An Isolationist United States? If Only That Were True

If Only That Were True 1 An Isolationist United States? If Only That Were True (October 10, 2013) Tim Reuter Forbes 8:05 a.m. CDT, October 10, 2013 “Peace, commerce, and honest friendship with all nations, entangling alliances with none.” Thomas Jefferson, First Inaugural Address. George Orwell once wrote that if “thought corrupts language, language can also corrupt thought.” He derided his contemporaries for how their use and abuse of the term fascism emptied the word of any meaning. The subsequent inability to define fascism degraded it “to the level of a swearword,” and a slur for use against anyone or anything deemed undesirable. The same holds true for the word isolationism, and its use in American foreign policy discussions. Proponents of American empire hurl the words isolationism and isolationist at their critics to tar them as ignoramuses and kooks. The neoconservative movement’s scion, super hawk Bill Kristol, has dismissed, the non-interventionist and possible 2016 presidential candidate, Senator Rand Paul as a “neo-isolationist.” Charles Krauthammer was more explicit in a Washington Post op-ed on August 1: “The Paulites, pining for the splendid isolation of the 19th century, want to leave the world alone on the assumption that it will then leave us alone. Which rests on the further assumption that international stability – open sea lanes, free commerce, relative tranquility – comes naturally, like the air we breathe. If only that were true. Unfortunately, stability is not a matter of grace. It comes about only by Great Power exertion…

Presidents Cup 2013: Analyzing United States’ Triumph over International Team

A simple way to see that is to look at daily changes in T-bill yields: T-bill rates spiked upwards four times in the months around the default. In November 1978, Henry Dr. Doom Kaufman predicted that interest rates would rise. They did. Turn-of-the-year cash management disrupted rates as 1978 became 1979. And rates spiked and fell in October 1979 when Paul Volcker announced that the Fed would target monetary aggregates rather than interest rates (the Saturday night special). The fourth big move was the day of the first default, when T-bill rates rose almost 0.6 percentage points (i.e., 60 basis points).Theres no indication this increase reversed in the days that followed (the vertical line on the chart is just a marker for the day of default). Indeed, using more sophisticated means, including comparing T-bill rates to interest on commercial paper, the authors conclude that default led to a persistent increase in T-bill rates and, therefore, higher borrowing costs for the federal government. The financial world has changed dramatically in the intervening decades. T-bill rates hover near zero compared to the 9-10 percent range of the late 1970s; that means a temporary delay in payments would be less costly for creditors. Treasurys IT systems are, one hopes, more reliable that 1970s vintage word processors. And one should take care not to make too much of a single data point. But its the only data point we have on a U.S. default. Not surprisingly it shows that even small, temporary default is a bad idea.

Actually, the United States Has Defaulted Before

Kevin Liles-USA TODAY Sports Well…almost. Ernie Els,Jason Day,Graham DeLaetand Adam Scott all ripped off wins in the early afternoon, keeping the International team’s comeback hopes alive.Hunter Mahan, Jason Dufner and Zach Johnson had each gotten wins, leaving the red, white and blue just one halving away from another triumph. But much like a year ago, the Internationals had pilfered momentum by mid-afternoon as the final matches of the day started revving up. The visiting side held leads or were within one stroke late in each of the final singles matches of the day, leaving Yahoo! Sports’ Shane Bacon to awaken (you see, that rhymes) the slumbering golf public by telling them to start following the action: Gregory Shamus/Getty Images This comeback would prove futile, however, thanks to a man whose performance in these events has often drawn criticism. Woods certainly didn’t play his best round on Sundayhis round translated to even par on Sundaybut he took advantage of Sterne’s mistakes. The world’s top-ranked player twice won holes where his opponent hit balls into the water (No. 9 and No. 12) and captured a critical win on No. 16 when Sterne sent his approach flying over the green. That win culminated a sensational week for Woods, who has been battling a nagging back injury throughout the fall. He was responsible for four of the United States’ 18.5 points, with three of his wins playing alongside Kuchar.