News StoriesExcerpts of Key News Stories in Major Media
Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
The Federal Reserve sought to hide its involvement in Bank of America Corp's acquisition of Merrill Lynch as Merrill's financial condition worsened, the top Republican on the House Oversight and Government Reform Committee said on Wednesday. The Fed "engaged in a cover-up and deliberately hid concerns and pertinent details regarding the merger from other federal regulatory agencies," Representative Darrell Issa said in a statement released to Reuters. Bernanke has in the past denied any inappropriate pressure on Bank of America. Fed spokeswoman Michelle Smith on Wednesday referred to a letter Bernanke sent Representative Dennis Kucinich on April 30 and later testimony in which he offered an "unconditional assertion" that he did not ask Bank of America CEO Ken Lewis to withhold information regarding Merrill. The Democrat who heads the committee, Edolphus Towns of New York, has called Bernanke to testify on Thursday. Former U.S. Treasury Secretary Henry Paulson has also been called to testify before Congress next month about the Bank of America-Merrill Lynch transaction. After rescuing Bank of America in January, U.S. regulators tightened their grip on the bank with a secret agreement that contributed to the ongoing shakeup of its directors and executives, the Wall Street Journal said, citing people familiar with the matter. The paper, citing internal documents, added that Federal Deposit Insurance Corp. Chairman Sheila Bair wrote to Bernanke before the aid to the bank was unveiled to express the FDIC's "discomfort" with the deal..
Note: For a treasure trove on the hidden realities of the governmental bailout of Wall Street, click here.
President Barack Obama's proposal for a regulatory overhaul of the financial industry vastly expands the reach of the Federal Reserve, yet fails to make policy-makers more accountable for their actions. Critics argue that the new legislation fundamentally misses the problems that led to the financial crisis. It was a lack of enforcement by supervisors, they say, not insufficient rules, that fostered a cowboy culture of rampant risk-taking on Wall Street. "Obama is letting the Fed and everyone else off the hook by saying that the problem was with the regulations and not the regulators," said Dean Baker, co-director of the Center for Economic Policy Research in Washington. "If regulators know that even if they totally fail on the job, they will face no career consequences, then at some future point, when there is a choice between confronting the financial industry or just going along, the regulators will just go along," said Baker. Some feel uncomfortable with a broader role for the Fed primarily because of the Fed's closeness to the banking sector. The Fed is not technically a public entity. Each of the Fed's 12 branches are overseen by a nine-member board of directors, two-thirds of whom are elected by the bankers in the district. "The Federal Reserve has massive conflicts of interest that make it ill-suited for its present regulatory functions and certainly for an expanded regulatory reach," said Robert Auerbach, a professor of public affairs at the University of Texas at Austin. "The officials leading the Fed today preside over an organization that is run in substantial part by the bankers they regulate."
Note: For empowering insight into the historic roots of the Federal Reserve's unaccountability, click here.
Ever since two middle-aged men with Japanese passports were caught in Italy this month trying to smuggle a purported $134.5 billion in United States government bearer bonds into Switzerland, the Internet has been abuzz with theories. In all, the Italian financial police and customs guards confiscated 249 paper bonds, each supposedly worth $500 million, and 10 bonds with a face value of $1 billion each. After reports of the seizure began to trickle out of Italy, the blogosphere sprang into action, the ponderings fueled by suspicions that the mainstream media was willfully ignoring the tale. The story took on greater life after Italian authorities — who have refused to talk about the scandal — declined to declare the bonds fakes until they were examined by Washington. Col. Rodolfo Mecarelli, the provincial commander of the financial police in Como, said the investigations were focused on “understanding who these men were and where they were from.” Also unknown are the whereabouts of the two men, who were released after being stopped in early June. “The men were questioned, but not arrested,” said Naoki Oyakawa, an official at the Japanese consulate in Milan. He said the two men had valid Japanese passports, but he would not elaborate further on their identities. “We don’t know where they are now,” he said. “We have had no contact with the two men. They have not asked us for our help.” What the bonds were for remains unclear. “It’s not the sort of thing that you can just go into a bank and convert,” said Colonel Mecarelli. “But they may have been useful to guarantee business deals among people who don’t use cash.” Agencies that deal with financial crimes, including Europol, declined to comment while the Italian investigation was still under way.”
