Gore Vidal Dead: Clever Satirist, Deluded Moralist

Gore Vidal died.

He said some accurate things about American foreign policy [which I admired], wrote some famous books I’ve never read [well, actually I did read “Myra Breckinridge” and disliked it] and was a clever fellow altogether, at least, all the clever people say so. 

But, hmm…I don’t really have anything to say except, let’s see…

I really don’t give a fuck. Look, am I going to sit and weep every time a young

hooker decrepit old pansy man dies?  feels as though she’s been taken advantage of ?

[That was Gore Vidal defending his good friend Roman Polansky, guilty of forced sodomizing and rape of a 13 year-old girl, after feeding her drugs.]

[Further note. The derogatory term (pansy) is intended to be satirical.  I have no animus against gays or gay rights, in fact, I fully support them.]

But, since the entire blogosphere is singing Vidal’s praises, without any reference whatsoever to his many negative traits, including venomous attacks on people ranging from Truman Capote to Charlton Heston,  I decided to break my usual rule of not saying anything negative on someone’s death and point out how mean a man he was in some ways, personally.

There was, for instance, his trick of embarrassing heterosexual males by implying homosexuality, the most famous instance of which was his encounter with Charlton Heston, who was not amused.]

And more here about the venom behind the urbanity:

About Truman Capote:

“Vidal made no secret that he detested the author of Breakfast at Tiffany’s and In Cold Blood, saying once: “Capote I truly loathed. The way you might loathe an animal. A filthy animal that has found its way into the house.”

When asked ‘What was Capote doing that you didn’t like?” Vidal shouted: “Lying! The one thing I hate most on this earth. Which is why I do not have a friendly time with journalists.” He called Capote’s death “a good career move” and added “Every generation gets the Tiny Tim it deserves.”

Stephen Moss in The Guardian has a good piece about a man who wrote brilliant essays and over-rated novels, and  carried his perceptive and prescient anti-imperial criticism into pointless America-bashing that finally undercut his own criticism.

Does age bring wisdom?” a questioner from the floor asked Gore Vidal? There was a short pause. “No, it brings senility.” Cue a wave of applause from the vast audience that had come to touch the hem of the man Adam Boulton, who had the tricky task of interviewing Vidal, called “the greatest essayist since Montaigne”.

That’s a big claim, but not necessarily wide of the mark: Vidal’s essays on politics and literature are magnificent and will live long after the weighty novels he is keener for us to read and remember are gathering dust.

The wind-lashed encounter with Boulton was a ramble – an old man (Vidal, not Boulton) peering into the nooks and crannies of a fascinating life – but, happily, it was punctuated by some memorable one-liners. Asked who his successor as the great contrarian would be, he said: “I’m not holding the door open.” Lifting his walking stick and brandishing it like a mitre, he intoned: “I’m still the bishop of Rome.”

His advice to young people – “Grow up.” Questioned about his famous line that “when a friend succeeds, a little part of me dies”, he insisted it had been a joke – the books of quotations may have to be rewritten. The Republicans he called “a mindset rather than a party – a group of like-minded people compelled by greed and with a capacity for character assassination.” Asked by Boulton if Bobby Kennedy (who Vidal heartily disliked) would have made a better president than George W Bush, he replied: “You would make a better president than Bush!” Could an intellectual ever be elected president? “Well,” said Vidal, “accidents happen.”

[LR: Being anti-Bush or anti-Republican, is, after all very popular in intellectual circles, so it is hardly evidence of great courage to attack either of them from the safety of Europe.]

The one-liners, if you could catch them above the howling wind, kept coming: Vidal’s mind, which has a deeply ironic and subversive bent, is sharp, even if at 82 the body is frail. But are one-liners enough? There is substance in Vidal’s worldview – the Jeffersonian belief in the autonomy of the states, the fear of centralised power, the opposition to US entanglements abroad (he even said US involvement in the second world war was undertaken for selfish reasons) – but these days it gets hopelessly lost. He has become a turn.

His ceaseless negativity is also wearing. Perhaps that is the prerogative of the old, but the attack on the US is so unremitting that he undermines his own assault. “America is a country where no one can be phoney enough” – it sounds good, but is it true? It seems phoney to me. This is the country, after all, he has chosen to return to after his long sojourn in Italy.

Vidal has things of value to tell us – that the US administration has used 9/11 to tear up supposedly inviolable personal freedoms, that America cannot be both republic and empire, that all US politics is based on money, property, business. It was a telling moment when Boulton mentioned the picture in Vanity Fair that linked Vidal, Kurt Vonnegut and Norman Mailer, three octogenarians pitching against America’s misguided, self-interested interventions in the Middle East. That got a large and deserved burst of applause.

