Slavery and Foreign Policy Realists

By , March 29, 2011 4:54 pm

So what’s the difference between slavery in the pre-Civil War U.S. and a foreign policy that would prop up a dictator like Mubarak or the Shaw or Marcos because he was friendly to U.S. interests in the region, even though he abused the people of his country? To my mind, in both cases innocent people were being severely abused, even killed. In both cases, people in power ignored the abuse because it benefited their interests. In both cases, the people in power had the resources to stop the abuse.

A Tale in Two Countries

By , March 28, 2011 11:56 am

Two major dailies–one in the U.S., one in Brazil–report on Joseph Lelyveld’s new biography of Mahatma Gandhi. In the U.S., The New York Times’s headline for the story reads

How Gandhi Became Gandhi

In Brazil, the Jornal do Brasil is a bit more provacative–just a bit:

Mahatma Gandhi seria bissexual, diz biografia (Mahatma Gandhi was bisexual, says biography)

I wonder which story attracted more readers?

Fed Watch – FOMC Statement

By , March 27, 2011 2:22 pm

Due to malware problems, I didn’t post on the Fed’s most recent FOMC statement. Here it is. Nothing changed; that is, the federal funds target rate will remain in the 0 to 1/4 percent range, and the Fed will continue to purchase Treasuries pursuant to QEII. That said, there was this interesting snippet (emphasis mine):

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate remains elevated, and measures of underlying inflation continue to be somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. The recent increases in the prices of energy and other commodities are currently putting upward pressure on inflation. The Committee expects these effects to be transitory, but it will pay close attention to the evolution of inflation and inflation expectations. The Committee continues to anticipate a gradual return to higher levels of resource utilization in a context of price stability.

What they’re talking about here is the Phillips Curve, which says that with low inflation comes high unemployment. Conversely, higher inflation brings lower unemployment.

In the present case, the FOMC doesn’t think the upward pressure on inflation will be lasting; thus, the committee anticipates that the employment picture will improve, but only gradually. And, it appears, that improvement will will not come because of an increase in the federal funds target rate–not anytime soon anyway.

Is Marriage Obsolete?

By , March 27, 2011 12:50 pm

So asks Sally Quinn in The Washington Post’s “On Faith” section. The short answer is, of course, no. The longer, much more enlightening answer is here.

Ten Economists, One Opinion: The Time to Cut the Deficit is Now!

By , March 26, 2011 5:04 pm

Ten former chairmen and chairwomen of the Council of Economic Advisors have joined in a statement that calls on Congress and the President to step up and get to work on the important task of cutting our monstrous deficit.

There are many issues on which we don’t agree. Yet we find ourselves in remarkable unanimity about the long-run federal budget deficit: It is a severe threat that calls for serious and prompt attention.

You can read more here, but there is one thing missing from both their statement and the Bowles/Simpson report they refer to: What can Congress and the President do to regain the trust they’ll need to pull this trick out of a hat?

I’m all for deficit reduction. I’ll even sign on for tax increases. But I will not agree to those increases unless and until Congress and the President show me that they are serious about cutting spending and that they will use the tax increases to cut the deficit rather to spend.

I am not holding my breath.

Cidade Maravilhosa in a Country Even More So

By , March 26, 2011 12:15 pm

Jason Mitchell has an interesting story in Institutional Investor about the role of private equity in Brazil’s resurgence. It caught my eye because I served a two-year mission for my church in Brazil many years ago and fell in love with the country. My wife and I returned for a visit in February 2008 and hope to return again soon. In fact, my mission president has invited us to serve with him and his wife in the Campinas Temple.

Whether we’ll be able depends on a lot of things happening. We’ll see.

Damn Malware

By , March 26, 2011 12:04 pm

Hey, I’ve been out of the blogging business for most of this month. Some malware infected this and some other sites I own, and I haven’t had the time (largely because I don’t have the smarts) to fix things. My time should free up in a week or two. In the meantime, I ask any readers (reader?) out there to be patient.

Wasted Days and Wasted Nights

By , March 4, 2011 12:24 pm

I’m having malware problems. Who has time to fix these things? I don’t.

