What is the Fed good at? Not much, according to Jessie Eisenger of ProPublica:
Investors . . . have almost no confidence in the Federal Reserve or the economics profession. And for good reason. It’s impressive that the Fed and many economists have successfully predicted the path of interest rates and inflation in the wake of the worst financial crisis in a generation. But neither the central bank nor academicians managed to predict or prevent the crisis in the first place. The failure dwarfs the accomplishment.
The Fed’s track record is out-and-out abysmal.The Fed began its lender-of-last-resort role in 2007, but did little to avoid or minimize the financial crisis. Once it hit, it did the right thing to flood the markets with money, but — along with the Treasury and a passive Justice Department — let banks and top executives off the hook. And now, asset prices are going wild. Junk bonds are up. Stocks are up. Housing in Phoenix and Brooklyn is going mad.
This prebubble euphoria only undermines the Federal Reserve’s fragile credibility. It reinforces the notion that it seems to know only two things: how to inflate bubbles and how to studiously not recognize them.
One very common tactic for enforcing political orthodoxies is to malign the character, “style” and even mental health of those who challenge them. The most extreme version of this was an old Soviet favorite: to declare political dissidents mentally ill and put them in hospitals. In the US, those who take even the tiniest steps outside of political convention are instantly decreed “crazy”, as happened to the 2002 anti-war version of Howard Dean and the current iteration of Ron Paul (in most cases, what is actually “crazy” are the political orthodoxies this tactic seeks to shield from challenge). This method is applied with particular aggression to those who engage in any meaningful dissent against the society’s most powerful factions and their institutions.
Greg Palaste reports that the information released by Bradley Manning could have, almost, prevented the Deepwater Oil disaster. Manning’s release of data definitely shows corruption by the U.S. in covering up a BP’s dangerous method of capping its underwater wells with nitrogen-laced cement.
It is absurd for the U.S. to accuse Manning of attempting to aid U.S. enemies when Manning did not financially benefit in the least labors, continues to pay a huge price for providing valuable information to the People of the U.S., and his efforts continue to expose the U.S. government as corrupt.
This statement proves that most media outlets have been slandering Bradley Manning. He is an extremely intelligent and courageous man with a real conscience. He is heroic in every sense of the word, as discussed in detail by Glenn Greenwald.
Manning is absolutely right when he said today that the documents he leaked “are some of the most significant documents of our time”. They revealed a multitude of previously secret crimes and acts of deceit and corruption by the world’s most powerful factions. Journalists and even some government officials have repeatedly concluded that any actual national security harm from his leaks is minimal if it exists at all. To this day, the documents Manning just admitted having leaked play a prominent role in the ability of journalists around the world to inform their readers about vital events. The leaks led to all sorts of journalism awards for WikiLeaks. Without question, Manning’s leaks produced more significant international news scoops in 2010 than those of every media outlet on the planet combined.
This was all achieved because a then-22-year-old Army Private knowingly risked his liberty in order to inform the world about what he learned. He endured treatment which the top UN torture investigator deemed “cruel and inhuman”, and he now faces decades in prison if not life. He knew exactly what he was risking, what he was likely subjecting himself to. But he made the choice to do it anyway because of the good he believed he could achieve, because of the evil that he believed needed urgently to be exposed and combated, and because of his conviction that only leaks enable the public to learn the truth about the bad acts their governments are doing in secret.
If you are wondering why Manning’s trial is not being freely broadcast, that’s a good question.
Before going further, a question: What should a person of good conscience do when he or she discovers that the government is repeatedly lying, and that people are dying, getting maimed and becoming homeless because of those lies? What would we say about someone who had the capability of exposing this ongoing dangerous conduct but did nothing? Wouldn’t we call those kinds of people “cowards,” “accomplices,” or “immoral”? What do we normally call someone who risks his or her own life for the benefit of others? We call them heroes, even if what they are doing breaks formal laws. Since when are people allowed to do nothing in the face of evil just because those in power put a law on the books to scare them or muzzle them?
Here are a few excerpts, in Manning’s own words, of what he did and why:
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