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THE SHAPE OF US POPULISM, Part
1
A rich free-market legacy - for some
The sight of businessmen such
as E Stanley O'Neal of Merrill Lynch and
Citigroup's Chuck Prince pocketing millions of
dollars as they quit companies losing billions in
value sticks in the throat of those whose money
has been lost. Even some congressmen have figured
something is wrong with such rewards for failure.
Fair game, say others. - Henry C K Liu
(Mar 11, '08)
This is the first part of a four-part series
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 CAMPAIGN
OUTSIDER
McCain's supremely
cynical VP option
In the US, presidential candidates' running mate choices are almost always
chosen with a sneer toward the electorate and the putative choice does not
always end up sitting a heartbeat from the presidency. The Republicans can take
it to a new level with their selection this year. (Mar
11, '08)
Muhammad Cohen puts the US presidential campaign into
sharper focus from afar.
Musharraf faces bench's fury
The alliance that plans to form Pakistan's new government has made it clear it
will reinstate all 63 senior judges sacked for refusing to recognize an
emergency order introduced by President Pervez Musharraf last year. Then
Musharraf will be asked to step down, and if he refuses, impeachment
proceedings will be started. (Mar 11, '08)
Democracy on the dragon's doorstep
No matter what Beijing's censors say, Taiwan's presidential election on March
22 will be a reminder to mainland Chinese that a democratic society flourishes
in the "renegade province". The important race, which could write a new chapter
in cross-strait relations, has young mainlanders abandoning the hard line of
their elders and calling for flexible attitudes and harmonious relations. -
Cindy Sui (Mar 11, '08)
Gloria and God in the
Philippines
Never in the modern history of the Philippines has the powerful Roman Catholic
clergy been so divided as it is over the mounting calls for President Gloria
Macapagal-Arroyo to resign. Some believe the clergy's political judgment could
be clouded by government donations, while its historic role in providing moral
authority amid rough and tumble politics is also being questioned. - Cher S
Jimenez (Mar 11, '08)
A way to stave off Iran sanctions
Indonesia, by abstaining from the United Nations Security Council vote to
impose a third round of sanctions on Iran over its nuclear program, showed up
many of its fellow travelers in the Non-Aligned Movement. With their two-thirds
majority at the UN, NAM states, given the political will, have the power to
influence this major international crisis by pre-empting further UN action
against Tehran. - Kaveh L Afrasiabi
(Mar 11, '08)
COMMENT
Big bang or chaos: What's Israel
up to?
Whether Israel's military logic revolved around the "chaos theory" or the "big
bang", its iron-fist intervention in Gaza was neither to send a message to the
Israeli public nor to "commit genocide". Rather, Israel's plans are regional,
with Gaza being a testing ground. - Ramzy Baroud
(Mar 11, '08)
Why Boeing lost the $40bn tanker
deal
Boeing is still smarting after losing out on a US$40 billion US government
contract to build a new aerial refueling tanker jet, believing it had a more
cost-effective product. But that's not the point. The tankers are not just big
flying bladders of fuel. They are a critical component of the George W Bush and
neo-conservative foreign policy of being able to bomb any country, any time.
Crucially, then, the winning design by Northrup-Grumman and the European EADS
aerospace consortium has a fuel cargo capacity almost 25% greater than
Boeing's. - Julian Delasantellis (Mar 10,
'08)
Iran shifts focus fully on Iraq
Whether it's a part of a secret deal with the United States or not, Iran does
appear to be distancing itself from its proxies in the Arab world, at the same
time showing a free hand in Iraq. The days of Hezbollah in Lebanon could be
numbered. - Sami Moubayed (Mar 10, '08)
An admiral takes on the White
House
Admiral William Fallon, the US's top commander in the Middle East, has
frequently angered the George W Bush administration by saying that the military
option against Iran is "off the table". Fallon believes this is necessary to
calm the very regimes, such as Egypt, the administration hopes to enlist to
support its anti-Iran line. - Gareth Porter (Mar
10, '08)
 SPENGLER
Should Islam be blamed
for 'barbaric' acts?
