What We Say Goes: Conversations on U.S. Power in a Changing World Review

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(More customer reviews)Edit of 15 Jun 09 to correct factual error in original review (nuclear deal with Iran under Gerald Ford, not Ronald Reagan, in 1974).
Chomsky is actually starting to win over the balanced middle with his common sense. I have long respected him, but it took Dick Cheney and his merry band of nakedly amoral and obliviously delusional henchmen to really bring home to America how much his straight talk and logical thinking can help us.
There is virtually no repetition from past works. This series of interviews took place in 2006 and early 2007, and I found a great deal here worth noting.
*In 70 New York Times editorials on Iraq, not once did they mention international law or the United Nations Charter. He uses this and several other examples to show how pallid, how myopic, how unprofessional our mainstream media has become.
*A wonderful section talks about how civil *obedience* of immoral and illegal orders is our biggest challenge in this era, and I agree. The "failure of generalship" in the Pentagon resulted from a well-meaning but profoundly misdirected confusion of loyalty to the civilian chain of command, however lunatic, with the integrity that each of our senior swore to the Constitution and to We the People in their Oath of Office.
*His knowledge of Lebanon, a country I have come to love as representative of all that is good in the Middle East, is most helpful. His many remarks, all documented, make it clear that Israel has been abducting people for decades, and that the Lebanese have quite properly come to equate US "freedom" with the "kiss of death." I am especially impressed with his discussion of Hezbollah as having legitimacy based on providing social services to those ignored by past governments, and as having a significant strategic value to Iran as a flank on Israel. His observations on how the US consistently refuses to recognize honest elections that do not go as the policymakers (not the US public) wish, are valid.
*He reminds us that the US made an enormous strategic mistake in using Saudi Arabian extremist Islam as a counterpoint to Nasser's natural Arab nationalism. As Robert Baer puts it, we see no evil and slept with the devil like a common whore lusting for oil.
*His comments on China and the Shi'ites who sit on most of the reserves (including Saudi reserves in one corner of that country, are provocative. I am rapidly coming to the conclusion that the USA needs to cede the oil to China and execute a Manhattan Project to leverage solar power from space, tidal power, air power, and--for storage--hydrogen power made with renewable resources.
*Chomsky's comments on Chavez track with my own understanding. Chavez is a serious and well-off revolutionary who is sharing energy with his Latin American brethren, and leading the independence of Latin America from the overbearing and often hypocritical and predatory US government and US multinational corporations.
*He offers compelling thoughts on how India is sacrificing hundreds of thousands of poor rural people who now commit suicide or migrate to cities after losing their lands, for the sake of the high technology investments. I wonder why India is not doing more to teach the poor "one cell call at a time."
*His observations on US electoral fraud are brilliant. He points out that the fact that elections are stolen is much less important than the fact that the entire electoral process in the US is fraudulent, without substance, only posturing and platitudes.
*He discusses how the US public is completely divorced from the policy choices of the dual tyranny of the US (political) government and the US corporate sector.
*At every turn Chomsky offers common sense observations, for instance, Pakistan, not Iran, is vastly more likely to leak nuclear capabilities to jihadists. In passing, he points out that it was the US that gave the Shah of Iran an entire MIT nuclear program and substantive assistance that is now being harvested by Iran, in 1975. Kissinger, Cheney,Rumsfeld, and Wolfowitz as well as Gerald Ford are mentioned by name.
*He observes that Israeli influence is vastly larger than the lobbying effort, because the entire US intellectual network has "bought into" the Israeli myths and lies. The American fascists (see American Fascists: The Christian Right and the War On America), the Christian fundamentalists, are actually anti-Semitic, but support Israel because of their belief in the apocalypse.
*The Internet is having a pernicious effect on dialog and debate and compromise, because it creates little cul-de-sacs for lunatics of like mind to find and reinforce one another, divorced from larger realities.
*Avian flu (and our lack of preparation for it) is vastly more dangerous than a nuclear event. (See my review of the DVD Pandemic).
*Missile "defense" is actually code for allowing a first strike by the US on Russia or China, as a means to moderating their counter-strike. This is the first time I have heard it put this way, and I agree. All Americans should oppose "missile defense."
*State secrecy is about keeping our own citizens ignorant of the crimes being done "in our name" not about keeping secrets from the enemies we a re covertly screwing over time and again.
*Darfur is being dumbed down, at the same time that the *millions* being genocided in the Congo are being ignored.
*He ends on two good notes. Like Thomas Jefferson (A Nation's best defense is an educated citizenry") he says that "educating the American people is the main thing to be done," and love of the people is fundamental.
Great book, completely fresh and absolutely worth reading for the mainstream that might have in the past written Chomsky off as a perennial leftist, which he is not. Chomsky is what we must all seek to be: an educated engaged citizen.
See also:
Vice: Dick Cheney and the Hijacking of the American Presidency
The One Percent Doctrine: Deep Inside America's Pursuit of Its Enemies Since 9/11
Crossing the Rubicon: The Decline of the American Empire at the End of the Age of Oil
The Sorrows of Empire: Militarism, Secrecy, and the End of the Republic (The American Empire Project)
Rogue Nation: American Unilateralism and the Failure of Good Intentions
State of Denial: Bush at War, Part III
Bush's Brain
Why We Fight


