Italy’s Going Under, But Don’t Blame Berlusconi
November 09, 2011
The eurozone debt crisis simply refuses to go away. Last month’s latest and greatest plan put forward by European leaders has already been judged by financial markets to be insufficient. And while it is political uncertainty in Greece that has thrown the whole process into question, the main victim has actually been Italy; in the days since the rescue package was announced, Italy has found its borrowing costs rising to record levels as investors continue to expect the worst. But why are investors picking on Italy?
October 12, 2011
The Abacus and the Cross: The Story of the Pope Who Brought the Light of Science to the Dark Ages By Nancy Marie Brown (Basic Books, 310 pp., $27.95) A study of twenty member states of the Organization of the Islamic Conference (recently re-named the Organization of Islamic Cooperation, or OIC—the international body that represents Ummah al Islam, with a permanent delegation to the United Nations) found that between the years 1996 and 2003 those countries spent 0.34 percent of their GDP on scientific research, one-seventh of the global average.
Obama’s Middle East Is in Tatters, Utter Tatters
September 20, 2011
It is not actually his region. Still, with the arrogance that is so characteristic of his behavior in matters he knows little about (which is a lot of matters), he entered the region as if in a triumphal march. But it wasn’t the power and sway of America that he was representing in Turkey and in Egypt. For the fact is that he has not much respect for these representations of the United States. In the mind of President Obama, in fact, these are what have wreaked havoc with our country’s standing in the world.
The Trouble With Neutrality
September 14, 2011
A World on Fire: Britain’s Crucial Role in the American Civil War By Amanda Foreman (Random House, 958 pp., $35) The world’s biggest superpower has a problem. The citizens of a nation overseas have risen up against their tyrannical rulers, determined to claim liberty even if it takes a civil war. As the most powerful global advocate of freedom, the superpower has to admire the rebels’ cause. Should it help them? Humanitarians argue that intervention can prevent hundreds of thousands of civilians from suffering hideous state-sponsored subjugation.
Why NY-9’s Special Election Should Make Both Parties Nervous
September 14, 2011
Queens, New York—In the midst of increasing excitement around the 2012 presidential race, the special election in New York’s ninth congressional district to elect a replacement for Representative Anthony Weiner (the dick-pic guy) quickly became cast as a referendum on President Obama’s policies. The surprising victory for GOP candidate Bob Turner, a former cable television executive who defeated Democratic State Assemblyman David Weprin by 6 points last night, only reinforces that perception.
Let’s Not Draw Broad Conclusions From the Stock Market Turmoil
August 27, 2011
This article is a contribution to 'Is There Anything That Can Be Done? A TNR Symposium On The Economy.' Click here to read other contributions to the series. Most adults know that there is no Santa Claus. They should also know that there was no stock market crash associated with Standard and Poor’s downgrade of U.S. government debt. However, because powerful interests want to spread misinformation about the downgrade, people are likely to be much better informed about Santa Claus.
Do Ideas Matter?
August 24, 2011
I. MY ROLE ON September 11 was to be a reporter for The New Republic. I was in downtown Brooklyn, and from my rooftop I watched the first tower crumble, and then I ran downstairs to the street with pen and notebook and plunged into the crowds fleeing over the bridges. I spoke with one person after another, asking what they had seen. They told me. I compiled my report.
London Journal: How Britain Left Behind the Poor of Tottenham
August 10, 2011
I’m in London, having arrived on Saturday evening. The Sunday morning papers had absolutely nothing about the enormous riot in Tottenham the night before. But the online press had plenty—except who exactly was doing the rioting. I got all my news all day from this—shall we say incomplete?—source. The front pages of the print press on Monday, however, had almost nothing else. (Except, de rigueur,the disastrous news of advanced capitalism in further collapse.) The headlines were a bit different Tuesday morning.
As they have with the Great Depression, economic historians will argue for decades about the origins of our current crisis. But, surely, we can agree that the failure of international economic cooperation in the early 1930s—and worse, the sequential adoption of beggar-thy-neighbor domestic policies—made matters worse at a time when enlightened statesmanship could have made them better for everyone. Similarly, the current crisis is not just a U.S. problem or a European problem; it is a global problem that requires a coordinated global response.
Is Italy the Next Greece?
August 09, 2011
While the United States resolved its own (manufactured) brush with default last week, global stocks have continued to slide on the more legitimate threat posed by the sorry fiscal state of several European countries. Greece was the recipient of a major euro zone bailout at the tail end of July—but concerns over its financial stability remain. Spain and Portugal are also facing serious questions, as are Ireland and Iceland.