The issue of Muslim "barbarism", including honor killings, genital mutilation
and other forms of violence against women, has risen in prominence in Europe 's
political agenda. The question appears to be: Do Muslims commit barbaric acts
because they are bad Muslims or because they are good Muslims? But it's the
wrong question. (Mar 10, '08)
A new democratic era in
Malaysia
Despite earning 51% of the popular vote, Saturday's general elections were a
stunning setback for Malaysia's long-ruling Barisan Nasional and Prime
Minister Abdullah Badawi. Voters, who in the past may have tolerated corruption
and authoritarianism in exchange for stability, have sent a clear message for
change. If the transition is handled gracefully, Malaysia will have taken an
all-important step in its political development. - Ioannis Gatsiounis
(Mar 10, '08)
 CHAN
AKYA
Euro-trash
Europe's leaders are too busy destroying their economies to notice the grand
opportunity to assume global leadership. The European Central Bank is also far
from being the paragon of virtue that many economists consider it. A failure to
grasp this dynamic means that the rise of the euro against the US dollar will
be in vain. (Mar 10, '08)
US can fast exit from bad times
The prolonged downturn in the Japanese economy that followed its 1990s' real
estate boom hangs like a specter over the US in its post-housing bubble mess.
Yet there is reason to believe that the US, though as liable as any country to
hubris, greed, mistakes and misunderstanding, will more quickly pull out of its
present quandary. (Mar 10, '08)
US's fancy guns are trained on China
Just as the Pentagon and its corporate allies touted the "Soviet threat" during
the Cold War to stampede Congress and the US public into supporting
ever-increasing spending on advanced weapons, so a hypothetical "China threat"
is being conjured up to achieve the same purpose - and it's costing
multi-billions of dollars. - Michael T Klare (Mar
7, '08)
War is hell - and hellishly
expensive
The estimated cost of one week of the United States' global wars is US$3.5
billion. But exactly where is that money going? When Congress passed the latest
Pentagon war-fighting supplemental request, it was said to be "for the troops",
but a surprisingly small amount goes to them. Newfangled weapons, private
security contractors and big business eat up a large portion, yet hundreds of
millions of dollars are unaccounted for. - William D Hartung
(Mar 7, '08)
Pakistan's generals come down hard
Faced with a spike in suicide attacks on the military, Pakistan's top brass
have thrown their weight behind embattled President Pervez Musharraf and his
"war on terror", in the process slamming the door on any chance of
reconciliation with Taliban and al-Qaeda militants. - Syed Saleem Shahzad
(Mar 7, '08)
Suspicions over Singapore
jailbreak
The daring and as-yet unexplained escape of Singapore's most wanted terror
fugitive, Mas Selamat Kastari, has called the island nation's terror-fighting
credentials into question. The government's bumbling has stoked speculation of
a cover-up, and until Mas Selamat is caught foreign confidence in Singapore's
security will be hard to restore. - Alex Au
(Mar 7, '08)
 SEX
IN DEPTH
When freaky-deaky
equals hara-kiri
The population of Japan is in decline, the birthrate is plummeting, and the
consequences look grim. Some studies put the blame on Japanese men whose
appetite for masturbation, sex toys and virtual tete-a-tetes is turning
them off the real thing. The future, one might say, is in their hands. - William
Sparrow (Mar 7, '08)
THE ROVING EYE
As alliances shift, Iran wins -
again
The George W Bush administration promoted a Turkey-Israel axis, a Sunni Arab
"axis of fear" and then a Saudi-Israeli nexus, always trying to isolate Iran.
None of these concoctions has worked, and there are even hints that Washington
and Tehran have concluded a secret deal brokered by Saudi Arabia to hammer out
contentious issues. This might be fanciful, but the bottom line is that Iran
sees itself as the ultimate victor of the US war on Iraq. - Pepe Escobar
(Mar 6, '08)
Why the dollar is so cheap
When George W Bush was inaugurated in 2001, the euro was trading at 94 cents
and gold cost $266 an ounce. Now they are trading at $1.52 and $985 an ounce.
