At the G-8
summit in Deauville, France, the news was dramatic,
delivered by Nicolas Sarkozy of France and Barack Obama.
To sustain the
Arab Spring, America, Europe and Japan will provide
$40 billion in fresh foreign aid for Arab nations that
take the democratic path.
The $40 billion
breaks down thus: $10 billion from the G-8, $10 billion
from the Gulf Arabs, and $20 billion from the World Bank
and the international development banks.
Now, as Gulf
petrodollars come from U.S. consumers of gas and oil,
and we are to be the largest contributor of direct aid,
and we are the largest contributor to the World Bank and
the development banks, U.S. taxpayers have just been put
on the hook for untold billions.
Yet that $40
billion over three years is pocket change compared to
what Hillary Clinton promised at the Copenhagen summit.
2009, a year that millions of Americans lost their jobs
and homes, Clinton pledged $20 billion annually as the
U.S. share of a $100-billion-a-year transfer of wealth
to help Third World nations cope with global warning.
contribution would start under Obama and rise to $20
billion annually by 2020, when the First World would
begin transferring $1 trillion dollars every decade to
the developing world.
minister, Meles Zenawi, who announced the plan,
indicated Africa`s disappointment at its meagerness.
But, in return for a seat at the table managing the
money, he graciously accepted.
Am I missing
Was not 2009 a
tough year for America? Was it not the first of three in
which we ran a deficit of 10 percent of our gross
domestic product? Are we not talking of cutting Medicare
and Social Security for seniors who have chipped in to
those programs all their working lives to secure their
cutting education. States are slashing pensions. The
Pentagon is killing weapons systems. And Barack Obama is
ladling out fresh foreign aid.
too—are they living in the real world?
Greece hangs on a precipice, with Europeans debating
whether Athens should be allowed to default, which would
blow a hole through banks all across Europe. Portugal
and Ireland could follow. In the worst case, Spain and
Italy fail, entailing a terminal crisis of the EU.
anarchists have taken to the streets. Huge protests have
erupted in Spain and Britain. How long can the austerity
continue among the big debtor nations before social
continent, populist parties of the right are rising that
seek to retrieve the sovereignty surrendered to
transnational institutions by their globalist elites.
Yet Sarkozy and
Obama are talking about new
The Wall Street
Journal banner June 1 read:
Recovery: Home Prices Sink to 2002 Levels; Consumer
Confidence Falls as Pessimism Grows."
The lead ran
thus: "House prices have sunk to 2002 prices, effectively wiping out almost a
decade`s worth of home equity across the U.S. and
imperiling the fragile economic recovery as Americans
confront the falling value of their biggest investment."
That day, the
Dow fell 280 points. And the June 2 Journal banner read:
Darkens: Markets Stumble as Factories, Hiring Slow Down;
Biggest Drop in Stocks in a Year."
one-fourth of American homeowners live in
houses that are underwater, worth less than the
mortgages on them. The index of consumer confidence fell
last month from 66 percent to 60.8 percent. Only 38,000
private-sector jobs were created in May. The
manufacturing boomlet seems to have stalled. Some
422,000 American workers filed for unemployment benefits
Talk of the "double-dip recession" is now pandemic.
Yet a U.S.
government $14.3 trillion in debt, running a third
straight deficit of $1.4 trillion, is talking of sending
billions in aid to Arab regimes where the deposed
despots looted the place.
Nor is America
any longer exempt from the anarchic violence plaguing
Europe. Over Memorial Day, when millions happily took
off for the beach for that first taste of summer, they
headlines the day after Memorial Day tell the story:
"Miami `War Zone`
During Urban Weekend,"
"Poet … Gunned
Down in Front of Miami Poetry Club,"
"Violent Crime Explodes in Myrtle During
Black Bike Week;
"Rib Fest at
Rochester Beach Turns Rowdy,"
"Riot on Long
"Urban Melee in Charlotte,"
Shuts Down Nashville Water Park,"
"Dozens of Gang
Bangers" at Chicago beach.
This is not the
peaceful, prosperous America of 1947, with half the
world`s production, that could cobble together
Marshall Plans and ship wealth abroad to rebuild
nations devastated by World War II.
is herself in need of repair and rebuilding. Yet her
leaders are living in yesterday.
CREATORS SYNDICATE, INC.
Patrick J. Buchanan
no introduction to
VDARE.COM readers; his book State
of Emergency: The Third World Invasion and
Conquest of America, can
be ordered from Amazon.com. His latest book
Hitler, and "The Unnecessary War": How
Britain Lost Its Empire and the West Lost
Paul Craig Roberts.