Note: Although this dismissive article asserts that the bonds seized are fakes, many odd circumstances remain unexplained, including the "unknown" identity of the smugglers and why they would smuggle fake securities. The US, Italian and Japanese authorities and mainstream media again have failed to report something of potential significance.
A British man spoke publicly for the first time yesterday to accuse MI5 officers of forcing him to confess to masterminding the July 7 bombings. Jamil Rahman claims UK security officers were behind his arrest in 2005 in Bangladesh. He says he was beaten repeatedly by local officials who also threatened to rape him and his wife. Mr Rahman, who is suing the Home Office, said a pair of MI5 officers who attended his torture and interrogation would leave the room while he was beaten. He claims when he told the pair he had been tortured they merely answered: 'They haven't done a very good job on you.' Mr Rahman told the BBC: 'They threatened my family. They go to me, "In the UK, gas leaks happen, if your family house had a gas leak and everyone got burnt, there's no problems, we can do that easily".' He says he eventually made a false confession of involvement in the July 7 bomb plots. The extraordinary allegations will add to pressure on UK ministers to come clean over the way Britain's intelligence agencies have been allowed to gather evidence around the world in the eight years since the September 11 attacks. Jamil Rahman, a former civil servant from south Wales, is a British citizen who moved to Bangladesh in 2005 and married a woman he met there. He returned to the UK last year. He said: 'It was all to do with the British. Jamil Rahman is one of a number of former detainees who accuse the British Government colluded in their torture abroad. His account echoes that of former Guantanamo Bay detainee Binyam Mohamed, who said he was tortured in Pakistan and Morocco with MI5's knowledge. The 30-year-old Ethiopian says he was beaten and deprived of sleep to try to make him confess to an Al Qaeda 'dirty bomb' plot, and his treatment is now the subject of an unprecedented police investigation into MI5's conduct.
Note: For lots more on the hidden strategies used to maintain the "war on terror", click here.
David F. Wherley Jr., the head of the Washington National Guard who scrambled jets over the city during the 9/11 terrorist attacks, was among those killed in the worst commuter train crash in the city’s history, officials said. Wherley’s wife, Ann, was also among the nine people killed when a train plowed into the rear of a stopped train during rush hour on June 22, Quintin Peterson, a spokesman for the Metropolitan Police Department, said in a telephone interview. Both were 62 and lived in southeast Washington. Wherley was commander of the 113th Fighter Wing at Andrews Air Force base in Maryland during the September 2001 terrorist attacks and sent up aircraft with orders to protect the White House and the Capitol, according to the 9/11 Commission report. He commanded the District of Columbia National Guard from 2003 to 2008, the unit said in a statement. Wherley flew T-38 training jets and F-105 Thunderchief and F-4 Phantom combat jets during a military career that began in 1969, according to the guard’s statement. It said he earned a bachelor’s degree in economics from Fordham University in New York City in 1969, and a master’s in business administration from the University of Maryland in 1977.
Note: Could there be something more than a mere accident behind the death of the commander of the air defense forces over Washington DC on 9/11? Many questions continue to swirl concerning what was in the air over the city that morning, what was launched by Gen. Wherley and when, and why no interception of an attack aircraft approaching the Pentagon occurred. He knew more than the public does about what really took place in those crucial hours, but he will now not be available for questioning should a real investigation into the 9/11 attacks take place. For lots more on the suspicions that surround the official explanation and calls by highly respected citizens for just such an investigation, click here and here.
A cloudspotter from Somerset believes he has identified a new type of cloud. Gavin Pretor-Pinney, from Somerton, who also founded the Cloud Appreciation Society, wants recognition for what he has named the asperatus cloud. He said: "It looks quite violent - as if you are looking up from underneath the turbulent surface of the sea." Weather forecaster Michael Fish told BBC Radio 4's Today programme he thinks it is caused by a mixing of two air masses or the bottom of a storm cloud. Mr Pretor-Pinney, who wrote the Cloudspotter's Guide ... asked his cousin - who is a Latin teacher - for a word that means choppy or turbulent that is used to describe the sea to name the cloud after. "Asperatus comes from the Latin verb aspero meaning 'to roughen up' or 'agitate'," he said. "It was used by the poet Virgil to describe the surface of a choppy sea." Mr Fish said he was "quite amazed" by pictures showing clouds fitting Mr Pretor-Pinney's asperatus description. “There has been no change to the classifications of clouds since 1953 and maybe this should be considered now. I can offer two explanations - they are either the mixing of two air masses - very warm humid air and and very cold dry air and it is like oil and water - it doesn't mix. These clouds could be formed at the boundary of these two air masses. Or ... they could be the turbulent underbelly of one of the huge thunder clouds." Mr Pretor-Pinney said the pictures were sent in by cloud society members from all over the world and some of them said there was no storm activity or heavy precipitation in the area at the time.
