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.
Wall Street bankers could have averted the global financial crisis, so why didn't they? In this exclusive extract from his book Inside Job: The Financiers Who Pulled Off the Heist of the Century, Charles Ferguson argues that they should be prosecuted: The Securities and Exchanges Commission has been deservedly criticised for not following up on years of complaints about [Bernard L.] Madoff. But not a single bank that had suspicions about Madoff made such a call. Instead, they assumed he was probably a crook, but either just left him alone or were happy to make money from him. It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident. This behaviour is criminal. We are talking about deliberate concealment of financial transactions that aided terrorism, nuclear weapons proliferation and large-scale tax evasion; assisting in major financial frauds and in concealment of criminal assets; and committing frauds that substantially worsened the worst financial bubbles and crises since the Depression. And yet none of this conduct has been punished in any significant way.
Note: For lots more from reliable sources on corruption and criminality in the finance industry, click here.
The Vatican has denounced as “criminal” a new book of leaked internal documents that shed light on power struggles inside the Holy See and the thinking of its embattled top banker, and warned that it would take legal action against those responsible. Pope Benedict XVI has already appointed a commission of cardinals to investigate the “Vatileaks” scandal, which erupted earlier this year with the publication of leaked memos alleging corruption and mismanagement in Holy See affairs and internal squabbles over its efforts to comply with international anti-money laundering norms. The publication Saturday of His Holiness, by Italian journalist Gianluigi Nuzzi, added fuel to the fire, reproducing confidential letters and memos to and from Benedict and his personal secretary. The bank has been trying for some two years to remedy its reputation as a shady tax haven beset by scandals, which include the collapse of Italy’s Banco Ambrosiano and the death of its head, Roberto Calvi, who also helped manage Vatican investments and was found hanging from London’s Blackfriars Bridge in 1982.
Note: For lots more on this most revealing case of Vatican corruption and media complicity in keeping silent, click here and here. And to learn who is being accused of leaking these documents, click here.
A cycle of overhyped terror plots involving government agency entrapment feeds a multimillion-dollar surveillance industry. The news stories ... quickly surface, long enough to cause scary headlines, then vanish before people can learn how often the cases are thrown out. These are stories about "bumbling fantasists", hapless druggies, the aimless, even the virtually homeless and mentally ill, and other marginal characters with not the strongest grip on reality, who have been lured into discourses about violence against America only after assiduous courting, and in some cases outright payment, by undercover FBI or police informants. But the tales of entrapment and terror hype continue apace – ten years after 9/11. Now we have another "underwear bomber" – declared by the Pentagon to have been about to launch a major attack via a US-bound plane, but who appears, reportedly, to have been a CIA-run double agent. What is the evidence that the "device", which is supposedly so sophisticated that there is doubt as to whether existing surveillance technologies in US airports would have caught it, actually exists? It is important to note that we can no longer assume that the FBI and the CIA and the NSA work ... for the safety of the American people; they [now] represent a revolving door of government officials who become security industry lobbyists and manufacturers, which, in turn, get the multimillion-dollar contracts for tackling the very problems these stories [hype].
Note: For more on this bizarre news, see the CBS report at this link. Isn't it amazing how many terrorist groups have undercover FBI and CIA agents involved in actually pushing plots forward? One has to wonder how far the plots would go without prompting by intelligence insiders. For a powerful BBC documentary suggesting that terrorism is pushed and sold by politicians for a deeper agenda, click here.
