...more recent posts
Keep your eye on the ball.
Echoing a wider move away from the US dollar, the Indonesian government and the central bank, Bank Indonesia, may begin to use the euro in export-import transactions and foreign-exchange reserves.Who's next? Iran?
The statement was made by Finance Minister Boediono, Bank Indonesia governor Syahril Sabirin and senior deputy governor Anwar Nasution here on the weekend in connection with state oil company Pertamina's plan to use the euro in its trade transactions.
I think the conventional wisdom is that Iraq has learned at least something from Kosovo. Here's an interesting story of how they defeated U.S. radar seeking missles with microwave ovens. Could this be true?
If it's true that we don't seem to be able to knock out Iraqi communications infrastructure, I wonder if they might be using UWB wireless. Could the U.S. even do anything about that?
Here's an old Cringley piece on ultra wide band, if you want to know what it is.
Andrew Tyndall tirelessly tracks network news broadcasts, publishing a weekly newsletter, The Tyndall Report, with an exhaustive breakdown of minutes of coverage given to all major stories. Plus some quick analysis. Especially interesting now, I think.
Last one for now. Just something to remember:
"I believe demolishing Hussein's military power and liberating Iraq would be a cakewalk."
Dick Cheney, "Meet the Press", March 16, 2003
Can anyone find a definitive link establishing the validity of this quote? (I'm sure it's accurate, I just want a link.) I'm looking too. I'll report back any findings.
[update: I believe this quote is not accurate. Discussion inside.]
I have no time for this today. Lots of work to do. But I hope to say something soon about the phrase "weapons of mass destruction" and, to a lesser extent, the term "terrorism." These two terms are very dangerous because they are much in use right now, and yet they both appear to have no meaning.
If I was editor of this website I'd assign Bruno with the linguistic backgrounder on these terms - both their use and misuse - and Frank with the (L.R.J influenced) piece on the danger of words with no meanings. Of course I wield no such power, so you'll have to suffer through my no doubt inferior take on these matters.
As soon as I get a few moments.
Sounds like the beginning of the end for Rumsfeld.
I was wondering when this story would hit. I think this is the "real" reason for the war. I've tried to make this argument in private and it's been, ummm, not well received. And while this article certain doesn't settle any questions, I'm glad to see it getting some air.
Effectively, the normal standards of economics have not applied to the US, because of the international role of the dollar. Some $3 trillion (£1,880 billion) are in circulation around the world helping the US to run virtually permanent trade deficits. Two-thirds of world trade is dollar-denominated. Two-thirds of central banks' official foreign exchange reserves are also dollar-denominated.Iraq is the only major oil exporter to clear their sales in Euros. Iran is reportedly "contemplating" a switch. There is a much longer paper about this subject. I'll dig up the link.
Dollarisation of the oil markets is one of the key drivers for this, alongside, in recent years, the performance of the US economy. The majority of countries that require oil imports require dollars to pay for their fuel. Oil exporters similarly hold, as their currency reserve, billions in the currency in which they are paid. Investing these petrodollars straight back into the US economy is possible at zero currency risk.
So the US can carry on printing money - effectively IOUs - to fund tax cuts, increased military spending, and consumer spending on imports without fear of inflation or that these loans will be called in. As keeper of the global currency there is always the last-ditch resort to devaluation, which forces other countries' exporters to pay for US economic distress. It's probably the nearest thing to a 'free lunch' in global economics.
Gary Hart has started a weblog. He's running Movable Type, and comments and trackback are on. Whoa. Is it really him?
To further this undertaking, I am starting a blog here on www.garyhartnews.com. The Internet is clearly the most important new medium to help increase people's involvement in a "primary of ideas." It's an amazing tool for people to share ideas, talk about their concerns and their dreams, and debate the many important policy ideas that will affect our country's future.
The Williamsburg bridge is closed in both directions. Lots of helicopters in the air. This is one block from my apartment. Not sure what is happening.