SpeakOut is Truthout's treasure chest for bloggy, quirky, personally reflective, or especially activism-focused pieces. SpeakOut articles represent the perspectives of their authors, and not those of Truthout.
The Wall Street Journal reports that the SEC will soon decide (well, sometime this year) whether brokers should be subject to a fiduciary standard in their dealings with clients, as registered financial advisers are today. At present, brokers only need to show that investments they recognize are “suitable” for their clients—roughly speaking, that they are in an appropriate asset class.
Not surprisingly, the brokerage industry is up in arms. They want to be able to push clients into the products for which they receive the highest commissions—a practice that (they say) could be more difficult under a fiduciary standard.
Israel’s deputy foreign minister, Ze’ev Elkin, is a member of Benjamin Netanyahu’s Likud party and his predominantly rightwing cabinet. In a recent interview with The Economist, Elkin used the familiar tone of being conceited and oblivious to such notions as international or human rights, and reaffirmed his rejection of a Palestinian state.
Instead, Elkin wants Israel to annex a chunk of the West Bank. There is nothing new here, as such language is now official Israeli discourse. But one statement stood out, one that many Palestinians would find bewildering and exasperating.
These days, said Elkin with a chuckle, the West Bank is “the most stable part of the Middle East.”
I don’t remember exactly when it happened. It may have been vaguely somewhere circa Tuesday, January 20, 2009 at 12:03pm that I noticed a paradigm shift of epic proportions in the previously held belief system of my Democrat compadres, and social media devotees. The change wasn’t subtle, it didn’t offer shades of gray or delicate nuance, instead it rattled the framework of civilization: imperialism became cool, previous critics of violating Article 2 of the Geneva Code now believed JSOC and our 101st Airborne were the only entities left protecting our nation from desert nomads riding air camels across the Atlantic to institute Sharia Law, and by posting photos of dismembered Afghani, Pakistani, Libyan, Palestinian and Yemeni children on Facebook I was engaging in bad-mannered “war porn.” Oh you didn’t know? Becoming the next David Morrell has always been a dream of mine deferred. Perhaps nobody was paying attention to my lifelong Rambo vs. Taliban infants fantasy because they were too busy plugging Sasha and Malia’s birthdays into their “As-it-Happens” Google Alerts. What’s a 6-year continuation of war in the Graveyard of Empires sans Ahmad Shah Massoud, when Leave it to Beaver looking dresses are flying off the shelves and J. Crew is reaching milestone sales? Gag me with a Cluster Bomb, guys.
Diligent devourers of news from far-off places may have noticed a flurry of activity recently in the South-West Pacific. No, nothing to do with a missing airliner, just a bottle of wine that went missing a few years ago. But this was no ordinary bottle of wine; it was a $3000 bottle of a 1959 vintage delivered to the home of Mr. Barry Farrell, the leader of the New South Wales Liberal Party, to congratulate him on his election victory. It came from the chief fund-raiser for the NSW Liberal Party, a Mr. Nick Di Girolamo. Strangely, when Premier Farrell (as he was until the morning of April 16) was questioned before the NSW Independent Commission Against Corruption (ICAC), just two weeks ago, he said he hardly knew Mr. Di Girolamo and he had never received a bottle of wine from him. However, it emerged that they had had quite a lot of meetings over the years and, some months after the Liberal Government was installed, Mr. Di Girolamo was appointed to the board of directors of Sydney's municipal water supply.
There the plot thickens, as major contracts were let that favored a tiny company with no assets which just happened to be run by close friends and business associates of Mr Di Girolamo. These people in turn had been prominent members of the Labor Party Government that the Liberals had defeated. Suffice it so say that the ICAC is delving closely into the details of the twisted dealings of these people and, to their surprise, uncovered a hand-written note from Mr. and Mrs. Farrell to Mr. and Mrs. Di Girolamo, thanking them warmly for the wine. When Mr. Farrell was told of this, he promptly resigned as Premier of NSW.
NEW ORLEANS—The Drug Policy Alliance filed an amicus brief yesterday urging the Louisiana Supreme Court to review the egregious prison sentence of Bernard Noble, a 48-year old man who was sentenced to 13.3 years of hard labor in prison without the opportunity for parole for possessing the equivalent of two marijuana cigarettes.
