Corruption

Greek government authorities are on alert after a union of Greek army reservists of Special Forces issued a statement urging the Greek administration to step down and make way for a national unity government. As Keep Talking Greece notes, the statement on the union' website included 15 demands - including the resignation of the Greek President - and urged people to gather at the infamous Syntagma Square on Saturday. The statement was interpreted by some as a call to a "coup d'etat" - denied by the union - but prompted Greece's Supreme Court to meet to discuss it.

There's growing speculation that China will soon announce an overhaul of its financial system to address increasing risks from escalating debt.

Here is Part Two of our exclusive interview with World Bank Whistleblower Karen Hudes in which I discuss with Ms. Hudes the need to end an immoral fractional reserve banking system that continually drains the wealth of citizens without their consent and without their knowledge.

The high priests of academic and “official” history love a good villain for two reasons:  First, because good official villains make the struggles and accomplishments of good official heroes even more awe-inspiring.  And, second, because nothing teaches (or propagandizes) the masses more thoroughly than the social or political lessons inherent in the documented rise and fall of the world's most despicable inhabitants.  We get shivers of fear and excitement when we discuss the evils and the follies of ancient monsters like Nero, Attila the Hun, Caligula, etc, or more modern monsters, like Mussolini, Stalin Hitler, Goebbels, Mao, Pol Pot, Idi Amin, and so on.  We take solace in the idea that “we are nothing like them”, and our nation has “moved beyond” such animalistic behavior.

In a move that clearly seeks to distance the second largest Swiss bank from potentially "risky" or just not that profitable (read "rich or super rich") accounts, Credit Suisse announced today that it plans to close some clients' accounts as it focuses on high-value customers in some countries and pulls out of others altogether. The development is somewhat ironic: while banks around the world scramble to obtain ultra cheap funding, of which deposits are currently the cheapest alternative, Credit Suisse is saying to people, thanks but no thanks, we don't want your money. Then again, perhaps this is an admirable stance by the bank. It certainly is preferable to CS eagerly accepting every last Swiss Franc only to pull a Cyprus in a few months (indicatively speaking) and "bailing in" said money. It does however pose the question: has CS found an alternative method of funding its assets now that it is actively deleveraging, and if so what, and who is the source?

This one's for you Mom...

With some politicians arguing private prisons help states save money and other politicians arguing the system is rife with corruption, there can be no debate about this basic fact: The private prison system has surged in size since the U.S. began experimenting with private prisons in 1984. Between 1990 and 2009, the inmate population housed in private prisons grew by more than 1,600 percent. As the following infographic suggests the trends are not your friend in this case.

• Triumph Confirms 'Era of Merkelism' (Spiegel)
• Merkel must reach out to leftist rivals after poll triumph (Reuters)
• Norwegian Air says both its Dreamliners hit by technical issues (Reuters)
• Chinese court gives Bo Xilai life sentence (CBS)
• Social Dems Deflect Talk of Merkel Alliance (Spiegel)
• Blasts shake Nairobi mall, smoke pours from building (Reuters)
• Open-Government Laws Fuel Hedge-Fund Profits (WSJ)
• Forbes Calls Goldman CEO Holier Than Mother Teresa (Matt Taibbi)
• BlackBerry move away from consumers unlikely to stem decline (Reuters)
• And another Greek strike: Greek teachers, civil servants to strike against layoffs (Reuters)

Why aren't rising stock markets being greeted with wild celebrations? We think the study of socionomics may offer some clues.

"When Pravda.ru editor, Dmitry Sudakov, offered to publish my commentary, he referred to me as "an active anti-Russian politician for many years." I'm sure that isn't the first time Russians have heard me characterized as their antagonist. Since my purpose here is to dispel falsehoods used by Russia's rulers to perpetuate their power and excuse their corruption, let me begin with that untruth. I am not anti-Russian. I am pro-Russian, more pro-Russian than the regime that misrules you today. I make that claim because I respect your dignity and your right to self-determination. I believe you should live according to the dictates of your conscience, not your government. I believe you deserve the opportunity to improve your lives in an economy that is built to last and benefits the many, not just the powerful few. You should be governed by a rule of law that is clear, consistently and impartially enforced and just. I make that claim because I believe the Russian people, no less than Americans, are endowed by our Creator with inalienable rights to life, liberty and the pursuit of happiness..."

"The government’s bailout plan destroyed capitalism. In a capitalist system, those who stood to gain–and already made off with large gains—would have to bear the risk. The bailouts represented a corruption of capitalism. Crony capitalism violates the spirit of democracy established by the Founding Fathers of the republic known as the United States." - Janet Tavakoli

All of the suffering and hardships the majority of Americans are experiencing today are directly related to the coup pulled off by the crony financial oligarchs in the fall of 2008, and all of the media and political minions that helped them do it. People realize we have become a Banana Republic and they have now lost all hope.

• Fed likely to reduce bond buying, pass policy milestone (Reuters)
• Fall in Home Loans Pushing Fed Away From Taper in Mortgage Bonds (BBG)
• Russia says U.N. report on Syria attack preconceived, political (Reuters)
• China House Price Surge Raises Prospect of Steps to Cool Market (FT)
• Cyprus Plans to Complete End of All Capital Controls... some time in 2014 (FT)
• GOP Reworks Budget Terms (WSJ)
• U.S. Navy was warned that Washington shooter 'heard voices' (Reuters)
• Berlusconi Impeachment Vote Looms (WSJ)
• Ageing could weaken central banks, spur rate volatility (Reuters)

Those aged 18-34 are overwhelmingly in support of the whistle-blowers and hacktivists that are exposing the corruption, illegal activities and cover ups that are rocking our perceptions of "good" and "evil" within our society.

Recent problems in Asia ex-Japan appear solvable. But the time for reform is now if the region's to take the next leap forward in its economic development.

Since 2002 the US government has presided over one of the most dramatic financial bubbles of all time: the bubble of the military-industrial complex. (A few will remember that Dwight Eisenhower warned Americans about this in 1961.) This bubble, like all others, will pop, and it looks to be deflating right now - as we have pointed out vociferously. The amounts of money that have been spent in the past decade can only be characterized as obscene. But the point that really matters is this: Military spending is just part of the bubble. The military-industrial-intelligence-law enforcement complex has only a few choices left in front of it. (Aside from rational things, like giving up their immoral and abusive game.)