Note: How strange that a new type of cloud is now appearing. What changes could be causing this new formation? For more photos of these most unusual new clouds, click here. Or visit the Cloud Appreciation Society, founded by Mr. Pretor-Pinney.
Bill Dubé gets giddy when he talks about batteries and speed. After all, his 500-horsepower Killacycle electric motorcycle goes from 0 to 60 miles per hour in under a second. He claims it is the fastest electric vehicle on the planet. In October, the Killacycle traveled a quarter mile in 7.89 seconds, topping out at 174 mph, a record. Dubé, 56, an engineer and Rhode Island native whose day job is designing air chemistry instruments at the University of Colorado, is the bike's designer, owner, and builder. He is out to prove that electric vehicles do not have to be "nerd-mobiles." At the heart of electric vehicles like the Killacycle are the batteries. A123 Systems Inc., based in Watertown, sponsors the Killacycle and provides its battery. Dubé read about A123's lithium-ion battery technology in 2003 and decided to approach company officials. He thought drag racing was a great way to torture-test the company's innovative battery cells. "I told them I'll take the battery cells out to the drag strip and set a world record," he said. Electric-vehicle racing hit the start line about 15 years ago, when pioneers like Dubé began building the machines. "Bill is quite amazing and does pretty good promoting electric-vehicle racing in general," said Mike Willmon, president of the National Electric Drag Racing Association, based in Santa Rosa, Calif. The mission of the group, whose membership stands at 100, is to increase public awareness about the performance side of electric vehicles.
Note: Why such a weak title for this amazing bike? Why not a title like "Electric motorcycle goes 0 to 60 in one second"? Could it be the media doesn't want us to know things like this? For lots more suggesting this may be the case, click here. And for more on this amazing motorcyle and an unassuming electric car that does the quarter mile in under 12 seconds, click here.
Straddling a 619-pound motorcycle, Scotty Pollacheck tucks in his knees and lowers his head as he waits for the green light. When he revs the engine, there's no roar. The bike moves so fast that within seconds all that's visible is a faint red taillight melting in the distance. Pollacheck crosses the quarter-mile marker doing 156 mph; he's traveled 1,320 feet in 8.22 seconds, faster than any of the gas-powered cars, trucks or motorcycles that have raced in the drag sprints on this weekend at Portland International Raceway. It's particularly impressive given Pollacheck is riding a vehicle that uses no gasoline and is powered entirely by lithium-ion batteries. Pollacheck and his bike — dubbed the KillaCycle — are part of a growing movement that's exploiting breakthroughs in battery technology and could soon challenge the world's fastest-accelerating vehicles in the $1 billion drag-racing industry. "In professional drag racing I expect to see the electrics eventually pass up the fuel dragsters," said Dick Brown, president of AeroBatteries, which sponsors White Zombie, the world's quickest-accelerating street-legal electric car — a 1972 white Datsun 1200. "Electric gives you instant torque whereas gasoline you have to build up," Brown said. The KillaCycle runs on 990 lithium-ion battery cells that feed two direct current motors, generating 350 horsepower. The bike accelerates from zero to 60 mph in just under a second — faster than many professional gas-powered drag motorcycles and within striking distance of the quickest bikes that run on nitromethane. With that hyper-potent racing fuel, riders can get to 60 mph in 0.7 seconds.
Note: For more on this amazing motorcyle and an unassuming electric car that does the quarter mile in under 12 seconds, click here.
