Ron Paul Revolution: Ron debates Democrats on You-Tube

Yep, Democrats. Except for Paul, Hunter and Tancredo, there wasn’t anyone in last night’s debate who couldn’t have changed their rhetoric and tone of voice a bit and been palmed off as a Democrat. Or maybe, to be fair to the genuine left, as Demopub… or Republicrat…

“McCain said Paul is promoting isolationism in calling for the United States to disengage from the war. “We allowed (Adolf) Hitler to come to power with that attitude of isolation,” he said.

Paul objected, saying McCain had confused his support for nonintervention with isolationism.

“I want to trade with people, talk with people, travel,” Paul replied. “But I don’t want to send troops overseas using force to tell them how to live.” Later he made clear he would not run as an independent, despite requests from many of his supporters….”

More at the Washington Post.

Dear Senator McCain, your uncompromising stance on torture is admirable. So was your Vietnam war service. But while you seem to be quite clear about what the Constitution says about asphyxiating our fellow man in excruciating stages, you seem less clear about carpet bombing him. I fail to follow the logic. Pouring too much H2O down the wrong orifice of suspected terrorists upsets you deeply (and it should — they are still held in our prisons and there are other ways to get them to talk) but leveling cities filled with innocent civilians, from babies to grandmothers and cripples, because some bearded guy somewhere else went on a criminal rampage — now that’s just fine and dandy.

I am being facetious but that’s what the logic of this foreign policy amounts to.

Paul’s answer was perfect. Because we don’t want to bomb people into “freedom” (our version) doesn’t mean we want to be “isolationist.”

Here’s another of those slogans “Mobs” talks about.

Is everything always this black and white, this simplistic?

Is the alternative to bombing people raising the draw- bridge, holing up inside, and contemplating our navels? Isn’t there such a thing as peaceful, unmanaged trade? Isn’t the other name for that the free market? And isn’t that what conservatism is supposed to defend?

Not the military-industrial-financial much-too complex?

Update:

Now we find that the debate was infiltrated by a covey of Democrat supporters posing as random questioners, including the gay military officer who was almost disruptive…

More evidence of the arrogance and corruption of the MSM and their pals on You Tube.

Now figure out where else those pals are – on google, on amazon, and everywhere else where opinions are voiced.

Mind Body: Feelings….nothing more than feelings..

Nov. 27, 2007 — Amputees given prosthetic limbs could soon “feel” with their new hands or feet, after a team of scientists successfully rerouted two patients’ key nerves.

Scientists at the Rehabilitation Institute of Chicago and Northwestern University announced late Monday they had rerouted through their chests the nerves of two patients that had transferred sensation from the hand to the brain.

After several months during which the nerves re-established themselves in the chest muscles, physical pressure, heat and cold, and electrical stimulus were applied to the areas of the nerves and the patients said they could feel the effect.

More at Discovery News.

Comment: (What has any of this to do with politics and the economy? More later today…)

Drinking from a poisoned well: Bernanke and Dumbledore…

“At some point, all the losses—both for borrowers and lenders—are going to be ‘socialised,’ i.e. foisted off on American taxpayers. We’re just not sure what the mechanism is going to be. For some reason it brings to mind a scene in the Harry Potter books where Dumbledore is forced to drink a well-full of poison in order to reach a treasured item at the bottom. The poison nearly kills him. But someone had to do it. Ben Bernanke’s beard is shorter than Dumbledore’s…but he sure could use some magic right now…”

More here

by Dan Denning, editor of Strategic Investments, and author of the idea-packed best-seller, The Bull Hunter, in the Daily Reckoning, Australia.

Lord Acton on ethics and liberty

“Obscure ethics imply imperfect liberty. For liberty comes not with any ethical system, but with a very developed one.…sanctifying freedom…teaching men to treasure the liberties of others as their own, and to defend them for the love of justice and charity more than as a claim of right, has been the soul of what is great and good in the progress of the last two hundred years.”

Colonies: Romance versus reality….

The recent PBS documentary “Pocahontas Revealed” – on TV tonight – rewrites the romantic Disney version, as this interview with historian David Silverman of George Washington University shows.

“In Disney’s recent version of the Pocahontas story, as in countless iterations before it, John Smith appears as a dashing romantic hero, smitten by the Indian “princess.” Their relationship symbolizes the bridging of two cultures, and more particularly, shows how Indians could enlighten Europeans to the wisdom of the natural world. It’s a fantasy that appeals to Americans today in part, perhaps, because it obscures an ugly truth: the relationship between Smith and Pocahontas, and more broadly between the Jamestown colonists and Pocahontas’s people, was one of betrayal and dashed hopes, as this interview with historian David Silverman of George Washington University makes clear.

