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Peter Worthington

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2012 Brings Gloom

Posted: 12/31/2011 10:58 am

Wanna know how 2012 is likely to be?

Judging from how 2011 ended, 2012 as it unfolds is going to be a year that doesn't look very encouraging to anyone who isn't a congenital optimist.

Of course, predictions are all conjecture; at best, educated guesses.

Very early in 2012, it looks as if we -- meaning Western democracies -- will have lost again, as the futures of Iraq and Afghanistan, which we invaded to save them from tyranny and to curtail terrorism, are gloomy.

By quitting Iraq, the American military is in a Vietnam-like quandary of trying to camouflage defeat with slogans mindful of "peace with honour" (Richard Nixon) when they quit the Vietnam war. Sectarian violence is rampant in Iraq, as Sunni and Shiite Muslims kill one another. Anyone but a Muslim zealot sees this as mindless folly.

Afghanistan, now devoid of Canadian "combat" troops, will be increasingly threatened by Pakistan-based Taliban. Another defeat for democracy. Pakistan itself moves towards being an outright enemy (as opposed to two-faced friend) of America.

That's predictable. But in 2012 the celebrated "Arab Spring" of rebellions against various Middle East authoritarian regimes (Tunisia, Egypt, Libya, Yemen) will drift far from what we view as democratic, despite "democracy" being a rebel rallying cry.

It took Western countries centuries to evolve into true (or near) democracy, yet we expect these countries to adapt in one generation. Possible, but unlikely.

At the moment it looks as if by the end of the year, the U.S. will have a Republican president -- not because the Republican candidate is a hotshot, but because the job of President has proven too much for Barack Obama, who is gifted at making promises he can't deliver, and apologizing for America's sins to an uncaring world.

Canada should continue to confound experts who don't quite understand how we have managed to weather economic hardships with minimum disruptions. The combination of a solid and sensible banking system, with a decisive and steady government, makes Canada something of a lucky oddity in today's world.

The West has no apparent Margaret Thatcher, Ronald Reagan, or Tony Blair lurking in the electoral wings to lead the free world into a perilous future.

By this time next year, Vladimir Putin should be enshrined as Russia's president once again. He is the only Russian who seems capable of such leadership. Fortunately for the world, Russia is besieged with problems (including radical Islam) that prohibit foreign adventuring, much less dabbling in endemic espionage, selective subversion, and world domination -- all of which motivated the old, unlamented Soviet system.

To round the circle, China will be eager for world security to protect its financial interests in countries around the world. This bodes well for relations with North Korea, which will continue to be a fruitcake regime, reined in by China. North Korea's successor leader to Kim Jong-il depends on aging generals for support -- unless they bounce him. (Photos of North Korean generals show each with rows of 30 to 40 medal ribbons on their chests. How come? North Korea hasn't been to war in nearly 60 years ago, so are the medals the Cracker Jack popcorn variety? Probably.)

To end on a happy note, look for the Toronto Maple Leafs to make the playoffs in 2112, the Argos to reach the CFL finals, and the Blue Jays to make the playoffs (assuming they get a closer). José Batista will again winning the home run title.

 
Wanna know how 2012 is likely to be? Judging from how 2011 ended, 2012 as it unfolds is going to be a year that doesn't look very encouraging to anyone who isn't a congenital optimist. Of course, pr...
Wanna know how 2012 is likely to be? Judging from how 2011 ended, 2012 as it unfolds is going to be a year that doesn't look very encouraging to anyone who isn't a congenital optimist. Of course, pr...
 
 
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09:01 AM on 01/03/2012
Conservative times are hard times.
jimbo57
ni dieu ni maitre
07:22 AM on 01/02/2012
Of course installing the majority Shia into positions of power has increased religious strife in Iraq. What is your solution, commit to keeping thousands of troops in a country where they're not wanted? And how much more should the West invest, in blood and treasure, to prop up Karzai in Afghanistan? I notice you have the Leafs making the playoffs in 2112. Hedging your bets much, Peter?
07:50 PM on 01/01/2012
Once again,Peter demonstrates his uncanny ability to miss the mark by a mile.Leaving Iraq,mindless folly?Invading Iraq was mindless folly.And waiting for another Tony Blair to save the world?Seriously?
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tyruler
10:07 PM on 01/01/2012
LoL. Right on. The author appears too gloomy even to me and I'm an American!
11:56 AM on 01/03/2012
It's a neo-con thing. You've got to keep the people afraid, how else could you control them. They're all the same.
06:24 PM on 01/01/2012
Leaving Iraq pure folly? Going there in the first place was pure folly.
08:02 AM on 01/01/2012
Peter, my grasp of history is obviously off. When was it that Iraq was invaded "to save [it] from tyranny and to curtail terrorism"? I thought it was to get the weapons of mass destruction! You remember. The ones that never actually existed but the Bush Administration made up a great lie about to justify fighting a war that there was no reason for? Those ones.
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tyruler
10:09 PM on 01/01/2012
Nice you caught that. Terrorism and sectarian strife didn't exist in Iraq UNTIL AFTER the Bush invasion.
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Mike Keohane
02:56 AM on 01/01/2012
The Leafs will make the playoffs? The Blue Jays will make the playoffs? Really?
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JJJSchmidt
07:48 PM on 01/02/2012
I think Peter put this in just to prove he is not just wrong but delirious.
12:18 AM on 01/01/2012
" The combination of a solid and sensible banking system, with a decisive and steady government, makes Canada something of a lucky oddity in today's world. "

Well, we are certainly told that Canada's banks are solid. That doesn't quite square with our government's action in taking $75 Billion in mortgages off the banks balance sheet and onto CMHC's, arranging a $200B line of credit for the banks with the Bank of Canada, and making unspecified changes to the accounting rules. If our banks are so wonderful, why was this done?

Furthermore, why are CIBC abd RBC numbers 2 and 3 on the list of institutions engaging in hyper-hypothecation? MF Global was playing that game and they blew up along with about a billion of their client's money - which apparently vanished due to the magical properties of hyper-hypothecation.

"With weak collateral rules and a level of leverage that would make Archimedes tremble, firms have been piling into re-hypothe­cation activity with startling abandon. A review of filings reveals a staggering level of activity in what may be the world’s largest ever credit bubble.

Engaging in hyper-hypo­thecation have been Goldman Sachs ($28.17 billion re-hypothe­cated in 2011), Canadian Imperial Bank of Commerce (re-pledge­d $72 billion in client assets), Royal Bank of Canada (re-pledge­d $53.8 billion of $126.7 billion available for re-pledgin­g),

** http://new­sandinsigh­t.thomsonr­euters.com­/Securitie­s/Insight/­2011/12_-_­December/M­F_Global_a­nd_the_gre­at_Wall_St­_re-hypoth­ecation_sc­andal/
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08:19 PM on 01/01/2012
The reasons that CMHC bought distressed mortgages from the banks were (1) to ensure the stability of Canadian banks in turbulent times and (2) inject liquidity into the financial markets. It wasn't because the banks WERE unstable at the time, and it may well have been done at the request of the American government.

In fact the program might end up making a profit for CMHC.
11:31 PM on 12/31/2011
Thanks Peter. Your shopping list of nutball conservative opinions adds exactly nothing to the dialog about the coming year. The fact that someone is paying you for this stuff is a mystery for the ages.
11:58 AM on 01/03/2012
He's a co-founder of the Toronto Sun. Nuff said.