September 2007

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The first article I read in the Wall Street Journal this morning was regarding a change in body standards of the Tamil-speaking movie industry of India. I guess that with India’s increasing economic “effectiveness” their movie stars are becoming more “westernized” i.e. wanting to be thin and wearing western clothing. The example the author gave was of a young actress who was 5′4″ and 121 lbs. Still “fat” by American actress standards but leaning towards the thin in an industry that previously provided many more voluptuous images.

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Mercenaries are nothing new in history. Irish warriors hired themselves out in the Middle Ages and William of Hesse-Kassel made a fortune hiring out German Mercenaries in the 18th century. However, the situation we find today is different than these two historic examples. Today, mercenaries are paid large salaries by private companies who, although they have close relationships with governments, are not actually government organizations themselves. This provides a much different scenario than individuals hiring themselves out to governments (the Irish) or a Prince hiring out his own military to other governments (Hesse-Kassel). I would say this privatized military more closely resembles activities of private European companies in colonization such as the East India Company. The East India Company was given a state sanctioned monopoly by the British crown in 1600 and although made up of private shareholders still contained many government officials in its members. The East India Company started out just trading but employed armies and eventually took over most of what we now know as India, even employing a Sepoy Army made up of Indians to help in this endeavor.

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GREENSPAN SAYS HE KNEW ABOUT ABUSES IN SUBPRIME LENDING BUT FAILED TO FORSEE THEIR PARALYZING MARKET EFFECTS UNTIL LATE 2005
Thu Sept 13 2007 12:30:11 ET

Was Greenspan really as clueless as he claims he was? Let’s look at some recent history to find out…

The clues lie in an article written by a young Greenspan in 1966 for the Ayn Rand journal “The Objectivist”. ‘Gold and Economic Freedom’ gives a simple synopsis of banking practices and the need for a Gold standard. These days precious metal standards to limit lending/inflation of currencies are generally considered an antiquated concept, but back in 1966 the U.S. was still on a pseudo-Gold standard. The objectivist/libertarian nature of Greenspan’s article may raise some hackles, but, please just focus on the overall economic implications of what he says. Keep in mind that Greenspan continues to be a follower of Rand and has never repudiated his previous assertions. So here are some of the things Greenspan has to say about credit practices and interest rates…

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Lawrence of Arabia has been a household name in the West, right up there with Winston Churchill, Franklin D. Roosevelt, and perhaps even Peter O’Toole. In the late 20th century this was largely due to the latters portrayal of Lawrence in the 1962 film. This romantic portrayal shows Lawrence dressed as a bedouin dashing around on horseback showing the evil Germans and Turks who’s boss. However, the fame and romanticism surrounding T.E. Lawrence and the Arab revolt of WWI is due to an even earlier spread of propaganda.
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