Are You A Real Libertarian Or A Corporate Libertarian?

“In fact, progressives very often get the story quite wrong in characterizing issues as “government versus market.” Certainly the current financial crisis provides an obvious example of such confusion. No one was really pushing for “deregulation” in the sense of getting the government completely out of the market.

The financial industry’s agenda was to get one-sided deregulation. They wanted to preserve the government security blanket of “too big to fail,” while removing prudential controls that limited their ability to take on risk. In effect, what the financial industry wanted (and got) was government insurance that they didn’t have to pay for. This surely is not the libertarian agenda; this is the agenda of a politically powerful industry (with allies in both major parties) that will get everything it can out of Washington.

In short, I would like to see more of the anti-corporate side of the libertarian agenda. There may be many areas in which libertarians and progressives take opposing positions, but there are many areas in which we should have common ground. I am not interested in keeping the scorecard. I just want to see libertarians be as aggressive in confronting the interventions that support corporate power as they were in confronting Social Security.”

Excellent piece on corporate libertarianism by Dean Baker at Cato. 

Obviously, I think the general thrust of libertarianism is more right than that of socialism, but it’s sadly true that libertarians are usually blind to the anti-individualism and corruption of businesses but alert to the same thing in the state.

Hampshire College’s Brave Anti-Occupation Students

“In the last 3 years I have several times declared hopefully that young people are going to lead us; and I have been premature. I did it at Columbia University in an article for New York Magazine in ’07, I did it at Brandeis University in The American Conservative that year too. On both occasions I was blown away by the diversity of the progressive student movement on campus: that identity politics meant nothing to these kids; Jews intermingled with Muslims and Asians in a cohesive manner, and no one gave a s**t.Well now I am saying the same thing about the Hampshire divestment and betting that I will be right. This is a shot that will be heard ’round the nation. It is no wonder that Dershowitz called the students in a threatening manner as soon as they had taken the action: Dershowitz and I recognize the huge symbolic meaning of this stroke. For years divestment had been stopped dead by then-President Lawrence Summers’s attack on it at Harvard, saying it was “antisemitic in effect if not intent,” or words similar, which caused rightthinking gentile faculty to steer away from the issue like a plague. Then it was stopped among the Protestant churches by endless legal wrangling, again with the threat of being labelled antisemitic hanging over their heads.

Those Protestant churches tabled and couldn’t adopt simple measures that limited the divestment to companies doing business in the Occupation! The evil occupation, with its crazy settlers and pogroms–and that’s all the Hampshire initiative applies to, the companies that helped to kill Rachel Corrie! So let us be clear, This is a huge moral stroke. And who is responsible: not Protestant churches or Middle East Studies professors, but an organization of committed students, many of them Jews, who will not be intimidated by anyone, their own administration or Alan Dershowitz. Bless them and honor them!

A few other observations must be made. According to one of those students, in this comment on Indypendent, when Hampshire College first divested from Apartheid South Africa years ago, “the Administration did what it could to distance itself from the situation then, too, with then-President Adele Simmons calling it a ‘big non-issue.'” And today when you visit Hampshire, they brag on that hammer blow! And this will happen again. We and Hampshire will look back on the bravery and independence of Hampshire students as we look back on the bravery of the Wilmot Proviso, or of Harriet Beecher Stowe, or of Congressman Abraham Lincoln when he introduced anti-slavery legislation in Congress in 1848– in these hammer blows of free and unafraid people, others were summoned to the great task at hand!

Again: Dershowitz knows this as well as I do. He is a great advocate. He knows he must stop this now, and blacken the Hampshire initiative, so that no signal goes out to others that It is OK to do this thing. But Dershowitz is too late. The students hung up on him and laughed. Generational forces are at work. He is 70 years old and is advocating for the evil settlement program that even the American government knows is a disaster, that even Gary Ackerman, the Israel Lobby’s main man in the House, or one of them, has lately condemned as settler “pogroms”  (language first employed by me, then later by Jeffrey Goldberg).

Dershowitz employed a traditional Jewish intimidation tactic, calling the Jews and reminding them of their loyalty to the Jewish family. But it didn’t work. These were Hannah-Arendt-Baruch-Spinoza Jews who feel loyalty first to the human family…”

From PhilipWeiss.org.

Comment:

Surely Jewish people aren’t the only ones who employ the “intimidation tactic of reminding people of their group loyalties”? Seems like I hear some of that from Indian friends whenever I write anything that “makes India/Indians look bad” to the West. It’s a natural concern and normally, I wouldn’t leap to the conclusion that there was “intimidation” involved at all, but knowing Dershowitz’s extremely abrasive ad hominem style of argument, there probably was in this case.