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An indispensable set of interviews on foreign and domestic issues with the bestselling author of Hegemony or Survival, "America's most useful citizen." (The Boston Globe)

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Fiasco: The Inside Story of a Wall Street Trader Review

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(More customer reviews)There are several very interesting parts of this book, the most notable being the chapters (4, 7 - 10) in which Mr. Partnoy gives a high level description of some of the transactions that he was involved in. Some of his anecdotes, particularly those in which he discusses the atmosphere in an investment bank around bonus time (pg.40 - 42, 202 - 205), are pretty amusing and dead on accurate. The author's descriptions of some of his deals are clearly told from a junior banker's perspective, but they do a good job of putting forth what was being done, how it was being done, what everyone's perceived incentives for the transaction were, the work required to get the deal done, what kind of money, and importantly what kind of fees were involved. In this regard, the book offers more than both "Liar's Poker" by Lewis and "When Genius Failed" by Lowenstein.
Like all books written by former investment bankers the book contains liberally sprinkled anecdotes regarding job interviews from hell, the ridiculous daily escapades that can occur on a trading floor, strip clubs, the lack of personal lives, gambling trips and other stories which could easily have been pulled from the pages of Mr. Lewis's book or "Monkey Business" by Rolfe and Troob. All of these shenanigans culminate around the bank's (in this case Morgan Stanley), or more specifically, his group's annual sporting clay outing, FIASCO. The book also suffers from a somewhat poorly defined timeline and the lack of a defining event which drives the story. Due to these faults, it is at times little more than a book about the evils of investment bankers, the ignorance of their customers, all put forward to enforce Mr. Partnoy's somewhat guarded thesis; Derivatives are used by organizations that are legally prevented from investing in certain areas in order to skirt those laws.
This is a good book that could have been better, the occasions where it shine through make it worth reading, but also unfortunately let us know the author could have produced a somewhat better product.

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FIASCO is the shocking story of one man's education in the jungles of Wall Street. As a young derivatives salesman at Morgan Stanley, Frank Partnoy learned to buy and sell billions of dollars worth of securities that were so complex many traders themselves didn't understand them. In his behind-the-scenes look at the trading floor and the offices of one of the world's top investment firms, Partnoy recounts the macho attitudes and fiercely competitive ploys of his office mates. And he takes us to the annual drunken skeet-shooting competition, FIASCO, where he and his colleagues sharpen the killer instincts they are encouraged to use against their competitiors, their clients, and each other. FIASCO is the first book to take on the derivatves trading industry--the most highly charged and risky sector of the stock market. More importantly, it is a blistering indictment of the largely unregulated market in derivatives and serves as a warning to unwary investors about real fiascos, which have cost billions of dollars.