Q: Why did John Smith and his English compatriots journey to Chesapeake Bay in 1607?

David Silverman: The first Jamestown colonists were fundamentally part of a business venture, a venture designed to produce wealth for its investors. What form that wealth would take they weren’t sure. The Spanish example in South America and Central America taught the English that around the next corner, in the American interior, might be a great Indian empire rich in gold and silver. But the colonists also had more modest goals: perhaps they might find iron or copper, or they could grow crops like citrus fruits. They also wanted to find a waterway that would give them an easy passage to Asia and all of its riches in the form of porcelain, silks, and spices.

Q: When the colonists first landed, what was foremost on their minds, finding riches or finding a way to sustain themselves?

Silverman: The main directive they had was to find wealth. Now, how to do that while also sustaining the colony was the great question. They expected to raise some amount of food, but they didn’t expect this colony to be entirely self-sufficient, not in its first years. The Spanish model and the English example of Roanoke in the 1580s, even though that colony failed, taught that Europeans might depend upon native people for sustenance. And indeed, that’s the strategy they intended to follow.

Q: How much did they know about the Powhatan people before they arrived?

Silverman: Europeans had been exploring the North American Atlantic coast for the better part of a century before the founding of Jamestown. So the English had information about native people on the coast: about how their polities were organized, about their economies, about what they would trade for European goods. What they didn’t know was what Indians were like in the interior. Was there [something like] an Inca kingdom in the interior? They desperately wanted to know that.

Q: What were the Indians’ preconceptions about the English?

Silverman: The Indians knew two big things through their previous experience with Europeans. The first was, these people were potentially very dangerous, very treacherous. They were armed to the teeth. They could turn on native people in the blink of an eye and for reasons that the natives couldn’t fathom.

But secondly, these English possessed goods that the natives craved. Now, some of these goods were things that we might consider bobbles and beads, worthless trinkets, ribbons, and the like. But there were other items, too, that could vastly improve their quality of life: metal cutting tools, axes and swords, awls and scissors, metal needles (which were a radical improvement over the bone needles or stone needles that native peoples used), brightly colored cloth, metal kettles that native women could place directly over the fire—quite unlike their own clay or wooden pots. And so even though they knew the English were dangerous, the Indians were drawn to them.

[Editor’s Note: The Indian people the Jamestown colonists encountered were known by the same name as their chief, Powhatan.]

Q: According to John Smith’s account of the famous event—when Pocahontas allegedly rescued him from execution—her father, Powhatan, let Smith live but also expected something in exchange. What was it?

Silverman: John Smith thought, and I believe he was right, that Powhatan spared his life because Smith was more valuable to him alive than dead. Powhatan wanted Smith to broker trade relations between the English and the Powhatan people.

Q: And was Pocahontas a part of this decision?

Silverman: If John Smith’s account, written in the 1620s, can be believed, Pocahontas was at the center of her father’s decision to spare his life and then to set him up as a cultural broker, as a trade broker between the Indian and English communities.

Q: Several historians now see what took place between Powhatan and Smith in terms of an adoption. What would Powhatan’s perception of this adoption have been?

Silverman: We know that Powhatan called Smith “son” after freeing him from captivity at Werowocomoco. Well, what would a son’s responsibilities have been to his father? First and foremost, to provide reciprocal hospitality, meaning that Indian visitors to Jamestown, just like English visitors to the Indian communities, would receive food, lodging, and good treatment. It meant that these visitors would leave their weapons outside the village boundaries. The Indians would say that kin don’t need to guard one another against kin.

Secondly, family members provide for one another’s needs. How do you do that? Through trade would have been the Indian answer. The Indians would provide the English with food and military protection, and the English would provide the Indians with what they needed: copper, bells, beads, cloth. And over and over and over again, the Indians asked for weapons.

Q: How did Smith fare as a son?

Silverman: Initially, Smith fulfilled Powhatan’s expectations in terms of brokering trade. But he fell short of Powhatan’s expectations as a son in several respects. First, Powhatan essentially ordered Smith to move Jamestown to a new site within Powhatan’s dominions, where the English could be kept under closer watch. Smith refused to do this. Powhatan also expected Smith’s community to be subordinate to his, to be subject to his rule, and probably to pay him tribute. They did not. Smith was willing to set up a relationship of rough equality while Jamestown got its footing, but Smith’s plan was for the English to seize the superior position as soon as they could.

