The shale gas and oil industry gathered in Pittsburgh last week for a major annual East Coast conference, Shale Insight 2016, and to hear the words of presidential candidate Donald Trump, who served as the keynote speaker.
"It's great to be with so many of my friends," Trump began. "Oh, you will like me so much."
Then, right out of the gate, Trump botched his facts about the shale industry he was there to address.
"Do you know all of my life, that business has never had problems, but in the last seven or eight years, it's been tough," he said. "With the EPA, with all of the difficulties you're going through."
As other speakers at the conference had noted, about eight years ago, the Marcellus shale industry barely existed -- and the last seven or eight years have seen the industry's highest peaks, not just its recent lows. In fact, 2008 was the year that Prof. Terry Engelder first made national headlines by claiming that the Marcellus might theoretically contain trillions of cubic feet of gas, sparking one of the nation's largest shale drilling land rushes.
And while many in the oil industry have expressed displeasure with the EPA, the industry's current downturn is generally blamed on plunging oil and gas prices in the US and worldwide, not on regulations.
These facts aside, Trump seemed to assume -- in many cases, rightly, judging by the periodic applause from the audience -- that he was among friends.
"You are going to like Donald Trump," he told the crowd of shale executives, "and all of the workers that get put to work, they're going to love Donald Trump."
But many of those workers themselves seemed to disagree. The International Union of Operating Engineers Local 66 pulled its regular $10,000 sponsorship from the Shale Insight conference over Trump's appearance. "There’s just no way that I was going to associate Local 66 with any function that gives this guy an avenue to speak," Jim Kunz, the union's business manager, told the Pittsburgh Post-Gazette.
For the next 40 minutes or so, Trump's remarks continued much along these lines -- a mix of claims that failed to withstand fact checks, striking self-contradictions, and a general warmth toward the oil industry along with an inflated expectation of what that industry could achieve.
"America is sitting on a treasure trove of untapped energy," Trump told the crowd. "Some $50 trillion in shale energy, oil reserves and natural gas on federal lands, in addition to hundreds of years of coal energy reserves. It's all upside for this country."
For the gathered shale industry reps, delivering the $50 trillion that Mr. Trump projected would be quite a feat, given their recent track record.
Last year, the oil and gas industry's 50 largest companies generated a net loss of $111.99 billion dollars, more than enough to wipe out their total gains from the previous three years of operations combined, an Ernst and Young report published this year concluded.
This year's Shale Insight conference was strikingly smaller and less robust than events just a few years ago, reflecting an industry that has suffered layoffs, massive write-downs, and investigations for allegedly overstating the value of their oil and gas reserves (including a Securities and Exchange Commission investigation into the country's largest oil company, ExxonMobil, that was announced just last week).
Trump suggested that the oil industry's troubles stemmed from over-regulation, saying that if he was elected, he would lift "the restrictions on American energy," which he predicted would create benefits including 500,000 new jobs -- every year.
Delivering those jobs would also be an extraordinary achievement, given that, according to data from the Energy Information Administration, the drilling industry managed to create a total of just 161,600 jobs from 2007 to 2012 -- several years when the shale rush was sweeping across the US -- and that many of those jobs have now been lost in recent layoffs.
Trump's remarks betrayed more fundamental misunderstandings of the oil industry.
"And remember, every energy dollar that isn't harvested here in America is harvested instead in a foreign country, often foreign countries not very friendly to us," he said, seeming to ignore the fact that oil and gas rock formations can only be drilled from the country where they are physically located.
"That not only means that we're sending our jobs to those countries," he said, "but it means that energy is being produced in foreign countries that lack our high environmental and conservation standards, which we want to keep."
"We're going to be cutting -- massively -- regulations," he added, shortly after saying he wanted to keep the very environmental and conservation standards that those regulations create.
It's the kind of dizzying logic that has caused many commentators to say they find Trump's beliefs difficult to pin down or inconsistent.
Rally, Protest Outside Shale Insight 2016
Outside the convention center, about 150 protesters gathered for a rally and march.
"It's not really about jobs, it's about money," said Erin Kramer, a protester and organizer with OnePittsburgh. "Trump illustrates that to a T -- with the package of that mass capitalism you also get a whole bunch of hate, a whole bunch of racial unrest and human rights violations."
Conference organizers indicated that Hillary Clinton was invited to attend, but told the Pittsburgh Post-Gazette that she declined, citing scheduling conflicts.
While Trump repeatedly called on the shale gas industry to help him get out the vote in November, before the event, it seemed he still had work to do to gain their enthusiastic support.
Within the Republican party, Trump has been an extraordinarily divisive figure, with many prominent Republicans refusing to endorse him. And when it comes to contributions from oilfield workers, Trump's reception from them has been notably muted.
"As of last week, Republican nominee Donald Trump raised a paltry $245,000 from individuals working in the oil and gas industry, according to figures provided by the nonpartisan Center for Responsive Politics," NPR's State Impact recently reported. (By contrast, Mitt Romney raised $5.9 million from the oil and gas industry in 2012.)
In Pittsburgh, Trump arrived for his speech late, then kept the executives, who included top officials at major oil and gas companies, waiting as conference organizers informed the crowd that Trump was pausing to spend another several minutes giving an interview, rather than speaking to the hundreds of businesspeople and journalists there to hear him speak.
But once he arrived on stage, Trump tried hard to make his own support for the fossil fuel industry quite clear.
"Producing more American energy is a central part of my plan to make America wealthy again, especially for the poorest Americans," he said. "I knew I'd have to make that statement in order to get you guys a little bit enlivened. Oh well, you'll like the rest of what I've got to say even more."
Trump also used a significant portion of his time at the podium to comment on protests over the police killings of black Americans, and it was those remarks that drew the most attention from the national media. He decried recent protests in Charlotte, North Carolina, which were sparked by the police killing of Keith Lamont Scott, father of seven, who neighbors say was waiting for his son to arrive on a school bus.
Even before the police released video of that death, whose circumstances they've disputed, Trump had made up his mind about who he was behind. "The men and women in blue need your support," Trump told the crowd. "They need your thanks and they need your gratitude."
He seemed to suggest that Black Lives Matter protests were fueled not by anger over the police killings of black Americans, but by drugs. "And if you're not aware, drugs are a very, very big factor in what you're watching on television at night," Trump told the crowd.
Clinton supporters quickly seized on Trump's remarks, especially his comments disparaging the protests over police violence.
"Today, in a room full of oil executives, Trump blamed the Charlotte protests on 'drugs' and insinuated that his administration would have no 'compassion' when it comes to criminal justice," Brad Woodhouse, president of Correct The Record, which describes itself as "a pro-Hillary Clinton Super PAC," said in a statement. "Despite weeks of so-called outreach to communities of color, Trump today showed us who he really stands with: wealthy fossil fuel special interests."
To be sure, Trump was in Pittsburgh primarily to discuss another conflict -- the fight over the fate of the fossil fuel industry.
"It's war," Trump said. "And you people know it's war."
The stakes are indeed high. Climate scientists warn that if the world's remaining oil, gas, and coal are burned, the climate consequences would be extraordinarily catastrophic.
In an open letter last week, 375 members of the National Academy of Scientists, including Steven Hawking, issued a grave warning. "It is of great concern that the Republican nominee for President has advocated US withdrawal from the Paris Accord," the scientists wrote. "The consequences of opting out of the global community would be severe and long-lasting -- for our planet's climate and for the international credibility of the United States."
Trump made it clear that if he was elected, his administration would go further, repealing several measures aimed at curbing climate change. "We will eliminate the highly invasive 'waters of the US' [Clean Water Act] rule and scrap the $5 trillion Obama-Clinton climate action plan and the Clean Power Plan," he told the crowd.
Accreditors are supposed to ensure college quality, and their seal of approval gives schools access to billions of federal student aid dollars.
As we have also reported, two-thirds of ACICS commissioners -- who make the ultimate decisions about accreditation for schools -- were executives at for-profit colleges. Many of the commissioners worked at colleges that were under investigation.
Critics who've pointed to abuses by for-profit colleges celebrated last week's action.
"The rot from poor behavior spread beyond just the for-profit schools to the people who were supposed to be looking over them," said Ben Miller, senior director for postsecondary education at the Center for American Progress. "This is an extremely important decision both in protecting students and taxpayers."
ACICS accredits over 200 colleges, which enroll an estimated 600,000 students. Schools accredited by ACICS received around $5 billion in federal student aid last year.
Two of the nation's largest chains of for-profit colleges -- Corinthian Colleges and ITT Educational Services -- both remained accredited by ACICS while facing multiple investigations from government agencies before they shut down.
"ACICS's track record does not inspire confidence," wrote Education Department Chief of Staff Emma Vadehra in a letter to the agency's chief executive last week.
Over the past few months, a growing chorus of critics have called on the Education Department to take action, including more than a dozen state attorneys general, over 20 consumer protection and advocacy groups, and members of Congress.
In June, the Education Department released a report on ACICS that raised 21 red flags, including about the agency's reticence to sanction bad schools and even to verify the accuracy of schools' metrics. The report also highlighted the agency's lack of policing potential conflict-of-interest issues of its own board.
ACICS has said it plans to appeal last week's decision to Education Secretary John King.
"While we are disappointed in this decision, ACICS plans to continue diligent efforts to renew and strengthen its policies and practices necessary to demonstrate this agency's determination to come into full compliance," said the agency's chief executive Roger Williams in a statement posted on the agency's website.
Chicagoans rallied in front of City Hall and then marched through the downtown to protest the Dakota Access pipeline, September 9, 2016. Virtually every name in the financial pantheon has extended credit in some form to the Dakota pipeline project. Sustained public pressure could help derail those loans. (Photo: Bob Simpson / Flickr)
Most Americans live far from the path of the Dakota Access pipeline -- they won't be able to visit the encampments on the Standing Rock Sioux reservation where representatives of more than 200 tribes have come together in the most dramatic show of force of this environmental moment. They won't be able to participate in the daily nonviolent battle along the Missouri River against a $3.7 billion infrastructure project that threatens precious water and myriad sacred sites, not to mention the planet's unraveling climate.
But most of us live near a bank.
Virtually every name in the financial pantheon has extended credit in some form to the Dakota pipeline project.
Maybe there's a Citibank branch in your neighborhood. Or Wells Fargo or Bank of America or HSBC. Maybe you even keep your money in one -- if so, you inadvertently helped pay for the guard dogs that attacked Native Americans as they tried to keep bulldozers from mowing down ancestral grave sites.
Maybe you have a retirement plan invested with Goldman Sachs or Morgan Stanley -- if so, you helped buy the pepper spray that the company used to clear the way for its crews as they cleared the right of way straight to the Missouri River.
Perhaps you bank overseas. Credit Agricole? Deutsche Bank? Sumitomo? Royal Bank of Scotland? Barclays? Yeah, them too.
In fact, virtually every name in the financial pantheon has extended credit in some form to the Dakota pipeline project, according to a remarkable dossier assembled by the organization Food and Water Watch. It shows a credit line of $10.25 billion (that's a b) for the companies directly involved in building the project -- from 38 banks -- a list of names that, the group adds, "might give you flashbacks to the 2007 financial crisis."
Sporadic protests have begun at some of the banks -- activists occupied a Vancouver branch of TD Bank and across the continent in Philadelphia held a protest outside another of the giant's outlets. The same thing happened at a Citibank in downtown Chicago.
"It's unlikely that Citibank customers support poisoning indigenous peoples' water, desecrating sacred burial sites, or contributing to global climate change," said Gloria Fallon of Rising Tide Chicago. Which is true.
But banks love these kinds of deals precisely because they're so capital-intensive. (And because they're financially stacked in favor of the developers: Federal tax breaks worth more than $600 million helped make the balance sheet for Dakota Access).
The key Dakota Access loan, says Rainforest Action Network's Amanda Starbuck, is still pending. It's a multibillion-dollar line of credit, but only $1.1 billion of the loan can be doled out until the company "resolves certain governmental permits." Citi, Mizuho, Bank of Tokyo MUFJ, and Mizuho Bank are leaders on that loan.
Banks love these kinds of deals precisely because they're so capital-intensive.
Many of these banks may be vulnerable to pressure. For one thing, they're eager to appear green: Bank of America, for instance, recently announced plans to make all its bank branches "carbon-neutral" by 2020. Which is nice -- solar panels on the roof of the drive-thru tellers are better than no solar panels. But as Starbuck said, it's basically meaningless stacked up against Bank of America's lending portfolio, chock full of loans to develop "extreme fossil fuels, which are simply incompatible with a climate-stable world."
Put another way: They're going to be the vegan owners of a global chain of slaughterhouses.
RAN's numbers make clear just how mammoth this problem is for those of us fighting to keep fossil fuels in the ground: In June, it reported that just 25 banks have invested "$784 billion in coal mining, coal power, 'extreme oil' and liquefied natural gas facilities between 2013 and 2015." But there are success stories: Australian campaigners, led by indigenous groups downunder and working with campaigners across three continents, persuaded most of the world's banks to stop bankrolling plans for what would have been the world's largest coal mine and port, and in turn that has helped bring the project to a standstill.
