Fleming_04-1991
Perspective

Surviving in the New World Order

George Bush chose a risky moment for launching his New World Order. World stock markets have reacted to the vicissitudes of war with all the stability of a manic-depressive who won't take his medicine when he's feeling up and doesn't see the point of taking it when he's down. The mere rumors of war were enough to send oil prices up and stock prices down, but the brilliant success of the first day's air attack caused an ebullient rebound in world stock markets and lowered oil prices by $10 a barrel. However, continued Iraqi resistance wreathed in the black smoke of a pipeline fire was enough to send the bears back into hibernation.

War is probably not the best medicine for an ailing economy that has just been hit by bank failures and tax increases. The money industry in the United States has been on the verge of crisis for some time. FDIC's decision to take over the Bank of New England in January came hard on the heels of the temporary closing of Rhode Island Credit Unions, bankrupted by the failure of their insurer. If one can believe Ralph Nader and other "consumer advocates," many large insurance companies are on the brink of ruin. Worst of all, the savings and loan industry, as a reward for its follies and chicaneries, is being bailed out by American taxpayers whose children and grandchildren will have to pay for the mistakes of incompetent regulators and corrupt liberal senators, yea unto the...

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