The system that was initially planned in the Czech Republic and Polen is blocked by the Russians who see it as a threat to their national security. In April, President Obama delivered a speech in Praque where he said he would press ahead, but the project needed to be 'proven and cost effective' adding there would be no need for such a system in the absence of threats from Iran and North Korea. And so, Obama linked the existence of such a system to the progress on nuclear control of Iran and North Korea; a linkage which gw considers too dangerous to motivate a cooperation with the Russians, as any cooperation on such highly sensitive issues as safety is too difficult to manage in practice, and could result in a diplomatic blow should it fail to produce expected results. Therefore, gw favors an alternative solution, one that would not depend on any sort of cooperation, all the while protect Europe and keep a door wide open for dialogue with our Russian friends. The proposed plan would relocate the missile shield to Southern Europe. Read gw's plan on Missile Shield Europe 2009.

Welcome to the all-mighty Empire State or modern absolutism, a form of government that survives in a globalized world with archaic values. Duplicated on the United States of the Bush era, the hit-hard and uncompromised model of state is now imitated by a large number of governments around the world. The neo-Cons are gone, their evils not. Fearful of people and their civil rights, they whisper: "you will die for the state and for liberty". As empire states engage in a race for international recognition where leadership is lacking as much as justice is missing, unilateralism is bound to triumph. But if the rules of law, forged by the people over thausends of years, are not respected by those who impose them, and if the leadership that was elected does not recognize the nation's aspirations of safety, respect and freedom, how will these states ensure order while opposing the principles on which their power sits? Intolerance or a government's violations of human rights and freedoms as an answer to terrorism, breaks the legitimacy on which governments are based and leads to social desintegration. Here are some examples of state misbehavior:

Please read gw's Legal and Privacy as a reminder.

GUANTANAMO BAY

Guantanamo Bay's confinements, outside US juridiction, have been used by US authorities for "Enhanced Interrogation Techniques" of prisoners, a term taken from the Gestapo, the secrete police of Germany's Third Reich. The techniques are used to by-pass the Geneva Convention and international laws protecting prisoners against torture, the worst state crime imaginable. Ex US-president Jimmy Carter first raised public awareness of the use of waterboarding, a technique of torture leading to brain and lung damage, at Guantanamo in 2007. The scandale pressed incoming US-President Barack Obama to order a shut-down of the detention camp in 2009. But the prisons are still operative today. Since its inception in 2002, the camp has caused massive human-right violations.

Read also gw's article on Terrorism Implosion and the case of Miss Universe and MUO.

EXTRAORDINARY RENDITIONS

Extraordinary Renditions is a secrete procedure used and directed by the CIA which literally kidnaps suspected terrorists with the assistence of a network of countries to facilitate "Enhanced interrogation" - torture - in juridictions where they are permitted. These under-cover operations cause extensive human-right violations.

VIDEO CAMERAS IN PUBLIC AREAS

A dramatic increase of video control in urban areas as well as of drones all over the world since 9/11 is systematically restraining individuals' freedoms and violating their right to privacy.

Read also Ethics and Freedoms.

US-LED OCCUPATION OF IRAQ AND AFGHANISTAN

The US-led occupation in Iraq has repressed militants of different ethnic groups, while never establishing any link between these groups and 9/11 or global terrorism. Likewise, NATO occupation in Afghanistan that seeks to eliminate Taliban followers is based on events that occured in the distant past. Meanwhile, the active presence of Allied forces in these countries have caused and still cause today an ongoing conflict between foreign soldiers and ethnic militants. These tensions have killed dozens of innocent civilians on a daily basis mostly through militant suicide-bombings and attacks or Allied "colateral damages" caused by misguided missile strikes. These military operations are crimes against humanity whose authors should be prosecuted.

This is gw's policy on Iraq. Read also selected news related to the subject in State of Affairs. Related articles of actuality can be found here: Feb 2, 2008.

FIGHT AGAINST THE WEALTHY

The repression of the Wealthy in the US and Europe to prevent capital flight since the outbreak of the 2008 financial crisis allows German tax authorities to search the homes of the wealthy without search warrants. These old-times methods are despicable, as they severely restrict individuals' freedoms and rights to privacy and ownership.

