Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

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July 29 is the 210th day of the year (211th in leap years) in the Gregorian calendar. There are 155 days remaining until the end of the year.

On this day in 1858, the Harris Treaty was signed between the United States and Japan was signed at the Ryosen-ji in Shimoda.  Also known as the Treaty of Amity and Commerce, it opened the ports of  Edo and four other Japanese cities to American trade and granted extraterritoriality to foreigners, among other stipulations.

The treaty followed the 1854 Convention of Kanagawa, which granted coaling rights for U.S. ships and allowed for a U.S. Consul in Shimoda. Although Commodore Matthew Perry secured fuel for U.S. ships and protection, he left the important matter of trading rights to Townsend Harris, another U.S. envoy who negotiated with the Tokugawa Shogunate; the treaty is therefore often referred to as the Harris Treaty. It took two years to break down Japanese resistance, but with the threat of looming British demands for similar privileges, the Tokugawa government eventually capitulated.

Treaties of Amity and Commerce between Japan and Holland, England, France, Russia and the United States, 1858.

The most important points were:

   * exchange of diplomatic agents

   * Edo, Kobe, Nagasaki, Niigata, and Yokohama‘s opening to foreign trade as ports

   * ability of United States citizens to live and trade in those ports

   * a system of phttp://en.wikipedia.org/wiki/Extraterritoriality extraterritoriality] that provided for the subjugation of foreign residents to the laws of their own consular courts instead of the Japanese law system

   * fixed low import-export duties, subject to international control

The agreement served as a model for similar treaties signed by Japan with other foreign countries in the ensuing weeks. These Unequal Treaties curtailed Japanese sovereignty for the first time in its history; more importantly, it revealed Japan’s growing weakness, and was seen by the West as a pretext for possible colonisation of Japan. The recovery of national status and strength became an overarching priority for the Japanese, with the treaty’s domestic consequences being the end of Bakufu (Shogun) control and the establishment of a new imperial government.

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

July 28 is the 209th day of the year (210th in leap years) in the Gregorian calendar. There are 156 days remaining until the end of the year.

On this day in 1868, following its ratification by the necessary three-quarters of U.S. states, the 14th Amendment, guaranteeing to African Americans citizenship and all its privileges, is officially adopted into the U.S. Constitution.

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In the decades after its adoption, the equal protection clause was cited by a number of African American activists who argued that racial segregation denied them the equal protection of law. However, in 1896, the U.S. Supreme Court ruled in Plessy v. Ferguson that states could constitutionally provide segregated facilities for African Americans, so long as they were equal to those afforded white persons. The Plessy v. Ferguson decision, which announced federal toleration of the so-called “separate but equal” doctrine, was eventually used to justify segregating all public facilities, including railroad cars, restaurants, hospitals, and schools. However, “colored” facilities were never equal to their white counterparts, and African Americans suffered through decades of debilitating discrimination in the South and elsewhere. In 1954, Plessy v. Ferguson was finally struck down by the Supreme Court in its ruling in Brown v. Board of Education of Topeka.

The Fourteenth Amendment (Amendment XIV) to the United States Constitution was adopted on July 29, 1868 as one of the Reconstruction Amendments.

Its Citizenship Clause provides a broad definition of citizenship that overruled the decision in Dred Scott v. Sandford (1857), which held that blacks could not be citizens of the United States.

Its Due Process Clause prohibits state and local governments from depriving people (individual and corporate) of life, liberty, or property without certain steps being taken. This clause has been used to make most of the Bill of Rights applicable to the states, as well as to recognize substantive rights and procedural rights.

Its Equal Protection Clause requires each state to provide equal protection under the law to all people within its jurisdiction. This clause later became the basis for Brown v. Board of Education (1954), the Supreme Court decision which precipitated the dismantling of racial segregation in the United States.

The there is that pertinent and pesky Article 4:

Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

Validity of public debt

Section 4 confirmed the legitimacy of all United States public debt appropriated by the Congress. It also confirmed that neither the United States nor any state would pay for the loss of slaves or debts that had been incurred by the Confederacy. For example, several English and French banks had lent money to the South during the war. In Perry v. United States (1935), the Supreme Court ruled that under Section 4 voiding a United States government bond “went beyond the congressional power.” Section 4 has been cited (during the debate in July of 2011 over whether to raise the U.S. debt ceiling) by some legal experts and Democratic members in the U.S. House Democratic caucus, as giving current President Barack Obama the authority to unilaterally raise the debt ceiling if the Congress does not appear to be able to pass an agreement by Tuesday, August 2, 2011. The White House Press Office and President Obama have said that it will not be resorted to, though Democratic members of the House that support the move are formally petitioning him to do so “for the sake of the country’s fiscal stability.” A final resolution to the crisis has not yet been decided upon.

Warning: May not be suitable for viewing at work or by people who don’t like S-E-X.

H/T riverdaughter at The Confluence

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

July 27 is the 208th day of the year (209th in leap years) in the Gregorian calendar. There are 157 days remaining until the end of the year.