Biotechnology's promise to feed the world did not anticipate "Trojan corn," "super weeds" and the disappearance of monarch butterflies. In the Midwest and South - blanketed by more than 170 million acres of genetically engineered corn, soybeans and cotton - an experiment begun in 1996 with approval of the first commercial genetically modified organisms is producing questionable results. Those results include vast increases in herbicide use that have created impervious weeds now infesting millions of acres of cropland, while decimating other plants, such as milkweeds that sustain the monarch butterflies. More than a million people have signed a petition to the Food and Drug Administration to require labeling of genetically engineered food. The stakes on labeling such foods are huge. The crops are so widespread that an estimated 70 percent of U.S. processed foods contain engineered genes. The U.S. Department of Agriculture has approved more than 80 genetically engineered crops while denying none. Genetically engineered crops ... have spawned an infestation of "super weeds" now covering at least 13 million acres in 26 states. The crops led to a 400-million-pound net increase in herbicide applications. Dave Mortensen, a weed ecologist at Pennsylvania State University, said the number of "super weed" species grew from one in 1996 ... to 22 today. Last month, scientists definitively tied heavy use of glyphosate to an 81 percent decline in the monarch butterfly population. It turns out that the herbicide has obliterated the milkweeds on Midwest corn farms where the monarchs lay their eggs after migrating from Mexico. Iowa State University ecologist John Pleasants, one of the study's authors, said the catastrophic decline in monarchs is a consequence of the genetically engineered crops that no one foresaw.
Note: Multiple reliable sources have shown that you may be eating genetically modified food daily which scientific experiments have repeatedly demonstrated can cause sickness and even death in lab animals. For key reports from major media sources on hidden facts on the dangers of genetically modified food, click here.
In September 2004, Merck, one of America's largest pharmaceutical companies, issued a sudden recall of Vioxx, its anti-pain medication widely used to treat arthritis-related ailments. The recall came just days after Merck discovered that a top medical journal was about to publish a study by an FDA (Food and Drug Administration) investigator indicating that the drug in question greatly increased the risk of fatal heart attacks and strokes and had probably been responsible for at least 55,000 American deaths during the five years it had been on the market. It soon turned out Merck had known of potential lethal side effects even before launching Vioxx in 1999, but had brushed all such disturbing tests under the rug. A class-action lawsuit dragged its way through the courts for years, eventually being settled for $4.85 billion in 2007. [Researcher Ron] Unz makes the point that the users of Vioxx were almost all elderly, and it was not possible to determine whether a particular victim's heart attack had been caused by Vioxx or other factors. But he concludes: "Perhaps 500,000 or more premature American deaths may have resulted from Vioxx, a figure substantially larger than the 3,468 deaths of named individuals acknowledged by Merck during the settlement of its lawsuit. I'm just as astonished. From 2004 onwards, huge numbers of America's toughest trial lawyers were suing Merck for billions based on Vioxx casualties - didn't they notice the dramatic drop in the national death rate [after Vioxx was discontinued]?"
Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
An FBI special agent was testifying in the government's high-profile terrorism trial against Omar Abdel Rahman, the "blind sheik" suspected of plotting the first attack on the World Trade Center. Frederic Whitehurst, a chemist and lawyer who worked in the FBI's crime lab, testified that he was told by his superiors to ignore findings that did not support the prosecution's theory of the bombing. "There was a great deal of pressure put upon me to bias my interpretation," Whitehurst said in U.S. District Court in New York in 1995. After the Justice Department's inspector general began a review of Whitehurst's claims, Attorney General Janet Reno and FBI Director Louis J. Freeh decided to launch a task force to dig through thousands of cases involving discredited agents. The task force took nine years to complete its work and never publicly released its findings. Officials never notified many defendants of the forensic flaws in their cases and never expanded their review to catch similar mistakes. If the Justice Department was secretive, the agency's independent inspector general was not. Michael R. Bromwich's probe culminated in a devastating 517-page report in April 1997 on misconduct at the FBI lab. He concluded that FBI managers failed – in some cases for years – to respond to warnings about the scientific integrity and competence of agents. The chief of the lab's explosives unit, for example, "repeatedly reached conclusions that incriminated the defendants without a scientific basis" in the 1995 Oklahoma City bombing.
Note: Read more about the FBI's mishandling of forensic evidence in the Oklahoma City bombing case. For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.
