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The Bush bubble. George Soros compares W's manic unilateralism with the manic distortions of the marketplace (TomPaine.com):

The Bush doctrine is grounded in the belief that international relations are relations of power; legality and legitimacy are decorations. This belief is not entirely false but it exaggerates one aspect of reality -- military power -- at the exclusion of others.

I see a parallel between the Bush administration's pursuit of American supremacy and a boom-bust process or bubble in the stock market. Bubbles do not grow out of thin air. They have a solid basis in reality but reality is distorted by misconception. In this case, the dominant position of the United States is the reality, the pursuit of supremacy the misconception. Reality can reinforce the misconception but eventually the gap between reality and its false interpretation becomes unsustainable. During the self-reinforcing phase, the misconception may be tested and reinforced. This widens the gap leading to an eventual reversal. The later it comes, the more devastating the consequences.

The stock market bubble of the 1990s was based on fundamental misconceptions, and so is the Bush doctrine now. The longer we wait to push him and his cabal out of office, the higher the price US citizens and the rest of the world will pay for the unintended consequences of his mania.

{ 9:08 AM }

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