Moore’s Curse and the Great Energy Delusion

The American | Our transition away from fossil fuels will take decades—if it happens at all. During the early 1970s we were told by the promoters of nuclear energy that by the year 2000 America’s coal-based electricity generation plants would be relics of the past and that all electricity would come from nuclear fission. What’s more, we were told that the first generation fission reactors would by then be on their way out, replaced by super-efficient breeder reactors that would produce more fuel than they were initially charged with.

During the early 1980s some aficionados of small-scale, distributed, “soft” (today’s “green”) energies saw America of the first decade of the 21st century drawing 30 percent to 50 percent of its energy use from renewables (solar,wind, biofuels). For the past three decades we have been told how natural gas will become the most important source of modern energy: widely cited forecasts of the early 1980s had the world deriving half of its energy from natural gas by 2000. And a decade ago the promoters of fuel cell cars were telling us that such vehicles would by now be on the road in large numbers, well on their way to displacing ancient and inefficient internal combustion engines.

These are the realities of 2008: coal-fired power plants produce half of all U.S. electricity, nuclear stations 20 percent, and there is not a single commercial breeder reactor operating anywhere in the world; in 2007 the United States derives about 1.7 percent of its energy from new renewable conversions (corn-based ethanol, wind, photovoltaic solar, geothermal); natural gas supplies about 24 percent of the world’s commercial energy—less than half the share predicted in the early 1980s and still less than coal with nearly 29 percent; and there are no fuel-cell cars.

This list of contrasts could be greatly extended, but the point is made: all of these forecasts and anticipations failed miserably because their authors and promoters ignored one of the most important realities ruling the behavior of complex energy systems—the inherently slow pace of energy transitions.

Chinese Automakers May Buy GM and Chrysler

Truth About Cars | Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China’s 21st Century Business Herald reports today. [A National Enquirer the paper is not. It is one of China's leading business newspapers, with a daily readership over three million.] The paper cites a senior official of China’s Ministry of Industry and Information Technology– the state regulator of China’s auto industry– who dropped the hint that “the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.” These hints are very often followed with quick action in the Middle Kingdom. The hints were dropped just a few days after the same Chinese government gave its auto makers the go-ahead to invest abroad. And why would they do that?

A take-over of a large overseas auto maker would fit perfectly into China’s plans. As reported before, China has realized that its export chances are slim without unfettered access to foreign technology. The brand cachet of Chinese cars abroad is, shall we say, challenged. The Chinese could easily export Made-in-China VWs, Toyotas, Buicks. If their joint venture partner would let them. The solution: Buy the joint venture partner. Especially, when he’s in deep trouble.

At current market valuations (GM is worth less than Mattel) the Chinese government can afford to buy GM with petty cash. Even a hundred billion $ would barely dent China’s more than $2t in currency reserves. For nobody in the world would buying GM and (while they are at it) Chrysler make more sense than for the Chinese. Overlap? What overlap? They would gain instant access to the world’s markets with accepted brands, and proven technology.

21st Century Business Herald, obviously with input from higher-up, writes that Chinese industry must change and upgrade. China wants their factories to change from low-value-added manufacturing to technically innovative and financially-sound high-value-add industries. Says the paper: “It would be much easier now for strong Chinese automakers to go global by acquiring some assets of their U.S. counterparts in times of crisis.”

Let Detroit Go Bankrupt

NYTimes | IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.

Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.

I love cars, American cars. I was born in Detroit, the son of an auto chief executive. In 1954, my dad, George Romney, was tapped to run American Motors when its president suddenly died. The company itself was on life support — banks were threatening to deal it a death blow. The stock collapsed. I watched Dad work to turn the company around — and years later at business school, they were still talking about it. From the lessons of that turnaround, and from my own experiences, I have several prescriptions for Detroit’s automakers.

The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk.

In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check.

A Sea of Unwanted Imports

NYTimes | LONG BEACH, Calif. — Gleaming new Mercedes cars roll one by one out of a huge container ship here and onto a pier. Ordinarily the cars would be loaded on trucks within hours, destined for dealerships around the country. But these are not ordinary times.

For now, the port itself is the destination. Unwelcome by dealers and buyers, thousands of cars worth tens of millions of dollars are being warehoused on increasingly crowded port property.

