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How the Press Gave Madoff Four More Years to Steal His Billions
It’s one of the greatest and most shameful failures in the history of journalism. In the new edition of our newsletter Eamonn Fingleton traces how the Wall Street Journal was handed a precise outline of Madoff’s Ponzi scheme in 2005 and sat on it. The New York Times also passed on chances to nail Madoff. Thousands, poor as well as rich, lost their life savings in consequence. Read Fingleton on how the watchdogs of the Fourth Estate took good care to snooze in their kennels. ALSO in the new edition, Paul Craig Roberts concludes the shortest, sharpest outline of economics ever written with a brilliant essay on the economics of a full, green world. Get your new edition today by subscribing online or calling 1-800-840-3683 Contributions to CounterPunch are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now! CounterPunch books and gear make great presents.
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Today's Stories February 16, 2009 Patrick Cockburn February 13 - 15, 2009 Alexander Cockburn Joshua Frank Mike Whitney George Ciccariello-Maher Nikolas Kozloff Brian M. Downing Paul Craig Roberts Christopher Ketcham Ron Jacobs Dave Lindorff Alan Maass Chuck Spinney Phil Gasper Stephen Lendman Charles Thomson Kathy Sanborn Saul Landau Len Wengraf Harvey Wasserman David Macaray Tom Stephens Seth Sandronsky David Yearsley Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend February 12, 2009 P. Sainath Jean Bricmont Michael Hudson Peter Lee Dave Lindorff February 11, 2009 Neve Gordon Peter Morici Andy Worthington Marjorie Cohn Fred Gardner Niranjan Ramakrishnan Zoe Blunt Belén Fernández Martha Rosenberg Website of the Day Blues of the Day
February 10, 2009 Kathy Kelly Nikolas Kozloff Uri Avnery Michael J. Berg Russell Mokhiber Joe Bageant Gareth Porter Dave Lindorff Rannie Amiri Harvey Wasserman Niranjan Ramakrishnan Website of the Day February 9, 2009 Vicente Navarro Paul Craig Roberts Julio Sanchez / National Lawyers Guild Jonathan Cook Alana Smith Binoy Kampmark Sam Bahour Nicole Colson Ron Jacobs Website of the Day February 6-8, 2009 Alexander Cockburn Ishmael Reed James Abourezk William Blum Patrick Cockburn Henry A. Giroux Manuel Garcia, Jr. Mouin Rabbani David Yearsley Saul Landau Jules Rabin Raymond J. Lawrence Janette Habel Dave Lindorff Missy Beattie Dale Gieringer John Ross Richard Rhames Bob Wing Robert Bryce David Macaray James L. Secor Jason Flom / Norm Kent Kim Nicolini Lorenzo Wolff Poets' Basement Website of the Weekend February 5, 2009 Michael Mandel Saul Landau / Ralph Nader Robert Bryce Russell Mokhiber Sameh Habeeb / Dave Lindorff Carmelo Ruiz-Marrero George Ochenski Website of the Day February 4, 2009 Arno J. Mayer Paul Craig Roberts Patrick Cockburn Jonathan Cook Fred Gardner Stan Cox Margaret Kimberley Lawrence Velvel Dave Lindorff Doug Giebel Serge Quadruppani Website of the Day February 3, 2009 David Price Bill Moyers Kirkpatrick Sale Conn Hallinan Peter Morici George Ciccariello-Maher Muhammad Idrees Ahmad Allan Nairn Norman Solomon David Macaray Website of the Day February 2, 2009 Uri Avnery Ralph Nader Gareth Porter Paul Craig Roberts Harvey Wasserman Rannie Amiri Cal Winslow Steve Early Alan Farago Diane Farsetta January 30 / February 1, 2009 Alexander Cockburn Michael Hudson Ismael Hossein-Zadeh Dave Lindorff Saul Landau Andy Worthington Subcomandante Marcos Robert Jensen Ron Jacobs Gareth Porter Allan Nairn Laura Carlsen Rev. William E. Alberts Christopher Brauchli Jules Rabin Col. Dan Smith Missy Beattie Tom Barry J. Michael Cole Manuel Garcia, Jr. Dan Bacher David Rosen Don Monkerud Binoy Kampmark Lorenzo Wolff David Yearsley Poets' Basement January 29, 2009 Peter Linebaugh Paul Craig Roberts Riz Khan M. Reza Pirbhai Wajahat Ali Gregory Vickrey Dina Jadallah-Taschler Alison Weir Alan Farago Walter Brasch Website of the Day
