Friday, November 27, 2009

Only in Germany You Say?

Via Matt Yglesias, news that two German cabinet ministers and a senior military officer have resigned over a recent airstrike in which a number of civilians were killed

Franz Josef Jung, Defense Minister of Germany at the time of the Kunduz airstrikes gone bad, got demoted to the Labor Ministry in the post-election cabinet reshuffle and will now be resigning from the cabinet altogether. General Wolfgang Schneiderhan and State Secretary Peter Wichert have already resigned over this matter.

In light of the fact that all this is happening in part because of an increased American emphasis on the need to reduce civilian casualties, it does strike me as worth wondering whether you can imagine anything comparable happening in the United States? In any bureaucratic organization, it’s one think to adopt rules or policies saying that such-and-such is a priority. It’s another thing entirely to demonstrate that doing such-and-such is, in fact, crucial to one’s career.

Or in Canada.

Minister McKay's 'the dog ate my homework' excuses are an embarrassment. He was Foreign Affairs Minister then and Defence Minister now. It is time for him to go.

What Would Philip Berrigan Do?

I have just finished reading Phil Berrigan's wonderful autobiographical work, Fighting the Lamb's War. His was an uncompromising Catholicism. He loved the Church but was never afraid to take it on. Reading the Irish Times' report on the decades long cover-up of abuse in Ireland I longed for a voice like his to lend some moral clarity to this.

Andrew Sullivan, whose love of the Church is palpable, has this to say
If the Catholic church were a secular institution in Ireland and had been found guilty of child abuse to the massive extent the Church has, it would be forced to close. Its top officials would not be issuing statements of apology and regret, but serving sentences in jail. The name of John Paul II would not be a revered mantra; it would be synonymous with the head of an international organization that had to be dragged kicking and screaming to acknowledge its own long-running, institutional brutalization of generations of defenseless children.
Unto the least of these.

Krugman on Dubai


Paul Krugman puts it like this:

As far as I can tell, there are three ways to look at it — three stories, if you like, about what Dubai means.

First, there’s the view that this is the beginning of many sovereign defaults, and that we’re now seeing the end of the ability of governments to use deficit spending to fight the slump. That’s the view being suggested, if I understand correctly, by the Roubini people and in a softer version by Gillian Tett.

Alternatively, you can see this as basically just another commercial real estate bust. Either you view Dubai World as nothing special, despite sovereign ownership, as Willem Buiter does; or you think of the emirate as a whole as, in effect, a highly leveraged CRE investor facing the same problems as many others in the same situation.

Finally, you can see Dubai as sui generis. And really, there has been nothing else quite like it.

At the moment, I’m leaning to a combination of two and three. For what it’s worth (not much), US bond prices are up right now, suggesting that the Dubai thing hasn’t raised expectations of default.

Anyway, we continue to live in interesting times.

Yes, but a bet against Roubini is often a risky bet.

Dubai and Derivatives


This should warm your heart on a cold fall day. It turns out that Dubai, whose economy is in free fall as I write, taking world markets down with it, is a global leader in innovative derivative products. Wow! Just like Iceland! As the Global Arab Network describes it
NASDAQ Dubai’s equity derivatives market has won the Futures & Options World (FOW) 2009 Award for “Best Innovation by an Exchange in Product Design, Middle East.”

Commenting on the November 2008 opening of the market and its early growth, UK-based FOW said: “Pushing ahead with the launch amid the worst (global) recession for decades, and when some in the industry voiced doubts, is to be applauded.

“The resulting platform offers greater risk management scope for investors in the region, at a time of extreme market volatility.”

Equity derivatives trading volumes on NASDAQ Dubai have increased sharply in 2009, reaching a monthly record of 21,330 in October.

Jeff Singer, Chief Executive of NASDAQ Dubai, said: “FOW is a leading opinion former in the derivatives industry and we are delighted to be recognized by its Award. Our derivatives offer hedging opportunities for regional and international investors with exposure across UAE and wider Middle East markets.”
We have learned nothing.

Thursday, November 26, 2009

A Note on References

I have not known what to do until now about books I refer to. So I have decided to do this.

