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Arkady Dvorkevich, the Kremlin's chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund. Chinese and Russian leaders both plan to open debate on an SDR-based reserve currency as an alternative to the US dollar at the G20 summit in London this week, although the world may not yet be ready for such a radical proposal. Mr Dvorkevich said it was "logical" that the new currency should include the rouble and the yuan, adding that "we could also think about more effective use of gold in this system". The Gold Standard was the anchor of world finance in the 19th Century but began breaking down during the First World War as governments engaged in unprecedented spending. It collapsed in the 1930s when the British Empire, the US, and France all abandoned their parities....Link
Smoking pot doesn’t cause schizophrenia, but marijuana as an issue sure gives our political system the symptoms. We have just elected our third president in a row who at least tried marijuana in early adulthood, yet it remains illegal. As we discovered again this week, President Obama, like his two predecessors, supports imprisoning people for making the same choices he made. Beyond imprisonment, one of my policy students, who was honest on a security clearance about her one time use of pot, could lose her job for doing what Clinton, Bush and Obama did. On television, leading comedian Jon Stewart and America’s sweetheart, Sandra Bullock, swap pot smoking stories with lighthearted abandon, laughing along with their audience, who, like most Americans, end up voting for politicians who support draconian punishments for pot users and dealers....Link
“Sargassum muticum” and “Undaria pinnatifida” are the names of two kinds of algae brought by the ships coming from Japan and the Sargassi sea. The algea grows over the seaport of Venice, causing problems for gondolas and ferry boats. But today it could be turned into a resource. Italy recently announced a 200 million euro eco-friendly project to harvest the prolific seaweed that lines Venice’s canals and transform it into emissions-free energy. The idea is to set up a power plant fuelled by algae, the first facility of its kind in Italy. The plant, to be built in collaboration with renewable energy services company Enalg, will be operative in two years and will produce 40 megawatts of electricity, equivalent to half of the energy required by the entire city centre of Venice. The algae will be cultivated in laboratories and put in plastic cylinders where water, carbon dioxide, and sunshine can trigger photosynthesis. The resulting biomass will be treated further to produce a fuel to turn turbines. The carbon dioxide produced in the process will be fed back to the algae, resulting in zero emissions from the plant. “Venice could represent the beginning of a global revolution of energy and renewable resources. Our goals are to achieve the energetic self-sufficiency for the seaport and to reduce CO2 emissions, including those one produced by the docked ships”, says the president of the seaport of Venice Authority, Paolo Costa....Link
The president's busy. He's got important things to do, like rescuing the economy, saving jobs and mortgages and industries. But we ought not to let him off the hook for his frivolous dismissal of a widely popular question he faced in Thursday's Online Town Hall. At the top of the televised event, the president announced that of the 3.5 million votes on the thousands of questions received in advance, one topic "ranked fairly high." It was whether legalizing marijuana would improve the economy and encourage job creation. He responded: "The answer is no, I don't think that is a good strategy to grow our economy." He then asked rhetorically what the question says about "the online audience."...Link
While Congress has focused primarily on the country’s economic turmoil and the lavish bonuses paid to Wall Street executives, a Senate Armed Services Committee report currently in the process of being declassified will force lawmakers to shift gears. The Armed Services Committee will release--possibly as early as next week—its voluminous report on the treatment of alleged terrorist detainees held in U.S. custody and the brutal interrogation techniques they were subjected to, according to Defense Department and intelligence sources who described the report as the most detailed account to date of the roles senior Bush administration and Defense Department officials played in implementing a policy of torture at Guantanamo, Abu Ghraib prison in Iraq and other detention centers. The full declassified version of the report is 200 pages, contains 2,000 footnotes, and will reveal a plethora of new information about the genesis of the Bush administration's interrogation policies. The investigation relied upon the testimony of 70 people, generated 38,000 pages of documents, and took 18 months to complete. The declassified version of his report will include a full account of the roles military psychologists played in assisting the Bush administration implement a policy of torture....Link
WASHINGTON – Concerned about the faltering war in Afghanistan, President Barack Obama plans to dispatch thousands more military and civilian trainers on top of the 17,000 fresh combat troops he's already ordered, people familiar with the forthcoming plan said Thursday. Obama also will call for increasing aid to neighboring Pakistan as long as its leaders confront militants in the border region. The president plans to lay out his revamped strategy for Afghanistan and Pakistan on Friday. Several sources told The Associated Press the strategy includes 20 recommendations for countering a persistent insurgency that spans the two countries' border, including sending 4,000 military trainers to try to increase the size of the Afghan army...Link
