Archive for June 22, 2013

The advent of new supercomputers that can use algorithms to trade thousands of shares in a blink of an eye or read the transactions of slower computers and human traders and benefit by buying the sought shares more quickly and on-selling them to those purchasers, have subverted the market and destroyed its value to society. It now means that those more wealthy organisations that have the fastest access to shares have a considerable advantage over ordinary investors. It is in fact super speed insider trading.

More importantly as these algorithmic transactions take over more of the market share, trading will become increasingly for speculation and enhance the ability of these super speculators to manipulate the true values of companies and therefore be able to destroy productive businesses for a quick share profit.

These algorithms will not be calculating the loss of jobs or the disruption of communities. Neither will they calculate the impacts on life systems like the quality of the air we breathe. The non-monetary impacts of tornadoes and floods, droughts and rising temperatures on people outside the air-conditioned board rooms in New York, London and Beijing mean nothing to super computers.

There is a growing disconnect between the real world and real world impacts and share trading and the market system itself. The market is working for the wealthy priests of the temple of Mammon and sucking the life out of world communities and the planet. It has an overwhelming influence on society to the extent that it has become society’s master.

If there is no benefit to society in this type of trading the question arises whether society should continue with this type of market system or change it for something more sophisticated? A system that meets the material and social needs of humanity and maintains  the biological world they live in.

— for more on this story, click here for an infographic on ‘Trading @ the Speed of Light’ —

…Presenting the award June 20th in London, John Pilger, the veteran war reporter described the bureau’s work as ‘extraordinary’ and ‘truly pioneering’.

The prize honours Martha Gellhorn, a renowned war reporter and humanitarian. She was one of the first reporters in Vietnam to reveal what she called ‘a new kind of war against civilians’. Her long career included reporting on the rise of Fascism in Europe and accompanying the first American troops into Dachau concentration camp during the Second World War, as well as filing dispatches from Panama, South Vietnam, Nicaragua and Brazil.

Judges look for reporting that reflects Gellhorn’s pioneering journalism. The prize seeks to recognise journalism that tells an ‘unpalatable truth, validated by powerful facts’ and in so doing exposes what Gellhorn described as ‘official drivel’.

Pilger said of the Bureau’s work on drones:

‘This was extraordinary work on Barack Obama’s lawless use of drones in a campaign of assassination across south Asia. Woods, Ross and Serle stripped away the façade of the secret drone ‘war’, including how it is reported and not reported in the United States: how civilian casualties are covered-up and how rescuers and funerals are targeted…

…as important, in many respects, as the recent leaks from inside Washington: remarkable work in the highest tradition of investigative journalism.’

The short-list was made up of seven other journalists including Andy Worthington, a London-based independent journalist and filmmaker who has covered the ongoing detention of over 100 individuals at Guantanamo Bay and Yemen-based Iona Craig.

Previous winners of the award have included Robert Fisk of the Independent, Nick Davies of the Guardian and Julian Assange, the founder of WikiLeaks. In 2010, an additional award was given to the late Marie Colvin of the Sunday Times.

The Bureau’s work on drones and the covert war can be read here.

…Earlier interpretOr drone posts include…

doodlebugs tO drones: terror from the sky

…just click above to access…more drone news too in our Fear Trade section…
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