Portside

The saga of Mary Virginia Farmer; Obama overcomes; Trump's triumph; Popping bubbles; Indian voting rights; KonMari

Sanders believes that the repeal of Glass-Steagall in 1999 led to the formation of banks that became “too big to fail,” contributed to the financial crisis in 2008—and will lead to another crisis without corrective legislation. And he has a strong argument, one that can be effectively made using Citigroup, the two-century old bank that has a history of wreaking havoc on itself and the economy when it mixes commercial banking with with investment banking.

 The Panama Papers reveal the widespread use of shell corporations in the British Virgin Islands, the Seychelles in the Indian Ocean, and Panama. Historically, North American investors prefer tax havens in the Caribbean or Panama, with an estimated 54 percent of offshore investments going to those areas.   The release of the Panama Papers should give a strong boost to US and global campaigns to crack down on these global secrecy jurisdictions and practices.

Response to Ethan Young, 2016 is Unique. https://portside.org/2016-04-02/not-chicago-1968-berlin-1932-2016-unique

By the year 2000, the government ran on ever-larger deficits. It all came to a screeching halt in 2014, when Puerto Rico’s debt was degraded to junk status and the island was effectively shut out of the financial markets. The fiscal and economic predicament has had a devastating impact on the working and middle classes.

The debate this election cycle about how to shore up the American middle class and the longer-term worry that automation will chip away at the labor market both miss a more proximate and pressing reality: knowledge work, including tech jobs, are already being shipped overseas. What happened to manufacturing jobs a generation ago is now being repeated in the knowledge economy, linking the fates of the professional class and the working class together.

From retired Air Force Lieutenant Colonel William Astore, a powerful portrait of how, in the decades after the Vietnam War, a post-democratic U.S. military became a reality and of the kind of permanent war making it freed Washington to be involved in. It couldn’t be a more vivid account of the ways in which such a military encouraged privatization, cashing in, and secrecy as a way of life and how that way of life rose to such prominence and power in Washington.

The world is currently transfixed by the spectacle of American elections. This contest matters. It is the election for the most powerful leader in the Western world, and some - like the Economist Intelligence Unit - regard Donald Trump as a major risk to global prosperity and stability. As citizens of one of the world’s oldest democracies, Americans like to think that the United States provides an influential role model for how elections should run in other countries.

The proposals to “build a wall” and “deport them all” that have animated this election season are quite fantastical. And then there’s the irony that such plans come from a political party that has long criticized government spending and waste. On wasting money, we’re talking textbook cases here.

In March 2016 the U.S. Department of Justice announced a powerful new effort to stop local practices that unfairly target poor people by trapping them in “cycles of poverty that can be nearly impossible to escape.” Courts across the country are requiring people arrested with minor misdemeanor charges—like driving with a suspended license—to pay fines before getting their day in court. If they can’t afford the fine, they are forced to wait behind bars until they can.