News ArticlesExcerpts of Key News Articles in Major Media
Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.
The White House's expert NSA panel may have made headlines ... for telling President Barack Obama to knock off the collection of Americans' meta-data, but surveillance experts said they were surprised that the panel also took to task some controversial non-NSA-related spy tactics as well. One recommendation was to impose much stricter oversight on the FBI's ability to issue National Security Letters (NSLs), which have been used to obtain telephone call records and credit reports in terrorism and espionage cases. Another even more peculiar recommendation by the five national security experts ... was their advice that "governments" shouldn't hack into bank accounts and drain funds. "Governments should not use their offensive cyber capabilities to change the amounts held in financial accounts or otherwise manipulate the financial systems," the unanimous Review Group on Intelligence and Communications Technologies report warned Obama. "That was a strangely specific recommendation for something nobody was talking about," Kel McClanahan, executive director of government transparency group National Security Counselors, told ABC News. Michelle Richardson, the American Civil Liberties Union's legislative council in Washington, also said the findings on "NSLs" and government hacking were unexpected -- but welcomed.
Note: The fact that this expert panel would even mention governments manipulating financial accounts suggests that if it hasn't already happened, some were seriously considering this. For lots more on this strange news, click here. For more on the realities of intelligence agency activities, see the deeply revealing reports from reliable major media sources available here.
British and American intelligence agencies had a comprehensive list of surveillance targets that included the EU's competition commissioner, German government buildings in Berlin and overseas, and the heads of institutions that provide humanitarian and financial help to Africa, top-secret documents reveal. The papers show GCHQ [and the NSA were] targeting organisations such as the United Nations development programme, the UN's children's charity Unicef and Médecins du Monde, a French organisation that provides doctors and medical volunteers to conflict zones. The head of the Economic Community of West African States (Ecowas) also appears in the documents, along with text messages he sent to colleagues. One GCHQ document, drafted in January 2009, makes clear that the agencies were targeting an email address listed as belonging to another important American ally – the "Israeli prime minister". Ehud Olmert was in office at the time. Three further Israeli targets appeared on GCHQ documents, including another email address understood to have been used to send messages between the then Israeli defence minister, Ehud Barak, and his chief of staff, Yoni Koren. The names and details are the latest revelations to come from documents leaked by the whistleblower Edward Snowden. They provoked a furious reaction. The disclosures reflect the breadth of targets sought by the agencies, which goes far beyond the desire to intercept the communications of potential terrorists and criminals, or diplomats and officials from hostile countries.
Note: Later reports revealed that GHCQ also targeted the global human rights organization Amnesty International. For more on the realities of intelligence agency activities, see the deeply revealing reports from reliable major media sources available here.
If anyone could claim to be leading by example in an age of austerity, it is Jos Mujica, Uruguay's president, who has forsworn a state palace in favour of a farmhouse, donates the vast bulk of his salary to social projects, flies economy class and drives an old Volkswagen Beetle. But the former guerrilla fighter is clearly disgruntled by those who tag him "the world's poorest president" and much as he would like others to adopt a more sober lifestyle the 78-year-old has been in politics long enough to recognise the folly of claiming to be a model for anyone. "If I asked people to live as I live, they would kill me," Mujica said during an interview in his small but cosy one-bedroom home set amid chrysanthemum fields outside Montevideo. The president is a former member of the Tupamaros guerrilla group, which was notorious in the early 1970s for bank robberies, kidnappings and distributing stolen food and money among the poor. He was shot by police six times and spent 14 years in a military prison, much of it in dungeon-like conditions. Since becoming leader of Uruguay in 2010, however, he has won plaudits worldwide for living within his means, decrying excessive consumption and pushing ahead with policies on same-sex marriage, abortion and cannabis legalisation that have reaffirmed Uruguay as the most socially liberal country in Latin America. But the man who is best known as Pepe says those who consider him poor fail to understand the meaning of wealth. "I'm not the poorest president. The poorest is the one who needs a lot to live," he said. "My lifestyle is a consequence of my wounds. I'm the son of my history."