Jay Leno Plugs Barry Dyke’s “Pirates of Manhattan”

UPDATE:

Just to clarify:

I wrote and published pieces on Goldman Sachs from 2006-2010, based on research I did while trading in 2004-05, which is when I first saw material that implicated Goldman Sachs in manipulation on trading websites.

I tried to include more of this material in “Mobs,” when I was researching it in 2006-2007, but that was cut out by my co-author. The first (hard cover) edition of “Mobs” came out in fall, 2007, with the paper-backed edition out in 2009.

 

ORIGINAL ARTICLE

“Leno is referring to the fact that Barry Dyke predicted a major collapse of the U.S. financial system in June 2007 way before everyone else when “The Pirates of Manhattan” was first published.

Hampton, NH (PRWEB) February 5, 2009 — The Tonight Show host Jay Leno recently stated that author “Barry Dyke called it!”. Leno is referring to the fact that Barry Dyke predicted a major collapse of the U.S. financial system in June 2007 way before everyone else when “The Pirates of Manhattan” was first published….”

Comment:

Way to go, Barry!  Good friend, Barry Dyke (how’s that for name-dropping?) proves that “doing it my way” works. Barry self-published and made his book a best-seller all on his own – sans major reviewers or promoters. I’m glad to be one of those who recognized how important Barry’s work was – especially on Goldman Sachs, where he beat me to the punch getting a book out.  (My own writing on GS in “Mobs” got cut out for many reasons).  Knowing what a hard slog it’s been for him, I couldn’t be happier to see it. The major media is finally picking up on the people who really were telling it like it is.  Barry’s book was 10 years in the writing and he struggled on with it despite major personal setbacks that he describes in his introduction – everything from bankruptcy to divorce to surgery…

Check the book out at the Pirates of Manhattan website.

Police-State Chronicles: Your Medical Records At Their Finger-Tips

“The bill’s health rules will affect “every individual in the United States” (445, 454, 479). Your medical treatments will be tracked electronically by a federal system. Having electronic medical records at your fingertips, easily transferred to a hospital, is beneficial. It will help avoid duplicate tests and errors.

But the bill goes further. One new bureaucracy, the National Coordinator of Health Information Technology, will monitor treatments to make sure your doctor is doing what the federal government deems appropriate and cost effective. The goal is to reduce costs and “guide” your doctor’s decisions (442, 446). These provisions in the stimulus bill are virtually identical to what Daschle prescribed in his 2008 book, “Critical: What We Can Do About the Health-Care Crisis.” According to Daschle, doctors have to give up autonomy and “learn to operate less like solo practitioners.”

Betsey McCaughey at Bloomberg.com

Sunny Maravillosa has a  commentary on this that sums up my own feeling: why do we have to give up control of our bodies and health to the allopathic cartel and the healthocrats (thanks for those neat labels, Sunni)?

 Ivan Ilich the Austrian philosopher and priest made a similar point in Medical Nemesis (also known as Limits to Medicine), first published in 1975. llich argued that the medicalization of even normal processes in life had led to a vast amount of  iatrogenic (doctor/drug/hospital induced) sickness in modern industrial societies. His criticism of medicine was part of his more extensive attack against the way society institutionalizes activities that people can better do for themselves.

He also attacked formal education and called for networks of peer learning. Today, that sounds uncannily like the world-wide web…

Global Games: Bio-tech Hype Makes Money For Agribusinesses

From the Center for Food Safety, a press release:

GENETICALLY MODIFIED CROPS FEED BIOTECH GIANTS, NOT THE POOR
Contacts: Bill Freese, Center for Food Safety, 202-547-9359 (North America); Nnimmo Bassey, Friends of the Earth Nigeria, +234 80 37 27 43 95 (Africa); Helen Holder, Friends of the Earth Europe Brussels: +32 474 857 638 (Europe)

Biotech Companies Exploit Food Crisis by Raising GM Seed and Pesticide Prices, Record Profits Projected Biotech Propaganda Distracts Attention from Real Solutions for Small Farmers

Washington D.C., February 11, 2009 – A new report released today by the Center for Food Safety and Friends of the Earth International warned that genetically modified (GM) crops are benefiting biotech food giants instead of the worldís hungry population, which is projected to increase to 1.2 billion by the year 2025 due to the global food crisis.

