James Grant, in the Wall Street Journal, points out that the Bernanke Federal Reserve policies of inflating our way out of recession are practically certain to produce worse than a recession.

It was on Oct. 6, 1979, that then-Fed Chairman Paul A. Volcker vowed to print less money to bring down inflation. So doing, he closed one monetary era and opened another. With Tuesday’s promise to print much more money, the Federal Reserve of Ben S. Bernanke has opened its own new era. Whether Mr. Bernanke’s policy of debasement will lead to as happy an outcome as that which crowned the Volcker anti-inflation initiative is, however, doubtful. Whatever the road to riches might be paved with, it isn’t little green pieces of paper stamped “legal tender. …

The seasons of finance are unpredictable. Prescience is rare enough in the private sector. It is almost unheard of in Washington. The credit troubles took the Fed unawares. So, likely, will the outbreak of the next inflation. Already the stars are aligned for a doozy. Not only the Fed, but also the other leading central banks are frantically ramping up money production. Simultaneously, miners and oil producers are ramping down commodity production — as is, for instance, is Rio Tinto, the heavily encumbered mining giant, which the other day disclosed 14,000 layoffs and a $5 billion cutback in capital expenditure. Come the economic recovery, resource producers will certainly increase output. But it is far less certain that, once the cycle turns, the central banks will punctually tighten.

The public has been slow to anger in this costliest and scariest of post World War II financial crises. Wall Street and the debt ratings agencies have come in for well-deserved castigation. But pointing fingers rarely find the Federal Reserve, whose low, low interest rates helped to set house prices levitating in the first place.

After Mr. Bernanke gets a good night’s sleep, he should be called to account for once again cutting interest rates at the expense of the long-suffering (and possibly hungry) savers. He should be asked to explain how the central-banking methods of the paper-dollar era represent any improvement, either in practice or theory, over the rigor, elegance, simplicity and predictability of the gold standard. He should be directed to read aloud the text of critique by Elihu Root and explain where, if at all, the old gentleman went wrong. Finally, he should be directed to put himself into the shoes of a foreign holder of U.S. dollars. “Tell us, Mr. Bernanke,” a congressman might consider asking him, “if you had the choice, would you hold dollars? And may I remind you, Mr. Chairman, that you are under oath?”

Thank goodness, we lost the election! If the government is going to screw up the economy royally by pursuing short-sighted liberal economic policies, let’s have democrats doing that.

Novelist Mark Helprin blames George W. Bush’s peculiar leadership deficiencies for frittering away the post-9/11 national and international consensus and allowing himself and US military efforts to be discredited by the left.

The administrations of George W. Bush have virtually assured such a displacement by catastrophically throwing the country off balance, both politically and financially, while breaking the nation’s sword in an inconclusive seven-year struggle against a ragtag enemy in two small bankrupt states. Their one great accomplishment — no subsequent attacks on American soil thus far — has been offset by the stunningly incompetent prosecution of the war. It could be no other way, with war aims that inexplicably danced up and down the scale, from “ending tyranny in the world,” to reforging in a matter of months (with 130,000 troops) the political culture of the Arabs, to establishing a democracy in Iraq, to only reducing violence, to merely holding on in our cantonments until we withdraw.

This confusion has come at the price of transforming the military into a light and hollow semi-gendarmerie focused on irregular warfare and ill-equipped to deter the development and resurgence of the conventional and strategic forces of China and Russia, while begging challenges from rivals or enemies no longer constrained by our former reserves of strength. For seven years we failed to devise effective policy or make intelligent arguments for policies that were worth pursuing. Thus we capriciously forfeited the domestic and international political equilibrium without which alliances break apart and wars are seldom won.

Peggy Noonan describes conversation at a mostly Republican Christmas gathering in Occupied Virginia within the Beltway:

There was no grousing about John McCain, and considerable grousing about the Bush administration, but it was almost always followed by one sentence, and this is more or less what it was: “But he kept us safe.” In the seven years since 9/11, there were no further attacks on American soil. This is an argument that’s been around for a while but is newly re-emerging as the final argument for Mr. Bush: the one big thing he had to do after 9/11, the single thing he absolutely had to do, was keep it from happening again. And so far he has. It is unknown, and perhaps can’t be known, whether this was fully due to the government’s efforts, or the luck of the draw, or a combination of luck and effort. And it not only can’t be fully known by the public, it can hardly be fully known by the players at all levels of government. They can’t know, for instance, of a potential terrorist cell that didn’t come together because of their efforts.