A former Federal Emergency Management Agency videographer accused of killing his wife in Denver is seeking political asylum in Argentina, claiming the U.S. government wants him silenced for what he saw in the smoldering ruins of the Twin Towers after 9/11. Kurt Sonnenfeld's efforts to avoid extradition have gained interest from human rights organizations in South America and broad attention from conspiracy theorists on the Internet. Sonnenfeld, 44, is charged with first-degree murder in the New Year's Day 2002 shooting death of his 36-year-old wife, Nancy. Sonnenfeld is quoted by the Argentine newspaper el Pais as saying, "I realized that they were after something else: the tapes of Ground Zero in my possession." Sonnenfeld said he was arrested by Interpol agents on the new Denver charges a week after delivering a demo video of 9/11 footage to a TV producer in Argentina. "I find that extremely coincidental," he said. In other interviews with Argentine media, Sonnenfeld is quoted as saying, "What I saw (at 9/11) leads me to the terrible conclusion that there was foreknowledge of what was going to happen — the precautions that were taken to save certain things that the authorities there considered irreplaceable or invaluable. For example, certain things were missing that could only have been removed with a truck. Yet after the first plane hit one of the towers, everything in Manhattan collapsed and no one could have gotten near the towers to do that." Sonnenfeld is quoted as saying documentation was removed from U.S. intelligence agencies in the World Trade Center, including the CIA, prior to the attacks.
Note: To read a more recent, powerful Voltaire Network interview with Kurt Sonnenfeld, click here. The truth is coming out more all the time!
Three quarters of a century ago, President Franklin Roosevelt earned the undying enmity of Wall Street when he used his enormous popularity to push through a series of radical regulatory reforms that completely changed the norms of the financial industry. Wall Street hated the reforms, of course, but Roosevelt didn’t care. Wall Street and the financial industry had engaged in practices they shouldn’t have, and had helped lead the country into the Great Depression. Those practices had to be stopped. To the president, that’s all that mattered. On Wednesday, President Obama unveiled what he described as “a sweeping overhaul of the financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression.” In terms of the sheer number of proposals, outlined in an 88-page document the administration released on Tuesday, that is undoubtedly true. But in terms of the scope and breadth of the Obama plan — and more important, in terms of its overall effect on Wall Street’s modus operandi — it’s not even close to what Roosevelt accomplished during the Great Depression. Rather, the Obama plan is little more than an attempt to stick some new regulatory fingers into a very leaky financial dam rather than rebuild the dam itself. Everywhere you look in the plan, you see the same thing: additional regulation on the margin, but nothing that amounts to a true overhaul. The plan places enormous trust in the judgment of the Federal Reserve — trust that critics say has not really been borne out by its actions during the Internet and housing bubbles. Firms will have to put up a little more capital, and deal with a little more oversight, but once the financial crisis is over, it will, in all likelihood, be back to business as usual.
Note: To watch the Inspector General of the Federal Reserve testify to Congress that she knows pracitcally nothing of trillions of dollars that are unaccounted for, click here. For many revealing reports from reliable sources on the hidden realities of the continuing taxpayer bailout of the biggest financial corporations, click here.
An inventory of potentially deadly pathogens at Fort Detrick's infectious disease laboratory found more than 9,000 vials that had not been accounted for, Army officials said yesterday, raising concerns that officials wouldn't know whether dangerous toxins were missing. After four months of searching about 335 freezers and refrigerators at the U.S. Army Medical Research Institute of Infectious Diseases in Frederick, investigators found 9,220 samples that hadn't been included in a database of about 66,000 items listed as of February, said Col. Mark Kortepeter, the institute's deputy commander. The vials contained some dangerous pathogens, among them the Ebola virus, anthrax bacteria and botulinum toxin, and less lethal agents such as Venezuelan equine encephalitis virus and the bacterium that causes tularemia. Most of them, forgotten inside freezer drawers, hadn't been used in years or even decades. Officials said some serum samples from hemorrhagic fever patients dated to the Korean War. The overstock and the previous inaccuracy of the database raised the possibility that someone could have taken a sample outside the lab with no way for officials to know something was missing. The institute has been under pressure to tighten security in the wake of the 2001 anthrax attacks, which killed five people and sickened 17. FBI investigators say they think the anthrax strain used in the attacks originated at the Army lab, and its prime suspect, Bruce E. Ivins, researched anthrax there. Ivins committed suicide last year during an investigation into his activities.
Note: Fort Detrick is the home of the government lab which is suspected to be involved with the creation of many previously unknown lethal viruses and germs. For lots more, see the excellent work of Dr. Leonard Horowitz at this link and this one.
