The Crisis is Not Over

The Crisis is Not Over by Paul Craig Roberts

"Is the financial crisis over? Is the recovery for real and, if not, what are Americans’ prospects? The short answer is that the financial crisis is not over, the recovery is not real, and the U.S. faces a far worse crisis than the financial one.

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The crisis will not be over until financial regulation is restored, but Wall Street has been able to block re-regulation.

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President Obama’s budget deficits for 2010 and 2011, according to the latest report, will total $2.9 trillion, and this estimate is based on the assumption that the Great Recession is over. Where is the U.S. Treasury to borrow $4.3 trillion in three years?

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A third crisis is also in place. This crisis will occur when confidence is lost in the U.S. dollar as world reserve currency. This crisis will disrupt the international payments mechanism. It will be especially difficult for the U.S. as the country will lose the ability to pay for its imports with its own currency. U.S. living standards will decline as the ability to import declines.

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The financial crisis is essentially a U.S. crisis, spread abroad by the sale of toxic financial instruments. The rest of the world got into trouble by trusting Wall Street.

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The real American crisis is the offshoring of U.S. manufacturing, industrial, and professional service jobs such as software engineering and information technology.

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The threats to the U.S. economy are extreme. Yet, neither the Obama administration, the Republican opposition, economists, Wall Street, nor the media show any awareness. Instead, the public is provided with spin about recovery and with higher spending on pointless wars that are hastening America’s economic and financial ruin."

Zionism Laid Bare By Kathleen Christison

"Alam demonstrates clearly, through voluminous evidence and a carefully argued analysis, that Zionism was never benign, never good—that from the very beginning, it operated according to a “cold logic” and, per Rumi, had “no humanity.” Except perhaps for Jews, which is where Israel’s and Zionism’s exceptionalism comes in.

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How has Zionism been able to put itself forward as exceptional and get away with it, winning Western support for the establishment of an exclusionary state and in the process for the deliberate dispossession of the native population? Alam lays out three principal ways by which Zionism has framed its claims of exceptionalism in order to justify itself and gain world, particularly Western, support. First, the Jewish assumption of chosenness rests on the notion that Jews have a divine right to the land, a mandate granted by God to the Jewish people and only to them. This divine election gives the homeless, long-persecuted Jews the historical and legal basis by which to nullify the rights of Palestinians not so divinely mandated and ultimately to expel them from the land. Second, Israel’s often remarkable achievements in state-building have won Western support and provided a further justification for the displacement of “inferior” Palestinians by “superior” Jews. Finally, Zionism has put Jews forward as having a uniquely tragic history and as a uniquely vulnerable country, giving Israel a special rationale for protecting itself against supposedly unique threats to its existence and in consequence for ignoring the dictates of international law. Against the Jews’ tragedy, whatever pain Palestinians may feel at being displaced appears minor.

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In fact, the Zionists knew from the start that there would be no persuading the Palestinians simply to leave voluntarily and that violent conquest would be necessary to implant the Zionist state.

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Zionist propaganda then and later deliberately spread the notion that Palestinians were not “a people,” had no attachment to the land and no national aspirations, and in the face of the Jews’ supposedly divine mandate, of Israel’s “miraculous” accomplishments, and of the Jews’ monumental suffering in the Holocaust, the dispossession of the Palestinians was made to appear to a disinterested West as nothing more than a minor misfortune.

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Addressing what he calls the “destabilizing logic” of Zionism, Alam builds the argument that Zionism thrives on, and indeed can survive only in the midst of, conflict.

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Anti-Semitism remains in many ways the cement that holds Zionism together, keeping both Israeli Jews and diaspora Jews in thrall to Israel as their supposedly only salvation from another Holocaust.

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Zionist lobbyists continued to work as assiduously, with results as “miraculous,” throughout the twentieth century, gaining influence over civil society and ultimately over policymakers and, most importantly, shaping the public discourse that determines all thinking about Israel and its neighbors.

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In its early days, Zionism grew only because Herzl and his colleagues employed heavy lobbying in the European centers of power; Jewish dispersion across the Western world—and Jewish influence in the economies, the film industries, the media, and academia in key Western countries—are what enabled the Zionist movement to survive and thrive in the dark years of the early twentieth century; and Zionist lobbying and molding of public discourse are what has maintained Israel’s favored place in the hearts and minds of Americans and the policy councils of America’s politicians."

Bill