And for the first time, Mercedes-Benz, Toyota, and Nissan have each asked to lease space from the port for these orphan vehicles. They are turning dozens of acres of the nation’s second-largest container port into a parking lot, creating a vivid picture of a paralyzed auto business and an economy in peril.

“This is one way to look at the economy,” Art Wong, a spokesman for the port, said of the cars. “And it scares you to death.”

Indian Warship Shells Pirates

MOGADISHU (AFP) - An Indian warship opened fire at a Somali pirate "mother ship", the navy said Wednesday, as bandits demanded a ransom for a Saudi super-tanker seized in the most daring sea raid yet.

The Indian frigate INS Tabar, one of dozens of warships from several countries protecting shipping lanes in the Gulf of Aden, attacked the pirate ship late Tuesday after coming under fire, navy spokesman Nirad Sinha said.

The incident came as shipping groups reported a new surge in hijackings off Somalia and the International Maritime Bureau said pirates based in the lawless African nation were now "out of control".

"The INS Tabar closed in on the mother vessel and asked her to stop for investigation," the New Delhi navy spokesman said.

"But on repeated calls, the vessel's threatening response was that she would blow up the naval warship" if it approached," he added.

"The vessel... subsequently fired on the INS Tabar, and the warship retaliated in self defence," he said. "Explosions were heard, possibly due to exploding ammunition that was stored on the vessel."

Pirates had been on the upper deck of the vessel with automatic weapons and rocket-propelled grenade launchers, he said.

The piracy crisis has grown since the capture of Saudi super-tanker the Sirius Star on Saturday. The huge vessel was carrying a full load of two million barrels of oil worth an estimated 100 million dollars.

Prophesy of economic collapse 'coming true'

NewScientist | In 1972, the seminal book Limits to Growth by a group called the Club of Rome claimed that exponential growth would eventually lead to economic and environmental collapse.

The group used computer models that assessed the interaction of rising populations, pollution, industrial production, resource consumption and food production.

Most economists rubbished the book and its recommendations have been ignored by governments, although a growing band of experts today continues to argue that we need to reshape our economy to become more sustainable.

Now Graham Turner at theCommonwealth Scientific and Industrial Research Organisation (CSIRO) in Australia has compared the book's predictions with data from the intervening years.

Changes in industrial production, food production and pollution are all in line with the book's predictions of collapse in the 21st century, says Turner. According to the book, the path we have taken will cause decreasing resource availability and an escalating cost of extraction that triggers a slowdown of industry, which eventually results in economic collapse some time after 2020.

"For the first 30 years of the model, the world has been tracking along an unsustainable trajectory," he says.

According to Herman Daly of the University of Maryland, Turner's results show that we "must get off the growth path of business as usual, and move to a steady state economy," stopping population growth, resource depletion, and pollution.

Yet Turner reckons his report [pdf format] shows that a sustainable economy is attainable. "We wouldn't have to go back to the caves," he says.

The Failed G-20 Summit

CounterPunch | As expected, the G-20 Economic Summit in Washington turned out to be a total bust. None of the problems which have pushed the global economy to the brink of disaster were resolved and none of the main players who gamed the system with their toxic securities was held accountable. Instead, the visiting dignitaries settled on a toothless "Statement on Financial Markets" which accomplished absolutely nothing. The one noteworthy clause in the entire document is a two paragraph indictment of the United States as the perpetrator of the financial crisis. At least they got that right.

The world doesn't need a new Breton Woods or a new world order; it needs a competing vision of global finance. One that will put an end to dollar tyranny, superpower politics and "beggar thy neighbor" economic policies. A system that strengthens national sovereignty, cooperation, and international law. That's what the G 20 should have been talking about, instead of wasting their time trying to prop up a system that's rotten to the core.

Bankers Shake Down Congress and the G-20

CounterPunch | Here’s the problem that faced global finance ministers this weekend: The U.S. payments deficit has been pumping excess dollars into foreign economies, whose recipients have turned them over to their central banks. These central banks have saved their currencies from rising (and thus losing foreign markets by making their exports more expensive) by buying Treasury bonds so as to support the dollar’s exchange rate by recycling their dollar inflows back to the United States – enough to finance most of our federal budget deficit, and indeed much of Fannie Mae’s mortgage lending as well.

