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Chronicle of the Conspiracy
Join us as we discover, document, expose and challenge the bad people, the bad institutions and the bad ideas that stand in the way of wealth creation -- and show you how to fight back!

Friday, December 03, 2004

GIULIANI ON WALL STREET    Groan. First it was Al Gore becoming an investment manager. Now Rudolph Giuliani, who did so much to crush the investment banking business in the 1980s, is becoming an investment banker. The Wall Street Journal edit page aptly notes this morning that Giuliani has put himself in the crosshairs of the man who has inherited his anti-Wall Street crusader's mantle: Eliot Spitzer:
...we hope Mr. Giuliani has also calculated the potential legal risks of such a high-profile financial venture. New York Attorney General Eliot Spitzer has positioned himself to be the Giuliani of this era by making capitalists a special target. The folks who want to see Mr. Giuliani run for President in four years don't want his bid spoiled by another ambitious prosecutor.

Posted by Donald L. Luskin at 8:01 AM | link   

IT'S IN THEIR GENES    Is there anything uniquely Bush about the current French hatred for America? From the Financial Times:
Opinion polls show that anti-American feeling has long been evident in France but that it has rocketed under Bush. But what exactly does it mean to be anti-American? Is anti-Americanism a political belief, a passion, an ideology, or a tradition?

In L’ennemi Americain, a fascinating genealogy of French anti-Americanism, Philippe Roger argues that the phenomenon is best viewed as a recurrent discourse that has periodically surfaced in French thought. At different times, anti-Americanism has been trumpeted by the hard right in French politics and then by the hard left. But this discourse has been constantly sustained by a corps of French intellectuals, for whom anti-Americanism has almost become a defining feature. ...According to Roger, French disillusion with the US set in soon after American independence, in spite of the fine rhetoric about the two sister republics’ devotion to liberty and the rights of man. Talleyrand, the French foreign minister who visited the US in the 1790s, was an early and harsh critic. “America is completely English,” he complained. With mounting frustration, he realised that the weight of past ties, a common language and national interests would more likely push the newly independent America towards Britain than France.

That early French disappointment with America crystallised into concern in the 1890s. It was then that the French public latched on to the image of the Yankee as a rampant capitalist at home and a budding imperialist abroad. The Yankee violently suppressed workers’ rights in the US and aggressively pushed American products abroad as his economic might grew. “America is invading old Europe, she is flooding her, she is going to submerge her,” wrote Joseph Emile-Barbier in 1893. US successes in the Spanish-American war of 1898 only fuelled those fears. The capture of Cuba and the Philippines convinced French politicians of the “American peril”, and also encouraged a sense of solidarity with a fellow European power. Not for the last time, the assertion of American interests abroad led to calls for a more unified European counterweight. Even the much-derided British were finally considered to be European.

The French were temporarily infatuated with President Woodrow Wilson for bringing the US into the first world war on their side. Two million people turned out to greet Wilson when in Paris to negotiate the settlement with Germany. But French politicians quickly grew to detest his stubborn rejection of their own views and his moralising ways. “Wilson speaks like Jesus Christ and conducts himself like Lloyd George,” they grumbled in the corridors of Versailles.

Washington’s subsequent retreat into isolationism and its lack of support for the League of Nations allowed another wave of anti-Americanism to wash over France in the late 1920s and 1930s. France’s “philosopher-writers”, many of whom came under the intellectual sway of Moscow, denounced the “American cancer”, even though they remained almost wholly ignorant about the country. As Roger notes: “The US could be weighed and judged without ever having been visited.”

Roger contends that France’s distrust of the US was bound up with a sense of European decline after the collective madness of the first world war. Perhaps in fear of their own future, the French cavilled at the mechanisation of American society and the homogenising effects of its culture - in much the same way as anti-globalisation campaigners complain about the US today. The first French quota on US films was imposed as early as 1928.

These intellectuals’ prolific writings permeated French public opinion and laid down a thick sediment of anti-American feeling that has been mined by opportunistic politicians to this day. Even the cartoon character Tintin (also a Belgian creation) took a dismal view of the US when he “visited” the country in the 1930s.


Posted by Donald L. Luskin at 7:56 AM | link   


Thursday, December 02, 2004

WE'RE NOMINATED!    Vote early and often, at the Weblog2004 Awards.

Thanks to reader Beth Cleaver for the heads up.

