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The Federal Reserve will disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view. The justices ... left intact a court order that gives the Fed five days to release the records, sought by Bloomberg News' parent company, Bloomberg. The order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. "I can't recall that the Fed was ever sued and forced to release information" in its 98-year history, said Allan H. Meltzer, the author of three books on the U.S central bank and a professor at Carnegie Mellon University in Pittsburgh. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed's unprecedented $3.5 trillion effort to stem the 2008 financial panic. Under the trial judge's order, the Fed must reveal 231 pages of documents related to borrowers in April and May 2008, along with loan amounts. News Corp.'s Fox News is pressing a bid for 6,186 pages of similar information on loans made from August 2007 to November 2008.
Note: For a treasure trove of reports from major media sources on the hidden activities of the Fed and the biggest Wall Street and international banks, click here.
Commanders in Afghanistan are bracing themselves for possible riots and public fury triggered by the publication of "trophy" photographs of US soldiers posing with the dead bodies of defenceless Afghan civilians they killed. Senior officials at Nato's International Security Assistance Force in Kabul have compared the pictures published by the German news weekly Der Spiegel to the images of US soldiers abusing prisoners in Abu Ghraib in Iraq which sparked waves of anti-US protests around the world. They fear that the pictures could be even more damaging as they show the aftermath of the deliberate murders of Afghan civilians by a rogue US Stryker tank unit that operated in the southern province of Kandahar last year. The case has already created shock around the world, particularly with the revelations that the men cut "trophies" from the bodies of the people they killed. An investigation by Der Spiegel has unearthed approximately 4,000 photos and videos taken by the men. The US military has strived to keep the pictures out of the public domain. The lengthy Spiegel article that accompanies the photographs contains new details about the sadistic behaviour of the men.
Note: For many reports from reliable sources on atrocities and illegal activities by US military forces in Afghanistan and Iraq, click here.
It turns out that nuclear waste has more in common with the financial world than being a metaphor for the worst of its toxic assets. Nuclear waste — some of which remains disastrously radioactive for 100,000 years — turns out to be the ultimate tail risk. Tail risk, of course, is the statistical term much in vogue in the financial press for describing unlikely events. (The 'tail' in tail risk refers to the tail-shaped edges in the bell curve of a normal distribution.) These allegedly unlikely events are sometimes referred to as black swans. Black swans are occurring with such regularity in these volatile times that they can no longer be considered true statistical outliers. [Take] a look at these outlier events within the context of building nuclear waste containment vessels. Repository builders have to take into account a tail risk of future humans disturbing the site and not realising the danger facing themselves and their ecology. People might regress towards a pre-industrial state or lose language over a timescale like that. So you have to design a marker that scares people away, but doesn't flip them over into morbid curiosity towards exploring further and, potentially, dooming an entire civilisation with radioactive poisoning.
Anonymous, an online hacker group, released a string of e-mails last week that purportedly show mortgage document fraud at Bank of America. Many people yawned. After all, there have been well-documented cases of mortgage fraud and illegal foreclosures, and little has been done to punish Bank of America or any of the banks for their behavior. But just because the federal government has been slow to act on the mortgage crisis doesn't mean that these e-mails are any less valuable. The e-mails are a chain showing requests for Balboa Insurance employees to remove document tracking numbers from the system of record. Balboa Insurance became a division of Bank of America after the bank bought the bankrupt home loan company Countrywide Financial. The idea suggested in the e-mails was to misplace individual documents away from matching loans. This would make it harder for federal auditors to investigate individual loans. It would also make it far more difficult for individual homeowners to dispute or question bank action on their loans - and therefore obtain mortgage modifications or a stay on bank foreclosure. The Anonymous e-mails are serious indeed. They're a snapshot into why the mortgage mess spiraled out of control. While they don't tell the whole story, they point to the need for further investigation and possible action on behalf of the federal government. When people are losing their homes, the banks shouldn't be allowed to get away with deception.
Note: For a treasure trove of reports by major media sources on the collusion between government and banks against the public interest, click here.
