Commentary Magazine


Posts For: August 22, 2007

The Worst since 9/11

Hundreds of Iraqi Yezidis, members of an ancient religious sect heavily influenced by Persian Zoroastrianism, were murdered last week in the most deadly terrorist attack in the world since September 11, 2001. Fuel tankers packed with explosives were ignited in a refugee camp near the town of Kahtaniya, just outside the Kurdish autonomous region. Officials say the death toll has surpassed 500. The American military says this is the handiwork of al Qaeda. They’re probably right: this has their fingerprints all over it.

American commander General David Petraeus recently warned that terrorists and insurgents may use the media as a weapon and stage massive, headline-grabbing attacks as a way of showing the surge is a failure. If this massacre was indeed a part of that strategy, it has failed. Journalists aren’t playing along. They dutifully reported the attack and moved on, treating even this massive terror attack as just the latest in the steady drip, drip, drip of atrocities that erupt in Iraq as a matter of course.

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Bookshelf

• I spent the past month staying in a string of New England country inns, most of which were of the sort that have libraries—of a sort. These moldering collections typically consist of Reader’s Digest Condensed Books (remember them?) and the best sellers of yesteryear, lightly sprinkled with the odd novelty. On occasion the novelties can be quite odd indeed. I passed a pleasant evening reading the memoirs of Lowell Thomas (remember him?) as I sat by the Atlantic Ocean a couple of weeks ago, and the very next night I stumbled across a copy of Karl Marx’s ‘Capital’ in Lithographs, a 1934 volume abridged and illustrated by Hugo Gellert, a long-forgotten artist whose earnest prose breathes the air of other spheres:

But out of the East rises a new Prometheus. And all the Gods in the World cannot chain him! The great disciple of Karl Marx, Lenin, led the Russian workers and peasants who created the Union of Socialist Soviet Republics. And these workers and peasants became the Masters of their own destiny. The Young Giant with his mighty hands builds the future of mankind and bright lights flare up in his wake . . . .

More often, though, I contented myself with mysteries and thrillers of varying vintages, the oldest of which was John le Carré’s The Spy Who Came In from the Cold, published in 1963, mere months before the assassination of John F. Kennedy robbed a generation of Americans of their dewy-eyed innocence, blah blah blah. Not that the pseudonymous author of The Spy Who Came In from the Cold had much innocence of which to be robbed, judging by the book’s denouement, which hinges on the complete and final disillusion of its grubby, self-pitying anti-hero:

What do you think spies are: priests, saints and martyrs? They’re a squalid procession of vain fools, traitors too, yes; pansies, sadists and drunkards, people who play cowboys and Indians to brighten their rotten lives.

As it happens, I’d never read a word of le Carré, and I was fascinated to find that he appears to be the man who introduced moral equivalence to modern espionage fiction. (Actually, Somerset Maugham beat him to the punch four decades earlier with Ashenden, but that book’s eponymous secret agent is not so much disillusioned as indifferent.) In The Spy Who Came In from the Cold, the Brits and Russians are interchangeably unscrupulous and cynical, and it is taken for granted that neither side deserves to prevail in the “long twilight struggle” proclaimed a scant two years earlier by the idealistic speechwriters of the soon-to-be-martyred architect of the New Frontier. It says something noteworthy about the emerging ethos of the Sixties that such a book was soon to become one of its emblematic literary successes.

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A Different Kind of Danger

Yesterday, the Dow Jones Industrial Average ended down 30.49 points. Yet both the S&P 500 and the Nasdaq Composite posted gains, and market signals indicate the Dow will turn back up today to continue the advance started on Friday. But even with the recent uptrend, no one thinks the global sub-prime lending crisis is over.

The recent turmoil in the world’s equity markets is a symptom of greater dislocations. There are many causes for the recent problems—such as the mispricing of risk caused by too much liquidity—and none of them have been solved by the recent gyrations in global markets. At some point, the great economic bull run following the fall of the Soviet Union must end. There is a rhythm to economies that governments can moderate, but not eliminate.

Since the end of World War II, the United States has taken the lead in developing mutually supporting systems—embodied by multilateral institutions such as the International Monetary Fund and the World Bank—to ensure prosperity. Yet, if the shocks to this global system are too great, the network’s interconnectedness, normally a strength, becomes its weakness, as one part brings down another. As in an overstressed electrical grid, problems can first ripple and then cascade. So, for the first time in history, virtually all societies can move in sync due to the very nature of the international system we have created.

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