These five crazy, futuristic, and veritably frightening weapons may sound like they come from epic sci-fi flicks, but ... they actually exist. 1. Speech-suppressing gun. This gun was designed by Japanese researchers to silence people by messing with their heads. It could ... be used to silence protesters [and] important political figures. Talk about an Orwellian nightmare come true! 2. Vomit ray. This weapon ... uses radio frequency (RF) to affect a person's sense of hearing and equilibrium. Anyone hit by these waves (which, by the way, can pass through walls) is expected to throw up. 3. Pain ray. More formally known as the Active Denial System (ADS), the pain ray is a weapon developed by the U.S. military that can ... cause excruciating pain by emitting high-powered waves similar to those from a microwave oven. A smaller version of the pain ray called Silent Guardian was developed by defense technology company Raytheon and is currently available for use by law enforcement agencies. 4. Mind-control gun. Russian Prime Minister Vladimir Putin recently admitted that the country's government created a gun that can put people in a zombie-like state. Studies about the effects of electromagnetic radiation on the brain reveal that one of its possible effects is implanting thoughts and suggestions into a target's mind. 5. Self-guided bullet. The U.S. [has] developed a new kind of bullet that could turn anyone into a sharpshooter. As long as you shine a laser beam to what you want to hit, the sensor on the bullet's nose can follow it ... even if the target is up to a mile away. Most of the weapons in this list may not be created to inflict fatal wounds, but they sure have terrifying implications.
Note: For an intriguing document on a U.S. military website about these exotic weapons, click here. From our extensive research, this technology is far more advanced than is being admitted, and it is being used by all of the major militaries of the world. For key major media articles revealing the disturbing power of these exotic weapons, click here. For an excellent essay giving historical background and more, click here. For powerful evidence the secretive HAARP program is being used for similar purposes, click here.
Strange, alarming, morbidly intriguing — any or all of those would serve to describe the newly announced “Zombie Gun” that Russian president Vladimir Putin plans to use “for achieving political and strategic goals” (his words, as quoted from the UK Mail Online). The concept is not new. For some time now military technologists have been working on weapons to incapacitate the enemy by attacking the central nervous system or damaging internal organs. Extremely high doses of microwaves could stop someone’s heart from beating or disintegrate his eyeballs, for example. Actually introducing such weapons to the combat zone – or perhaps against dissidents – might be new. Lower dose microwave weapons have already been used in Russia for crowd control, and some claim they’ve also tried them out in other venues. Quoting from the Mail Online: "Plans to introduce the super-weapons were announced quietly last week by Russian defence minister Anatoly Serdyukov. Mr Serdyukov said: ‘The development of weaponry based on new physics principles – direct-energy weapons, geophysical weapons, wave-energy weapons, genetic weapons, psychotronic weapons, and so on – is part of the state arms procurement programme for 2011-2020.’" [One weapon] could theoretically render someone pliable or even drive them insane by directly attacking the brain. This is the weapon most appropriately described as a “zombie gun.” Similar weapons have already been used on a trial basis.
Note: For an intriguing document on a U.S. military website about these exotic weapons, click here. From our extensive research, this technology is far more advanced than is being admitted, and it is being used by all of the major militaries of the world. For key major media articles revealing the disturbing power of these exotic weapons, click here. For an excellent essay giving historical background and more, click here. For powerful evidence the secretive HAARP program is being used for similar purposes, click here.
In a five-four ruling this week, the supreme court decided that anyone can be strip-searched upon arrest for any offense, however minor, at any time. [This joins] the NDAA, which lets anyone be arrested forever at any time, and HR 347, the "trespass bill", which gives you a 10-year sentence for protesting anywhere near someone with secret service protection. Is American strip-searching benign? The man who had brought the initial suit ... described having been told to "turn around. Squat and cough. Spread your cheeks." There's the sexual abuse of prisoners at Bagram, [where] in some cases, an interrogator would place his penis along the face of the detainee while he was being questioned. Other inmates were raped with sticks or threatened with anal sex. And there's the policy ... to grope US travelers genitally or else force them to go through a machine – made by a company, Rapiscan, owned by terror profiteer and former DHA czar Michael Chertoff – with images so vivid that it has been called the "pornoscanner". Believe me: you don't want the state having the power to strip your clothes off. History shows that the use of forced nudity by a state that is descending into fascism is powerfully effective in controlling and subduing populations. Where are we headed? These recent laws ... are being set up to work in concert with a see-all-all-the-time surveillance state. Remember, you don't need to have done anything wrong to be arrested in America any longer. The man who was forced to spread his buttocks was stopped for a driving infraction. As one internet advocate said: "There is a race against time: they realise the internet is a tool of empowerment that will work against their interests, and they need to race to turn it into a tool of control."
