Thich Nhat Hanh in 2003

Here's a video sketch of Thich Nhat Hanh from 2003 that I enjoyed and decided to share. A sample quote:

THICH NHAT HANH: Using violence to suppress violence is not the correct way. America has to wake up to that reality. [Interviewer]: That’s not a sentiment you hear everyday at the Capitol. Nor is Nhat Hanh’s recommendation to this bitterly divided Congress that its members practice what he calls deep listening (to each other) and gentle speech.
At the persistent urging of Lisa Rokusek (an author at this website), I've been reading some of the works of Thich Nhat Hanh lately, and enjoying their elegant wisdom. Here are a few of his quotes:
Keeping your body healthy is an expression of gratitude to the whole cosmos - the trees, the clouds, everything. People have a hard time letting go of their suffering. Out of a fear of the unknown, they prefer suffering that is familiar. The practice of peace and reconciliation is one of the most vital and artistic of human actions. People usually consider walking on water or in thin air a miracle. But I think the real miracle is not to walk either on water or in thin air,but to walk on earth. Every day we are engaged in a miracle which we don't even recognize: a blue sky, white clouds, green leaves, the black, curious eyes of a child -- our own two eyes. All is a miracle. Many of us are not capable of releasing the past, of releasing the suffering of the past. We want to cling to our own suffering. But the Buddha said very clearly, do not cling to the past, the past is already gone. Do not wait for future, the future is not yet there. The wise people establish themselves in the present moment and they practice living deeply in the present moment. That is our practice. By living deeply in the present moment we can understand the past better and we can prepare for a better future.

Continue ReadingThich Nhat Hanh in 2003

Time for a national usury law?

First Premier Bank has just introduced its new 79% interest rate sub-prime credit card. No, that's not a typo, and some experts expect to see more credit cards with sky-high interest. Which makes me again bring up the topic of a national usury cap. Thomas Geoghegan recommended such a cap last year, in his article in The American Prospect. He suggested a credit card interest cap of 12% and a law completely barring payday loans.img_1180 I have filed several class action suits against large payday lenders (here's a post on one of those suits). These lenders often argue that people need these 400% interest loans for short term emergencies. At what cost, though? In my experience, these lenders are commonly stretching out these "short term" loans for many months. People who borrow $500 will pay $2000 in interest over the year and they will STILL OWE THE $500. Many states allow payday lenders to charge in excess of 1000% interest. These loans suck the very life out of working class folks. They amount to financial crack cocaine, because people often end up taking out a second, and a third payday loan in order to pay off the first one. It's a terrible mess and it's ruining lives. That's why 13 states have passed laws making sure that payday lenders cannot operate in those jurisdictions. It's time for the other states, and Congress, to get with the program. To put this all in perspective, remember the stories about "loan sharks?" Those were the good old days. "Simple nominal annual interest rates on extortionate mafia loan shark debts averaged 250%." Syndicate Loan-Shark Activities and New York's Usury Statute, 66 Colum. L. Rev. 167, 167 (1966). And here's another irony. The Bible clearly holds that usury is a sin comparable to murder. Usury is prohibited by Exodus 22:25: "If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury.” Usury is also prohibited by Leviticus 25:35-37. In spite of these Bible quotes, if you want to find lots of payday stores and payday lenders, look for geographical areas where you'll also find conservative Christians. That is the finding of Steven M. Graves and Christopher Peterson, in a law review article entitled "Usury Law and the Christian Right: Faith-Based Political Power and the Geography of American Payday Loan Regulation," 57 Cath. U. L. Rev. 637, 640 (2008):

We conclude, with a high degree of statistical certainty, that states with powerful conservative Christian populations tend to host relatively greater numbers of payday loan locations per capita as well as a greater commercial density of payday lenders. These findings propound a tragic and sad irony. Those states that have most ardently held to their pious Christian traditions have tended to become more infested with the progeny of money changers once expelled by Christ from the Hebrew temple. Legislators in those states, who have effectively used biblical principles to shape their legislative agenda on social and cultural issues, have failed to consistently apply biblical principles to economic legislation.