A few weeks before the tsunami struck Fukushima’s uranium reactors and shattered public faith in nuclear power, China revealed that it was launching a rival technology to build a safer, cleaner, and ultimately cheaper network of reactors based on thorium. China’s Academy of Sciences said it had chosen a “thorium-based molten salt reactor system”. The liquid fuel idea was pioneered by US physicists at Oak Ridge National Lab in the 1960s. Chinese scientists claim that hazardous waste will be a thousand times less than with uranium. The system is inherently less prone to disaster. “The reactor has an amazing safety feature,” said Kirk Sorensen, a former NASA engineer at Teledyne Brown and a thorium expert. “If it begins to overheat, a little plug melts and the salts drain into a pan. There is no need for computers, or the sort of electrical pumps that were crippled by the tsunami. The reactor saves itself,” he said. US physicists in the late 1940s explored thorium fuel for power. It has a higher neutron yield than uranium, a better fission rating, longer fuel cycles, and does not require the extra cost of isotope separation. The plans were shelved because thorium does not produce plutonium for bombs. As a happy bonus, it can burn up plutonium and toxic waste from old reactors, reducing radio-toxicity and acting as an eco-cleaner.
Note: For a 30-minute documentary on the powerful potential of thorium as an energy source, click here. For many reports from reliable sources on promising new energy technologies, click here.
Beremedy is an organization that utilizes social media such as Twitter, Facebook and blogs to streamline the donation of food, clothing and furniture to people in need. The name is a short way to say "you be the remedy for someone in need." Blake Canterbury is a charming 26-year-old with a background in new media marketing. He founded Beremedy in 2009, after flooding washed over parts of Atlanta, in order to get items such as baby formula and diapers to people in need. "Everyone I've ever met in my entire life wanted to help other people; they just didn't know where to start," Canterbury says. "We thought, 'What would this city look like with 10,000 people getting a text message at the same time of needs in their community? Surely people would want to help with that." The process is simple: Canterbury receives needs from nonprofits, school social workers and individuals looking for help directly on Beremedy.org. Canterbury and a team of four volunteers use Google Wave to communicate about what needs they will accept or deny. Once a need is determined, a member of the team is assigned as case manager and writes a blurb about the story. Canterbury blasts out the write-up on Twitter and Facebook with a link back to the full story on Beremedy's site.
"The facts in the report speak for themselves, but the principles it describes could apply to funds throughout the United States and overseas." That's attorney Philip Khinda, talking about the 75-page report he delivered last week to the California Public Employees' Retirement System on dealings involving former senior executives and board members with so-called placement agents, and how the latter got tens of millions of dollars in questionable fees for their services. The report is the culmination of a 17-month investigation headed by Khinda, a partner at the Washington law firm Steptoe & Johnson, which was hired by CalPERS for the job. Citing the $800 million a year CalPERS was paying out in fees, the report concludes that "the excessive nature created an environment in which external managers were willing and able to pay fees at a level that bore little or no relationship to the services apparently provided by the placement agents ... Many of the abuses relating to placement agent arrangements were, in a sense, a symptom of a larger problem." That larger problem applies, in part, to funds throughout the United States and overseas, ranging from other public pension funds to sovereign wealth funds investing in the United States. With the amount of money at stake, the fat fees involved, and the various middlemen looking for a piece, events similar to what transpired at CalPERS could just as easily appear elsewhere.
Note: For a treasure trove of reports by major media sources on the collusion between government and financial corporations against the public interest, click here.
Dr Abhay Bang does not look like a pioneer. And yet ... this is the man who has revolutionised healthcare for the poorest people in India and who has overseen a programme that has sent infant mortality rates plummeting in one of the most poverty-stricken areas of the world. Medical experts now believe that Dr Bang's radical beliefs hold the key to tackling the myriad endemic health problems that blight the developing word. Instead of accepting the traditional hospital-based treatment model, Dr Bang has spent the last 26 years training up local volunteers in Gadchiroli, one of the most deprived districts in the Indian state of Maharashtra, to treat simple maladies at home. The World Health Organisation and Unicef have recently endorsed his approach to treating newborn babies and the programme is currently being rolled out to parts of Africa. In 1988, 121 newborn babies were dying out of every 1,000 births in the area. The newborn death rate in Gadchiroli has now fallen to 30 per 1,000 live births. Dr Bang's solution was simple: he trained a group of local women in the basics of neonatal care. They were taught how to diagnose pneumonia (using an abacus to count breaths), how to resuscitate children and how to administer some basic antibiotics. Instead of villagers having to walk for miles to get to the nearest hospital, these health visitors (called arogyadoots, which means "health messengers") went to where they were most needed.
