Why is Obama silent when disaster returns? (UPIASIA)

M.D. Nalapat

Manipal, India — From 2003 to 2008 – the years when the uncontrolled greed of a handful of speculators was sending the price of commodities to intolerable levels – this columnist was among the few who pointed to such market manipulation as the cause of price fever, rather than "market conditions."

Today it is clear that it was the greed of a few financial institutions and their managers that caused the rise in food prices that killed hundreds of thousands in Asia and Africa from starvation. Super-high food prices sucked the purchasing power out of middle- and low-income consumers by raising the prices of oil and other commodities to levels where continued economic health was unsustainable.

The 2008 market crash caused not a ripple in the consciences of this handful, who continued to award themselves generous bonuses after creating economic disaster. Speculation – forward trading where the speculator need not take delivery of the commodity – caused death and hardship across the world, and it was expected, not least perhaps by U.S. voters, that President Barack Obama would make good on his promise to deal harshly with such economic depredators.

Instead, he handed over the reins of the U.S. Treasury Department to Timothy Geithner, himself a creature of the very system that is causing a second tsunami of high prices and a collapse of consumer demand. Under Geithner, the U.S. taxpayer has underwritten nearly US$2 trillion in write-offs and advances to the very agencies that caused the speculative fever which began in 2003, after the defeat of former Iraqi dictator Saddam Hussein.

Oil Conspiracy Theory (UPI)

M.D. Nalapat

MANIPUR, India, May 31 (UPI) -- Nature and the "street" both abhor a vacuum, and even after Sept. 11, 2001, it is those active in the "War of Revenge Against the Crusades" who are more adept at crafting tales designed to link the United States with the unemployment, rage and perception of helplessness that provides recruits to the jihad.

While conspiracy theories that seek to "prove" that the United States -- together with those familiar villains, the "Zionists" -- is engaged in a war against Islam, thus far such street gossip has permeated only the Muslim countries, principally Saudi Arabia, Iran and Pakistan. The rest of the world has not been infected with this virus.

Indeed, a case can be made that the United States is more popular today in the poorer parts of the globe than it is in Europe. Unlike the period from the 1950s to the 1980s, when the United States was the target of the resentments and insecurities felt by those recently freed from colonization, from the time cable television spread in the mid-1980s,"street" perceptions of the United States outside the Muslim world have improved steadily. In the words of Jairam Ramesh, an Indian economist, while the cry may still be "Yankee, go home!", to this is added, "but take me with you."

For a superpower, the United States has been demonstrably inept in factoring in psychological attitudes and reflexes in countries visited by U.S. "experts" only in the safety of air-conditioned hotel and conference rooms. Thus, in Iraq the United States appointed an American "administrator" and Iraqi "advisers," when common sense would have indicated that it ought to have been the other way around.