Mr. Bush for his part would like to shape the global financial system so that foreign economies continue giving the United States a free lunch. U.S. officials control the International Monetary Fund and World Bank and use these institutions to impose neoliberal privatization policies on foreign countries, thereby destroying the post-Soviet economies, Australia and New Zealand since the 1990s, just as they destroyed Third World economies from the 1960s through the ’80s. That’s why, until last month, the IMF had lost its clients and was almost universally shunned. French President Nicolas Sarkozy led foreign calls for a “new Bretton Woods,” by which he meant not just an upgrading of U.S. dollar hegemony but a different world order – more regulated with a fairer quid pro quo. And as the Financial Times reported: “Spain’s governing Socialist party summed up the heady mood in some parts of Europe in an internal document, seen by El Mundo, that identified the summit as a moment of historic change. ‘The origins of this crisis lie in neoliberal and neoconservative ideology,’ it said.”

Mr. Paulson and other U.S. officials have long been promising foreign finance ministers that Fannie Mae and Freddie Mac securities are as good as U.S. Treasury bonds while yielding higher interest. The resulting investment in these two mortgage-packaging agencies was a major factor in their $200 billion bailout. Letting their securities go under would have ended Dollar Hegemony for good. So getting foreign acquiescence in financing future U.S. balance-of-payments deficit is inextricably bound up with how to resolve the U.S. financial and real estate bubble.

Ron Paul on the G-20 Summit

The dollar system is coming to an end. The summit was about internationalization of the Central Bank and replacement of the dollar standard. No new system was devised and the dollar is under very serious assault. Meanwhile, the world economy will get much, much worse. Political danger, economic danger, and runaway inflation are just around that signpost up ahead.

The Crisis Has Hardly Begun

CounterPunch | Wow! The entire country is steamed up over the Republicans bailing out a bunch of financial crooks who have paid themselves fortunes in bonuses for destroying America’s pensions. Why do Democrats want to protect Republicans from further ignominy by not giving them the opportunity to vote down a bailout for workers? Quick, someone enroll the Democratic Party in Politics 101.

GM’s divisions in Canada and Germany are asking those governments for help. It will be something if Canada and Germany come through for the American automaker and the American government doesn’t.

Conservative talking heads are saying GM is a “failed business model” unworthy of a $25 billion bailout. These are the same talking heads who favored pouring $700 billion into a failed financial model.

The head of the FDIC is trying to get $25 billion--a measly 3.5 percent of the $700 billion for the banksters--with which to refinance the mortgages of 2 million of the banksters’ victims, and Bush’s Secretary of the Treasury Paulson says no. Why aren’t the Democrats all over this, too?

Apparently, the Democrats still think they are the minority party or else their aim is to supplant the Republicans as the party of the rich.

Any bailout has its downsides. But if America loses its auto industry, it will lose the suppliers as well and will cease to have a manufacturing sector. For years no-think economists have been writing off America’s manufacturing jobs, while deluding themselves and the public with propaganda about a New Economy based on finance.

A country that doesn’t make anything doesn’t need a financial sector as there is nothing to finance.

Rebooting Davos Man?

The Economist | The global system “needs a fundamental reboot”. That was the clearest conclusion from the 700 or so Davos Men and Women gathered in Dubai between November 7th and 9th by the World Economic Forum (WEF) to discuss how to lead the world out of its current crisis. This computing analogy immediately inspired a series of pointed jokes: “Before you reboot, make sure the operating system works”; “First, make sure the power is switched on”, and (to the loudest laughter) “Let’s hope we don’t end up with another version of Windows.” Indeed.

Compared with the partying and skiing that accompanies the talking at Davos, this gathering was serious and sober, literally (alcohol not being served, out of respect for the city-state’s Muslim government, which played host to the conference). “I had people patrolling the beach,” on guard against dignitaries sunbathing, “and I couldn’t find anyone,” said the WEF’s founder, Klaus Schwab, probably in jest.
Reuters

Everyone agreed that the global crisis, of which the financial system’s meltdown is currently the public face (though fuel and food are also important parts), is the most severe in at least a generation, and could certainly get much worse before it gets better. A deep recession is regarded as inevitable. “Could finance be a model for other areas in the sense that no one saw the actual crisis coming?” asked one speaker. “How long before the world is hit by a pandemic?” asked another.