The pressure will increase after this week's release of a new report from Oil Change International, which makes clear that the oil fields, gas wells, and coal mines already in operation have enough carbon to carry us past the 2-degree target the world set in Paris a year ago (and to absolutely annihilate the stretch goal of 1.5 degrees).
That is to say: At this point anyone who finances any fossil fuel infrastructure is attempting to make money on the guaranteed destruction of the planet.
So those Dakota Access loans should come under new scrutiny -- moral, as well as financial -- since they assume that governments won't enforce their Paris promises. That's a gamble accountants might want to think twice about, especially after this week's news that the SEC was investigating Exxon for its refusal to write down the value of its reserves in light of the global accords.
It's probably sustained public pressure that will do the most good.
And at least one bank is waking up. Amalgamated -- the New York-based, labor-affiliated bank -- announced jointly with Bank of America that it would make its branches carbon neutral. More significantly, it also announced it was divesting from the fossil fuel business. "We need to be honest, we have a growing environmental crisis unfolding and Amalgamated Bank will no longer sit on the sideline," said Keith Mestrich, President and CEO of Amalgamated Bank. "As an industry that prides itself on innovation and bold action, we must all be leaders and take real action to change our course."
Put another way: They're vegans who will now be lending to tofu makers.
But it's probably sustained public pressure that will do the most good.
"Oil companies are always going to drill for oil and build pipelines -- it's why they exist," says RAN's Scott Parkin. "But the banks funding this pipeline have a choice as to where they put their money. Right now, Citibank, TD Bank, and others have chosen to invest in a project that violates indigenous rights and destroys the climate."
Parkin points to the protests that have already sprung up at dozens of banks from D.C. to New Orleans to Tucson to Long Beach to the Bronx. "We have the power to derail that loan with a different kind of currency," he said. "Putting our bodies on the line at any financial institution that says 'Dakota Access Pipeline, we're open for business.'"
And if anyone has any doubts that civil disobedience can be useful, remember how the amazing activists at Standing Rock forced the federal government to blink, pausing construction earlier this month. Their nonviolent leadership has inspired all of us -- and it should have sent a shiver down the spine of a few bankers.
On Monday night, the two major-party candidates squared off for the first presidential debate. It was one of the most anticipated debates in US history. Ahead of the event, TV network executives predicted as many as 100 million people across the United States would tune in. Many more also watched from around the world, including across Asia, Europe and in Latin America. But these viewers did not see any third-party candidates on stage. So, in a Democracy Now! broadcast special, we invited Dr. Jill Stein to respond to the same questions posed to Donald Trump and Hillary Clinton.
This is a rush transcript. Copy may not be in its final form.
AMYGOODMAN: In one of the most anticipated debates in US history, Donald Trump and Hillary Clinton sparred last night on race, terrorism, trade and jobs, in their first of three debates before the November election. Today we're airing excerpts from the debate and expanding the debate by giving Green Party presidential candidate Jill Stein a chance to respond to the same questions posed to the major-party candidates. Stein and Libertarian presidential candidate Gary Johnson were excluded from last night's debate at Hofstra University under stringent rules set by the Commission on Presidential Debates, which is controlled by the Democratic and Republican parties. On Monday afternoon, Jill Stein was escorted off the campus by Hofstra security and Nassau County police as she attempted to do an interview with MSNBC. About two dozen people were later arrested protesting the exclusion of third-party candidates.
Well, today, as is our tradition, we break the sound barrier. Democracy Now! expands the debate. Debate moderator, NBC News anchor Lester Holt, asks Hillary Clinton and Donald Trump questions, and after their responses, we give Jill Stein a chance to answer the same questions from her own podium. We invited Libertarian candidate Gary Johnson to join us, as well, but he declined. We go now to Lester Holt.
LESTERHOLT: And I want to talk about taxes. The fundamental difference between the two of you concerns the wealthy. Secretary Clinton, you're calling for a tax increase on the wealthiest Americans. I'd like you to further defend that. And, Mr. Trump, you're calling for tax cuts for the wealthy. I'd like you to defend that. And this next two-minute answer goes to you, Mr. Trump.
DONALDTRUMP: Well, I'm really calling for major jobs, because the wealthy are going create tremendous jobs. They're going to expand their companies. They're going to do a tremendous job. I'm getting rid of the carried-interest provision. And if you really look, it's not a tax -- it's really not a great thing for the wealthy. It's a great thing for the middle class. It's a great thing for companies to expand.
And when these people are going to put billions and billions of dollars into companies, and when they're going to bring two-and-a-half trillion dollars back from overseas, where they can't bring the money back, because politicians like Secretary Clinton won't allow them to bring the money back, because the taxes are so onerous, and the bureaucratic red tape, so what -- is so bad. So what they're doing is they're leaving our country, and they're, believe it or not, leaving because taxes are too high and because some of them have lots of money outside of our country. And instead of bringing it back and putting the money to work, because they can't work out a deal to -- and everybody agrees it should be brought back. Instead of that, they're leaving our country to get their money, because they can't bring their money back into our country, because of bureaucratic red tape, because they can't get together, because we have a -- we have a president that can't sit them around a table and get them to approve something.
And here's the thing: Republicans and Democrats agree that this should be done. Two-and-a-half trillion. I happen to think it's double that. It's probably $5 trillion that we can't bring into our country, Lester. And with a little leadership, you'd get it in here very quickly, and it could be put to use on the inner cities and lots of other things, and it would be beautiful. But we have no leadership. And honestly, that starts with Secretary Clinton.
LESTERHOLT: All right. You have two minutes on the same question, to defend tax increases on the wealthiest Americans, Secretary Clinton.
HILLARYCLINTON: I have a feeling that by the end of this evening I'm going to be blamed for everything that's ever happened.
DONALDTRUMP: Why not?
HILLARYCLINTON: Why not? Yeah, why not? You know, just join -- join the debate by saying more crazy things. Now, let me say this.
DONALDTRUMP: There's nothing crazy --
HILLARYCLINTON: It is absolutely the case -- it --
DONALDTRUMP: -- about not letting our companies bring their money back into their country.
LESTERHOLT: OK, this is -- this is Secretary Clinton's two minutes, please.
HILLARYCLINTON: Yeah, well, let's start the clock again, Lester. We've looked at your tax proposals. I don't see changes in the corporate tax rates or the kinds of proposals you're referring to that would cause the repatriation, bringing back of money that's stranded overseas. I happen to support that.
DONALDTRUMP: Then you didn't read it.
HILLARYCLINTON: I happen to -- I happen to support that in a way that will actually work to our benefit. But when I look at what you have proposed, you have what is called now the Trump loophole, because it would so advantage you and the business you do. You've proposed an approach that has a --
DONALDTRUMP: Who gave it that name? The first I've ever -- who gave it that name?
LESTERHOLT: This is -- sir, this is Secretary Clinton's two minutes.
HILLARYCLINTON: -- $4 billion tax benefit for your family. And when you look at what you are proposing --
DONALDTRUMP: How much -- how much for my family? Lester, how much?
HILLARYCLINTON: -- it is, as I said, trumped-up trickle-down. Trickle-down did not work. It got us into the mess we were in in 2008 and '09. Slashing taxes on the wealthy hasn't worked. And a lot of really smart, wealthy people know that, and they are saying, "Hey, we need to do more to make the contributions we should be making to rebuild the middle class."
I don't think top-down works in America. I think building the middle class, investing in the middle class, making college debt-free so more young people can get their education, helping people refinance their -- their debt from college at a lower rate -- those are the kinds of things that will really boost the economy. Broad-based, inclusive growth is what we need in America, not more advantages for people at the very top.
LESTERHOLT: Mr. Trump, we're --
DONALDTRUMP: Typical politician: all talk, no action. Sounds good, doesn't work. Never going to happen. Our country is suffering because people like Secretary Clinton have made such bad decisions in terms of our jobs and in terms of what's going on.
Now, look, we have the worst revival of an economy since the Great Depression. And believe me: We're in a bubble right now. And the only thing that looks good is the stock market, but if you raise interest rates even a little bit, that's going to come crashing down. We are in a big, fat, ugly bubble. And we better be awfully careful.
And we have a Fed that's doing political things. This Janet Yellen of the Fed -- the Fed is doing political -- by keeping the interest rates at this level. And believe me: The day Obama goes off and he leaves and he goes out to the golf course for the rest of his life to play golf, when they raise interest rates, you're going to see some very bad things happen, because the Fed is not doing their job. The Fed is being more political than Secretary Clinton.
AMYGOODMAN: Dr. Jill Stein, you have two minutes.
DR. JILLSTEIN: So, we need a just tax system. Both Democrats and Republicans, over the past decades, have shifted the tax base from corporations and the wealthy far more onto the backs of the middle class and working people and the poor. So, the things that Donald Trump is talking about, indeed, they don't work. They've been tried before.
The Democrats and Republicans essentially eliminated the -- well, Donald Trump is proposing to eliminate the inheritance tax, after Democrats and Republicans reduced it through the Bush tax cuts for the wealthy, which then Barack Obama made permanent. So, that inheritance tax needs to be restored, because the inheritance tax helps us prevent the establishment of an aristocracy, which is what we now have in the United States, where 22 billionaires have the wealth, among them, equivalent to 50 percent of the American population. And this wealth is being massively accumulated and passed on, which establishes the kind of aristocracy which was not supposed to be a part of this country. So we need to put the inheritance tax back where it was before the Bush tax cuts.
We need to increase the top marginal rates in the income tax. You could put them back to where they were even under Ronald Reagan, and they would be at the 55, 60 percent tax level. And we should put a tax on Wall Street. Why should the wealthiest sector of the economy be the one sector which is not contributing a sales tax to our general revenues? So, even putting a tiny tax on Wall Street transactions would generate hundreds of billions of dollars, which are critically needed.
In addition, as I mentioned, we need a Green New Deal to actually create the jobs directly, government-funded jobs, which create incentives, grants and loans for small businesses, for worker cooperatives and nonprofits, and with government as an employer of last resort to ensure that we have the jobs that we need to transition the economy in the time frame needed to 100 percent clean, renewable energy by 2030, a healthy and sustainable food system, which is currently the source of many of our fossil fuel emissions, and efficient, renewably powered public transportation, also to restore our ecosystems. And finally, healthcare as a human right needs to be provided as a basic right for everyone through an improved Medicare-for-all system. It doesn't cost any more. We simply eliminate the middleman and the profiteering, and put our healthcare dollars into real healthcare.
AMYGOODMAN: Let's go back to Lester Holt.
LESTERHOLT: Mr. Trump, we're talking about the burden that Americans have to pay, yet you have not released your tax returns. And the reason nominees have released their returns for decades is so that voters will know if their potential president owes money to who he owes it to and any business conflicts. Don't Americans have a right to know if there are any conflicts of interest?
DONALDTRUMP: I don't mind releasing. I'm under a routine audit, and it'll be released. And as soon as the audit's finished, it will be released. But you will learn more about Donald Trump by going down to the federal elections, where I filed a 104-page essentially financial statement of sorts, the forms that they have. It shows income -- in fact, the income -- I just looked today -- the income is filed at $694 million for this past year, $694 million. If you would have told me I was going to make that 15 or 20 years ago, I would have been very surprised.
But that's the kind of thinking that our country needs. When we have a country that's doing so badly, that's being ripped off by every single country in the world, it's the kind of thinking that our country needs, because everybody -- Lester, we have a trade deficit, with all of the countries that we do business with, of almost $800 billion a year. You know what that is? That means -- who's negotiating these trade deals? We have people that are political hacks negotiating our trade deals.
LESTERHOLT: The IRS says an audit --
DONALDTRUMP: Excuse me.
LESTERHOLT: -- of your taxes -- you're perfectly free to release your taxes during an audit. And so the question: Does the public's right to know outweigh your personal --
DONALDTRUMP: Well, I told you, I will release them as soon as the audit. Look, I've been under audit almost for 15 years. I know a lot of wealthy people that have never been audited. I said, "Do you get audited?" I get audited almost every year. And in a way, I should be complaining. I'm not even complaining. I don't mind it. It's almost become a way of life. I get audited by the IRS. But other people don't.
I will say this. We have a situation in this country that has to be taken care of. I will release my tax returns -- against my lawyer's wishes -- when she releases her 33,000 emails that have been deleted. As soon as she releases them, I will release.
AUDIENCEMEMBERS: Yeah! Yeah!
DONALDTRUMP: I will release my tax returns. And that's against -- my lawyers, they say, "Don't do it." I will tell you this. No -- in fact, watching shows, they're reading the papers. Almost every lawyer says you don't release your returns until the audit's complete. When the audit's complete, I'll do it. But I would go against them if she releases her emails.
LESTERHOLT: So it's negotiable?
DONALDTRUMP: It's not negotiable, no. Let her release the -- why did she delete 33,000 emails?
LESTERHOLT: Well, I'll let her answer that. But let me just admonish the audience one more time. There was an agreement: We did ask you to be silent, so it would be helpful for us. Secretary Clinton?