See gw's articles on Bank Secrecy and Capital Movement and Ethics and Freedoms. Related articles of actuality can be found here: Feb 26, 2008, Feb 23, 2009.

FIGHT AGAINST KURD SEPARATISTS

The non-recognition of minorty rights for Kurds in South-Eastern Turkey breaches civil rights. The fight against Kurd rebels shows the state's unwillingness to discuss issues of national self-determination rights recognized by the United Nations. Instead of attempting to mediate parties and reach a fair settlement of dispute, States solves the issue describing Kurd separatists as terrorists.

This is gw's policy on National Self-Determination. Read also selected news related to the subject in State of Affairs. Related articles of actuality can be found here: Dec 19, 2007, Dec 16, 2007, Nov 2, 2007, Oct 23, 2007 and Oct 21, 2007.

FIGHT AGAINST PAKISTANI TALIBAN FUNDAMENTALISTS

The fight against Taliban fundamentalists in Northern Pakistan violates national self-determination rights recognized by the United Nations.

This is gw's policy on National Self-Determination. Read also selected news related to the subject in State of Affairs. Related articles of actuality can be found here: May 27, 2009, Dec 27, 2007, Nov 11, 2007 and Nov 3, 2007.

REPRESSION OF TIBETANS

Chineese repression of Tibetans' aspirations to independence is not only a violation of civil rights, but also one of national-self determination recognized by the United Nations.

This is gw's policy on National Self-Determination. Related articles of actuality can be found here: Mar 16, 2008.

RESTRICTIONS ON CIVIL LIBERTIES IN IRAN

The opression of student movements, executions of teenagers, unfair trials, repression of religious freedom, of homosexuality and dissidence in Iran are massive human-right violations.

Read also gw's article When History Repeats and its policy on Iran.

RESTRICTIONS ON CIVIL LIBERTIES IN BURMA

The silencing of the democratic movement in Myhanmar (Burma) by state authorities is a violation of civil rights.

Look at gw's statement on dictatorships in Rebirth of Putchists in Asia: Deplorable.

ISRAELI ANTI-PALESTINIAN POLICIES

Israel's policies against Palestinians' social and economic development are permanent human-right violations. Their Jewish settlements of occupied territories are a disrespect for Palestinians and all those who call for an end to Israel's hidden agenda. Furthermore, the international community's passivity and Israel's continued rejection of the creation of a Palestinian state is a violation of national self-determination rights recognized by the United Nations.

These are gw's policies on Israel, Palestine and National Self-Determination. This is gw's Palestine State 2009 or how to press forwards with an independent Palestinian state. Read also selected news related to the subject in Israelo-Palestinin Peace. Related articles of actuality can be found here: Jan 14, 2009, Jan 6, 2009, Dec 28, 2007, Dec 11, 2007 and Oct 25, 2007.

EXTERMINATION OF TAMIL SEPARATISTS

The elimination of Tamil separatists in Sri Lanka in 2009 with thousands of deaths and scores of injured and displaced not only caused massive human-right violations, but also breached national self-determination rights recognized by the United Nations.

This is gw's policy on National Self-Determination. Read also selected news related to the subject in State of Affairs. Related articles of actuality can be found here: Apr 28, 2009.

GEORGIAN BOMBINGS OF SOUTH OSSETIA

Equally, the bombing of South Ossetia by Georgian forces in 2008 caused massive human-right violations and breached national self-determination rights recognized by the United Nations.

This is gw's policy on National Self-Determination and statement Independence of South Ossetia and Abkhazia: Legitimate. Related articles of actuality can be found here: Aug 8, 2008.

Miss California, Carrie Perjean, as well as Miss California Pageant (MCP), a branch of Miss Universe Organization, were put on gw's zerOvalue file for promoting stereotyped views on marriage and beauty, and for discriminating minorities - See also Controversial Answer, Response to Hilton and MCP Finances Breast Implant. Civil liberties are rights given to the people, not the majorities, that is, they are provided to the people irrespective of their sexual preferences. Furthermore, the notion of perfect beauty as a standard or model is not acceptable; even more so, when these standards invite to chirurgical procedures like breast or lip implants, face lifts or liposuctions. Beauty is largely based on individuality, that is, these little physical and psychological traits that make people different from others. Destroying these traits in the name of perfection is unacceptable. Beauty is not suited for the masses, but for those who recognize it. By setting standards of beauty, Mrs Prejean presses millions of women to change appearance or to feel unsecure about their own physical aspect.