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U.S. government officials, in private sessions on Capitol Hill [on Friday, March 18], repeatedly declined to give details of radiation measurements at the stricken Japanese nuclear complex, saying the situation is shrouded in a "fog of war." Separately, the Obama administration said ... "miniscule quantities" of radiation from the Japanese nuclear accident were detected Friday at a monitoring station in Sacramento, Calif., a day after similar traces of radiation were detected in Washington state. The administration said the levels of the radioactive isotope xenon 133 were approximately equivalent to one-millionth the dose received from the sun, rocks or other natural sources. The Obama administration's reluctance to detail in public what it is learning from radiation-detection operations around the damaged Fukushima Daiichi complex in Japan ... comes after statements Wednesday by the head of the U.S. Nuclear Regulatory Commission that painted a grimmer picture of the nuclear crisis than Japanese officials had offered, and suggested that the U.S. didn't trust the information coming from the Japanese government.
Note: Shouldn't the title be something more like "U.S. Refuses to Give Radiation Details for Fear of Industry Repercussions"? How sad that money often continues to trump public health in matters like this.
This week, the Michigan legislature passed – and the governor signed into law – a bill that would permit Governor Rick Snyder to push aside elected city officials and replace them with emergency financial managers in any municipality or school district facing financial difficulties. The law would include virtually every town and city in the state as those cities that aren’t bankrupt already soon will be once the governor’s proposed budget – which cuts billions in aid to municipalities and school districts – is approved by the legislature. One of the most shocking, Draconian, democracy-destroying measures in the history of this country has became law – and the nation has seemingly slept through it. The new law, described by one of the GOP legislators sponsoring the bill as “financial martial law”, empowers the governor’s appointees [referred to as ‘Emergency Financial Managers’] to fire duly elected local officials, cancel labor contracts and even dissolve entire communities and school districts. This is about so much more than collective bargaining agreements and unions. This law gives an appointee of the governor – which, by the way, may be a corporation – the authority to dismiss any or all of a municipality’s elected government officials.
Note: For a treasure trove of reports by major media sources on the collusion between government and financial powers against the public interest, click here.
Before the Second World War, the Ministry of War confidently predicted what would happen when London was bombed from the air by Nazi planes. There would be, they warned, "a mass outbreak of hysterical neurosis among the civilian population". The same predictions are made about every disaster – that once the lid of a tightly policed civilization is knocked off for a second, humans will become beasts. But the opposite is the case. It sounds grotesque to say we should see reasons for hope as we watch in real time while the earth is shaken six inches on its axis, tsunamis roar, and nuclear power stations teeter on meltdown. But it is true. From this disaster, we can learn something fundamental about our species. The evidence gathered over centuries of disasters, natural and man-made, is overwhelming. The vast majority of people, when a disaster hits, behave in the aftermath as altruists. They organise spontaneously to save their fellow human beings, to share what they have, and to show kindness. They reveal themselves to be better people than they ever expected. When the social scientist Enrico Quarantelli tried to write a thesis on how people descend into chaos and panic after disasters, he concluded: "My God! I can't find any instances of it." On the contrary, he wrote, in disasters "the social order does not break down... Co-operative rather than selfish behaviour predominates".
Note: For a beautiful example of how people come together to help and support each other in the face of a major crisis, read the inspiring "Letter from Sendai" which has gone viral on the Internet at this link.
Nuclear plants in the United States last year experienced at least 14 "near misses," serious failures in which safety was jeopardized, at least in part, due to lapses in oversight and enforcement by US nuclear safety regulators, says a new report. They occurred with alarming frequency – more than once a month – which is high for a mature industry, said the study of nuclear plant safety performance in 2010 by the Union of Concerned Scientists, a Washington-based nuclear watchdog group. The report, the first in what the UCS expects will become an annual study, details both successes and failures by the US Nuclear Regulatory Commission, which it calls "the cop on the beat." Charged with overseeing America's fleet of 104 nuclear reactors, the NRC made some "outstanding catches," but was also inconsistent in its oversight, seeming at times to nod off when most needed. "The chances of a disaster at a nuclear plant are low," the report states. "But when the NRC tolerates unresolved safety problems – as it did last year at Peach Bottom, Indian Point, and Vermont Yankee – this lax oversight allows that risk to rise. The more owners sweep safety problems under the rug and the longer safety problems remain uncorrected, the higher the risk climbs."
