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The bear cometh. Where be the bullets? - Crunchy Con
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He puts his finger on something that bothers me about all this "too big to fail" business, and it's namely this: that if investors come to believe that the government won't let something fail, then there's no reason for that something to take risks responsibly. The whole thing ends up being a confidence game. The other morning I was listening to an interview on the (excellent) public radio program Marketplace with Jim Rogers, a Singapore-based US investor, who was ripping the federal quasi-bailout of Fannie and Freddie. Here's an excerpt from the Rogers interview:
Don't Vote Labour
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Here’s a great idea for reducing poverty. We’ll employ a load of people to take some money off some other people using some very expensive and unreliable computer software to track the process.
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Recently, some idiot police chief or other said something along the lines of ‘society is breaking apart because people walk on by when the see trouble’. Deep breath: I’ve got some news for you mate, it doesn’t take a PhD in anthropology from Oxford, which I’m sure you don’t have anyway, to figure out why this is the case. Why would I, or anyone else for that matter, risk intervening in a situation involving people I don’t know when there is, literally, nothing but downside for me? If I don’t get knifed in the process, I risk getting arrested instead. The numpty policeman might well reply, “that’s ok, it’ll all get sorted out later and there’s very little chance of you actually being charged with anything”.
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Ethics Newsline » Commentary » Ethics and Earthquakes
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Those who think ethics is merely an option — one of life’s electives, rather than an essential for survival — need to look closely at a photograph from last week’s news. It shows a pile of post-earthquake rubble in China’s Sichuan Province. Taken by a New York Times photographer, it captures all that is left of Xinjian Primary School, once a four-story building in the city of Dujiangyan. According to the accompanying story, several hundred children died in its May 12 collapse.
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What makes the photograph remarkable, however, is not the rubble. It’s the two buildings flanking the pile. One is a kindergarten some 20 feet away. The other, a 10-story hotel, stands behind the site. Neither was seriously damaged. Nor was the Beijie Primary School, a five-minute walk away. Beijie, however, is for the children of the elite. Xinjian was for poorer children.
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J. Budziszewski -- The Problem With Conservatism
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Christians, of course, are not the only ones to have criticized mammonism. Warnings against the love of wealth were a staple even of ancient pagan conservatism. The idea was that virtue makes republics prosper, but prosperity leads to love of wealth, love of wealth leads to loss of virtue, and loss of virtue makes republics fall.
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A more temperate but still objectionable form of mammonism is found in Toward the Future, a "lay letter" published in 1984 by a committee of prominent Catholic conservatives. Jesus told the story of a master who entrusts his servants with the care of his money while he is traveling to a distant place to receive a kingship. Upon his return, he finds that one servant has buried his share while the other two have made investments. The timid servant he scolds and dismisses, but the bold ones he praises and rewards with yet greater responsibilities. Traditionally the Church has understood this parable to mean that just as a king in this world expects his agents to take risks, not burying his money but investing it to earn a return, so God expects his people to take risks, not burying their gifts but using them to build up the Kingdom of Heaven. By contrast, the lay letter understands it to mean simply that God expects his people to invest their money to earn a return. "Preserving capital is not enough," the authors teach; "it must be made to grow." The use of gifts for the sake of the Kingdom becomes the growth of wealth for the sake of wealth.
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Roger Scruton -- In the Footsteps of Moll Flanders, Banished to Rappahannock
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In these circumstances, who can wonder if we conservatives look with envy to the United States, where the real issues of modern politics are debated and confronted; where conservatives seem to be not only permitted to speak their mind but also invited to act on it;
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Arriving in Rappahannock, however, we have become more keenly aware of the deep difference between English and American conservatism. Without intending any such thing, the English conservative finds himself embroiled in class warfare, in which his posture is always defensive. Whatever the cause—monarchy, private schools, the House of Lords, the Union, the countryside, field sports—he finds himself defending privileges associated with a landed upper class. Even if the aim is to make those privileges more widely available, they are nevertheless privileges, and by definition a privilege is something that not everyone can share.
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Why the presidential candidates won't talk about Israel | csmonitor.com
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Since its birth, Israel has received at least $114 billion from the US in direct foreign economic and military aid, says Shirl
McArthur, a retired US diplomat who periodically updates his Israel cost estimates for the Washington Report on Middle East
Affairs (WREMA), a magazine often critical of US policy toward Israel. -
The late Washington economist Thomas Stauffer did that calculation several years ago. He found total official aid to
Israel, up to 2002, came to $247 billion. He added other costs of US support of Israel (interest on debt, higher oil prices,
etc.) to reach a highly controversial total of $1.6 trillion. - 5 more annotations...