HILLARYCLINTON: Well, I think you've just seen another example of bait and switch here. For 40 years, everyone running for president has released their tax returns. You can go and see nearly, I think, 39, 40 years of our tax returns, but everyone has done it. We know the IRS has made clear there is no prohibition on releasing it when you're under audit.
So you've got to ask yourself: Why won't he release his tax returns? And I think there may be a couple of reasons. First, maybe he's not as rich as he says he is. Second, maybe he's not as charitable as he claims to be. Third, we don't know all of his business dealings, but we have been told through investigative reporting that he owes about $650 million to Wall Street and foreign banks. Or maybe he doesn't want the American people, all of you watching tonight, to know that he's paid nothing in federal taxes, because the only years that anybody's ever seen were a couple of years when he had to turn them over to state authorities when he was trying to get a casino license, and they showed he didn't pay any federal income tax. So --
DONALDTRUMP: That makes me smart.
HILLARYCLINTON: -- if he's paid zero, that means zero for troops, zero for vets, zero for schools or health. And I think probably he's not all that enthusiastic about having the rest of our country see what the real reasons are, because it must be something really important, even terrible, that he's trying to hide.
And the financial disclosure statements, they don't give you the tax rate. They don't give you all the details that tax returns would. And it just seems to me that this is something that the American people deserve to see. And I have no reason to believe that he's ever going to release his tax returns, because there's something he's hiding. And we'll guess. We'll keep guessing at what it might be that he's hiding. But I think the question is: Were he ever to get near the White House, what would be those conflicts? Who does he owe money to? Well, he owes you the answers to that, and he should provide them.
AMYGOODMAN: Dr. Jill Stein, your response?
DR. JILLSTEIN: Well, they're both right. They should both release their information. For Donald Trump, not only his tax returns, but we really deserve to know what his business dealings are. The investigative report by Newsweek suggested that Donald Trump seems to be engaged in business relationships with some of the most corrupt and Mafioso-type characters that exist around the world. For example, one of his business deals is with a member of a family that does laundering, money laundering, for the Iranian military. He also appears to have connections in South Korea who would benefit by this policy he suggested of providing nuclear weapons or encouraging nuclear weapons to be developed by South Korea. So, Donald Trump has a number of business dealings that are -- shall we say, have major conflicts of interest with US policy positions. So, the American people deserve to know what those conflicts of interest are, and, in particular, we need to know who the unsavory business partners are of Donald Trump.
Hillary Clinton herself, you know, has some disclosures that are owed the American public. With her Clinton Foundation, we know, for example, that she received some many millions of dollars from the ruling prince of Bahrain in exchange, apparently -- now, we don't know for sure, but there was a suspicious sequence of events here whereby she received a major donation in close proximity to providing a major weapons deal for the ruler of Bahrain around the time of the Arab Spring, when there were massive human rights violations going on in Bahrain. We also know that Senator Clinton, or, I should say, Secretary Clinton, approved the purchase of a major portion of the US uranium supply by a Russian company around the time she was receiving major donations to the Clinton Foundation from those parties.
So, indeed, Secretary Clinton's -- half of her emails while secretary of state were declared her private business. If half of your emails while you are serving a busy job like secretary of state -- if half of your emails is spent on your private business, you know, one has to ask: What are you doing on company time while you are being paid by the taxpayers of the United States of America, engaging half of your emails in your own private business? So, this represents the kind of merger of the economic and political elites that the American people are so very concerned about and are essentially rejecting. That's why the American people are not happy with these two candidates and badly deserve not only a right to vote, but to fully know who they can vote for in this critically important election.
AMYGOODMAN: Dr. Jill Stein, Green Party presidential candidate. We continue our "Expanding the Debate" Democracy Now! special in a minute.
AMYGOODMAN: "People Make the World Go Round" by The Stylistics, here on Democracy Now!, democracynow.org, The War and Peace Report. I'm Amy Goodman, as we return to our "Expanding the Debate" special. We are airing excerpts of the debate between Hillary Clinton and Donald Trump at Hofstra University and expanding that debate by giving Green Party presidential candidate Jill Stein a chance to respond to the same questions posed by the major-party candidates. Lester Holt of NBC News.
LESTERHOLT: On nuclear weapons, President Obama reportedly considered changing the nation's long-standing policy on first use. Do you support the current policy? Mr. Trump, you have two minutes on that.
DONALDTRUMP: Well, I have to say that, you know, for what Secretary Clinton was saying about nuclear with Russia, she's very cavalier in the way she talks about various countries. But Russia has been expanding their -- they have a much newer capability than we do. We have not been updating from the new standpoint. I looked the other night. I was seeing B-52s. They're old enough that your father, your grandfather could be flying them. We are not -- we are not keeping up with other countries.
I would like everybody to end it, just get rid of it. But I would certainly not do first strike. I think that once the nuclear alternative happens, it's over. At the same time, we have to be prepared. I can't take anything off the table, because you look at some of these countries -- you look at North Korea, we're doing nothing there. China should solve that problem for us. China should go into North Korea. China is totally powerful as it relates to North Korea.
And by the way, another one powerful is the worst deal I think I've ever seen negotiated, that you started, is the Iran deal. Iran is one of their biggest trading partners. Iran has power over North Korea. And when they made that horrible deal with Iran, they should have included the fact that they do something with respect to North Korea. And they should have done something with respect to Yemen and all these other places.
And when asked to Secretary Kerry, "Why didn't you do that? Why didn't you add other things into the deal?" -- one of the great giveaways of all time, of all time, including $400 million in cash. Nobody's ever seen that before. That turned out to be wrong. It was actually $1.7 billion in cash, obviously, I guess, for the hostages. It certainly looks that way. So you say to yourself, why didn't they make the right deal? This is one of the worst deals ever made by any country in history. The deal with Iran will lead to nuclear problems. All they have to do is sit back 10 years, and they don't have to do much --
LESTERHOLT: Your two minutes is expired.
DONALDTRUMP: -- and they're going to end up getting nuclear. I met with Bibi Netanyahu the other day. Believe me, he is not a happy camper.
LESTERHOLT: All right. Mrs. Clinton --
HILLARYCLINTON: Well --
LESTERHOLT: Secretary Clinton, you have two minutes.
HILLARYCLINTON: Let me -- let me start by saying, words matter. Words matter when you run for president. And they really matter when you are president. And I want to reassure our allies in Japan and South Korea and elsewhere that we have mutual defense treaties, and we will honor them. It is essential that America's word be good. And so, I know that this campaign has caused some questioning and some worries on the part of many leaders across the globe. I've talked with a number of them. But I want to, on behalf of myself and I think on behalf of a majority of the American people, say that, you know, our word is good.
It's also important that we look at the entire global situation. There's no doubt that we have other problems with Iran. But personally, I'd rather deal with the other problems, having put that lid on their nuclear program, than still to be facing that.
And Donald never tells you what he would do. Would he have started a war? Would he have bombed Iran? If he's going to criticize a deal that has been very successful in giving us access to Iranian facilities that we never had before, then he should tell us what his alternative would be. But it's like his plan to defeat ISIS: He says it's a secret plan, but the only secret is that he has no plan.
So, we need to be more precise in how we talk about these issues. People around the word follow our presidential campaigns so closely, trying to get hints about what we will do. Can they rely on us? Are we going to lead the world with strength and in accordance with our values? That's what I intend to do. I intend to be a leader of our country that people can count on, both here at home and around the world, to make decisions that will further peace and prosperity, but also stand up to bullies, whether they're abroad or at home. We cannot let those who would try to destabilize the world to interfere with American interests and security --
LESTERHOLT: Your two minutes is --
HILLARYCLINTON: -- to be given any opportunities at all.
LESTERHOLT: -- is expired.
AMYGOODMAN: And, Jill Stein, you have two minutes.
DR. JILLSTEIN: So, let's also be mindful here of Secretary Clinton's track record. Was the invasion of Libya an example of how we lead with strength consistent with our values? It would be hard to imagine a more catastrophic war than what took place in Libya, that helped strengthen ISIS, that helped release an incredible stock of -- stockpile of weapons, further inflaming the crisis and the violence in the Middle East.
Hillary Clinton has said she would like to impose a no-fly zone over Syria, which basically means we are going to war with Russia, because that's what you do when you impose a no-fly zone, is you shoot down people that are in that airspace. And remember, we have 2,000 nuclear weapons now, between us and the Russians, on hair-trigger alert. So, this is certainly a very dangerous territory, where Hillary Clinton has continued to beat the drums of war with this idea that we are showing strength and leadership, but leading us in exactly the wrong direction and a very dangerous direction.
Instead of spending a trillion dollars creating a new generation of nuclear weapons and modes of delivery, it's time to instead change direction here and move as quickly as humanly possible towards nuclear disarmament. And instead of blaming the Russians, we need to acknowledge it was actually the Russians who tried to engage us in a nuclear disarmament process, again, several decades ago. We need to revive that proposal, take them up on it and move to nuclear disarmament -- excuse me -- as quickly as we possibly can, because this is sitting on an absolute catastrophe into which we could stumble at any point, particularly given the crazy circular firing squad that's taking place now around Syria, where there are so many allies at cross-purposes with each other that any of us could be dragged into a larger, full-scale, and even nuclear, war at any moment.
And it's important to remember, not only is this a trillion dollars which has been proposed -- actually, is underway, a trillion dollars' worth of spending over the next decade and a half, approximately, on new nuclear weapons, but let's look at our whole war budget, which is half of our discretionary budget. Nearly half of your income taxes are going to pay for these absolutely catastrophic wars.
So we need an approach, not -- a whole new approach, not one which is basically bought and paid for by the weapons industry, who is the only beneficiary here, because these regime-change wars, this militarization of our foreign policy, is not creating a more stable world. It is not benefiting democracy in the Middle East. It's not helping women's rights in the Middle East. It's causing nothing but the greater proliferation of violence. In fact, the drone wars kill nine unintended victims for every intended target. And even that intended target is essentially an assassination victim, which is a violation of international law to start with. So, we need to start over. We need a foreign policy based on international law and human rights. That is the direction we need to go to create true stability and peace in the world.
AMYGOODMAN: Let's go back to moderator Lester Holt.
LESTERHOLT: Mr. Trump, a lot of these are judgment questions. You had supported the war in Iraq before the invasion. What makes your judgment --
DONALDTRUMP: I did not support the war in Iraq.
LESTERHOLT: In 2002 --
DONALDTRUMP: That is a mainstream media nonsense put out by her, because she -- frankly, I think the best person in her campaign is mainstream media.
LESTERHOLT: My question is, since you supported it, why is your --
DONALDTRUMP: Would you like to hear?
LESTERHOLT: Why is your judgment --
DONALDTRUMP: I was against the war -- wait a minute. I was against the war in Iraq. Just so you put it out.
LESTERHOLT: The record shows otherwise, but why is --
DONALDTRUMP: The record does not show that.
LESTERHOLT: Why is your judgment any --
DONALDTRUMP: The record shows that I'm right. When I did an interview with Howard Stern, very lightly, first time anyone's asked me that, I said, very lightly, I don't know, maybe, who knows? Essentially. I then did an interview with Neil Cavuto. We talked about the economy is more important. I then spoke to Sean Hannity, which everybody refuses to call Sean Hannity. I had numerous conversations with Sean Hannity at Fox. And Sean Hannity said -- and he called me the other day, and I spoke to him about it. He said, "You were totally against the war," because he was for the war.
LESTERHOLT: Why is your judgment better than --
DONALDTRUMP: And when -- excuse me. And that was before the war started. Sean Hannity said, very strongly, to me and other people -- he's willing to say it, but nobody wants to call him. I was against the war. He said, "You used to have fights with me," because Sean was in favor of the war. And I understand that side also, not very much, because we should have never been there. But nobody calls Sean Hannity.
And then they did an article in a major magazine, shortly after the war started -- I think in '04. But they did an article which had me totally against the war in Iraq. And one of your compatriots said, you know, whether it was before or right after, Trump was definitely -- because if you read this article, there's no doubt. But if somebody -- and I'll ask the press -- if somebody would call up Sean Hannity -- this was before the war started, he and I used to have arguments about the war. I said, it's a terrible and a stupid thing. It's going to destabilize the Middle East. And that's exactly what it's done. It's been a disaster.
LESTERHOLT: My reference was to what you had said in 2002, and my question was --
DONALDTRUMP: No, no. You didn't hear what I said.
LESTERHOLT: Why is your judgment -- why is your judgment any different than Mrs. Clinton's judgment?
DONALDTRUMP: Well, I have much better judgment than she does. There's no question about that. I also have a much better temperament than she has, you know? I have a much better -- she spent -- let me tell you -- she spent hundreds of millions of dollars on an advertising -- you know, they get Madison Avenue into a room, they put names -- oh, temperament, let's go after -- I think my strongest asset, maybe by far, is my temperament. I have a winning temperament. I know how to win. She does not know how to win.
LESTERHOLT: Secretary Clinton?