Note: For many reports from reliable sources on government corruption, click here.
An Afghan warlord backed by US special forces faces persistent allegations that he launched a two-year spate of violence involving burglary, rape and murder of civilians, desecration of mosques and mutilation of corpses. Yet, despite repeated warnings about the atrocities Commander Azizullah is alleged to have committed, he has remained on the payroll of the US military as an "Afghan security guard", a select band of mercenaries. Interviews with religious leaders, tribal elders, villagers, contractors and Western and Afghan officials all pointed to a reign of terror in which they believe 31-year-old Azizullah, an ethnic Tajik, targeted Pashtun civilians while fighting the Taliban. The testimony also tallied with several independent reports documenting the allegations against Azizullah. The allegations of persistent abuses are embarrassing for Nato, and not just because of the closeness with an alleged war criminal. They also showcase the biggest drawbacks of militias, which US commander General David Petraeus wants to expand aggressively across Afghanistan. He wants to triple the size of "local defence initiatives" [militias] to 30,000 members nationwide.The consequences are too awful to contemplate: resurgent warlords, deepening ethnic tensions, widespread bloodletting and the erosion of what little authority the government in Kabul has left.
Note: For many reports from reliable sources on atrocities and illegal activities by US military forces in Afghanistan and Iraq, click here.
For 18 months, operators at the Diablo Canyon nuclear plant near San Luis Obispo didn't realize that a system to pump water into one of their reactors during an emergency wasn't working. It had been accidentally disabled by the plant's own engineers, according to a report ... from the Union of Concerned Scientists watchdog group, [which] lists 14 recent "near misses" - instances in which serious problems at a plant required federal regulators to respond. The report criticizes both plant operators and the Nuclear Regulatory Commission for allowing some known safety issues to fester. The problem at Diablo Canyon ... involved a series of valves that allow water to pour into one of the plant's two reactors during emergencies, keeping the reactor from overheating. A pair of remotely operated valves in the emergency cooling system was taking too long to move from completely closed to completely open. So engineers shortened the distance between those two positions, according to the report. Unfortunately, two other pairs of valves were interlocked with the first. They couldn't open at all until the first pair opened all the way. No one noticed until the valves refused to open during a test in October 2009, 18 months after the engineers made the changes.
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If any institution needs to get back to basics and refocus on what it takes to survive a disaster - or report on it with integrity - it's the cable news business. The triple threat in Japan - earthquake, tsunami, nuclear reactors in peril - is clearly demonstrating how reporters and anchors are bungling the basics and how the producers and executives in charge of them have fallen woefully short of leadership. Yes, the visuals were riveting and horrific, but context was lacking. Covering this trilogy of terror in Japan really underscores how much better prepared reporters and anchors need to be. The incessantly simplistic and embarrassing questions need to stop. It's a shame that going online to watch videos from NHK, BBC and Al Jazeera English was far and away the best option for Americans.
Behind Japan's escalating nuclear crisis sits a scandal-ridden energy industry in a comfy relationship with government regulators often willing to overlook safety lapses. Leaks of radioactive steam and workers contaminated with radiation are just part of the disturbing catalog of accidents that have occurred over the years and been belatedly reported to the public, if at all. In one case, workers hand-mixed uranium in stainless steel buckets, instead of processing by machine, so the fuel could be reused, exposing hundreds of workers to radiation. Two later died. "Everything is a secret," said Kei Sugaoka, a former nuclear power plant engineer in Japan who now lives in California. "There's not enough transparency in the industry." In 1989 Sugaoka received an order that horrified him: edit out footage showing cracks in plant steam pipes in video being submitted to regulators. Sugaoka alerted his superiors in the Tokyo Electric Power Co., but nothing happened — for years. He decided to go public in 2000. Three Tepco executives lost their jobs. The legacy of scandals and cover-ups over Japan's half-century reliance on nuclear power has strained its credibility with the public. That mistrust has been renewed this past week with the crisis at the Fukushima Dai-Ichi plant. The vagueness and scarcity of details offered by the government and Tepco — and news that seems to grow worse each day — are fueling public anger and frustration.
