Julian Assange has brought civil liberties advocate Alan Dershowitz onto his legal defense team.

The New York Stock Exchange is being purchased by the German Börse, all while Republicans across the nation continue to argue against Socialism. Not to worry, the two leading shareholders in the Börse run an American hedge fund. The NYSE is struggling to maintain profitability by leaving retail investments for derivatives trading.

In Space, the probe NExT (formerly Stardust) makes history as it flies past its second comet, Tempel 1. It was first launched toward Comet Wild 2 12 years ago and has very limited fuel remaining onboard.