Democracy in the Balance, Risks, and Political Posturing

A quote of JPMorgan CEO Jamie Dimon by John L. Dorman at Yahoo!Finance caught my eye:

JPMorgan Chase chief executive Jamie Dimon said that former President Donald Trump was “kind of right” about NATO and immigration and urged Democrats to “be a little more respectful” of voters who are backing the ex-president’s 2024 campaign.

During a CNBC “Squawk Box” interview conducted in Davos, the site of the World Economic Forum’s annual meeting, Dimon on Wednesday said that Americans who adhere to the Make America Great Again movement were fond of Trump’s policies and not necessarily backing the former president’s personal conduct as they head into ballot booths.

“When people say MAGA, they’re actually looking at people voting for Trump, and they think they’re voting — they’re basically scapegoating them, that you are like him. But I don’t think they’re voting for Trump because of his family values,” Dimon said.

“He’s kind of right about NATO. Kind of right about immigration,” the chief executive continued. “He grew the economy quite well. Tax reform worked. He was right about some of China.”

Trump during his presidency was highly critical of NATO; last year, Congress passed a Pentagon funding bill that effectively bars any president from unilaterally leaving the intergovernmental military alliance.

Dimon, similar to comments he made in November 2023, reiterated that he wanted to see Democrats “think a little more carefully” when they speak about MAGA and again pointed to his belief that Trump has been correct on a range of issues.

That has some resonance with this observation of Minnesota Democratic Congressman Dean Phillips:

And I’ve got to tell you guys, I went to a Donald Trump rally a couple nights ago. Never been to one. I had an event across the street. I saw the line of people waiting in the cold for hours and I thought, what the heck, you know, I’m going to be a leader who actually invites people, doesn’t condemn them, Met probably 50 Trump people waiting in line. Every single one of them, thoughtful, hospitable, friendly, all of them so frustrated that they feel nobody’s listening to them but Donald Trump. A diverse crowd. People who had never been to a Trump event before. My party is completely delusional right now, and somebody had to wake us up. And if that’s my job, so be it.

I wonder if President Biden understands the risks of the “democracy is in the balance” campaign he’s been running. There are several two of which are mentioned above—it says nothing about policy and it may alienate the very people you want to vote for you. Here’s another. When your claims are that the other guy is a fascist, a would-be dictator, and you want to preserve democracy it means you’ve got to not be a fascist or would-be dictator and you must be democratic. Nothing says “democracy” like the steps, for example, the the State of Illinois’s Democratic Party has taken to keep anyone not named “Joe Biden” off the list of Democratic candidates for president here.

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The Predictable Academy

I wanted to make a few comments about the nominations for Academy Awards this week. IMO in an atmosphere in which we are inundated with awards shows and the Academy Awards are becoming irrelevant I found them banal, bland, and remarkably predictable. I was reminded of Louis’s repeated line in Casablanca: “Round up the usual suspects”.

There were a few surprises and I’ll focus on those. I was a bit surprised that Greta Gerwig was not nominated for direction but it isn’t entirely surprising since it’s completely consistent with the Academy’s recent practice of avoiding pictures that actually succeeded at the box office. Barbie received a number of nominations and Margot Robbie got the nomination that counts for picture as a producer. If the Academy of today had been making the nominations for 1939 or 1959 both Gone With the Wind and Ben Hur would have been snubbed.

I was disappointed Japan didn’t nominate Godzilla Minus One for Best International Film. It might well have won. A matter of timing, perhaps? As it is it only got one technical nomination.

To my eye the most interesting nomination to follow will be Best Actress. I believe it’s between Lily Gladstone for Killers of the Flower Moon and Emma Stone for Poor Things. The results might well depend on how hungry for a Standing Ovation Moment which Ms. Gladstone’s winning certainly would be the Academy is.

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Putting the “Pan” in Pandemic

On Friday evening I developed a cough. When I awoke in the morning I had a sore throat, body aches, and was running a slight fever. I took a COVID test. It was positive. I reached out to my primary care provider and after a bit received a prescription for Paxlovid. I have been taking that for several days now and feel considerably better.

I don’t expect to be fully recovered for weeks but at least I shouldn’t be contagious in a bit.

I’ll post as I recover but not as frequently as typical.

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The Extinct Woolly Dog

I had been unaware of the existence of the woolly dog let alone that they had become extinct about 150 years ago. My wife on the other hand knew of them.