But the meme will likely linger. There’s a rough justice with the American people. If a president presides over prosperity, whether he had anything to do with it or not, he gets the credit. If he has a recession, he gets the blame. The same with war, and terrorist attacks. We have not been attacked since 9/11. Someone—someones—did something right.

But here is a jittery reality: We are living through the time of two presidents. Or, if you choose to see it that way, the time of no president, with one on his way in but not arrived, and the other on his way out and without full authority. Histories will be written about this moment, and about the administration’s work with the president-elect’s office. But it is jittery because criminals calculate, they look for opportunities and vulnerabilities. This is a delicate time, with a transition of power, a profound economic crisis, and a nation feeling demoralized around the edges.

We received a reminder of the gravity of the situation this week, with the bipartisan congressional report saying the odds are high the world will see a biological or nuclear terror attack in the next five years. It said, “America’s margin of safety is shrinking, not growing,” and “the risk that radical Islamists—al Qaeda or Taliban—may gain access to nuclear material is real.”

Commission co-chairman Bob Graham, a former chairman of the Senate Intelligence Committee and an adviser to Mr. Obama’s transition team, was sober in a Q&A with Newsweek. He said he was most surprised at the risk of biological weapons because of “the ubiquitous nature of pathogens”—anthrax, or a resurrected infectious agent such as the one that produced the 1918 influenza epidemic, which has been re-created in the laboratory.

The report hasn’t received the attention it deserves, nor have its recommendations. Rep. Jane Harman, a California Democrat, accused the commission of playing the “fear card” and trying to imitate the Bush administration in alarmism and bellicosity. Mr. Graham, a Florida Democrat and former senator, would have none of it. “Our adversaries are gaining greater capabilities,” he said.

Why does Congress prepare such reports? To inform, and to win support for new plans. To show they are doing something. And to be able to say, in the event of calamity—forgive my cynicism—that they warned us. This hasn’t been the first such report. It won’t be the last. But it comes at a key moment for Mr. Obama, because it gives him a certain amount of cover to be serious about what needs to be done. What’s at stake for him is two words. When Republicans say, in coming years, “At least Bush kept us safe,” Democrats will not want tacked onto the end of that sentence, “unlike Obama.”

Larrey Anderson, at American Thinker, makes an argument that I basically agree with.

George W. Bush’s presidency has been a disaster for the Republican Party, and for Conservatism, and ironically the unhappy result has much more to do with what George W. Bush failed to do than with anything he did. The Bush presidency was discredited not by defeat abroad or the results of his own policies at home. George W. Bush’s reputation and capacity to govern was destroyed by the ceaseless attacks of his political enemies which succeeded because he failed in any way effectively to respond.

Bush never satisfactorily explained why Iraq and not Syria (or Saudi Arabia, for that matter). He accepted the theory that no Iraqi WMD ever existed, refusing to discuss the truck convoys departing over the Syrian border. He allowed opponents within the Intelligence Community to leak National Security information without response, and he even allowed the same group to turn identification of one of their number by a third party into a national scandal resulting in the indictment and conviction on a preposterous basis of the Vice Presidential Chief of Staff. He tamely bowed his head and accepted all the blame for the disaster in New Orleans, refusing to identify the impact of state and local incompetence and corruption in a situation in which both played the key role.

Perhaps, on the day Machiavelli’s The Prince came up for discussion in Political Theory 101 at Yale, good old George was partying at Deke. Or, perhaps, even more likely, George W. Bush is ethically inhibited from implementing the wisdom of the Florentine cynic by his authentic commitment to Christianity and his resolute determination to keep turning the other cheek.

Conservatism needs a fresh start. It is losing arguments … and it is losing elections. One person, more than any other (even more than John McCain), has caused this: President George W. Bush.

Conservatives have not been winning arguments — or elections — by defending President Bush and his record. We have been, repeatedly, thumped rhetorically and electorally in our efforts to support his policies. It is time for conservatives to move on.

George W. Bush is undoubtedly a sincere man. He is, in all probability, a good man. His dramatic conversion to Christianity indicates that he, at least at this point in his life, is a man of high moral principles. He is compassionate. And therein lies the problem: President Bush was too compassionate to be a good president.

