Vulture capitalists buy up distressed debt at a fraction of the face value then use whatever means they can find to extort the debtors to pay the full face value. The debtors have already settled on payment terms with creditors under the applicable legal standards, and are generally acting in good faith and honoring the restructured debts. Such is the case with Argentina, which defaulted on about $100 billion in debt in 2001. in 2012 U.S. District Judge in New York Thomas Griesa contorted law and reason to issue a ruling that required Argentina to pay the vultures at Aurelius Capital Management LP and NLM Capital full face value on bonds they bought from a creditor at a fraction of that price. This week, the US Supreme Court ignored pleas from the US Treasury, The US and French Governments and the IMF to overturn the case, and refused to hear Argentina's appeal of the case. As you might imagine, the implications for any other nations who have or hope to restructure their international debts are devastating.
The Inspector general of the US Postal Service has completed a detailed report on something people in many countries take for granted: Banking Services offered by the Post Office. While it may seem a bit strange to us, a few moments thought reveal that there are a number of very exciting benefits to the concept. Moreover, it seems clear that the USPS already has legal authority (under The Postal Accountability and Enhancement Act (PAEA) of 2006) to extend their existing financial services to include consumer banking. Jump below for juicy excerpts from the report, and pithy analysis from yours truly as well as the incomparable Yves from NakedCapitalism.com. Or just spread the word and leave the wonking to us!
The non-denial denial was not invented by the Nixon administration, but the term was coined to describe their evasions. While the various criminals and unindicted co-conspirators of that era were no slouches, either grammatically or in their practice of dirty tricks, the art has not stood still. New Jersey strongman Chris Christie and his band of bullies have provided a wonderful opportunity for those of us keen on observing political uses of truthful deception in the wild.
My hope is not only to provide a guide for intrepid journalists willing to break from their roles as fluffers and courtiers and draw inferences from public statements for their audience, but also to begin a taxonomy for convenient identification and classification of such deceptions as they emerge from the mouths and mouthpieces of this generation of the soon-to-be-indicted.
Southern California Edison has finally admitted that their crippled rattletrap of a plutonium factory is no longer profitable enough, despite massive and continuing public subsidies, for them to keep 'rolling the dice' with the lives of millions of Californians.
But the danger is not past. The decommissioning process is slow and costly and the spent fuel stored at the plant will represent a threat to to people for hundreds of generations. Despite this, I can almost hear the bitter screeching of the pro-plutonium activists, with their inexplicable support for the corrupt operators and captured regulators of the nuclear cartel. They will claim the dumb hippies have doomed the planet to coal dust and global warming. Jump below the orange shielding for a little fun, and a look at why nuclear energy is not a solution to the problem of global warming and rising CO.
Would you be surprised to hear that the MPAA, RIAA and other content thugs behind the SOPA/PIPA debacle fudged their numbers to increase costs and job losses associated with unauthorized copying of copyright materials?
Well you should be, the figures bandied about by supporters of the unmaking of the world wide web, $200-250 billion per year and 750,000 jobs lost, were not fudged from various studies, they were fabricated from whole cloth. What's more the cloth is missing.
Julian Sanchez tracked down the source of these numbers 3 years ago. C'mon, let's take a look...
Things fall apart, the centre cannot hold, mere anarchy is loosed upon the world.
The following diary reports and comments on reports that many will consider 'unsubstantiated' because they have not yet been picked up by the corporate media cartel. For those who only trust information if it is published by the NYT, WaPo, or a Murdoch orifice, click elsewhere now. Judge the sources by their record, from Fukushima and Macondo, to Wall St. and Iraq rumors and marginalized reports have proven more accurate than established mainstream, for-profit infotainment outlets.
You have been warned. If you are not timid, and are willing to see yesterday's worst case scenarios become todays hopeful outcomes, join me over the fold.
NYU Professor of Economics Dr. Nouriel Roubini was once known as Dr. Doom, for what turned out to be fairly accurate if gloomy predictions about the state of the economy. In this must-see interview he lays out a number of facts and consequences about the state of the global economy. He paints a picture of a landscape littered with 'zombie banks and zombie households', teetering on the brink of a double-dip recession (which will be observed to have begun in June, when the corrections come out...). He notes the basic facts that we have long understood around here, namely that austerity does not help increase aggregate demand, that bailing out the TBTFs just kicked the can down the road, that the fiscal problems are the result of Bush wars and tax cuts and so on.
And then he does it... BAM
We face a strange situation today where few if any voices among Democrats in Congress will mention early withdrawal from Iraq, and even the one or two who do will not make a comprehensive case for withdrawal now.Why are the Democrats failing the public on this issue today? The biggest reason is because they weren't willing to raise that issue during the campaign.
MN. Senate candidate Patty Wetterling is campaining on just this issue, with a bold demand: U.S. out of Iraq by Thanksgiving 2006.
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