Archive for January, 2008

January 6th, 2008

Panic attacks in Pakistan

Posted in Geopolitics, Mideast & Oil by ed

Mere muttering here …

This Times story re Bush-Cheney scrambling for some sort of control in Pakistan seems telling. Panic in the White House. Everything the Vulcans had been warned against coming to bloody life.

If the americans cannot control the relevant portions of Afghanistan (and it seems they cannot), it would seem they have no competence to act in Pakistan.

And so the Times story — with all this talk of CIA and Pentagon going into action in Pakistan — gives rise to ludicrous visions. Cheney lowing his enraged paranoia. Pounding the table in an empty Situation Room. His israeliocentric warmongerers having all been sprayed by Roving exterminators. And the Times notes:

“Defense Secretary Robert M. Gates … was on vacation last week and did not attend the White House meeting …”

Ludicrous … Somehow brings to mind the last days of the Nixon White House, with the broken, drunken president pulling Henry Kissinger to his knees to pray, pray …

“Admiral Olson also visited the headquarters of the Frontier Corps, a paramilitary force of about 85,000 members recruited from border tribes that the United States is planning to help train and equip.” Like al Qaeda post Soviet invasion of Afghanistan?

What India will do, as Pakistan falls apart and its militant islamicists surge, seems a big question. Nukes in delivery vans? Perhaps merely all out war in Kashmir?

One imagines the threat of disaster out of Pakistan will finally crush what thoughts may have remained in the White House of attacking Iran.

No reason to cheer either way. From Palestine to India the world’s on fire and there is no reason to think it’s going to get better before getting worse.

P.S. Ah, here is Richardson saying he’s all for more US warmaking in Pakistan. And that Musharref is toast and should step aside. Elections. Ha ha. Seems then that Kayani (former head of secret police recently appointed top general as Musharref vacated that chair) is in line to take over. And soon.

January 4th, 2008

Doom & Gloom Update: Employment crushed

Posted in Money, These United States by ed

Tony Crecenzi, a good bond maven, re this morning’s surprisingly bad employment numbers, which are sending the markets down again:

QUOTE

U.S. Economy is Contracting
1/4/2008 9:17 AM EST
All indications are that the U.S. economy is contracting. Today’s unemployment report strongly reinforces this idea, showing a contraction in private payrolls alongside an increase in the unemployment rate of a magnitude that since World War II has been seen only in periods of economic recession.

Risk assets are, hence, likely to remain under significant downward pressure, and if history is any guide, U.S. equities could fall as much as 20% from their peak, which would translate into a decline of nearly 2000 points in the Dow Jones Industrial Average. The situation is not likely to change until the economy shows signs of expanding again.

END QUOTE

The future seems stagflation, last seen in the 70s in the wake of the first great oil shocks.

I.e. recession caused by the credit crunch and housing collapse. Inflation caused by the ethanol policy and price of oil, which topped $100/barrel for the first time on the first trading day of the new year (two days ago).

January 1st, 2008

Truth & Time

Posted in Arts & Private Life by ed

Received the following in a fortune cookie a while back:

“Time is precious, but truth is more precious than time.”

Damnation.