A lot of outrage, including threats of physical violence, has been directed at executives of the American International Group and other financial-services firms. The executives are perceived as having triggered the world wide economic crisis by their reliance on subprime mortgage–backed securities and on credit default swaps (something few people understand even after hearing them explained).
The U.S defense budget, always outsized, has become even more bloated in recent years. In the past eight years military spending has nearly doubled, with much of the increase devoted to financing the wars in Afghanistan and Iraq. A year ago Joseph Stiglitz of Columbia University and Linda Bilmes of Harvard predicted that the Iraq war could cost the U.S. $3 trillion.
North is North, and South is South, and never the twain shall meet. Well, actually, they do. In a globalized world, people move freely, carrying ideas and practices with them, and some of the resulting meetings and mergers can be surprising, even bracing.
Despite an economic emergency and a popular president, notions of bi partisan cooperation on Capitol Hill collapsed after about a week. The advantages of political partisanship remain extremely compelling.
The Military Advisory Board, representing all branches of the military, has issued a study about the national security implications of global warming. The report says that “climate change impacts are already accelerating instability in vulnerable areas of the world and are serving as catalysts for conflict.” The board calls for “coordinated and well-executed actions to limit heat-trapping gases and increase resilience to help prevent and protect against the worst projected climate change impacts” (Forbes, November 14).