When the People's Press showed pictures of Miss California half nacked at the age of 17, the matter caused a scandale - see Miss California Nacked Pictures - and when Miss California agrees, assisted financially by MCP, to have breast implants, neither of these matters could have honestly been supported by Christian conservatives. As paradoxal as this may seem, her anti-conservative attitudes did not prevent Mrs Prejean from turning her back on liberal values when she stated that marriages should be between a man and a woman. Miss California's absurd stances are further supported by other non-sense statements:

On Fox News she stated: "Now, God speak up", "I wanted to be biblically correct", "I feel sorry for Perez Hilton", "I pray for him" or "Taxpayer's money should not be used for welfare..." All these comments are fundamentalist, discriminatory and way out of reality. Individuals who have the chance to be caught in the spotlight of a nation's attention, should be intelligent enough to take neutral stances on controversial issues. Today, she insists her views are fair, because they are based on Christian beliefs, and she was raised with them. If religion was right in every moral aspect, why is the United States a secular country? Whatever the beliefs, they may not be used to exclude minorities from civil rights.

Learn more about the demons in us in GlobDemons. This is gw's zerOvalue file.

Jerry Lee introduced current Miss Universe and employer Miss Universe Organization (MUO) in gw's zerOvalue file after the former said on April 1st 2009, her trip to Guantanamo Bay was a "loooot of fun... I didn't want to leave, it was such a relaxing place, so calm and beautiful!" MUO president Paula M Shugart was quick to nuance the statement saying "Dayana Mendoza's comments on her blog were in reference to the hospitality she received." See here for the Miss Universe website.

MUO is a Donald J. Trump and NBC Universal partnership and produces Miss Universe, Miss USA and Miss Teen USA. In its description, the business states "it is an international company that advances and supports today's women. These women are savy, goal-oriented and aware. The contestants who become part of the Miss Universe Organization display those characteristics in their everyday lives, both as individuals who participate in the competitions to advance their careers, personal and humanitarian goals, and as women who seek to improve the lives of others." And adds "The titleholders of the MUO personify the combination of beauty and intelligence that defines the 21st Century."

These statements are phony bolonies.... even if a well-intentioned description of corportate goals. The facts are, Mrs Mendoza and MUO showed inhumanity or a deep ignorance about the poor living conditions of detainees in Guantanamo Bay - Read here for more info on Guantanamo Bay as seen by Amnisty International -. Additionally, it is despicable to see how MUO misuses the value of international beauty as a tool to promote the US Army and to justify the existence of off-shore prisons in Guantanamo Bay, which treatment of detainees would otherwise be illegal in the United States.

This is gw's zerOvalue file.

Politicians tend to get populist in the midst of a crisis. Today is no exception. The Financial Crisis is driving the G20 to force Switzerland and others to abandon their bank-secrecy laws for non-national and non-resident bank-account holders. Instead of focusing on the root problems, for example, American over-generous borrowing standards. Discussions on how to reform the international financial system - as if a new government was to be elected - may draw public attention, it will not solve the underlying problems. Part of the show is to retrieve the billions of foreign dollars deposited in Swiss bank-accounts and elsewhere. The belief that breaking swiss bank-secrecy will reduce fiscal delinquency and public deficits is illusory considered the trillions of dollars of public money already wasted in bank bailouts or nationalizations. In principle, foreigners who hold bank accounts in Switzerland will do anything but repatriate the money and appear 'unpatriotic'. These foreigners will be looking for the many existing ways to hide money from Big Brother's eyes. Worse, breaking swiss bank-secrecy laws will deepen the current crisis by moving available resources to Asia, when it could be reinvested in Western economies. Breaking these laws will reduce any States' income on revenues from bilateral agreements with Switzerland. While governments agree that protectionism should be avoided, in practice, they are quick to limit other states' freedoms. Jerry Lee, therefore, strongly criticizes the G20 and warns governments that such populist decisions may backfire on their crumbling finances and create a second generation of secrecy practices. Switzerland may as well emerge as Europe's leading financial and business center.

