Two NYT op-eds that point to a precipitous decline in U.S. moral authority that nobody seems to want to accept

as usual, glenn is all over it...

Two Op-Eds in The New York Times this morning both warn of the precipitous decline of American credibility on matters of human rights and peace ushered in by the Obama presidency.

the first op-ed glenn cites is on cyber-warfare written by misha glenny...

A Weapon We Can’t Control

THE decision by the United States and Israel to develop and then deploy the Stuxnet computer worm against an Iranian nuclear facility late in George W. Bush’s presidency marked a significant and dangerous turning point in the gradual militarization of the Internet. Washington has begun to cross the Rubicon. If it continues, contemporary warfare will change fundamentally as we move into hazardous and uncharted territory.

This is one of the frightening dangers of an uncontrolled arms race in cyberspace; once released, virus developers generally lose control of their inventions, which will inevitably seek out and attack the networks of innocent parties. Moreover, all countries that possess an offensive cyber capability will be tempted to use it now that the first shot has been fired. . . .

the second is on extra-judicial assassination by former president jimmy carter...

A Cruel and Unusual Record

THE United States is abandoning its role as the global champion of human rights.

Revelations that top officials are targeting people to be assassinated abroad, including American citizens, are only the most recent, disturbing proof of how far our nation’s violation of human rights has extended. This development began after the terrorist attacks of Sept. 11, 2001, and has been sanctioned and escalated by bipartisan executive and legislative actions, without dissent from the general public. As a result, our country can no longer speak with moral authority on these critical issues.

more glenn...

Many American pundits and foreign policy experts love to depict themselves as crusaders for human rights, but it almost always takes the form of condemning other governments, never their own. There’s no end to self-styled U.S. human rights moralizers who will oh-so-bravely (and inconsequentially) write one screed after the next about the oppressive acts of Syria, or Russia, or China, or Iran (the targets of their wrath are not just foreign governments, but usually ones serving the role as Current Enemy of the U.S. Government).

But when it comes to the human rights violations they can actually do something about — the ones committed (or enabled) by their own government: the government for which they vote and to which they pay taxes and over which they are supposed to act as adversarial watchdogs — they are largely silent.

the u.s. stand on human rights has been seriously compromised from the native american genocide that accompanied the founding and the growth of the country up through the more recent horrors unleashed by the school of the americas right up to the present day... i am of the opinion that our trampling of human rights hasn't necessarily gotten worse, merely more visible, and with visibility comes the opportunity to step out of our national denial and do something about it...

 

Submit To Propeller
Tweet

[Permalink] 0 comments

Is capitalism in fact bankrupt?

from al jazeera...

With a world-wide financial crisis, towering government debt and the public outrage of the 99 per cent it is suggested that the free market is not free enough. Is capitalism in fact bankrupt?

Submit To Propeller
Tweet

[Permalink] 0 comments

The fastest way to fix this mess is to see tens of millions of homeowners default on their mortgages ... and millions more file for bankruptcy

at last... some sense from someone in the mainstream financial press...

market watch...

You want to fix this economic crisis? You want to put people back to work? You want to light a fire under the economy?

There’s a way to do it. Fast. And relatively simple.

But you’re not going to like it. You’re not going to like it at all.

Default. A national Chapter 11 bankruptcy.

The fastest way to fix this mess is to see tens of millions of homeowners default on their mortgages and other debts, and millions more file for bankruptcy.

I told you that you wouldn’t like it.

I don’t like it much either. It sticks in the craw that people got to borrow all that money and won’t have to pay it back.

But you know what? The time to stop that was five or 10 years ago, when the money was being lent.

It’s gone.

And mass Chapter 11 is, by far, the least obnoxious solution to our problems.

[...]

It’s the debt, stupid.

We’re hocked up to the eyeballs, and then some. We’re at the bottom of a lake of debt, lashed to an anchor. American households today owe $13.3 trillion. That has quadrupled in a generation. It has doubled just in the last 11 years. We owe more than any other nation, ever. And for all the yakking about how people are “repairing their balance sheets,” they’re not. From the peak, four years ago, they’ve cut their debts by a grand total of 4%.

[...]

Some will say the financial impact would be terrible. But the banks would just be facing up to reality. And a lot of these mortgages are already trading at distressed levels.

Some will say, “why should people get away with borrowing imprudently?” The response: Why should the banks get away with lending imprudently?

There’s no point telling people not to borrow money. They always will. I have yet to see a Wall Street executive turn down free money. I have yet to see a company in an IPO say, “Don’t give us so much money!” People like money. They will take as much as they are offered.

In a free economy, the people who are supposed to ration the loans are the lenders. Banks are supposed to lend carefully and responsibly. What else are they paid for? Accepting deposits? You could hire people on minimum wage to do that.

Some will say, “it’s immoral” for borrowers to default. Alas, most of these people are being inconsistent. They are usually the first ones to defend a company when it closes down a factory and ships the jobs to China, or pays the CEO $50 million for doing a bad job, on the grounds that “this ain’t morality, pal, this is business!”

But when Main Street wants to do the same thing, they start screaming “Morality! Morality!”

We don’t live in an economy based on morals and fairness.

[...]

The correct moral hazard is to punish the banks who lent imprudently by making them eat their own losses.

yes, yes and yes...

Submit To Propeller
Tweet

[Permalink] 0 comments

A dumbed-down, morally bankrupt society

black friday is an allegory for what the united states has become...

The Madness of a Lost Society



(thanks to information clearing house...)

Submit To Propeller
Tweet

[Permalink] 0 comments