DONALDTRUMP: Wait. The AF-of-L-CIO, the other day, behind the blue screen, I don't know who you were talking to, Secretary Clinton, but you was totally out of control. I said, "There's a person with a temperament that's got a problem."
LESTERHOLT: Secretary Clinton?
HILLARYCLINTON: Whew, OK. Let's -- let's talk about two important issues that were briefly mentioned by Donald. First, NATO. You know, NATO, as a military alliance, has something called Article 5, and basically it says this: An attack on one is an attack on all. And do you know the only time it's ever been invoked? After 9/11, when the 28 nations of NATO said that they would go to Afghanistan with us to fight terrorism, something that they still are doing by our side.
With respect to Iran, when I became secretary of state, Iran was weeks away from having enough nuclear material to form a bomb. They had mastered the nuclear fuel cycle under the Bush administration. They had built covert facilities. They had stocked them with centrifuges that were whirling away. And we had sanctioned them. I voted for every sanction against Iran when I was in the Senate. But it wasn't enough. So I spent a year and a half putting together a coalition, that included Russia and China, to impose the toughest sanctions on Iran. And we did drive them to the negotiating table. And my successor, John Kerry, and President Obama got a deal that put a lid on Iran's nuclear program -- without firing a single shot. That's diplomacy. That's coalition building. That's working with other nations.
The other day, I saw Donald saying that there were some Iranian sailors on a ship in the waters off of Iran, and they were taunting American sailors who were on a nearby ship. He said, "You know, if they taunted our sailors, I'd blow them out of the water" -- and start another war. That's not good judgment.
DONALDTRUMP: That would not start a war.
HILLARYCLINTON: That is not the right temperament to be commander-in-chief, to be taunted. And the worst part --
DONALDTRUMP: No, they were taunting us.
HILLARYCLINTON: -- of what we heard Donald say has been about nuclear weapons. He has said repeatedly that he didn't care if other nations got nuclear weapons -- Japan, South Korea, even Saudi Arabia. It has been the policy of the United States, Democrats and Republicans, to do everything we could to reduce the proliferation of nuclear weapons. He even said, "Well, you know, if there were nuclear war in the East Asia, well, you know, that's fine.
HILLARYCLINTON: "You know, have a good time, folks."
DONALDTRUMP: It's lies.
HILLARYCLINTON: And, in fact, his cavalier attitude about nuclear weapons is so deeply troubling. That is the number one threat we face in the world. And it becomes particularly threatening if terrorists ever get their hands on any nuclear material. So a man who can be provoked by a tweet should not have his fingers anywhere near the nuclear codes, as far as I think anyone with any sense about this should be concerned.
AMYGOODMAN: Dr. Jill Stein, you have roughly two minutes.
DR. JILLSTEIN: So, let me just add that, yes, nuclear material in the hands of terrorists is a very dangerous thing. This is yet another reason why nuclear power and nuclear power plants and their proliferation around the world is an intolerable threat, not only because of the nuclear weapons that can be made from their -- their materials once they have been used, but also because of the inherent dangers of nuclear power, particularly in the era of climate change. In our country, we have something like 16 nuclear power plants which are located at sea level. Right now, the most recent studies, for example, by Jim Hansen, the foremost climate scientist, who has never been wrong yet in the many decades that he's been alerting us to this crisis -- he is now predicting we could see as much as nine feet of sea level rise as soon as 2050, which means that our 16 or so nuclear power plants are all going Fukushima.
So, this is just another example of why nuclear power is something that must also be urgently phased out and is part of our call for 100 percent clean, renewable energy by 2030, which doesn't mean ending jobs, it means creating jobs and moving the workers who are in the dangerous jobs right now of nuclear power, and particularly in the fossil fuel industry, where walking into a refinery or onto a frack site or into a truck and driving some of these materials, these very explosive and toxic materials, around -- to walk into a fossil fuel job is to increase your risk of dying by 700 percent from explosions and crashes and motor vehicle accidents, because these workers are not protected. So we are -- we are proposing a just transition, first and foremost, for the workers and the communities that are dependent on the fossil fuel industry, on the nuclear industry and also on the weapons industry, so that we can transition to a new economy which is safe and sustainable, which creates far more jobs, many more jobs. In fact, the fastest area of job growth right now is in the solar and wind industries. In solar, in fact, jobs are being created right now at 12 times the rate of the rest of the economy. So this is a win-win, which, in fact, pays for itself by the reduction in military expenditures, because we no longer need the wars for oil, and by the improvements in our health.
So, this is how we get to true security, not only security against nuclear weapons, but security, as well, for our climate, which is the other number one threat, right up there with nuclear war. They must both be addressed. And the fact that the other two candidates have managed to duck their way around a real discussion and a real examination of these catastrophic wars and this catastrophic nuclear weapons reality that we face right now, that they cannot put these issues on the table, is another reason why it's really critical for us to stand up and insist on the open debates that the American people are clamoring for. You can go to our website, Jill2016.com, to join our campaign for open debates.
AMYGOODMAN: Dr. Jill Stein, joining here on Democracy Now! the debate, as we expand the debate, the first presidential debate at Hofstra University with Hillary Clinton and Donald Trump, Democracy Now! breaking the sound barrier, as is our tradition, by inviting the major third-party candidates in. We'll be back with this debate in a moment.
AMYGOODMAN: "Wake Up Everybody" by Harold Melvin & The Blue Notes, here on Democracy Now!, democracynow.org, The War and Peace Report, as we return to our "Expanding the Debate" special. We break the sound barrier by bringing you the first debate, the presidential debate held at Hofstra University, between Hillary Clinton and Donald Trump, stop the tape after they have each of their two minutes, and expand it with the major third-party candidates. We are here with Green Party presidential candidate Jill Stein. We invited the Libertarian presidential candidate, Gary Johnson, but Jill Stein accepted, and she is responding to the same questions posed to the major-party candidates. Back to Lester Holt.
LESTERHOLT: Mr. Trump, this year Secretary Clinton became the first woman nominated for president by a major party. Earlier this month, you said she doesn't have, quote, "a presidential look." She's standing here right now. What did you mean by that?
DONALDTRUMP: She doesn't have the look. She doesn't have the stamina. I said she doesn't have the stamina. And I don't believe she does have the stamina. To be president of this country, you need tremendous stamina.
LESTERHOLT: The quote was: "I just don't think she has the presidential look."
DONALDTRUMP: You have -- wait a -- wait a minute, Lester. You asked me a question. Did you ask me a question?
You have to be able to negotiate our trade deals. You have to be able to negotiate -- that's right -- with Japan, with Saudi Arabia. I mean, can you imagine, we're defending Saudi Arabia? And with all of the money they have, we're defending them, and they're not paying? All you have to do is speak to them. Wait. You have so many different things you have to be able to do, and I don't believe that Hillary has the stamina.
LESTERHOLT: Let's let her respond.
HILLARYCLINTON: Well, as soon as he travels to 112 countries and negotiates a peace deal, a ceasefire, a release of dissidents, an opening of new opportunities in nations around the world, or even spends 11 hours testifying in front of a congressional committee, he can talk to me about stamina.
DONALDTRUMP: The world -- let me tell you. Let me tell you. Hillary has experience, but it's bad experience. We have made so many bad deals during the last -- so she's got experience, that I agree. But it's bad, bad experience. Whether it's the Iran deal that you're so in love with, where we gave them $150 billion back -- whether it's the Iran deal, whether it's anything you can -- you almost can't name a good deal. I agree. She's got experience, but it's bad experience. And this country can't afford to have another four years of that kind of experience.
LESTERHOLT: We are at the -- we are at the final question.
HILLARYCLINTON: Well, one thing. One thing, Lester, is --
LESTERHOLT: Very quickly, because we're at the final question now.
HILLARYCLINTON: -- you know, he tried to switch from looks to stamina. But this is a man who has called women pigs, slobs and dogs, and someone who has said pregnancy is an inconvenience to employers, who has said --
DONALDTRUMP: I never said that.
HILLARYCLINTON: -- women don't deserve equal pay unless they do as good a job as men.
DONALDTRUMP: Didn't say that.
HILLARYCLINTON: And one of the worst things he said was about a woman in a beauty contest. He loves beauty contests, supporting them and hanging around them. And he called this woman "Miss Piggy." Then he called her "Miss Housekeeping," because she was Latina. Donald, she has a name.
DONALDTRUMP: Where did you find this? Where did you find this?
HILLARYCLINTON: Her name is Alicia Machado.
DONALDTRUMP: Where did you find this?
HILLARYCLINTON: And she has become a US citizen, and you can bet --
DONALDTRUMP: Oh, really?
HILLARYCLINTON: -- she's going to vote this November.
DONALDTRUMP: OK. OK, good. Let me just tell you. Let me just tell you.
LESTERHOLT: Mr. Trump, could we just take 10 seconds, and then we're going to have the final question?
DONALDTRUMP: You know, Hillary is hitting me with tremendous commercials. Some of it's said in entertainment. Some of it's said -- somebody who's been very vicious to me, Rosie O'Donnell, I said very tough things to her, and I think everybody would agree that she deserves it, and nobody feels sorry for her. But you want to know the truth? I was going to say something --
LESTERHOLT: Please, very quickly.
DONALDTRUMP: -- extremely rough to Hillary, to her family. And I said to myself, "I can't do it. I just can't do it. It's inappropriate. It's not nice." But she spent hundreds of millions of dollars on negative ads on me, many of which are absolutely untrue. They're untrue, and they're misrepresentations. And I will tell you this, Lester: It's not nice. And I don't -- I don't deserve that. But it's certainly not a nice thing that she's done. It's hundreds of millions of ads. And the only gratifying thing is I saw the polls come in today, and with all of that money --
LESTERHOLT: We have to move on to the final question.
DONALDTRUMP: -- over $200 million is spent, and I'm either winning or tied. And I've spent practically nothing.
AMYGOODMAN: Dr. Jill Stein, your response?
DR. JILLSTEIN: More heat than light, I'm afraid to say, throughout much of this so-called debate between the two corporate candidates. In this country, you know, we have two major political parties, which are, in fact, no longer the major voting bloc. The largest voting bloc has repudiated both the Democratic and Republican parties, because, in fact, Americans are tired of being thrown under the bus. They are tired of this rigged economy, and they are tired of the rigged political system that has created this economy. And they are also rejecting, at unprecedented levels, the two candidates that are being forced down their throats as the most disliked and untrusted candidates in our history.
I am the only candidate in this race who is not taking money from lobbyists, from corporations, from -- I do not have a super PAC to coordinate with or not. I'm the one candidate that actually has the freedom to stand up for what the American people are clamoring for. That means an emergency jobs program, which will solve the emergency of climate change. It means bailing out the students, like they bailed out Wall Street, the crooks on Wall Street who crashed the economy. It's time to bail out the victims. And let me just mention about that. There are 43 million young people right now, and not-so-young people, Gen Xers and on into middle age and well beyond, who are trapped into student loan debt, because once you get in, you cannot get out. Very few get out, actually, in the current economy that we have of low-wage, part-time and temporary jobs. So people get stuck in student loan debt.
But it turns out that 43 million is actually a winning plurality of the vote in a three-way race. So when people say, "Oh, resistance is futile. Why even bother? Surely, you know, you're wasting your time," you know, that is part of the propaganda to keep us locked in this system. In the words of Alice Walker, "The biggest way people give up power is by not knowing we have it to start with." We do have the power. It's time to stand up and use it. And just by students coming out, people who are carrying student loan debt coming out, to cancel that debt, and voting Green in 2016, we actually have the power to turn this election on its head.
AMYGOODMAN: Let's go back to Lester Holt for the final question of the debate.
LESTERHOLT: One of you will not win this election. So my final question to you tonight: Are you willing to accept the outcome as the will of the voters? Secretary Clinton?
HILLARYCLINTON: Well, I support our democracy. And sometimes you win, sometimes you lose. But I certainly will support the outcome of this election. And I know Donald's trying very hard to plant doubts about it, but I hope the people out there understand: This election's really up to you. It's not about us so much as it is about you and your families and the kind of country and future you want. So I sure hope you will get out and vote as though your future depended on it, because I think it does.
LESTERHOLT: Mr. Trump, very quickly, the same question: Will you accept the outcome as the will of the voters?
DONALDTRUMP: I want to make America great again. We are a nation that is seriously troubled. We're losing our jobs. People are pouring into our country. The other day, we were deporting 800 people. And perhaps they passed the wrong button -- they pressed the wrong button, or perhaps, worse than that, it was corruption. But these people that we were going to deport, for good reason, ended up becoming citizens. Ended up becoming citizens. And it was 800. And now it turns out it might be 1,800, and they don't even know.
LESTERHOLT: Will you accept the outcome of the election?
DONALDTRUMP: Look, here's the story. I want to make America great again. I'm going to be able to do it. I don't believe Hillary will. The answer is: If she wins, I will absolutely support her.
AMYGOODMAN: Jill Stein, will you accept the outcome of the election?