Note: How sad that it takes a British newspaper to spell out the highly repressive and invasive new laws being passed in the US. For many revealing major media articles showing the dangers of big brother in our world, click here. For excellent articles revealing the severe erosion of civil liberties, click here.
The Supreme Court on Monday ruled by a 5-to-4 vote that officials may strip-search people arrested for any offense, however minor, before admitting them to jails even if the officials have no reason to suspect the presence of contraband. Justice Anthony M. Kennedy, joined by the court’s conservative wing, wrote that courts are in no position to second-guess the judgments of correctional officials. The procedures endorsed by the majority are forbidden by statute in at least 10 states. According to a supporting brief filed by the American Bar Association, international human rights treaties also ban the procedures. Justice Stephen G. Breyer, writing for the four dissenters, said the strip searches the majority allowed were “a serious affront to human dignity and to individual privacy” and should be used only when there was good reason to do so. Justice Breyer said that the Fourth Amendment should be understood to bar strip searches of people arrested for minor offenses not involving drugs or violence, unless officials had a reasonable suspicion that they were carrying contraband. People have been subjected to “the humiliation of a visual strip search” after being arrested for driving with a noisy muffler, failing to use a turn signal and riding a bicycle without an audible bell. A nun was strip-searched ... after an arrest for trespassing during an antiwar demonstration. In a study of 23,000 people admitted to a correctional facility in Orange County, N.Y., using that standard, there was at most one instance of contraband detected that would not otherwise have been found.
Note: For an abundance of major media articles showing severe erosion of civil liberties, click here.
A study in Finland has found that children vaccinated against the H1N1 swine flu virus with Pandemrix were more likely to develop the sleep disorder narcolepsy. The condition causes excessive daytime sleepiness and sufferers can fall asleep suddenly and unintentionally. The researchers found that between 2002 and 2009, before the swine flu pandemic struck, the rate of narcolepsy in children under the age of 17 was 0.31 per 100,000. In 2010 this was about 17 times higher at 5.3 per 100,000 while the narcolepsy rate remained the same in adults. Markku Partinen of the Helsinki Sleep Clinic and Hanna Nohynek of the National Institute for Health and Welfare in Finland, also collected vaccination and childhood narcolepsy data for children born between January 1991 and December 2005. They found that in those who were vaccinated the rate of narcolepsy was nine per 100,000 compared to 0.7 per 100,000 unvaccinated children, or 13 times lower. Pandemrix was the main vaccine used in Britain against the swine flu epidemic in which six million people were vaccinated. It was formulated specifically for the swine flu pandemic virus and is no longer in use.
Note: The WHO stated "more than 12 countries reported cases of narcolepsy in children and adolescents using GlaxoSmithKline's swine flu vaccine." For powerful media reports suggesting that both the Avian Flu and Swine Flu were incredibly manipulated to promote fear and boost pharmaceutical sales, click here. For many news articles showing that vaccines are not tested adequately for safety and are at times politically and financially motivated, click here. For lots more from reliable sources on pharmaceutical corruption, click here.
