President Barack Obama’s call yesterday for “restraint on all sides” as defenseless Coptic Christians were attacked and murdered in Egypt in a government-supported Islamic pogrom was typical of his administration’s response to attacks by states against civilians.

Though he has, in some cases, come around to criticizing and even toppling regimes, Obama’s first instinct is to treat the perpetrators and the victims as equals.

The sole, and repeated, exception is Israel, which the Obama administration criticizes and condemns for legal activities such as construction within the municipal boundaries of Jerusalem. By contrast, the administration coddles the unrepentant, terror-promoting Palestinian leadership–a fruitless effort, greeted with contempt rather than gratitude.

The same tendency is apparent in Obama’s newly-uncovered attempt to apologize for the atomic blast at Hiroshima, which the Japanese, appropriately, rejected. Obama has had trouble, especially early in his presidency, distinguishing defense from aggression–especially when that defense is on behalf of western democracy.

That is worse than moral equivalence; it is “immoral equivalence,” because it destroys the moral distinction between freedom and tyranny. (more…)

Money will make a whore out of just about anyone, apparently even unionized teachers.

The American Federation of Teachers recently passed a resolution at its annual convention which demands an immediate cessation of American activities in Afghanistan. From the Democratic Socialists of America website:

Delegates adopted a resolution that puts the giant teacher union on new ground in opposition to the war and occupation of Afghanistan, opposing any further escalation and calling for “rapid, orderly withdrawal of all armed forces and military contractors, to begin immediately.”

But what’s funny – not to mention hypocritical – is that the teachers union is also pushing the $80 billion war spending bill because it contains pork for public schools. The bill is now in the Senate where it faces likely changes or defeat altogether.

So on the one hand, the union opposes the war, but will push to continue funding it if it contains funds for its members.

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Today the leading Austrian economic think tank, the Ludwig von Mises Institute held a conference at the University Club in Manhattan in which Marc Faber, famed contrarian investor and publisher of the “Gloom, Boom and Doom Report” gave his perspective on the financial crisis and his outlook for the future.

Below are his main points and entertaining quotes:

• Central banks will never tighten monetary policy again, merely print, print, print
• Bubbles used to be concentrated in 1 sector or region in the 19th century, but off of the gold standard this concentration has ended
• “The lifetime achievement of Greenspan and Bernanke is really that they created a bubble in everything…everywhere.”
• “Central banks love to see asset prices go up,” and their policy reflects their desperation to perpetuate this
• US housing bubble that Greenspan could not spot (even though he has recently spotted bubbles in Asia) stands in stark contrast to that of Hong Kong in 1997, where prices fell by 70%, yet none of the major developers went bankrupt; this was a result of a system not built on excessive debt like that of the US
• “You have to ask what they were smoking at the Federal Reserve,” during the housing bubble, as prices were increasing by 18% annually when interest rates started to steadily rise in 2004
• Over the last couple of years, when the gross increase in public debt has exceeded the gross decrease in private debt, markets have risen, whereas when private debt growth has outpaced public debt growth, markets have tanked
• The next 3-5 years will be highly volatile

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Recent headlines seem lifted directly out of an Ayn Rand novel. President Obama decries the “fat cat bankers on Wall Street”. Harry Reid attacks insurance companies for making too much profit. House Democrat leaders call Tea Partiers “Racist, Nazi, Gun Nuts”.  How about this nauseating statement made by Army General George Casey after the Muslim terrorist attack on Ft. Hood?

As great a tragedy as this was, it would be a shame if our diversity became a casualty as well

Each of these headlines might well have been uttered by an Ayn Rand character. Rand, whose father’s pharmacy was confiscated by the Soviets during the communist revolution of 1917, and who came to America in 1926, seems uniquely able to speak to us about the inverted morality of our times. Virtue is to be apologized for. Depravity commands respect. Success is cast as evil and punished while failure is blamed on others and rewarded. Rand’s insights into the psychological state of collectivists—those who demand that we sacrifice our individual freedom and happiness for the sake of the state—explain what often seems incomprehensible to thinking people.

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