Middle East On Edge…And, How To Fix America’s Lost Prosperity

Posted By on October 17, 2011

Some fresh perspectives from Gene Inger….Security wise the giant U.S. Air Force’s supply and logistics’ exercise in the Middle East is an early ‘stronger’ initiative from Leon Pannetta (our new Defense Secretary).

And, as to the demonstrations around the country,  the key to prosperity: a) bring back American industry (‘buy Made in the U.S.A.’ does make sense); b) realize that China no longer for larger items is so cost advantageous a manufacturer, and create incentives to move those factories back home like Whirlpool’s doing and c) discover that aside Mr. Bernanke, nobody really believes in Keynes that much (he’s still dead and can’t explain as I am what he didn’t intend for debtor nations), and that even Roosevelt wasn’t the first Keynesian President; he was simply desperate (as is Obama) to throw anything at the Depression; and was thus inclined to try that too (lots of other stuff concurrently had mediocre worth, as did Keynesian economics, prior to the buildup ahead of World War II).

10-17-2011

Geopolitics

And when you hear this week, of the giant USAF ‘supply and logistics’ exercise in the Middle East, with C-17’s and giant C-5’s, bringing troops and gear to test ‘quick landing and takeoff’ deployments to both Israel and Saudi Arabia, you’ll not be intended to know whether that’s really an exercise or a rapid build-up in some sort of ‘cover’, in-event of the kind of Iranian challenge we addressed.

It should be noted that just today the UN stated the nuclear inspectors reports are ‘classified’. That’s as the U.S. is contemplating pressing for their release as reports suggest they ‘prove’ Iran has been working on nuclear triggers and the nose-cones for missiles as well as highly processed Uranium which could give the Iranians a ‘quick’ nuclear weapon for (rumored) testing in North Korea (well that’s better than targeting a City of millions on the Mediterranean).

Speaking of the Med; the U.S. (one way or another) isn’t going to let Iran shift their small fleets (with aspirations of carriers believe it or not) into the Atlantic; as they have been good enough to threaten us with that, so we woke up a bit. That may be why the rumored ‘green-light’ to Israeli to ‘engage’ any of Iran’s warships that intrude in the Med, or even in the Red Sea / Gulf of Aden. That Israel has NOT acquiesced to this request reflects both a concern of triggering a wider conflict, and wondering if Washington ‘really’ would back them totally. I call this to your attention because this is an early ‘stronger’ initiative from Leon Pannetta (our new Defense Secretary) that has pointed Obama towards reality a bit more; and a little muscle-flexing, which is the only thing Iran understands.

Revolution?

The main story that may be sobering is the re-emergence of an old concept as always appeals to the least educated; never succeeds; but fails to strike a true middle ground, that does make some sense. That’s: ‘redistribution of wealth’.

Shakespeare may have said ‘what fools these mortals be’;but it’s the Fed that embraced Keynsian economic theory in an economic climate where even (as oft-noted) Keynes said it wouldn’t work; and incredibly they haven’t admitted it. The failure to come-to-grips with that reality would be laughable if not so tragic.

You need leaders to say to the players in this revolution: there are bad banks; but not all bankers are bad. You need leaders to point out that while there sure is greed, and bankers paying themselves salaries and bonuses exponentially higher than their own industries of just a few years ago (without justification as they recovered with taxpayer funds), this doesn’t make the system bad; just a defective series of regulatory oversights, political missteps (like Clinton signing off on repeal of Glass-Steagall, his big mistake; while he balanced the Budget; excellent at the same time), and not a call for yet more levels of Government regulation (it is sufficient to simply have the old rules enforced with adequate oversight). The piecemeal way this is being handled is overly complex, and at the same time looks a bit punitive because of the banks being bloated by the Government capital injections of 2008; so now they try to bleed-off that bloat.

That nobody is saying this promotes the prophets of doom, and limits profits in the markets going forward. Again; a failure to espouse centrist compromises in a world of polarized agendas. Actually, the mainstream of the protestors (that’s not all of them of course) are just asking for what we all want: ‘fairness’. Many, of course, saddled with student loans (which are never forgiven), and jobless prospects for now, are more centrist than our leaders; considering their often very real personal financial pressures. The leaders? They tread lightly in fear of which way the demonstrators might ‘trend’; not knowing that’s how protest of reasonable arguments risks becoming ‘a revolution’. Only in Los Angeles was it ‘let them eat cake’, where the LAPD provided supplies to the demonstrators; who generally cheered them as ‘part of the 99% too’. Four years ago we said this would lead to ‘societal discord’ along the way of the forecast ‘epic debacle’, and sadly it has. And in the U.S. at least, the protest becomes a political force in its own rights; that’s why channeling it and the Tea Party to understand ‘real politik’ and not fringe ideas, becomes ever-increasingly paramount this year. 

None of these ‘sides’ of the arguments attack the key to prosperity: a) bring back American industry (‘buy Made in the U.S.A.’ does make sense); b) realize that China no longer for larger items is so cost advantageous a manufacturer, and create incentives to move those factories back home like Whirlpool’s doing and c) discover that aside Mr. Bernanke, nobody really believes in Keynes that much (he’s still dead and can’t explain as I am what he didn’t intend for debtor nations), and that even Roosevelt wasn’t the first Keynesian President; he was simply desperate (as is Obama) to throw anything at the Depression; and was thus inclined to try that too (lots of other stuff concurrently had mediocre worth, as did Keynesian economics, prior to the buildup ahead of World War II).

Gene Inger

www.ingerletter.com

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