This is gw's long-term SWISS BANK SECRECY PLAN

Ospel (Feb 8, 1950 - ) was Chairman of the Board of Directors of UBS AG, once the largest bank in Switzerland, from 2001 to 2008. Ospel stepped down in the midst of the subprime crisis which deeply affected the bank. UBS reported over USD 50 bn of writedowns, before receiving USD 65 bn from the Swiss government to mainly get rid of subprime-related assets.

Ospel received throughout 2008 and 2009 widespread criticism from the press and the public. He was criticized for accepting bonuses and compensation packages after he was pushed out of the bank. Critics say he may have been aware of fraudulent activities that assisted US wealthy individuals in avoiding IRS tax payments. The case shuttered the institution of swiss bank secrecy. See IPD Feb 23, 09 for more information. However, Ospel is believed to have refunded or given up a total of at least USD 30 million of salary and bonuses in 2008. Despite past mistakes for which Mr Ospel also accepted responsibility, his conduct and good faith may not be legally disputed. Therefore, Jerry Lee declares:

"Globwatch will not support expressions of populism that violate the fundaments of human development. I demand that sentiments of envy and revenge be rejected and Mr Ospel be treated as an individual with due respect. On behalf of Globwatch, I stand by Mr Ospel and wish him well."

As US President, Obama's first decisions will profoundly mark his upcoming policies. Until the end of April, Globwatch will scrutinize every detail of Obama's line of thought and tell if his policies correspond to gw's values. A list of articles, ordered chronologically, presents Obama's domestic and foreign policy development. Whenever they oppose gw's values and policies, the dates will be market in red.

The President at work:

	The Federal Reserve - Public money spent on bailouts is a waste of ressources (Jerry Lee)

"The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered."

Thomas Jefferson, 3rd US President (1801-1809)

Milton Freedman (1912-2006), a leading figure of the Chicago School of Economics, believed, the Federal Reserve is the cause of all big economic crisis, and, therefore, should be abolished. He argued, the Federal Reserve cannot regulate prices more effectively than individuals themselves. "There is likely to be a lag between the need for action and government recognition of the need; a further lag between recognition of the need for action and the taking of action; and a still further lag between the action and its effects."

This is a narration of the Financial Crisis' most critical moments, followed by Jerry Lee's comments:

WD-October 9, 2008: World central banks today announced a coordinated move to cut key interest rates by 0.5 percentage points in an attempt to restore confidence in world stock-markets amidst a deepening financial crisis that has wiped out USD 12.4 trillion of global stock-market wealth in the past 12 months. In an emotional public statement, US Treasury Secretary Henry Paulson said 'the turmoil will not end quickly and significant challenges remain ahead' noting that it would take several weeks before the recently voted federal bailout program would be put into practice. Paulson also said that some banks would fail, without specifying which financial institutions would not be granted assistance under the federal program for the repurchase of toxic assets or mortgage-backed securities. The financial crisis is having a noticable global impact on consumer confidence. In a majority of European countries, savings accounts have been fully guaranteed to prevent situations where banks need to be nationalized because of liquidity concerns. Glitnir and Landsbanki, two of the largest financial institutions of Iceland, recently nationalized, were caught in the midst of the global financial turmoil. Bjorn Gudmundsson, head of research at Landsbanki, said ' we were faced with the real possibility that the national economy would be sucked into the global banking swell and then in national bankrupcy.' The country was forced to abandon a fix peg to the Euro to prop up liquidity into the system. As a result, the exchange rate was reestablished to the Euro following a developing country's standard of a trade-weighted index. But without a new loan to defend its currency, Iceland may experience Brazil-like hyperinflation. References. Comment from JL: For some businesses, cash-flow is an existential issue. It is not that these businesses cannot generate operating profits, it is simply that the timing of profit generation and expense payments do not allow them to continue doing business without loans. This week, the Fed jumped in to guarantee liquidity to businesses. Under the terms of agreement, businesses will now get the necessary liquidity from the Fed directly. The measure comes as banks are caught in a credit freeze and refuse to lend money not only to one another, but also to third parties. In his comments of IPD US-September 25, 2008, Jerry Lee had asked for similar measures instead of a bailout plan. It also required the Fed and world central banks to drop interest rates to zero percent. The fact that financial institutions no longer play their economic role as lenders reinforces Jerry Lee's view that businesses and individuals, not financial instititutions, should be given absolute priority for federal assistance. Read Jerry's interview from New York on the financial crisis and look for infos on how the crisis began in Housing Bubble. Major events related to the crisis are given in Jerry's Red Line.

