Excited Delirium

Stories about Excited Delirium, the Shock Economy and a little fiction here and there.

US to Backstop $75 TRILLION in Derivatives Risk?

Just as #occupywallstreet picks up steam, it looks like the US Federal Reserve will backstop (ie. insure against risk or exposure) the massive $75 TRILLION of notional derivatives carried by the Bank of America.

What this means is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan.  Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

No wonder Americans are upset.

This is the Ponzi-Bingo-Lottery-Casino attitude being presented by American financial institutions and the obvious reality is that the Fed will continue to do everything it can to prevent a massive hemorrage from happening, but every time they try to block things up, everyone just gets impacted.

It’s time to let it go.  Stop treating the banks like they’re little children and make them accept their responsibility.

Follow the Money Behind Europe’s Debt Crisis

This link offers an insightful look into the roots of the European debt crisis.

It offers some refreshing reminders as to why fake fiscal emergencies and resulting ‘austerity measures’ are nothing but a sham.

Worse, just as they did in 2008-09, governments are rushing to rescue rickety banks with public funds. That’s why the European Central Bank, the IMF and Europe’s leading powers keep bailing out ailing states like Greece, Ireland and Portugal.

Again: follow the money. When debt-strapped governments receive hundreds of billions in new loans, that money is immediately sent into the coffers of private banks as payments on past loans. The whole situation, observes one writer in the Financial Times, “resembles a pyramid or Ponzi scheme” in which original lenders are paid back with new loans.

The difference is that the new loans are coming from public funds, which is another way of saying that private banks are being rescued once more by the people. Just as in the global bank crisis of 2008-09, bank profits are private, but their losses are public. Not exactly the free market. But it’s a nice deal for profligate bankers.

Any finance minister – including Jim Flaherty – that pretends there are different and more pressing issues behind this building crisis risks their credibility as people wake up to the reality that the big transfer – shifting our funds to the big banks – has to come to a quick end.

It’s important that we all resist austerity measures – fake fiscal emergencies designed to crush public services and public service – in the wake of this knowledge.

70% Agree: Occupy Wall Street Reflects Their Concerns About Corporate Greed

70% of respondents to a FOX poll (yes, FOX, no less) agree that the Occupy Wall Street movement reflects their concerns that the United States economy and government is being undermined by excessive corporate greed.

Take the poll yourself.

And after you do that, remind everyone around you that it’s time for the corporate free ride to end.

Chris Hedges vs Kevin O’Leary

US intellectual and author Chris Hedges was invited to speak on the ‘Lang and O’Leary Report’ on the CBC and gets attacked the money junkie Kevin O’Leary as he tries to rationalize the roots behind the Occupy Wall Street movement.

The full transcript of this ‘discussion’ can be found at the Daily Bail.

Chris Hedges doesn’t ‘call’ Kevin O’Leary anything, whereas O’Leary instantly descends to typical Fox-like rabid name calling and character assassination in order to try to berate Hedges into submission.

It doesn’t work and in fact, fails miserably, reminding us that O’Leary is one of Canada’s biggest hypocrites.  I mean, he’s working for the CBC, right?  He’s collecting a paycheque from the public and constantly attacks public institutions.  He claims he’s into free markets, but when the world questions the ‘socialism for capitalists and capitalism for socialists’ mentality that has overtaken world governments, he thinks we’re all a bunch of nutcases.

Er … nutbars.

O’Leary should be fired from the CBC.

#occupywallstreet grows while MSM misses the message

A massive union in the US – the New York Transit Workers Union – has just voted to join the massive and growing protests related to #occupywallstreet in New York.

This after there were voices saying that the NYPD may stop the violent arrests of protesters as the anti-Wall Street movement grows.

I’ve seen a few comments about the #occupywallstreet campaign, but the most obvious effort has been with Keith Olbermann, who of course, has been the only ‘mainstreamer’ to comment on the lack of commentary on the situation:


What do you think?

Is the protest being ignored?

Feeding Our Cars

You know we’re at a crossroads in our future when more is spent to feed our cars than the people on this planet.

The Gazette shares this update recently and discloses that more corn is now used to create ethanol than to feed livestock.

Now, this might be because more livestock is being grass-fed (ie. naturally) as opposed to being stuffed with a product that they aren’t naturally supposed to eat, but the more realistic prospect is that we’ve pushed demand for hybrid fuels to stupid levels because of bad planning and design on behalf of our auto manufacturers.

