Review: Leverage – How Cheap Money Will Destroy the World

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Karl Denninger
5.0 out of 5 stars STRONG FIVE – Original, Award-Winning, Major Contribution, February 5, 2012

On the very last page of the book I learn that the author received the Reed Irvine Accuracy in Media Award for Grassroots Journalism, for his coverage of the 2008 market meltdown. This confirms my own already formed very high estimation of the author and his work. In fact, although I normally do links at the end of the review, let me open with some other books that are world-class and within which I place this work as comparable:

The Battle for the Soul of Capitalism
The Soul of Capitalism: Opening Paths to a Moral Economy
Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History
SAVAGE CAPITALISM AND THE MYTH OF DEMOCRACY: Latin America in the Third Millennium
Democracy Incorporated: Managed Democracy and the Specter of Inverted Totalitarianism (New in Paper)

Here is the author’s three-line conclusion to the longer chapter that ends the book (my own notes in parenthesis):

01 Federal and state governments KNEW what was going on, and are COMPLICIT. (This introduces me to the reality of “control fraud,” where the government commits impeachable acts that are not sanctioned; I also learn in this book that when Congress passes laws it does not include sanctions for failure by the GOVERNMENT to uphold those laws.)

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Feb 5

Review: Anyone That Works for a Living and Votes Republican is an Idiot

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Clyde Coughenour

5.0 out of 5 stars Alternative Perspective, Very Naive on US Reality, January 30, 2012

I *like* this book. I’ve been running for the Reform Party nomination for President (there were three of us, now there are two, and I might drop out soon if I get a federal job and the Hatch Act kicks in). I mention that mostly to emphasize that everything I have learned in the six weeks I’ve been registered with the Federal Elections Commission (FEC ID C00507756) is relevant to the second half of my review. This book came to my attention via a press clipping service that helps me follow any mention of a third party — this book calls for a new third party Of, By, and For Workers — we used to call that Communism (just kidding), but seriously, the last part of my review is a pitch for what workers should do if they really want to take charge, as workers finally did in Norway and Sweden (it took them 25 years).

I would normally rate this book at four stars, there is a lot missing, but I have to say that in terms of earnest honest patriotic down-to-earth common sense and indisputable pro-labor attitudes, this book is solid, so I am putting it at five stars and linking below to some books that add the missing “weight” to this read. My reviews of all of the books I list are summary in nature, to help those with little time or little money.

The book is scattered, providing snapshots of all of the issues, showing very clearly where neither party, but especially the Republicans, can be trusted to look out for workers. Politics is theater–nothing is decided in the open, the real deals are behind closed doors and the taxpayer ALWAYS loses. I certainly give the book high marks for distilling a very complicated corrupt mess into a simplified structure, and I totally agree with the author that there are no reliable statistics from the government or corporations, but let me give you three that matter:

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Jan 30

Review (Guest): ECONned – How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

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Yves Smith

5.0 out of 5 stars ECONNED,March 3, 2010

M. M. Thomas (Brooklyn) – See all my reviews

I’ve written quite a bit about the financial crisis, and God knows I’ve read nearly every book on the subject, and I have no hesitation in saying that if there is one book that gets it whole, and gets it right, and is THE book for the intelligent, thoughtful reader to turn to, it is ECONNED. This is not an anecdotal recitation of deal gossip (like, for example, Sorkin’s book); it’s not “source-based” journalism reflective of the way certain participants in the dire events that unfolded in 2007-2009 wish themselves to be seen. It lays out, in what is easily as clear, as direct, as smart and with as much force of fact as any financial writing today how exactly the fun and games that have nearly wrecked our economy and the lives of so many of us went down. Yves Smith is, unlike so many other writers feeding off the crisis, writing about it from the inside: with an unfailing grasp of where the details (where the devil lurks) fit into the larger pattern of financial perfidy and destruction, in this Doomsday Machine that Wall Street put together. The intelligent reader will understand that if you want to know why you’re suffering from acute ptomaine, you have to understand what went into the sausage you got it from. And then you have to be made to see plain the kind of restaurant or market that serves up this toxic offal. And then the regulatory failures that allow such places to be licensed. We have undergone one of the great crises in this nation’s history. It needs to be seen plain and understood. Deadline-driven blahblahblah won’t get the job done. But ECONNED does. I cannot recommend it highly enough.

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Jan 23

Review (Guest): Corporations Are Not People – Why They Have More Rights Than You Do and What You Can Do About It

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Jeffrey D. Clements

5.0 out of 5 stars It’s Worse Than We Thought But More Easily Fixed Than We Imagined,January 8, 2012

David C N Swanson (Charlottesville VA United States) – See all my reviews<

This book should mainstream the campaign to end corporate personhood.