Where were the voices of the younger generation was the implication? Is the art of engagement dying? Ironically, Christopher Hitchens, seen by some as a possible heir to the waspish Vidal, has engaged – but on the side of so-called liberal interventionism. Hitchens was in the audience and asked a loaded question – was it true Vidal had said the Bush administration knew 9/11 was coming? Vidal shot back that he’d never said such a thing, and that in any case Bush – his questioner’s hero – was too incompetent to have carried out so strategically devastating an attack.

[LR: Notice that Hitchens and Vidal reinforce the propaganda frame-work, by denying any validity whatsoever to the view that the government itself might have been complicit. How is this different from the Michael Moore brand of Democrat anti-establishmentarian critique?]

Vidal avoided that trap, but the uncommitted observer was still left wanting a more coherent picture of what should replace Bush. Even old guys – and it is poignant that Vidal is now the last of that Vanity Fair trio alive – have to do more than mock the vanities of the world. And beyond welcoming an Obama presidency as a sign that the US might be growing up,

[LR: Again, how deep really is criticism of this kind? ]

Vidal has little positive to say. Bush is an idiot, McCain a dimwit – not even a war hero, because “all he ever did was crash his plane; he didn’t even try to escape”; even Roosevelt wanted only to become “emperor of the west”. Sorry, but I don’t buy that latter point: there is a point where glib contrarianism becomes hollow and self-defeating; the enemy of thought.

Did he have any words of wisdom to offer at the dusk of a long life, asked a youthful member of the audience? Vidal had none, which seemed rather sad. It doesn’t suggest senility – the mind is strong, the wit undiminished – but it does suggest that irony can only take you so far.”

Rand Paul: Welshing On No Aid To Israel?

If I were a young libertarian who’d emptied my wallet into Rand Paul’s campaign, I’d  be painting his face on the basement wall and throwing darts at it, especially after the recent revelation at Liberty Fight about Rand Paul’s apparent silence on the $9 billion dollars in aid guarantees to Israel.

That’s after Rand spent the whole of 2011 (just google) swearing he’d cut aid to Israel. It’s not 100 percent clear what happened with the vote, some are making excuses and giving plausible explanations,  but at this stage of the game,  it doesn’t look good.

Also, one thing that seems to have missed comment is that the Senate summary of the bill specifies support for Israel as a “Jewish state,” not just once, either. Delete Israel and substitute, say, “Malaysia as a Muslim state,” and then you’ll get how just preposterous business-as-usual in DC is.

Not only is this vast sum of tax-payer money going to a foreign government (that’s all aid is anyway), it’s going to a form of government that runs counter to something the Constitution stands for – the US is against a state establishment of religion.

Meanwhile, the same people who applaud “Israel as a Jewish state” every day of the week will foam at the mouth and bark like rabid dogs if someone suggests that the US is a Christian state or that India is a Hindu state.

The h*** with Rand.

A Tribute To Ayn Rand And The Spirit Of America

A Tribute to Ayn Rand

I posted this in 2008 and I’m reposting it from PopModal today because it seems to be corrupted on my blog and the youtube version has vanished

Projwal Shreshta  compiled the quotations from “Atlas Shrugged” and the music, which is Divano, by Era.

From “Atlas Shrugged”:

“I started my life with a single absolute: that the world was mine to shape in the image of my highest values and never to be given up to a lesser standard, no matter how long or hard the struggle.”

“What is morality, she asked.
Judgment to distinguish right and wrong, vision to see the truth, and courage to act upon it, dedication to that which is good, integrity to stand by the good at any price. ”

“The view that man was ever to be drawn by some vision of the unattainable shining ahead, doomed ever to aspire, but not to achieve, my life and my values could not bring me to that.”

“I never found beauty in longing for the impossible and never found the possible to be beyond my reach.”

“I take no pride in hopeless longing; I wouldn’t hold a stillborn aspiration. I’d want to have it, to make it, to live it.”

“I do not think that tragedy is our natural fate and I do not live in chronic dread of disaster. It is no happiness, but suffering that I consider unnatural. It is not success, but calamity that I regard as the abnormal exception in Human Life.”

“Every form of happiness is one, every desire is driven by the same motor.- by our love for a single value, for the highest potentiality of  our own existence — and every achievement is an expression of it.

“Every man builds his world in his own image; he has the power to choose, but no power to escape the necessity of choice. If he abdicates his power, he abdicates the status of man, and the grinding chaos of the irrational is what he achieves as his sphere of existence—by his own choice.”

“Morality is judgment to distinguish right and wrong, vision to see the truth, courage to act upon it, dedication to that which is good, and integrity to stand by it at any price.”

