As President Obama and his advisors debate future troop levels for Afghanistan, a new report by the UN Office on Drugs and Crime (UNODC) muddies the water on one of the most important issues in the debate — the effects of Afghanistan’s drug production.
I hate to admit it, but I’ve been suckered by the Obama administration. A few weeks ago the secretary of State announced, in effect, that the "war on terror" was over. From now on, the mass media informed us, the United States would be fighting only "overseas contingency operations." There was so much buzz about the end of the war that I was moved to write a column, do radio interviews, the whole bit. Very exciting!
A recent New York Times editorial gives China broad advice on the economic and financial crises, most of it wrong. Headlined “As Goes China, so Goes…” (an allusion to the old U.S. presidential election bromide, “As goes Maine, so goes the Nation), the editorial distills the essence of the macroeconomists’ conventional wisdom about the proper future direction of the Chinese economy: reduce exports, expand imports, and create a modern consumer economy. The Times implies that China’s government budget surplus, high individual savings rate, and endless consumer and social welfare needs make the task easy, if only Chinese policymakers would catch on. In fact, this transformation would be far more disruptive. Moreover, neither China nor the world can survive the creation of a clone of the 20th-century U.S. economy in the coming era of high-cost energy and low-carbon footprints.