Smart politics: honesty is now my policy
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My husband and I were the campaign managers for our state representative.
Our candidate (we'll call him Rick) was a UPS truck driver, a small-town mayor
running for the open seat in our district and his politics were right up my
alley. Rick’s opponent was a well-known local lawyer. -
For the state party committee, our campaign became a high priority.
Soon the committee took more control, and my husband and I watched as the
race developed into a bitter battle. - 8 more annotations...
Adventure of Strategy: Cry the Beloved Country
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This photo could have come from the darkest days of apartheid, but it didn't. It was taken just days ago, of a Zimbabwean that had been set on fire by rampaging South Africans in an informal settlement near Johannesburg, in a fit of xenophobia. Police extinguished the blaze within seconds of the photo being taken by a press photographer, but doctors were unable to save the man. In the last week, at least twelve foreigners have been murdered and dozens more brutally assaulted. Apparently, crowds watching the man burn laughed hilariously when they were told that their behaviour was barbaric.
Words fail me.
Crunchy Con - Rod Dreher, Conservative blog, Beliefnet conservative politics and religion blog
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Yesterday at the newspaper, several of us met with a group of religious-left activists who came in to discuss some of the organizing they'd been doing, or intended to do, around the subject of income inequality. They were filled with ardor over the shrinking middle class, and mad about the fact that people are working longer and not getting ahead. It's hard not to share their concern, and in fact I do share it. But their idea for fixing it, as far as I could tell, came down to soaking the rich with taxes, and redistributing the wealth via the government. While I wouldn't mind seeing the ultrawealthy shoulder a higher share of the tax burden, that hardly begins to account for our condition.
Crunchy Con - Rod Dreher, Conservative blog, Beliefnet conservative politics and religion blog
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You know all those retired generals and other military officers we've all seen on TV these past few years, explaining events in Iraq? Turns out that most of them were, or have been, more or less on the Pentagon's payroll. Few if any of these connections have been made public, but the New York Times sued to see 8,000 pages of records, and this is what they found. Excerpt:
Lessons on integrity in politics
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When you’re appointed to a position at higher levels of government,
the document that represents your commission opens with this statement: “Reposing
special trust in your integrity, prudence, ability, I do appoint you ...”—and
then goes on to describe the position to which one is appointed. -
My own integrity
was tested in the White House while I was Deputy Counsel to then-President
Nixon, and appointed to co-chair the “Plumbers,” a team tasked with discrediting
Dr. Daniel Ellsberg. He was an antiwar activist who released classified documents
about the US Vietnam War strategy to two major newspapers. We were also supposed
to track down any other “leaks” of classified documents. But in carrying out
our assignment, we broke the law. - 16 more annotations...
Free market defenders need to find their voice - Telegraph
'The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back."
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'The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back."
The Business of Global Poverty — HBS Working Knowledge
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To be a positive, effective force for development, Scott concludes, a capitalist system must be understood to be more than the "invisible hand" that is implicit in the pricing mechanism. "Capitalism also has a visible hand that is the expression of public policy through legislation and regulations administered by a bureaucracy," he says. "That visible hand creates, enforces, and modernizes all market frameworks. To ignore this reality is like ignoring segregation in the Old South."
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"Poverty can only be truly addressed if you meet four conditions," Chu explains. "You must have huge scale to reach the billions who are in poverty; solutions must be enduring and last over generations; solutions must be truly effective and make a difference; and all this must happen efficiently. Only through a commercial approach can you achieve all those things, and the great power of microfinance comes through its ability to generate profit. There is no contradiction between social impact and good profitability; in fact, profitability is central to that social impact."
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How I found myself with the Islamic Fascists, Counterpunch, 11 Aug 2006
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Unlike
us, they do not sigh, they burn with fury.This is
something President Bush and his obedient serf in Britain, Tony Blair, need to
learn. But of course, they do not want to understand because they, and their
predecessors, are responsible for creating those patterns and for writing that
epic tale in blood. Bush and Blair and their advisers know that the plan is far
more important than the rage, the "red" alert levels at airports, or even planes
crashing into buildings and plunging out of the sky. -
As we
approach the fifth official anniversary of the "war on terror", the foiled UK
"terror plot" has neatly provided George W Bush, the "leader of the free world",
with a chance to remind us of our fight against the "Islamic fascists". But what
if the war on terror is not really about separating the good guys from the bad
guys, but about deciding what a good guy can be allowed to say and think? - 4 more annotations...