One of Japan's crippled nuclear reactors still has fatally high radiation levels and hardly any water to cool its fuel, according to an internal examination that reinforces doubts about the plant's stability. The data collected showed the damage from the disaster is so severe, the plant operator will have to develop special equipment and technology to tolerate the harsh environment and decommission the plant, a process expected to last decades. The No. 2 reactor is the only one plant workers have been able to closely examine so far. Tuesday's examination with an industrial endoscope detected radiation levels up to 10 times the fatal dose inside the chamber. The other two reactors that had meltdowns could be in even worse shape. Three Dai-ichi reactors had meltdowns, but the No. 2 reactor is the only one that has been examined because radiation levels inside the reactor building are relatively low and its container is designed with a convenient slot to send in the endoscope. The exact conditions of the other two reactors, where hydrogen explosions damaged their buildings, are still unknown. Simulations have indicated that more fuel inside No. 1 has breached the core than the other two, but radiation at No. 3 remains the highest. The high radiation levels inside the No. 2 reactor's chamber mean it's inaccessible to the workers. Fukushima's accident has instilled public distrust and concerns about nuclear safety, making it difficult for the government to start up reactors even after regular safety checks. All but one of Japan's 54 reactors are now offline, with the last one scheduled to stop in early May.
Note: For key reports from reliable sources on Fukushima and other cases of corruption in the nuclear power industry, click here.
Question: A group proposing a change in monetary policy based on the writings of Stephen Zarlenga (monetary.org) [argues] that the government should print the money, not the Fed or any other private body. H.R. 2990 proposed by Dennis Kucinich is based on these ideas. Are they reasonable to you? Paul Solman: As the Treasury borrows more and more money by issuing bonds and selling them to all comers, it commits itself, "with the full faith and credit" of the United States, to pay back its creditors in full. That means it will either raise taxes in the future or -- and this is the relevant point -- get the Fed to create more money by purchasing bonds on the open market. This is called "monetizing the debt." There's a legitimate case that the Fed has too much power, is insufficiently beholden to the people in what's supposed to be a democracy, since no one on the Fed is chosen by popular election and private bankers are heavily represented on its board. This has long been the argument of financial journalist William Greider, author of a major book on the Fed, "The Secrets of the Temple." Greider: "The idea of giving the Federal Reserve still greater power [is] dangerous. First of all it rewards failure. But secondly, it puts them in the position as arbiter of who shall fail and who shall succeed. It asks to be able to choose what are the 30 or 40 or 50 banks and industrial firms that it regards as systemic risks for the society and ... it will protect those from failure. The government stands behind them and the rest of us are on our own."
Note: If you look at the top of any U.S. currency bill, you will see the words "Federal Reserve Note." Thus, though U.S. dollars are printed by the Treasury, they are issued and controlled by the Federal Reserve, which is privately owned, though subject to minimal federal oversight. To see just how much control the Federal Reserve has over the issuance of U.S. currency, see their webpage at this link. For lots more on hidden manipulations of the Federal Reserve, click here.
We have finally reached the point in our financial history where even bankers hate bankers. Last week, the Federal Reserve Bank of Dallas issued its 2011 annual report with a 34-page essay, "Why We Must End Too Big To Fail—Now." The report [dubs the nation's largest banks] "a clear and present danger to the U.S. economy." It begins with a letter from regional Fed president Richard Fisher. "More than half of banking industry assets are on the books of just five institutions," he complains. "They were a primary culprit in magnifying the financial crisis, and their presence continues to play an important role in prolonging our economic malaise." This is a member of the Federal Reserve itself — an institution that bears responsibility for our banking system devolving into an untenable oligarchy that buys off politicians, captures regulators and eats up our money. This is a member of the establishment saying Too-Big-To-Fail, or TBTF, must die. "The term TBTF disguised the fact that commercial banks holding roughly one-third of the assets in the banking system did essentially fail, surviving only with extraordinary government assistance," the essay reads. Their executives paid themselves fortunes to execute failed mergers and acquisitions and accumulate unimaginable piles of toxic debts. We saved them to save the financial system. But now we must break them up so they don't put us in this ridiculous situation again.
Note: For lots more from major media sources on the criminal practices of the biggest banks and financial firms and the collusion of government agencies, see our "Banking Bailout" newsarticles.
