The recent triad of catastrophes in Japan: an earthquake, followed by a tsunami, followed by the potential meltdown of a number of nuclear power plants, juxtaposed with the events unfolding in Libya, fairly beg for some kind of official pronouncement from President Obama. Both situations have the potential to influence national and global affairs over the short term–and longer.
Japan, as a major holder of US Treasury issues, in order to cope with the massive reconstruction effort needed to repair the losses sustained over the past several days, will be issuing its own bonds and dipping deeply into its savings to become whole again. What are the consequences in the bond markets for our own issues? Likewise, whoever prevails in Libya, the events of the last month are going to create havoc in oil markets. What will be the effect on our struggling economy?
Due to the seriously malfunctioning safety mechanisms of the Japanese nuclear reactors damaged by the quake and tsunami, one should presume that the nuclear power industry will be forced to rethink many of its protocols and designs. If Libyan oil is removed from the global market–even for a short time–one should presume that the barrel price of oil can inch even higher. The oil industry is no stranger to fifth column political manipulation; high gasoline prices are a convenient way to make the earth move under President Obama’s feet during his re-election campaign.
Isn’t this a perfect moment to discuss our energy future and the national sacrifices we have to make in order to effect energy reform? Obama had such a moment last year when, in April, the BP oil spill commenced. He didn’t make much use of it. Isn’t this also a good time to discuss the role of public and private debt in restructuring economic priorities?
If President Obama continues to allow Republicans to dominate the national political agenda with their cynicism, hypocrisy and “Wal-Mart” policy values–cheap ideas taken down off the lay-away shelf every four years–who will be motivated to appear on his behalf at precinct polling stations?
What should he talk about? How about the “return on investment” we get from our enormous Defense Department budget? LINK How about the challenges we face globally that are in no way linked to the”war on terror” or war-making–China, for example, is financing the modernization of the Panama Canal, and can be observed in Africa, South America, Europe and Central Asia doing business, not waging war. Watching the drama of the middle east struggling to self-actualize; South Asia and South America striving to develop; and Japan, not to mention Haiti, coping with chaos and ruin.
How lucky we are, and always have been, as a nation; and what a third-rate, banana-Republican job we are doing to secure our future.
GEE, WHAT DID WE JUST SAY? LINK AND, AGAIN, FROM REUTERS AT 11AM EDST; and Monday, March 14th: LINK In addition, this LINK from the NYTimes on Friday, March 18, about effects of the Japan crisis on the US auto industry.