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Capitalism with Chinese Characteristics: Entrepreneurship and the State Review

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(More customer reviews)Professor Huang has written a brilliant critique of China's economic development (and of necessity, debunks much of what others have written about China's economy). He shows that China's development started in the 1980's with government programs focused on the rural economy, with programs designed to encourage rural entrepreneurs. Unfortunately with the Tiananmen Square crackdown, the new government leaders (technocrats from Shanghai) focused on major programs for urban areas, including massive construction projects and encouragement of foreign investment. Rural enterprises (and their required informal and official funding networks) were shut down. Although there was a proliferation of highrise buildings and massive construction projects (Three Gorges Dam, Shanghai's maglev, the Olympics,...) the result was slower income growth (especially in the rural areas), increasing illiteracy (parents could not afford to pay rapidly increasing tuitions), declining health care (hospitals, like schools, also became profit centers for local bureaucrats), expropriation of farmers' land, and much much more corruption, all of which has led to increasing social disorder among peasants who are finding themselves worse off. Party cadres' pay has rapidly increased and there are now far more of them. And productivity growth has declined or has even straight-lined. A return to the policies of the 1980's is clearly in order, but the current leaders, while trying to fix things, are still relying on top down commands and controls, and they have a much larger bureaucracy to keep happy.
Anyone trying to understand China's economic development over the last thirty years must read this. The causes of China's growth are badly misunderstand; too many economists and analysts have been overwhelmed by the vision of Shanghai's massive development without understanding the tremendous cost and waste involved, and the penalties paid by the common people (income for the poorest Shanghaiese has actually been going down).
The book should also be a lesson for Western politicians who think that China's methods of centralized planning and control of industrial policy can be applied in the West. Or maybe our politicians also understand how government control can lead to huge payoffs for politicians (as with Countrywide Credit's payoffs of at least two senators and lots of others politically connected, not to mention the huge salaries paid to Democrat politicians 'working' at Fannie Mae).
Read this book if you have any interest in China or economic development!

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An Economist Book of the Year, 2008This book presents a story of two Chinas - an entrepreneurial rural China and a state-controlled urban China. In the 1980s, rural China gained the upper hand, and the result was rapid as well as broad-based growth. In the 1990s, urban China triumphed. In the 1990s, the Chinese state reversed many of its productive rural experiments, with long-lasting damage to the economy and society. A weak financial sector, income disparity, rising illiteracy, productivity slowdowns, and reduced personal income growth are the product of the capitalism with Chinese characteristics of the 1990s and beyond. While GDP grew quickly in both decades, the welfare implications of growth differed substantially. The book uses the emerging Indian miracle to debunk the widespread notion that democracy is automatically anti-growth. The single biggest obstacle to sustainable growth and financial stability in China today is its poor political governance. As the country marks its 30th anniversary of reforms in 2008, China faces some of its toughest economic challenges and substantial vulnerabilities that require fundamental institutional reforms.

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Fat,Forty,Fired: One Man's Frank,Funny,and Inspiring Account of Losing His Job and Finding His Life Review

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(More customer reviews)I had picked up this book hoping for a funny and inspiring story of someone finding himself after a job loss. Unfortunately, I found Fat, Forty and Fired to be tired and somewhat simplistic. The author came across as overly privileged and frankly, whiny. For example, gosh, he had to fly coach using some of his frequent flyer miles during a trip to Europe! And seats only reclined an inch or two! Plus they had to fire the nanny (although the wife already stayed at home). Yawn.
This is on top of short chapters and a stunning lack of detail.
It was disappointing to see how quickly he went back to some of his old ways at the end of the book. Didn't even make the swim race he had talked about for some fifty pages or so throughout the book.
Even more concerning are the rest of the reviews on Amazon. I find it hard to to see how everyone else gave this book 5 stars. But I see 13 of the 16 other reviewers have only this one review to their name. Nigel's friends and family perhaps?

