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A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
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Should the government borrow against the future? Should it guarantee higher taxes for your children and grandchildren in return for lower taxes for you? If government's moral legitimacy depends on the consent of the governed, as Thomas Jefferson argued in the Declaration of Independence, can the federal government morally compel those who haven't consented to... Read More
Pretty much everything our media tells us about China is wrong–or at least one-sided–including its tales of a China ‘debt problem’. The Chinese are, in all times and places, debt-averse and China’s government which, unlike ours, must take long-term responsibility for the economy, is no different. Mao set the example and grew GDP by 6.2... Read More
If Gov. Bruce Rauner and his legislature in Springfield do not put a budget together by Friday, the Land of Lincoln will be the first state in the Union to see its debt plunge into junk-bond status. Illinois has $14.5 billion in overdue bills, $130 billion in unfunded pension obligations, and no budget. "We can't... Read More
As if to promise a Christmas present, Congress has just finished approving the finances of the federal government for the next few months. Santa Claus would have done a better job. During early 2016, Congress will pay the government's bills by borrowing money from individual and institutional lenders. Those folks will lend the feds all... Read More
Washington, DC, Wall Street, and central bankers around the world rejoiced this week as Congress came to an agreement to end the government shutdown and lift the debt ceiling. The latest spending-and-debt deal was negotiated by Congressional leaders behind closed doors, and was rushed through Congress before most members had time to read it. Now... Read More
From April 1917 to November 1919, when Woodrow Wilson borrowed $30 billion to fight World War I, he was able to do so because of the promise he made to lenders that the commitment to repay them would be backed by the full faith and credit of the United States government. At the time, the... Read More
Obama's Stealth Attack on Social Security and Medicare
The media is ratcheting up “debt ceiling” hysteria to launch a surprise attack on Social Security and Medicare. President Obama has already stated that he’s willing to cut so called entitlements as part of a broader strategy for reigning in the debt. In 2011, during tense negotiations with GOP congressional leaders Obama made it clear... Read More
NEW YORK – “Banana Republicans,” sneered the Democrat’s leader, Senator Harry Reid. It’s not certain if Reid was comparing his conservative Republican opponents to monkeys or citizens of a Central American banana republic. Either way, Reid’s nasty remark captured the bitter animosity surging through the US Congress as the mighty United States faces running out... Read More
Last week President Obama bluntly warned Congress that he will not negotiate when it comes to raising the statutory debt limit. If Republicans attempt to use a debt ceiling vote to win concessions on spending from the White House, Mr. Obama threatens simply to raise the limit by executive order or other unilateral action. This... Read More
CounterPunch Diary The Terrorists Still at Ground Zero, 7 World Trade Center, Lower Manhattan
Terrorism flourishes brazenly at Ground Zero, in the new 7 World Trade Center building. Here can be found a secretive entity of fabulous wealth and power. Kingdom and corporations alike tremble at its shadow and make haste to pay it tribute. I refer to Moodys Investor Services, wholly owned subsidiary of Moody's Corporation, which reported... Read More
A trillion dollars! Actually, the phrase that came into my mind on reading that was: "Only a trillion?" Not because of any wish that the CBO had been more generous in the upgrade of their forecast, but because Only a Trillion was the title of a book by the late Isaac Asimov, one of those... Read More
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PastClassics
The “war hero” candidate buried information about POWs left behind in Vietnam.
What Was John McCain's True Wartime Record in Vietnam?
The evidence is clear — but often ignored
Are elite university admissions based on meritocracy and diversity as claimed?
A simple remedy for income stagnation