On this day in 1974, the House Judiciary Committee recommended that president Richard Nixon be impeached and removed from office. It was the first such impeachment recommendation in more than a century. The vote was 27 to 11, with 6 of the committee’s 17 Republicans joining all 21 Democrats in voting to send the article to the House. Nixon resigned before he was impeached by the full House.

The House Judiciary Committee recommends that America’s 37th president, Richard M. Nixon, be impeached and removed from office. The impeachment proceedings resulted from a series of political scandals involving the Nixon administration that came to be collectively known as Watergate.

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In May 1974, the House Judiciary Committee began formal impeachment hearings against Nixon. On July 27 of that year, the first article of impeachment against the president was passed. Two more articles, for abuse of power and contempt of Congress, were approved on July 29 and 30. On August 5, Nixon complied with a U.S. Supreme Court ruling requiring that he provide transcripts of the missing tapes, and the new evidence clearly implicated him in a cover up of the Watergate break-in. On August 8, Nixon announced his resignation, becoming the first president in U.S. history to voluntarily leave office. After departing the White House on August 9, Nixon was succeeded by Vice President Gerald Ford, who, in a controversial move, pardoned Nixon on September 8, 1974, making it impossible for the former president to be prosecuted for any crimes he might have committed while in office. Only two other presidents in U.S. history have been impeached: Andrew Johnson in 1868 and Bill Clinton in 1998.

Cross posted from The Stars Hollow Gazette

As Atrios said, not at all unexpected when “you put the put a bunch of evil skimmers and the stupidest f#%$ing man on the face of the planet in charge of your economy.”

Britain’s economic output collapsed by 0.7% in the second quarter of 2012 as the country’s double-dip recession extended into a third quarter [..]

The first double-dip recession since the mid-1970s – when the UK was beset by high inflation and rising unemployment – meant GDP in the second quarter of 2012 was 0.8% lower than in the same three months of 2011. [..]

The news will come as a fresh blow to the chancellor, George Osborne, whose deficit reduction plans have been thrown off course by the poor performance of the economy. Output has declined in five of the last seven quarters. [..]

The data shocked City analysts. Howard Archer of IHS Global Insight said the figures were “a very nasty surprise indeed”. And Labour were swift to criticise the chancellor. Rachel Reeves, the shadow chief secretary to the Treasury, tweeted that the 0.7% contraction was a “disastrous verdict on George Osborne’s failed plan”.

The reason for Osborne’s sticking to his austerity guns is the AAA rating from the same discredited ratings agencies that rated Lehman Brothers and AIG as safe investments right before their crash in 2008. His policy has just exacerbated Britain’s “deep-rooted economic problems”

In his response to today’s terrible GDP figures (the economy shrunk by 0.7% in the second quarter), George Osborne wisely resisted blaming the eurozone, the weather or the Jubilee for the third successive quarter of contraction. Instead, he dwelt on the UK’s “deep-rooted economic problems”. Britain has many long-term problems – an economy too dependent on finance, a lack of long-term investment, and persistently high levels of youth unemployment – but the charge against Osborne is that he has made them worse, not better. [..]

At times of recession, when consumer spending is depressed and businesses are hoarding cash, the state must act as a spender of last resort and stimulate growth through temporary tax cuts and higher infrastructure spending. Yet it is precisely this option that Osborne has rejected at every turn, dismissing well-intentioned critics as “deficit deniers”. Today’s figures are his reward. [..]

While Osborne’s arbitrary targets are of little economic importance they are of immense political significance. Should he abandon his debt rule, the UK could lose its AAA credit rating. Standard & Poor’s, for instance, has previously warned that our top rating is conditional on Osborne meeting his fiscal mandate. But why should we listen to the discredited agenices that rated Lehman Brothers and AIG as “safe investments” days before the crash? The answer is simple: we shouldn’t. But this doesn’t alter the fact that Osborne did. Having adopted the UK’s credit rating as his metric of success (he once boasted that we were “the only major western country which has had its credit rating improve”) he can hardly change tact now.

The Cameron government should be fired and sent packing to a special asylum for treatment of “Austerity Insanity.”

Cross posted from The Stars Hollow Gazette

Amidst the worst drought in 50 years, Up host Chris Hayes discusses climate change on the price of food. Joining Chris are:

Bryn Bird, second-generation farmer in Granville, Ohio at Bird’s Haven Farms.  She is also a field outreach coordinator for Rural Coalition;

Amy Goodman, host of Democracy Now!, author of “Breaking the Sound Barrier,” and syndicated columnist for King Features;

Josh Barro (@jbarro), contributor to Forbes.com with “The Barrometer;”

Stacy-Marie Ishmael (@s_m_i), adjunct professor at CUNY Graduate School of Journalism, former editor of “FT Tilt;”

Gary Gensler (@cftc), chairman of the Commodity Futures Trading Commission since May 2009. Gensler previously served as the under-secretary of domestic finance at the Treasury Department.

