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Through [Macune’s] sub-treasury system, the federal government would underwrite the cooperatives by issuing greenbacks to provide credit for the farmer’s crops, creating the basis of a more flexible national currency in the process; the necessary marketing and purchasing facilities would be achieved through government-owned warehouses, or “sub-treasuries”, and through federal sub-treasury certificates paid to the farmer for his produce – credit which would remove furnishing merchants, commercial banks, and chattel mortgage companies from American agriculture. The sub-treasury “certificates” would be government-issued greenbacks, “full legal tender for all debts, public and private”…
North Dakota broke new ground nearly a century ago, but the true potential of publicly-owned banks remains to be explored. Nearly all of our money today is created by banks when they extend loans. We the people have given away our sovereign money-creating power to private, for-profit lending institutions, which have used it to siphon wealth from the productive economy. If we were to take that power back, we could generate the credit we need to underwrite a whole cornucopia of projects that we don’t even consider because we think we lack the “money.” We have the labor and we have the materials; we just lack the “liquidity” necessary to put them together to create products and services.
WikiLeaks receives about thirty submissions a day, and typically posts the ones it deems credible in their raw, unedited state, with commentary alongside. Assange told me, “I want to set up a new standard: ‘scientific journalism.’ If you publish a paper on DNA, you are required, by all the good biological journals, to submit the data that has informed your research—the idea being that people will replicate it, check it, verify it. So this is something that needs to be done for journalism as well. There is an immediate power imbalance, in that readers are unable to verify what they are being told, and that leads to abuse.” Because Assange publishes his source material, he believes that WikiLeaks is free to offer its analysis, no matter how speculative…..
Assange does not believe that the military acts in good faith with the media. He said to me, “What right does this institution have to know the story before the public?”…….
In some respects, Assange appeared to be most annoyed by the journalistic process itself—“a craven sucking up to official sources to imbue the eventual story with some kind of official basis,” as he once put it. WikiLeaks has long maintained a complicated relationship with conventional journalism. When, in 2008, the site was sued after publishing confidential documents from a Swiss bank, the Los Angeles Times, the Associated Press, and ten other news organizations filed amicus briefs in support. (The bank later withdrew its suit.) But, in the Bunker one evening, Gonggrijp told me, “We are not the press.” He considers WikiLeaks an advocacy group for sources; within the framework of the Web site, he said, “the source is no longer dependent on finding a journalist who may or may not do something good with his document.”
Assange, despite his claims to scientific journalism, emphasized to me that his mission is to expose injustice, not to provide an even-handed record of events. In an invitation to potential collaborators in 2006, he wrote, “Our primary targets are those highly oppressive regimes in China, Russia and Central Eurasia, but we also expect to be of assistance to those in the West who wish to reveal illegal or immoral behavior in their own governments and corporations.” He has argued that a “social movement” to expose secrets could “bring down many administrations that rely on concealing reality—including the US administration.”
This information has reform potential. And the information which is concealed or suppressed is concealed or suppressed because the people who know it best understand that it has the ability to reform. So they engage in work to prevent that reform . . . .
There are reasons I do it that have to do with wanting to reform civilization, and selectively targeting information will do that — understanding that quality information is what every decision is based on, and all the decisions taken together is what “civilization” is, so if you want to improve civilization, you have to remove some of the basic constraints, which is the quality of information that civilization has at its disposal to make decisions. Of course, there’s a personal psychology to it, that I enjoy crushing bastards, I like a good challenge, so do a lot of the other people involved in WikiLeaks. We like the challenge.
He had come to understand the defining human struggle not as left versus right, or faith versus reason, but as individual versus institution. As a student of Kafka, Koestler, and Solzhenitsyn, he believed that truth, creativity, love, and compassion are corrupted by institutional hierarchies, and by “patronage networks”—one of his favorite expressions—that contort the human spirit. He sketched out a manifesto of sorts, titled “Conspiracy as Governance,” which sought to apply graph theory to politics. Assange wrote that illegitimate governance was by definition conspiratorial—the product of functionaries in “collaborative secrecy, working to the detriment of a population.” He argued that, when a regime’s lines of internal communication are disrupted, the information flow among conspirators must dwindle, and that, as the flow approaches zero, the conspiracy dissolves. Leaks were an instrument of information warfare.
Assange is an international trafficker, of sorts. He and his colleagues collect documents and imagery that governments and other institutions regard as confidential and publish them on a Web site called WikiLeaks.org. Since it went online, three and a half years ago, the site has published an extensive catalogue of secret material, ranging from the Standard Operating Procedures at Camp Delta, in Guantánamo Bay, and the “Climategate” e-mails from the University of East Anglia, in England, to the contents of Sarah Palin’s private Yahoo account. The catalogue is especially remarkable because WikiLeaks is not quite an organization; it is better described as a media insurgency. It has no paid staff, no copiers, no desks, no office. Assange does not even have a home. He travels from country to country, staying with supporters, or friends of friends—as he once put it to me, “I’m living in airports these days.” He is the operation’s prime mover, and it is fair to say that WikiLeaks exists wherever he does. At the same time, hundreds of volunteers from around the world help maintain the Web site’s complicated infrastructure; many participate in small ways, and between three and five people dedicate themselves to it full time. Key members are known only by initials—M, for instance—even deep within WikiLeaks, where communications are conducted by encrypted online chat services. The secretiveness stems from the belief that a populist intelligence operation with virtually no resources, designed to publicize information that powerful institutions do not want public, will have serious adversaries……
Assange also wanted to insure that, once the video was posted online, it would be impossible to remove. He told me that WikiLeaks maintains its content on more than twenty servers around the world and on hundreds of domain names. (Expenses are paid by donations, and a few independent well-wishers also run “mirror sites” in support.) Assange calls the site “an uncensorable system for untraceable mass document leaking and public analysis,” and a government or company that wanted to remove content from WikiLeaks would have to practically dismantle the Internet itself……..