“Joy is the goal of existence, and joy is not to be stumbled upon, but to be achieved, and the act of treason is to let its vision drown in the swamp of the moment’s torture.”

“Devotion to the truth is the hallmark of morality; there is no greater, nobler, more heroic form of devotion than the act of a man who assumes the responsibility of thinking.”

“I am. Therefore I’ll think.”

“The choice–the dedication to one’s highest potential–is made by accepting the fact that the noblest act you have ever performed is the act of your mind in the process of grasping that two and two make four.”

“There was no meaning in motors or factories; that their only meaning is in man’s enjoyment of his life, which they served – and that my swelling admiration at the sight of achievement was for the man from which it came.”

“For the power and the radiant vision within him which had seen the earth as a place of enjoyment and had known that the work of achieving one’s happiness was the purpose the sanction and the meaning of life.”

More quotations listed conveniently here:
http://en.wikiquote.org/wiki/Ayn_Rand

Obamacare: Bad From Every Angle

David Lindorff at Oped News points out that people on the left should also  be upset by the Supreme Court ruling on Obama care, equating a penalty with a tax. I guess if  the government decides to make  people tattoo 666 on their foreheads, as some maybe not-so-batty-after-all people fear it might, that could be constitutional too.

Not since the commerce clause has there been a  semantic theory so convenient for overreaching executives.

“On the downside for Obama, he goes into the final four months of the election campaign saddled with a decision that says he has raised taxes on some of the nation’s poorest people –– for that is what the court said will be happening, 18 months from now, when the health insurance mandate part of the new Act takes effect, and people who have no employer-provided health plan, and no other kind of coverage, fail to buy a policy for themselves and their families.  They will be socked with a bill by the IRS, and while the Obama administration and supporters of the act in Congress were at pains to say that the payment such people would be hit with would be a fine, the Justices in the majority were adamant that it would be a tax………

..The real losers in the latest Supreme Court decision, however, are the people of the United States. Not those who will be required to go out and buy some over-priced, minimal coverage, rip-off insurance plan offered by the private insurance industry, or to pay a “tax” to the IRS for not doing so, but everyone…”

Comment:

This is just a gift to the insurance industry, probably the industry most responsible for soaring costs in every field.

And it’s a blow to young people, who can often get by with just catastrophic coverage. It also hits people who are fine with self-medicating or using cheaper alternative resources.

Finally, it’s a huge blow to small businesses, the engine of job-growth.

With the economy struggling, you’d think that would be a consideration. But it wasn’t.

People are going to think twice about hiring now.

That means fewer young people are going to find jobs…..

If I were young,  this has  to be the point where I pack my bags, get my passport stamped, and hop onto the first cheap flight out of the country.

Rajat Gupta Verdict: Insider-Trading & IP Theft By The Govt

“Anyone can benefit from insider information but not anyone can afford a supercomputer. They may both provide – with fair certainty – a market advantage but only one advantage will be prosecuted.”

–    Anthony Wile, The Daily Bell

The Problem With The Rajat Gupta Insider Trading Case

Update:

New charges have been added to the indictment, including alleged tips on March 12, 2007 (Goldman Sachs) and Jan 29 (Proctor & Gamble) that led to Galleon trading.

ORIGINAL POST:

You gotta hand it to the government. They know how to do theater.  Except it’s theater of the absurd.

While mafia outfits with…er…skeletons in their closet sail on unscathed; managers – especially brown ones –  who might have talked out of turn are facing the firing squad.

Walter Pavlo in Forbes:

“The government does have a case, but what they do not have is Gupta on tape, or anyone naming Gupta on tape, as being a source of insider information.  The way to sway a jury, beyond the evidence, is to portray the person sitting on trial as either a devil or saint; a devil guilty, a saint innocent.  According the NY Times, during one discussion outside of the presence of the jury on the first day of trial, Naftalis was warned by Judge Jed Rakoff to not get into too much detail about Gupta’s record of philanthropy (saint).  This, Naftalis argued, would go to discredit “greed” as being a factor in the alleged crime. I think it is a fair point.

Rajat Gupta is a good person who came from humble beginnings and rose to be someone who was well respected in the business community.  He should get a fair trial and I believe that will happen. However, the government’s mosaic of Gupta as a source of inside information is countered by a defense of a man of intelligence, character, and integrity. Those fine characteristics of a person should not go away with an indictment alone, they must be tried in court.  I think Gupta has a good chance, but if Raj shows up, all bets are off.”