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
Earlier this month, in Kansas City, Missouri, the Jackson County Sheriff's Department was out looking for people. What made this operation especially unusual was the man behind it: a fellow in a red hat -- known to these men only as "Secret Santa." Every year this anonymous, wealthy businessman gives out about a hundred thousand dollars worth of hundred dollar bills to random strangers. But this year, instead of doing it all himself, he deputized these deputies to give away much of it. And so, armed to the teeth with Benjamins, the officers went out to do Santa's bidding. They specifically went after people they thought would appreciate it most. "Merry Christmas," a deputy said while handing money to a driver. "You're kidding. Oh my God, no," answered the driver in disbelief. Most people weren't just blown away -- most people were moved to tears. Their reactions were a combination of really needing the money and being caught off guard. This year "Secret Santa" also had a secret agenda. "What do you want the officers to get out of this?" I asked him. "Joy," he answered. "You know, as tough as they are they have hearts that are bigger than the world." Let's face it, it hasn't been a good year for law enforcement -- but for the vast majority of decent officers who will never make headlines -- Secret Santa offered this gift.
Note: Don't miss the incredibly beautiful three-minute video on this.
It's the world's most well-known secret society. Rich with symbols and ritual, it's the source of legends ... parodies ... and conspiracy theories. Welcome to the world of Freemasonry. Freemasons laid the cornerstone of America [or] at least some of its most iconic structures, like the National Cathedral in Washington and the Statue of Liberty. So what is Freemasonry? It's the world's oldest and largest fraternity. Its membership is a Who's Who of world history -- George Washington, Benjamin Franklin, Winston Churchill, Mozart, Davy Crockett, Franklin Roosevelt, Harry Houdini, Gerald Ford, Henry Ford, John Wayne, even Colonel Sanders. Freemasonry began in medieval Europe as a guild for stonemasons. The first grand lodge was created in London in 1717. It wasn't long afterward that ... conspiracy theories began. In 1738 Pope Clement XII issued the Catholic Church's first decree against Freemasonry -- and it still applies today. In the U.S., Freemasonry flourished until its secrecy made it the object of suspicion here, spawning America's first third party, the Anti-Masonic Party. Today, Freemasonry has about 1.3 million members in the U.S., down from 4 million in 1959. Among the members today: African-Americans, formerly relegated to a separate, black-only branch of Freemasonry. If you want to be a Mason, you can petition a local lodge for membership. You'll need to demonstrate good character and belief in some sort of Supreme Being. In almost all lodges, it's men only. The House of the Temple for the Supreme Council of the Scottish Rite [is] one branch of Freemasonry. Inside [The House], the temple lodge room is a stunner. And downstairs, you can see the flag that Buzz Aldrin took to the Moon.
Note: This informative article on Freemasonry fails to go into any depth about the secrecy of this influential secret society. For an in-depth MSNBC article which is much more revealing, click here. For more on other intriguing secret societies, see the deeply revealing reports from reliable major media sources available here.