January 28, 2009 Norman Finkelstein Noam Chomsky Patrick Cockburn Rob Larson George Wuerthner Allan Nairn M. Junaid Stefan Simanowitz Charles R. Larson Website of the Day January 27, 2009 Winslow T. Wheeler Yigal Bronner / Joshua Frank Jordan Flaherty Ralph Nader Rev. José M. Tirado Benjamin Dangl Russell Mokhiber Martha Rosenberg C. G. Estabrook Website of the Day January 26, 2009 Paul Craig Roberts Deepak Tripathi Vijay Prashad Peter Lee Allan Nairn Uri Avnery John Sayen Dave Lindorff Lawrence R. Velvel David Macaray Roger Burbach Norman Solomon Website of the Day January 23 / 25, 2009 Alexander Cockburn P. Sainath Patrick Cockburn Saul Landau Sasan Fayazmanesh Alan Farago Christopher Brauchli Andy Worthington Ron Jacobs Lawrence Velvel Henry A. Giroux David Yearsley Raymond F. Gustavson Dave Lindorff Roberto Rodriguez Dina Jadallah-Taschler Fidel Castro J. Michael Cole Bob Fitrakis / Ramzy Baroud Mohammad Ali Shabani Richard Rhames Stephen Martin Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend January 22, 2009 Paul Craig Roberts Kathy Kelly Allan Nairn Lawrence Velvel Andy Worthington Peter Morici Joseph G. Davis Adriana Kojeve Benjamin Dangl Website of the Day January 21, 2009 Gabriel Kolko Harry Browne Michael Colby Lawrence R. Velvel Audrey Stewart Wajahat Ali Binoy Kampmark David Kεr Thomson John Ross Allan Nairn Sheldon Richman Website of the Day January 20, 2009 Chuck Spinney Kathy Kelly Raymond Deane Ralph Nader Audrey Stewart Jonathan Cook Harvey Wasserman Christopher Ketcham Robert Jensen Dave Lindorff David Macaray |
February 16, 2009 Chavez and the Washington PostVenezuela Ends Term LimitsBy PATRICK IRELAN Venezuelan voters have approved a referendum that ends term limits for the president and all other elected officials. Fifty-four percent of those who took part voted in favor of the measure Sunday. The Washington Post, in its colorful fashion, stated the matter like this: “President Hugo Chávez persuaded Venezuelans today to end term limits through a referendum that allows him to rule far into the 21st century to complete his socialist transformation of this oil-rich country.” Chávez is already 54 years old. If he rules for another 20 or 30 years, “far into the 21st century,” he’ll be older than John McCain and won’t remember how many houses he owns. The Post went on to say that “Chávez took office in 1999 and has since amassed overwhelming control over virtually every government institution.” This statement is a gross exaggeration, but reporter Juan Forero probably had to skip lightly over the truth to meet a deadline. He also failed to state that the referendum ended term limits for all elected officials and is likely to turn the National Assembly into a geriatric ward. With only one exception, the major newspapers in Caracas always go well beyond the timid Post when expressing their contempt for President Chávez. El Universal stated that 54.36 percent of the voters “endorsed President Hugo Chávez's proposal to amend the Constitution in order to establish endless reelection of all elected officials.” In other words, from now on it’s automatic. According to the Constitution, once you’re in, you’re in forever. That’s how it works in the U.S. Senate. Why not do the same in Venezuela? At El Universal, the Cold War never ended and never will. Consider the first sentence from an editorial called “Communism,” dated September 09, 2008: “Venezuela is sliding down the steady slope toward the dictatorial communist life of Cuba.” Moreover, “The authorities insist that its iron-fisted rule reflects the will of the people. True, millions of Venezuelans appear to be going along with whatever the government demands out of fear, complacency or neglectfulness.” At this point, I feel the need to suggest that millions of Venezuelans may not really be fearful, complacent, or neglectful. I think that millions of people favor the policies of Hugo Chávez and the United Socialist Party of Venezuela (PSUV) because socialism has improved their lives. In February of this year, the Center for Economic and Policy Research (CEPR) released a study of the first 10 years of the Chávez administration. Mark Weisbrot, Rebecca Ray, and Luis Sandoval wrote this report, which is called “The Chávez Administration at 10 Years: The Economy and Social Indicators.” I’ll list only