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Somalia is the most failed of failed states, but that doesn't make the pirates apolitical. They don't need a state. Piracy is their state. Trying to erect a livable society in Somalia would be to confront them with a rival, as we discovered once before. The pirates are not "desperate." They are well fed, crafty and competent. They are the maritime wing of the warlord culture that governs Somalia de facto and does so in such a way that its citizens don't eat. Whatever the root causes of Somali piracy, helping Somalia might be a worthy goal...
Geithner, his predecessor Hank Paulson, FDIC chief Sheila Bair and Fed Chairman Ben Bernanke have so far used ad hoc powers to erect two of those crucial four pillars. Last fall they introduced Fed-sponsored insurance for money-market deposits, the equivalent of the FDIC insurance that exists for regular bank accounts. At the same time, they opened Fed lending to financial-services companies, making the Fed the lender of last resort for those firms, just as it is for traditional banks. In the past two days, Geithner unveiled the final two safeguards that he, Bernanke and Bair believe will...
...patriotic grounds, saying his action was a "natural response to the occupation." He defiantly shouted, "Long live Iraq!" and "I will sacrifice for the sake of all of the martyrs" as his verdict was read out. And his sentiments are shared by many in the capital. "They should erect a statue in his honor, not put him in jail," said Abu Sayyed, a 55-year-old taxi driver in Baghdad's Karrada district. (See pictures of the shoe attack and its aftermath...
...employment relationship is safe, and your company may be flirting with setting up shop in China.The economist Joseph Schumpeter described economic growth under capitalism as a process of “creative destruction,” under which the old productive edifices are torn down in order to erect newer and more efficient modes of production. Few these days have the optimism to glimpse this creativity, however, within the current milieu. “We are all Keynesians now,” and the system is a heedless and uncontrollable beast, controlled by “animal spirits...
...People are infuriated that a financier of terrorism, who in recent days gave a hero's welcome to a convicted terrorist, would be welcomed to our shores, let alone reside in our city." - Michael Wildes, mayor of Englewood, N.J., reacting to Gaddafi's plans to erect a tent in the town while he addresses the U.N. General Assembly in mid-September, a move that has been criticized in light of Gaddafi's alleged welcoming of released Lockerbie bomber Abdel Basset Ali al-Megrahi. (Reuters...