An American bishop who disguised himself as a homeless man to give a sermon about compassion was asked to leave his church by unknowing congregants. David Musselman, a Mormon cleric near Salt Lake City, Utah, said he wanted to teach members of his church to be kind to all people. “To be Christ-like, just acknowledge them,” he said. Mr Musselman recruited a professional makeup artist to transform his face and wore a wooly hat, thick spectacles, a false beard and a fake scar. Even his own family did not recognise him. “The main thing I was trying to get across was we don't need to be so quick to judge,” Mr Musselman told his local television news station. “Many actually went out of their way to purposefully ignore me, and they wouldn't even make eye contact,” he said. “I'd approach them and say, 'Happy Thanksgiving'.” After being asked to leave by five people, Mr Musselman walked to the pulpit during a service and disclosed his true identity by taking off his wig, fake beard and glasses. “It had a shock value that I did not anticipate,” he said. “I really did not have any idea that the members of my ward would gasp as big as they did.” Mr Musselman said he was touched by the reaction of younger members of the church. “I was impressed by the children,” he said. “I could see in their eyes they wanted to do more”. Mr Musselman, whose stunt came just before the Thanksgiving holiday, said that he did not intend to embarrass the members of his church or make them feel ashamed. Instead, he said, he wanted them to remember to be kind all year long to people from all walks of life.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
It’s not just the NSA that has been caught spying on Americans. Some of our nation’s largest corporations have been conducting espionage as well, against civic groups. That’s the lesson of a new report on corporate espionage against nonprofit organizations by ... Essential Information. The title of the report is Spooky Business, and it is apt. Spooky Business is like a Canterbury Tales of corporate snoopery: Hiring investigators to pose as volunteers and journalists. Hacking. Wiretapping. Information warfare. Physical intrusion. Investigating the private lives of nonprofit leaders. Dumpster diving using an active duty police officer to gain access to trash receptacles. Electronic surveillance. Many different types of nonprofit civic organizations have been targeted by corporate spies: environmental, public interest, consumer, food safety, animal rights, pesticide reform, nursing home reform, gun control and social justice. A diverse constellation of corporations has planned or executed corporate espionage against these nonprofit civic organizations. Food companies like Kraft, Coca-Cola, Burger King, McDonald’s and Monsanto. Oil companies like Shell, BP and Chevron. Chemical companies like Dow and Sasol. Also involved are the retailers (Wal-Mart), banks (Bank of America), and, of course, the nation’s most powerful trade association: the U.S. Chamber of Commerce. Plenty of mercenary spooks have joined up to abet them, including former officials at the FBI, CIA, NSA, Secret Service and U.S. military. Sometimes even government contractors are part of the snooping.
Note: For more on corporate corruption, see the deeply revealing reports from reliable major media sources available here.
Linda Woodford spent the last 15 years of her career inserting phony numbers in the U.S. Department of Defense's accounts. Woodford and her fellow [accountants] set about preparing monthly reports to square the Navy's books with the U.S. Treasury's. And every month ... numbers were missing. Numbers were clearly wrong. Woodford and her colleagues were told by superiors to ... enter false numbers, commonly called "plugs," to make the Navy's totals match the Treasury's. Fudging the accounts with false entries is standard operating procedure. Former military service officials say record-keeping at the operational level throughout the services is rife with made-up numbers to cover lost or missing information. Plugs also are symptomatic of one very large problem: the Pentagon's chronic failure to keep track of its money—how much it has, how much it pays out and how much is wasted or stolen. The Defense Department's 2012 budget totaled $565.8 billion, more than the annual defense budgets of the 10 next largest military spenders combined, including Russia and China. How much of that money is spent as intended is impossible to determine. The Pentagon is largely incapable of keeping track of its vast stores of weapons, ammunition and other supplies. It has amassed a backlog of more than half a trillion dollars in unaudited contracts with outside vendors. [It] also has systematically ignored warnings about its accounting practices. The Pentagon is the only federal agency that has not complied with a law that requires annual audits of all government departments. That means that the $8.5 trillion in taxpayer money doled out by Congress to the Pentagon since 1996 ... has never been accounted for. That sum exceeds the value of China's economic output last year. A single [military accounting] office in Columbus, Ohio, made at least $1.59 trillion - yes, trillion - in errors, including $538 billion in plugs.
Note: This article sadly fails to state the obvious: Many military officers illegally rake in tons of money with false contracts which benefit those officers and contracting companies. They obviously don't want their accounts to be properly audited. For a revealing essay by a top U.S. general exposing major war manipulations, click here. For more on military corruption, see the deeply revealing reports from reliable major media sources available here.
