"US breeds a Chinese-style inmate labor scheme on its own soil. Both state and some of the biggest private companies are now enjoying the fruits of a cheap and readily available work force, with tens of millions of dollars spent by private prisons to keep their jails full." Continue reading →
"Democracy around the world was in decline in 2012 for the seventh year in a row as the Arab Spring led nervous autocratic leaders to clamp down on any stirrings of dissent, a study said Wednesday. The annual report by the Freedom House non-governmental organization found 90 countries now enjoyed full freedom, up from 87 nations in 2011, but 27 places saw new restrictions on rights of assembly, expression, and the media." Continue reading →
"Into whose pockets does this gargantuan parasitic skim flow? Hint: not the lower 90% of the American populace. The perfection of the Neoliberal order is a parasitic financial sector protected by the Central Bank and State. That is the U.S. Status Quo in a nutshell." Continue reading →
"It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it." Continue reading →
"The government will spend the funds on public works, incentives for corporate investment and financial aid for small firms to help the economy emerge from a mild recession triggered by falling exports last year. It expects the stimulus to raise real economic growth by 2 percentage points and create 600,000 jobs. The government will sell around 5 trillion yen more bonds than originally planned for the current fiscal year to fund the stimulus, a government official said. Mr Abe is gambling that a shift to a more expansionary fiscal policy and more monetary easing from the central bank can end years of stop-start growth." Continue reading →
"Japan’s new conservative government announced a review of national military strategy on Monday that analysts said was aimed at offsetting China’s growing military power and that may increase defense spending for the first time in a decade. Mr. Abe had promised during the election campaign to strengthen the military to defend Japan’s control of islands in the East China Sea that are also claimed by China." Continue reading →
"Delaware taxpayers appear to be getting soaked twice under a deal in which the Democratic governor loaned $21.5 million to a hybrid electric carmaker to set up shop in the state. The company has yet to produce a car in Delaware, and taxpayers are footing the electric bill for the idle plant. The deal was enthusiastically announced in 2009 by Gov. Jack Markell and Vice President Biden -- formerly Delaware's senior senator -- as a way to bring as many as 2,500 green jobs to the state. But California-based Fisker Automotive Inc. has since suffered a series of setbacks that have compounded its shaky financial situation." Continue reading →
"Premier Shenzo Abe is to spend up to one trillion yen (£7.1bn) buying plant in the electronics, equipment, and carbon fibre industries to force the pace of investment, according to Nikkei news. The disclosure came just a day after Mr Abe vowed to revive Japan's nuclear industry with a fresh generation of reactors, insisting that they would be 'completely different' from the Fukishima Daiichi technology. Mr Abe's Liberal Democrats have already lambasted the central bank, threatening a new bank law unless it adopts radical measures to pull Japan out of deflation – including a growth target of 3pc for nominal GDP, implying massive monetary stimulus." Continue reading →
"Japan's new finance minister upped the ante in the country's war of words against the strong yen, lashing out at the U.S. and Europe for letting their currencies weaken dramatically and calling on the U.S. to strengthen the dollar. The dollar has recently staged a sharp recovery, as Mr. Abe's pledge to strong-arm the Bank of Japan into easing monetary policy to weaken the yen has driven investors to sell off the yen. While that has cheered Japan's struggling exporters, Mr. Abe's drive toward a weaker currency has also raised concerns abroad that it could risk triggering a devastating global race to undercut currencies to protect export competitiveness." Continue reading →
"Major Western pharmaceutical companies carried out tests of medications in the 1980s on patients in communist East Germany, in some cases without the subjects’ knowledge. A newspaper, which examined the documents, reported that more than 50 Western firms had contracts with East Germany’s Health Ministry to carry out a total of 165 medical tests between 1983 and 1989. In exchange, the communist authorities were paid up to 860,000 deutschmarks (around 430,000 euros today or $567,000), according to the report, at a time when East Germany was desperate for hard currency." Continue reading →