Do what we say and not what we do

In his meeting with President Putin, President Biden is thought to have proposed red lines against the use of cyber weapons such as ransomware. The idea of shutting down something like Colonial Pipeline with a computer hack is surely repugnant. I seem to remember that many of us cheered when the U.S. (and Israel?) damaged the Iranian uranium enrichment facility at Natanz with a malicious computer worm called Stuxnet. Nor were many of us much bothered when U.S. financed coups topped unfriendly governments, or when we attacked Afghanistan, Iraq, Libya, Haiti, Nigeria, Syria, to name but a few.

“The supreme international crime according to 2017 U.S. media reporting is interfering nonviolently in a democratic election — at least if Russia does it. William Blum, in his book Rogue State, lists over 30 times that the United States has done that. Another study, however, says 81 elections in 47 countries.”  https://davidswanson.org/warlist/

While this is hard to swallow, our bad behavior differs from that of Russia’s or of other autocrats. I will not go to jail for writing this. Most Americans (I like to believe) condemn such behavior contrary to our founding principles when they learn of it. Our press is happy to expose such breaches when they discover them. In short, while our government often violates our principles of individual rights and the rule of law and lies regularly about it, public scrutiny and outrage tend to check bad behavior and move us back toward conformity with our principles. We never get there but it is very important that we keep trying.  

About wcoats

I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy.  I joined the International Monetary Fund in 1975 from which I retired in 2003 as Assistant Director of the Monetary and Financial Systems Department. While at the IMF I led or participated in missions to the central banks of over twenty countries (including Afghanistan, Bosnia, Croatia, Egypt, Iraq, Israel, Kazakhstan, Kenya, Kosovo, Kyrgystan, Moldova, Serbia, Turkey, West Bank and Gaza Strip, and Zimbabwe) and was seconded as a visiting economist to the Board of Governors of the Federal Reserve System (1979-80), and to the World Bank's World Development Report team in 1989.  After retirement from the IMF I was a member of the Board of the Cayman Islands Monetary Authority from 2003-10 and of the editorial board of the Cayman Financial Review from 2010-2017.  Prior to joining the IMF I was Assistant Prof of Economics at UVa from 1970-75.  I am currently a fellow of Johns Hopkins Krieger School of Arts and Sciences, Institute for Applied Economics, Global Health, and the Study of Business Enterprise.  In March 2019 Central Banking Journal awarded me for my “Outstanding Contribution for Capacity Building.”  My most recent book is One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina. I have a BA in Economics from the UC Berkeley and a PhD in Economics from the University of Chicago. My dissertation committee was chaired by Milton Friedman and included Robert J. Gordon.
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