Lest we forget, the fiscal cliff is still coming–the dismal set of negative economic consequences that come from cutting government spending and raising taxes too fast in the face of a weak economic recovery. While 87% of the general public do not realise that the fiscal cliff is about preventing spending cuts rather than making them, regular readers (and those of you who read the linked pieces) know better. That’s all ground we have covered. However, that there is a particularly interesting implication of belief in the danger of the fiscal cliff that I have yet to discuss, and this I seek to remedy.
Author: Benjamin Studebaker
Territorial Disputes and the Future of Asia
It has been in and out of the corner of the western press’s eye the last few years. China has been flexing its muscle in Asia, attempting to press claims to territory, both land and sea, on its various borders. This has not gone unnoticed by China’s neighbours, who are quite furious with China over some of its more belligerent acts. The matter has been simmering, off and on, for some time. What I find most interesting about it, however, is how this dispute has set the nations of Asia against each other, dividing it between two sides, one pro-China, the other against.
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The HSBC Moral Hazard Paradox
Recently HSBC, the British bank, was found by the Department of Homeland Security to have laundered vast amounts of money for drug cartels, terrorist organisations, and rogue states. One would expect a steep penalty for aiding and abetting such malevolent organisations. Consider Salim Hamdan, a man whose sole crime was to drive Osama bin Laden around for $200 a month, yet nonetheless ended up in prison from 2001 to 2009 and was subjected to “coercive interrogation” and “sexual humiliation”, whatever that means. Given the billions of dollars HSBC laundered for these kinds of groups, what Hamdan got should be a picnic in comparison, right? Well it turns out, not so right, as the Justice Department decided not to prosecute.
Does Might Still Make Right?
Often historical figures are accused of having a “might makes right” attitude. The idea being that the one with superior military might is the one who is morally right. The Romans used the line “vae victus”, or “woe to the vanquished”. In moral philosophy, this is usually deemed a fallacy. Just because one is the stronger does not necessarily mean that one has ethical truth on one’s side. The strong have, throughout history, done many terrible things. However, I have begun to see a modern form of the same argument used in today’s society, and this I find very troubling.
The TSA: Mass Murderers
I happened upon an old article by the sage of Brooklyn himself, Nate Silver, about what Silver calls the hidden costs of airport security. Silver references a study out of Cornell University that indicates that the there were significant consequences to the increase in airport security post-9/11 that went unreported and unnoticed. These consequences were not merely financial–people died.
Benjamin Studebaker 