Because I live in Toronto, I will first try to provide a link to the Toronto Public Library. My second choice will be the University of Toronto library. UT allows for the purchase of reader cards giving access to one of the better university library systems on the planet.

When all else fails I will provide a link to the purchase of a used copy via Amazon Canada.

I have no interest in shilling for book retailers, particularly when I only buy books (always used) when all else fails.

If You Require Service in English, Press 1

If you have ever spent a stroke inducing hour talking to a clueless "customer service rep" in Mumbai, Benoit Duteurtre's novella Customer Service will ring hilariously true.

Our oppressors are no longer jack-booted thugs but hapless call centre operators clinging to the bottom rung of the middle class in third world countries.

Lost in Space

Where is this guy going with this?

Though an extraordinarily perceptive commentator and brilliant academic, Liberal leader Michael Ignatieff appears completely tone deaf.

In a week in which Conservative poll numbers have rightly gone off a cliff as allegations of willful blindness on the abetting of torture take hold, Ignatieff has been pretty much silent. And now news from the Globe's Jane Taber that he is "unplugging" himself and embarking on a tour to listen to Canadians. Key quote . . .
“This is all about listening to Canadians,” he told his caucus. And he advised them to be patient and work hard - noting that every question in Question Period and that every bit of work done in a committee is part of the re-building process for the Liberals. He said he was “certain” that rewards would come.
This minority government deserves to fall. The Minister of Defence is on life support. If a plug needs to be pulled, it should be his. This is not a time for contemplation; it is a time for taking the reins. Or as Lawrence Martin suggested in his column this morning
Nobleman Ignatieff has brought in new advisers, including some veteran Chrétien warriors. The Afghan detainees file is their first big test. We'll soon get an idea whether they will follow Mr. McKenna's advice and change course or whether it will be more of the same: Liberal popguns, Conservative cruise missiles.

Wallen Audio

I posted yesterday on Pamela Wallen's drinking of the Conservative kool-aide. Here is a link to the audio.

Ms. Wallen is the second former journalist to trade in their reputation for the party. As I noted earlier, Peter Kent has been doing the same, as has Lewis McKenzie.

Wednesday, November 25, 2009

This Time the Tragedy is Ours Too

I have been reading Philip Berrigan's wonderful autobiography, Fighting the Lamb`s War. More than anything else it is an account of what can happen when both morality and the rule of law are trumped by the pursuit of military goals no matter how noble. In the 1960s and 70s, the U.S. almost tore itself apart over an immoral and ultimately futile conflict. Though Canada supplied munitions and logistical support it largely avoided the catastrophe of Viet Nam.

This time we are not so lucky. It is becoming increasingly clear that the region is descending into a kind of moral chaos reminiscent of two generations ago, as this story from today`s Democracy Now so clearly shows



And given the allegations we have heard this week about Canada`s role in what may amount to war crimes, we are this time following them. It is time for our political leaders to make a stand: this war has become indefensible. This is not to besmirch the heroic effort made by our soldiers. It is to say that no more should be injured, killed or traumatized in pursuit of what are now unrealizable and unworthy goals.

Conservative Journalists' Hall of Shame


This is disgusting. Former journalist and Conservative Senator Pamela Wallen is on CBC's The Current this morning shilling for the Harper government on Afghanistan. A balanced report, it followed Wallen's breathtaking analysis with comment by two Conservative insiders. This is sad but not surprising, but what is is her willingness, given her reputation, to bend the truth to the needs of the government.

First she dismissed Richard Colvin's testimony, saying "I don't know what his motives were". His motives, Pam, were apparently to tell the truth, at considerable cost to himself.

Second, and much more egregious, she is suggesting that we are accusing front line CAF members of participating in torture. This is appalling. No one is suggesting that Canadian soldiers were complicit in this, or acted in anything but good faith. Senior officials are accused of ignoring overwhelming evidence that prisoners were handed over to abuse and torture. This is abetting. And abetting is a war crime. It is a crime in international law and a crime in Canadian law. No one is pronouncing anyone guilty. But a serious allegation has been made and it must be investigated.

Ms. Wallen has a sterling reputation. It is incredibly sad that it has been squandered in such a sad way.