Pope Francis's crusade against corruption has made him a target for Italy's all-powerful mafia clans, a leading anti-mob prosecutor has warned. Nicola Gratteri, who has battled Calabria's shadowy 'Ndrangheta mafia, said [that] Francis's attempt to bring transparency to the Vatican was making the white collar mobsters who do business with corrupt prelates "nervous and agitated". He told the Italian daily Il Fatto Quotidiano: "Pope Francis is dismantling centres of economic power in the Vatican. If the bosses could trip him up they wouldn't hesitate. I don't know if organised criminals are in a position to do something, but they are certainly thinking about it. They could be dangerous." Francis, who has called for "a poor church", has backed reform at the Vatican's bank, which has been suspected for years of being a channel for the laundering of mob profits. This week police impounded a luxury hotel on Rome's Janiculum hill – formerly a monastery – which the 'Ndrangheta allegedly purchased from a religious order. "The mafia that invests, that launders money, that therefore has the real power, is the mafia which has got rich for years from its connivance with the church," said Gratteri. "Priests continuously visit the houses of bosses for coffee, which gives the bosses strength and popular legitimacy," he said. A bishop in Locri in Calabria had excommunicated mobsters after they damaged fruit trees owned by the church, he said. "But before that episode, the bosses had killed thousands of people" without being sanctioned, he added.
Note: For more on secret societies, see the deeply revealing reports from reliable major media sources available here.
“The Brothers” is a riveting chronicle of government-sanctioned murder, casual elimination of “inconvenient” regimes, relentless prioritization of American corporate interests and cynical arrogance on the part of two men. John Foster Dulles and his brother, Allen, were ... lawyers, partners in the immensely powerful firm of Sullivan & Cromwell. John Foster Dulles served as secretary of state from 1953 to 1959; his brother ran the C.I.A. from 1953 to 1961. In his detailed, wellconstructed and highly readable book, Stephen Kinzer ... shows how the brothers drove America’s interventionist foreign policy. Kinzer highlights John Foster Dulles’s central role in channeling funds from the United States to Nazi Germany in the 1930s. Sullivan & Cromwell floated bonds for Krupp A. G., the arms manufacturer, and also worked for I. G. Farben, the chemicals conglomerate that later manufactured Zyklon B, the gas used to murder millions of Jews. For the Dulles brothers, and for much of the American government, threats to corporate interests were categorized as support for communism. There are also reminders in Kinzer’s book of dark events in the history of American intelligence. Sixty years ago, Frank Olson, a C.I.A. officer, was reported to have jumped to his death during mind-control experiments “in which psychoactive drugs were administered to unknowing victims.” But last year, Kinzer reports, Olson’s family filed suit, claiming he had actually been murdered after visiting secret C.I.A. prisons in Europe.
Note: For more along these lines, see concise summaries of deeply revealing intelligence agency corruption news articles from reliable major media sources.
When Ban Ki-moon, the United Nations secretary general, sat down with President Obama at the White House in April to discuss Syrian chemical weapons, Israeli-Palestinian peace talks and climate change, it was a cordial, routine exchange. The National Security Agency nonetheless went to work in advance and intercepted Mr. Ban’s talking points for the meeting, a feat the agency later reported as an “operational highlight” in a weekly internal brag sheet. It was emblematic of an agency that for decades has operated on the principle that any eavesdropping that can be done on a foreign target of any conceivable interest — now or in the future — should be done. After all, American intelligence officials reasoned, who’s going to find out? From thousands of classified documents, the National Security Agency emerges as an electronic omnivore of staggering capabilities, eavesdropping and hacking its way around the world to strip governments and other targets of their secrets, all the while enforcing the utmost secrecy about its own operations. It spies routinely on friends as well as foes, as has become obvious in recent weeks; the agency’s official mission list includes using its surveillance powers to achieve “diplomatic advantage” over such allies as France and Germany and “economic advantage” over Japan and Brazil, among other countries. The scale of eavesdropping by the N.S.A., with 35,000 workers and $10.8 billion a year, sets it apart.
Note: For more on the realities of intelligence agency operations, see the deeply revealing reports from reliable major media sources available here.
