Book Reviews | Gordon Campbell | News Flashes | Scoop Features | Scoop Video | Strange & Bizarre | Search

 


NITA: Bush Straps On His Anti-Gravity Belt

Not Important? Think Again
Where common sense meets economics

31 July 2002
Sanders Research Associates

Bush Straps On His Anti-Gravity Belt

America: abandoning civil aviation?

Puzzling over the president’s vow to “crush” the world’s “worst” leaders, we wondered if the following story about Boeing’s research might explain it. He is just a little giddy, as are the idiots who put this out in this summer’s silly season. This says a lot about Boeing, which is finding it increasingly difficult to compete in civil aerospace and is becoming a defence contractor pure and simple. This may well be great news for the company and its stockholders, but it is a real pity for the American economy. Boeing’s acquisition of McDonnell Douglas propelled them into the Pentagon’s commercially unreal world of cost-plus contracting, where higher costs mean more profits. It is not hard to see the day coming when the United States will no longer produce civil aircraft. They are going the way of shipping, computers, machine tools, railways, and other useful things. Anyone wondering about a longer-term investment reason to own euros instead of dollars might well ponder this.

http://www.janes.com/aerospace/civil/news/jdw/jdw020729_1_n.shtml

http://www.iht.com/articles/65997.html


Congress finds its voice

Senator Fritz Hollings did nothing more than call a spade a spade in calling government accounting practice fraud in the pages of the Financial Times. Frankly, he didn’t go far enough, but the fact that the shock of last year’s anthrax attacks on Congress is finally wearing off is encouraging. As we have reported on a variety of occasions, the anthrax came from the US military and the most likely suspects are home grown. When you combine that with the fact that the most prominent characters to receive it were senior Democrats, then you have an interesting chain of inference. What Hollings doesn’t say is that the budget deficit’s size relates largely to increased benefits for American military personnel legislated in 2000. On an accrual accounting basis, defence spending in FY2001 was some 7.5% of GDP. Why Congress should be paying the military more is beyond us, when neither the military nor the intelligence community are capable of doing their job properly. Witness 911.

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1027953260766&p=1012571727085

Don’t pick a fight you can’t pay for

The economics of the War on Terror have gone largely unremarked, but that seems to be changing. The Gulf War in 1990 was paid for by Kuwait, Saudi Arabia, Germany and Japan. Why any of those countries should be willing to pony up for round two is a mystery. The Bush administration’s idea of finance is to monetise new debt issuance, which was an idea of relevance when Keynes first proposed it as a means of financing Britain’s mobilisation for World War Two, but seems more than a little anachronistic when applied to the US today.

http://www.nytimes.com/2002/07/30/international/30COST.html

The enemy of my oil company is my enemy?

One school of thought has it that the Saudi government’s program to open up gas exploration in the Kingdom is the real reason behind recent American hostility. This is not completely implausible, as it represents the first time since the forging of the Aramco concession fifty years ago that the oil and gas business in the Kingdom will be opened up to outside competition. On the other hand, it is very hard to understand why the United States would assume a belligerent posture over this. The American majors are well represented, and it is difficult to imagine that instability in the Kingdom is preferable to just doing the deal. One wonders indeed who wins by the constant portrayal of the Kingdom as a powder keg waiting to blow up. The country’s financial position is often cited as a reason for this, but at current levels of crude production in excess of 8 million barrels a day and an oil price that has averaged (WTI) over $23 a barrel, Saudi Arabia’s budget problems are manageable.

http://www.forbes.com/markets/newswire/2002/07/30/rtr680064.html

http://news.bbc.co.uk/1/hi/business/2146848.stm

Making Clinton look good (moral: Never give up. Nothing is impossible)

Paul Krugman is easy to disagree with, so it is very interesting to see him picking up on the corruption them that we have been writing about for the last five years. The mess that many of the US states are in now has to be seen to be believed, but it is only a sideshow compared to what is happening in Washington. To hear Krugman tell it, Bush is the Author of Evil, economic at least. The Democrats and their fellow travellers are smart to keep pounding on the theme of the balanced (or unbalanced) budget. What is so interesting is that this should have been a Republican issue. Clinton “balanced” the budget, all right, at the price of fuelling the biggest financial asset bubble in history. Only the manifestly incompetent or corrupt could have failed to turn that into a political issue. If Bush is playing the role of Herbert Hoover, then Clinton is the Calvin Coolidge of the piece. Truthfully, though, this is an insult to both Hoover and Coolidge.

http://www.nytimes.com/2002/07/30/opinion/30KRUG.html


© Copyright Sanders Research Associates Ltd. 2002. The contents of the following, either in whole or in part, may not be reproduced, stored or transmitted in any form or by any means, electronic, photocopying, recording or otherwise without the written permission of Sanders Research Associates. While considering the contents to be reliable, SRA take no responsibility for the information set forth herein.

© Scoop Media

 
 
 
 
 
Top Scoops Headlines

 

Werewolf: Living With Rio’s Olympic Ruins

Mariana Cavalcanti Critics of the Olympic project can point a discernible pattern in the delivery of Olympics-related urban interventions: the belated but rushed inaugurations of faulty and/or unfinished infrastructures... More>>

Live Blog On Now: Open Source//Open Society Conference

The second annual Open Source Open Society Conference is a 2 day event taking place on 22-23 August 2016 at Michael Fowler Centre in Wellington… Scoop is hosting a live blog summarising the key points of this exciting conference. More>>

ALSO:

Buildup:

Gordon Campbell: On The Politicising Of The War On Drugs In Sport

It hasn’t been much fun at all to see how “war on drugs in sport” has become a proxy version of the Cold War, fixated on Russia. This weekend’s banning of the Russian long jumper Darya Klishina took that fixation to fresh extremes. More>>

ALSO:

Binoy Kampmark: Kevin Rudd’s Failed UN Secretary General Bid

Few sights are sadder in international diplomacy than seeing an aging figure desperate for honours. In a desperate effort to net them, he scurries around, cultivating, prodding, wishing to be noted. Finally, such an honour is netted, in all likelihood just to shut that overly keen individual up. More>>

Open Source / Open Society: The Scoop Foundation - An Open Model For NZ Media

Access to accurate, relevant and timely information is a crucial aspect of an open and transparent society. However, in our digital society information is in a state of flux with every aspect of its creation, delivery and consumption undergoing profound redefinition... More>>

Keeping Out The Vote: Gordon Campbell On The US Elections

I’ll focus here on just two ways that dis-enfranchisement is currently occurring in the US: (a) by the rigging of the boundary lines for voter districts and (b) by demanding elaborate photo IDs before people are allowed to cast their vote. More>>

Ramzy Baroud: Being Black Palestinian - Solidarity As A Welcome Pathology

It should come as no surprise that the loudest international solidarity that accompanied the continued spate of the killing of Black Americans comes from Palestine; that books have already been written and published by Palestinians about the plight of their Black brethren. In fact, that solidarity is mutual. More>>

ALSO:


Get More From Scoop

 
 
 
 
 
 
 
Top Scoops
Search Scoop  
 
 
Powered by Vodafone
NZ independent news