DR. JILLSTEIN: Well, this is a very wounded democracy. If there is evidence of voter fraud, we will challenge it, and we will bring it to court, as the Greens have led the way in doing before. But, you know, I think our job here is not to surrender to a very corrupt system, whichever one of these candidates wins. Donald Trump has had $4 billion worth of free prime-time media. Hillary Clinton has had $2 billion worth of free prime-time media. We've had essentially zip. And as a non-corporate campaign, we don't have big bucks to put the word out, but we are doing well in the polls relative to how other non-corporate third-party candidates have done.
So, this is the time for us to stand up. In this election, we are not just deciding what kind of a world we will have, but whether we will have a world or not going forward, looking at the climate change that's barreling down on us, the threat of nuclear weapons and these massive, expanding wars, for which there is no end in sight under both Democrats and Republicans, and specifically Hillary Clinton and Donald Trump. This is the time for us to stand up for the future we deserve, to reject the lesser evil and to fight for the greater good like our lives depend on it, remembering that we do have the votes if we stand up with the courage of our convictions.
AMYGOODMAN: And that's Jill Stein of the Green Party, along with Hillary Clinton, Democratic Party, and Donald Trump, Republican Party. That does it for our "Expanding the Debate" special. Watch the two -- the full two-hour special at democracynow.org. And also watch our debate night roundtable with Eddie Glaude, Allan Nairn, Ramzi Kassem, Arlie Russell Hochschild, Kshama Sawant and Isabel Garcia at democracynow.org.
On Monday night, the two major-party candidates squared off for the first presidential debate. It was one of the most anticipated debates in US history. Ahead of the event, TV network executives predicted as many as 100 million people across the United States would tune in. Many more also watched from around the world, including across Asia, Europe and in Latin America. But these viewers did not see any third-party candidates on stage. So, in a Democracy Now! broadcast special, we invited Dr. Jill Stein to respond to the same questions posed to Donald Trump and Hillary Clinton.
The Islamic State document said that since the establishment of the Spanish Inquisition in 1478, Spain "has done everything to destroy the Koran." It said that Spain tortured Muslims, including burning them alive. Therefore, according to the Islamic State, "Spain is a criminal state that usurps our land." The document calls on jihadists to "reconnoiter airline and train routes for attacks." It also calls on followers to "poison food and water" with insecticides.
"We will kill any 'innocent' Spanish infidel we find in Muslim lands, and... whether we are European in origin or not, we will kill you in your cities and towns according to our plan." — Islamic State document, May 30, 2016.
"We will recover al-Andalus, Allah willing. Oh dear Andalus! You thought we forgot about you. I swear by Allah we have never forgotten you. No Muslim can forget Córdoba, Toledo or Xàtiva. There are many faithful and sincere Muslims who swear they will return to al-Andalus." — Islamic State video, January 31, 2016.
"Spain is the land of our forefathers and we are going to take it back with the power of Allah." — Islamic State video, January 7, 2016.
Islamic militants are stepping up a propaganda war against Spain. In recent months, Islamic State and other jihadist groups have produced a flurry of videos and documents calling on Muslims to reconquer al-Andalus.
Al-Andalus is the Arabic name given to those parts of Spain, Portugal and France occupied by Muslim conquerors (also known as the Moors) from 711 to 1492. Many Muslims believe that territories Muslims lost during the Christian Reconquest of Spain still belong to the realm of Islam. They claim that Islamic law gives them the right to re-establish Muslim rule there.
A recent Islamic State document includes a list of grievances against Spain for wrongs done to Muslims since the Battle of Las Navas de Tolosa on July 16, 1212, when the Christian forces of King Alfonso VIII of Castile routed the Almohad Muslim rulers of the southern half of the Iberian Peninsula. More than 100,000 Muslims were killed in the battle, which was a key victory in the Catholic Monarchs' "Reconquista" of Spain.
The document said that since the establishment of the Spanish Inquisition in 1478, Spain "has done everything to destroy the Koran." It said that Spain tortured Muslims, including burning them alive. Therefore, according to the Islamic State, "Spain is a criminal state that usurps our land." The document calls on jihadists to "reconnoiter airline and train routes for attacks." It also calls on followers to "poison food and water" with insecticides.
The document concludes: "The actions of your ancestors are the reason for our actions today."
On July 15, 2016, Islamic State released its first propaganda video with Spanish subtitles. The high quality of the Spanish translation, both in writing and in syntax, led some analysts to conclude that that the translator's mother tongue is Spanish and that the subtitling may even have been done inside Spain.
On June 3, Islamic State released a video — "Month of Ramadan, Month of Conquest" — which mentions al-Andalus four times. Spain is the only non-Muslim country mentioned in the video.
On May 30, Islamic State released a two-page document in Spanish in which it issued threats directly against Spain. The document states:
"We will kill any 'innocent' Spanish infidel we find in Muslim lands, and if not we will reach your land. Our religion and our faith lives among you, and even though you do not know our names or what we look like and do not even know whether we are European in origin or not, we will kill you in your cities and towns according to our plan, in the same way that you are killing our families."
On January 31, Islamic State released a video in which one of its Spanish jihadists warned Spain that it would "pay a very heavy price" for expelling Muslims from al-Andalus. The eight-minute video included the following statement:
"I swear by Allah that you will pay a very heavy price and your demise will be very painful. We will recover al-Andalus, Allah willing. Oh dear Andalus! You thought we forgot about you. I swear by Allah we have never forgotten you. No Muslim can forget Córdoba, Toledo or Xàtiva. There are many faithful and sincere Muslims who swear they will return to al-Andalus."
An armed, masked Islamic State jihadist appears in a propaganda video, where he warns Spain that it would "pay a very heavy price" for expelling Muslims from al-Andalus hundreds of years ago. The Spanish subtitle above reads "Oh dear Andalus! You thought we forgot about you. I swear by Allah we have never forgotten you. No Muslim can forget Córdoba, Toledo or Xàtiva."
On January 7, Al-Qaeda in the Islamic Maghreb, which is fighting Islamic State for hegemony of North Africa, released a video calling for jihadist attacks in Madrid as a strategy to help Muslims recover the Spanish North African exclaves of Ceuta and Melilla.
Another Islamic State video vowed to liberate al-Andalus from non-Muslims. A jihadist speaking in Spanish with a heavy North African accent said:
"I say to the entire world as a warning: We are living under the Islamic flag, the Islamic caliphate. We will die for it until we liberate those occupied lands, from Jakarta to Andalusia. And I declare: Spain is the land of our forefathers and we are going to take it back with the power of Allah."
Meanwhile, 33 jihadists were arrested in Spain in 17 different raids during the first nine months of 2016, according to the Spanish Interior Ministry.
Most recently, two Spanish citizens of Moroccan origin — Karim El Idrissi Soussi, 27, and a second man identified as 18-year-old O.S.A.A — were arrested in Madrid on jihad terror charges. One of the detainees is a 27-year-old computer science student who watched jihadist propaganda videos in class and threatened to massacre his fellow students.
According to the Interior Ministry, Soussi tried to join the Islamic State but was detained by Turkish authorities while attempting to cross the border into Syria. He was deported and just recently returned to Spain.
The Interior Ministry said Soussi's penchant for radical Islam became evident in November 2015, when the technical training center where he was studying computer science held a moment of silence to honor the victims of the jihadist attacks in Paris. According to teachers and students, Soussi shouted slogans in support of the attacks which killed 130 people, including 89 at the Bataclan Theater.
On other occasions, Soussi publicly justified jihadist attacks by Islamic State, which he said was the ideal form of government for all Muslims. According to the Interior Ministry, Soussi visited a public library almost daily to connect to the internet and browse jihadist websites. He allegedly created fake profiles and posted jihadist material on social media sites. Soussi also criticized so-called moderate Muslims and expressed hope that someday Spain would become an Islamic emirate.
Soussi allegedly watched Islamic State propaganda videos during his computer science class and repeatedly threatened to bring weapons to school to kill his classmates.
The other jihadist, O.S.A.A., was arrested for the offenses of "glorifying jihadist terrorism" and "self-indoctrination for terrorist purposes." The Interior Ministry did not provide further details.
A total of 636 jihadists have been detained in the country since the March 2004 Madrid train bombings, in which nearly 200 people were killed and more than 2,000 injured.
A recent study by the Madrid-based Elcano Institute found that of the 150 jihadists arrested in Spain during the past four years, 124 (81.6%) were linked to Islamic State and 26 (18.4%) to al-Qaeda.
Of those linked to Islamic State, 45.3% were Spanish citizens, 41.1% were Moroccans and 13.6% had other nationalities. In terms of birth, 45.6% were born in Morocco and 39.1% were born in Spain. Only 15.3% were born in other countries.
In terms of immigration, 51.7% were first-generation immigrants, 42.2% were second- or third-generation immigrants, and 6.1% had no immigration background, which implies they are Spanish converts to Islam.
In terms of residency, 29.8% were arrested in Barcelona, 22.1% in Spain's North African exclave of Ceuta, and 15.3% in Madrid. The others were arrested in more than a dozen other localities across the country.
Islamic State has suffered setbacks on the battlefields of the Middle East, but the jihadist terror threat remains undiminished. In the words of Spanish terrorism analyst Florentino Portero: "Islamic State is answering military defeats with more terror."
In addition to the recent note by Credit Suisse, here, courtesy of a note by UBS' Felix Huefner, is what you need to know about the upcoming Italian referendum - an event that has been dubbed by some as the most important risk event for Europe in the remainder of the year - scheduled for December 4.
Referendum is about political uncertainty and reform progress
An important forthcoming event is the Italian referendum on constitutional reform, which is scheduled for 4 December. Based on recent opinion polls, the outcome is too close to call. This referendum is important for at least two reasons. First, political uncertainty is affected, as the outcome of the referendum is perceived to impact Prime Minister Renzi’s decision whether to remain in office (despite recent attempts to de-link the content of the referendum from his decision whether to stay in power). This seems to be the key market focus currently. Second, constitutional reform is an important element of the government’s reform agenda. Along with past reforms, such as the one on the labour market, continuing reform is likely positive for the longer-term growth outlook. Possible scenarios for the referendum include: (1) if the referendum is voted down, political uncertainty increases and reform progress takes a step back; (2) if voted in favour, political uncertainty decreases and the reform agenda progresses, potentially including steps to overhaul the judicial system. This double impact arguably increases the importance of the Italian referendum for the outlook.
Implications for Italian government bonds
The associated implications of a 'No' vote continue to present a risk to Italian bond spreads. Our expectation of core euro area yields rising gradually over the next few months (supported by upcoming base effects and potential tweaks to the ECB’s QE programme), combined with the fact that the 10yr Italy-Germany spread is close to our year-end target of 125bp, implies a gradual rise in 10yr Italian yields to 1.45% by end- 2016. If a 'Yes' vote were to materialise, we would expect 10yr Italy-Germany spreads to initially tighten by 5-10bp. Meanwhile, a 'No' vote at the upcoming referendum is likely to result in 10yr Italy-Germany spreads widening to over 155bp. The political backdrop in Spain is currently more favourable than in Italy, and we maintain our preference of being long 10yr Spain versus Italy. We also recommend hedging against a potential escalation of Italian risks by selling 10yr Italy vs US Treasuries (targeting 0bp).
The actual constitutional reform
The constitutional reform that is voted on in the referendum is part of a package aimed at making the political system more stable and facilitating decision-making. The package includes: (1) the electoral reform (Italicum); and (2) reform of the Senate. The first entered into effect earlier this year (but is currently challenged and awaits a decision by the Constitutional Court), while the Senate reform is being decided on 4 December in a referendum.
In broad terms, the Italicum legislative electoral reform replaced proportional representation in the lower house (Chamber of Deputies) with a majority-assuring voting system that attributes a majority bonus to the party (no coalition) with the highest share of votes. The intention is to make the government majority more stable and homogenous. The law came into force in July 2016 (and the next elections in 2018 would be the first held under the new rules). However, the Italicum is viewed controversially and is under review by the constitutional court.
The upcoming December constitutional referendum is about transforming the Senate of the Republic (the upper house) into a Senate of the Regions (a referendum being necessary because the reform failed to achieve a two-thirds majority in parliament). Currently, both the lower house (Chamber of Deputies) and the Senate are elected simultaneously, the government needs the confidence of both houses, and all legislation is passed by both houses. Under this 'perfect bicameralism', both chambers thus have equal powers, complicating decisionmaking. Under the reform, the number of senators will be reduced from 314 directly elected to 95 indirectly elected (by the regional councils of Italy) and the participation of the Senate in the law-making procedure will be reduced. Constitutional reform is thus seen by the IMF and the OECD as a key part of the reform agenda to streamline decision-making, along with further implementation of the Jobs Act labour market reform.
The political uncertainty surrounding the referendum outcome
When the referendum was first announced, Prime Minister Renzi specifically noted that, in case of defeat, he would step down as Italian Prime Minister, opening up the possibility of new elections. Over the past few weeks, the perception has been that he has adjusted his position on this matter, stressing that the next general election would be held in spring of 2018 (as originally planned). Another scenario could thus be that PM Renzi remains in power even in the case of a defeat. Yet another alternative scenario could foresee Prime Minister Renzi stepping down and a new PM being appointed without new elections. Either way, a defeat in the referendum would likely heighten policy uncertainty, not least because the 5-Star Movement has become a main challenger to Renzi’s PD in recent opinion polls, notably after the UK referendum.