Watching the various spats among conservatives, it’s difficult to tell whether one is witnessing a series of lively political disagreements or an episode of “Monday Night Raw.” In one corner, there’s former Bush administration speechwriter David Frum versus talk radio king Rush Limbaugh. In another ring, Limbaugh is taking on former House speaker-turned-conservative guru Newt Gingrich. And in the Royal Rumble, Republican National Committee Chairman Michael Steele is battling, well, pretty much everybody in the GOP. Liberals have shown no small measure of delight in this fracas, and understandably so. Taking political advantage of conservative fratricide makes perfect sense, as it’s the strategic execution of Henry Kissinger’s observation about the Iran-Iraq War: “It’s a pity both sides can’t lose.” Fueling the intra-party fire weakens the GOP from within. Even the White House has gotten in on the act with senior figures like spokesperson Robert Gibbs and chief of staff Rahm Emanuel launching attacks on administration critics ranging from Limbaugh to CNBC personalities Rick Santelli and Jim Cramer....Link
WASHINGTON – Knocked off balance by the bonuses brouhaha, President Barack Obama is relying on direct appeals to the public to refocus attention on his ambitious agenda and drive the debate. The president has shouldered responsibility for the mess and, in his radio and Web address Saturday, sought to put the financial finger-pointing behind in favor of his policy pillars — deficit cutting, overhauling health care and energy, improving education. He will use a flurry of events to make his case, including a network television interview airing Sunday and a prime-time news conference Tuesday. The administration also is expected, as early as Monday, to roll out its plan to rid banks of their toxic assets and speed the flow of loans. Being heard above the din may prove difficult. Lawmakers are wrangling over taxing people who got big bonuses and worrying the president's budget could generate $9.3 trillion in red ink over the next decade....Link
After the September 11 attacks, commercial airline pilots were allowed to carry guns if they completed a federal-safety program. No longer would unarmed pilots be defenseless as remorseless hijackers seized control of aircraft and rammed them into buildings. Now President Obama is quietly ending the federal firearms program, risking public safety on airlines in the name of an anti-gun ideology. The Obama administration this past week diverted some $2 million from the pilot training program to hire more supervisory staff, who will engage in field inspections of pilots...Link
Indicators of avoidance are what come to mind while absorbing the various rescue, recovery, stimulus and guarantee programs coming out of the Obama Administration to slow and reverse a splintering and shattering economy. If the Obamites do not act now, when the political time is ripest, to put into motion forces of deterrence and prevention, the casino capitalists of tomorrow will again be able to de-stabilize our economy. The other day I saw Alan Greenspan, former chairman of the Federal Reserve, just about predicting another round of recklessness in about fifteen years. But he called it "human nature" not casino capitalism. Here are seven avoidance indicators which outline what Washington is not doing to prevent another round of greed and misdeeds by the Wall Street few against the innocent many throughout the country....Link
Washington D.C. (March 16, 2009) – Congressman Dennis Kucinich (D-OH) Friday sent a letter to Chairman Edolphus Towns of the House Oversight and Government Reform Committee requesting an immediate investigation into allegations made by the investigative reporter Seymour Hersh that the White House operated an ‘executive assassination ring’ that circumvented Congressional oversight. Kucinich explains in the letter that, “Mr. Hersh made the allegation before an audience at the University of Minnesota on Tuesday, March 10, 2009. He stated, ‘Under President Bush’s authority, they’ve been going into countries, not talking to the ambassador or the CIA station chief, and finding people on a list and executing them and leaving… It is a special wing of our special operations community that is set up independently. They do not report to anybody, except in the Bush-Cheney days, they reported directly to the Cheney office. . .Congress has no oversight of it.’” Kucinich adds, “If true, these operations violate longstanding U.S. policy regarding covert actions and illegally bypass Congressional oversight… Hersh is within a year or more of releasing a book that is said to include evidence of this allegation. However, we cannot wait a year or more to establish the truth.”....link
NEW YORK (Fortune) -- AIG gave in to demands from Congress Sunday, naming the banks that pocketed billions of dollars last fall as part of a federal bailout of the troubled insurer. AIG, facing intensifying scrutiny of its pay practices and questions about whether taxpayer money has been well spent on its behalf, released a list Sunday afternoon of the firms that benefited from the government's efforts last year to prop up the New York-based company. The list is topped by numerous European institutions and two big Wall Street firms, Goldman Sachs (GS, Fortune 500) and Merrill Lynch (ML). AIG, which has avoided bankruptcy only because of $170 billion worth of taxpayer funding, said it released the list of trading partners, along with the sums they received, because the company "recognizes the importance of upholding a high degree of transparency with respect to the use of public funds." AIG said it made the announcement after consulting with the Federal Reserve, which has led the bailout of the company....Link