This is the first time since the dawn of the use of domesticated animals that we’ve allowed this change to happen.

Which brings me back to a term that I created a while ago:  euthanol.  Definition:  the generation of a product that effectively starves most of the planet for the benefit of a select few.

New Market Models

We desparately need a discussion about new market models that will actually work in the wake of the post-20th century debt crisis.

Greece, Spain, Ireland, Portugal and now maybe even the US all teeter on the brink of economic ruin in the wake of debt piled on debt piled on debt.

When defaults are finally declared, the resulting cost spiral will inflate the price of everything from shoes to corn to electricity to books to wheels for your car.  The shock may be moderate at first, but eventually we’ll all have fewer dollars in our pockets just as we try to survive.

Most of this debt has been accumulated for one thing:  the security state.

The security state consists of several expenditures:

  • to finance the act of unnecessary wars;
  • to fund the monitoring and control of all people with baseless crimes so that fees and levies can be imposed at a whim; and to
  • to punish and incarcerate citizens when these most basic crimes exceed a even more basic level of tolerance according to our dictators.

In Canada, we’re spending anywhere from $50 to $100 billion PER YEAR on the security state and military infrastructure, and yet we’re officially only fighting in one ‘war’ (Afghanistan).  Why are we wasting so much money – OUR taxpayer dollars – on something that’s so incredibly unproductive?

Iceland seems to have gone in the right direction by telling bankers and the IMF to go F*** themselves.

Ultimately, we need a new approach to new market models.

Eric Blair of alt-market.com interviews Brandon Smith in this piece on Alternative Markets at Activist Post where he shares some of these ideas. The basic definition of an alternative market:

… it is essentially any method of trade outside the establishment-controlled economy. It could be based on the barter of goods and skills, or the proliferation of precious metals to break our dependence on the fiat dollar (or Federal Reserve Note), etc. It could be a network of people across a county or state, or, an agreement between two friends.

And some thoughts about why alternative markets are labeled as underground or black markets around the world:

They are desperate, and I do mean DESPERATE, to keep us from developing our own private economies. If we are successful, we will no longer be in the position of dependency on the dollar or the sham economy. When it implodes, we will be relatively unfazed, and certainly not tearing each other apart. Meaning, their rationalization for martial law goes straight down the drain. The thought of that possibility really pisses them off…

But would alternative markets be enough when our governments are out of control, paying their friends and military buddies off with our money?

Probably not.  So we will also need a Declaration of Debt Independence.  It’s a basic concept that’s about to catch on like wild fire as everyone who’s not in control feels the effects of ‘austerity measures’:  you write into your Constitution (assuming you have one) that the government is not allowed to issue debt exceeding a certain percentage of your GDP (which should be redefined to capture the cost of environmental degradation and other borrowing from future generations), but to also identify that no government would ever be allowed to spend more than 3 or 5% of their GDP on defense, security and military spending (I would also suggest that this include prisons and other forms of incarceration).

At no point should any citizen’s government be borrowing money from bankers when they should be living within their means.  We should be investing in services for our children, not borrowing from their future in a failing effort to cork our insatiable desire for crap.

Public budgets should be for public good:  education, health, parks, trees, the environment, investment in the future, regulation and a sturdy and reliable justice system.

Another alternative market model would be extremely feasible if we owned the Internet, but we’re at risk of losing that too under the guise of security, protection from make-believe hackers and terrorists and porn sharks and other freaks that apparently lurk on every digital corner.  At some point in the future, we should expect the ‘Wild Internet of the West’ to be shut down in favour of a controlled Internet that’s no more illuminating and accessible than TV is today.

This would take a lot of work but more importantly, money.  I’ve been advocating some form of fund-raising effort for some time and would still be at the front of the line if someone were to say they were ready as well.

I can’t do it alone.

If we move on any of the above – and we really have to – hard times will be on their way, but we must stop living beyond our means and we have to shake off the bonds that are being placed our basic rights to communicate, participate and emancipate our day-to-day lives.

So … who’s on board?

Harper’s Message vs Change and Hope

I know.  It’s been nearly 2 months since the Canadian election and 40% of those who voted showed their contempt for Canada by electing a pack of crooks.

I tried very hard to bury these painful thoughts about why so many people would fall for the garbage that Harper spun and I think I’ve finally figured out part of it.

