You are browsing the archive for 2014 June 18.

Avatar of admin

by admin

GOP Needs to Stop Being "Stupid and Proud of It" on Iraq

June 18, 2014 in Economics

By Christopher A. Preble

Christopher A. Preble

As Iraq descends into chaos, the Republican Party finds itself in a nearly impossible position.

The claim that the war was worth fighting is looking more absurd by the day. The assertion that George W. Bush’s surge put Iraq on the path to political reconciliation seems even less credible.

The memory of Iraq will be a drag on the party’s fortunes. The best it can hope for is that Americans are so focused on the Democrats’ unpopular domestic programs that they ignore the last GOP president’s disastrous foreign policy.

Republicans will have a hard time convincing the American people to trust them with the keys to the nation’s foreign policy.”

Hillary Clinton, the leading contender for the Democratic nomination in 2016, has once again positioned herself to wring advantage from the Iraq disaster. She, of course, voted in October 2002 to authorize the use of force against Iraq.

Being pro-war helped her then. She won praise from hawks who exulted in the bipartisan support for the war.

Two years later, her Iraq war vote likely cost her the Democratic nomination in 2008, but it didn’t exclude her from being named Secretary of State. From that exalted position, Clinton argued for sending tens of thousands of additional troops into Afghanistan, urged Obama to attack Libya, and supported a tough line toward Syria.

Once again, the hawks took note, and no doubt were pleased.

Now Clinton has expressed her regrets about Iraq. In her memoir, Hard Choices, Clinton admits her vote was a mistake.

“[M]any Senators came to wish they had voted against the resolution. I was one of them. As the war dragged on, with every letter I sent to a family in New York who had lost a son or daughter, a father or mother, my mistake [became] more painful…I thought I had acted in good faith and made the best decision I could with the information I had…I still got it wrong,” Clinton wrote.

It does no good to speculate as to whether or not Clinton’s misgivings are sincere. The point is that she is on record as opposing the war, albeit after the fact.

If the hawks now cry foul, and turn their fire on her, they do her a favor: their hostility could help her secure the Democratic nomination, and, perhaps, the general election.

After all, consider how Clinton’s position on Iraq stacks up against the leading crop of GOP …read more

Source: OP-EDS

Avatar of admin

by admin

Income Inequality Did Start Around 1970

June 18, 2014 in Economics

By David Howden


Over at Mises Canada today I discuss whether income inequality really is increasing, or whether it is a figment of some statisticians imaginations. It’s real alright, but the cause is more obvious than anyone wants to let on/

The income and wealth divide that is now seen as a problem did start right around 1970 (depending on what type of data you want to look at to judge this, it started as early as 1968 or as late as 1973). The income divide is not fabricated, nor are these dates just pulled from thin air.

The period of time right around 1970 was unique in recent history as it was the end of the Bretton Woods era and the start of a pure fiat standard by all the central banks of the Western world. It ushered in a period of unanchored central bank credit creation, and government deficit spending. If one wants to blame something for the inequality that coincided exactly with this momentous event, why not pick the obvious reason?

Read more here.

…read more