The Wall Street Journal reports that a high percentage of the small number of pardons issued by George W. Bush so far have gone to ordinary people eager to regain the right to own firearms for sport or recreation.

On the surface, the list of the 14 people pardoned by the president this week shows few common denominators in terms of time served, geographic location or even type of crime, except that the felonies were non-violent. But a closer look at some of the newly pardoned shows many of them are church-going, blue-collar workers from rural areas (and ardent Bush supporters) who had little trouble finding jobs after their convictions. There is another common thread: the important role firearms once played in their lives.

President Bush has pardoned fewer people — 171 — than any president since World War II, with the exception of his father, who pardoned 74. Presidents don’t discuss their reasons for issuing pardons, with few exceptions. Nor do they tell petitioners why their wish was granted. The Justice Department’s “pardon attorney,” who reviews hundreds of petitions a year and recommends candidates to the president, had no comment.

Coincidentally or not, at least seven of the 14 pardoned on Monday are former hunters or shooting enthusiasts. In interviews, five of them said they wrote in their petitions to the government that a desire to win back the right to bear arms was a chief reason for wanting a pardon.

David Bernstein looks at the results and puts them in perspective.

The picture is of a solid Democratic win, but not the tsunami some had expected. Obama won the popular vote by a solid, but not crushing, margin of slightly less than six percent (52.4-46.5). Bill Clinton beat Bob Dole by a significantly greater margin and even greater relative percentage (49.25-40.71), and George Bush by a slightly lower margin, but higher relative percentage (43.01-37.45). Bush, meanwhile, beat Dukakis by a larger margin, 53.4 to 45.6. The Democrats picked up about twenty House seats, on the low end of the expected range. And, as noted above, they seem likely to pick up five or six Senate seats,which would make the Senate races either 18-16 in favor of the Democrats, or tied at 17-17, again on the low end of the expected range.

It would have taken a miracle, or at least a match between a really unattractive democrat who made many mistakes and a dynamic Republican with Reagansque charisma, to produce a GOP win this year with the economy in a mess and poor, clueless George W. Bush hanging around the elephant’s neck like a dead albatross.

Considering all the factors destining this to be the democrat’s year, it could have been much worse.

Ross Douthat contemplates the debacle of the 2008 election, and is depressed while being glad that it’s at least over.

I had a succession of meals last week with smart conservative friends, and I found them all relatively sanguine. … Each of them, in different ways, express a mix of enthusiasm for the “whither conservatism” battles ahead and relief at the prospect of finally closing the books on the Bush years. This has been an exhausting Presidency for conservatives as well as liberals, and for many people on the Right the prospect of being out of power has obvious upsides: No longer will every foul-up and blunder in Washington be treated as an indictment of Conservatism with a capital C; no longer will right-wingers feel obliged to carry water, whether in small or large amounts, for a government that’s widely perceived as a failure; and no longer will the Right have the dead weight of an unpopular president dragging it down and down and down. Defeat will be depressing, of course – none of my friends were Obamacons by any stretch – but it could be liberating as well.

This was how I expected to feel about a McCain defeat, too, and I’ve been trying to figure out why I don’t – why I feel instead so grouchy and embittered (clinging to my guns and my religion, and all that), and more dispirited than liberated…

I think the deeper reason for my political gloom has to do with something that Jonah Goldberg raised in our bloggingheads chat about conservatism – namely, the sense that the era now passing represented a great opportunity to put into practice the sort of center-right politics that I’d like to see from the Republican Party, and that by failing the way it did the Bush Administration may have cut the ground out from under my own ideas before I’d even figured out exactly what they were. ..

I’m not counseling despair here: There were people in 1976 who thought Richard Nixon had irrevocably squandered the chance to build a new right-of-center majority, and looked how that turned out.

Charles Krauthammer argues that George W. Bush is like Truman, a president whose virtues and accomplishments will be better regarded by History than they were by his contemporary countrymen.

When I asked the president about his one unambiguous achievement, keeping us safe for seven years — about 6 1/2 years longer than anybody thought possible at the time of 9/11 — he was quick to credit both the soldiers keeping the enemy at bay abroad and the posse of law enforcement and intelligence officials hardening our defenses at home.

