The Democratic and Republican political parties are quite similar in that they carefully shape their message to appeal to blocs of voters, trying to encompass as many segments as they can to cobble together a majority, while both remain staunchly pro-oligarchy. This strategy required them to pay at least lip-service to the needs of the non-oligarchic population. [Read more…]
This morning NPR had an extraordinary story about how Robert Ford, the US Ambassador to Syria who had left that country because of the deteriorating security situation there, had sneaked back into the rebel-held northern part of country to meet with and provide aid to one of the many factions that is fighting the Syrian government. So it looks like the US government has come down firmly on one side in the civil war that is raging in that country and causing immense hardship. [Read more…]
We can sometimes forget that the First Amendment of the US Constitution actually imposes two restrictions on the government when it comes to religious matters. The amendment says that “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof.” The ‘establishment’ part gets the most attention in church-state matters because of repeated attempts to force religion into public life but the ‘free exercise’ part is also important. [Read more…]
The problem of the big banks is becoming acute, as was made clear by Neil Barofsky in his excellent book Bailout: How Washington Abandoned Main Street While Rescuing Wall Street that I reviewed here. While having banks that are too big to jail makes a mockery of the legal system by inviting corruption, there is another reason that they are bad and that is because when some banks are perceived as too big to fail/jail, then they are being implicitly guaranteed by the US government, that it will step in and rescue them if they get in trouble. That means that people feel as safe lending money to them as they feel with buying US Treasury bonds and this carries with it real costs. [Read more…]
Economist Jeffrey Sachs is professor of Health Policy and Management and Director of The Earth Institute at Columbia University. He used to be one of your standard establishment types. As recently as 2006, he wrote a book The End of Poverty: Economic Possibilities for Our Time that I read in which he promoted the neoliberal ideology of the policies that developing countries should adopt. He was a major player on the international scene, a widely sought-after and quoted advisor to governments, the World Bank, the IMF, and the like. [Read more…]
The HBO comedy series Veep is pretty funny. The first season of eight episodes is out on Netflix and I watched it over two weekends. The backstory is that Selina Meyer is a US senator who tried and failed to get her party’s nomination for the presidency, then accepted the role of running mate and became vice-president. She finds that in the world of Washington politics, she now has far less clout than when she was a senator, reduced to making human interest appearances at kindergartens and yoghurt stores and the like. She has all the trappings of power (massive security detail and six limousine motorcades wherever she goes) but not the reality and the show deals with her frustration and insecurity at being deliberately excluded from the really important decision-making processes. [Read more…]
The rules against insider trading are meant to ensure that ‘the market’ is democratic and that everyone has access to the same information on which to base investment decisions, and to prevent individuals from taking advantage of knowledge that might give them more accurate knowledge of the true value of something than the public at large. As a result, we are constantly reassured how ‘the market’ has a self-correcting mechanism that results in the publicly stated value of financial products reflecting their true value. [Read more…]
The Indian subcontinent is going through turbulent times as religious extremists try to demand that religious dogma drive each country’s legal system and social mores. Pakistan has been subjected to vicioius blasphemy laws. India has seen the rise of Hindu nationalists and Hindu-Muslim clashes, Sri Lanka has seen militant Buddhists, led by monks, attack ethnic and religious minorities, most recently the Muslims. [Read more…]
US presidents love to look tough. But why don’t they ever realize that it is always a mistake to publicly draw lines in the sand? It makes you look strong at that moment but boxes you in later, because political reality is always more complicated and requires flexibility and nuance in dealing with it. In the case of Syria, president Obama made the mistake nine months ago in a press conference of declaring that if the Syrian government used chemical weapons, they would be crossing a ‘red line’, leaving unsaid what he would do in response. [Read more…]