Blowback, Second Edition: The Costs and Consequences of American Empire

  8. David D. Hale, “The IMF After the Asia Crisis,” Zurich Insurance Group (interrnal paper), February 13, 1998.

  9. San Diego Union-Tribune, September 20, 1998. See also George Soros, The Crisis of Global Capitalism: Open Society Endangered (New York: Public Affairs, 1998).

10. Jagdish Bhagwati, “The Capital Myth: The Difference Between Trade in Widgets and Dollars,” Foreign Affairs 77.3 (May—June 1998), pp. 7–12.

11. New York Times, editorial, November 25, 1997. See also Peter Truell, “An Alchemist Who Turned Gold into Lead,” New York Times, September 25, 1998; “Crony Capitalism,” Nation, October 19, 1998; Timothy L. O’Brien and Laura M. Holson, “Hedge Fund’s Star Power Lulled Big Financiers into Complacency,” New York Times, October 23, 1998; Gretchen Morgenson and Michael M. Weinstein, “Two Nobel Economists Get a Lesson in Real Economics,” New York Times, November 14, 1998; “On Regulating Derivatives,” New York Times, December 15, 1998; and Leon Levy and Jeff Madrick, “Hedge Fund Mysteries,” New York Review of Books, December 17, 1998.

12. Martin Mayer, “Bailing Out the Billion-Bettors,” Los Angeles Times, October 5, 1998.

13. Evelyn Iritani, “Trade Meeting Opens with a Spat,” Los Angeles Times, November 14, 1998; Mark Landler, “Gore, in Malaysia, Says Its Leaders Suppress Freedom,” New York Times, November 17, 1998; Bob Drogin, “Gore Gets Scolding from APEC, Business Leaders,” Los Angeles Times, November 18, 1998; and Tom Plate, “Gore’s Inept Criticism of the Malaysian President Has Hurt the U.S. All Over Asia,” Los Angeles Times, November 24, 1998.

14. Robert Kuttner, “Shock Treatment for Korea Is Playing with Fire,” Boston Globe, January 4, 1998.

15. Jeffrey Sachs, “The IMF and the Asian Flu,” American Prospect, March—April 1998, pp. 16–21. Also see Sachs, “The ‘Rescuer’ Created the Crisis,” Los Angeles Times, January 18, 1998.

16. David Holley, “Asian Nations Plan to Set Up Money Fund,” Los Angeles Times, October 2, 1997; Edward A. Gargan, “Asian Nations Affirm I.M.F. as Primary Provider of Aid,” New York Times, November 20, 1997; and Art Pine, “Summers a Hot Commodity in Asian Crisis,” Los Angeles Times, January 16, 1998.

17. David Hale, “Will Indonesia’s Stock Market Track Berlin in 1923?” Zurich Insurance Group (internal paper), March 9, 1998.

18. Los Angeles Times, February 14, 1998.

19. “Brazil Sacrifices Rain-Forest Funds to Appease IMF on Spending Cuts,” San Diego Union-Tribune, January 1, 1999. For details on the environmental consequences of the crisis in East Asia, see Deanna Donovan, “Strapped for Cash, Asians Plunder Their Forests and Endanger Their Future,” Analysis from the East-West Center, no. 39 (April 1999).

20. For Greenspan’s remarks, see David E. Sanger, “Greenspan Sees Asian Crisis Moving World to Western Capitalism,” New York Times, February 13, 1998. For Asian reactions, see Takashi Kawachi, “A New Backlash Against American Influence,” Japan Echo, April 1998, pp. 44–47; and Philip Courtenay, “Versions of Capitalism Vie for Ascendancy in Asia,” Free China Journal, March 19, 1999, p. 7.

21. Richard N. Haass and Robert E. Litan, “Globalization and Its Discontents, Navigating the Dangers of a Tangled World,” Foreign Affairs 77.3 (May–June 1998), pp. 2–6.

10: The Consequences of Empire

  1. Los Angeles Times, November 24, 1998. See also Jim Mann, “Foreign Policy of the Cruise Missile,” Los Angeles Times, December 23, 1998.

  2. Charles Maechling Jr., “Erratic U.S. ‘Leadership’ on Display in Iraq Crisis,” International Herald Tribune, March 23, 1998.

  3. Mark Yost, “Tragedy Shouldn’t Drive U.S. from Okinawa,” Asian Wall Street Journal, December 18, 1995.

  4. Quoted in Andrew J. Bacevich and Lawrence F. Kaplan, “Battle Wary,” New Republic, May 25, 1998, p. 20.

  5. Los Angeles Times, November 13, 1998.

  6. The Rise and Fall of the Great Powers, 1988, p. 513.

  7. Alfred Vagts, A History of Militarism (New York: W. W. Norton, 1937), p. 11.

  8. David P. Calleo, Beyond American Hegemony: The Future of the Western Alliance (New York: Basic Books, 1987), p. 142.

  9. Ashok K. Nath, “A Crisis That Has a Beginning, but No End,” Asia 21, (April 1999), pp. 29–32.