Harper’s message was the complete opposite of Obama’s ‘Change’ and ‘Hope’ themes that got him elected in 2008.

And why would this get him elected?  OK … so I haven’t quite figure that out yet, but let’s remind ourselves that the central messages were ‘Stability’ and ‘Security’.

What the F*@& do those mean?

Are they threats?

Are they promises?

What I do know is that, despite my massive misgivings for Barack Obama, they are the complete opposite of ‘Hope’ and ‘Change’.

What kind of vision does ‘Stability’ offer the people of Canada?

What kind of opportunity does ‘Security’ generate for Canadians?

I wish we had inspected these promises a little more thoroughly in the run-up to the election.

I wish we had all taken a moment to demand something more visceral from our leaders last May.

I wish we hadn’t all thought of ourselves with the smallness of selfishness that comes with the fear and paranoia that are central to these themes.

If we all had, maybe we wouldn’t be where we are today with Herr Harper in control.

MayDay 2011: The Last 24 Hours

I doubt I’ll be able to sleep tonight.

There’s still so much that I would love to expose about the lies Stephen Harper has been telling over the last 6 weeks (and decade or so as well), but I won’t.  There are so many projections, ideas, concepts and so on that I’d love to explore, but I’ve run out of time … and energy.

As the last 24 hours tick down, I’d like to thank all of the readers that have put up with my rants and who have contributed to the blog over the course of the election (and prior to this as well as those who might even continue to hang on).

I also want to beg everyone that has the slightest desire to push Canada into a sustainable future to VOTE.  Progressives outweigh conservatives in this country by a margin of at least 2 to 1, and it’s critical that you vote, vote strategically and vote early on because it’s going to be crowded!

Finally, I’d like to apologize to Stephen Harper for many direct and personal attacks and for insinuations that the Conservative Party of Canada is not a viable option in this election.  But hey … as long as you remain the lying politician that you are and members of your cabinet and other MPs remain suspect in their dealings with Canadian funds and the trust of voters, I’ll keep it up and completely retract anything I’ve said if I’m proven wrong.

Until then, I’ll remind all readers why we’re having this election:  YOU CAN’T BE TRUSTED.

In time, I’ll recover from this election and return to writing fiction and discussing my preferences, which are trashing mainstream media and crapping on poor economic policies that we take.

My expectation is that after tomorrow night, the latter will take a backseat because WE WILL WIN.

We will win this election.

We will win Canada back.

We will win the democracy and leadership that we expect from our politicians.

We will win back what we as citizens, taxpayers, children, grandparents, mothers, fathers, sons, daughters, uncles, aunts and all other relations deserve to win.

We will win our future.

We will win our internationally credibility.

We will win a clean and safe environment.

WE WILL WIN.

P.S.  My prediction for the election outcome is that we will elect an NDP minority government that’s a coalition with the Liberal Party.  My guess is that we’ll have about 110 NDP seats with 40 Liberal seats.  The Conservatives will be left with about 120 seats, most of which will come from Ontario and Alberta.  30 or so seats will be up for grabs.  The Bloc will be devastated, but might squeak out 15-20 seats.

As the fallout from the election sinks in, Gilles Duceppe, Stephen Harper and Michael Ignatieff will announce their retirement from their parties.

Elizabeth May will retire if she doesn’t win, but I am confident that the good people in Saanich-Gulf Islands will make the right decision for all of Canada and elect someone that will push for Proportional Representation and democratic reform in Canada.

MayDay 2011: Stephen Harper and the ‘F’ Word (repost)

I came across this post reminding us about the 14 rules of Fascism.

Here they are again, with Stephen Harper’s record as a reminder of how in the case of Canada, the rules of fascism actually do apply:

1. Powerful and Continuing Nationalism

Fascist regimes tend to make constant use of patriotic mottos, slogans, symbols, songs, and other paraphernalia. Flags are seen everywhere, as are flag symbols on clothing and in public displays.

Stephen Harper usually starts his day campaigning in the bastion of Canadian nationalism, Tim Horton’s.  On many occasions, he’s been seen behind the counter serving coffee, but the real agenda should be obvious:  leverage institutions that inspire nationalist sentiments and you’ll curry the voting favour of the voting public.

The Harper Conservatives also embrace sports – especially hockey – because they appeal to all classes, but most importantly those people that will only think of themselves and their pocketbooks.