As it now functions, the Web site is primarily hosted on a Swedish Internet service provider called PRQ.se, which was created to withstand both legal pressure and cyber attacks, and which fiercely preserves the anonymity of its clients. Submissions are routed first through PRQ, then to a WikiLeaks server in Belgium, and then on to “another country that has some beneficial laws,” Assange told me, where they are removed at “end-point machines” and stored elsewhere. These machines are maintained by exceptionally secretive engineers, the high priesthood of WikiLeaks. One of them, who would speak only by encrypted chat, told me that Assange and the other public members of WikiLeaks “do not have access to certain parts of the system as a measure to protect them and us.” The entire pipeline, along with the submissions moving through it, is encrypted, and the traffic is kept anonymous by means of a modified version of the Tor network, which sends Internet traffic through “virtual tunnels” that are extremely private. Moreover, at any given time WikiLeaks computers are feeding hundreds of thousands of fake submissions through these tunnels, obscuring the real documents. Assange told me that there are still vulnerabilities, but “this is vastly more secure than any banking network.”
As many households and small businesses are being turned away by bank loan officers, large corporations are borrowing vast sums of money for next to nothing — simply because they can.
Companies like Microsoft are raising billions of dollars by issuing bonds at ultra-low interest rates, but few of them are actually spending the money on new factories, equipment or jobs. Instead, they are stockpiling the cash until the economy improves.
The development presents something of a chicken-and-egg situation: Corporations keep saving, waiting for the economy to perk up — but the economy is unlikely to perk up if corporations keep saving.
This situation underscores the limits of Washington policy makers’ power to stimulate the economy. The Federal Reserve has held official interest rates near zero for almost two years, which allows corporations to sell bonds with only slightly higher returns — even below 1 percent. But most companies are not doing what the easy monetary policy was intended to get them to do: invest and create jobs.
The Fed’s low rates have in fact hurt many Americans, especially retirees whose incomes from savings have fallen substantially. Big companies like Johnson & Johnson, PepsiCo and I.B.M. seem to have been among the major beneficiaries……
That is part of what has become the great question of this long, jobless recovery: When will corporate America start to feel confident enough to put its cash to work, building factories and putting some of the nation’s 14.9 million unemployed to work?
Businesses are holding on to their protective cash cushions, worried perhaps that the economy could slip back into recession or at least grow too lethargically to make an investment worthwhile.
The nation’s corporations will be strong, well capitalized and ready to act aggressively when executives finally decide it is time to expand their businesses……
In addition, many of the new machines and computers may be replacing older machines companies put off retiring in the recession. Businesses are playing catch-up, and little expansion is occurring.
“They may actually be using this new investment to be more efficient and cut jobs,” said Michael Gapen, an economist at Barclays Capital. “The mix of signals right now is still telling corporations to sit tight and wait.”
“If enacted, Brown-Kaufman would have broken up the six biggest banks in America,” a senior Treasury official said. “If we’d been for it, it probably would have happened. But we weren’t, so it didn’t.”
“If enacted, Brown-Kaufman would have broken up the six biggest banks in America,” a senior Treasury official said. “If we’d been for it, it probably would have happened. But we weren’t, so it didn’t.”
“If enacted, [a real CFPA] would have [imposed real restrictions on] the six biggest banks in America,” a senior Treasury official said. “If we’d been for it, it probably would have happened. But we weren’t, so it didn’t.”
“If we’d been for it, it probably would have happened. But we weren’t, so it didn’t.”
The founder of Tradebot, in Kansas City, Mo., told students in 2008 that his firm typically held stocks for 11 seconds. Tradebot, one of the biggest high-frequency traders around, had not had a losing day in four years, he said.
The Federal Reserve’s single largest intervention to prop up the American economy, its $1.25 trillion program to buy mortgage-backed securities, came to a long-anticipated end on Wednesday.
The program has been credited with holding mortgage interest rates at near-record lows and slowing the nationwide decline in home prices that threatened to send the economy into an extended slump.
Demand for mortgage bonds had been frozen since the federal takeover of Fannie Mae and Freddie Mac, the giant mortgage-finance companies, in September 2008. “We were in a deflationary spiral, causing mortgages to go underwater, more foreclosures and a further decline in housing prices,” said Susan M. Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania. “The potential maelstrom of destruction was out there, bringing down not only the housing market but the overall economy. That’s what was stopped.”
She called the Fed’s mortgage purchases “the single most important move to stabilize the economy and to prevent a debacle.”
“Financial markets have improved considerably over the last year, and I am hopeful that mortgages will remain highly affordable even after our purchases cease,” Janet L. Yellen, the president of the Federal Reserve Bank of San Francisco, said in a speech on March 23. “Any significant run-up in mortgage rates would create risks for a housing recovery.”
Ms. Yellen is President Obama’s choice to be the next vice chairwoman of the Fed, after Donald L. Kohn retires in June, but she has not been formally nominated.
A major factor in that recovery was the government’s announcement last December that it would guarantee debts owed by and securities issued by Fannie and Freddie, according to David Crowe, chief economist at the National Association of Home Builders.
While the future of the two mortgage-finance entities remains uncertain, the government backing has been particularly reassuring for foreign investors, including the Chinese and Japanese central banks, that hold securities based on mortgages originated in the United States, Mr. Crowe said.