News For July 09, 2010

The "Stress Test" Fraud
The EU Banking System Is In Big Trouble   

By Mike Whitney

The tests are a joke. The banks will continue to use accounting-rule changes and other gimmickry to obfuscate their losses. Continue

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Disaster Capitalism Hits Europe (and the US is Next)

By Mark Weisbrot

Eurozone governments and European authorities are using the economy to justify pushing through rightwing policy changes. Continue

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Crises of Capitalism

Video

Radical social theorist David Harvey asks if it is time to look beyond capitalism towards a new social order that would allow us to live within a system that really could be responsible, just, and humane? Continue

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Wealthy Reap Rewards While Those Who Work Lose

By Adrianne Appel

Millionaires in the U.S. and Canada saw their wealth increase 15 percent in 2009, to a total of 4.6 trillion dollars, the report found. Continue

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US Professors Raise Doubts About Report on South Korean Ship Sinking

By Akiko Fujita

Researchers J.J. Suh and Seung-Hun Lee say the South Korean Joint Investigation Group made a weak case when it concluded that North Korea was responsible for sinking the Cheonan. Continue

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65 killed, 110 injured in suicide attacks in Pakistan : The first bomber was on a motorcycle while the second was driving an explosives-laden vehicle, Khan said. The Mohmand chapter of the Tehrik-e-Taliban Pakistan claimed responsibility for the attack,

Pakistani jets pound Taliban hideouts; 23 militants killed: Pakistani fighter jets today pounded militant hideouts in the volatile Orakzai tribal region in the country's northwest, killing 23 Taliban fighters and injuring over 20 others, officials said.

‘Pakistan to welcome NATO withdrawal from Afghanistan’: Pakistan, as a neighbouring country, will welcome the NATO forces’ decision to withdraw its troops from Afghanistan because it has suffered a lot due to the ongoing conflict in the neighbouring country, the Foreign Office (FO) spokesman said

Iraq suicide bomb attack kills five: Three soldiers were among those killed in the attack in western Baghdad's mainly Sunni Ghazaliya district, once an insurgent stronghold.

General who said it was 'fun to shoot people' takes over US Central Command: A senior US general once criticised for saying it was "fun to shoot some people" has been picked to take over US Central Command, leading the military command running the wars in Iraq and Afghanistan.

British marine killed in occupied Afghanistan: A British marine has been killed while on foot patrol in a district of Afghanistan that British troops are soon to leave, officials said Friday.

NATO Blames Miscommunication For 6 Afghan Deaths: A NATO helicopter patrol mistook the Afghan soldiers for insurgents planting landmines in the eastern Ghazni province. Headquarters cleared the crew to open fire based on inaccurate information about the location of Afghan troops in the area. NATO officials have apologized for the deaths.

U.S. casualties to mount as Afghan war widens, general says: Rodriguez assured that Afghanistan was on the right track despite rising U.S. troop deaths, rampant corruption, growing ethnic tensions, a stalled offensive in Kandahar, a doubtful political solution and a looming July 2011 deadline to show progress.

Former US envoy calls for Afghanistan’s partition: A former US ambassador to India, warns that the Obama administration’s counter-insurgency strategy in Afghanistan “seems headed for failure” and the best option for Washington is to partition Afghanistan.

Study says Afghan graft worsening: Survey finds Afghans paid nearly $1bn in bribes last year to avail government services.

Women and Suicide by Self-Immolation in Afghanistan: Images from photojournalist Stephanie Sinclair's Whitney Biennial exhibition: "Self-Immolation: A Cry for Help" can be seen at her website, here

Media Lies About Kashmir: The disinformation war is underway. Kashmir’s local media has been BANNED (not censored but BANNED!) in the world’s largest democracy, and the Delhi media is being used to spread LIES.

It's official: Israel has gotten away with it -- again: Netanyahu will head home with a smile on his face, satisfied that he has been given full blessing to continue his destructive policies. As for the Palestinians? They will continue to be blockaded in Gaza, squeezed in East Jerusalem and faced with threats of expulsion, deportation and, for Palestinian citizens of Israel, calls to strip them of their citizenship.

UN: West Bank wall a health hazard: Israel's separation barrier makes it difficult for Palestinians living in the West Bank to obtain proper health care, according to a new report from the United Nations.