I started out being unsympathetic to Rajat Gupta, when the government first brought charges against him last year. At the time, I thought he would be one of many top business leaders who would be charged, and that Lloyd Blankfein, Geithner, and others higher up the food chain and more culpable for the financial crisis, would follow.  Now that I’ve seen that Gupta is going to be served up as the main course for the public to devour, I’ve become a bit suspicious of the bona fides of the prosecution.

Insider-trading, whatever you think of it, is a very tangential part of the financial crisis, except in so far as it was partly the means by which some of the major firms were naked-shorted.

Goldman Sachs, as we’ve seen, is central to that story.

But the Gupta trial casts Goldman as a victim and GS chief Lloyd Blankfein is actually testifying against him. That’s the man whose confab with Timothy Geithner, NY Fed Reserve chairman, in the same month that Gupta is supposed to have tipped of Galleon’s Raj Rajaratnam (September 2008), constituted a scandal several orders of magnitude greater than the alleged shenanigans of Gupta.

Blankfein, surely more culpable, than Gupta or Rajaratnam, is getting good PR, from this trial, as he did from the Rajaratnam trial last year.

So what’s really going on here?

I don’t want to get into the larger picture in this post, except to say it’s all part of a strategy of rescuing Goldman from any serious damage and of redirecting energy away from the most dominant members of the financial world to the relatively new upstarts – the Indians.

In “Breaking India,” Rajiv Malhotra, a former tech entrepreneur turned author, has written eloquently about the dual strategy pursued by the US government in building up India (through the business schools and management networks), while simultaneously breaking it down (India-bashing from leftist journalists, activists, and academics, including the incitement of Dalit activism against India itself as a symbol of Brahmin supremacism).

In a sense, the dual strategy has ended with the Gupta trial and now the object seems to be solely to break the country. The media portrays it with increasing negativity, directing popular anger toward South Asian financial networks, to the exclusion of others,  and, specifically, away from the Anglo-Jewish elites who actually caused the financial crisis.

The new comers might have profited from it illicitly but in no way were they the prime movers of the global heist.

With that quick sketch of the general context, here are the particulars that I find striking for a criminal case pursued with so much fanfare and media attention:

1. There is no “smoking-gun,” whatsoever. That’s right. Zip. Nada. There is not one tape in the over 2000 (TWO THOUSAND) tapes held by the prosecution that either shows Gupta passing on a  tip to Rajaratnam or names Gupta as someone who tipped off RR.

Think about it. It’s pretty incredible. The government was secretly investigating Rajaratnam’s network as far back as 2007, with FBI wire taps over a period of at least 11 months between March and December 2008.

And not one of those conversations, intimate, unsuspecting conversations, actually contains a concrete tip or refers to Gupta as a tipster. There is actually only one Gupta conversation with Rajaratnam in the whole file – on July 29, 2008.

It’s based on this and other circumstantial evidence that the government rests its case that Gupta was passing on confidential board information to Galleon between March 2007 and January 2009, charging him with five counts of securities violations and one count of conspiracy, potentially opening him up to 105 years in prison and $25 million in fines.

I know if someone had taped me for over a year,  there would be a lot of things I’d find it hard to explain. Not because I’m up to anything wrong. Not at all. But simply because I blurt out my feelings in private. It’s the way I am. Sometimes, those are just passing feelings and quite meaningless to anyone who knows me.  I once told my family I wanted to raise a tiger cub in the garden; I’ve called friends names I’d rather forget; I’ve made forceful political statement that I wouldn’t think of venting on my blog. I say things that aren’t even accurate, just because it’s a casual conversation and I’m not thinking, or because I’m thinking of something else or…or…any of a dozen reasons.

And guess what, I’m not sorry I do. I have a right to.  Expressing your views, whether momentary feelings or long standing opinions, is what you do with your friends in your home.

It’s called privacy. If you can’t be free to vent feelings or express opinions, however unpleasant they might sound to a third party (third parties shouldn’t be listening, should they?), what the heck is privacy for?

But drawing conclusions from the haphazard, half-spoken chitchat of people’s private conversations is another things. Private chat is difficult to interpret, unless you get explicit repeated statements that are black and white. Everything else is open to interpretation.

2. There is no evidence that Gupta profited from the information he’s alleged to have passed on. This again is a big gaping hole in the government’s case. The essence of illegal insider-trading is that the wrong-doer materially benefited and that he passed on the tip with that benefit in his mind.

It’s a “mental state” crime, which also makes it hard to prove.

No profit, and bingo, half the case has crumbled.

Now, given that, why would Rajat Gupta turn down a civil trial, where the maximum he faced would have been fines and bans from sitting on corporate boards, and go in for a criminal trial, where he could go to jail? There’s only one reason. An administrative hearing has a lower standard of proof and a judge who can make up his mind as he wishes. A criminal trial gets a jury and demands “beyond a reasonable doubt” as the standard.  But it’s also riskier. Juries can go one way or other.