The National Security Agency is facing renewed scrutiny over the extent of its domestic surveillance program, with critics in Congress saying its recent intercepts of the private telephone calls and e-mail messages of Americans are broader than previously acknowledged, current and former officials said. Since April, when it was disclosed that the intercepts of some private communications of Americans went beyond legal limits in late 2008 and early 2009, several Congressional committees have been investigating. Those inquiries have led to concerns in Congress about the agency’s ability to collect and read domestic e-mail messages of Americans on a widespread basis, officials said. Supporting that conclusion is the account of a former N.S.A. analyst who, in a series of interviews, described being trained in 2005 for a program in which the agency routinely examined large volumes of Americans’ e-mail messages without court warrants. Two intelligence officials confirmed that the program was still in operation. Both the former analyst’s account and the rising concern among some members of Congress about the N.S.A.’s recent operation are raising fresh questions about the spy agency. Representative Rush Holt, Democrat of New Jersey and chairman of the House Select Intelligence Oversight Panel, has been investigating the incidents and said he had become increasingly troubled by the agency’s handling of domestic communications. In an interview, Mr. Holt disputed assertions by Justice Department and national security officials that the overcollection was inadvertent. “Some actions are so flagrant that they can’t be accidental,” Mr. Holt said.
Note: For lots more from major media sources on the ever-increasing government and coroporate threats to privacy, click here.
Schoolchildren could be first in line for swine flu vaccine this fall — and schools are being put on notice that they might even be turned into shot clinics. Health and Human Services Secretary Kathleen Sebelius said Tuesday she is urging school superintendents around the country to spend the summer preparing for that possibility, if the government goes ahead with mass vaccinations. "If you think about vaccinating kids, schools are the logical place," Sebelius told The Associated Press. No decision has been made yet on whether and how to vaccinate millions of Americans against the new flu strain that the World Health Organization last week formally dubbed a pandemic, meaning it now is circulating the globe unchecked. But the U.S. is pouring money into development of a vaccine in anticipation of giving at least some people the shots. While swine flu doesn't yet seem any more lethal than the regular flu that each winter kills 36,000 people in the U.S. alone, scientists fear it may morph into a more dangerous type. Even in its current form, the WHO says about half of the more than 160 people worldwide killed by swine flu so far were previously young and healthy. If that trend continues, "the target may be school-age children as a first priority" for vaccination, Sebelius said Tuesday. "That's being watched carefully." The last mass vaccination against a different swine flu, in the U.S. in 1976, was marred by reports of a paralyzing side effect — for a feared outbreak that never happened. The secretary said: "The worst of all worlds is to have the vaccine cause more damage than the flu potential."
Note: This article admits "swine flu doesn't yet seem any more lethal than the regular flu that each winter kills 36,000 people in the U.S. alone." Be very cautious around any vaccination campaign. Vaccines are extremely poorly regulated and known to fill the wallets of rich politicians invested in them. For lots more reliable, verifiable information on this, click here.
Almost 30 key lawmakers helping draft landmark health-care legislation have financial holdings in the industry, totaling nearly $11 million worth of personal investments in a sector that could be dramatically reshaped by this summer's debate. The list of members who have personal investments in the corporations that will be affected by the legislation -- which President Obama has called this year's highest domestic priority -- includes Congress's most powerful leaders and a bipartisan collection of lawmakers in key committee posts. Their total health-care holdings could be worth $27 million, because congressional financial disclosure forms released yesterday require reporting of only broad ranges of holdings rather than precise values of assets. Senate Majority Leader Harry M. Reid (D-Nev.), for instance, has at least $50,000 invested in a health-care index, and Sen. Judd Gregg (R-N.H.), a senior member of the health committee, has between $254,000 and $560,000 worth of stock holdings in major health-care companies, including Bristol-Myers Squibb and Merck. The family of Rep. Jane Harman (D-Calif.), a senior member of the House Energy and Commerce Committee drafting that chamber's legislation, held at least $3.2 million in more than 20 health-care companies at the end of last year. "If someone is going to be substantially enriched by the consequences of the vote, particularly if it represents a meaningful amount of their net worth, then there is a problem," said Harlan Krumholz, a professor of medicine at Yale University.
Note: For more powerful information on major corruption in health care reform, click here. For lots more on government corruption from reliable, verfiiable sources, click here.
