One of the most insidious consequences of the worldwide recession, particularly if it persists for an extended period, will be the growing tendency toward “economic nationalism”, or, to put it more bluntly, the protection of markets, industries, and jobs by home countries who feel threatened by free trade in a shrinking economy. It’s a natural […]
Archives for March 2009
The Inevitable Showdown
Joint Chiefs of Staff Chairman Admiral Mike Mullen moved us one step closer to reality recently with his statement that Iran now has enough enriched uranium to build a nuclear bomb, thus confirming a similar report by the United Nations nuclear weapons agency. Secretary of Defense Robert Gates was quick to add that “there is some time”, […]
Looming Disaster III
With my first essay in this “disaster” series, I thought one or two would be plenty. Alas, the disasters just keep on coming. Now we have Obama’s first proposed budget, and it simply takes your breath away. First, a dose of reality. From a purely financial disaster standpoint, former Bush economic advisor Larry Lindsey put […]