But he alluded also to some of the measures he had undertaken, including “listening in on the enemy” and “asking hardened killers about their plans.” The CIA has already told us that interrogation of high-value terrorists like Khalid Sheik Mohammed yielded more valuable intelligence than any other source. In talking about these measures, the president mentioned neither this testimony as to their efficacy nor the campaign of vilification against him that these measures occasioned. More equanimity still.

What the president did note with some pride, however, is that beyond preventing a second attack, he is bequeathing to his successor the kinds of powers and institutions the next president will need to prevent further attack and successfully prosecute the long war. And indeed, he does leave behind a Department of Homeland Security, reorganized intelligence services with newly developed capacities to share information, and a revised FISA regime that grants broader and modernized wiretapping authority.

In this respect, Bush is much like Truman, who developed the sinews of war for a new era (the Department of Defense, the CIA, the NSA), expanded the powers of the presidency, established a new doctrine for active intervention abroad, and ultimately engaged in a war (Korea) — also absent an attack on the U.S. — that proved highly unpopular.

So unpopular that Truman left office disparaged and highly out of favor. History has revised that verdict. I have little doubt that Bush will be the subject of a similar reconsideration.

I agree that Bush shares Truman’s modesty, courage, and absence of pretension, but I think following the Truman model of limited war, featuring burdens and sacrifices borne by few, absence of public involvement, lack of identification of the terms of victory, and wholesale failure to rebuke or even deter domestic treason, ought to be understood by now to represent a less than morally ideal gamble in real politik, one wagering the lives of patriotic Americans in the hope of attaining a low cost resolution of a security crisis.

Even George W. Bush likes watching women’s beach volleyball.

News-agency-not-to-be-named photo

Same news agency complete story, with even more cute photos (whose reproduction is streng verboten).

Hat tip to the News Junkie.

The LA Times reported:

Defending gold medalists Misty May-Treanor and Kerri Walsh gave the chief executive some pointers. Then after a good play, in the tradition of female volleyballers, May-Treanor turned, bent over slightly and offered her bikinied rear-end for the 43rd president to slap.

“Mr. President,” she said, “want to?”

Want to has nothing to do with it in public life.

As the son of a president, a husband of nearly 37 years, the father of two daughters, the subject of some attempted tabloid exposes and a seasoned political veteran, who is not a female athlete but knows that every camera for a half-mile is trained on him, Bush wisely chose instead to brush his hand across the small of May-Treanor’s back.

Darn it!

Andrew Bolt, in the Melbourne Herald-Sun, agrees with Andrew Klavan: Batman is George W. Bush.

Ironically, Hollywood has found a way to smash box office records which it is not going to like: well-executed action movies with conservative themes. Pity that John Wayne is gone.

Finally Hollywood makes a film that says President George W Bush was right.

But director Christopher Nolan had to disguise it a little, so journalists wouldn’t freak and the film’s more fashionable stars wouldn’t walk.

So he hides Bush in a cape. He even sticks a mask on him, with pointy ears for some reason.

Sure, when the terrified citizens of Gotham City scream for Bush to come save them, Nolan has them shine a great W in the night sky, but he blurs it so it looks more like a bird.

Or a bat, perhaps.

And he has them call their hero not Mr Bush, of course, or even “Mr President”, but . . . Batman.

And what do you know.

Bush may be one of the most despised presidents in American history, but this movie of his struggle is now smashing all box-office records.

Critics weep, audiences swoon – and suddenly the world sees Bush’s agonising dilemma and sympathises with what it had been taught so long to despise.

Well, “taught” isn’t actually the exact word.

As this superb Batman retelling, The Dark Knight, makes clear, its subject is a weakness that runs instinctively through us – to hate a hero who, in saving us, exposes our fears, prods our weaknesses, calls from us more than we want to give, or can.

And how we resent a hero who must shake our world in order to save it, or brings alive that maxim of George Orwell that so implicates us in our preening piety: “Good people sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.”

Novelist Andrew Klavan dispels the rumors long swirling about eccentric billionaire Bruce Wayne, and explains that Batman is really none other than George W. Bush.

There seems to me no question that the Batman film “The Dark Knight,” currently breaking every box office record in history ($311+ million in 10 days), is at some level a paean of praise to the fortitude and moral courage that has been shown by George W. Bush in this time of terror and war. Like W, Batman is vilified and despised for confronting terrorists in the only terms they understand. Like W, Batman sometimes has to push the boundaries of civil rights to deal with an emergency, certain that he will re-establish those boundaries when the emergency is past.

