30 September 2005
Addiction to Oil Money
The rising price of crude oil is said to force savings by producers through purchases of long-term U.S. Treasury bonds. Aside from the doctrinal legerdemain that allows Islamic governments to invest in interest-bearing securities, these Middle Eastern and other major petroleum suppliers select the most trustworthy investment instruments for safekeeping their wealth.
This is a major benefit to the U.S. economy, permitting its government and consumers to spend heavily beyond their current revenues. One of the main reasons for this indulgence granted by foreign public money-managers is their confidence in the vigilant protection of investor rights by U.S. regulators. U.S. taxpayers have become addicted to foreign government financing of their and their government’s free-spending habits. The cost to U.S. taxpayers of investigating and prosecuting private and public sector securities fraud is well worth its production of liquidity to our capital markets -- perhaps an unintended consequence.
The rising price of crude oil is said to force savings by producers through purchases of long-term U.S. Treasury bonds. Aside from the doctrinal legerdemain that allows Islamic governments to invest in interest-bearing securities, these Middle Eastern and other major petroleum suppliers select the most trustworthy investment instruments for safekeeping their wealth.
This is a major benefit to the U.S. economy, permitting its government and consumers to spend heavily beyond their current revenues. One of the main reasons for this indulgence granted by foreign public money-managers is their confidence in the vigilant protection of investor rights by U.S. regulators. U.S. taxpayers have become addicted to foreign government financing of their and their government’s free-spending habits. The cost to U.S. taxpayers of investigating and prosecuting private and public sector securities fraud is well worth its production of liquidity to our capital markets -- perhaps an unintended consequence.
29 September 2005
WTC Freedom Center
It was fortunate that New York Gov. Pataki cancelled plans on Sept. 28, 2005, for building the International Freedom Center at the World Trade Center site. The reasons for his decision were mistaken, although they reflect the legitimate concerns of families of the slain victims of the terrorists. The Freedom Center would have detracted from memorializing their deaths not by promoting a political message, but by carrying a partisan political message.
The Bush Administration was masterful in laying guilt for the tragedy of September 11 on opponents to “Freedom.” It garnered easy identification with the ideals of the voting public, valuable for election victories in the next few years. Its strategy diverted attention from the real cause of that and other terrorist attacks – Islamic radicalism. The Bush team preferred to have suppressors of freedom as its enemy. Singling out radical Islamists comes too close to other religious extremists, including Christian fundamentalists who make up Bush’s largest constituency.
A more fitting and relevant theme for a museum at the WTC site would be rationalism rather than freedom. Violence and destruction have been brought on us by religious zealotry throughout history. This is the true political lesson to be learned at the WTC site. Not surprisingly, no politician will ever have the courage to champion that message.
It was fortunate that New York Gov. Pataki cancelled plans on Sept. 28, 2005, for building the International Freedom Center at the World Trade Center site. The reasons for his decision were mistaken, although they reflect the legitimate concerns of families of the slain victims of the terrorists. The Freedom Center would have detracted from memorializing their deaths not by promoting a political message, but by carrying a partisan political message.
The Bush Administration was masterful in laying guilt for the tragedy of September 11 on opponents to “Freedom.” It garnered easy identification with the ideals of the voting public, valuable for election victories in the next few years. Its strategy diverted attention from the real cause of that and other terrorist attacks – Islamic radicalism. The Bush team preferred to have suppressors of freedom as its enemy. Singling out radical Islamists comes too close to other religious extremists, including Christian fundamentalists who make up Bush’s largest constituency.
A more fitting and relevant theme for a museum at the WTC site would be rationalism rather than freedom. Violence and destruction have been brought on us by religious zealotry throughout history. This is the true political lesson to be learned at the WTC site. Not surprisingly, no politician will ever have the courage to champion that message.
21 September 2005
19 September 2005
Opportunity in Katrina
How can we not be presumptuous in being thankful for Katrina’s forcing the rebuilding of New Orleans? A city without adequate social services for its disadvantaged citizens may now be transformed into an equitable place to live—even while preserving its unique cultural heritage. The cost will be high; but it will be money better spent than on the wasteful and imperialist alternatives to which our tax and borrowed dollars have been heretofore devoted. http://technorati.com/tag/hurricane katrina rel="tag">hurricane katrina
How can we not be presumptuous in being thankful for Katrina’s forcing the rebuilding of New Orleans? A city without adequate social services for its disadvantaged citizens may now be transformed into an equitable place to live—even while preserving its unique cultural heritage. The cost will be high; but it will be money better spent than on the wasteful and imperialist alternatives to which our tax and borrowed dollars have been heretofore devoted. http://technorati.com/tag/hurricane katrina rel="tag">hurricane katrina