The report explains how biotech firms like Monsanto are exploiting the dramatic rise in world grain prices that are responsible for the global food crisis by sharply increasing the prices of GM seeds and chemicals they sell to farmers, even as hundreds of millions go hungry.

The findings of the report support a comprehensive United Nationsí assessment of world agriculture ñ the International Assessment of Agricultural Knowledge, Science and Technology for Development (IAASTD) – which in 2008 concluded that GM crops have little potential to alleviate poverty and hunger in the world. IAASTD experts recommended instead low-cost, low-input agroecological farming methods.

“GM crops are all about feeding the biotech giants, not the worldís poor,” said Nnimmo Bassey, executive director of Friends of the Earth Nigeria and chair of Friends of the Earth International.

“GM seeds and the pesticides used with them are much too expensive for Africaís small farmers. Those who promote this technology in developing countries are completely out of touch with reality,” he added.

“U.S. farmers are facing dramatic increases in the price of GM seeds and the chemicals used with them,” said Bill Freese, science policy analyst at the US-based Center for Food Safety and co-author of the report. “Farmers in any developing country that welcomes Monsanto and other biotech companies can expect the same fate – sharply rising seed and pesticide costs, and a radical decline in the availability of conventional seeds,” he added.

GM seeds cost from two to over four times as much as conventional, non-GM seeds, and the price disparity is increasing. From 80% to over 90% of the soybean, corn and cotton seeds planted in the U.S. are GM varieties. Thanks to GM trait fee increases, average U.S. seed prices for these crops have risen by over 50% in just the past two to three years.

Exploitation of the food crisis has been extremely profitable for Monsanto, by far the dominant player in GM seeds. Goldman Sachs recently projected that Monsanto’s net income (after taxes) would triple from $984 million to $2.96 billion from 2007 to 2010.

The exorbitant cost of GM seeds is not the only problem. The vast majority of GM crops are not grown by or destined for the world’s poor, but instead are soybeans and corn used to feed animals, generate biofuels, or produce highly processed food products consumed mostly in rich countries.

The report documents that nearly 90% of the global area planted GM crops in 2008 was found in just 6 countries with highly industrialized, export-oriented agricultural sectors in North and South America, with the U.S., Argentina and Brazil responsible for 80% of GM crops. The United States alone produced 50% of the world’s GM crops in 2008.

Despite more than a decade of hype, the biotechnology industry has not introduced a single GM crop with increased yield, enhanced nutrition, drought-tolerance or salt-tolerance. In fact, the biotechnology industry’s own figures show that 85% of all GM crop acreage worldwide in 2008 was planted with herbicide-tolerant crops. Herbicide-tolerant GM crops – chiefly Monsanto’s Roundup Ready varieties used with Monsanto’s Roundup herbicide – have increased overall use of chemical weed killers. Roundup prices in the U.S. have more than doubled in the past two years.

Meanwhile, biotech propaganda has obscured the huge potential of low-cost agroecological and organic techniques to increase food production and alleviate hunger in developing countries. The report mentions several such projects, such as push-pull maize farming, practiced by 10,000 farmers in east Africa. The enormously successful push-pull system controls weed and insect pests without chemicals, increases maize production, and raises the income of smallholder farmers….”

More at the Center for Food Safety

Rights Or Entitlement?

 “I feel entitled to be treated fairly.  I feel entitled to respect.  I feel entitled to warmth and maybe even love.  How childish is that?  I mean . . . really!  Is a lizard entitled to fairness?  A lion? …….Where is it written in the rules of the universe that we humans are special and can step on bugs and eat hamburgers, yet expect to be magically spared these indignities where our own precious lives are concerned?…”

Non Entity at Strike the Root.

Comment:

I sympathize with anyone impatient with the language of rights today. It often seems as if practically anything can become a right, if voiced with enough exuberance.

But we shouldn’t forget that there’s a reason for this development. “Rights talk,” as scholar Mary Ann Glendon called it, didn’t develop in response to ‘nature,’ as NonEntity implies here.  It grew up as a response to corporate power. And that’s a creation of the state and the law…

Correction: Glendon herself argues that this “rights” language comes out of the centrality of property rights to rights language in the US tradition – which makes the individual rights-holder more important than the “public good,” as envisaged in the rights language in Europe, which stems from Rousseau,

I think she blames it on John Locke – a move I don’t quite agree with… (more to come)…

An American Medley

Over at Independent Indian, my friend and Hayek protege Suby Roy tries to sum up US history in a hit parade:

When Johnny Comes Marching Home, Summertime, and I Got You, Babe make his list.