New elections right after a 'No' vote look less likely, given that the new electoral law (Italicum) applies only to the lower house (Chamber of Deputies) – it was passed in the expectation that the reform of the Senate would proceed. Any government after a 'No' vote will thus likely be occupied with adapting the respective electoral laws for the next election.
Implications of a 'No' vote a risk to Italian bond spreads
Opinion polling ahead of the constitutional referendum remains finely balanced and the associated implications of a 'No' vote continue to present a risk to Italian bond spreads. Our expectation of core euro area yields rising gradually over the next few months (supported by upcoming base effects and potential tweaks to the ECB’s QE programme), combined with the fact that the 10yr Italy-Germany spread is close to our year-end target of 125bp, implies a gradual rise in 10yr Italian yields to 1.45% by end-2016. If a 'Yes' vote were to materialise, we would expect 10yr Italy-Germany spreads to initially tighten by 5-10bp. Meanwhile, a 'No' vote at the upcoming referendum is likely to result in 10yr Italy-Germany spreads widening to over 155bp. The political backdrop in Spain is currently more favourable than in Italy, and we maintain our preference of being long 10yr Spain versus Italy. We also recommend hedging against a potential escalation of Italian risks by selling 10yr Italy versus US Treasuries (targeting 0bp).
Shortly after the release of the infamous 28-pages earlier today, the White House issued a statement dismissing allegations of Saudi involvement in the attacks of 9/11. I believe such assurances are intended to prevent people from reading it in the first place, because if you actually read them, your mouth will be wide open the entire time in disbelief.
There are only two conclusions any thinking person can come to after reading the 28-pages.
1. Elements within the Saudi government ran the operations behind the 9/11 attack.
If you want to know just how insignificant the interests of the American people are when they happen to conflict with the profit margins of multinational corporations, the following article should leave little doubt.
Saudi Arabia is mounting a last-ditch campaign to scuttle legislation allowing families of victims of the Sept. 11, 2001 attacks to sue the kingdom — and they’re enlisting major American companies to make an economic case against the bill.
General Electric, Dow Chemical, Boeing and Chevron are among the corporate titans that have weighed in against the Justice Against Sponsors of Terrorism Act, or JASTA, which passed both chambers unanimously and was vetoed on Friday, according to people familiar with the effort. The companies are acting quietly to avoid the perception of opposing victims of terrorism, but they’re responding to Saudi arguments that their own corporate assets in the kingdom could be at risk if the law takes effect.
It’s not just corporations of course, former Senators are also in on the betrayal.
Meanwhile, Trent Lott, the former Senate majority leader who now co-leads Squire Patton Boggs’ lobbying group, e-mailed Senate legislative directors on Monday warning that the bill could lead other countries to withdraw their assets from the United States and retaliate with laws allowing claims against American government actions.
“Many foreign entities have long-standing, intimate relations with U.S. financial institutions that they would undoubtedly unwind, to the further detriment of the U.S. economy,” reads one of the attachments, obtained by POLITICO. “American corporations with interests abroad may be at risk of retaliation, a possibility recently expressed by GE and Dow.”
One source familiar with Boeing’s effort said the company wrote in the letter that the victims’ families deserve justice but argued that the economic consequences of the bill were important to consider. The letter warned of potential job losses, the source said. Dow Chemical is also lobbying against the bill, people familiar with the campaign said.
This seems to be status quo’s line when it comes to anything related to the Saudis. We can’t stand up to them, or our economy will go down the toilet. If our economy is really that fragile we’re in bigger trouble than I thought.
Yet, it gets worse. Even if Congress happens to override President Obama’s veto (the first override of his Presidency), these critters are already scheming for an alternative way to water it down.
Indeed, when it comes to putting corporate and foreign interests ahead of the American public, the status quo never gives up.
But even if Obama receives the first veto override of his presidency, the story won’t end there: the Saudis will seek a new bill to scale back the law in the lame-duck session or in the next session, after lawmakers are relieved from the heat of the campaign, people familiar with the plans said.
“It’s Washington at its finest,” one of the people said.
The Saudis are now spending more than $250,000 a month fighting the bill, retaining powerhouses Brownstein Hyatt Farber Schreck, Glover Park Group, Sphere Consulting and Squire Patton Boggs. Besides working with companies invested in Saudi Arabia, the lobbyists are directly contacting lawmakers, placing opinion articles and seeking support from think tank scholars.
GOP Sens. Lindsey Graham of South Carolina and Bob Corker of Tennessee are trying to hammer out a compromise that would soften the bill, bringing it in line with previously proposed versions rather than keeping the harsher language that just passed.
Importantly, it’s not just corporations and former Congresspeople who are working diligently with the Saudis to prevent 9/11 families from having their day in court.
Lobbying for U.S. corporations is one thing. Lobbying for a barbaric monarchy with “classified” ties to the 9/11 attacks is quite another. Yet that’s exactly what the Podesta Group does. Once again, the Founder and Chairman of the firm, Tony Podesta, is the brother of Hillary Clinton’s Campaign Chair, John Podesta.
The Podesta Group is billing Saudi Arabia $140,000 a month for its public relations services. During the last few months of 2015, it sent 27 emails, had two phone calls and one meeting with lawmakers and staffers, journalists, and organizations including Human Rights Watch and the Center for American Progress, disclosure forms show.
The mere fact that the Saudis are so connected and can spend so much money to persuade politicians to affect U.S. policy is outrageous and should be illegal.
How can the American public compete with that kind of bribery? Look all around you. We can’t.
As migrants continue to flow into Europe, certain cities across the continent have seemingly lost their ability to maintain law and order amid a surge in violent crime. The level of violence within the so-called "no-go zones" has risen to a level such that even the police have abandoned efforts to control the streets. According to RT, one particular example is Sweden's third-largest city of Malmo where more than 70 cars were set on fire by arsonists over the past several days. Meanwhile, authorities noted that offenses range from vandalism to drug crimes, sexual assaults and gun violence.
Per recent media reports, there are now as many as 55 “no-go zones” spread throughout several Swedish cities where the police have little to no ability to control rising violence. The surging violence is putting a huge burden on over-worked police officers who are reportedly choosing to quit the force in record numbers. Per RT:
“We have a major crisis. Many colleagues are choosing to quit,” police officer Peter Larsson told the Norwegian broadcaster NRK. “A drastically worsened working environment means many colleagues are now looking for other work.”
Recently the city of Malmo faced a string of arsons in which 16 vehicles were torched across the several neighborhoods in just one night. As fire commander, Magnus Johansson, noted the rising violence is exhausting public resources and making it impossible to service the needs of Swedish citizens.
“All our stations are overloaded and the whole of the Malmo force is out extinguishing the car fires,” fire commander Magnus Johansson told SVT. “It is a burden for our organization, but also for other people who really need our help,” he added.
The burning of cars continued into the early hours of Friday morning, with a further 11 vehicles torched. A total of nine neighborhoods were affected by the arson attacks.
Meanwhile the Hungarian government recently introduced a website that alleged that as many as 900 "no-go zones" exist in major cities across Europe. The website also warned against mandatory European quotas that only serve to "increase the terrorist risk in Europe."
"The mandatory European quotas increase the terrorist risk in Europe and imperil our culture.
Illegal migrants cross the borders unchecked, so we do not know who they are and what their intentions are. We do not know how many of them are disguised and may be terrorists.
Those who come to the EU illegally do not respect our laws and do not want to share common cultural values.
If we do not act, we will not recognize Europe in a few decades.”
The Hungarian government has long rejected a mandatory quota for the resettlement of migrants and refugees with the Prime Minister calling for border walls to be built along the Bulgarian and Macedonian borders with Greece.
As rising immigration has become a political hot-topic across Europe, many elected officials have dismissed the existence of "no-go zones." Meanwhile, Ingrid Carlqvist, editor-in-chief of Swedish newspaper Dispatch International, told RT that terminology used to describe rising violence is "just semantics" but the fact remains that there are certain areas where "when the police come there, they will get stoned and people will try to set fire to police cars and so on."
No, it’s not. This is just semantics. The Swedish authorities don’t want to call them ‘no-go zones.’ They think that ‘no -go zones’ is place where no one can enter. But that is not what normal people mean. They mean that the ambulances can’t go there without police escort. When the police come there, they will get stoned and people will try to set fire to police cars and so on. They are lawless areas – and that is what people call ‘no-go zones’. No normal person would ever go inside there.
But what we see here is that people in these areas, the people who live there, who are mostly Muslims are actually saying this. When Swedish journalists go in there, they just tell them to “f*** off,” because this is not Sweden. They are trying to impose Sharia law in these areas and they are doing a good job about it. The police could do things: they could go in there and just stop all of it when they set fire to the cars and when they throw stones, they could do something. But the longer they wait, the more impossible this job will be of course, because now we have at least 55 of these zones in Sweden.
But we thought Angela Merkel made it very clear that "we can do this."
Almost exactly eight years ago, the Lehman Brothers collapse plunged the global economy into recession. The interbank market collapsed, and the entire industrialized world was thrown into the worst crisis since the end of World War II. Though central banks have maintained ultra-low interest rates, the crisis hasn’t yet been fully overcome. On the contrary, numerous economies, such as the southern European countries and France, simply aren’t making any headway. And Japan has been on the ropes for a quarter-century.
Some economists believe that this is evidence of “secular stagnation,” a phenomenon described in 1938 by the American economist Alvin Hansen, who drew on Karl Marx’s Law of the Tendency of the Rate of Profit to Fall. Owing to the gradual exhaustion of profitable investment projects, according to this view, the natural real interest rate has continued to fall. Stabilizing the economy thus is possible only by an equivalent decline in policy interest rates.
In view of the huge credit bubble that preceded the crisis in Japan, the United States, and southern Europe, and the aggressive policies pursued by central banks over the last few years, I doubt that this theory is correct. In fact, I find it plausible that a very different mechanism lies behind the post-2008 stagnation, which I refer to as “self-inflicted malaise.”
This hypothesis is best understood in the context of the economist Joseph Schumpeter’s theory of the business cycle. Faulty expectations on the part of market participants regularly cause credit and asset-price bubbles. Investors, expecting prices and incomes to rise, purchase residential and commercial properties, and they take chances on new business ventures. Real-estate prices start to rise, a construction boom occurs, and a new phase of rapid expansion begins, partly sustained by the revitalization of the domestic economy, including services. The growth in incomes increasingly emboldens borrowers, which further heats things up.
Then the bubble bursts. Investment collapses and real-estate prices fall; businesses and banks go bankrupt; factories and residential buildings are vacated; and employees are laid off. Once prices and wages have fallen, new investors step in with new business ideas and establish new firms. After this “creative destruction,” a new phase of rapid expansion sets in.
In the current crisis, however, monetary policy preempted the creative destruction that could have formed the basis for a new upswing in growth. Asset holders talked central bankers into believing that Schumpeter’s economic cycle could be overcome by large-scale bond purchases financed via the printing press, and by corresponding interest-rate reductions.
To be sure, these measures stopped the fall in asset prices halfway and thus saved much wealth. But they also prevented sufficient numbers of young entrepreneurs and investors from risking a new start. Instead, established firms remained in place, keeping themselves afloat but lacking the wherewithal for new investments. In Japan and Europe, in particular, large numbers of such zombie firms and banks survived, and they are now blocking would-be competitors able to drive the next upswing in growth. The resulting economic ossification looks like the secular stagnation that Hansen described; in fact, the malaise is self-inflicted.
And, because low interest rates have reduced asset managers’ returns, some central banks – and the European Central Bank, in particular – have relied on successive interest-rate cuts in an effort to engineer ersatz value gains for assets. The economy is thus caught in a trap, forcing the ECB to engage in ever more radical monetary-policy measures. Its current program of quantitative easing is meant to double the money supply in a very short period. Further guns are being moved into position, such as successively more negative nominal interest rates or so-called helicopter money.
The only way out of the trap is a hefty dose of creative destruction, which in Europe would have to be accompanied by debt relief and exits from the eurozone, with subsequent currency devaluations. The shock would be painful for the incumbent wealth owners, but, after a rapid decline in the dollar values of asset prices, including land and real estate, new businesses and investment projects would soon have room to grow, and new jobs would be created. The natural return on investment would again be high, meaning that the economy could expand once again at normal interest rates. The sooner this purge is allowed to take place, the milder it will be, and the sooner Europeans and others will be able to breathe easy again.
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The US will deploy the THAAD missile defense system to South Korea "as soon as possible," Washington confirmed, less than three months after Seoul agreed to host it. The move, opposed by China and Russia, allegedly aims to counter the North Korean threat.
As North Korea continues to disregard UN sanctions by repeatedly testing nuclear technologies and the means by which to deliver them, the US and South Korea are pushing full steam ahead to position the Terminal High Altitude Area Defense system on the peninsula.