Opinions were somewhat divided about who has the authority to solve the crisis. “This is the same elite that caused the problem, not the group to find the solution”, observed one brave speaker. “There is no leader in the world who can pull this together,” said another. A third speaker rallied the majority, however, by asking, “If not us, who?”

Already, a new lexicon is emerging for the rebooting phase. This is a “leadership moment”. Global co-ordinated action is needed. The unthinkable must be thought. Business as usual is no longer an option. What is needed is “restorative innovation.” Solutions should be the result of multi-stakeholder engagement, with everyone having a seat at the table. Risks must be better measured, and better managed. Solutions should be transformational, and sustainable. “Silos” are bad. Thinking holistically, connectedly, outside of our silos, is essential.

Clearing Out Managerial Dead Wood...,

NYTimes | The failure of one or more of Detroit’s Big Three automakers would put a huge initial dent in American manufacturing, but in time foreign car companies would pick up the slack by stepping up production in their plants here, many industry experts and economists say.

Whether Washington should let that play out — risking hundreds of thousands of jobs — is a central question Congress will weigh this week as it hears testimony from Detroit leaders who are pushing for immediate federal intervention, before the next administration takes over in January.

“Barack Obama has made it clear he understands the importance of the industry. The question is, do we get that far?” Ron Gettelfinger, head of the United Auto Workers, said in an interview Friday, raising the prospect of a General Motors bankruptcy. “At this juncture, we are in a crisis that could have a major negative impact on this country.”

But many industry experts say the big foreign makers are established enough to take control of the industry and its vast supplier network more quickly than is widely understood.

“You would have an auto industry in the United States more like that of Mexico and Canada: foreign-owned,” said Sean McAlinden, chief economist at the Center for Automotive Research in Ann Arbor, Mich., which describes itself as a nonprofit organization that has “strong relationships with industry, government agencies, universities, research institutes, labor organizations” and other groups with an interest in the auto business.

Obamismo

Newsweek | The use and abuse of Obama as a metaphor for dramatic racial and social change is suddenly so widespread, it may become a verb. Conservative Party Leader David Cameron and Labour Prime Minister Gordon Brown have bickered about their ability to Obama the U.K., with Cameron embracing the slogan of change and Brown espousing liberalism. In France, President Nicolas Sarkozy openly compares himself—the right-wing son of an aristocratic Hungarian immigrant—to the American son of a Kenyan father.

"God save us from Obamismo, that new religion that has flooded our earthly temples with such exaltation that it threatens to become a cosmic plague," wrote columnist Pilar Rahola in the Barcelona daily La Vanguardia, deriding Obama, ironically, as "a kind of messiah." Israeli columnist Sever Plocker dubbed him "Mr. Universe": the man who is all things to all people, and to whom the whole world is looking for leadership.

Yet amid the euphoria and the excess, it is increasingly clear that Obama is, in fact, the unique product of a unique moment in America's history, a figure almost impossible to replicate or even emulate in any other country. In the United States itself, it took both the worst crisis and perhaps the best-organized campaign in a century to break the color barrier, and generations may pass before American voters choose another black man, or a Latino or Asian or Jew, to be president.

Oppositional Culture.....,

NYTimes | The trouble is far more fundamental than that. The G.O.P. ran out of steam and ideas well before George W. Bush took office and Tom DeLay ran amok, and it is now more representative of 20th-century South Africa during apartheid than 21st-century America. The proof is in the vanilla pudding. When David Letterman said that the 10 G.O.P. presidential candidates at an early debate looked like “guys waiting to tee off at a restricted country club,” he was the first to correctly call the election.

On Nov. 4, that’s roughly the sole constituency that remained loyal to the party — minus its wealthiest slice, a previously solid G.O.P. stronghold that turned blue this year (in a whopping swing of 34 percentage points). The Republicans lost every region of the country by double digits except the South, which they won by less than double digits (9 points). They took the South only because McCain, who ran roughly even with Obama among whites in every other region, won Southern whites by 38 percentage points.

Those occasional counties that tilted more Republican in 2008 tended to be not only the least diverse, but also the most rural, least educated and slowest-growing in population. McCain-Palin did score a landslide among white evangelical Christians, though even in that demographic Obama shaved the G.O.P. margin by seven percentage points from 2004.