Gratitude ... makes you happier and healthier. If you can find any authentic reason to give thanks, anything that is going right with the world or your life, and put your attention there, then statistics say you're going to be better off. Does this mean to live in a state of constant denial and put your head in the sand? Of course not. Gratitude works when you're grateful for something real. What are you actually grateful for? It's a question that could change your life. Recent studies have concluded that the expression of gratitude can have profound and positive effects on our health, our moods and even the survival of our marriages. Dr. John Gottman at the University of Washington has been researching marriages for two decades. The conclusion of all that research, he states, is that unless a couple is able to maintain a high ratio of positive to negative encounters (5:1 or greater), it is likely the marriage will end. With 90 percent accuracy, Gottman says he can predict, often after only three minutes of observation, which marriages are likely to flourish and which are likely to flounder. The formula is that for every negative expression (a complaint, frown, put-down, expression of anger) there needs to be about five positive ones (smiles, compliments, laughter, expressions of appreciation and gratitude). Keep a daily journal of three things you are thankful for. This works well first thing in the morning, or just before you go to bed. Make it a practice to tell a spouse, partner or friend something you appreciate about them every day. To practice it further, join thousands of others in a transformative 21-Day Gratitude Challenge starting November 7th leading up to Thanksgiving.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
[ISIS Foundation’s Audette Exel] built a career on making millions for the rich, but her true achievement has been using her legal and financial [prowess] to make money for the world’s poorest. A monkey passes Exel’s [Katmandu, Nepal] hotel room as she works via email on a half-billion-dollar sale of a European banking group. The negotiations are crucial. If successful, they will represent one of the biggest European financial transactions of 2012. This is just before breakfast. After breakfast, Exel visits some of the children she and her organisation, the ISIS Foundation, have rescued from child traffickers in the remotest part of the country, children taken from their homes under false pretences and imprisoned in appalling conditions. The children are hugging her, squeezing her, holding her hand. An 11-year-old boy who almost died from a hole in the heart before being saved by Exel and her team won’t let her go. Later that afternoon, Exel works on forging ties between her Nepalese staff and her manager in Uganda, the other country where her organisation has saved the lives of thousands of mothers and their children. This is the woman who, ... leading international finance lawyer James Watkins says, gave up millions of her own income to help some of the most impoverished people in the world. The same woman again who high-flying lawyer John Atkinson believes puts him and other bankers and lawyers to shame. “When I examine my life and I compare it to Audette’s, you can quickly feel pretty humbled, even quite selfish. I guess in the scheme of things I look quite normal and Audette looks pretty extraordinary.”
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
The National Security Agency monitored the phone conversations of 35 world leaders after being given the numbers by an official in another US government department, according to a classified document provided by whistleblower Edward Snowden. The confidential memo reveals that the NSA encourages senior officials in its "customer" departments, such as the White House, State and the Pentagon, to share their "Rolodexes" so the agency can add the phone numbers of leading foreign politicians to their surveillance systems. The document notes that one unnamed US official handed over 200 numbers, including those of the 35 world leaders, none of whom is named. These were immediately "tasked" for monitoring by the NSA. The revelation is set to add to mounting diplomatic tensions between the US and its allies, after the German chancellor Angela Merkel ... accused the US of tapping her mobile phone. The NSA memo obtained by the Guardian suggests that such surveillance was not isolated, as the agency routinely monitors the phone numbers of world leaders – and even asks for the assistance of other US officials to do so. The memo, dated October 2006 and which was issued to staff in the agency's Signals Intelligence Directorate (SID), was titled "Customers Can Help SID Obtain Targetable Phone Numbers". In the wake of the Merkel row, the US is facing growing international criticism that any intelligence benefit from spying on friendly governments is far outweighed by the potential diplomatic damage.
Note: For more on the hidden realities of intelligence agency operations, see the deeply revealing reports from reliable major media sources available here.