UK-October 22, 2008: British Prime Minister Gordon Brown was lobbed by Nobel Price Winner Paul Krugman, who believed Brown's plan against the global financial crisis may have succeeded in putting an end to the crisis. Krugman endorsed the plan in an article published in the New York Times on Octrober 12, 2008 that titled 'Gordon Does Good' stating 'The Brown government has shown itself willing to think clearly about the financial crisis, and act quickly on its conclusions. And this combination of clarity and decisiveness hasn't been matched by any other Western government, least of all our own.' On October 6, the spread between the OIS (Ovenight Indexed Swaps) and the Libor (London Interbank Offered Rate) reached an all time high of 2.94 percent. These rates implied that banks no longer trusted each other, which not only affected their disposition to lend to each other, but also to businesses and individuals. Hence, Brown's plan against the crisis was to 'unfreeze' the credit crunch by underwriting or state guaranteeing loans between banks for up to five years. The terms of agreement stipulate that 'the scheme would be limited in amount, temporary and will be applied under close scrutiny of financial authorities until December 31, 2009.' Britain's plan, as well as a US lead bailout plan to buy out banks, orginally meant to repurchase toxic assets, was later endorsed by European leaders at a Summit in Paris on October 15. The summit concluded 'We will be watchful regarding the interest of taxpayers and ensure that existing shareholders and management bear due consequences of the intervention.' It is worthy mentioning that Gordon Brown proposed on October 4 a plan that would help small businesses with a EU 15 billion European Union fund to deal with the crisis. Surprinsingly, Brown was quoted today as saying 'Having taken action on the banking system, we must now take action on the global financial recession' as if the measures taken sofar had failed to produce the expected results. References. Comment from JL: The State's response in the US and around the world to the global financial crisis is for the least confusing to many investors. Are markets still ruled by the law of demand and offer? The latest public interventions raise many questions in that regard. Even more so, that after pouring billions of dollars to nationalize banks, the Islandees went bankrupt and the British wonder what else they can do to stop the crisis. If indeed we are heading to a global financial recession, as claimed by Gordon Brown, what was the purpose of keeping some of the big indebted banks alive with public money? If we believe in economic freedom, we may as well let markets do their job at a cheaper price. See gw's Financial Crisis 2008 - Plan against the crisis. Also, read Jerry's interview from New York on the financial crisis and look for infos on how the crisis began in Housing Bubble. Major events related to the crisis are given in Jerry's Red Line.

US-November 4, 2008: Barack Obama was elected today first black US President with a majority of votes and states. This news comes as America copes with the worse financial crisis since the Great Depression. US consumer sentiment fell to 57.5 in October down from 80.9 just a year ago. Consumer bankrupcies jumped to 106'000 in the same month, up 40 percent since last year, and US GDP fell at an annual rate of 0.3 percent in the third quater of the year. Although stock markets have recovered some of their losses in October, volatility indices show that fear dominates the markets, still caught in a steep downward trend. Together with international central banks, the US Treasury is spending trillions of dollars to support financial markets with a bailout policy on the largest financial institutions that implies significant financial risks for taxpayers worldwide. The magnitude of the problem is best illustrated with UK Prime Minister Brown touring the Middle East in search for funds to prop up the International Monetary Fund. References. Comment from JL: The US Administration set a worldwide bailout trend that uses taxpayers' money to buy shares in financial institutions. The State that used to play a role as an observer, now has adjusted to participates directly in market events. Supporting institutions with massive liquidities may not prove efficient on the long term, if the crisis worsens. Public bailouts of banks may even prove catastrophic, if financial institutions collapse. Whatever happens, electoral promises such as MediCare for all US citizens may never see the light as times of austerity for the US and the rest of the world are looming. For alternate solutions on how to cope with the current financial crisis and US budgetary problems read gw's Financial Crisis 2008 - Plan and Middle East 2008 - Plan.