And thirdly—and I’m basing this opinion on inference, on what we know about other native peoples—Powhatan might have expected intermarriage. Marriage between the groups, and the production of mixed children, would give them a mutual interest in keeping the peace and ensuring prosperity. If the Powhatan Indians did indeed expect large-scale intermarriage between peoples or even just between the elites of both communities, they were sorely disappointed.

Q: What happens to John Smith after he is released and returns to Jamestown?

Silverman: John Smith returns from his captivity in Werowocomoco. He has a large native escort. He has set up relations between Jamestown and the Powhatan chief. He has set up the basis for trade relations. These are remarkable accomplishments. So what does he receive for his efforts? He’s clapped in jail. Why? For his mismanagement of the venture that got him captured in the first place. Moreover, the leaders of Jamestown suspect he is trying to set himself up as the supreme leader through his alliance with the Powhatans.

Q: So he came back with a threatening power?

Silverman: The English leadership deeply feared that John Smith would try to set himself up as the dictator of Jamestown by manipulating Indian military strength.

Q: But after a short time, Smith’s let out. And then comes what has been described as a “golden interlude” of peace. Is that right?

Silverman: The period of several months after Smith’s return to Jamestown has often been called a golden age in English-Indian relations. I think the term is vastly overstated, but there was a steady if uneasy peace. Trade was taking place during this time. Indians were coming and going from Jamestown on a fairly routine basis. And one of those Indian visitors was Pocahontas herself. She would show up at Jamestown, sometimes as part of official Indian delegations, sometimes just to visit, perhaps to visit John Smith.

Q: So here’s the inevitable question: What was the nature of their relationship?

Silverman: Well, we do know that there was a relationship between John Smith and Pocahontas. We know that she was present at Jamestown at least several times in the months after John Smith’s return from Powhatan captivity. She shows up in a Powhatan word list, a list of phrases that Smith compiled. But what was the nature of their relationship? Was it romantic? Unlikely, but we can’t be sure. Some colonists suspected that it might be romantic. Was it political? Absolutely. We know that John Smith wanted to take the lead in English relations with the Indians, and Pocahontas was one of his allies, it would appear, in that effort. Did Pocahontas view John Smith as a relative? Perhaps. Her father called John Smith “son,” and so the implication is that he was like her brother.

We also know that Pocahontas was a special kind of person. She did not abide by the normal rules set up for a teenage Indian girl during this period. Here she is, in a potentially hostile environment, in a fort of foreigners populated almost exclusively by men in their late teens and early twenties, armed to the teeth, with a history of engaging in hostilities with native people. Yet there she is, with or maybe even without her father’s permission and knowledge. We know that she accompanied and perhaps even headed up Indian delegations to the English to bring them food and eventually to free Indian captives being held at Jamestown fort. And she was her father’s favorite. She was a special person: bold, vivacious, obviously very, very smart, and savvy in intercultural relations.

Q: Why did the Indians stop trading food to the English?

Silverman: There are two points of stress. First, the English had traded so much copper to the Indians that the Indians were now unwilling to trade plentiful amounts of food for small bits of copper, like they once did. The second point of stress was that the English arrived in Virginia in the midst of a serious, serious drought unlike any that had been seen by generations of Indians. The Indians simply didn’t have enough of a surplus of corn, beans, and squash to trade to the English and feed themselves at the same time.

Now, the Indians were willing to trade their corn for one item: over and over and over again they demanded weapons—swords and firearms—something John Smith in particular and the English generally were unwilling to provide.

Q: What is Smith’s response to the food supply drying up?

Silverman: Smith’s primary response is to seize that food, to force the natives to trade at gunpoint, and if the natives won’t trade, to attack native villages and simply take what he and the English want. So we find armed English military expeditions to native communities, which are resulting in bloodshed and the rather ironic development of the English burning down cornfields after they’ve taken all the food they can carry away.

Q: Were they burning down the villages too?

Silverman: Sometimes. What we have, in essence, are the beginning stages of a war.

Q: But in the midst of this warfare, Smith records that Pocahontas actually acts to save his life, is that right?

