Iceland’s recipe: Let the banks fail

This article includes a video interview with the President of Iceland, who explains that part of Iceland's recovery from economic catastrophe was to allow the banks to fail.

In an impromptu interview with the Al Jazeera News Network’s Stephen Cole, Iceland’s President Olafur Ragnar Grimsson explains that his country was able to rebound from the worldwide financial crisis better than all other countries that faced the same problems, by doing just that, allowing the failing banks to go bankrupt.

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Why keep trying to clean up corrupt political systems?

Why keep trying to clean up corrupt political systems? Glenn Greenwald offers this advice:

[O]ne indisputable lesson that history teaches is that any structures built by human beings - no matter how formidable or invulnerable they may seem - can be radically altered, or even torn down and replaced, by other human beings who tap into passions and find the right strategy. So resignation - defeatism - is always irrational and baseless, even when it's tempting. I think the power of ideas is often underrated. Convincing fellow citizens to see and care about the problems you see and finding ways to persuade them to act is crucial. So is a willingness to sacrifice. And to create new ways of activism, even ones that people look askance at, rather than being wedded to the approved conventional means of political change (the ballot box). For reasons I alluded to above, putting fear (back) in the heart of those who wield power in the public and private sector is, to me, the key goal. A power elite that operates without fear of those over whom power is exercised is one that will be limitlessly corrupt and abusive.

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FBI coordinated crackdown on Occupy Protests

According to Naomi Wolf, the coordinated arrests and violence against protestors were not coincidentally timed.

It was more sophisticated than we had imagined: new documents show that the violent crackdown on Occupy last fall – so mystifying at the time – was not just coordinated at the level of the FBI, the Department of Homeland Security, and local police. The crackdown, which involved, as you may recall, violent arrests, group disruption, canister missiles to the skulls of protesters, people held in handcuffs so tight they were injured, people held in bondage till they were forced to wet or soil themselves –was coordinated with the big banks themselves.

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HSBC’s Get-Out-of-Jail-Free Card

Former Prosecutor Neil Barofsky explains that HSBC is too big to fail, just like several other Wall Street banks. The evidence is that prosecutors had the goods on HSBC--it was clear that HSBC knowingly laundered $800 Million in Columbian drug money, but used its political influence to cut a deal to write the whole thing off as a relatively small cost of doing business. As Barofsky explains on Cenk Uygur's show, we need to break up and "neuter" the big banks, but he's not optimistic that this can happen before yet another crash.

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Bradley Manning in a sentence

Found this cartoon on Facebook, but cannot determine how to link directly to it, even at the site mentioned in the cartoon. I'm reprinting it because it is one of the best statements I've seen regarding of America's massive denial regarding the significance of the actions of Bradley Manning: Glenn Greenwald , Greg Mitchell, Truthdig.com and Amy Goodman have been among the relatively few media sources giving serious coverage to Bradley Manning (and to Wikileaks). What kinds of scandals has Bradley Manning revealed? Here are more than a few.

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