From the new 'Anti-Semitism' to Nuclear Holocaust, Counterpunch, 23 Sept
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The
trajectory of a long-running campaign that gave birth this month to the
preposterous all-party British parliamentary report into anti-Semitism in the UK
can be traced back to intensive lobbying by the Israeli government that began
more than four years ago, in early 2002. -
In Beyond Chutzpah, Norman Finkelstein documents the
advent of claims about a new anti-Semitism to Israel's lacklustre performance in
the 1973 Yom Kippur War. On that occasion, it was hoped, the charge of
anti-Semitism could be deployed against critics to reduce pressure on Israel to
return Sinai to Egypt and negotiate with the Palestinians. - 12 more annotations...
Israel's Plan for a Military Strike on Iran, Counterpunch, 12 Oct 2006
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The Middle
East, and possibly the world, stands on the brink of a terrible conflagration as
Israel and the United States prepare to deal with Iran's alleged ambition to
acquire nuclear weapons. Israel, it becomes clearer by the day, wants to use its
air force to deliver a knock-out blow against Tehran. It is not known whether it
will use conventional weapons or a nuclear warhead in such a strike. -
It does not
clarify that Israel's own large nuclear arsenal was secretly developed and is
entirely unmonitored by the International Atomic Energy Agency, or that it is
perceived as a threat by its neighbours and may be fuelling a Middle East arms
race. - 13 more annotations...
Israel's Minister of Strategic Threats, Counterpunch, 25 Oct 2006
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In the
newly established post of Minister for Strategic Threats, Lieberman -- the
avowed Arab hater -- will shape Israel's response to Iran, leading the chorus
threats being made by Israel that the country is only a hair's breadth from
dropping bombs, possibly nuclear warheads, on Tehran. After that, he will
presumably help the government decide what other "strategic threats" it faces. -
So why are
Israel's politicians, of the left and right, so comfortable sitting with
Lieberman, the leader of Israel's only unquestionably fascist party? Because, in
truth, Lieberman is not the maverick politician of popular imagination, even if
he is every bit the racist -- a Jewish Jorg Haider or Jean Marie Le Pen. - 7 more annotations...
War on Lebanon Planned for at least a Year
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Matthew Kalman reveals that Israel's wideranging assault on
Lebanon has been planned in a general way for years, and a
specific plan has been in the works for over a year. The "Three
Week War" was shown to Washington think tanks and officials last
year on powerpoint by a senior Israeli army officer:
"More than a year ago, a senior Israeli army officer began
giving PowerPoint presentations, on an off-the-record basis,
to U.S. and other diplomats, journalists and think tanks,
setting out the plan for the current operation in revealing
detail." -
The Israelis tend to launch their wars of choice in the
summer, in part because they know that European and American
universities will be the primary nodes of popular opposition,
and the universities are out in the summer. This war has nothing
to do with captured Israeli soldiers. It is a long-planned war
to increase Israel's ascendency over Hizbullah and its patrons. - 7 more annotations...
Jews for Justice for Palestinians
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WHO ARE WE?
Jews for Justice for Palestinians is a network of Jews who are British or live in Britain, practising and secular, Zionist and not. We oppose Israeli policies that undermine the livelihoods, human, civil and political rights of the Palestinian people.
We support the right of Israelis to live in freedom and security within
Israel's 1967 borders.
As well as organising to ensure that Jewish opinions critical of Israeli policy are heard in Britain, we extend support to Palestinians trapped in the spiral of violence and repression. We believe that such actions are important in countering antisemitism and the claim that opposition to Israel’s destructive policies is itself antisemitic.
We cooperate with other organisations on specific issues without necessarily endorsing everything they do.
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The Torah teaches: 'Justice,
justice, you shall pursue' (Deuteronomy 16:20).
To secure a lasting settlement to the conflict between Palestinians and Israelis so they can live in peace and security, thrive side by side, and co-operate together, Jews today are obligated to pursue justice on behalf of both peoples.”
RABBI ELIZABETH TIKVAH SARAH
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