Section 101. Purpose. This order delegates authorities and addresses national defense resource policies and programs under the Defense Production Act of 1950. Sec. 103. General Functions. Executive departments and agencies ... responsible for plans and programs relating to national defense ... or for resources and services needed to support such plans and programs, shall: ... (c) be prepared, in the event of a potential threat to the security of the United States, to take actions necessary to ensure the availability of adequate resources and production capability, including services and critical technology, for national defense requirements; ... Sec. 310. Critical Items. The head of each agency engaged in procurement for the national defense is delegated the authority of the President ... to take appropriate action to ensure that critical components, critical technology items, essential materials, and industrial resources are available from reliable sources when needed to meet defense requirements during peacetime, graduated mobilization, and national emergency. Appropriate action may include restricting contract solicitations to reliable sources, restricting contract solicitations to domestic sources (pursuant to statutory authority), stockpiling critical components, and developing substitutes for critical components or critical technology items. [signed] BARACK OBAMA
Note: For analysis of this executive order issued by President Obama giving legal power to the executive office to take control of all national resources, public or private, in peacetime or in war, click here.
Corporations pay a lower effective tax rate than Warren Buffett and Mitt Romney, but you wouldn't know it from all the complaints that our corporate tax rate puts our country at a competitive disadvantage. Despite an official corporate tax rate 35 percent, last year, U.S. corporations paid just 12.1 percent of their earnings in federal corporate income taxes. Buffett's tax rate is 17.4 percent; Romney's reported 2010 tax rate was 13.9 percent. Our broken tax system blesses U.S. multinational corporations with lots of loopholes that enable them to pay less in taxes than Main Street businesses. It has starved our government of revenue. Contrary to common perception, U.S. corporations pay far less toward the cost of public services and infrastructure than they did in decades past, and less than foreign competitors pay in their countries today. In the 1950s, corporate federal income taxes accounted for nearly one-third of federal government revenue; in 2011, corporate taxes accounted for less than 8 percent. U.S. corporate profits account for more than 10 percent of GDP, a 50-year high. Federal corporate income taxes collected as a percent of GDP are at a 50-year low. The challenge of corporate taxes and competitiveness is not that rates are too high, but that loopholes, preferences and subsidies make corporate tax collections far too low.
Note: For lots more from major media sources on corporate and government corruption, click here and here.
The U.S. government is legally justified in killing its own citizens overseas if they are involved in plotting terror attacks against America, Attorney General Eric Holder said [on March 5], offering the Obama administration's most detailed explanation so far of its controversial targeted killing program. The Fifth Amendment provides that no one can be "deprived of life" without due process of law. But that due process, Holder said, doesn't necessarily come from a court. "Due process and judicial process are not one and the same, particularly when it comes to national security. The Constitution guarantees due process, not judicial process," the attorney general said. The ACLU called Holder's explanation "a defense of the government’s chillingly broad claimed authority to conduct targeted killings of civilians, including American citizens, far from any battlefield without judicial review or public scrutiny." "Few things are as dangerous to American liberty as the proposition that the government should be able to kill citizens anywhere in the world on the basis of legal standards and evidence that are never submitted to a court, either before or after the fact," said Hina Shamsi, director of the ACLU’s National Security Project. "Anyone willing to trust President Obama with the power to secretly declare an American citizen an enemy of the state and order his extrajudicial killing should ask whether they would be willing to trust the next president with that dangerous power,” she said. The ACLU is suing the Obama administration, seeking to have documents regarding the targeted killing program made public.
Note: Attorney General Holder's claim that US citizens can be killed by the government without judicial process clearly violates the U.S. Bill of Rights. In addition to the Fifth Amendment that states that no person shall be held to answer for a crime "without due process of law," the Sixth Amendment states that "the accused shall enjoy the right to a speedy and public trial."
