Memories from Vietnam

As we proceed into the tenth year in Afghanistan, it continues to look more and more like Vietnam. President Karzi’s administration looks more like Duong Van Minh’s, the last President of South Vietnam. Corruption to the extreme, and US feet on the ground daily risking their lives for someone who is so far from our friend that he threatens to join the Taliban? I suggest a visit to the Virtual Vietnam Wall. You can tour the wall as it exists (chronologically), look up individual names, and even check out your own home town losses. I suggest looking at the losses from the town where you grew up and ask your self this – is it worth another 211,454 casualties, which included 58,209 deaths? The total U.S. casualties for WWI were only 320,518, and for Korea, 128,650. In the Second Iraq war, U.S. Casualties have reached 36,153, with 4,391 KIA. In Afghanistan, casualties are up to 6,416, with 1,023 KIA.

During and since the Cold War, we maintain this mass delusion that we can bring democracy to other countries. We ignore history, which is pretty clear that every attempt we have made to democratize a society has failed. Democracies arise when the citizens themselves say enough is enough, and revolution follows, just as it did here. We can and should provide all the help and assistance we can to fledgling democracies, just as France did for us. We should not put U.S. soldiers in harms way in an effort doomed to fail.

It is time to bring our troops home from Iraq and Afghanistan. Bring them home from Korea, Japan, and all of Europe. Let the world bear the price of defending freedom, not our treasury and our youth.

Just to be clear, I am a Vietnam vet, I was wounded in action and have the Purple Heart to prove it. I have nothing but love and affection for my brothers and sisters serving in the armed forces. And nothing but disgust for the politicians that keep letting this perversion continue.

The military budget for 2010 is $685.1 billion. We are facing a multi-trillion budget deficit over the next 10 years. Of that $685.1 billion, $577.6 billion is for Operations and Maintenance, Personnel, and Procurement. If we pull all of our troops out of combat and off-shore defensive positions (again, out of Korea, Europe, the Middle East, and more), is there any doubt we could make a major dent in that $577.6 billion? Even if we left the Navy in place around the world as a deterrent, a cut of 30-50% seems likely. If we were able to cut that budget by $250 billion, that equals $2.5 trillion in savings after 10 years, closer to $3 billion when you compound the savings.

Why is that not part of our national debate today? What is wrong with the leadership of this country?

What do you think?

Discharge of Student Loans in Bankruptcy

Since a law change 1998, discharging student loans has been very difficult in bankruptcy proceedings. Two reasons:

The grounds for discharge for a student loan are very narrow — debtor must establish that failure to discharge would impose an “undue hardship” on debtor or his/her dependents; and
The bankruptcy court must make the finding of undue hardship [...]

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US Bankrupt?

Both parties are bragging these days about their cost-cutting moves. Unless something serious gets done, we could easily ring up a $12 Trillion deficit in the coming years. Read Robert J. Samuelson (one of the few economists I bother to read) take on the status quo at http://tinyurl.com/yjcvwu6.
Is a $12 Trillion deficit enough to bring [...]

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Goldman Sachs is at it again

Today’s copy of the UK Independent has an article implicating Goldman in complex financial transactions designed to allow Greece to avoid its debt ceiling.
“The euro membership rules place strict caps on the size of government deficits relative to a national economy, but Goldman Sachs and other banks helped Greece raise cash earlier in the decade [...]

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Obama Planning a “Surge” Speech from West Point Tomorrow

The on-site commander has requested 40,000 additional troops. According to the Wall Street Journal, Obama will announce an increase of about 30,000 tomorrow at West Point. Notably, he seems ready to reject a second high priority of Gen. McChrystal: a doubling of the Afghan police and army over the next few years. The New York [...]

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Dubai Crisis Continues

News from around the world

From the Guardian.co.uk: The Abu Dhabi Securities Exchange has finished the trading day for Monday, and it was not pretty

The Exchange was down 83%, losing 241.92 to close at 2668.23.
Royal Bank of Scotland is already down 4% today on concerns about its loans to Dubai World

The Washington Post reports that there [...]

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John Stewart’s Interview with Lou Dobbs

Now I am not nor ever have been a Lou Dobbs fan. And the first three segments of his interview with John Daily were kind of uninspiring. But this last segment was pretty good; a rational setting of bounds that we need to set and keep if want to keep our way of life alive.
See [...]

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The U.K. has a New Worry Today

The developing debt crisis in Dubai (yet another financial bubble about to break) has the UK Financial Services Authority “urgently seeking assurances that Britain’s major banks are protected…” reports the Guardian this morning. The Authority is demanding open disclosure of exposure while the Bank of England and the Treasury continue to monitor closely.
Banks mentioned with [...]

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To my Brothers and Sisters in Arms

Happy Thanksgiving to all of you serving in the armed forces today, and to all of those who served in the past. I read the other day that there is only one living veteran of WWI in the U.S. – to him, as special thank you and best wishes for another year.
December is a tough [...]

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Early Take – A New International Financial Panic

Dubai World
Dubai World, the government owned enterprise for developing Dubai, shocked international markets yesterday by asking to delay some debt payments. http://preview.tinyurl.com/ydutgdm. According to the Guardian’s ariticle,
The FTSE 100 tumbled by 70 points, or nearly 1.4%, to 5123 when trading began. But with share prices volatile, it clawed back most of the losses by 10am, [...]

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