Posted by Donald L. Luskin at 9:00 PM | link   

NOW THAT'S RICH   

ABC News:

Dec. 1, 2004 — Former American fugitive Marc Rich was a middleman for several of Iraq's suspect oil deals in February 2001, just one month after his pardon from President Clinton, according to oil industry shipping records obtained by ABC News.

And a U.S. criminal investigation is looking into whether Rich, as well as several other prominent oil traders, made illegal payments to Iraq in order to obtain the lucrative oil contracts.

Thanks to reader Jill Olson for the link.

Posted by Donald L. Luskin at 1:11 AM | link   


Wednesday, December 01, 2004

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THE NEW MOORE   
Michael Moore proves more realistic and adaptable than the typical angry liberal in the aftermath of the election -- appearing on the Jay Leno show clean-shaven and in a suit and tie:

When asked by Jay Leno about his appearance, Moore quipped, "I thought I should look a little sharper for my IRS audit" and "If you can't beat them, you might as well look like them."

Thanks to reader Jill Olson for the link.

Posted by Donald L. Luskin at 1:10 AM | link   

DEMOCRACY INACTION    Borowitz reports:

Nov. 30 - The Iraqi elections, originally set for January 2005, have been delayed six months to give the Iraqi people enough time to produce and air negative political ads, the White House announced today.

"The purpose of these elections is to foster democracy in Iraq, but without negative ads, there is no democracy,": said White House spokesman Scott McClellan.

Thanks to reader Dave Duval for the link.

Posted by Donald L. Luskin at 1:09 AM | link   

KEMP ON DEBT, DOLLAR AND DEFICIT    Here's an excellent column by Jack Kemp -- using simple language and clear logic to blow up the prevailing mythology about debt, deficits and the dollar:

This economic belief structure about debt, deficits and the dollar...is grounded in two illusions: First, it believes a currency is just another commodity, and its value is set by foreign exchange markets according to the forces of supply and demand. As a Wall Street Journal editorial recently pointed out, however, "A currency isn't just another commodity, like wheat or copper." The dollar is a measure of value not intrinsically valuable itself.

...The second unfounded conviction...is an update of Thomas Jefferson's "bugaboo" against public borrowing in which public debt is seen as an unqualified evil because it "crowds out" private investment and unjustifiably burdens future generations with paying the cost of consumption enjoyed by the current generation. Jefferson's rival, Alexander Hamilton, believed that public debt prudently incurred and properly managed could be a "blessing." Wisely invested to help cover short-term deficits resulting from adopting personal retirement accounts and reforming the tax code, public borrowing can, in fact, generate a more bountiful future in which a fraction of the increased bounty can be -- and enthusiastically will be -- devoted voluntarily by future generations to retiring the debt because the reforms leave them much better off.

Thanks to reader Perry Eidelbus for the link.

Posted by Donald L. Luskin at 1:08 AM | link   


Tuesday, November 30, 2004

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BLOOMBERG'S CREDIBILITY "PLUNGES"   
Bloomberg News reports:
Tasers Should Be Banned, Human Rights Group Says; Shares Plunge

November 30, 2004 08:11 EST -- Police and military officers should be banned from using Taser International Inc. stun guns until their safety can be proven, Amnesty International said in a report. Taser's shares plunged 50 percent in early trading.

Uh, no... the stock simply split 2:1 today. Thanks to our correspondent "Irrational Exuberance" for the catch.

Posted by Donald L. Luskin at 8:22 AM | link   

KRUGMAN SPIDERHOLE WATCH 4    It's an error, not a witticism. Here Paul Krugman is described as "the patronizing saint of the American left." Perfect!

Posted by Donald L. Luskin at 6:36 AM | link   

BUSH ECONOMIC TEAM    Bush makes another in-your-face affirmative action cabinet appointment: Carlos Gutierrez, a native of Cuba and now the chief executive officer of Kellogg Co., to be secretary of commerce. It's all part of a shake-up of the economic team. Even Monopoly Man John Snow isn't safe: The Washington Post reports paradoxically,
One senior administration official said Treasury Secretary John W. Snow is free to stay as long as he wants, provided it is not very long.
Thanks to reader Jill Olson for the link.

Extra! The Astute Blogger weighs in on why Condi drives the left nuts. Thanks to reader Daniel Aronstein for the link.