US-November 19, 2008: General Motors (GM) is in deep trouble. The largest of the Big Three US car-makers cumulates USD 73 billion in losses since 2004 and had USD 43 billion in debt at the end of 2007. Shares traded recently at around 1943 levels. The company says it has 16 billion cash-flow left to go until the end of the year, not quiet enough to absorb a cash burn rate of USD 11 billion a month. Congressionists including president-elect Barack Obama agree, a failure of GM would have disastrous effects on the US economy as 2.5 million jobs depend on its business activities. In a meeting with President Bush Obama suggested that a conditioned bailout of USD 25 to 50 billion - taken from Paulson's plan - be made to help the industry. But Republicans are wary of spending tax-payer's money to subsidize a broken industry. They insist, any bailout of US car manufactuers will not have lasting effects. References. Comment from JL: GM has been in trouble ever since 2004, when oil prices started climbing. Poor management and understanding of market needs lead to the production of high fuel-consumption cars - like Humveys - when Japenese competitors were selling smaller cars. GM's financial difficulties only worsened with the financial crisis, but they are not directly related. Yes, the bankrupcy or liquidation of GM will have devastating effects on the economy, but government intervention in free markets should not abide by the rule of too large to fail, rather by the rule of too incompetent to survive. In its Financial Crisis 2008 - Plan Globwatch recommends that companies directly affected by the liquidation of a business, in this case banks, should receive help from the government or federal reserve with the aim of bridging short-term liquidity concerns. By no means should this imply that any institution or business be assisted because of issues related to own mismanagement. Read Jerry's interview from New York on the financial crisis and look for infos on how the crisis began in Housing Bubble. Major events related to the crisis are given in Jerry's Red Line.

US-November 26, 2008: After the Fed and Treasury announced massive interventions to save large institutions from bankrupcy, the rescue bill may top USD 8 trillion. As a reminder, next to the acquisition of mortgage-related securities or toxic assets from US financial institutions, federal interventions include direct investments in equity stakes, insurance guarantees for debt issued by banks, top-rated acquisition of U.S. dollar commercial paper, grant of loans and cost of currency swap lines with the ECB. The price tag of the rescue bill does not include Obama's economic stimulus package, which should add another USD 700 billion. There is little doubt that a lot is being undertaken to prevent what economists and politicians fear could become the Great Recession. But looking at the numbers, experts and congressionists express concern that Keynesian-style expenditures may ultimately have adverse political, social and economic effects, and this beyond US borders. Since October, initiatives by the US government to counter the financial crisis have been copied in Europe with growing skepticism. In Island, the bailout of three banks lead the government to go bust. Aware of the risks of too much public spending, Germany rejected a call from France to create a larger European stimulus package, and a plea for a bailout of the country's GM units. Meanwhile, president-elect Barack Obama yesterday announced 'if we are going to make the investments we need, we also need to shed the spending we don't need' promoting some restraint on public spending. References. Comment from JL: The World makes a big mistake when trying to save the financial system from collapsing. We are denying the market's rules of best fit for the job and directing public money to institutions or businesses that have lost their solvency, victim of their own mistakes. Instead of being used to fuel economic growth, public money is kept in these institutions with no other purpose than to safeguard own interests. As a result, Jerry Lee begs world governments to pour public money into the hands of those who can reverse the current economic trend, namely individuals with low-income and the unemployed, which may soon represent a majority of Americans. Only those groups of individuals spend money in businesses that ensure a fast and high multiplier effect. Considering current circumstances, Jerry Lee disagrees with old-fashioned Keynesianism that proposes public spending in conventional infrastructure like roads, bridges, hospitals or schools - not to mention housing -. Public spending must be given a strategic, long-term meaning that satisfies a pressing need for a good or service. One such area is clean energy. Read also gw's Financial Crisis 2008 - Plan and Middle East 2008 - Plan.