American biotechnology has turned Argentina into the world's third-largest soybean producer, but the chemicals powering the boom aren't confined to soy and cotton and corn fields. The Associated Press documented dozens of cases around the country where poisons are applied in ways unanticipated by regulatory science or specifically banned by existing law. The spray drifts into schools and homes and settles over water sources; farmworkers mix poisons with no protective gear; villagers store water in pesticide containers that should have been destroyed. Now doctors are warning that uncontrolled pesticide applications could be the cause of growing health problems among the 12 million people who live in the South American nation's vast farm belt. In Santa Fe, cancer rates are two times to four times higher than the national average. In Chaco, birth defects quadrupled in the decade after biotechnology dramatically expanded farming in Argentina. A nation once known for its grass-fed beef has undergone a remarkable transformation since 1996, when the St. Louis-based Monsanto Co. promised that adopting its patented seeds and chemicals would increase crop yields and lower pesticide use. Today, Argentina's entire soy crop and nearly all its corn and cotton are genetically modified, with soy cultivation alone tripling to 47 million acres. Agrochemical use did decline at first, then it bounced back, increasing ninefold from 9 million gallons in 1990 to more than 84 million gallons today as farmers squeezed in more harvests and pests became resistant to the poisons.
Note: For more on issues that matter to our health, see the deeply revealing reports from reliable major media sources available here.
A former police officer has spoken about some of his colleagues' attitude to Jimmy Savile in the 1960s - saying that everyone in the force knew "Jimmy liked them young". The ex-officer ... was with Leeds City Police in the 1960s. He used to patrol areas of the city where Savile was well known. Late one night, just before midnight, he noticed Jimmy Savile's Rolls Royce parked in a secluded spot on the edge of Roundhay Park. "As I went past I saw the interior lights were on," he said. "He was sat in the driver's seat and was talking to a young lady in the passenger seat. She looked ... perhaps 15 or 16. "I said, 'What's the matter, Jimmy - what are you doing up here?' "He said, 'Yeah, we're fine, aren't we?' And she smiled. Then he said, 'We're waiting for 12 o'clock, son.' "Why?" I asked. 'Because it's her birthday tomorrow, she's 16.' And he winked at me. "I asked the girl, 'Are you ok?' "She smiled - there was no impression she was being forced to be there. "Jimmy then said, 'Now get back on your bike before you lose your job.'" The former officer said today that the attitudes of the time were "different" and accepts that such actions today would be unthinkable. "Leeds City Police ... turned a blind eye to 15-year-olds but never considered that as paedophilia. The officer ... believes that attitude of the police towards Savile lasted for years afterwards, [and] that police may have informally talked to Savile about the age of his girlfriends in the 1960s. Jimmy Savile, a former TV presenter and radio DJ ... is believed to have abused hundreds.
Note: Watch an excellent segment by Australia's "60-Minutes" team titled "Spies, Lords and Predators" on a pedophile ring in the UK which leads directly to the highest levels of government. A second suppressed documentary, "Conspiracy of Silence," goes even deeper into this sad subject. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
A bogus scientific paper about a new anti-cancer compound was accepted by more than half of 300 scientific journals it was submitted to in the past year, despite having obvious and serious scientific flaws. Science journalist John Bohannon reported the results of his experiment in the journal Science. Bohannon, who holds a PhD in molecular biology and is a visiting scholar at Harvard University’s program in ethics and health, ... concluded [that] “a huge proportion” of the journals were not ensuring their papers were peer reviewed. Even in cases where peer review happened, it didn’t always function correctly. For example, the Ottawa-based International Journal of Herbs and Medicinal Plants clearly sent the paper out to be reviewed by real scientists, who pointed out some flaws, Bohannon recalled. Even so, when Bohannon submitted a revised version of the paper without correcting any of the flaws, it was accepted. Bohannon said peer review is “crucial” so that readers of a scientific paper know it has “at least passed muster with a couple of experts who are in a position, hopefully, to judge. It could be the whole peer review system is just failing under the strain of the tens of thousands of journals that now exist.” He added that if peer review isn’t working, then people with what amounts to fraudulent scientific credentials and publication records “are slowly filling university departments and government offices, making important science-based policy decisions.” In addition, “terrible science” is polluting the global pool of knowledge."