Note: For lots more from reliable sources on government and corporate corruption, click here and here.
The US military is developing software that will let it secretly manipulate social media sites by using fake online personas to influence internet conversations and spread pro-American propaganda. A Californian corporation has been awarded a contract with United States Central Command (Centcom), which oversees US armed operations in the Middle East and Central Asia, to develop what is described as an "online persona management service" that will allow one US serviceman or woman to control up to 10 separate identities based all over the world. Critics are likely to complain that it will allow the US military to create a false consensus in online conversations, crowd out unwelcome opinions and smother commentaries or reports that do not correspond with its own objectives. The discovery that the US military is developing false online personalities – known to users of social media as "sock puppets" – could also encourage other governments, private companies and non-government organisations to do the same. Once developed, the software could allow US service personnel, working around the clock in one location, to respond to emerging online conversations with any number of co-ordinated messages, blogposts, chatroom posts and other interventions.
Note: The Pentagon claims that the "fake persona" software will not be used on social networks in the United States, because that would break laws against using propaganda on US citizens. How much credence should be given to this assurance?
Representative Ron Paul, a persistent critic of the Federal Reserve, [has] renewed his uphill fight to abolish the U.S. central bank, warning it is on track to create an inflation that will hit lower-income Americans especially hard. The Texas lawmaker has long championed dismantling the Fed, but at a hearing on [March 17] slammed its $600 billion bond buying program, which he said was creating inflation and undercutting the dollar. This week he introduced legislation abolishing the Fed. Congress considered curbing Fed regulatory powers in legislation passed last year but backed away, ultimately delegating more authority to the central bank to police the financial system. Paul's criticism of the Fed and its bond buying program has struck a chord with Republicans, particularly Tea Party activists. Other GOP lawmakers have introduced a measure that would strip the Fed of its full employment mandate and require it to concentrate exclusively on inflation. Rising energy and commodity prices have stirred inflation worries around the world and criticism that the Fed's vast expansion of bank reserves to buy Treasuries has stoked price rises.
Note: To understand why Rep. Paul is questioning the usefulness of the Fed, see reliable information on Fed manipulations at this link.
A Pentagon audit has found that the federal government overpaid a billionaire oilman by as much as $200 million on several military contracts worth nearly $2.7 billion. The audit by the Defense Departments inspector general ... estimated that the department paid the oilman $160 [million] to $204 million more for fuel than could be supported by price or cost analysis. The study also reported that the three contracts were awarded under conditions that effectively eliminated the other bidders. Harry Sargeant III, a well-connected Florida businessman and once-prominent Republican donor, first faced scrutiny over his defense work in October 2008, when he was accused in a congressional probe of using his close relationship with Jordans royal family to secure exclusive rights over supply routes to U.S. bases in western Iraq. Rep. Henry A. Waxman (D-Calif.), who led the probe, ... said in a statement Thursday that the report confirmed what we found in 2008: the International Oil Trading Company overcharged by hundreds of millions of dollars while the Bush administration looked the other way. Waxman called on Sargeant to repay the Pentagon.
Note: For many reports from reliable sources on government corruption, click here.
The horrible and heartbreaking events in Japan present a strange concatenation of disasters. Succumbing to the one-two punch of the earthquake and the tsunami, eleven of Japan’s 54 nuclear power reactors were shut down. Three of them have lost coolant to their cores and have experienced partial meltdowns. The same three have also suffered large explosions. The spent fuel in a fourth caught fire. Now a second filthy wave is beginning to roll — this one composed of radioactive elements in the atmosphere. They include unknown amounts of cesium-137 and iodine-131, which can only have originated in the melting cores or in nearby spent fuel rod pools. The Japanese government has evacuated some 200,000 people in the vicinity of the plants. The second shock was, of course, different from the first in at least one fundamental respect. The first was dealt by Mother Nature, who has thus reminded us of her sovereign power to nourish or punish our delicate planet, its axis now tipping ever so slightly in a new direction. No finger of blame can be pointed at any perpetrator. The second shock, on the other hand, is the product of humankind, and involves human responsibility. Until the human species stepped in, there was no appreciable release of atomic energy from nuclear fission or fusion on earth.
Note: For an excellent list of experiments in which humans, either individually or collectively as a species, are being used as guinea pigs in most unethical and dangerous ways, click here.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.