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Money Mischief: Episodes in Monetary History Review

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(More customer reviews)In his best selling study, Robert L. Heilbroner calls Economists 'The worldly philosophers'. That description certainly captures what Milton Friedman does in this book - he takes the seemingly simple concept of money, the unit of exchange we use daily and rarely reflect upon, and demonstrates how complicated the issues regarding it are.

(As an interesting aside, Heilbroner's original title for his book was 'the money philosophers' - a definition that fits Friedman in this book even better then his chosen title, even if it is too narrow to account for all of economics).
More then half of this collection of essays is about the so-called 'Crime of 1873' - America's decision, following the issuance of fiat money (that is, money irredeemable in specie) during the Civil War, to peg the dollar not to both silver and gold, but to gold alone. This seemingly arcane and academic topic was a major political issue in the 1880s and 90s, climaxing with the nomination of the silver Democrat, William Jennings Bryan to the presidency of the United States in 1896.
As the Unites States, along with most other 19th century nations such as Germany and France, followed Great Britain in adopting the gold standard, the price of gold rose in terms of other resources, so prices went down. Therefore there was a severe deflation causing much unrest and discontent.
The cure to the deflation came not through political or monetary means, however, but because of an invention of a method to extract gold from low grade ore. This increased the supply of gold, lowered its prices. Hence stopping the deflation, and killing the presidential ambitions of William Jennings Bryan.
The rest of the book describes various issues, from FDR's decision to 'help silver' which helped Communism in China instead (by increasing the cost of silver, overvaluing the Chinese currency and thus hurting Chinese exports and undermining the Chinese economy), to the policy of pegging a currency to the dollar (not a good idea as it subjects the country to the whims of the world economy. The policy was a grave failure to Chile and a great success to Israel, due entirely to external changes in the value of the dollar).
The theme of the later parts of the book is undoubtedly inflation. Friedman demonstrates his claim that inflation is "always and everywhere a monetary phenomenon" (p.104). Inflation is caused by government increasing the money supply, although one time price increases may be caused by unfortunate outside events (like Arabs reduction of the exportation of oil in the early 1979s).
Although Friedman is well known as an economic right winger, there is nothing in this account that should be displeasing to anyone from the left - Friedman's case is against mismanagement, not for small or big governments. Nor is there any argument about whether government spending should go to the military, to welfare, or to any other cause. Although Friedman's book is filled with stories of the political economy, its moral is politically neutral. Indeed, Friedman clearly discusses how inflation is often used by governments because direct taxation is unpopular (p.205) - can you say "read my lips, no new taxes"?
Furthermore, the economic analysis of some reviewers in Amazon is shaky. Friedman writes "all these adjustments [the negative effects of inflation] are set in motion by changes in the rates of monetary growth and inflation. If monetary growth was high but steady... the economy would adjust to it. ... Such an inflation would do no great harm " (p.222).
Although Friedman does not like inflation, he actually makes a case for it, at least at a low single digit level. Since people are usually sellers of few things and purchasers of many, they are more aware of the increase in the price of the commodity they sell then they are of the increase of general prices, especially when those changes are low. People like to see their income go up, as they feel it is a just reward for their efforts (p. 70).
'Money Mischief' is an interesting, challenging book. Its chapters vary from the extremely technical and difficult, (notably chapter 4, a counter-factual exercise estimating the effect of continuing bimetallism after 1873), to 'pop economics' chapters which are no less enlightening and easier to read.
The book ends with a discussion of the new experiment started in the 1970s - currency which is entirely unredeemable by any kind of good. Earlier economists thought that this was impossible, and would necessarily lead to high inflation, but Friedman is optimistic - he believes that aware and well informed public and decision makers can pressure the government against unduly increasing the money supply. Thus, widespread understanding of economics is the real cure for inflation.

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