Clements traces the development of the legal doctrine of corporate personhood back long before the Supreme Court’s Citizens United decision two years ago this month, in particular to President Richard Nixon’s appointment of Lewis Powell to the Supreme Court in 1972. Led by Powell’s radical new conception of corporate rights, Clements shows, the court began striking down laws that protected living breathing persons’ rights in areas including the environment, tobacco, public health, food, drugs, financial regulation, and elections.

In 1978 the Supreme Court ruled that corporations had speech rights that prevented banning their money from an election, a conclusion that might have been nearly incomprehensible a decade earlier before the U.S. Chamber of Commerce and various corporate foundations began filling our public discourse with phrases like “corporate speech.” In 1980 Congress forbade the Federal Trade Commission from protecting children or students from junk food advertising and sales. In 1982 corporate speech rights in the U.S. Supreme Court overturned a state law that had attempted to block energy companies from promoting greater energy consumption. In the 1990s, the Monsanto corporation, whose genetically engineered drug was banned in many countries, won the right to include it in milk in the United States and the “right not to speak,” thereby overturning a law requiring that milk be labeled to indicate the drug’s presence.

Decision after decision has extended corporate rights to a position of priority over actual human rights on everything from food and water and air to education and healthcare and wars. The ground has shifted. In 1971 Lewis Powell argued on behalf of the cigarette companies that they had a corporate person’s right to use cartoons and misleading claims to get young people hooked on nicotine, and he was laughed out of court. In 2001, the Supreme Court struck down a state law banning cigarette ads within 1,000 feet of schools and playgrounds. The reason? The sacred right of the corporate person, which carries more weight now than the rights of the people of a community to protect their children … er, excuse me, their “replacement smokers.”

And why do corporate rights carry so much weight? One reason is that, as Clements documents and explains, “transnational corporations now dominate our government” through election spending. This is why a civilized single-payer health coverage system like those found in the rest of the wealthy nations of the world is not “practical.” This is why cutting military spending back to 2007 levels would mean “amageddon” even though in 2007 it didn’t. This is why our government hands oil corporations not only wars and highways but also massive amounts of good old money. This is why we cannot protect our mountains or streams but can go to extraordinary lengths to protect our investment bankers.

“Since the Citizens United decision in 2010,” Clements writes, “hundreds of business leaders have condemned the decision and have joined the work for a constitutional amendment to overturn expanded corporate rights.” You might not learn this from the corporate media, but there is a widespread and growing mainstream understanding that abuse by oversized mega-corporations has been disastrous for ordinary businesses as well as communities, families, and individuals. Clements’ turns out to be a pro-business, albeit anti-U.S. Chamber of Commerce, book.

And what can be done? We can build an independent, principled, and relentless Occupy movement and include as a central demand the amending of the U.S. Constitution to end corporate personhood. Clements’ book offers a draft amendment, a sample resolution, a collection of frequently asked questions (and answers), a list of organizations, websites, resources, books, and campaigns.

This is doable, and it is what we should do this election year so that in future election years we might actually have elections.

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Jan 9

Event: Jan 20, 2012 – Occupy the Courts!

Comment: For those in NYC who are interested, visit this event webpage and this flyer (front & back) + Twitter and Facebook.

Also See:

Event: Jan 21, 2012 – Occupy the Corporations!

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Dec 7

Review: Delusional Democracy – Fixing the Republic Without Overthrowing the Government [

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Joel Hirschhorn (Author)

4.0 out of 5 stars Needs Updating, A Fine Start, Some Serious Mis-Steps,November 25, 2011

This is an important book, one of many about the downfall of democracy in the USA with some suggestions for action that are a mix of great ideas, out of date items, and a couple, such as Instant Run-Off, that I also fell prey to and have now been corrected on by the crowd-sourcing of the Electoral Reform Act of 2012 (easy to find online).

First off, the author was well-ahead of his time and this book joins four books in particular:

Grand Illusion: The Myth of Voter Choice in a Two-Party Tyranny
Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It
Breach of Trust: How Washington Turns Outsiders Into Insiders
The Broken Branch : How Congress Is Failing America and How to Get It Back on Track (Institutions of American Democracy)

Here is what the author himself summarizes as the key changes we need to make–I agree that Electoral Reform is the ONE THING that we can all agree on, but he has not availed himself of all of the expertise possible as I have in my open call for input, so we each lose one star–I wrote a book that was not focused on solutions, and he has written a book that needs to be updated and fleshed out.

A number of electoral reforms are necessary to rescue American democracy:

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Nov 25

Review: This Changes Everything

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Sarah van Geider et al.