Finally, the half-billion spent on TV ads and other media over the last 5 years have leveraged all of the components of a nationalist campaign.

2. Disdain for the Recognition of Human Rights

Because of fear of enemies and the need for security, the people in fascist regimes are persuaded that human rights can be ignored in certain cases because of “need.” The people tend to look the other way or even approve of torture, summary executions, assassinations, long incarcerations of prisoners, etc.

Stephen Harper’s record on human rights has been shameful.  The ultimate responsibility for the most arrests in a single location at a single time were made during the G20 summit, an event organized to propel the image of Stephen Harper on the world stage but to also ‘test’ methodology related to cracking down against peaceful demonstrations in Canada or other G20 nations.

Stephen Harper is also in the process of converting Canada from a secure state to a security state.  Undisclosed billions will be spent on building prisons that we don’t need and planes that won’t be delivered for years.

To this day, people are still being held against there will and without having had fair trial.  Omar Khadr and other Canadians who have been ‘left behind’ by the Harper regime beg all Canadians to vote sensibly in the upcoming election so that they may one day enjoy their freedom again.

3. Identification of Enemies/Scapegoats as a Unifying Cause

The people are rallied into a unifying patriotic frenzy over the need to eliminate a perceived common threat or foe: racial, ethnic or religious minorities; liberals; communists; socialists, terrorists, etc.

Stephen Harper constantly repeats that our democratic right to a new government – even if it’s a coalition or minority of several non-Conservative parties – is evil and gives the sense that it should be outlawed in Canada.

Stephen Harper ‘threatens’ Canadians with the prospect of socialists or liberals running amok with taxpayer dollars, when the record shows that it’s quite the opposite:  Stephen Harper and the Conservatives have created the second largest Canadian deficit in history, after the Mulroney government of the 1980s.  The Liberals under Jean Chretien and Paul Martin actually generated a surplus.

4. Supremacy of the Military

Even when there are widespread domestic problems, the military is given a disproportionate amount of government funding, and the domestic agenda is neglected. Soldiers and military service are glamorized.

Stephen Harper and the Conservative government will be spending more on military in Canada than any government in the history of Canada.

The Harper government has committed to at least $50 billion per year on military spending over the next decade, although we’re seeing with the F-35 plane order that there are no upper limits on this amount.

That’s a lot of schools, hospitals and digital infrastructure that we as Canadians should be building for the next generation.

5. Rampant Sexism

The governments of fascist nations tend to be almost exclusively male-dominated. Under fascist regimes, traditional gender roles are made more rigid. Opposition to abortion is high, as is homophobia and anti-gay legislation and national policy.

Is the Harper regime sexist?  Women play a role in cabinet and with members in the Harper government, but they’ve also become scape-goats with a number of scandals that have materialized over the last 5 years.  Of course, the number of scandals are so plentiful now that there actually is a balance between male and female with the Harper regime.

However, a Harper majority will quickly reveal the truth of this statement.  Abortion will be criminalized, the long gun registry will be scrapped and same-sex marriages will be eliminated.

6. Controlled Mass Media

Sometimes the media is directly controlled by the government, but in other cases, the media is indirectly controlled by government regulation, or sympathetic media spokespeople and executives. Censorship, especially in war time, is very common.

This video is telling evidence that Stephen Harper is manipulating the media in Canada by not allowing reporters in scene to ask questions, but it also reveals that the Harper regime is leveraging the services of Canada’s police force – the RCMP – to Harper’s absurd and paranoid policies.

The Harper regime has also spent nearly half a billion dollars of Canadian taxpayer dollars on a small handful of media companies, all of which are known Harper and Conservative supporters.  By buying out Canada’s media, they have shown maximum contempt for all Canadians because it’s unlikely that we’ll have an honest debate about Canada in the near future.

7. Obsession with National Security

Fear is used as a motivational tool by the government over the masses.

This is an image we got from another site recently (apologies, but I can’t recall the source):

be afraid

Of course, the Harper message is continuous with fear as the central message:

  • Fear ‘economic instability’
  • Fear the socialists
  • Fear the separatists
  • Fear the Russians
  • Fear ‘you people’
  • Fear for all those that oppose me

The truth is that we should be afraid:  afraid for the future of Canada and the world if we elect a Stephen Harper majority.