Here’s my point. The only defendant who would take that kind of risk would be a defendant who thought he was innocent.

So what’s the government doing without these two major elements of a successful insider trading case?

It’s trying to build a circumstantial case, putting together a kind of “mosaic” of the evidence, as someone has noted. It’s calling witnesses to show that while Gupta might not have literally profited from his tips, he indirectly profited, because he was invested with Galleon and he intended to do even more business with it in the future. The tips were credit toward that future return.

The prosecutions’ second line of argument is to suggest that Gupta and Rajaratnam were such close friends, that Gupta had to have passed on tips, because that’s what buddies do.

But, here’s another thing. The government (SEC) didn’t let Gupta see settlement documents with cooperating witnesses against him.

That means the defense doesn’t get to learn the terms on which the government struck deals with cooperating witnesses against Gupta.

That’s pretty significant.

Fortunately, the judge did force the FBI  to review documents (notes) from the SEC’s civil investigation, which overlapped the FBI criminal case (Brady material), and it did force them to show the defendant exculpatory evidence in them.

Thirdly, the government is trying to piece together the timing of the calls to show that it must have been Gupta who put through the call just before closing on Sept 23, 2008, to tell Rajaratnam that Warren Buffet was going to invest in Goldman Sachs. That tip is the piece de resistance of the trial, because Rajaratnam turned around and managed to squeeze a trade through before closing that netted around $800,000.

The Buffet investment information was, of course, confidential, as Lloyd Blankfein testified, as was the information about a Goldman Sachs audit committee meeting, whose results are alleged to have been passed onto Rajaratnam (March 2008).

What Blankfein didn’t testify and someone should have asked was if Blankfein and everyone else in the firm had actually kept the information confidential, as they expected Gupta to. Blankfein does remark that there was a lot of speculation going on about the audit committee findings.

Does that mean there were loose lips all over the place?

Because if there were, then the case against Gupta founders again.

Because then, how do we know who it was that tipped off Raj Rajaratnam?

The answer is, we don’t.

And, in fact, so far the defense has found at least two (and possibly three) other people at Goldman, lower down in the food chain, who were passing on tips to Galleon’s chief. One of those, David Loeb, head of Goldman Sachs’ Asia Equity Sales In New York, made two dozen calls to Galleon, some of them on the same day Gupta is alleged to have tipped the hedge fund off.  Besides Loeb, an analyst Henry King, as well as a Mr. X , have also been mentioned as tipsters. King, a high profile tech analyst known for his spot-on calls, is alleged to have been leaking information from Taiwanese manufacturers to US investors.

Then there’s Anil Kumar, a colleague at McKinsey, who turned informant for the government, in the Rajaratnam case. Kumar testified that Rajaratnam often played off his sources against each other so they would be work harder to get a pat on the head from “Big Raj.” One of the tipsters Rajaratnam played off against Anil Kumar was the “insanely hot” blonde tipster, Danielle Chiesi, whose antics eventually sank the good ship Galleon.

So now we know that Rajaratnam has a profile of manipulating  people and that he could ‘have been trying to get Anil Kumar to do more for him (remember, in the call with Gupta he complains that Anil Kumar isn’t earning the million dollars a year he was giving him). One way to do that would be to hint that he was getting information from someone else, even if that someone else was simply chatting with him and wasn’t actually tipping him.  There’s another angle.  If Anil Kumar could wear a wire and rat out Rajaratnam,  what are the chances he wouldn’t agree to anything else the Feds wanted from him? Maybe he cut a deal to point the finger at someone higher up.  Gary Naftalis, Gupta’s lawyer seems to be thinking along those lines, in demanding to see the SEC’s deals with cooperating witnesses.  Anyway, Kumar is no pillar of integrity and his accusations should be taken for what they’re worth.

What’s also strange….passing strange….is that David Loeb, whom the government caught on tape passing on tips about Intel, Apple, and Hewlett Packard to RR,  has not been charged at all.

Yet, Loeb called Galleon traders twice on September 23, 2008, including once  at  3:07 pm. That’s the same day prosecutors are trying to pin the Buffett tip on Gupta.

I wonder when the other call was; reports don’t specify.

Loeb also made four calls to Galleon’s Adam Smith on October 23, 2008, the same day that prosecutors say Gupta told Rajaratnam that Goldman Sachs would lose almost two dollars a share.

That’s pretty damning. And it’s on tape.  But Loeb hasn’t been fingered.

Instead, the government has gone straight for the jugular of Rajat Gupta.