And like W, Batman understands that there is no moral equivalence between a free society — in which people sometimes make the wrong choices — and a criminal sect bent on destruction. The former must be cherished even in its moments of folly; the latter must be hounded to the gates of Hell.

“The Dark Knight,” then, is a conservative movie about the war on terror. And like another such film, last year’s “300,” “The Dark Knight” is making a fortune depicting the values and necessities that the Bush administration cannot seem to articulate for beans.

Conversely, time after time, left-wing films about the war on terror — films like “In The Valley of Elah,” “Rendition” and “Redacted” — which preach moral equivalence and advocate surrender, that disrespect the military and their mission, that seem unable to distinguish the difference between America and Islamo-fascism, have bombed more spectacularly than Operation Shock and Awe.

Why is it then that left-wingers feel free to make their films direct and realistic, whereas Hollywood conservatives have to put on a mask in order to speak what they know to be the truth? Why is it, indeed, that the conservative values that power our defense — values like morality, faith, self-sacrifice and the nobility of fighting for the right — only appear in fantasy or comic-inspired films like “300,” “Lord of the Rings,” “Narnia,” “Spiderman 3” and now “The Dark Knight”?

The moment filmmakers take on the problem of Islamic terrorism in realistic films, suddenly those values vanish. The good guys become indistinguishable from the bad guys, and we end up denigrating the very heroes who defend us. Why should this be?

The answers to these questions seem to me to be embedded in the story of “The Dark Knight” itself: Doing what’s right is hard, and speaking the truth is dangerous. Many have been abhorred for it, some killed, one crucified.

Leftists frequently complain that right-wing morality is simplistic. Morality is relative, they say; nuanced, complex. They’re wrong, of course, even on their own terms.

Left and right, all Americans know that freedom is better than slavery, that love is better than hate, kindness better than cruelty, tolerance better than bigotry. We don’t always know how we know these things, and yet mysteriously we know them nonetheless.

The true complexity arises when we must defend these values in a world that does not universally embrace them — when we reach the place where we must be intolerant in order to defend tolerance, or unkind in order to defend kindness, or hateful in order to defend what we love.

When heroes arise who take those difficult duties on themselves, it is tempting for the rest of us to turn our backs on them, to vilify them in order to protect our own appearance of righteousness. We prosecute and execrate the violent soldier or the cruel interrogator in order to parade ourselves as paragons of the peaceful values they preserve. As Gary Oldman’s Commissioner Gordon says of the hated and hunted Batman, “He has to run away — because we have to chase him.”

Alfred the Butler (Michael Caine) explains that it’s impossible to deal rationally with some villains like a Burmese war lord he encountered in his British army days, who simply threw away his loot, and returned to his hideout in a vast and impenetrable forest after a sanguinary raid.

“Some men aren’t looking for anything logical, like money. Some just want to watch the world burn.”

“What did you do?” asks Batman. “We burned down the entire forest.” Alfred replies.

Reuters:

In an interview with Der Spiegel released on Saturday, Maliki said he wanted U.S. troops to withdraw from Iraq as soon as possible.

This kind of nonsense is George W. Bush’s fault. He fell into a liberal trance in which the narrative simply had to be that US was rescuing the yearning-for-freedom Iraqi people from Saddam’s dictatorship. The reality, that Iraq as a whole, the people and the regime, was the enemy was too unpleasant for a post-modern US president to face.

The post-modern US can only have enemy leaders. We cannot bear to imagine that an entire country’s population hates us and is happy to support violence directed against us.

By insisting on playing smiling liberator, and by going to absurd lengths to get the defeated and conquered barbarians to play along, the current administration has made a fool of itself, and arrived at the preposterous position of being obliged, in order to keep up the charade it insisted upon playing, to take orders from the enemy it defeated on the battlefield.

Iraq in 2003 was, just like Nazi Germany in 1945, a National Socialist state. Baathism was created as a conscious Arab attempt to emulate German fascism.

Would we install a non-de-Nazified German government in 1946, put the Wehrmacht back in uniform, and ask the current Reichschancellor how long we should stay and which US presidential candidate’s policies he is planning to support?

—————————————–

Follow-up, 7/20:

A spokesman for Nuri-al-Maliki took issue with the Der Spiegel story saying his words “were misunderstood, mistranslated and not conveyed accurately.”

CNN