a few of the details from this study. “During the current economic expansion, the poverty rate has been cut “From 1998-2006, infant mortality has fallen by more than one-third. The number of primary care physicians in the public sector increased 12-fold from 1999-2007, providing health care to millions of Venezuelans who previously did not have access.” “There have been substantial gains in education, especially higher education, where gross enrollment rates more than doubled from 1999-2000 to 2007-2008.” “The labor market also improved substantially over the last decade, with unemployment dropping from 11.3 percent to 7.8 percent. During the current expansion it has fallen by more than half. Other labor market indicators also show substantial gains.” I’ll stop there. I realize that many readers have an aversion to statistics. But the point of these and many other statistics is that the Bolivarian Revolution in Venezuela is working. It has decreased poverty while improving health care, education, employment, and other opportunities for the common people. That’s why 54 percent of the population voted in favor of abolishing term limits. The evidence in this report is not part of a conspiracy launched by Hugo Chávez and the PSUV. The CEPR is a nonpartisan think tank located in Washington, D.C. Its advisory board includes Nobel Laureate economists Robert Solow and Joseph Stiglitz; plus Janet Gornick, Professor at the CUNY Graduate School and Director of the Luxembourg Income Study; Richard Freeman, Professor of Economics at Harvard University; and Eileen Appelbaum, Professor and Director of the Center for Women and Work at Rutgers University. Venezuela is blessed with large reserves of oil, and Chávez has increased the country’s revenues by raising the amount foreign oil companies must pay to extract that oil. Critics of Chávez and the PSUV say that the current recession in North America and elsewhere has caused a decline in the price of oil and will put an end to the successes of the last 10 years. But Venezuela has $82 billion in reserves and can survive an occasional decline in the price of oil. Oil prices have gone up and down in the past and will continue to do so in the future. In addition, the Venezuelan economy is not entirely dependent on oil. Mining, manufacturing, agriculture, and other enterprises also contribute to economic growth. Critics also blame the country’s inflation on Chávez. Inflation presently hovers at around 30 percent per year. But the CEPR study points out that this figure is about the same as it was 10 years ago when Chávez was first elected. Like any other country, Venezuela has many problems. The present government is doing more than any other in recent memory to improve the lives of the poor majority while defending the rights of the wealthy minority. It helps no one to pretend that the Bolivarian Revolution will follow the same path as the Cuban Revolution. History is far more complicated than that. And it verges on criminality when the Washington Post claims that Hugo Chávez is an authoritarian leader. Where was the Post when the Bush-Cheney autocrats attacked Afghanistan and Iraq, kidnapped and tortured both soldiers and civilians, denied American citizens their constitutional rights, and applauded loudly when Pedro Carmona and a squad of Venezuelan generals launched a coup against Hugo Chávez, the democratically elected president of the Bolivarian Republic of Venezuela? Fortunately, other Venezuelan military officers did not approve of treason. And patriotic citizens of Venezuela came down from the barrios and demanded to have their president returned to office. Those heroes saved their democracy from the kind of fascism that devastated Chile, and Pedro Carmona—who held the office of president for only 48 hours—will be forever remembered as “Pedro the Brief.” Patrick Irelan is a retired high-school teacher. He is the author of A Firefly in the Night (Ice Cube Press) and Central Standard: A Time, a Place, a Family (University of Iowa Press). You can contact him at pwirelan43@yahoo.com.
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