That’s why I was so interested in this piece in the Smithsonian Magazine by Alicia Ault about them:

For thousands of years, the Coast Salish people of the Pacific Northwest had what might have seemed a curious tradition to outsiders: They kept and periodically sheared fluffy white dogs, generating wool to weave into spiritually important blankets and ceremonial garments. The woolly dogs, which resembled current-day Samoyeds, were not pets. The Coast Salish people considered them to be close relatives, on par with humans, and believed they had wisdom to share. The keepers—mostly women—had a certain wealth and status. They gave the dogs a special diet that included salmon and other marine life, and they protected the animals from breeding with village dogs.

Yet, by the late 19th or early 20th century, the woolly dogs were extinct.

If you scroll down to the artist’s reconstruction of the beast. What struck me is that I am living with the extinct woolly dog. If nothing else convinces you that the people in the Pacific Northwest and their animals arrived here from Asia, that should do it. For all the world it looks like a small Samoyed.

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The Run-On Effects of the Interruptions in Red Sea Shipping

At FreightWaves Greg Miller reports that container costs have reached their highest rates ever post-pandemic:

It’s now crystal clear that container ships will not return to the Red Sea anytime soon. Lengthy detours around the Cape of Good Hope have already pushed spot container rates far above pre-COVID levels, and rates continue to climb.

Yet another commercial ship was hit by Houthi rebels on Wednesday, the bulk carrier Genco Picardy, owned by New York-based Genco Shipping & Trading (NYSE: GNK). This was followed by another barrage of coalition airstrikes in Yemen, then more Houthi attacks on shipping on Thursday.

The Drewry World Container Index (WCI) Global Composite jumped to $3,777 per forty-foot equivalent unit for the week ended Thursday. It’s now up 173% year to date.

With the exception of the COVID boom period in December 2020 through October 2022, this week’s global spot-rate reading is the highest on record since the WCI debuted in June 2011.

And here’s what the trend looks like for shipping from Asia to the West Coast:

I think there are several things to consider about that graph. First, costs skyrocketed throughout 2021 but had returned to the previous trend just about a year ago. Second, those are Asia to West Coast costs. Any effects from depradations on Red Sea shipping are run-on effects.

But the real point I wanted to make is that the greatest effect on such volatile shipping costs will be on low cost low margin goods. iPhones are shipped by air not by sea. Effects on air transport would be run-on effects on run-on effects. When the world is stable and predictable shipping raw materials across the Pacific to import them back in the form of inexpensive goods makes a bizarre sort of sense as long as the cost of maintaining that stability and predictability are not passed along to importers or consumers.

I would have thought that the pandemic might have taught us that extremely long extremely fragile supply lines are risky but perhaps not.

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Run-on Effects

U. S. forces have been asked to leave Iraq. Michael R. Gordon, David S. Cloud, and Elena Cherney report in the Wall Street Journal:

Iraq’s prime minister said the U.S.-led military coalition that has been helping his country fight Islamic State militants is no longer needed, though he still wants strong ties with Washington.

“We believe the justifications for the international coalition have ended,” Prime Minister Mohammed al-Sudani told The Wall Street Journal, as the war in Gaza frays Iraqi relations with Washington.

I have no way of knowing, of course, but I can’t help but suspect that U. S. forces attacking Houthi positions directly has brought the “fraying” of relations between the U. S. and Iraq to the tipping point.

Iran has the largest number of its citizens professing Shi’a Islam of any country in the world. In the Arab world the largest number are in Iraq and Shi’ite Muslims comprise a majority of the population there. After Iraq is Yemen.

The fracture between Sunni Islam and Shi’a Islam goes back almost to the very beginnings of the religion, i.e. it’s nearly 1,400 years old. Our disagreements with Iraq, followed by our support for the Saud family’s war against Yemen, and now our direct attacks on Houthis has inserted the United States into a more than millennia old religious conflict.

My own view is that it is imprudent of us to take a side in that conflict but we have done so willy-nilly. That decision may well have run-on effects and this may be one of them.

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When Does the Table-Pounding Start?

At Liberal Patriot John Halpin, observing that the President Biden’s re-election campaign is almost entirely negative at present, urges the president to adopt a more positive strategy:

Biden is an old school Catholic Democrat who is committed to the well-being of working people and middle-class family values—a clear strength in a party awash in elite cultural norms. He believes in using American economic and military power to stand with our allies like Ukraine and Israel while others tear him down for doing so. As president, he worked with the other side to help pass important bipartisan legislation to strengthen American manufacturing, build up our national infrastructure, and protect our interests against outside threats from China and Russia.

