Will Economic Brushfires Prove Too Virulent to Contain?
The global economic meltdown has already caused bank failures, bankruptcies, plant closings, and foreclosures and will, in the coming year, leave many tens of millions unemployed across the planet. But another perilous consequence of the crash of 2008 has only recently made its appearance: increased civil unrest and ethnic strife. Someday, perhaps, war may follow. As people lose confidence in the ability of markets and governments to solve the global crisis, they are likely to erupt into violent protests or to assault others they deem responsible for their plight, including government officials, plant managers, landlords, immigrants, and ethnic minorities. (The list could, in the future, prove long and unnerving.) If the present economic disaster turns into what President Obama has referred to as a “lost decade,” the result could be a global landscape filled with economically-fueled upheavals. Indeed, if you want to be grimly impressed, hang a world map on […]
What Does Economic "Recovery" Mean on an Extreme Weather Planet?
It turns out that you don’t want to be a former city dweller in rural parts of southernmost Australia, a stalk of wheat in China or Iraq, a soybean in Argentina, an almond or grape in northern California, a cow in Texas, or almost anything in parts of east Africa right now. Let me explain. As anyone who has turned on the prime-time TV news these last weeks knows, southeastern Australia has been burning up. It’s already dry climate has been growing ever hotter. “The great drying,” Australian environmental scientist Tim Flannery calls it. At its epicenter, Melbourne recorded its hottest day ever this month at a sweltering 115.5 degrees, while temperatures soared even higher in the surrounding countryside. After more than a decade of drought, followed by the lowest rainfall on record, the eucalyptus forests are now burning. To be exact, they are now pouring vast quantities of stored […]
How Popular Anger Grew, 1929 and 2009
Obtuse hardly does justice to the social stupidity of our late, unlamented financial overlords. John Thain of Merrill Lynch and Richard Fuld of Lehman Brothers, along with an astonishing number of their fraternity brothers, continue to behave like so many intoxicated toreadors waving their capes at an enraged bull, oblivious even when gored. Their greed and self-indulgence in the face of an economic cataclysm for which they bear heavy responsibility is, unsurprisingly, inciting anger and contempt, as daily news headlines indicate. It is undermining the last shreds of their once exalted social status — and, in that regard, they are evidently fated to relive the experience of their predecessors, those Wall Street “lords of creation” who came crashing to Earth during the last Great Depression. Ever since the bail-out state went into hyper-drive, popular anger has been simmering. In fact, even before the meltdown gained real traction, a sign at […]
Where Empires Go to Die
It is now a commonplace — as a lead article in the New York Times’s Week in Review pointed out recently — that Afghanistan is “the graveyard of empires.” Given Barack Obama’s call for a greater focus on the Afghan War (“we took our eye off the ball when we invaded Iraq…”), and given indications that a “surge” of U.S. troops is about to get underway there, Afghanistan’s dangers have been much in the news lately. Some of the writing on this subject, including recent essays by Juan Cole at Salon.com, Robert Dreyfuss at the Nation, and John Robertson at the War in Context website, has been incisive on just how the new administration’s policy initiatives might transform Afghanistan and the increasingly unhinged Pakistani tribal borderlands into “Obama’s War.” In other words, “the graveyard” has been getting its due. Far less attention has been paid to the “empire” part of […]
How Taxpayers Finance Fantasy Wars
Like much of the rest of the world, Americans know that the U.S. automotive industry is in the grips of what may be a fatal decline. Unless it receives emergency financing and undergoes significant reform, it is undoubtedly headed for the graveyard in which many American industries are already buried, including those that made televisions and other consumer electronics, many types of scientific and medical equipment, machine tools, textiles, and much earth-moving equipment — and that’s to name only the most obvious candidates. They all lost their competitiveness to newly emerging economies that were able to outpace them in innovative design, price, quality, service, and fuel economy, among other things. A similar, if far less well known, crisis exists when it comes to the military-industrial complex. That crisis has its roots in the corrupt and deceitful practices that have long characterized the high command of the Armed Forces, civilian executives […]