Imagine you had a really smart bomb - a genius bomb - that could blow up the leaders of every drug cartel in Mexico. By the time the smoke cleared, a new pusher would be sitting in every cartel's big chair and the distribution networks would continue satisfying the demand of every junkie and recreational-drug user in America. Mexico's drug cartels would continue to be, in the words of the Justice Department's National Drug Threat Assessment for 2009, "the greatest drug-trafficking threat to the United States."....Link
WASHINGTON — Obama administration officials and Republicans alike were nearly universal in condemning the $165 million in bonuses that the American International Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, is to pay executives in the business unit that brought the company to the brink of collapse last year. “There are a lot of terrible things that have happened in the last 18 months, but what’s happened at A.I.G. is the most outrageous,” said Lawrence H. Summers, President Obama’s chief economic adviser, during an appearance Sunday on ABC’s “This Week With George Stephanopoulos.” “What that company did, the way it was not regulated, the way no one was watching, what’s proved necessary — is outrageous.”....Link
Could marijuana be the answer to the economic misery facing California? Democratic state assemblyman Tom Ammiano thinks so. Ammiano introduced legislation last month that would legalize pot and allow the state to regulate and tax its sale — a move that could mean billions of dollars for the cash-strapped state. Pot is, after all, California's biggest cash crop, responsible for $14 billion a year in sales, dwarfing the state's second largest agricultural commodity — milk and cream — which brings in $7.3 billion a year, according to the most recent USDA statistics. The state's tax collectors estimate the bill would bring in about $1.3 billion a year in much needed revenue, offsetting some of the billions of dollars in service cuts and spending reductions outlined in the recently approved state budget....Link
WASHINGTON – The American Civil Liberties Union released a comprehensive report today examining widespread abuses that have occurred under the USA Patriot Act, a law that was rushed through Congress just 45 days after September 11. In the almost eight years since the passage of the controversial national security law, the Patriot Act has led to egregious government misconduct. “From the gagging of our nation’s librarians under the national security letter statute to the gutting of time-honored surveillance laws, the Patriot Act has been disastrous for Americans’ rights,” said Caroline Fredrickson, Director of the ACLU Washington Legislative Office. “In the panic following the events of 9/11, our nation’s lawmakers hastily expanded the government’s authority to a dangerous level and opened a Pandora’s box of surveillance.”....Link
ST. PAUL, MINNESOTA -- The House version of Minnesota's medical marijuana bill passed the House Civil Justice Committee this morning in a voice vote with no dissenting votes. The vote came after powerful testimony from Joni Whiting, whose adult daughter's suffering was relieved by medical marijuana while she was undergoing treatment for the melanoma that eventually took her life. "It really feels like the momentum is building and this is the year we're going to get this done," said Sen. Steve Murphy (DFL-Red Wing), sponsor of the Senate version of the bill. "One-quarter of the country now protects medical marijuana patients from arrest, and there is simply no reason to use Minnesota's police resources to arrest the sick for trying to relieve their suffering." A previous version of the bill passed the Senate and every House committee in the 2007-2008 session, but was never brought up for a vote on the House floor. Thirteen states, comprising approximately one-quarter of the U.S. population, now permit medical use of marijuana under state law if a physician has recommended it. The newest such law was enacted by Michigan voters last November, passing with a record-setting 63 percent "yes" vote. U.S. Attorney General Eric Holder reaffirmed on Feb. 25 that the Obama administration intends to pursue a policy of non-interference with these state laws. A number of other states are considering medical marijuana legislation this year, including New Jersey, Illinois, Iowa and New Hampshire.....Link
Investigative reporter Seymour Hersh dropped a bombshell on Tuesday when he told an audience at the University of Minnesota that the military was running an "executive assassination ring" throughout the Bush years which reported directly to former Vice President Dick Cheney. The remark came out seemingly inadvertently when Hersh was asked by the moderator of a public discussion of "America's Constitutional Crisis" whether abuses of executive power, like those which occurred under Richard Nixon, continue to this day. Hersh replied, "After 9/11, I haven’t written about this yet, but the Central Intelligence Agency was very deeply involved in domestic activities against people they thought to be enemies of the state. Without any legal authority for it. They haven’t been called on it yet."...Link