Who has time to create them? Twits do. Extraordinarily twitty people.

Get Your Metaphors and Similes Right Here

By , March 3, 2011 9:09 am

Dick Harmon has never met a metaphor or simile he didn’t like, and he uses them like most people eat potato chips or popcorn–by the hand full. His indiscriminate use of these and similar figures of speech is on full display in his story today in the Deseret News about BYU’s loss to New Mexico, a loss occasioned by the suspension of star center Brandon Davies for violation of BYU’s Honor Code.

I’ll give you the first few lines of the story to illustrate what I mean. It’s not pretty. In fact, it kind of like sucks.

PROVO —

All it took to humble BYU as a No. 3 ranked team was New Mexico.

The Lobos came to the Marriott Center Wednesday and slapped around BYU good 82-64.

It was a painful end to a very emotional 24 hours for Dave Rose’s Cougars, a shadow of their previous selves.

The Cougars came out against the Lobos in a daze as if in a fog. They pressed on shots like they were all life and death and cost a million bucks.

Gone was the confidence witnessed last Saturday in the win over then No. 4 San Diego State. It was like somebody turned on a faucet since that day and all BYU synergy leaked out of the tank.

And New Mexico turned into the Celtics.

The atmosphere in the Marriott Center, one of magic for 12 straight home games, turned weird, like somebody cast a spell on the guys in white jerseys. (helpful bolding mine)

Had enough?

The Food Nazi–or is that Fascist?–Wants the Government to Pick Winners and Losers

By , March 2, 2011 12:34 pm

Elites. Can’t help themselves. Mark Bittman is at it again. If the government gets something wrong–defined as, something Bittman doesn’t like–well give ’em another bite at the organically grown apple:

Agricultural subsidies have helped bring us high-fructose corn syrup, factory farming, fast food, a two-soda-a-day habit and its accompanying obesity, the near-demise of family farms, monoculture and a host of other ills.

Yet — like so many government programs — what subsidies need is not the ax, but reform that moves them forward. Imagine support designed to encourage a resurgence of small- and medium-size farms producing not corn syrup and animal-feed but food we can touch, see, buy and eat — like apples and carrots — while diminishing handouts to agribusiness and its political cronies.

I really don’t have time to Fisk the entire article, so here is one more clip, and I’m off:

Thus even House Speaker Boehner calls the bill a “slush fund”; the powerful Iowa Farm Bureau suggests that direct payments end; and Glenn Beck is on the bandwagon. (This last should make you suspicious.) Not surprisingly, many Tea Partiers happily accept subsidies, including Vicky Hartzler (R-MO, $775,000), Stephen Fincher (R-TN, $2.5 million) and Michele Bachmann (R-MN $250,000). No hypocrisy there.

Left and right can perhaps agree that these are payments we don’t need to make. But suppose we use this money to steer our agriculture — and our health — in the right direction. A Gallup poll indicates that most Americans oppose cutting aid to farmers, and presumably they’re not including David Rockefeller or Michele Bachmann in that protected group; we still think of farmers as stewards of the land, and the closer that sentiment is to reality the better off we’ll be.

By making the program more sensible the money could benefit us all.

Apparently playing to his audience, Bittman takes unrelated cheap shots at the usual right-wing suspects, appears to agree that farm subsidies are subsidies we should end, but then makes one final pitch–if we just make the program more sensible.

Yeah, like that will happen. As Bittman reported about New Deal farm programs a few paragaphs above the last quote,

That wasn’t the plan, of course. In the 1930s, prices were fixed on a variety of commodities, and some farmers were paid to reduce their crop yields. The program was supported by a tax on processors of food — now there’s a precedent! — and was intended to be temporary. It worked, sort of: prices rose and more farmers survived. But land became concentrated in the hands of fewer farmers, and agribusiness was born, and along with it the sad joke that the government paid farmers for not growing crops.

And this time it will be better because a new, smarter group of elites is in charge? Of course.

Bittman should take up selling the Brooklyn Bridge.

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