Word: oil
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...Tehran Remaining Defiant Iran has vowed to continue uranium enrichment, dismissing Western entreaties and ignoring both Britain's announcement that it would freeze the overseas assets of Iran's largest bank and its threat of sanctions on oil and gas. Other E.U. nations postponed stronger measures, pending a response from Tehran...
...price of diesel and gasoline by just 9% since January 2007. (Over the same period, the price in the U.S. has jumped 77%.) Observers say China will probably stand pat at the pump until after the Beijing Olympic Games in August. That could keep Chinese happily burning the midnight oil - and keep global oil prices high, since growing demand from China has contributed significantly to crude's price run-up in the past few years, according to economists. It's too early to say, but the recent spike in oil prices could be another nail in the coffin in which...
...bureaucracies to pursue tax scofflaws. Every person would pay 23% on every new car, suit, pair of shoes, radio and home. In return, individuals and companies would pay no income tax. With no disincentives for earning more, investment would boom. The stronger dollar would also deflate the price of oil, killing two birds with one stone. John P. Kuchta Jr., Virginia Beach...
...could do a bit of each. Obama is clearly uncomfortable with populist fire-breathing--he does say he wants to hit oil companies with a windfall-profits tax (which might discourage investment in new energy resources and would definitely not do much to help motorists), but that's arguably less pandering than McCain's proposal for a gas-tax holiday, which Obama has outspokenly opposed. And while Obama says he wants to renegotiate the North American Free Trade Agreement and other such pacts, he usually makes a point of defending free trade and globalization in the same breath. This...
...Webb is an avatar of the Democrats' new populism, a theme that has had great resonance on the campaign trail this year. There is some danger here. Populism too often devolves into snake oil: nativism, isolationism and protectionism - none of which are viable positions in a global economy. But we have seen an unprecedented period of untrammeled wealth accumulation in this country, and Webb makes a convincing pitch that the fabric of society is being shredded by greed. "It is not class warfare ... to point out that economic inequities persist," he writes. "In fact, the reverse is true...