The recipe for winning a presidential campaign is not that complicated—it’s two parts character/personality and one part organizational might/message.

So make Biden’s patriotism, his “pro-worker, pro-family, pro-America” agenda, and his pragmatism the centerpiece of a pitch for a second term.

To do this: (1) Reject all leftist rhetorical nonsense and activist priorities that preoccupy a minority of the party; (2) Occupy the center on immigration, energy issues, and crime and let voters know about it; and (3) Focus exclusively on policies that stand up for American workers, American businesses, American families, and American interests.

I predict that his advice will fall on deaf ears. Mr. Biden’s 2020 campaign eked out a narrow victory. He can’t afford to write off the progressive wing of his party in the hope of attracting voters who voted against him the last time around.

There’s an old trial lawyer’s adage going back more than a century and possibly much more: when the law supports your case, argue the law; when the evidence supports your case, argue the evidence; and when neither the facts nor the law support your case, pound on the table. In politics the equivalent is that when your record supports your re-election, run on your record; when your values support your re-election, run on your values; and when neither your record nor your values support your re-election, run a negative campaign. I think we’re going to have a very negative campaign.

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All for the Want of a Horseshoe Nail

I was really fascinated by some of Srdja Trifkovic’s observations in this piece at Chronicle (side note: I was unware that there were enough paleocons left to have a journal). In the piece Dr. Trifkovic considers the tensions between China and Taiwan, the disruption of Red Sea shipping by the Houthis, and the situation in Ukraine and sees a “perfect storm” emerging. Here’s a sample:

The crisis in the Red Sea has demonstrated that U.S. naval resources are insufficient to maintain the strategy of full spectrum dominance. The Navy is simply not up to the self-assigned, Herculean task of controlling and securing all key sea lanes, and especially choke points such as Bab el-Mandeb. The Navy is well below the goal of 75 ships ready for war at any time. Lest we forget, then-Commander of Naval Surface Forces, Vice Adm. Roy Kitchener who retired last August, announced a year ago that the fleet would aim to have 75 mission-capable ships available at all times. They would be optimally maintained, armed, and equipped—with the full complement of trained crews, ready for combat on a moment’s notice. Over the past year, according to Kitchener’s successor Vice Adm. Brendan McLane, the fleet is “kind of hovering between 50 and 60 ships on any given day.”

With the crisis in the South China Sea now more or less permanent, the lack of mission-capable ships is the main reason why last December the Navy dedicated a remarkably small strike group to Operation Prosperity Guardian in the Red Sea, consisting of one aircraft carrier and three escorting destroyers.

with this being particularly telling:

The British provided one destroyer, while Denmark and Greece promised a frigate each. The Netherlands, Norway, and Australia are together sending two-dozen military personnel in all, but no vessels. Singapore’s navy is providing a center “to support information sharing and engagement outreach to the commercial shipping community.”

or, said another way, we’re basically on our own without the resources to back it up. Or consider this:

Over the past few weeks, it has become clear that, all over the greater Middle East, an insoluble dilemma exists for the Biden administration. While Washington is loath for the conflict in Gaza to escalate, the U.S. is continuing its total support for, and its comprehensive financial, military, and diplomatic assistance to Israel. Consequently, all key Arab countries in the region are rapidly diversifying their political and economic relations, most notably those with Russia and China. Even the United Arab Emirates, ostensibly a reliable U.S. friend, gave Russian President Vladimir Putin an ostentatiously warm welcome last month. At the same time, U.S. military bases in the region—notably in Bahrain, right across the Gulf from Iran—appear potentially more vulnerable than ever before.

Interesting times.

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The Future Is Bright Grim

I don’t want to trouble you with all of the predictions made by Atlantic’s experts on what the world will be like in 10 years but I will share this one:

This year, for the first time, we posed a question that we hope to now ask on an annual basis as a means of tracking sentiment on the global outlook: “Generally speaking, do you think the world a decade from now will be better off or worse off than it is today?”

60% that is nearly 2/3s thought that the world will be worse off in ten years than it is today.

Honestly, that’s something I miss today: the optimism that tomorrow will be better than today and whatever problems are, they can be dealt with.

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Non-Commenting on the Iowa Caucus

If you haven’t noticed I have less than no interest in the outcome of the Iowa caucuses. Their structure is so eccentric nothing reasonable can be deduced from them. So Trump won’t be competing with Ramaswamy for the nutcase vote any more. Surprise.

I don’t know if I’ve said it before but to my eye the worst case outcome is a rematch of 2020 with Trump’s supporters 100% angrier than in 2020.

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