Unaccountable billions

What kind of idea is this: Let's send $40 billion in paper cash to Iraq on military airplanes and then quickly lose track of how it is being used. What do you think of this idea? Here's the beginning of this surreal story, as reported by Common Dreams.

“Wait, one person?” Shays asked. “One person received $40 billion?” Asked what he thinks about that, Shays said, “It just blows you away.” The enormous undertaking of moving the billions began in the heavily guarded Federal Reserve compound on 100 Orchard Street in East Rutherford, NJ. There, carefully screened employees loaded pallets of cash into tractor-trailers for their journey down I-95 toward Washington, DC. The money came from an account held at the New York Fed called the “Development Fund for Iraq” which was made up of billions of dollars in Saddam Hussein’s financial assets that had been frozen under various US and global sanctions regimes. They weren’t taxpayer dollars, but the US government was responsible for making sure they got where they were going. A typical pallet held 640 bundles, which the handlers called “bricks,” with a thousand bills in each bundle. Each pallet weighed 1,500 pounds, and they were separated by color. Gold seals were used for $100 bills, brown seals held $50 bills, purple seals $20, and so on.

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Iraq vet injured while participating in #occupy Oakland.

As reported by Huffpo, an Iraq veteran who was protesting as part of #Occupy Oakland was injured by the Oakland Police:

Scott Olsen, 24, remains sedated on a respirator, in stable but critical condition at Oakland’s Highland Hospital after being hit in the head with a police projectile.
According to the article Olsen served two tours of duty in Iraq, which he eventually announced that he opposed. He did not suffer any injuries while serving in Iraq.

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Amy Goodman and Chris Hedges discuss #Occupy with Charlie Rose

Charlie Rose recently discussed the #Occupy movement with Amy Goodman of Democracy Now and writer Chris Hedges of Truthdig.com. This was a thought-provoking show in which all of the participants take the #Occupy movement seriously. What follows are some of my notes regarding the interview. Amy Goodman indicates that we are in the midst of a revolution. Chris Hedges describes this revolt as one that strives to regain democracy and is opposed to the current system of "inverted totalitarianism." It's not "classical totalitarianism. It doesn't find its expression through a demagogue or a charismatic leader, but through the anonymity of the corporate state. . . . [In a system of inverted totalitarianism, "corporate forces purport to pay a fealty to electoral politics, the Constitution, the iconography and language of American patriotism, and yet have so corrupted the levers of power as to render the citizens impotent. We see that in one piece of legislation after another. . . . The formal structures of power are tone deaf. . . [Under the corporate state] there is no way to appeal to the system. It doesn't matter what the citizens want." Amy Goodman points out that while most Americans support the #occupy protests, the protesters are portrayed by many as merely engaging in class warfare. At 14:50, Goodman points out that the #Occupy protesters and the Tea Party have many overlapping concerns. At 21:00 Hedges indicates that there are stark differences with the Tea Party which, he claims, has deep elements he would describe as fascist. Another difference is that the Tea Party targets government because "the corporations want government to become more anemic; it speaks in the language of violence and the gun culture" and they direct their rage toward "vulnerable people such as Muslims, undocumented workers, homosexuals and intellectuals, all sort of the classic rubric that one finds in a fascist movement." Goodman also discusses the importance of citizen journalism. "When police tell people to turn off their video camera, that's exactly when they need to turn their video cameras on. . . . We need media in this country that allows people to speak for themselves. Ultimately, the media can be the biggest force for peace on earth." Goodman believes that this movement will be sustained through the winter and beyond, and that "the organized parties, the Democrat and Republican parties are running scared."

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Matt Taibbi offers five concrete solutions to the misconduct of Wall Street

How should the #occupy movements address the problems of Wall Street? Matt Taibbi offers this advice:

1. Break up the monopolies. The so-called "Too Big to Fail" financial companies – now sometimes called by the more accurate term "Systemically Dangerous Institutions" – are a direct threat to national security. . . . 2. Pay for your own bailouts. A tax of 0.1 percent on all trades of stocks and bonds and a 0.01 percent tax on all trades of derivatives would generate enough revenue to pay us back for the bailouts, and still have plenty left over to fight the deficits the banks claim to be so worried about. . . . 3. No public money for private lobbying. A company that receives a public bailout should not be allowed to use the taxpayer's own money to lobby against him. . . . 4. Tax hedge-fund gamblers. For starters, we need an immediate repeal of the preposterous and indefensible carried-interest tax break, which allows hedge-fund titans like Stevie Cohen and John Paulson to pay taxes of only 15 percent on their billions in gambling income, while ordinary Americans pay twice that for teaching kids and putting out fires. I defy any politician to stand up and defend that loophole during an election year. 5. Change the way bankers get paid. We need new laws preventing Wall Street executives from getting bonuses upfront for deals that might blow up in all of our faces later. . . .

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