8. Religion and Government are Intertwined

Governments in fascist nations tend to use the most common religion in the nation as a tool to manipulate public opinion. Religious rhetoric and terminology is common from government leaders, even when the major tenets of the religion are diametrically opposed to the government’s policies or actions.

The Harper Conservatives are driven by religion.  All of their messages are thinly veiled promises to keep women at home, elevate the dominance of men and to drive a wedge between those who deserve freedom from oppression and those that want to take it away.

9. Corporate Power is Protected

The industrial and business aristocracy of a fascist nation often are the ones who put the government leaders into power, creating a mutually beneficial business/government relationship and power elite.

The Harper regime will erode tax revenue from corporations to a pittance by the end of 2015.  As they do this, they continue to spend out of control.  This is an intentional plan of all conservatives:  spend like mad, get your wrists slapped by the corporate-controlled IMF and World Bank for having too much debt, and then cut and privatize public services so that the world’s corporations can come in and control our lives.

No Canadian wants tax cuts for corporations except for those few that own the large corporations.

10. Labor Power is Suppressed

Because the organizing power of labor is the only real threat to a fascist government, labor unions are either eliminated entirely, or are severely suppressed.

To understand what life under the thumb of a Harper majority, just look to Toronto’s office of the mayor or Wisconsin, where union rights are being smothered under the message of ‘waste’ and ‘largesse’.

While I’m not a union member or passionate advocate, what will be lost is the right to demonstrate, assemble and protest the right to organize labour for those that need these rights.

11. Disdain for Intellectuals and the Arts

Fascist nations tend to promote and tolerate open hostility to higher education, and academia. It is not uncommon for professors and other academics to be censored or even arrested. Free expression in the arts is openly attacked, and governments often refuse to fund the arts.

One need not look further than the larcenous ‘accusations’ that Michael Ignatieff is an ‘elite’ and ‘intellectual’ that knows nothing of the Canadian experience.  Add some xenophobia to the mix (‘Ignatieff has been away from Canada for too long’) and the picture is complete.

Under a Harper majority, arts funding will be eliminated or directed to those institutions that generate propaganda as opposed to art.

12. Obsession with Crime and Punishment

Under fascist regimes, the police are given almost limitless power to enforce laws. The people are often willing to overlook police abuses and even forego civil liberties in the name of patriotism. There is often a national police force with virtually unlimited power in fascist nations.

Stephen Harper is obsessed with crime and punishment.  In fact, so much so that he basically eliminated Statistic Canada’s crime reporting division and replaced it with a third-party privately held source.

Make no mistake:  Conservatives see crime as a business opportunity, not social policy.  Picture the cretin in ‘The Shawshank Redemption’ and you’ll get a sense of what the future holds for first-time offenders or those who commit misdemeanors.

There are billions on the table and they want it all.

13. Rampant Cronyism and Corruption

Fascist regimes almost always are governed by groups of friends and associates who appoint each other to government positions and use governmental power and authority to protect their friends from accountability. It is not uncommon in fascist regimes for national resources and even treasures to be appropriated or even outright stolen by government leaders.

Even though Stephen Harper ran on the platform of accountability and open government in the last election, he lied, didn’t he?

Since being elected in 2008, he has made more patronage appointments to the Senate, political and public institutions and other government organizations than any Canadian government has in the past.

The well has been poisoned folks even if we get smart and evict the Harper regime.  It will be decades before Canada’s public service can function without partisan politics ripping it apart.

14. Fraudulent Elections

Sometimes elections in fascist nations are a complete sham. Other times elections are manipulated by smear campaigns against or even assassination of opposition candidates, use of legislation to control voting numbers or political district boundaries, and manipulation of the media. Fascist nations also typically use their judiciaries to manipulate or control elections.

Stephen Harper ran on a platform of fixed election dates in 2006, created this law once elected as minority leader and then broke his own law in 2008 when the opportunity suited him best.

Of course, he blames this election on Party Funding, but it was he who insisted on an election and not the opposition.

As a reminder, Stephen Harper blamed Party Funding on the 2006 election, but it was again he who lead a coalition of separatists and socialists to bring about the downfall of Paul Martin.

Summary

Is Canada’s government (now known as the Harper Government) a fascist regime?  Time will tell.

Canada:  our future relies on all of us to vote responsibly on May 2.  Please don’t vote Conservative and please don’t be fooled by the lies so that we all don’t find out the hard way.