Silverman: Yes. Among the strong-armed efforts to force the Indians to trade food was an English expedition to Werowocomoco. The Indians, as usual, insisted the English leave their weapons at the edge of the village, which the English were unwilling to do. In the midst of negotiations, all of a sudden Chief Powhatan disappeared. The English were fairly certain they were about to come under attack. And indeed, Pocahontas herself, according to John Smith, came and gave him a warning that he and his men were in peril. And so the English beat a hasty retreat.

Q: But why would she do that?

Silverman: We simply can’t know Pocahontas’s intent. Now, it might very well be that she empathized with the English, that she had feelings toward Smith and didn’t want to see him die. It also might be that this was an act of political theater in which Powhatan sent Pocahontas to give what amounted to a warning to the English, to say, “If I wanted to cut you off I could. Reform your behavior. Act the way I expect you to act.” Such warnings are consistent with Indian ways of diplomacy and war. We have contradictory signals; we can’t sort them out through the meager historical record.

Q: Then what horrible thing happens to Smith?Silverman: Well, essentially a keg of gunpowder lying between his legs explodes.

Q: Talk about excruciating pain.

Silverman: Yes, excruciating pain, absolutely.

Q: And was it an accident?

Silverman: Contemporaries said that this explosion was an accident, and yet there are conspicuous hints that suggest it was deliberate, that someone within the English community was trying to kill or to hurt Smith and remove him from power. We do know that the rivalry between John Smith and other English elites at Jamestown was at an absolute pitch during this time. Smith, always bold, was being even more aggressive at trying to dictate English-Indian policy. And suddenly, this explosion occurs, and Smith’s forced to return home.

Q: So it’s safe to say that some people were happy to see him go.

Silverman: More than a few Englishmen were happy to see John Smith go. They didn’t like his overbearing manner, his rising above his class station in life. Now he was gone, and yet the Indians and the English needed him to serve as an ambassador between their communities more than ever.

Q: What is Pocahontas told?

Silverman: Pocahontas is not told that John Smith is injured and is going back to England to recover; she is told that Smith is dead.

Q: What then happens to the colonists?

Silverman: The English enter a severe period of starvation in which they lose most of their numbers. Almost everyone at Jamestown is sick. They’re malnourished. They’re coming down with a variety of diseases, including dysentery and salt poisoning. And they’re psychologically depressed. They’re under intermittent siege by native people whom they deeply, deeply fear. They feel isolated. They feel at risk. And they turn inward, almost collapsing upon themselves, and they refuse to do the basic functions that people need to perform in order to survive.

Q: But the colony does survive. Some years pass. Pocahontas is captured. Can you jump us ahead to that point?

Silverman: In April of 1613, the English capture Pocahontas and hold her as a bargaining chip in their diplomacy with Powhatan, offering to return her in exchange for peace. Over and over again the Powhatan chief rebuffs them. He might have been thinking that Pocahontas could learn their ways, learn their language, cultivate their leaders, and try to broker a truce between the peoples. If that was his strategy, it was a very, very savvy one, because that’s exactly how things played out.

During her captivity at Jamestown, Pocahontas falls in love with an English settler, John Rolfe. Was this coincidence or was it strategy? It’s hard to know. What we do know is that the marriage between Pocahontas and John Rolfe is a key step in establishing an uneasy truce between the Powhatan and English peoples in early Virginia.

Q: A few years later, Pocahontas travels with Rolfe to England. What does she find out about John Smith?

Silverman: Among the shocks that Pocahontas receives while visiting England in 1616 is that John Smith, whom she had been told was dead, is indeed alive and well. It crushed her to learn this news. It crushed her not only that the English had been lying to her all along but that John Smith, a man with whom she had a personal relationship of some sort or another, had done absolutely nothing to contact her, to contact her people, to contact her father, who called Smith his son.

Q: Can you imagine how she would have felt when she finally met Smith?

Silverman: However Pocahontas was feeling when she finally saw John Smith—whatever heartache she was feeling, whatever fury she was feeling—she behaved with dignity. She reminds him that her father called Smith “son.” And the implication is, “We were supposed to be like family. We were responsible for one another.” The implication is, “Do you know what has been happening back in Virginia to my people by your people since you left?” The implication is that Smith could have made a difference and did not.

Q: Why is the story of Smith and Pocahontas of profound importance to us, to American history?

Silverman: The Pocahontas story, the Pocahontas myth, has traditionally been told to make Americans feel better about the evils of colonization. Pocahontas seemed to acquiesce to English colonization, to willingly adopt Christianity and “civility.” But I think the larger lesson of Pocahontas’s life and her experience with Smith and the English is that there was a potential in the early relationships between Indians and colonists to set up something mutual. To set up, as the Indians would have it, a relationship of kin in which the two peoples help to meet each other’s needs and live as a single people.