An Irishman named Diarmuid Martin says the Catholic Church in Ireland has reached a breaking point, a crisis that he says results from the sexual abuse of children by priests and the cover-up by the Church. Martin has provided tens of thousands of pages of evidence against specific priests, and his words and actions carry extraordinary weight. That's because Diarmuid Martin is the Roman Catholic Archbishop of Dublin. There's overwhelming evidence that the Church hierarchy was not only aware of the sexual abuse, but did little about it. The Dublin Archdiocese knew who the predator priests were, even wrote reports about them but then locked up the files. Investigators on a state panel, the Murphy Commission, asked for the files, but the Church refused until Diarmuid Martin became archbishop. The documents revealed that one priest admitted abusing over a hundred children. Another said he abused children twice a month for 25 years. Archbishop Martin believes thousands of children suffered similar fates. Martin: Abuse isn't [just] the actual sexual acts, which are horrendous, but sexual abuse of a child is ... a total abuse of power. It's actually saying to a child, "I control you." And that is saying to the child, "You're worthless."
Note: To see the video of this important piece, click here. For lots more from reliable sources on sexual abuse by the powerful, click here.
The current surge in gas prices has almost nothing to do with energy policy. It doesn't even have much to do with global supply and demand. It has most to do with America's continuing failure to adequately regulate Wall Street. Oil supplies aren't being squeezed. Over 80 percent of America's energy needs are now being satisfied by domestic supplies. In fact, we're starting to become an energy exporter. Demand for oil isn't rising. Oil demand in the U.S. is down compared to last year at this time. The American economy is showing only the faintest signs of recovery. Meanwhile, global demand is still moderate. Europe's debt crisis hasn't gone away. China's growth continues to slow. But Wall Street is betting on higher oil prices. Hedge-fund managers and traders assume that mounting tensions in the Middle East will hobble supplies later this year. Wall Street speculators also assume global demand for oil will rise in the coming year. These are just expectations, not today's realities. But they're pushing up oil prices just the same, because Wall Street firms and other big financial players now dominate oil trading. Where there's money to be made, Wall Street will find a way of making it. And when it comes to oil, so much money is at stake that gigantic sums can be made if the bets pay off. Speculators figure they can hedge against bad bets. Financial speculators historically accounted for about 30 percent of oil contracts, producers and end users for about 70 percent. But today speculators account for 64 percent of all contracts.
Note: This article was written by Robert Reich, former U.S. Secretary of Labor, professor of public policy at the University of California at Berkeley and the author of Aftershock: The Next Economy and America's Future. He blogs at www.robertreich.org. For lots more reliable information from the major media on energy manipulations, click here.
Private intelligence firm Stratfor ... sells what clients and subscribers consider some of the best geopolitical analysis that money can buy. Now the Texas-based think tank is the latest target of WikiLeaks chief Julian Assange, who says his anti-secrecy group has more than 5 million of Stratfor's emails and is promising to release damaging material in the coming weeks. The first, small batch published [on February 27] revealed clients that Stratfor has long safeguarded and refused to disclose. They range from local universities to megacorporations like Coca-Cola. An initial examination of the emails turned up a mix of the innocuous and the embarrassing. But Assange has accused Stratfor of serious deeds, such as funneling money to informants through offshore tax havens, monitoring activist groups on behalf of big corporations and making investments based on its secret intelligence. "What we have discovered is a company that is a private intelligence Enron," Assange told London's Frontline Club, referring to the Texas energy giant whose spectacular bankruptcy turned it into a byword for corporate malfeasance. In December, Stratfor founder George Friedman gave advice on handling sources to one of his analysts gathering information on the health of Venezuela President Hugo Chavez. "If this is a source you suspect may have value, you have to take control (of) him. Control means financial, sexual or psychological control to the point where he would reveal his sourcing and be tasked," the email read.
Note: For more powerful information on this most recent release of revealing documents by Wikileaks, click here. For verifiable information on astounding secret methods used to gain control of people as reported in declassified U.S. government documents, click here.
Important Note: Explore our full index to revealing excerpts of key 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.