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

July 26 is the 207th day of the year (208th in leap years) in the Gregorian calendar. There are 158 days remaining until the end of the year.

On this day in 1775, the U.S. postal system is established by the Second Continental Congress, with Benjamin Franklin as its first postmaster general. Franklin (1706-1790) put in place the foundation for many aspects of today’s mail system. During early colonial times in the 1600s, few American colonists needed to send mail to each other; it was more likely that their correspondence was with letter writers in Britain. Mail deliveries from across the Atlantic were sporadic and could take many months to arrive. There were no post offices in the colonies, so mail was typically left at inns and taverns. In 1753, Benjamin Franklin, who had been postmaster of Philadelphia, became one of two joint postmasters general for the colonies. He made numerous improvements to the mail system, including setting up new, more efficient colonial routes and cutting delivery time in half between Philadelphia and New York by having the weekly mail wagon travel both day and night via relay teams. Franklin also debuted the first rate chart, which standardized delivery costs based on distance and weight. In 1774, the British fired Franklin from his postmaster job because of his revolutionary activities. However, the following year, he was appointed postmaster general of the United Colonies by the Continental Congress. Franklin held the job until late in 1776, when he was sent to France as a diplomat. He left a vastly improved mail system, with routes from Florida to Maine and regular service between the colonies and Britain. President George Washington appointed Samuel Osgood, a former Massachusetts congressman, as the first postmaster general of the American nation under the new U.S. constitution in 1789. At the time, there were approximately 75 post offices in the country

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Cross posted from The Stars Hollow Gazette

Insanity: doing the same thing over and over again and expecting different results.

~Albert Einstein~

Europe losing battle against debt crisis

Europe is fighting losing battles on two fronts. The debt crisis which began in Greece almost three years ago has spread to other countries. The recovery from the global financial crisis is ending, and the region will be in recession during the rest of the year. To combat the debt crisis, Greece, Ireland and Portugal have received bailout funds from the EU, European Central Bank and the International Monetary Fund (the “troika”), but are required to reduce borrowing through cuts in spending and higher taxes. To offset the recessionary impact of the fiscal tightening, the ECB has repeatedly eased monetary policy to encourage lending to the private sector.

Neither measure has worked as intended. The eurozone’s latest unemployment figure of 11.1 per cent in May is the highest in the euro era. Spain, the country recording the region’s highest unemployment rate of 24.6 per cent, announced a €65bn fiscal tightening programme this month. The new austerity measures will result in a deeper recession and even higher unemployment.

On the monetary front, the ECB implemented two repurchase agreements totalling €1tn with the region’s banks. While the aim was to ease the liquidity crisis that the banks experienced in November, the ECB move had the perverse impact of making those banks the principal purchasers of their own governments’ debt as foreign investors exited. This raises the risk for banks in case their governments default on their debt, or restructure payments. After a cut in the deposit rate the ECB pays the banks to zero on July 5, the central bank expected the banks to increase loans. Instead, they appear to be sitting on the funds.

The austerity measures that Germany has insisted on imposing on financially strapped countries as a requirement for bailing out the banks that caused it all, is coming back to bite the hand that fed it.

Germany Under Cloud From Euro Zone Woes

FRANKFURT – Germany’s stellar credit rating has been thrown into doubt because of the cost of holding together the euro zone, potentially making it more difficult for Chancellor Angela Merkel to muster political support to aid Greece and Spain.

Moody’s Investors Service said late Monday that it was changing the outlook on Germany, as well as on the Netherlands and Luxembourg, to “negative,” citing what it said was an increased risk that those countries will have to bear the cost of propping up Spain and Italy.

That helped push up borrowing costs Tuesday for both Germany and Spain ahead of talks late in the day between the finance ministers of both countries in Berlin.

While Germany’s bond yields remain near record lows, Spain’s have reached levels that are considered unsustainable for long, raising fears that it will have to ask for aid that its European partners cannot afford.

Austerity’s Big Winners Prove To Be Wall Street And The Wealthy

Governments in Europe, most notably the United Kingdom, have also pursued tax cuts for the rich while imposing austerity measures on the working classes. And the European financier class has benefited even more directly than their American counterparts from these budgets.

Every time the European Union has reached a crisis point on the debt carried by Greece or Spain, EU leaders, especially German Chancellor Angela Merkel, have come to the rescue with bailout funds. That money goes to the banks that own Greek and Spanish debt, whose holdings would take a hit if either country were unable to repay. But the bailout comes with harsh austerity requirements intended to encourage budgetary discipline, so it’s ordinary citizens who end up taking the hit. The most vulnerable populations are harmed by the bailouts, while the well-paid financial professionals who made the deals to finance Greek and Spanish deficits in the first place continue profiting handsomely.

“Imposing pain on Greeks is … a blood price for the ever-repeated bailouts whose actual beneficiaries are said to be Greeks, but are in fact French and German bankers,” said (James) Galbraith.

Eventually it will all come to an end. Then what?