Speaking to House Foreign Affairs Subcommittee on Asia and the Pacific, Assistant Secretary of State Daniel Russel told US lawmakers that the ever-increasing threats from North Korea necessitate urgent action.
While refusing to provide a concrete timeline for the THAAD deployment, Russel said that "given the accelerating pace of North Korea's missile tests, we intend to deploy on an accelerated basis, I would say, as soon as possible."
Hong Kong recorded its hottest September day in more than half a century on Tuesday as the influence of Typhoon Megi brought "serious" levels of air pollution to the city for a second day.
Temperatures hit a high of 36 degrees Celsius in Happy Valley as Taiwan felt the full force of the tropical cyclone, which is forecast to bring gloomy weather to Hong Kong over the next six days.
The Environmental Protection Department issued a warning after the Air Quality Health Index in Tuen Mun and Tung Chung hit 10+ on Tuesday afternoon, its highest level. That indicates a serious health risk.
It was the second day the city recorded such severe levels of air pollution.
The index in Central reached 10, and it climbed to nine in Yuen Long and Causeway Bay, indicating a "very high" health risk.
The department advised children, the elderly and people suffering from heart or respiratory illnesses to stay indoors as much as possible.
Typhoon Megi, named after the Korean word for catfish, made landfall in Taiwan but was forecast to spare Hong Kong. The storm however created stifling conditions in the city on Tuesday, with low visibility and a maximum temperature at the Observatory's headquarters of 34.9 degrees, constituting the hottest September day since 1963, when September 5 saw the same location record 35.2 degrees.
Cargo volumes traveling between Russia and China have been growing rapidly, with Russian haulers set to benefit greatly from the new route that will cut the distance between western Russia and southern China by over 1,000 kilometers (600 miles).
"The signing is planned as early as December this year...According to preliminary estimates, the cargo flow will increase 17-20 percent due to the rearrangement of transport movement. Later, increases of 10 percent per year are possible, which is, in general, in tune with the average yearly Russian-Chinese foreign trade increase," Dvoinykh told the Izvestia newspaper.
Currently, traffic between the two countries is restricted to bordering regions and may only take place along international routes.
The new agreement will allow Russian cargo carriers to reach Beijing and the port city Tianjin in contrast to the current practice of hauling cargo to the nearest border town, according to Dvoinykh.
At least five people have been killed and hundreds injured by Typhoon Megi, which has battered Taiwan and mainland China.
Megi has now reached eastern China, causing widespread disruption, though it has weakened to a tropical storm.
As Congress attempts to override a presidential veto of legislation that would allow US citizens to sue foreign governments over terror attacks, an organization representing Iraqis killed or wounded by the US military is threatening to sue the American government for war crimes.
The Iraqi National Project has stated that the Justice Against Sponsors of Terrorism Act, which would allow 9/11 victims and families to sue Saudi Arabia over the nation's role in the attacks, has opened a pathway for lawsuits against foreign governments.
The White House claims that the bill was vetoed because it would open the floodgates for other nations and organizations to sue the US, which is exactly what the Iraqi group wants to do.
On one side: A billionaire accused of racism and xenophobia. On the other: A puppet completely sold to the world elite. And in the middle, voters who wonder why their democracy is forcing them to choose between two terrible options. I am sometimes asked why I write mostly about popular culture when I could focus on [...]
In this edition of SPOTM: Elle Fanning, Jonah Hill, Britney Spears, Mariah Carey and a bunch of pics proving that the One-Eye sign is ruling the world. Yes, all of these pics only appeared in the last few weeks. Thanks to everyone who sent in pics!
Directed by industry veteran Spike Jonze, the new KENZO World ad is loaded with Illuminati mind control symbolism and ends with a weird tribute to the All Seeing Eye. Are they selling a perfume … or celebrating the occult elite’s system? Ranking up millions of views in a couple of weeks, the Spike Jonze-directed KENZO ad quickly reached [...]
Beyoncé’s performance at the 2016 VMAs was a medley of her latest offering “Lemonade”. Not unlike the visual album itself, the performance featured occult symbolism while pushing more of the race wars agenda. The 2016 VMAs did not bring much excitement to music fans – just a bunch of stale and predictable songs performed by a bunch [...]
The immensely popular series Stranger Things puts in the forefront of popular culture the disturbing world of MKULTRA, mixed with a heavy those of fantasy and science fiction. Through its story and symbolism, the series tell a deeper truth about its subject matter, one that not many might believe or accept. We’ll look at the [...]
Glen Ford and Jeff Cohen agree that excluding third parties left the "non-partisan" debate with candidates with "very little light between them", but disagree about strategic voting and the danger of Trump's neo-fascism
Protests escalated in Charlotte, North Carolina, when hundreds took to the street and blocked Interstate 85 to express outrage over the police shooting of 43-year-old African American Keith Lamont Scott on Tuesday. Video footage shows people blocking the highway, where fires were lit. North Carolina Governor Pat McCrory has declared a state of emergency in […]
Levi Sumagaysay reports for Silicon Beat: Most drivers know to pull over to the side of the road when a cop car’s lights are flashing, or when an ambulance is rushing to the scene of an emergency. But let’s face it, some drivers don’t have a clue. Google’s driverless cars to the rescue? A recent patent […]
Afshin Rattansi speaks to former Shadow Schools Minister Nic Dakin, and upcoming member of Labour’s NEC Claudia Webbe, about Britain’s Labour Party leadership contest and who will be leader of the party when the votes are counted this weekend. (Going Underground)Filed under: UK, UK Politics/Society
Adam Johnson writes for Fairness & Accuracy In Reporting: The media’s tendency to focus on horserace issues—who’s up and who’s down, what the cosmetics are of an event rather than the substance—is routinely derided by media critics, and mocking it has become something of an election year tradition. But one 2016 topic in particular, terrorism, […]
Amy Goodman speaks to consumer advocate and former U.S. presidential candidate Ralph Nader, who says that Donald Trump is “a freeloader on the backs of taxpayers who have to make up the difference for the taxes he doesn’t pay or get less public services.” (Democracy Now!)Filed under: Donald Trump, U.S. Elections, USA
Are you ready for the most anticipated presidential debate in decades? It is being projected that Monday’s debate between Donald Trump and Hillary Clinton could potentially break the all-time record of 80 million viewers that watched Ronald Reagan and Jimmy Carter debate back in 1980. Many Americans probably hope to see some personal fireworks between [...]
While one of America’s largest cities is being ripped in two, most Americans appear to be far more interested in the drama surrounding Brad Pitt and Angelina Jolie’s divorce. As Charlotte braces for a third night of rioting and violence, the mainstream media is full of headlines such as “Welp, the Jolie-Pitt Divorce Got Real [...]
Do you remember the old Saturday Night Live sketches in which comedian Chris Farley portrayed a motivational speaker that lived in a van down by the river? Unfortunately, this is becoming a reality for way too many Americans. As the middle class has shrunk and the cost of living has increased, a lot of people [...]
All over America sick and twisted people are dressing up like creepy clowns in order to frighten the living daylights out of others. This trend started back in August, and since then social media has helped it spread like wildfire. So far there have been creepy clown sightings in 11 different states, and Mississippi and [...]
The pinnacle of the global financial system is warning that conditions are right for a “full-blown banking crisis” in China. Since the last financial crisis, there has been a credit boom in China that is really unprecedented in world history. At this point the total value of all outstanding loans in China has hit a [...]
WASHINGTON (AP) — The “stamina,” the “look”: A new poll suggests voters are buying in to Donald Trump’s insinuations about Hillary Clinton’s health. They’re ignoring the medical reports. Voters — especially men — have more confidence that Trump is healthy enough for the presidency than Clinton, according to the Associated Press-GfK poll. It’s a disconnect [...]
(DAILYCALLER) — A new report released by the United Nations concludes the United States owes reparations to African-Americans for slavery and recent police-involved shooting deaths. The report was produced by the United Nations’ Working Group of Experts on African Descent and strongly condemned America’s “racist” history. “In particular, the legacy of colonial history, enslavement, racial [...]
By Rusty Wright Imagine you’re relaxing in your hotel room after a long day’s work. Your three-week business trip is nearly over and you’re returning home the next day. Then … BOOM! A massive explosion rocks your world. Your room becomes an inferno of smoke and fire. You rush to escape, wanting to get to [...]
In a world that often considers Christians mad, the label of “insanity” may be a badge of honor. Jesus himself was accused of “having a demon” (ancient-speak for “bonkers”) and it hasn’t gotten much better in many places for His followers. Sharing that stigma, and an unmerited mental-health image, are practitioners of the arts, at [...]
Washing hands to prevent the spread of disease was recommended in 1844 to the doctors of the Vienna General Hospital by Dr. Ignaz Philipp Semmelweis. Semmelweis had noticed that doctors would go straight from doing autopsies on those who died of puerperal fever to delivering babies and soon after the mothers would die of puerperal [...]
After touring Chevron’s oil pollution in the Ecuadorean Amazon, Abby Martin sits down for an exclusive interview with Ecuador’s president, Rafael Correa, about the legal battle against the corporation and push to decolonize the country from Western powers. They discuss Ecuador’s new constitution that grants legal rights to nature for the first time in history, the country’s proposed ban against individuals using tax havens … Read More
Among the many terrible features of the Trans Pacific Partnership, twelve countries are crafting something that would give corporations unprecedented power: a secret court for capitalist enterprises to sue any country that infringes on profits.As it stands, with investment treaties skewed in their favor, multinational corporations enjoy the freedom to pillage developing countries–when people suffer disease, death and environmental devastation … Read More
Few journalists know the cruelty of government censorship as well as James Risen, Pulitzer Prize-winning journalist at the New York Times, targeted for several major stories implicating criminality by the US war machine and its national security state. Risen was not only relentlessly attacked under the Bush administration for his coverage of warrantless wiretapping but was subpoenaed by the Obama … Read More
In case you were wondering how Philadelphia police compared to those in Cleveland, journalist Abby Martin was willing to share the details of her own arrest at the Democratic National Convention this week. “They use this tactic of unlawful mass detainment where they can just sweep people up for hours,” Martin revealed, regarding the police at the DNC. “They do this … Read More
One the latest Media Roots Radio, Abby and Robbie Martin talk about the insane, cringeworthy pageantry of the RNC and DNC and behind-the-scenes dissent, Abby’s story about being unlawfully arrested and manhandled by Philly PD, and the absurd hype that Putin is directly behind the hack on the DNC. ** If you want to directly download the podcast, click the down arrow … Read More
The first presidential debate between Republican Donald Trump and Democrat Hillary Clinton is over and no big upsets or surprises were revealed. If you missed it, read the commentary below to get a quick summary of the event’s highlights. You can still watch the debate in its entirety
The first presidential debate between Donald Trump and Hillary Clinton is over and no big upsets or surprises were revealed. If you missed it, read the commentary below to get a quick summary of the event’s highlights. You can still watch the debate in its entirety by clicking
In one of the more brazen cases of financial funny business, Wells Fargo was accused of committing fraud on customers to boost its sales numbers. But if we can charge the big banks with crimes, why not go after the Federal Reserve, which routinely undermines U.S. currency and
Is the terrible rioting and destruction that plagued Charlotte, N.C. last week following a police shooting the new normal for us all in major cities across the United States? The violence and looting mirrored closely the chaos that followed similar incidents in Ferguson, Mo., Baltimore, Md., and Manhattan,
Tonight, Republican presidential candidate, Donald Trump, and the Democratic presidential candidate, Hillary Clinton, are set to face off in their first televised debate at 9 p.m. ET in New York. Given their recent back-and-forth, we expect it’s going to be very lively. So we’re taking a poll, and
Ummm. Pray for America. The news cycle is obsessing over who won. The general consensus is that Donald Trump fought to a tie in the first 30 minutes and Secretary Hillary Clinton won the last hour of the debate...
Even as Hillary Clinton pushes a new scheme for defeating ISIS, the reality is that contradictory U.S. policies in the Mideast that she helped formulate are fueling the growth of jihadi extremism, writes Daniel Lazare.
NATO has rejected another initiative launched by Russia to enhance security in Europe. The proposal would have required all military planes in the Baltic region to fly with their transponders operational, emitting an identifying signal in response to other radio signals...
Hysteria and histrionics at the United Nations Security Council from the three permanent members, the United States, Britain and France, was tantamount to a signed confession. Ironically, one can imagine how the wording of such a «confession» would go: We the intensely vexed members are hereby displaying our boorish displeasure that the terror proxies we covertly sponsor in Syria for regime change are being thrashed...