Posted by Donald L. Luskin at 6:33 AM | link   

KRUGMAN SPIDERHOLE WATCH 3    New Zealand's Finance Minister Michael Cullen addresses a meeting of the Organization for Economic Development and Cooperation, and refers to Paul Krugman as "the leading US economist." Leading what, exactly? The reality-based community?

Thanks to Pundit Review for the link.

Posted by Donald L. Luskin at 6:25 AM | link   

JOKE OF THE DAY   

Posted by Donald L. Luskin at 6:24 AM | link   


Monday, November 29, 2004

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WHY CONDI DRIVES 'EM CRAZY   
Keith Burgess-Jackson speculates on why liberals are dissing Condoleezza Rice, nominated by President Bush to be Secretary of State:
Liberals love to call conservatives racists, sexists, and homophobes, but this is mere projection. They’re the ones who make assumptions about people on the basis of race, skin color, ethnicity, sex, and sexuality. A conservative black person isn’t really black, in their view. A conservative woman isn’t really a woman. A conservative homosexual isn’t really homosexual. This is persuasive definition of the worst sort. It’s an attempt to make reality fit liberal preconceptions. This isn’t politics. It’s mental illness.
I don't disagree with Keith's "class traitor" model -- it's classic. But I think it's more than that, too. First, liberals see Bush as poaching. Only they are supposed to be able to get brownie points for hiring minorities into positions of power. Second, Bush is cheating at the affirmative action game -- he hired someone superbly qualified (which means he really picked her based on qualifications, not race -- so it's not really affirmative action). No wonder liberals loathe Bush: he plays the game brilliantly and puts it right in their faces. I mean, the nerve of the man to dare to out-Albright Clinton by hiring a black woman to be Secretary of State. And what a slap in the face to the fundamental unspoken premise of affirmative action -- hiring one who actually deserves the job.

Posted by Donald L. Luskin at 6:26 AM | link   

GO BROKE BETTER WITH COKE    And you thought it couldn't get any sillier than Al Gore becoming an investment manager. Here's a new sinkhole for liberals to throw their money into:
A former Wall Street stockbroker plans to launch a hedge fund to short-sell shares in Coca-Cola and give any profits to people in countries he says the U.S. drinks company has exploited.

Max Keiser, 44, a self-styled "investment activist", has teamed up with the son of the late entrepreneur Sir James Goldsmith with the aim of halving Coke's share price to $22 in 12 months from its current value of around $40.

Profits from the fund would be distributed to the "victims of Coke" in a process supported and audited by Zak Goldsmith's London-based Ecologist magazine, which will decide where to donate any proceeds.

Keiser says Coca-Cola has poisoned land in India and trampled on human rights in Colombia, charges the company has frequently and vigorously denied.

Thanks to reader Perry Eidelbus for the link.

Posted by Donald L. Luskin at 6:25 AM | link   

FOR CARTER, JUST A MATTER OF STYLE   
GRAYDON Carter has an overriding theory as to why President Bush beat John Kerry. Speaking at the Miami Book Fair, Carter, esteemed editor of Vanity Fair and author of "What We've Lost: How the Bush Administration Has Curtailed Our Freedoms, Mortgaged Our Economy, Ravaged Our Environment, and Damaged Our Standing in the World," seemed to chalk up Kerry's collapse to the senator's stiff speaking style. "John Kerry was talking to somebody with a bowtie, a striped shirt and a blazer," cracked Carter. The Miami New Times also reports Carter said: "He should have been talking to those people out there, those Wal-Mart people, those people who like to keep their Christmas lights on all year round."
Thanks to Bruce Bartlett for the link.

Posted by Donald L. Luskin at 6:25 AM | link   

THE TRUTH THEY CAN'T HANDLE    Janan Ganesh in the London Times:
Jack Nicholson's "you can’t handle the truth" routine in A Few Good Men has become an iconic monologue of modern cinema, but the point he was making is rarely grasped. The injustice Nicholson laments is not that we expect a noble minority to pay the blood price for our security -- it was ever thus -- but that we demand the right to tell them how to do it. Shackled by laws, norms and protocol concocted by legalists, the US Armed Forces -- who have done more for freedom of the press than all the world's journalists combined -- are put in an impossible position. It is nauseating enough that they are now casually disparaged as "hicks" and "rednecks" by do-nothing civilians, without the supposedly objective media joining in.
Thanks to reader Orest Mandzy for the link.

Posted by Donald L. Luskin at 6:24 AM | link   


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