All it would take for Congress to outlaw payday loans is to write up a bill, have a majority of members of Congress approve of it, and then refer it to the President to sign it. But that can't happen these days because the financial services industry pays our politicians huge amounts of money so that they WON'T sign these sorts of bills. And, of course, with regard to Congress, the banks "frankly own the place."

Continue ReadingTime for a national usury law?

U.S. House approves funding to maintain the empire

As distinct from other peoples, most Americans do not recognize -- or do not want to recognize -- that the United States dominates the world through its military power. Due to government secrecy, our citizens are often ignorant of the fact that our garrisons encircle the planet. This vast network of American bases on every continent except Antarctica actually constitutes a new form of empire -- an empire of bases with its own geography not likely to be taught in any high school geography class. Without grasping the dimensions of this globe-girdling Baseworld, one can't begin to understand the size and nature of our imperial aspirations or the degree to which a new kind of militarism is undermining our constitutional order. ---Chalmers Johnson
It is with the context provided by that quotation from historian Chalmers Johnson that one must understand today's news that the House of Representatives has approved funding today for defense maintaining the empire. The level of spending has been approved at $636.3 billion dollars-- nearly two-thirds of a trillion dollars(see related post on how much a trillion really is) to maintain our network of more than 800 military facilities in more than 140 countries around the world. That spending includes $128.3 billion for fighting our current wars, although Afghanistan is expected to require an additional $30 billion to fund the most recent troop increase.

Continue ReadingU.S. House approves funding to maintain the empire

Border Incident

You may have heard about this by now. Biologist and science fiction writer Peter Watts was stopped on his way back into Canada by border guards. He'd been helping a friend in the United States move and he was returning. He was flagged to the side and the guards fell on his vehicle. He stepped out to ask what was going on, was told to get back in his vehicle, and when he asked again for the reason for the search, he was pepper sprayed, beaten, thrown in a lock-up overnight, and the next day sent into a winter storm on foot in shirtsleeves, all his personal property confiscated pending arraignment on charges of assaulting a federal officer. In his own words:

Along some other timeline, I did not get out of the car to ask what was going on. I did not repeat that question when refused an answer and told to get back into the vehicle. In that other timeline I was not punched in the face, pepper-sprayed, shit-kicked, handcuffed, thrown wet and half-naked into a holding cell for three fucking hours, thrown into an even colder jail cell overnight, arraigned, and charged with assaulting a federal officer, all without access to legal representation (although they did try to get me to waive my Miranda rights. Twice.). Nor was I finally dumped across the border in shirtsleeves: computer seized, flash drive confiscated, even my fucking paper notepad withheld until they could find someone among their number literate enough to distinguish between handwritten notes on story ideas and, I suppose, nefarious terrorist plots. I was not left without my jacket in the face of Ontario’s first winter storm, after all buses and intercity shuttles had shut down for the night.

In some other universe I am warm and content and not looking at spending two years in jail for the crime of having been punched in the face.

Here is a post on his behalf. A legal defense fund is being built by the writing community as you read this. The first thing, I admit, that occurred to me when I heard about it was a kind of reflexive "well, he must've said something," the kind of self apology for representatives of my government that springs automatically to mind. Because none of us want to believe that thugs and bullies work for us. I dismissed that idea. Watts is the least likely individual to provoke such a response. [more . . . ]

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So who wants to be a billionaire?

Clusterstock has detailed and easy-to-follow instructions to making ridiculous amounts of easy money. Start by forming a bank, hire all of your friends as bankers and raising some capital. After those preliminary steps, the hard part is done:

STEP 4: Borrow $9 billion from the Fed at an annual cost of 0.25%. STEP 5: Buy $10 billion of 30-year Treasuries paying 4.45% STEP 6: Sit back and watch the cash flow in. At this spread, you should be earning at least 4% per year on your $10 billion of capital, or $400 million. Sure, there's some risk that the Fed will grow a backbone and raise short rates, but there's not much risk. (They have an economy to fix and banks to secretly recapitalize). And in any event, if the Fed raises short rates, making your $1 billion will just take a bit longer. (And if they REALLY raise rates, causing you to actually lose money, it will be someone else's problem.)

Continue ReadingSo who wants to be a billionaire?