For seventy years, one of the critical foundations of American power has been the dollar’s standing as the world’s most important currency. For the last forty years, a pillar of dollar primacy has been the greenback’s dominant role in international energy markets. Today, China is leveraging its rise as an economic power, and as the most important incremental market for hydrocarbon exporters in the Persian Gulf and the former Soviet Union to circumscribe dollar dominance in global energy—with...

Kiev’s hastily assembled, post-coup coalitions couldn’t hold, and Ukrainian PM Arseniy Yatsenyuk threw in the towel last Thursday. On his way out, news stories said, the PM expressed his “disappointment with Ukrainian parliament’s decision to reject a bill that allows the government to hand over up to 49 percent of the country’s gas transport system to investors from the European Union and the United States.” In other words, what the US and the EU have got themselves up to in Ukraine isn’t so...

Imperial Washington is truly running amuck in its insensible confrontation with Vladimir Putin. The round of new sanctions is a counter-productive joke. Apparently, more of Vlad’s posse will be put on double probation, thereby reducing demand for Harry Macklowe’s swell new $60 million apartment units on Park Avenue. Likewise, American exporters of high tech oilfield equipment will be shot in the foot with an embargo; and debt-saturated Russian state companies will be denied the opportunity to...

The heartbreaking violence in the Middle East, Ukraine, and elsewhere carries many messages, but here’s one Americans shouldn’t miss: The United States — no matter who the president is — cannot manage world conflict. The corollary is that when a president tries to manage it, things will usually get worse. Foresight is always defective, and tragic unintended consequences will prevail. The foreign-policy “experts” in both major political parties, and the intelligentsia generally, think...

“The greatest evil is not now done in those sordid ‘dens of crime’ that Dickens loved to paint. It is not done even in concentration camps and labour camps. In those we see its final result. But it is conceived and ordered (moved, seconded, carried, and minuted) in clean, carpeted, warmed and well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their voices. Hence, naturally enough, my symbol for Hell is something like the...

Remember back in April, 2007, when then-CIA director George Tenet appeared on 60 Minutes, angrily telling the program host, “we don’t torture people”? Remember a few months later, in October, President George W. Bush saying, “this government does not torture people”? We knew then it was not true because we had already seen the photos of Iraqis tortured at Abu Ghraib prison four years earlier. Still the US administration denied that torture was torture, preferring to call it “enhanced...

In 1956, Britain and France were convinced that Egypt’s charismatic nationalist leader, Gamal Abdel Nasser, was threatening what was left of their Mideast and African colonial empires. London branded Nasser, “Hitler on the Nile.” So the British and French governments secretly enlisted Israel to invade and annex Egypt’s Sinai. British and French troops were to seize the Canal Zone in a supposed “peacekeeping mission,” march on Cairo, and install a puppet government there. Israel would keep the...

One month ago today, President Obama was congratulating Libya on a "milestone" election -- even though the disintegration of the country after the 2011 US invasion was ongoing. Said Obama in June: I congratulate the Libyan people on the conclusion of the elections for a new Council of Representatives, a milestone in their courageous efforts to transition from four decades of dictatorship toward a full democracy. Today, the US announced it has evacuated all US personnel from Libya. They piled...

According to the Congressional Budget Office, “Israel is the largest cumulative recipient of U.S. foreign assistance since World War II. To date, the United States has provided Israel $121 billion (current, or non-inflation-adjusted, dollars) in bilateral assistance. Almost all U.S. bilateral aid to Israel is in the form of military assistance, although in the past Israel also received significant economic assistance.” Other special benefits also flow to the Israeli military. Each year, the...

Austin Petersen, who describes himself in the introduction to his Freedom Report Podcast as a “hard-core libertarian” who cares about “pure freedom,” is upset that Ron Paul wrote an editorial expressing skepticism regarding the US government’s and media’s line on the downing of a Malaysia Airlines flight in Ukraine. Petersen, indeed, provides in his Wednesday podcast some advice for Paul: No more of that saying what you think stuff. If you do that, you might make some people uncomfortable, and...

NATO's Supreme Allied Commander in Europe, Gen. Philip Breedlove, wants to light a torch under the rapidly reconstituting Cold War with Russia. According to the Times (UK), NATO's top military commander has plans to transform an old military base in Poland into a tip of the spear pointed at Russia.At a briefing in Naples this week, Breedlove outlined his plan to supply the Multinational Corps Northeast, in Szczecin, Poland, with “pre-positioned supplies, pre-positioned capabilities and a...

Ten years ago, the 9/11 Commission released its report on the challenges to the nation. Tom Kean and Lee Hamilton, the chairman and vice chairman of the commission, have a platitude-laden piece this morning in USA Today: “The 'generational challenge' against terrorism we anticipated 10 years ago has entered a new and dangerous phase. America cannot afford to let down its guard.” But the 9/11 Commission let down its guard for the American people long before they issued their final report. The...