Those expectations were sorely dashed. They were sorely dashed in the mind of Pocahontas, sorely dashed for the Powhatans, and sorely dashed for Indian peoples across the continent over the course of three centuries of colonization by European powers in the United States. That’s the basic lesson of the Pocahontas story and the story of early Jamestown.”

Media-trix: FOX notes Paul supporters include brothel owner…

“RENO, Nevada — Republican presidential candidate Ron Paul, an underdog Texas congressman with a libertarian streak, has picked up an endorsement from a Nevada brothel owner.

Dennis Hof, owner of the Moonlite BunnyRanch near Carson City, says he was so impressed after hearing Paul at a campaign stop in Reno last week that he decided to raise money for him.”

More at FOX.

Trust the MSM to pay attention to Paul only in ways that (they hope) will diminish him with mainstream voters.

Won’t work, especially since the founder of Dr. Paul’s religion was a pretty libertarian guy too and counted a few women of uncertain repute in his following too….(I wrote Magdalene first, but I recall that’s not so).

You’ll notice that Paul has gone from “dark horse” to underdog.” The move up the mammalian kingdom signals that pretty soon Ron’s going to be duking it out in the ring with the front runners.

If he only had a heart: Cheney’s battery runs down…

FOX is reporting that Cheney’s been diagnosed with a heart condition called atrial fibrillation that may require electroshock treatment shortly.

This isn’t major, but the Veeps’ on blood thinners, and he’s had “four heart attacks, quadruple bypass surgery, two artery-clearing angioplasties and an operation to implant a defibrillator six years ago. In July he had surgery to replace the defibrillator…..

“The type of defibrillator Cheney has is used to prevent sudden death from a very different type of irregular heartbeat that starts in the bottom of the heart. The atrial fibrillation, in contrast, requires a different type of treatment.

In 2005, Cheney had six hours of surgery on his legs to repair a kind of aneurysm, a ballooning weak spot in an artery that can burst if left untreated. In March, doctors discovered that he had a deep venous thrombosis in his left lower leg.”

More from AP.

Dr. Rubin does the rounds: Asian “flu” (then) US “chill” (now)

Chalmers Johnson described the result in blunt terms: “The funds easily raped Thailand, Indonesia and South Korea, then turned the shivering survivors over to the IMF, not to help the victims, but to insure that no Western bank was stuck with non-performing loans in the devastated countries.” A European Asia expert, Prof. Kristen Nordhaug, summed up the Clinton Administration policy towards East Asia in 1997. Clinton had developed a major economic strategy, using the new National Economic Council, initially headed by Robert Rubin, a Wall Street investment banker. East Asian emerging markets were targeted for an offensive. “The Administration actively supported multilateral agencies such as the IMF…to promote international financial liberalization,” Nordhaug noted. “As…the strategy of targeting East Asian markets (was) in place, the U.S. Administration was in a strong position to take advantage of the financial crisis to promote liberalization of trade, finance and institutional reforms through the IMF.”

The impact of the Asia crisis on the dollar was notable. The Bank for International Settlements General Manager, Andrew Crockett, noted that while the East Asian countries had run a combined current account deficit of $33 billion in 1996, as speculative hot money flowed in, “1998-1999, the current account swung to a surplus of $87 billion.” By 2002 it peaked $200 billion. Most of that surplus returned to the U.S. in the form of Asian central bank purchases of U.S. Treasury debt, in effect, financing Washington policies. Japan’s Finance Ministry had made a futile effort to contain the Asia crisis by proposing a $30 billion Asian Monetary Fund. Washington made clear it was not pleased. The idea was quickly dropped. Asia was to become yet another province of the dollar realm through the IMF. Treasury Secretary Rubin euphemistically termed it America’s “strong dollar policy.”

Angels promoting “Mobs”

Mob Mentality: Are Entrepreneurs Immune? PDF Print E-mail

By William Bonner and Lila Rajiva

Remember explaining to your mother why you’d taken some (ill-advised) action because all your friends were doing it? And remember her stock response? If all of your friends jumped off a bridge, would you do it, too? she would ask, hands on hips and voice rapidly escalating to tones of incredulity. Unfortunately for you and your mother—the answer probably would have been yes. What’s more, it probably would still be. It seems we humans never outgrow the powerful urge to go along with the crowd, even when the crowd’s decision will result in financial loss, humiliation, physical injury, or in extreme cases, death.