4.0 out of 5 stars Annoying, But Recommended,November 18, 2011

As someone who has been following the Occupy movement since 17 September, and whose informal video (done by someone else) went viral from the front page of Reddit, I have a deep–very deep–interest in seeing Occupy achieve tangible results. I have intimately engaged with both the plethora of “demands” and the internal divisions among everyone from the anarchists to the free-riders.

This book is annoying because it is just a bit too slick and opportunistic for my taste. Use Inside the Book to see what you are getting. It is priced very reasonably (and cheaper if bought directly from YES Magazine) and it certainly deserves to be in any library intent on capturing as much about the Occupy movement as possible, but this is not a world-changing book nor does it actually help Occupy get anywhere specific.

In fairness, though, consider visiting the YES book sale site for paragraphs on each of the ten ways YES believes Occupy has changed everything; I will only list the ten blurbs without debating their merits.

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Nov 18

Reference: The Privatization [Corruption] of Democracy – Honoring & Documenting the Work of Eva Waskell

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Gordon Cook

I am honored that Eva Waskell has entrusted me to present The Privatization of Our Democracy, a work that I regard as her Profile in Courage. For 25 years she has labored to correct what is possibly the most significant public policy failure of the computer age—the privatization of vote counting carried out under the rationale that computers are simply automatic calculators that can tabulate votes more cost effectively than old analogue machines. I have known her for 19 of those years.

. . . . . .

People think they know that something is wrong with the way elections are conducted in this country.  They are correct. There is. But readers only now will get access to a full history of the abuse of public trust by the elected politicians of the United States of America. That’s a large claim to make, but see for yourself.

Click on Image to Enlarge

I believe that there are multiple publications here in what Eva has to say. The scholarly monograph. An Elections for Dummies paperback. A paperback of humorous tabby cat photos where the kitties are running elections.  Eva is a national treasure and I am proud to be able to use the Internet to make her story known. Fortunately, there are many, many public spirited citizens left.

Full Report (PDF 160 Pages)

Cook Report Home

Table of Contents and Selected Quotes Below the Line –

A SPECTACULAR Piece of Work

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Nov 6

Worth a Look: Globalization Pain, Local Resilience

The first book is important because it points out the fact that globalization has been the economic equivalent of the world putting all its eggs in one basket. The imminent collapse of all national currencies will make that abundantly clear. Countries need to strive harder for self-sufficiency, sustainability, and renewability in order to avoid these kind of global economic wildfires in the future.

The second book is important because when national currencies fail, local currencies will have to be created in order to facilitate the resurrection of local economies. Only *local* economies and currencies will be able to prime the financial pumps of  *national* economies and currencies, which in turn are essential for *international trade*, which in turn is essential for most *urban economies*. This is bootstrap economics. It puts the power back in local hands and takes it out of the hands of “Wall-shington Street.” (to coin a new phrase)

Most “first world” countries cannot sustain themselves without outside resources. Japan is perhaps the most extreme example. But all countries need to find ways to become as self-sustaining as possible. Self-suffiecincy and local currencies are the only things that can provide firewalls to prevent economic wildfires from spreading around the globe and wiping out every economy at once—–the downside to globalization.

The Titanic sank because the watertight compartments didn’t go all the way up to the top deck. Water was able to spill over and sink the whole ship. It’s the same principle with globalization as it now exists. The first book describes the problem and the second one offers a locally-based solution to the problem (at least in regard to currencies). The second book, therefore, can be of value whether or not the crash happens. If it happens, it will provide a solution. If it doesn’t, it will provide a means for local economies to free themselves from the investment bankers of “Washing-Wall Street.”

Tip of the Hat to Bob Saunders.

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Nov 2

Review: What Comes After Money?

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Daniel Pinchbeck and Ken Jordan (eds.)

5.0 out of 5 stars Forward-Thinking, Relevant to #OWS, Brilliant Sparks, October 22, 2011

This book is one of at least four that I would suggest are essential reading for any citizen in the aftermath of #OccupyWallStreet (now shortened to #OWS). The other three are:

Extreme Democracy
The Innovator’s Manifesto: Deliberate Disruption for Transformational Growth
Sacred Economics: Money, Gift, and Society in the Age of Transition

This book is a spin-off from Reality Sandwich, an online creative blog founded by one of the contributing editors of this book. Billed as evolving consciousness one bite by bite, it offers a melange of forward thinking. Since I am a book person by nature (a digital immigrant), I particularly appreciate “best of the best” rendered in a value-added book form.

Twenty-two contributors focus on transforming currency and community with consciousness being the implicit third leg of the stool.

Everything here was written well in advance of #OWS, but as with the other three books I recommended above, could easily be adopted by #OWS as its own.

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Oct 22

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