Daily Archives: September 14, 2015


The Astonishing Story of the Federal Reserve on 9-11

The Daily Kos has the post The Astonishing Story of the Federal Reserve on 9-11.

Still, while our President was posing for photo ops and our Vice President was hiding under a mountain, colleagues of Roger Ferguson speak of him as having been “cool under fire without being overbearing” and they praise him saying he “nailed it” when it truly mattered. Kenneth A. Gunther, President and CEO of the Independent Community Bankers of America, said, “The Federal Reserve’s response on September 11th ensured a fully functioning payments system when the private sector could not…. The Fed’s dual roles [as provider of services and regulator of the payments system] are an essential element of the ongoing homeland security of the United States.”

For all those politicians and the public who think they know all about what the FED does and think it should be abolished, this is the article that would disabuse them of their notions if it weren’t for the small factor of human nature. Once your gut has told you that we don’t need no stinkin fed, no facts are going to dissuade you. We all can come up with rationalizations for why we are right despite all the evidence that says we are wrong.

In my list of favorite quotes, I have an eloquent explanation.

Mark Twain
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”

What the Corbyn moment means for the left

The New Statesman has the article What the Corbyn moment means for the left.

Rumours of the death of the political left have been exaggerated. Corbyn, like Syriza in Greece, Podemos in Spain and the Scottish National Party, is an immune response from a sick and suffering body politic trying to fight off a chronic infection that threatens to swallow hope for ever. There is a crisis in representative democracy in the west and it was established well before the stock-market collapse of 2008. The old centre left is at odds with its electorate because it decided for itself the limits of what was politically possible a decade ago.

There are many great paragraphs in the above article, but for me this one is the most powerful and succinct description of what has been wrong with US politics for many years. The most obvious symptom is the annoying habit of President Obama first negotiating with himself down to a minimal position that surely the Republicans will accept, and then finding out that the Republicans only want to negotiate him down even further. Then after negotiating the President down below the minimum acceptable compromise, they won’t vote for his proposal anyway.

How many times are we expected to be sold down the river, and then expected to ask for more of the same, please?

I really like the idea of thinking that Bernie Sanders’ rise as an “immune response from a sick and suffering body politic trying to fight off a chronic infection that threatens to swallow hope for ever.”


It’s Official: The Pentagon Finally Admitted That Israel Has Nuclear Weapons, Too

The Nation has the article It’s Official: The Pentagon Finally Admitted That Israel Has Nuclear Weapons, Too.

After five decades of pretending otherwise, the Pentagon has reluctantly confirmed that Israel does indeed posssess[sic] nuclear bombs, as well as awesome weapons technology similar to America’s.

As the article admits, there isn’t an awful lot of new information that people didn’t suspect anyway. I post this on my blog mainly to keep track of this article and the information in it. I know that someone, someday is going to argue with me that there is no proof that Israel has nuclear capabilities. I want to be able to refer back to this article for my own benefit, not that there is any hope that the article could change anyone’s mind.