Author: Source

By Paul Krugman

By now everyone knows the sad tale of Bernard Madoff’s duped investors. They looked at their statements and thought they were rich. But then, one day, they discovered to their horror that their supposed wealth was a figment of someone else’s imagination.

Unfortunately, that’s a pretty good metaphor for what happened to America as a whole in the first decade of the 21st century.

Last week the Federal Reserve released the results of the latest Survey of Consumer Finances, a triennial report on the assets and liabilities of American households. The bottom line is that there has been basically no wealth creation at all since the turn of the millennium …

Blackwater Worldwide is abandoning its tarnished brand name as it tries to shake a reputation battered by oft-criticised work in Iraq, renaming its family of two dozen businesses under the name Xe. The parent company’s new name is pronounced like the letter z.

Blackwater Lodge & Training Centre – the subsidiary that conducts much of the company’s overseas operations and domestic training – has been renamed US Training Centre Inc., the company said today.

It is now a commonplace — as a lead article in the New York Times’s Week in Review pointed out recently — that Afghanistan is “the graveyard of empires.” Given Barack Obama’s call for a greater focus on the Afghan War (“we took our eye off the ball when we invaded Iraq…”), and given indications that a “surge” of U.S. troops is about to get underway there, Afghanistan’s dangers have been much in the news lately. Some of the writing on this subject, including recent essays by Juan Cole at Salon.com, Robert Dreyfuss at the Nation, and John Robertson at the War in Context website, has been incisive on just how the new administration’s policy initiatives might transform Afghanistan and the increasingly unhinged Pakistani tribal borderlands into “Obama’s War.”

It’s hell being a celebrity, especially if you’re young and find yourself at a party, where marijuana and cameras should never mix. And it’s not exactly heaven being sheriff of a county with escalating drug crimes and pressure to treat all offenders equally.

Thus it is that Olympian swimmer Michael Phelps and Sheriff Leon Lott of South Carolina’s Richland County are being forced to treat seriously a crime that shouldn’t be one.

As everyone knows by now, Phelps was photographed smoking from an Olympic-sized bong during a University of South Carolina party last November.

Explosive anger is spilling out onto the streets of Europe. The meltdown of the global economy is igniting massive social unrest in a region that has long been a symbol of political stability and social cohesion. It’s not a new trend: A wave of upheaval is spreading from the poorer countries on the periphery of the global economy to the prosperous core.

Over the past few years, a series of riots spread across what is patronizingly known as the Third World. Furious mobs have raged against skyrocketing food and energy prices, stagnating wages and unemployment in India, Senegal, Yemen, Indonesia, Morocco, Cameroon, Brazil, Panama, the Philippines, Egypt, Mexico and elsewhere.

Think of San Diego, and your mind probably conjures images of lounging on long sandy beaches and swimming, surfing, or boating in the warm ocean water. You probably don’t think of the 180 million gallons of minimally-treated sewage that are being pumped into the Pacific Ocean, 4 1/2 miles off the coast of Point Loma, every day. That’s more than 65 billion gallons a year. You might also think, isn’t that illegal?

More than 30 years ago, Congress mandated that publicly-owned wastewater treatment plants, like the one in Point Loma, treat its wastewater to a higher standard-“secondary” standards-before discharging their treated wastewater.

On Tuesday, February, 10th, San Diego students need you support. Please come to the School Board meeting, where youth of conscience throughout the school district will be demanding that shooting ranges be eliminated from our school campuses. Several new Board members have been elected and they might listen to reason…or at least, to their students and supporters. The gathering at the Education Center, 4100 Normal Street, San Diego, will begin at 4 p.m.

Crews started cutting down more than a dozen trees surrounding the Jolly Roger restaurant at the Oceanside Harbor this week, displacing some birds that had nearly taken over the property and prompting a debate over whether the action was an outrage or a relief.

Twelve eucalyptus and two Torrey pine trees are being removed this week due to what restaurant officials said was a health and safety issue involving excessive amounts of bird feces accumulating in the area.

Authorities at Super Bowl XLIII will be looking for more than just drunken fans. They’ll be watching spectators’ body language, facial expressions and demeanor to find suspicious people.

For the first time Sunday, federal behavior-detection officers will team with local police to use a controversial technique on people heading to a major event, the Transportation Security Administration (TSA) says. The officers usually work in airports.

A large sculpture of one of the shoes thrown at President Bush last December by an Iraqi journalist was unveiled this week just outside an orphanage in Tikrit, Iraq — Saddam Hussein’s hometown. The orphans at the complex helped sculptor Laith al-Amiri build the shoe monument. “Those orphans who helped the sculptor in building this monument were the victims of Bush’s war,” said Faten Abdulqader al-Naseri, the orphanage director, adding that it “is a gift to the next generation to remember the heroic action by the journalist.” Al-Amiri praised the journalist, Muntadhar al-Zeidi.

Bloomberg reports that, according to recently released IRS data, “the average tax rate paid by the richest 400 Americans fell by a third to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million.” Much of their income came from capital gains resulting from the Bush tax cuts:

The drop from 2001’s tax rate of 22.9 percent was due largely to ex-President George W. Bush’s push to cut tax rates on most capital gains to 15 percent in 2003.

On yet another morning of grim economic news, President Obama sought to further distance himself from his predecessor on Friday as he announced steps that he said would strengthen organized labor and improve the lot of middle-class Americans.

At a White House ceremony, the president signed three executive orders that he said would “reverse many of the policies towards organized labor that we’ve seen these last eight years, policies with which I’ve sharply disagreed.”