Just think about this common scene on the evening news. A sports team has just won a big game, and to celebrate it a group of otherwise sane and responsible people have collectively determined that it’s a good idea to set cars ablaze, clamber up telephone poles and street lamps, and jump over bonfires. Why? Because they’re no longer thinking as individuals but have given in to the “mob instinct”—which rarely results in anything but catastrophe.

That mob mentality can have devastating effects on human behavior. It’s part of the reason why we blindly follow leaders who are clearly wrong, succumb to witch hunts stirred up by pundits, and buy ridiculously overpriced stocks just at the moment when we should be selling them. The secret to understanding politics, markets, wars, fads, and manias is understanding the problem that arises when human beings make decisions as part of a big group even though they are wired to operate best in small groups. This kind of “public thinking” is a setup for disaster.

Read on to learn about the absurd and sometimes frightening ways in which the herd instinct drives us as individuals, as a nation, and as world citizens… “

More at The Angel Journal (an outlet for angel investors)

National Post (Canada) review of “Mobs”

A strong print review by Araminta Wordsworth from The National Post.

MOBS, MESSIAHS AND MARKETS: SURVIVING THE PUBLIC SPECTACLE IN FINANCE AND POLITICS

William Bonner and Lila Rajiva, John Wiley 424 pages, $33.99

It has been more than 25 years since gold hit the kind of highs we have been seeing recently and widows and orphans lined up round the block to get their hands on an ingot. Now, the yellow metal is building for another run-up and gold bugs, who’ve been holding on for just such a day, are saying, “I told you so.”

But canny investors with money burning a hole in their pockets are looking elsewhere — to ethanol stocks, say, or farmland in Argentina. Or, if they insist on having a piece of this action, gold mining stocks, even though Mark Twain described a gold mine as “a hole in the ground owned by a liar.”

Yet gold will still find buyers at these prices, though logic and commonsense should quickly show the foolhardiness of the “investment.”

Why does this happen again and again, with those least able to bear the losses throwing away their money?

William Bonner and Lila Rajiva provide the answers in this exhilarating — if somewhat depressing — book. Although their insights will often make readers laugh out loud, they will also find themselves wriggling uncomfortably at the manifold idiocies of human behaviour.

The authors’ hope is that some of their advice will stick, enabling us to stand aside as the herd thunders by — and prosper.

Which is tough, as they admit humans are engineered to want to be part of a group. We are more comfortable when “everybody else” seems to be thinking along the same lines, whether it is investors stampeding into a sure-fire money earner or mobs of 17th-century New Englanders being convinced that harmless old ladies who lived by themselves were witches. Or Americans believing the world is being made safe against terror by invading Iraq.

As the Japanese proverb notes, “The nail that sticks up gets hammered down.”

Take real estate. In the past decade, as housing prices have risen like a cake baking in the oven, pushing many properties into the unreal category, buyers have been encouraged to purchase ever-larger and more expensive houses, taking out equally large mortgages. The belief is that you can always sell a house for more than you paid for it.

But as the subprime mess south of the border is showing in spades, this is just not true. Although Canadians have been protected to a large extent by tougher lending rules here — insistence on a down-payment in almost all cases, for example — we should not imagine we are insulated from any aftershocks.

It is clearly a global concern. For the first time in several years, house prices in England have stopped their meteoric rise. Many British house owners will be vulnerable to any fall in value as they have been able to borrow 100% of the purchase price. Canadian banks are also among those caught up in the disaster, thanks to their purchase of mortgage-backed securities, sliced and diced portfolios of mortgages often of doubtful quality. Massive write downs are already the order of the day south of the border.

 

As historians, the authors also provide some valuable alternatives to accepted accounts of past events. Among many examples is the first invasion of Kabul in 1842. This is usually portrayed in British history books as a valiant expedition that ended in unforeseen tragedy. In their hands it becomes a study in bungling ineptitude, with the tragedy being all too easily predictable.

Government types are also high on the Bonner/Rajiya list of betes noires. These range from the usual suspects, such as Hitler and Mao, to less obvious targets like the World Bank and Alan Greenspan, the former Federal Reserve chairman. New York Times columnist Thomas Friedman also attracts their ire for suggesting that U.S. gasoline consumption would be cut by giving the owners of hybrid vehicles free parking.

Read this book and laugh. But I guarantee it will also provide much food for thought.