You have to wonder why.

Applause For 321Gold’s Barbara Moriarty

321gold’s Bob Moriarty salutes the brains behind that great resource, wife Barbara Moriarty, who’s retiring.

“Not a lot of people fully understand the dynamics behind 321gold.com. Barbara and I started the website in the summer of 2001 convinced that gold and silver were at a bottom and the financial system was fixing to come unglued. Well, gold and silver were at a bottom. Saying the financial system is coming unglued is no longer a prediction; you can watch it in living color daily.

From the beginning ten and a half years ago, Barbara was the backbone of the site. She designed it. She built it and she maintained it. I may be the guy visible at gold shows and with the byline but don’t be confused, Barbara was the brains.

But living with doom and gloom daily gets tiring. We are not as young as we used to be and she wanted out. She has worked practically every day and given everything to the site. It’s time for her to focus more on her and her family.

The transition will be mostly seamless but her sense of humor and adding brightness to every day will be missed. Rarely in life will you come across anyone as kind or thoughtful. I’ve been married to her for 21 years and I only regret not having met her forty years ago. I’ve known a number of interesting people in my life but of all the people I have ever known, Barbara was the most intelligent and the bravest. And the most loving of all people.

She will be missed.

Comment:

321gold would be on anyone’s top five of the most invaluable resources for information about gold for as long as I’ve been following the financial crisis (since 2004-5). For me, it’s always been the first place I looked. Bob Moriarty is also a writer whom I trust for accurate and un-hyped information. I never got the impression he was giving anything but his honest opinion. Most others are pumping something they’re paid to pump.  Apart from Bob Moriarty, I also pay attention to Nadeem Walayat of Market Oracle, among many others. (I have no relationship with either of these two individuals)

Indian Opposition Says No To Wal-Mart

Bloomberg reports on Indian opposition to corporate giants forcing open the lucrative retail market:

“Opposition parties and government allies rounded on Prime Minister Manmohan Singh’s bid to open India’s retail sector to foreign companies like Wal-Mart Stores Inc. (WMT), stalling parliament for a fifth day with their protests.

In a rare concerted attack on the ruling Congress party, Singh’s two largest parliamentary partners joined the opposition in criticizing the policy approved by the Cabinet last week, forcing both houses of parliament to adjourn. Overseas retailers stand to be barred from opening stores in at least 19 of India’s 45 largest cities with state assemblies set to veto their entry. “

I’m glad to hear this.   Even though it’s too little too late. The spineless Manmohan Singh has already opened up local mutual funds to foreign investment, with all the economic and other dangers of cross-border financial flows and hot money.

Of course, the globalist mouthpieces, (Time: Jyothi Thottam, “Why India Should Stop Fearing Walmart”), are anxious for it to happen.

The big media outlets like to put a local face on the policy (“India’s Wobbly Walmart Embrace’), but astute readers aren’t fooled.

One writes:

Let’s say our law says that Walmart will source 30% from small players. What about the rest, the 70%? Is it going to source 100% of it from India or is allowed to import the rest, i.e. 70%? According to the WTO you cannot stop them from importing.  The example the writer gave was from Bharti-Walmart which is a wholesale cash and carry store (like SAM’s) not Walmart – it is the consumer side which will kill the Kirana business and the Indian manufacturers. She talks about the food supply and global chains without even knowing what it means. …..

They are in the business of making money and lots of it for their US shareholders. They are not in the business of reducing cost for Indian consumers. If it happens that they buy in bulk in China and flood the Indian market with imports, so be it.  Today India is a net Export-Import deficit country with $85 Billion per year. This is the contribution of Dr. Singh…from a few billion a year trade deficit that we had before to having to borrow $85 Billion a year to pay our imports minus exports. So what do you think will happen when Walmart imports $100 Billion dollars worth of goods into India every year?

Now you have to somehow find current $85 Billion net deficit + $100 Billion = $185 Billion dollars PER YEAR.  In the case of the USA, it was simple. The USA borrowed $3 Trillion to pay the deficit. It has the luxury of printing dollars. So if China demands money, they can print it. They just recently printed $600 Billion. India can not do this and India will ultimately be screwed.  In the 17th Century, India was a net exporter. Then the Britishers came and India became a net importer and in turn a poor country. That will happen after a few years if our appetite for imports continues to grow and our exports dont keep up with the rise in imports as happened in the last many years. Today, we borrow soft money and hard money from the IMF, bonds, FDI in other sectors etc. to pay the difference of $85 Billion of dollars that we have to pay to import more than what we export. How long do you think this is sustainable? How long do you think we can continue to borrow either via the FDI route or via IMF loans to pay for our imports. India is one of the few countries where you can allow all these things, including changing our nuclear policy, allowing FDI, etc. without discussing this in Parliament first.