Personally, I think there’s one song there that sums up everything: It’s All Over Now, Baby Blue

“The highway is for gamblers, better use your sense.
Take what you have gathered from coincidence.
The empty-handed painter from your streets

Is drawing crazy patterns on your sheets.
The sky, too, is folding under you
And it’s all over now, Baby Blue….”

If that doesn’t sum up our season of madness in the markets, I don’t know what does. With just a little tinkering, it makes perfect sense today:

“The empty handed banker from Wall Street

Is drawing crazy patterns on your balance sheets

Tarp 2 is folding under you….

etc. etc.

You get the picture.

Publishing Perils: McGraw Hill Hearts S&P

As soon as I invent a new category – publishing perils – I get stuff leaping out all over the place for it.

Here’s a particularly lovely one, from Eddy Elfenbein:

“Yesterday, Jesse Eisinger reported that McGraw Hill dropped Barry Ritholtz’s book, Bailout Nation. Barry said that it’s due to his harsh treatment of the ratings agencies (Standard & Poor’s is owned by McGraw Hill).

McGraw Hill says that it’s dropping the book due to editorial conflicts. This strikes me as an exceedingly lame excuse. Jesse quotes Barry, “All the conversations I had with them, they made apparent this was all about S&P’s role as sister company.”

Read the rest of this post at “Crossing Wall Street.”

(Barry Ritholz is the writer of  the popular macroeconomic blog, “The Big Picture.”

And here’s the original post at The Big Picture.

Gold Up But Dollar Up Too

“THE SPOT PRICE of physical gold bullion touched an 8-session high early in London on Wednesday, turning lower from $927.50 an ounce as world stock markets slipped following Wall Street’s shock 5% slump overnight.

Treasury-bond prices rose despite a record $21 billion auction of new 10-year notes due today, while crude oil slipped below $38 per barrel.

The Bank of England said in its latest quarterly Inflation Report that the UK economy is now in “a deep recession.”

Business confidence across the 16-nation Eurozone worsened for the 18-month running in Dec. according to the Ifo Institute in Munich, falling to the survey’s lowest reading since it began in 1993.

“We have to be cautious on gold short term,” says Phil Smith in his latest technical chart analysis for Reuters India.

“The near term signals are still bullish but are looking like they may turn. Overall still a bullish chart, but with near-term downside risk.”

From Adrian Ash

Comment:

GSax has been saying gold will be up above $1000 in 3 months. Considering that it’s around 900 plus and that over spring it often moves up, they didn’t need Nostradamus to come up with that. Not when they have their guys stashed in every corner of government.

Some people might still think a 15% upside is a good deal. But I think buying on the dips is a better idea. I’m still of the school of thought that the price may have to go way back…maybe even below 700…. before it resumes the next bull leg.

But that’s just my no-account opinion.

MindBody: The Yoga Of Inaction

                The Yoga of Inaction

                         i

I write in praise of non-doing, in a country full of doers and deeds doing.

Winter’s the best time to practice my yoga of inaction, America

Come, twist yourself into a lotus and hum the sacred mantra, zzzzz.

At least, you will be doing no harm.

                        ii

Out there in Washington, the doers are armed and dangerous with verbs of mass action:

They  tell us they will

lower…

raise…

save…

fix…

create…

fight….

bail-out….

pump up…

shut-down…

flood…

redeem…

destroy…..

 

And they won’t even rest on the seventh day.

 

                                 iii

 

In the grammar of our nation, the mood is imperative,

the voice active.

The tense is future.

(And our future is tense).

The American in me cheers.

Wrongs will be righted, the good fight will be fought.

The Indian in me sighs and longs for the passive.

He remembers the past. 

                                  iv

 

Rights can go wrong and good fights go bad, warns the devious old fakir in the corner.

Eli’s Comin’, hisses the 60’s child, shaking her long hair out of her eyes.

It’s Barack, I say, not Eli.

It’s all the same, she says.

The cards say….a broken heart…

                               v

Reality’s a rope trick.

You think you see a snake, it’s only an old rope.

Just long enough

and fat enough

to swing fools on the end of it.

                           vi

This is a time for hibernating, for dreaming vegetative dreams in the dark.

We’ve had too many revolutions, too many slogans

Time now for cryptic words, opaque silences.

For darkness and recession.

The cycle must fall.

 

Lila Rajiva

Copyright February, 2009