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In The News for Tuesday, August 17, 2021
Posted Aug 17 2021 7:25AM

·       If you are younger than 70, it’s doubtful you’ll remember this. It’s a very interesting recount of our decoupling from the Bretton Woods monetary system that pegged the dollar to gold at $35 an ounce. You’ll find it interesting, I’ll warrant, and the kind of government intervention that has rarely, if ever, proven successful[JW1] . I remember it well for one reason. I was in Hong Kong in 1972 and was intending to buy a gold Rolex Presidential. They were $550 apiece there when Gold was pegged at $35 an ounce. For some reason, in hindsight sheer stupidity, I didn’t buy the watch and shortly thereafter it shot out of my price range. I learned a valuable lesson.

·       Our best and our brightest? From July 7th: Secretary of State Blinken’s comments on our presence in Afghanistan. Wonder if he consulted Winken and Nod?

·       The utter failure of our intelligence services[JW2]  in their assessment of the strength of the Taliban. Glenn Reynolds: Heads should roll. Careers should be ended. Our intelligence community seems mostly good at playing domestic dirty tricks — and to be honest, they’re not especially good at that, either. But it’s not like there are consequences for screwing up.

·       Not a good look. Taliban holds press conference from Presidential Palace while Biden hides from public. President Biden did finally speak yesterday on Afghanistan.  If you can overlook the obligatory effort to blame Trump for their abysmal execution of the withdrawal, I agreed with a lot of what he said. Remaining one year or another five years wouldn’t have made any difference. The Afghani Army’s failure to fight for their own country tells me that not a single additional American life should be forfeit. You’d think that in twenty years they could have built a real army. 

·       An old Obama quote seems to be going viral once again. One of the few things he got right.