Remember also that Walmart started putting in RFID tags into their clothes from last year, August 1, 2010, making it possible at some point that you could be tracked anywhere you went, because of your clothes. This is incipiently fascistic.

India FDI Watch has a detailed report on what really happens when foreign lobbyists get big retail giants into the market, monopsony:

“Industrial licensing had brought monopolies to India but monopsony is a new phenomenon for India which has recently come to the forefront in the manufacturing goods sector due to the increased specialization in the global process of production. This has led to the concept of a single supplier to a large producer who obtains the goods at a ransom. The larger the amount of any commodity a large retailer can purchase, the greater the concession on price, delivery, it can extract. This is a demonstration of monopsonistic procurement and the awesome monopsonistic purchasing power which comes with it. This is unique to the modern world of digital instant communication (branding, streamlined logistics distribution can drive down prices still further) and hugely affects the agricultural commodities market also, as shown. The more of a commodity large retailers purchase in bulk, the lower the prices growers of agricultural commodities obtain!”

More in this report on how the globalists at WTO would like to destroy the decentralized production of food:

“The Bank has identified laws such as the Essential Commodities Act (1955) the Agricultural Produce and marketing Act (APMC 1972) and the Prevention of Black Marketing and Maintenance of Supplies of Essential Commodities Act (1980) which have defended the rights of farmers to a just price and the rights of the poor to a fair price for food, as having “prevented the free mobility of agricultural produce and thus segmented the Indian domestic market into many smaller markets.

The government has also imposed restrictions on foreign investment in the retail of agricultural commodities, and on both foreign and domestic private investment in wholesale. These restrictions have collectively discouraged and/or prevented the private sector from undertaking large-scale investment in agricultural storage, marketing, or processing activities – an example of horizontal fragmentation preventing desirable vertical integration. The result is that today there is no large, organized, efficient pan-Indian supply chain in the agricultural sector, including in horticulture. What the Bank defines as “fragmentation” is in fact self-organized local systems of production and trade which are not controlled by a centralized store or by centralized, monopolistic corporations. And the repeated attack on India’s “geography” shows how anti-nature World Bank’s basic economic thinking is. Not only the World Bank like to wish away India’s diversity and geography, it would like to destroy India’s food sovereignty.

Thus, the Bank takes apples grown in Himachal and says it would be cheaper to import them for Chennai. This was exactly the argument the trade liberalisers had used to justify wheat imports. However, the imported wheat turned out to be twice as costly as domestic wheat. Navdanya has filed a case in the Supreme Court against wheat imports.”

Note:

I’ve shopped at Walmart, and they have great prices, true. But in the US I don’t have that much of a choice of smaller shops.  In India, however, there are plenty of choices….and it should stay that way.  Anyway, I don’t think I should be shopping at Walmart, even if the prices are low.  It’s a question of choosing smart self-interest over self-defeating self-interest. I like cheap prices, but I also want to live in a country of small shops and farms, not one of huge commercial farms and supermarkets.

It’s time to buy from local retailers, wherever possible.

The American-made Retail E-guide features over 2500 American-made products from over a dozen popular retail stores like Dillard’s, Home Depot, TJ Maxx, and Costco.

How Americans Can Buy American
Post Office Box 780839, Orlando, Florida 32878-0839
Tel: 1-888-US OWNED (1-888-876-9633)
Emergency Backup: 407-234-4626
Email the Author: Roger Simmermaker
Web: http://www.howtobuyamerican.com

On this issue, I agree with OccupyWallStreet.

If we can’t lower taxes to bring companies back, we can boycott multinationals with predatory practices. Giant corporations of this kind have nothing to do with the free market.

From TowardFreedom:

“The shiny happy people featured in Wal-Mart advertisements, as well as the company’s continued PR claims of corporate responsibility (“We at Wal-Mart take an active interest in conserving the environment!”), simply doesn’t match the frustrating reality of their corporate behavior. Even the largely toothless Environmental Protection Agency, for example, a federal regulatory outfit that sometimes seems to exist simply to provide permits for giant corporate polluters, has managed to prosecute Wal-Mart for Clean Air Act violations in nine states, due to the company’s stubborn insistence on storing lawn fertilizer and other toxic chemicals in parking lots located near local watershed areas.

Greenwald even takes us to Wal-Mart’s global factories in where Wal-Mart workers put in 14 hour days 7 days a week and brush their teeth with fireplace ashes because their salaries don’t allow them to buy tooth paste. Implicitly in this global tour is the fact that, while wrapping itself in the American flag and a shallow sham version of patriotism, Wal-Mart cares very little for the health and well being of its workers, the environment, or the health of the U.S. economy as a whole, beyond the short-term dollar value it can extract to increase its profit margin.