Note: For more on the corruption of science, see the deeply revealing reports from reliable major media sources available here.
It’s well known by now that income and wealth inequality in most rich countries, especially the United States, have soared in recent decades and, tragically, worsened even more since the Great Recession. But what about the rest of the world? New research by a World Bank economist named Branko Milanovic, along with other scholars, points the way to some answers. Overall equality across humanity, considered as individuals, has improved very little. So while nations in Asia, the Middle East and Latin America, as a whole, might be catching up with the West, the poor everywhere are left behind, even in places like China where they’ve benefited somewhat from rising living standards. From 1988 to 2008, Mr. Milanovic found, people in the world’s top 1 percent saw their incomes increase by 60 percent, while those in the bottom 5 percent had no change in their income. And while median incomes have greatly improved in recent decades, there are still enormous imbalances: 8 percent of humanity takes home 50 percent of global income; the top 1 percent alone takes home 15 percent. The United States provides a particularly grim example for the world. And because, in so many ways, America often “leads the world,” if others follow America’s example, it does not portend well for the future. Last year, the top 1 percent of Americans took home 22 percent of the nation’s income; the top 0.1 percent, 11 percent. Ninety-five percent of all income gains since 2009 have gone to the top 1 percent.
Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.
[Banks] have rigged LIBOR, an interest rate used to peg contracts worth trillions. Its equivalent in the world of derivatives, ISDAfix, has also come under question. Commodities prices from crude oil to platinum have been the subject of allegations and inquiries. Now prices in global currency markets, where turnover is $5 trillion a day, are being scrutinised by authorities, who suspect bankers have tampered with those too. Switzerland’s financial watchdog announced on October 4th that it was investigating a slew of banks it thinks have manipulated currencies. Britain and the European Union also have probes under way. Concerns reportedly centre around abnormal movements ahead of a widely-used daily snapshot of exchange rates, known as the 4pm “London fix”. It represents the average of prices agreed during 60 seconds’ trading, and is used as a reference rate to execute a much larger set of currency deals. Bankers, who are big participants in the market, have huge incentives to nudge the price of a given currency pairing ahead of the fix. With billions of dollars changing hands, a difference of a fraction of a cent can add a tidy sum to the bonus pool. If proven, the charge would amount to banks fleecing their clients. Banks know the big trades they are about to execute on others’ behalf, and are often themselves the counterparty. By moving the markets ahead of the fix, they could alter the rate to their profit and their clients’ loss. One suspected method is “banging the close”: submitting a quick succession of orders just as the benchmark is set, to distort its value.
Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.
The problem and the risk [with surveillance by GCHQ] comes in the area of mass capture of data, or strategic surveillance. This is the kind of intelligence gathering that sucks in data from everyone, everywhere: from phones, internet use from email to website visits, social networking, instant messaging and video calls, and even areas such as video gaming; in short, everything digital. In the US, the Prism programme may have given the NSA access to the servers of companies such as Google and Facebook; in the UK, GCHQ has gained a similar degree of access via its Tempora programme, and the two of them together have a cable- and network-tapping capabilities collectively called Upstream, which have the ability to intercept anything that travels over the internet. This data is fed into a database called XKeyscore, which allows analysts to extract information "in real time", ie immediately. What this adds up to is a new thing in human history: with a couple of clicks of a mouse, an agent of the state can target your home phone, or your mobile, or your email, or your passport number, or any of your credit card numbers, or your address, or any of your log-ins to a web service. Using that "selector", the state can get access to all the content of your communications, via any of those channels; can gather information about anyone you communicate with, can get a full picture of all your internet use, can track your location online and offline. It can, in essence, know everything about you, including – thanks to the ability to look at your internet searches – what's on your mind.
Note: For an excellent 15-minute BBC Newsnight interview with Glenn Greenwald defending Edward Snowden's release of secret documents, click here. For more on government privacy invasions, see the deeply revealing reports from reliable major media sources available here.
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