Keith Lamont Scott was shot and killed by the Charlotte-Mecklenburg Police Department (CMPD). Now, his troubled legal past has been made public. Records of Scott’s domestic disputes and protective orders against him were obtained by local media. Court records documenting domestic violence issues have been made public after local news affiliates published their contents. Documents filed […]
By William Vanderbloemen Forbes.com September 28, 2016 When I was a young leader, one of my biggest growth areas was apologizing. For ambitious entrepreneurs, saying you’re sorry can be a difficult thing to master. I get it. Young entrepreneurs want to move fast. Taking the time to stop, apologize, and remedy a situation can feel […]
For all Hillary Clinton’s reputation as a policy wonk, her debate performance consisted almost entirely of personal attacks. And while our media is out there proclaiming a Clinton “victory,” their evaluation merely shows how distanced they are from ordinary Americans, who don’t revel in nastiness. Trump, on the other hand, although he allowed himself to […]
In search of a haircut, I found Analog, Eugene’s favorite barber shop according to Yelp. Also a tattoo parlor. Upstairs, the walls are lined with LP album covers of the 60s, 70s and 80s, with good tunes on the sound system. But it was too busy that morning, with a long wait. A few blocks […]
On Monday night, the two major-party candidates squared off for the first presidential debate. It was one of the most anticipated debates in U.S. history. Ahead of the event, TV network executives predicted as many as 100 million people across the United States would tune in. Many more also watched from around the world, including across Asia, Europe and in Latin America. But these viewers did not see any third-party candidates on stage. So, in a Democracy Now! broadcast special, we invited Dr. Jill Stein to respond to the same questions posed to Donald Trump and Hillary Clinton.
Donald Trump and Hillary Clinton faced off Monday night in one of the most anticipated debates in U.S. history. The debate was held at Hofstra University on Long Island and moderated by NBC Nightly News anchor Lester Holt. Throughout the 90-minute, often antagonistic, debate, Clinton and Trump sparred on everything from foreign policy to trade deals to personal stamina. But third-party candidates, including Libertarian Gary Johnson and the Green Party’s Jill Stein, were excluded from the debate stage under stringent rules set by the Commission on Presidential Debates, which is controlled by the Democratic and Republican parties. For more, we air excerpts from the presidential debate and get response from Green Party presidential nominee Dr. Jill Stein.
Meanwhile, hundreds of people protested outside the debate at Hofstra University to demand the presidential debates be opened up to third-party candidates. At least 24 people were arrested. Green Party presidential nominee Dr. Jill Stein was escorted off campus by Hofstra security and Nassau County police, despite the fact that she was invited on site by MSNBC, ABC, Fox and CBS for interviews. Democracy Now! was there at Hofstra and brings you this exclusive report.
Hundreds of people protested outside the debate at Hofstra University on Monday to demand the presidential debates be opened up to third-party candidates. At least 24 people were arrested. Green Party presidential nominee Dr. Jill Stein was escorted off campus by Hofstra security and Nassau County police, despite the fact that she was invited on site by MSNBC, ABC, Fox and CBS for interviews. Democracy Now! was there at Hofstra and brings you this exclusive report.
Clinton and Trump Face Off at First Presidential Debate, 24 Arrested Protesting Outside First Presidential Debate, Syrian Gov't & Russia Continue Bombing Campaign in Aleppo, Mexico: 30,000 March to Mark 2nd Anniversary of Ayotzinapa Kidnapping, NYC Protest Marks 2nd Anniversary of Kidnapping of 43 Mexican Students, Colombia: Gov't & FARC Signs Peace Deal Ahead of Referendum, Texas: Gunman Opens Fire, Injuring 9, at Houston Shopping Center, FBI: Murders in U.S. Jump 10.8% in 2015, Alabama: Prison Guards Launched Work Strike Saturday at Holman, Report: 46 Prisons See Protests, Lockdowns Amid Historic Work Strike, ND: Cannonball Ranch Sold to Dakota Access Pipeline Company, Robert Redford Backs Resistance to Dakota Access Pipeline, U.N. Rep.: U.S. Police Killings "Reminiscent" of Lynching
Reaffirming our common security values, Interview with Colonel Alain Bergonzoli / Migration on the Swiss South border – rules also apply for migrants, by Marianne Wüthrich / Are legal vacuums developing in Switzerland? Police calls for broad support by population and policy / On the decline of German “mainstream” and the possibility of ethically oriented politics, by Karl Müller / Where does the EU drift to? / TTIP – the legal form of the arbitration, by Dario Rivolta / Bologna, Pisa, Curriculum 21. What have educational reforms to do with cultural hegemony?, by Dieter Sprock / The significance of singing for our souls, by Rita Brügger / Switzerland's biggest alpine cheese dairy. An inspiring model for all alpine regions, by Heini (...)
Kerry Pledges to Pursue “Every Avenue of Progress”; Russian Officials Note Deep Factionalization of U.S. Government Between State Department Realists and Utopian Pentagon Circles of Ashton Carter; JCS Chair Gen. Dunford Concedes He Can't Say “Conclusively” That Aleppo Convoy Was Hit by Russia; Still No Evidence of Bombing by Warplanes; Cui Bono Analysis Implicates “Free Syrian Army” ISIS Routed by Iraqi Army at Strategic Town of Shirqat, Cutting Key Terrorist Supply Line to Mosul; Obama Orders NSC to Prepare Direct Arming of YPG Kurds; Inside Mosul, Terrorists Launch Reign of Terror to Prevent Uprising; Coalition Must Prevent Bloodbath Study Sees 20 Million Americans Losing Health Insurance If GOP Destroys Obamacare; Hillary Clinton Now Well to the Left of Bill; Again the Specter of U.S. Government Shutdown as New Fiscal Year Starts Oct. (...)
While the emirate of Qatar promotes international tour of an exhibition on the crimes attributed to the Syrian Arab Republic, Manlio Dinucci recalls —with supporting documents—, what we really know about this conflict.
Good afternoon. I will be very brief because I said some words on my way into this meeting, but I just participated in the meeting of the EU Defence Ministers and we discussed NATO-EU cooperation,a nd I'm glad to be able to say that NATO-EU cooperation has never been closer and never been stronger than it is today. And in July we agreed on a joint statement, I agreed on joint statement with President Tusk, President Juncker, which adds even more substance to the NATO-EU cooperation and we (...)
The Western public was enthusiastic about the US – Russia agreement for a cease-fire in Syria, and believed that it could bring peace. This shows that they have no memory of how the war was started, and no understanding of the goals it is meant to pursue. Explanations…
In search of a haircut, I found Analog, Eugene’s favorite barber shop according to Yelp. Also a tattoo parlor. Upstairs, the walls are lined with LP album covers of the 60s, 70s and 80s, with good tunes on the sound system. But it was too busy that morning, with a long wait. A few blocks […]
I remember a time when a cabbage could sell itself by being a cabbage. Nowadays it’s no good being a cabbage – unless you have an agent and pay him a commission. Nothing is free anymore to sell itself or give itself away. These days, Countess, every cabbage has its pimp. ― Jean Giraudoux, The […]
Following the EU referendum, a friend told me that he had voted to leave. His reasons were nothing to do with immigration or the democratic deficit in EU institutions. No. He said he just wanted to deliver a slap in the face to the establishment who were lining up to tell him of the dire […]
Ban Ki-Moon’s second term as the Secretary General of the United Nations is ending this December. He was the most ideal man for the job as far as the United States and its allies are concerned. Of course, there will always be other Ban Ki-Moons. In fact, the man himself was a modified version of […]
Within post-industrial post-modern bourgeois-state-capitalism, value is no longer based on labor and/or on labor theories of value such as Marx’s theory. In fact, all post-industrial post-modern societies to various degrees have shed their modern labor theories of value and surplus-value; i.e., theories where labor-time and cost of production are the basis of price and value […]
Globalist George Soros, a known instigator and one of the funders of the Black Lives Matter movement, is instigating chaos once again in America, but this time in Charlotte, North Carolina, were hundreds of protestors and rioters have gathered to ‘stand against police corruption against blacks’ due to a black police officer shooting a black ...
In response to US District Court Judge James Boasberg ordering the State Department to reveal the contents of around 1,050 pages of recovered Hillary emails, setting a time-schedule of 350 pages by October 7, another 350 by October 21 and the remainder by November 4, most potentially incriminating documents remain withheld with no indication of ...
There’s a new mumps outbreak in Northern Arkansas, and closely behind it, people who believe in forced vaccination are crying out for more the heads of the unvaccinated…but this time around, 90% of the kids affected are fully vaccinated. Mumps outbreaks are on the rise, and everyone would like to blame parents who opt out ...
Let’s take a look at two distinct stories going on in the news. Oh, sorry actually one story is being presented by the corporate controlled media and the other isn’t at all and that’s why I’m calling it the story of two stories. These two stories could not be handled any more differently by the ...
Big Pharma-Big Agra mergers have accelerated recently, with Syngenta being bought by ChemChina (China National Chemical Corporation), Dow Chemical merging with DuPont, and Monsanto agreeing to be acquired by Bayer on Sept. 14th 2016 for US$66 billion. Bayer and Monsanto have signed off on the deal. Syngenta had previously rejected a $47 billion takeover bid by Monsanto ...
People are often curious about which conspiracy documents or accounts most reveal the plan for a New World Order of worldwide totalitarian control.
“Where’s the proof,” some people ask, “of this supposed plot to dominate the Earth?” These 3 conspiracy documents or accounts which I am about to present, are, in my opinion, the 3 most chilling conspiracy documents or accounts ever concocted in the mind of man.
All of them lay out the groundwork for the implementation of an incredibly evil agenda of a small group of manipulators to rule the world.
Indeed, if you have never come across them before, the scale of their evil can quite defy belief and imagination. It is hard for the average person to believe that such a plot could be possible, let alone being carried out so actively.
The Protocols are no hoax. They lay out in stunning detail, over 1oo years ago,
A slight revision to the back of The Great Seal, in order to conform to reality. The Seal; both sides of which can be found on the back of every U.S. One Dollar bill was created in 1913 by USI, to mark their takeover of the printing and control of the U.S. money supply.
The symbol they used here featured an all-seeing-eye suspended atop this pyramid. What we have recently learned, just yesterday, was that in 1923 The Global Zionists formed a partnership with the Nazi's to facilitate both the extermination of the religious Jews in Germany, by using Zionist-Jews in the German Army, while creating a military-arm for global- Zionism via the Nazi War Machine in WWII.
The word "NAZI" was created by combining the National Socialist Party of Hitler (NA) with the Zionist International (ZI) to form the word NAZI. (1)
With the executions of the German Generals created in the Nuremberg trials after the war; the "secret-pact with Hitler" was supposedly saved from ever becoming public knowledge.
"Now it will come about that instead of sweet perfume there will be putrefaction; Instead of a belt, a rope; Instead of well-set hair, a plucked-out scalp; Instead of fine clothes, a donning of sackcloth; And branding instead of beauty. Your men will fall by the sword, And your mighty ones in battle. And her gates will lament and mourn; And deserted she will sit on the ground." – Anonymous
The 20th Century was the most destructive era in history. Deaths from all the wars and the genocides estimated at 160 million may seem small if the planet descends into the approaching holocaust.
Globalization is the catchword of the ruling class. Sovereign nations are obsolete to the corporatists. Militarization for suppressing conflicts is the mission, since warfare among nations are passé.
President Nixon and the Congress declared war on cancer in 1971, but unfortunately, nothing important happened since then.
Comparing to our cell phones now that are more powerful than our computers, modern science was not able to bring us closer to eradicating cancer even after 40 years.
Unfortunately, cancer rates have only managed to increase during this span of time. You can realize on your own that cancer is so spread because there is always someone around you who has cancer, is dying from it or is already dead.
Washington is fully aware that US-made weapons which America provided through its regional allies to so-called moderate rebel groups trying to depose Syrian President Bashar al-Assad were then transferred to terrorist organizations, including al-Nusra Front and Daesh, journalist Jürgen Todenhöfer told RT.
North Korea has made a significant progress in miniaturization of its nuclear weapons and allegedly possesses at least 88 pounds of weapons-grade plutonium, the South Korean Defense Ministry said on Wednesday.
Turkey’s operation ‘Euphrates Shield’ that had originally begun as the operation to drive the Kurdish militias back to the eastern side of Euphrates River is now turning into a mission to create a ‘safe zone’ inside Syria to reinforce not only its own position in the region but also to buttress the Turkey-backed militias controlling […]
India and Iran used to share quite a warm relationship based on both countries’ religious and cultural similarities, as well as economic cooperation. Back in the day, Iran was ranked third in terms of the volume of the oil supplies to India. The precious black gold was in high demand in India’s fast-growing industrial sectors. […]
Barack Obama may be the nominal Commander-in-chief of the United States’ Armed Forces. However, it’s becoming clear that Vice President Joe Biden is far more than your ordinary passive Vice President. Indeed, a close look at his agenda internationally in recent months gives the clear impression that ‘ol Smilin’ Joe is in fact Washington Troublemaker-in-Chief. […]
It’s noteworthy that the United States state-controled media, especially such newspapers like the New York Times and Washington Post, along with the channels like CNBC and Bloomberg, have been hard at work in a bid to persuade the general public that American banks and corporations are standing firmly on their both feet. We are being […]
Contrary to the incessant grandstanding by US and British politicians that they are committed to promoting freedom, democracy and peace around the world, the evidence proves that the Anglo-American establishment is in the business of war, destabilization and conflict creation. On top of the numerous imperial wars in the Middle East and North Africa that […]