While all of this is deeply sobering, Greenwald wisely chooses to end the film on a powerful high note, spotlighting and interviewing several citizen/activists – normal people just like you and me – who have chosen to organize their communities to oppose Wal-Mart’s predatory behavior and fight for more just and sustainable local economies.”

25 Reasons To Be Glad To Be In America

25 REASONS TO BE GLAD TO BE IN AMERICA

Right now, in this country, even with all its problems,

1. You can buy a condo on a lake for under $15,000.

2. You can buy a house in a good neighborhood that needs a little work for $25,000. You can buy a trailer for under $1000.

3. You can sell unskilled or semi-skilled labor for $12-$20 an hour.

4. You can pay little or no taxes on a wage of under $35,000, if you go into business for yourself, know how to structure it, and are the head of a household with children.

5. You can earn a money-making qualification online for less than $1000, and you can get the money for it, if you don’t have it. You can pay it back on time after your graduate. You can learn how to fix anything in your house that doesn’t need a license, by watching a You-Tube video.  You can learn any language online, for free. You can learn to play a musical instrument for free, and you can record and play your own tapes for free.

6. You can fly to a foreign country and back for under $100, if you know where to look and when.

7. You can buy a fresh loaf of bread, a big bag of crackers, a big bottle of shampoo/detergent, a box of pasta, each for $1.

8. If you bought items in bulk and with coupons, you could even get them for less. And if you cooked your own food and kept it very basic, you could feed yourself for under $50/mth.  Even less, if you fish or have a little garden.

9. You can get a gym membership for $10/mth. You can create a home gym for under $10.

10. Most of the people who were foreclosed on didn’t have much money in their homes. Those that did have the means to sue, a legal system they can use without putting up a dime, and a free PR machine on the web with tools like blogger and wordpress.

11. You can rent a room in any city for $250/mth or even less, if you do some chores. You can live for free if you do housework, or can take care of older folks.  You can rent a trailer for a month for under $300.

12. You can buy a computer for under $200, brand new. Second-hand computers that are functional can be bought for under $100. You can use a computer for free for an hour or more in any library.

13. You can get access to sophisticated hospitals and treatment for an insurance payment of about $100/mth. It’s not full coverage, but it will cover your for emergencies. You can get an alternative consultation for $50. A bottle of vitamins is less than $8. You can buy herbal remedies for even less. You can get excellent health advice free on dozens of internet sites. You can learn yoga online without paying a dime.

14. You can buy a functioning car for under $500.

15. You can borrow money at under 5% for most things and you can structure and restructure your finance in dozens of creative ways to save you money

16. You can buy a stock for $7.

17. You can educate yourself completely free at a good public library, available in any town.

18. You can read practically any classic book in the world on the net, for free.

19. You can make your own movies or documentaries for next to nothing on You-tube.

20. If you have a brilliant idea, you can get someone somewhere interested enough to pay you to develop it.

21. You can work at home and make $15,000/yr with minimal skills, if you don’t mind clerical work.

22.  If you are out of luck, you can get meals and a place to sleep for free, for at least a week, in almost any city in the country. You can buy a presentable work outfit at a thrift store for under $5.

23. Almost anywhere you can find a church or a shelter to feed you and help you find a job, even if you just came out of prison.

24. You can phone anywhere in the US for free on a computer. You can get a basic internet line for $20/mth. Or you can get free wi-fi at dozens of cafes and libraries in any city. You can sit in them and enjoy their facilities, their electricity, and AC and heat for free, day after day, and no one will question you.

25. You can go to sleep every night in peace and quiet, with no airplanes and bombers flying overhead. You breathe clean air. The phone and internet work well almost all the time. The buses run on time. The trains run on time. Taxis are cheap in most cities. So are buses. You can travel anywhere in the country by bus.

Honor

Honor
by Ada Cambridge
(hat-tip to Ajit Vadakayil)

Me let the world disparage and despise —
As one unfettered with its gilded chains,
As one untempted by its sordid gains,
Its pleasant vice, its profitable lies;
Let Justice, blind and halt and maimed, chastise
The rebel spirit surging in my veins,
Let the law deal me penalties and pains
And make me hideous in my neighbours’ eyes.

But let me fall not in mine own esteem,
By poor deceit or selfish greed debased.
Let me be clean from secret stain and shame,
Know myself true, though false as hell I seem —
Know myself worthy, howsoe’er disgraced —
Know myself right, though every tongue should blame