The Republicans did this to themselves, yet a convenient amnesia can be found in conservatives’ post-Election Day soul searching. There’s endless hand-wringing about Bush and McCain blunders and Abramoff-Stevens corruption, but there’s barely any mention of the nasty cultural brawls that defined the G.O.P. campaign narrative this year as the party clung bitterly once more to its 40-year-old “Southern strategy.”

'Spending . . . Is How We Fill Our Time'

Washington Post | In "Going Broke: Why Americans Can't Hold On to Their Money," psychologist Stuart Vyse analyzes the economic mess we're in, and what it is about our brains' inner workings that puts us there.

-- Monica Hesse

So, how did we get in this housing crisis/perilous tailspin situation? Psychologically speaking?

Basically it comes down to a simple sense of overconfidence about the future, which is inherent in our nature. . . . Especially in the realm of mortgages. You have a big company offering you an enormous amount of money, and they say, "You qualify." There's a psychological process where, if [that happens], you think, well, they must think I'm good for it.

Why don't we Just. Stop. Spending?

Because we live in a country where it's patriotic to spend, where our economy depends on spending. . . . It's a habit, it's what we do for entertainment, it's how we fill our time.

Why is this coming to a head now? Is human nature different than it used to be?

The marketplace has invaded our lives in quite a different way than it did 30 years ago. In that earlier period, when you were home, you were out of the marketplace. Today, I could buy a car without getting out of this chair or off this phone. When a purchase comes to mind, you must struggle with the fact that you could have it right away.

You'd think all that choice would make consumers happy.

In fact, we live in a world where there are too many choices. When the dazzling must-have item appears, be it an iPod or an iPhone, if you have a credit card in your pocket, then you're churning inside with whether or not you should pull out the card and walk out with the item. That creates the stress of, Can I justify this? Will this be okay? Will the future work out if I do this? In many cases, the person who has no credit card, no ability to buy at all, is freer.

Shipping: Holed beneath the waterline

UK Independent | Hold on to your hat: the Baltic Dry Index was down at 826 points yesterday, (actually 841 - this article's a week old - the trend is what matters) a shattering drop from its high of 11,793 in May.

The index, which tracks the price of shipping bulk cargo, might not sound like a reason to choke on your cornflakes. But it is an unparalleled, if subtle, barometer of the global trade in economic building blocks like iron ore, coal and grain – and it is telling a worrying tale.

Put simply, the cost of shipping has dropped through the floor. Sending a tonne of iron ore from Brazil to China in early June would have set you back more than $100 (£62) per tonne, or around $15m per voyage. But freight rates have now dropped to only slightly over $10 per tonne, or just $1.5m for the 70-90 day journey.

As if that wasn't dramatic enough, the drop in daily charter rates is even sharper. At the peak of the market, a 170,000-tonne Capesize bulk carrier was hired out at the eye-watering daily rate of $234,000. At the beginning of this week, it was $5,611 – a fall of nearly 98 per cent.

Peter Kerr-Dineen, chairman of Howe Robinson shipbrokers, said: "The scale of change in rate is utterly staggering – the market has come down from super-boom territory to pretty close to bust, effectively in two months."

Contracting demand for imports inrecession-wary economies across the world is a factor, as are steadily falling commodity prices and the mechanics of supply and demand in the shipping industry itself. But the real trouble is less obvious, largely unprecedented, and potentially devastating.

The wheels of international shipping are greased with "letters of credit"issued to buyers of bulk cargo by their banks. These guarantee the value of the shipment once it is in transit but before it is delivered. The problem is that the credit crunch, with the resulting liquidity problems in the international banking sector, is taking its toll on the availability of these entirelyroutine instruments. "We have the hugely worrying and unprecedented development where there are perfectly creditworthy shippers and receivers unable to open perfectly standardletters of credit," Mr Kerr-Dineen said.

Cargos are sitting on docksidesbecause the finance is not available to ship them, with the gravest implications for the future. "This is a nuclear bomb in the freight market, and in world trade," Mr Kerr-Dineen said. "Liquidity has to return because if there isinsufficient money to provide standard finance, world trade will be sharply cut back and economic growth willimplode."

IMF Agrees to $7.6 Billion Loan to Pakistan

Washington Post | Pakistan reached an agreement in principle with the International Monetary Fund on a $7.6 billion loan package aimed at preventing the nation from defaulting on foreign debt and restoring investor confidence.