Perhaps we protest too much. Torture, after all, is a venerable American tradition. If not quite as homespun as apple pie or lynching, it is at least as old as our imperial aspirations. We were waterboarding captives in one of our earliest wars of occupation, the Philippine-American War, which cost as many as 1 million civilian lives. In 1902, Teddy Roosevelt himself wrote with laconic praise of "the old Filipino method." Other techniques, crude or sophisticated, have filled the war bag since. CIA interrogation manuals from the 1960s, which lay out the basic stress-position and sleep- and sensory-deprivation techniques later applied at Bagram and Guantanamo, have been public since 1997. Despite our protestations, we have little to be surprised about. Now, when President Obama vows that "the United States does not torture" and spars with the former vice president over details, he crosses his fingers behind his back and saves himself a loophole. Via "extraordinary rendition" -- a Clinton administration innovation -- our government is still free to outsource torture and claim it doesn't know. The Obama administration has been relying increasingly on foreign intelligence services to detain and interrogate our suspects for us. Despite hundreds of front-page stories, we pretend we didn't know, that it was all somehow kept secret from us. This blindness serves a function. By declaring torture anomalous, by pushing it once again to the margins of legality, we can preserve a vision of U.S. military power -- and of American empire -- that is essentially benevolent. [But] maintaining military and economic hegemony over the planet remains an inherently bloody affair. Empire is a synonym for subjugation, and hence for violence on a massive scale.
Note: For a retired Marine Corps general's understanding of the real reasons behind both torture and mass slaughter of civilian populations by the US military, click here.
Across the globe, as mining and oil firms race for dwindling resources, indigenous peoples are battling to defend their lands – often paying the ultimate price. It has been called the world's second "oil war", but the only similarity between Iraq and events in the jungles of northern Peru over the last few weeks has been the mismatch of force. On one side have been the police armed with automatic weapons, teargas, helicopter gunships and armoured cars. On the other are several thousand Awajun and Wambis Indians, many of them in war paint and armed with bows and arrows and spears. The Indians this week warned Latin America what could happen if companies are given free access to the Amazonian forests to exploit an estimated 6bn barrels of oil and take as much timber they like. After months of peaceful protests, the police were ordered to use force to remove a road block near Bagua Grande. In the fights that followed, at least 50 Indians and nine police officers were killed, with hundreds more wounded or arrested. The indigenous rights group Survival International described it as "Peru's Tiananmen Square". "For thousands of years, we've run the Amazon forests," said Servando Puerta, one of the protest leaders. "This is genocide. They're killing us for defending our lives, our sovereignty, human dignity." Peru is just one of many countries now in open conflict with its indigenous people over natural resources. Barely reported in the international press, there have been major protests around mines, oil, logging and mineral exploitation in Africa, Latin America, Asia and North America. Hydro electric dams, biofuel plantations as well as coal, copper, gold and bauxite mines are all at the centre of major land rights disputes.
Note: Click on the link above to read this important article in its entirety. It reports on numerous struggles around the world by indigenous people to protect their livelihoods and traditions from corporate and governmental predation.
Forget buckets of blood. Nothing says horror like one of those tubs of artificially buttered, nonorganic popcorn at the concession stand. That, at least, is one of the unappetizing lessons to draw from one of the scariest movies of the year, “Food, Inc.,” an informative ... documentary about the big business of feeding or, more to the political point, force-feeding, Americans all the junk that multinational corporate money can buy. You’ll shudder, shake and just possibly lose your genetically modified lunch. The director Robert Kenner jumps all over the food map, from industrial feedlots where millions of cruelly crammed cattle mill about in their own waste until slaughter, to the chains where millions of consumers gobble down industrially produced meat and an occasional serving of E. coli bacteria. The voice in the opening belongs to the ethical epicurean and locavore champion Michael Pollan, author of In Defense of Food and The Omnivore’s Dilemma. Mr. Pollan ... is a great strength of “Food, Inc.,” as is one of its co-producers, Eric Schlosser, the author of Fast Food Nation. [They], together with Mr. Kenner, chart how and why the villains not only outnumber the heroes in contemporary food production, but also how and why they outbluff, outmuscle and outspend their opponents by billions of often government-subsidized dollars. The movie takes a look at the animal abuse in industrial food production — including clandestine images of sick and crippled cows being prodded to join the rest of the ill-fated herd — but its main focus is on the human cost. It’s a cost visible in the rounded bodies of a poor family that eats cheap if filling fast-food burgers for breakfast and in the obscured faces of farmers too frightened to go on record about Monsanto, the agricultural biotech giant.