US-December 8, 2008: The US congress prepares a bailout of the country's three largest car makers, as it pledges to make up for the worst monthly job loss in more than thirty years. Short-term loans totalling USD 15 billion will bridge immediate needs until the Congress votes for more money by March 31, 2009. While the measure is endorsed by Republican and Democrats alike, as well as the current and upcoming President, it is highly impopular among Americans who would favor leaving the industry's woes to free-market rules. In a recent CNN/ORC national poll, 36 percent supported the bailout, while as much as 61 percent opposed it. 70 percent of responders said, the assistance to the auto industry is unfair for U.S. taxpayers. Meanwhile, world governments are looking for new sources of income to finance their subsidized industries. References. Comment from JL: Jerry Lee is appaled by how poorly the financial crisis is handled. Governments use public money to reinforce supply-side economics, and this, as demand for goods and services continues to deteriorate. Politicians wrongly believe they can rule above free markets, like a broken ship in a storm. While billions are spent to subsidize corporate America, the job market continues to sink. But the trouble may not end here, as a growing pool of unemployed is left without help or without an extention of their social subsidies. If the Economy is to recover at some stage in the future, it will not come from bailouts, but from those who lost their jobs and return to work. In addition, Jerry Lee condemns the view that to improve public finances, States must blacklist Tax Havens because of their attractive fiscal policies. The only reason why States have public deficits is because of ill-managed budgets. History shows, that during crisis, governments look for black sheeps as the root-cause of national miseries. This happened during the McCarthyism of the 1950s, when suspected American communists like Charly Chaplin were arrested on grounds of national security, and recures today. While we understand the excesses of the past, we still fear the unknown and keep on doing the same mistakes. Read also gw's Bank Secrecy and Capital Movements, Financial Crisis 2008 - Plan and Middle East 2008 - Plan.

US-March 17, 2009: A NYTimes/CBS News Poll in February found that 83 percent of participants believed the government should limit compensation packages of executives in companies that receive federal aid. Robert Reich, a professor of public policy at the University of California, Berkeley, said "never underestimate the capacity of angry populism in times of economic stress". Obama understands populist voices, when he asks the Treasury to do everything possible to block substantial bonus payments. In his last speech he said "It's hard to understand how derivative traders at AIG warranted any bonuses, much less USD 165 million in extra pay... how do they justify this outrage to the taxpayers who are keeping the company afloat?" But his public address to Congress in February, somehow, did not insist on the need for urgent action in matters of simple social justice, when he said "in a time of crisis, we cannot afford to govern out of anger." Earlier this year, Wall Street banks effectively distributed over USD 18 bn in bonuses to its employees with hundreds of billions of dollars of taxpayer money from the federal Troubled Asset Relief Program (TARP). When Obama voted last year in favour of the Paulson's Plan, he naively believed the Plan would disqualify employees from bonuses, even as Rep. Peter DeFazio warned he had found a minimum of seven loopholes that could allow beneficiaries to continue receiving outrageous paychecks. Last month, a new stimulus package of USD 787 bn approved by Congress included a ban on golden parachutes and strict limitations on bonuses to USD 500 K for executives of companies receiving federal aid, until they refund the money. But again, critics say substantially higher base salaries and overblown deferred stock compensations - if the company manages to repay federal aid - will end up bypassing the rules of reason and ethics the Congress wants to introduce, and causing a new wave of exuberance in Wall Street. References. Comment from JL: AIG was 'too big to fail', so the US government spent almost USD 180 bn to shore up the company. The new stimulus package foresees USD 15 bn in fundings to small businesses showing, even small businesses are 'too big to fail'. The trouble is, the money always seems to reach those Americans who earn more. Massive liquidities flow to banks to support high wages and bonuses, to finance acquisitions, at times when aggregate demand is tumbling, or to facilitate credits, when we know that loose regulations on borrowing originated today's crisis. Had the Government only resisted to act too quickly - the first stimulus package was approved by Congress in a matter of two weeks - and listened to the broader scientific community, especially to advocates of free markets - see Letter to Congress -, we would have saved ourselves a lot of today's discussions on who gets what under which circumstances. Whatever Politicians and Economists believe the Government should do to mend the economy, the loss of 650'000 jobs every quarter deserves the worthy debate on how the US will finance unemployment benefits from here on. If the US government's financial choices, which European and most other nations abided, does not produce the expected results soon, substantial social insecurity could evidence a real lack of confidence in this world's leadership. Read also gw's Financial Crisis 2008, Chronology.