That is a plain vote of no confidence in the government's economic model, and
international investors are fleeing the dollar for the best available
substitute - the euro and gold. - Peter Morici (Mar
6, '08)
INTERVIEW
Anwar Ibrahim
Anwar to Abdullah: It's nothing
personal
Since his release from prison on politically motivated charges, Malaysian
opposition icon Anwar Ibrahim has refashioned his image as a pious crusader for
social justice and racial equality. Critics say Anwar simply tells people what
they want to hear, but the veteran politician tells Ioannis Gatsiounis he's
matured after his time in the political wilderness and he's fed up with what he
sees as the ruling government's incompetence. (Mar
6, '08)
THE SUBPRIME ICEBERG
A year later, the band plays on
A year after the subprime crisis came to public attention, the rot in the
financial system continues to spread, leaving the US Federal Reserve with
at least one very important question to answer - should it come directly to the
rescue? As the Fed and other actors dance the subprime twostep, the tune is
reminiscent of the music on the Titanic as the lifeboats sailed away. - Julian
Delasantellis (Mar 5, '08)
 ASIA
HAND
Mixed
reviews for
Thai capital controls
Thailand's new government, which this week removed capital controls imposed by
its military-led predecessor, seems willing to sacrifice exports for more
domestic demand-led economic growth. Overlooked are other capital controls
still in place, while inflation and the prospect of an ever-stronger currency
will challenge policymakers. - Shawn W Crispin (Mar
5, '08)
Sunnis make merry on US's dime
Iraq's Sunni-dominated Awakening Councils, bankrolled by the United States,
have certainly blunted al-Qaeda, but they continue attacks on US and Iraqi
forces. The Sunnis, using a "fight, bargain, subvert, fight" approach, are all
the while working towards their ultimate goal of the complete withdrawal of US
troops and reducing the power of the Shi'ite-dominated government. - Gareth
Porter (Mar 4, '08)
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 SUN
WUKONG
Guangdong looks for delta
embrace
A rising star of China's Communist Party is looking to create a unified trade
zone incorporating Hong Kong, Macau and Guangdong province, a move that would
help his own ascendancy while giving a boost to the Pearl Delta region, where
industry is being eroded by rising costs. - Wu Zhong
BEAR'S LAIR
The
unequal impact of war
War can appear an attractive option to failed authoritarian states that can
fund violence through ownership of natural resources that pull in foreign
exchange income. An assault on hard-working neighbors with finely-tuned
economies can appear particularly attractive. Only a few such aggressors are
around - bringing down the price of oil would limit even their threat. - Martin
Hutchinson
Bush family touched
by subprime crisis
The subprime financial crisis, which started with low-skilled workers in the US
struggling to come up with their mortgage payments, has now worked itself
through the country's ranks to lap at the country's elite - including the
family of former president George H W Bush. - F William Engdahl
Bernanke gets
it backwards
When Ben Bernanke implies that the whole monetarist school of economics was
wrong and that inflation is caused by rising commodity prices, especially the
rising price of oil, why does nobody ask the one question burning a hole in the
brains of Mister, Miz and Missus America, namely, "Why do you believe that?"
High prices are the result of the ridiculous excesses of the Federal Reserve,
not the cause.
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CREDIT BUBBLE BULLETIN
What is left that is sellable?
Burst credit bubbles, underlined by the Fed's latest Flow of Funds data, and
impairment of US securities mean growth in overseas holdings of US assets has
become unsustainable, forcing the question of how the US will sustain smooth
recycling of its current-account deficits. The concurrent widening of certain
risk premiums and accelerated dollar weakness is no coincidence. (Mar
10, '08)
Doug Noland reviews the previous week's events each Monday.
MARKET RAP
Local
charts handy
in troubled waters
The siren song of an Ambac Financial bail-out was an unreliable guide for US
investors seeking passage through this week's trading shoals. Investors across
Asia also shipped water, but their experience of quieter eddies points to a
continued divergence of currents in the world's financial markets.
R M Cutler runs his eye over the ups and downs in the past week's
markets. (Mar 7, '08)
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[Re Euro-trash,
Mar 11] ... Chan Akya needs to spend some time in Sweden studying market
socialism, the most successful economic model in the world so far. And I would
certainly like to have a large bet (in euros) with him on which economy, the
US's or the EU's, will be least impacted by the current economic downturn.
David Sheegog
Paoli, Oklahoma, USA
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 Go
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Microsoft's pants down
Microsoft's top executives have at least one thing in common with their
customers - deep disenchantment with the company's latest products. Email
exchanges at the top also reveal that the software giant lowered its own
requirements so that partner Intel could maintain earnings.
(Mar 7, '08)
Martin J Young
surveys the week's developments in computing,
gaming and gizmos.
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ATol Specials
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The
Gates
Inheritance
By
Roger Morris
(June '07) |
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Syed Saleem Shahzad reports on
the Afghan war from the Taliban side
(Dec '06)
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How
Hezbollah defeated Israel
By
Mark Perry and
Alastair Crooke
(Oct '06)
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Mark
Perry and
Alastair Crooke
talk to the 'terrorists'
(Mar '06)
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China:
The
Impossible
Revolution
By
Francesco Sisci
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The Coming
Trade War
By Henry C K Liu
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A series
by Henry C K Liu
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Sinoroving
Pepe Escobar in China
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Money, Power
and
Modern Art
A series by Henry C K Liu
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Andre Gunder Frank on Uncle Sam and his
shrinking dollar
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By Pepe Escobar with
photographs by Kevin Nortz
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Nir Rosen goes inside the Iraqi
resistance
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Nir Rosen rides with the US 3rd
Armored Cavalry in western Iraq
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