The loan "will be used for the balance of payments and to build our foreign reserves," Shaukat Tarin, the de facto finance minister, said Saturday at a televised news conference in Karachi.

Pakistan, a center in the war on terrorism, has been forced to seek IMF assistance after its foreign-exchange reserves shrank 75 percent in the past year, to $3.5 billion last week, the equivalent of one month's imports, and a group of donor nations declined to provide funds. Hungary, Iceland and Ukraine also have negotiated IMF packages in recent weeks as the global economic crisis has radiated beyond the financial sector.

"The IMF didn't give us any conditions different from our economic stabilization program," Tarin said. "The IMF counseled us to increase the key interest rate to curb inflation."

Killing them Softly.....,

Washington Times | A West Virginia man whose son survived the battlefields of Iraq only to die in his sleep at home is crusading to find other military families whose loved ones also have died after taking drugs prescribed for post-traumatic stress disorder (PTSD).

Stan White's son Andrew, who was found dead in bed at the family's Cross Lanes, W.Va., home on Feb. 12, 2007, is one among a cluster of young veterans in the state who have died in their sleep with little explanation. Now Mr. White wants the federal government to monitor the drugs it prescribes to some 375,000 soldiers who have been diagnosed with mental trauma.

Shirley White of Cross Lanes, Andrew's mother, says she and her husband want an investigation into the medications prescribed to their son and other veterans who died.

So far, he has identified nine veterans across the country - including four in West Virginia - who have died in their sleep after taking antidepressant and antipsychotic medications.

Mr. White has met with members of Congress and asked for Capitol Hill hearings to investigate the deaths. His research prompted a Department of Veterans Affairs (VA) investigation into Andrew's and one other death, which were found to have been caused by "combined drug intoxication." But the investigation could not determine whether the prescribed medications were at fault.

The End of the Experts?

NYTimesSE | The sudden outbreak of peace in Iraq has made me realize, among other things, one incontestable fact: I have no business holding a pen, at least with intent to write. I know, you’re thinking I’m going too far. I haven’t always been wrong about everything. I recently made some sense on global warming and what we needed to do about it, for instance.

But to have been so completely and fundamentally wrong about so huge a disaster as what we have done to Iraq — and ourselves — is outrageous enough to prove that people like me have no business posing as wise men, and, more importantly, that The New York Times has no business continuing to provide me with a national platform.

In any case, I have made a decision: as of today, I will no longer write in this or any other newspaper. I will immediately desist from writing any more books about how it’s time for everyone to climb on board the globalization high-speed monorail to the future. I will keep my opinions to myself. (My wife suggested that I try not to even form opinions, but I think she might have another agenda.)

Baffled? I don’t blame you. So I’ll cite some facts to support my decision — a practice, I must admit, I have too seldom followed.

Let’s start with the invasion itself. I was pretty much all for it. Mind you, I was not one of the pundits, reporters, or public figures who said that Saddam Hussein was a threat to the United States. I knew better — but I said it didn’t matter!

Back in February of 2003, I wrote in this space: “Saddam does not threaten us today. He can be deterred. Taking him out is a war of choice — but it’s a legitimate choice.” In other words, we should invade a sovereign state and replace its government in order to remake the world more to our liking.

Now the simple fact is, an unprovoked attack on a sovereign state is a war crime, even when linked to grand ideas of the future of mankind. In fact, that’s exactly what Hitler did, for exactly the same reasons. The Nuremburg War Crimes Tribunal called it the “the supreme international crime, differing only from other war crimes in that it contains within itself the accumulated evil of the whole.”

What was I thinking? And more importantly, why didn’t anyone stop me?

The G20 Summit - Global Governance Reform?

A major global crisis, unfortunately, is now upon us. We believe that the G20 summit, which Mr. Bush has now convened, is the right forum for forging a cooperative approach to the crisis and for building a stronger, more inclusive international financial and economic architecture, and beyond to addressing other global challenges such as energy and climate change, security and terrorism, poverty and health. This crisis and the G20 summit on November 15 provide a historic opportunity for the next president of the United States to chart a new course for global cooperation, overcoming the transatlantic and Western biases of recent years, integrating Asia and other emerging economies into the global leadership forum, thereby creating a more effective and legitimate global steering mechanism.

The G20 Summit: Could the Financial Crisis Push Global Governance Reform?