Note: For another excellent review of this important film, click here.
These days, every skin lotion and dish detergent on store shelves gloats about how green it is. How do shoppers know which are good for them and good for the earth? It was a similar question that hit Dara O’Rourke, a professor of environmental and labor policy at the University of California, Berkeley, one morning when he was applying sunscreen to his young daughter’s face. He realized he did not know what was in the lotion. He went to his office and quickly discovered that it contained a carcinogen activated by sunlight. It also contained an endocrine disruptor and two skin irritants. He also discovered that her soap included a kind of dioxane, a carcinogen, and then found that one of her brand-name toys was made with lead. And in looking for the answer, he hatched the idea for a company that used his esoteric research on supply chain management. “All I do is study this, and I know nothing about the products I’m bringing into our house and putting in, on and around our family,” Mr. O’Rourke said. But when he wanted to find that information, he could. Most consumers would struggle to do so. Hence GoodGuide, a Web site and iPhone application that lets consumers dig past the package’s marketing spiel by entering a product’s name and discovering its health, environmental and social impacts. GoodGuide’s office, in San Francisco, has 12 full-time and 12 part-time employees, half scientists and half engineers. They have scored 75,000 products with data from nearly 200 sources, including government databases, studies by nonprofits and academics, and the research by scientists on the GoodGuide staff.
Note: Check out this excellent means of finding what is in the products you use.
The Mondragón Cooperative Corporation (MCC), the largest consortium of worker-owned companies, has developed a different way of doing business—a way that puts workers, not shareholders, first. Here’s how it played out when one of the Mondragón cooperatives fell on hard times. The worker/owners and the managers met to review their options. After three days of meetings, the worker/owners agreed that 20 percent of the workforce would leave their jobs for a year, during which they would continue to receive 80 percent of their pay and, if they wished, free training for other work. This group would be chosen by lottery, and if the company was still in trouble a year later, the first group would return to work and a second would take a year off. The result? The solution worked and the company thrives to this day. The central importance of workers permeates every aspect of the Mondragón Cooperatives. Even though the MCC businesses are affected by the global financial crisis, there is no unemployment within the MCC businesses. People are moved around to other jobs, or hours are cut without cutting pay. The wages for unworked hours are to be repaid through extra hours worked later in the year. Contrary to what some advocates of top-down management say, this worker-centered focus hasn’t been an obstacle to growth. Founded in 1956 by Father Don Jose Arizmendi, a Basque Catholic priest, the Mondragón cooperatives today comprise more than 100 cooperatives, as well as more than 100 subsidiaries that MCC has purchased and hopes to convert. Altogether, MCC companies employ more than 100,000 worker/owners and in 2007 generated revenues of more than $24 billion.
The head of China's second-largest bank has said the United States government should start issuing bonds in yuan, rather than dollars, in the latest indication of the increasing importance of the Chinese currency. Guo Shuqing, the chairman of state-controlled China Construction Bank (CCB), also said he is exploring the possibility of issuing loans to trading companies in yuan, allowing Chinese and foreign companies to settle their bills in yuan rather than in dollars. Mr Guo said the issuing of yuan bonds in Hong Kong and Shanghai would help to develop the debt markets in China and promote the yuan as a major international currency. It was the first time the head of a major Chinese bank has called for the wider use of the yuan, although a chorus of senior government officials have already voiced their concerns about the stability of the dollar and have said the yuan should be used more widely. "I think the US government and the World Bank can consider the issuing of [yuan] bonds," he said, asking for a "mutual cooperation" between the US and China to promote Chinese financial services. Mr Guo is a former head of China's foreign-exchange administration, which manages the country's $1.9 trillion foreign exchange reserves. He said he was confident the yuan would become a major currency in the medium-to-long term. Two months ago, before the G20 meeting in London, Zhou Xiaochuan, the head of the People's Bank of China, the central bank, published a personal paper proposing to replace the dollar as the international reserve currency. His call came after Wen Jiabao, the Chinese premier, asked the US to guarantee the safety of China's huge pile of US debt.
Note: For many more important reports shedding light on the hidden realities of the US and world economic crisis, click here.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.