Noble's original sentencing judge considered the 13 and a third-year sentence egregious and imposed a sentence of five years of hard labor. But the Orleans Parish District Attorney wasn't satisfied with this punishment and appealed the sentence. Ultimately, the district attorney sought and obtained a prison term of close to triple the sentence imposed by the original sentencing judge.
If you've ever watched the TV comedy Seinfeld, you might have seen the episode where Jerry's kooky neighbor Cosmo Kramer takes in some Japanese tourists overnight due to an incident. Kramer convinces the tourists to indulge themselves and blow their 50,000 yen cash on cowboy hats and boots — not realizing that's only a few hundred dollars, causing them to lose their hotel accommodations due to lack of funds. When Kramer borrows extra pillows from Jerry and thanks Elaine for her friend's gift of a chest of drawers, Jerry asks dismayed, "You have them sleeping in drawers?!" Kramer responds, "Jerry, have you seen the business hotels in Tokyo? They sleep in tiny stacked cubicles all the time. They feel right at home."
Absurd but nearly correct. Kramer is referring to the Japanese "kapuseru" or capsule hotels and their efficient use of space for short-term use. These business hotels have been around for over 30 years, and some of the sleeping pods are barely larger than a coffin. While a sleeping pod might be uncomfortable for long-term use, it brings up the point that we don't necessarily need a lot of space to live in. In fact, there's a "tiny home" movement going on in the USA and other places with an emphasis on sustainability — something that we need to take a good hard look at on a wide scale, given the giant economic crisis we're having, and how it's disrupted millions of lives.
The Trials of Muhammad Ali opens with contrasting responses to Muhammad Ali, highlighted by the awkward ceremony in which George W. Bush awarded Ali the Presidential Medal of Freedom.
David Zirin calls The Trials of Muhammad Ali "the best documentary ever made about the most famous draft-resister in human history," situating the documentary against the Will Smith bio-pic and other documentaries. I felt the same tension between trying to recreate Ali and the historical Ali when I watched HBO's Muhammad Ali's Greatest Fight (see my earlier post, Ali: "You must listen to me").
Washington, DC - The annual International Monetary Fund (IMF) and World Bank meetings are focusing on the role of high debt burdens in both global economic recovery and increasing inequality. At the onset of the meetings, the G24 released an IMF statement noting that the IMF's failure to implement quota reform and the outcome of the US Supreme Court Argentina/NML Capital case impacts global inequality.
"The G24 knows that emerging markets have a lot to lose if the Supreme Court decides in favor of the hedge funds and against Argentina," stated Eric LeCompte, Executive Director of Jubilee USA Network, a religious development coalition.
First and foremost I offer my greatest condolences to the family members of those who were apart of the tragedy at Fort Hood this past week, including Ivan Lopez. As a two time veteran of the Iraq war in 2005 and 2006, as an infantryman with the marines, and as well as being a purple heart recipient for a minor shrapnel wound, and having been diagnosed with severe Post Traumatic Stress and two Traumatic Brain Injuries, I must depict my own unhealthy emotions that have risen from the response of this past week's shooting by the officials who have publicly made claims that PTSD is not an issue.
In 2007, as an alcoholic who underwent two rehab treatments before the age of 22 because the only way I could deal with my deployments was by staying drunk, I was discharged from Camp Lejeune and into the civilian populous who had an even lesser understanding of war, the effects of war, or the impact of Post Traumatic Stress. We as veterans of all generations, are trained to go to war and undergo extreme conditions that have a lasting effect on the psyche, and yet it is only now that the VA is beginning to publically recognize that there are severe issues with returned soldiers. I find it interesting that the officials and supporters of war, who have full understanding of this "minor" detail, still have not employed proper tactics for re-integrating back into a non-combatant mentality.
On Wednesday 2 April 2014 the U.S. Supreme took another step toward the destruction of campaign finance reform with a five to four decision known as McCutcheon v. Federal Elections Commission. One gets the feeling that this is part of a general campaign, waged by class-biased, ideologically committed conservatives, against government regulation, which they see as somehow a violation of their constitutional rights. As if to suggest that this is so, the Court majority rationalized their decision in the name of "free speech."
What does this ruling do? First, the ruling removes limitations on overall campaign donations given in an an election cycle. The wealthy can now sit down and write checks to unlimited numbers of candidates and political organizations and thereby make themselves indispensable in an electoral process dependent on the raising of large sums, particularly for television advertising.