'Unprecedented police brutality' at East Jerusalem protest: Left-wing activists protest weekly alongside Arab residents of Sheikh Jarrah over settlers' takeover of locals' homes.

Libyan aid convoy to break Gaza siege: The Moldova-flagged cargo ship Amalthea is set to leave Lavrio, around 60km (40 miles) south of Athens, on Friday, said the charity, headed by Saif Al-Islam Gaddafi, son of Libyan leader Muammar Gaddafi.

Iran to U.S.: No talks until you clarify stance on Israel nukes: Iranian President Mahmoud Ahmadinejad said on Thursday that the United States must make its position on Israel's nuclear strategy clear before talks on Tehran's atomic program could resume.

Lloyd's says won't cover Iran petroleum shipments: Lloyd's of London will not insure or reinsure petroleum shipments going into Iran, the insurance market said on Friday, in another blow to the Islamic Republic from wide-ranging U.S. sanctions.

Woman will not be stoned to death, says Iran: Iran's embassy in London has denied claims by Western media and human rights groups that the country's judiciary had sentenced a woman to death by stoning.

Beijing Urges Seoul to Refrain from West Sea Drill: China has asked the South Korean government through a diplomatic channel to refrain from a join exercise with the U.S. in the West Sea this month. The anti-submarine drill is planned as a response to North Korea's torpedo attack on the Navy corvette Cheonan.

South Korea should rethink joint drill: The South Korean media has disclosed that the postponed naval exercise with the United States may be canceled or at least scaled down.

Omar Khadr fires U.S. lawyers in protest: Omar Khadr, the Canadian accused of terrorism, has fired his American lawyers – throwing his war-crimes trial, scheduled for next month, into disarray and creating a political conundrum for both the Canadian and U.S. governments.

U.S. Muslim Travelers Warned of ‘Forced Exile’: CAIR today issued an advisory to American Muslims—whether citizens, permanent residents or visa holders—warning of the risk of “forced exile” when traveling overseas or attempting to return to the United States. Muslim travelers are urged to know their legal rights if they are placed on the so-called “no-fly list.”

US Denies Visa To Colombian Journalist: Hollman Morris, who produces an independent TV news program called "Contravia," has been highly critical of ties between illegal far-right militias and allies of outgoing President Alvaro Uribe, Washington's closest ally in Latin America.

UK: COUNCILS USE BUGS IN LAMPPOSTS TO EAVESDROP ON YOU: HIGH-powered spy microphones on street lampposts are being used by snooping council officials to listen in on private conversations.

Shooting verdict provokes protests in US: Hundreds of protesters have taken to streets in the US city of Oakland to oppose a court ruling on a white police officer's killing of an unarmed African-American.

The Twenty Poorest Nations In The World: A thousand dollars or less per person per year in GDP - the consequence of poverty, genocide, years of war, lack of natural resources, poor farm management, and limited access to clean water and health care.

US court rejects halt to drilling: A US appeals court in New Orleans, Louisiana, has rejected a bid by the federal government to stop offshore deepwater oil exploration.

Russian sub 'could stop oil leak': Russian-owned submersibles would be able to cap the oil leak in the Gulf of Mexico, the captain of one of the vessels has said.

Hundreds Of Fishermen Missing Checks From BP: Jeffrey Briet represents more than 500 fishermen, and he said the payment system he set up with BP required his clients to be paid every 30 days. Now that process has suddenly changed without warning, Briet said.

Residents outraged: BP dumping oily waste in Gulf landfills: After BP crews scoop up the oil off Gulf beaches, the waste is transported to Mississippi's Pecan Grove landfill. Even workers' protective suits, gloves, shovels, rakes and anything else that touches oil is buried there.

Rich Homeowners More Likely to Walk Away From Mortgages: Not only are those with a $1 million net worth or above more likely to stop payments, but they are also more likely to see their home as an investment and cut their losses.

Wells Fargo to Cut 3,800 Jobs, Stop Subprime Loans: Wells Fargo & Co. said it will shut down a unit that makes what the San Francisco bank calls "non-prime" real estate, auto and credit card loans and stop originating nonprime mortgages, eliminating a total of 3,800 jobs.
U.S. marks 3rd-largest, single-day debt increase: The nation's debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history, and it comes at a time when Congress is balking over higher spending and debt has become a key policy battleground.
Economic recession to bring down American Empire?: The US is overextended in multiple wars and its economy is continuing to falter; is the American Empire beginning to fall?