Financial Crisis

Tavis Smiley and Cornel West discuss their new book on Democracy Now!:

The latest census data shows nearly one in two Americans, or 150 million people, have fallen into poverty — or could be classified as low income. We’re joined by Dr. Cornel West and Tavis Smiley, who continue their efforts to spark a national dialog on the poverty crisis with the new book, The Rich and the Rest of Us: A Poverty Manifesto.

When uber-establishment figures like Mervyn King, Governor of the Bank of England (UK central bank) warn of an impending financial apocalypse, you know things are out of control. The Telegraph has the bad news:

The world is facing the worst financial crisis since at least the 1930s “if not ever”, the Governor of the Bank of England said last night.

Sir Mervyn King was speaking after the decision by the Bank’s Monetary Policy Committee to put £75billion of newly created money into the economy in a desperate effort to stave off a new credit crisis and a UK recession…

From YouTube description: “Despite every effort by governments, the gap between rich and poor continues to grow. It is now the biggest it has even been in history. All sorts of reasons for this have been proffered, but few, however, seem to realise that is a simple, inevitable consequence of our system of money and credit. This video, a shorter version of which appears in the film The Four Horsemen, explains …”

A Report from A Front That May Soon Be Shut Down

Before you read on, watch this: a video from the base camp of the #OccupyWall Street protest that is now in its seventh day. It’s called “No One Can Predict the Moment of Revolution.”  (The video was produced by Martyna Starosta and her friend Iva)

These are the faces of a wannabe revolution, more than a protest but not yet quite a major movement. The spirit is infectious perhaps because of the sincerity of the participants and their obvious commitment to their ideals.

Occupy Wall Street is more than a protest; it is as much an exercise in building a leaderless, bottom-up resistance community with a more democratic approach to challenging the system where everyone is encouraged to have a say.

But saying that also leads to a conflict between my emotional identification with the kids that have rallied in this small park/public space on Liberty Street to exercise some liberty,  with a despairing analysis that wishes this enterprise well but harbors deep doubts about its staying power and impact…

In a fantastic new series called Meltdown, Al Jazeera looks at the people and machinations around the globe that were behind the financial collapse of 2008, beginning with the assertion that for a brief period, Henry Paulson “was the de facto president of the United States.”

Aaron Cynic writes at Diatribe Media: The showdown over the budget and the debt ceiling continues to drag on and Congress is still attempting to cut spending down to nothing but defense,…

With news of President Obama’s frustration with the debt talks, here is a parody from Funny or Die of what Obama may really want to say. As he said about the debt talks:

“I have reached the point where I say enough,” and added “I’ve reached my limit. This may bring my presidency down, but I will not yield on this,” according to the Republican aide. After leaving the debt talks, Obama said this confirms the totality of what the American people already believe” about Washington politicians who are “too focused on positioning and political posturing.” (RawStory)

Synopsis via The Raw Story:

Pulitzer-winning author and former New York Times reporter Chris Hedges has a revolutionary worldview. In the video below, his recent “Endgame Strategy” piece for AdBusters is read aloud by George Atherton. His conclusions are chilling, but not entirely hopeless. “We will have to take care of ourselves,” he wrote. “We will have to rapidly create small, monastic communities where we can sustain and feed ourselves. It will be up to us to keep alive the intellectual, moral and cultural values the corporate state has attempted to snuff out. It is either that or become drones and serfs in a global corporate dystopia. It is not much of a choice. But at least we still have one.