“To the extent that the left is still vibrant, I am suggesting that it has mutated into something else. If what used to be known as the Communist International has any rough contemporary equivalent, it is the global media. The global media’s demand for peace and justice, which flows subliminally like an intravenous solution through its reporting, is – much like the Communist International’s rousing demand for workers’ rights – moralistic rather than moral. Peace and justice are such general and self-evident principles that it is enough merely to invoke them. Any and all toxic substances can flourish within them, or manipulate them, provided that the proper rhetoric is adopted. For moralizers these principles are a question of manners, not of substance. To wit, Kofi Annan can never be wrong.” – Robert Kaplan, “The Media and Medievalism,” Policy Review.
THE PRICE OF DEFICITS: “Deficits don’t matter,” Dick Cheney casually remarked not so long ago. Well, maybe they do. This sobering piece from the Economist explains a simple truth:
The dollar has been the leading international currency for as long as most people can remember. But its dominant role can no longer be taken for granted. If America keeps on spending and borrowing at its present pace, the dollar will eventually lose its mighty status in international finance. And that would hurt: the privilege of being able to print the world’s reserve currency, a privilege which is now at risk, allows America to borrow cheaply, and thus to spend much more than it earns, on far better terms than are available to others. Imagine you could write cheques that were accepted as payment but never cashed. That is what it amounts to. If you had been granted that ability, you might take care to hang on to it. America is taking no such care, and may come to regret it.
The chances of a serious dollar collapse and a big spike in interest rates are by no means minimal.
The Dish 