IMF blesses China's yuan but the dollar is still dangerously dominant
'A dollar-centric financial world has created powerful and sinister distortions,' says SLJ Macro. The world will be safer as the Chinese yuan comes of age
By Ambrose Evans-Pritchard
Liberalism’s Imaginary Enemies
In Paris, it’s easier to battle a climate crisis than confront jihadists on the streets.
By Bret Stephens
Little children have imaginary friends. Modern liberalism has imaginary enemies.
Hunger in America is an imaginary enemy. Liberal advocacy groups routinely claim that one in seven Americans is hungry—in a country where the poorest counties have the highest rates of obesity. The statistic is a preposterous extrapolation from a dubious Agriculture Department measure of “food insecurity.” But the line gives those advocacy groups a reason to exist while feeding the liberal narrative of America as a savage society of haves and have nots.
The campus-rape epidemic—in which one in five female college students is said to be the victim of sexual assault—is an imaginary enemy. Never mind the debunked rape scandals at Duke and the University of Virginia, or the soon-to-be-debunked case at the heart of “The Hunting Ground,” a documentary about an alleged sexual assault at Harvard Law School. The real question is: If modern campuses were really zones of mass predation—Congo on the quad—why would intelligent young women even think of attending a coeducational school?
They do because there is no epidemic. But the campus-rape narrative sustains liberal fictions of a never-ending war on women.
Institutionalized racism is an imaginary enemy. Somehow we’re supposed to believe that the same college administrators who have made a religion of diversity are really the second coming of Strom Thurmond. Somehow we’re supposed to believe that twice electing a black president is evidence of our racial incorrigibility. We’re supposed to believe this anyway because the future of liberal racialism—from affirmative action to diversity quotas to slavery reparations—requires periodic sightings of the ghosts of a racist past.
I mention these examples by way of preface to the climate-change summit that began this week in Paris. But first notice a pattern.
Dramatic crises—for which evidence tends to be anecdotal, subjective, invisible, tendentious and sometimes fabricated—are trumpeted on the basis of incompetently designed studies, poorly understood statistics, or semantic legerdemain. Food insecurity is not remotely the same as hunger. An abusive cop does not equal a bigoted police department. An unwanted kiss or touch is not the same as sexual assault, at least if the word assault is to mean anything.
Yet bogus studies and statistics survive because the cottage industries of compassion need them to be believed, and because mindless repetition has a way of making things nearly true, and because dramatic crises require drastic and all-encompassing solutions. Besides, the thinking goes, falsehood and exaggeration can serve a purpose if it induces virtuous behavior. The more afraid we are of the shadow of racism, the more conscious we might become of our own unsuspected biases.
And so to Paris.
I’m not the first to notice the incongruity of this huge gathering of world leaders meeting to combat a notional enemy in the same place where a real enemy just inflicted so much mortal damage.
Then again, it’s also appropriate, since reality-substitution is how modern liberalism conducts political business. What is the central liberal project of the 21st century, if not to persuade people that climate change represents an infinitely greater threat to human civilization than the barbarians—sorry, violent extremists—of Mosul and Molenbeek? Why overreact to a few hundred deaths today when hundreds of thousands will be dead in a century or two if we fail to act now?
Here again the same dishonest pattern is at work. The semantic trick in the phrase “climate change”—allowing every climate anomaly to serve as further proof of the overall theory. The hysteria generated by an imperceptible temperature rise of 1.7 degrees Fahrenheit since 1880—as if the trend is bound to continue forever, or is not a product of natural variation, or cannot be mitigated except by drastic policy interventions.
The hyping of flimsy studies—melting Himalayan glaciers; vanishing polar ice—to press the political point. The job security and air of self-importance this provides the tens of thousands of people—EPA bureaucrats, wind-turbine manufacturers, litigious climate scientists, NGO gnomes—whose livelihoods depend on a climate crisis. The belief that even if the crisis isn’t quite what it’s cracked up to be, it does us all good to be more mindful about the environment.
And, of course, the chance to switch the subject. If your enemy is global jihad, then to defeat it you need military wherewithal, martial talents and political will. If your enemy is the structure of an energy-intensive global economy, then you need a compelling justification to change it. Climate dystopia can work wonders, provided the jihadists don’t interrupt too often.
Here’s a climate prediction for the year 2115: Liberals will still be organizing campaigns against yet another mooted social or environmental crisis. Temperatures will be about the same.
We deride chances of Marine Le Pen and Donald Trump at our peril
The rise of political extremists says something disturbing about liberal democracy in the west
I have a nightmare vision for the year 2017: President Trump, President Le Pen, President Putin.
A sense of crisis is growing in Germany with the expected arrival of more than 1m refugees this year, leading to a backlash against Chancellor Angela Merkel’s government. With recessions and debt crises in southern Europe, “fringe” parties have moved into government in Greece and Portugal.
So what is going on in western politics? The overarching development is a loss of faith in traditional political elites and a search for radical alternatives. Behind that, it seems to me, there are four broad trends: an increase in economic insecurity, a backlash against immigration, a fear of terrorism and the decline of traditional media.
Economic insecurity has been supplemented by a sense of social instability, linked to rising immigration. The influx of Hispanics into the US and of Muslims into western Europe has allowed the Trumps and Le Pens to argue that feckless elites have allowed fundamental social changes to take place without consulting ordinary people. Mr Trump has called for the deportation of 11m illegal immigrants from the US and Ms Le Pen once compared Muslims praying in the streets of France to the Nazi occupation.
Managing a World of Great Powers
Les doy cordialmente la bienvenida a este Blog informativo con artículos, análisis y comentarios de publicaciones especializadas y especialmente seleccionadas, principalmente sobre temas económicos, financieros y políticos de actualidad, que esperamos y deseamos, sean de su máximo interés, utilidad y conveniencia.
Pensamos que solo comprendiendo cabalmente el presente, es que podemos proyectarnos acertadamente hacia el futuro.
Gonzalo Raffo de Lavalle
Las convicciones son mas peligrosos enemigos de la verdad que las mentiras.
Quien conoce su ignorancia revela la mas profunda sabiduría. Quien ignora su ignorancia vive en la mas profunda ilusión.
“There are decades when nothing happens and there are weeks when decades happen.”
Vladimir Ilyich Lenin
You only find out who is swimming naked when the tide goes out.
No soy alguien que sabe, sino alguien que busca.
Only Gold is money. Everything else is debt.
Las grandes almas tienen voluntades; las débiles tan solo deseos.
Quien no lo ha dado todo no ha dado nada.
History repeats itself, first as tragedy, second as farce.
We are travelers on a cosmic journey, stardust, swirling and dancing in the eddies and whirlpools of infinity. Life is eternal. We have stopped for a moment to encounter each other, to meet, to love, to share.This is a precious moment. It is a little parenthesis in eternity.
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