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Hidden Hand is Fist of Freedom!

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Right when Israel Bombed Quana my Stock  Went Up Two Points Baby! High Five for Freedom!
Prophet and true teacher of the Free Market, guardian of the Hidden Hand, Larry Kudlow gives us a message: The streets will flood with money and blood. The stock market and the "global investor class" give their approval. "The wartime stock market is saying that things might be better than most people believe."

The U.S. stock market and world equity bourses are important measures of fear, hope, security, and the health of the world’s economy. And while you might not know it from today’s magnified headlines about war, terrorism, higher oil prices, and rising interest rates, the stock market message is one of reasonable hope, confidence, and optimism about the state of the world.

[snip] 

If freedom, democracy, individual liberty, and economic liberalization are all vital cornerstones of the successful City on the Hill experiment that is the United States, campaigns such as Israel’s only mark an expansion of this freedom. Israel may be a relatively small hill in global terms, but the battle it is waging is incalculably large on the world stage. As Israel inflicts more punishment on Hezbollah, the more Syria and Iran will have their Axis of Evil ears pinned back. This is a huge positive step for democracy and a big potential defeat for totalitarianism. Does the global investor class get it? How could it not? - Larry Kudlow

This is an insane caricature of conservatism - where the hidden hand is a mailed fist. For Kudlow the "American experiment" is vitally assisted by Israel's campaign, which is expanding freedom. I don't think my nation ought to be diminished or vitally enhanced in any sense from a conflict such as the one we witness in Southern Lebanon. (I wonder how Beirut's economy is doing these days.) So , what is Kudlow's point here? About which is he more gleeful, lower totalitarianism err interest rates or the great march of global capital uh... freedom? Where there is money, there is truth and justice.

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Reader Comments (3)

Larry takes satisfaction in the destructive side of creative destruction, doesn't he? Think of next year's housing boom in Beirut! Buy your REITs now, Michael, and don't say I didn't warn you. Bakunin said, "The passion for destruction is also a creative passion." Larry would understand.
8/3/2006 08:57 PM | Unregistered CommenterDaniel Larison
By the by, you have to be a borderline nutcase to think that war in the Near East does anything except make investors nervous because of the uncertainty and the pressure it puts on oil. Anyone see the growth figures for last quarter? They were down a good bit because energy prices had sapped consumption and slowed everything down, so how will keeping oil prices as high as we can help the market? The violence itself is not so much the problem as the uncertainty of how things will turn out and what the consequences will likely be. Not only has Larry gone mad in his politics, but he's not even making sense anymore to people who know the markets.
8/3/2006 09:02 PM | Unregistered CommenterDaniel Larison
The association is likely inapt, but somehow, all of the enthusiasts of "creative destruction", or "destructive creation", or just plain old destruction, remind me of nothing so much as the band of nihilistic revolutionaries in Dostoevsky's The Devils. Their mania for destruction, for the ceaseless churning and overturning of everything that now is, first in the name of economic growth (for people like them, if not for the masses), then in the name of global democratic revolution, is a madness that begets further madness, spiralling ever downwards until they can no longer distinguish war and peace, destruction and creation, life and death.

It seems to me that there are many words in the Good Book about such men, none of them good.
8/4/2006 09:42 AM | Unregistered CommenterMaximos

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