|—||Nelson Mandela in 2002, courtesy of Newsweek.|
Miya Jan, a 28-year-old farmer who found the the burning frame of his cousin’s blue pickup truck after a U.S. drone strike in Afghanistan.
Inside, he said, he recognized the mangled remains of his brother, his brother’s wife and their 18-month-old son. Jan and other villagers say 14 people were killed in the attack; U.S. and Afghan officials place the toll at 11.
|—||Afghan President Hamid Karzai speaking after a Thanksgiving Day U.S. drone attack killed a 2-year-old child. For the full story, see “Karzai says U.S. drone strike killed child, won’t sign security deal if similar attacks continue” The Washington Post|
Rear view of former slave revealing scars on his back from savage whipping, in photo taken after he escaped to become Union soldier during Civil War.
|—||The assessment of an American military operation offered by “James Givens,” the pseudonym of an American staff sergeant in Afghanistan, from Neil Shea's “Afghanistan: A Gathering Menace.”|
|—||"The NSA Needs to Stop Digging" by John Prados, senior fellow of the National Security Archive in Washington, D.C. History News Network|
In a new 132-page report — Suppressing Protest: Human Rights Violations in the U.S. Response to Occupy Wall Street — members of a national consortium of law school clinics, lawyers, law professors and other legal experts “catalog 130 specific alleged incidents of excessive police force, and hundreds of additional violations, including unjustified arrests, abuse of journalists, unlawful closure of sidewalks and parks to protesters, and pervasive surveillance of peaceful activists” in New York City. The experts note that, to date, only one police officer is known to have been disciplined for misconduct related to Occupy Wall Street protests in NYC. Read the full report here.
Here, instead, is the fable we’ve been offered: Sad as it might be for some workers, towns, cities, and regions, the end of industry is the unfortunate, yet necessary, prelude to a happier future pioneered by “financial engineers.” Equipped with the mathematical and technological know-how that can turn money into more money (while bypassing the messiness of producing anything), they are our new wizards of prosperity!
Unfortunately, this uplifting tale rests on a categorical misapprehension. The ascendancy of high finance didn’t just replace an industrial heartland in the process of being gutted; it initiated that gutting and then lived off it, particularly during its formative decades. The FIRE sector, that is, not only supplanted industry, but grew at its expense — and at the expense of the high wages it used to pay and the capital that used to flow into it.
Think back to the days of junk bonds, leveraged buy-outs, megamergers and acquisitions, and asset stripping in the 1980s and 1990s. (Think, in fact, of Bain Capital.) What was getting bought and stripped and closed up supported windfall profits in high-interest-paying junk bonds. The stupendous fees and commissions that went to those “engineering” such transactions were being picked from the carcass of a century and a half of American productive capacity. The hollowing out of the United States was well under way long before anyone dreamed up the “fiscal cliff.”
For some long time now, our political economy has been driven by investment banks, hedge funds, private equity firms, real estate developers, insurance goliaths, and a whole menagerie of ancillary enterprises that service them. But high times in FIRE land have depended on the downward mobility of working people and the poor, cut adrift from more secure industrial havens and increasingly from the lifelines of public support. They have been living instead in the “pit of austerity.” Soon many more of us will join them.
|—||Columbia University professor and top economic historian Steve Fraser on the fiscal cliff, “debtpocalypse,” Wall Street and the death of industrial America. (via nickturse)|