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Truth and reckoning

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Truth and reckoning

This story originally appeared in Yes! Magazine on Sep. 4, 2024. It is shared here with permission.

When I was in middle school, at a majority-white public school in Montana, I was given an assignment to interview a grandparent about their childhood. The questions were designed to help us better understand what we did and did not have in common with each other.

When I interviewed my maternal grandmother, I asked her whether there was ever a bully at her school. Her answer surprised me; she said she was the bully. “I always had soap in my mouth,” she said, punished for “talking back” to her teachers—and punished for speaking her first language: Blackfeet.

My grandmother was a student at the St. Ignatius Mission and School, a church-run, assimilationist boarding school on the Flathead Indian Reservation in western Montana. She told me stories about the horrific punishments she endured simply for being Blackfeet and about her classmates who were buried on the school grounds.

Unfortunately, my grandmother’s story is not an anomaly. Instead, her experience is representative of generations of genocidal federal policy. Beginning in 1801, more than 500 assimilative boarding schools operated across the United States, including 408 government-run schools in operation between 1819 and 1969. During this time, multiple generations of my family attended boarding school, including 12 people I’m directly descended from on my maternal side: my grandmother, all four of my great-grandparents, and seven of my eight great-great-grandparents.

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Boarding schools were part of an intentional, genocidal policy aimed at “civilizing” Native people and eradicating our nations, communities, cultures, languages, religions, and family ties. Indigenous families were either forced or coerced to send their children to boarding schools. Families who refused were denied the money or goods paid to them in exchange for land, as designated in treaty agreements. This coercion was enshrined in an 1893 code that allowed the secretary of the interior to “withhold rations, clothing and other annuities from Indian parents or guardians who refuse or neglect to send and keep their children of proper school age in some school a reasonable portion of the year.”

Indigenous children were often taken to schools far away from their homes because, as John B. Riley, an Indian school superintendent, said in 1886, “only by complete isolation of the Indian child from his savage antecedents can he be satisfactorily educated.” My grandmother first attended St. Ignatius Mission, which is about 200 miles south of her home on the Blackfeet Reservation. She later attended the Chemawa Indian Training School in Oregon, 700 miles west of home and two states away.

Once at school, children experienced what the Department of the Interior described as “systematic militarized and identity-alteration methodologies.” Before kids as young as age 6 stepped foot in a classroom, their long hair — culturally significant for many tribes — was cut to imitate white hairstyles. They were also required to wear military, non-tribal clothing as uniforms, and they were required to speak English — a language many didn’t speak at home.

It is important to reframe what we mean by “school.” These were sites of exploitation and cultural genocide, not places where Native children were educated. The dominant narrative about boarding schools often excludes or de-emphasizes the role of forced labor, or what some scholars conceptualize as human trafficking. Many of my family’s stories about boarding school are about working rather than being educated. In fact, unpaid labor was the goal.

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A 2022 report by the Department of the Interior, the first ever to examine the extent of federal boarding schools in the U.S., highlighted the breadth of unpaid labor Native children performed at school: “lumbering, working on the railroad — including on the road and in car shops, carpentering, blacksmithing, fertilizing, irrigation system development, well-digging, making furniture including mattresses, tables, and chairs, cooking, laundry and ironing services, and garment-making, including for themselves and other children in Federal Indian boarding schools.”

My family members performed other unpaid duties: My grandmother’s brother worked as a butcher and a barber, while my great-grandpa worked as a rancher. Some children were also taken out of school to perform unpaid labor in the surrounding community. In California, thousands of Native children were unpaid indentured servants on white ranches, farms, hotels, and households.

A 1928 report by the Institute for Government Research on the social and economic conditions of Native peoples, known as the Meriam Report, notes that Indian boarding schools violated child labor laws in most states. And though it was released 12 years before my grandmother was born, the findings did not lessen the impact of her experience at boarding school.

In addition to robbing children of their cultural and linguistic identities, boarding schools had other devastating impacts. Children were beaten and sexually abused. They experienced overcrowding, food deprivation and nutritional experimentation, and widespread infectious diseases, including tuberculosis.

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They were forcibly separated from the love and connection and support and validation of their families and communities. They spent years working as unpaid laborers without receiving an education that could aid them after graduation. Some children died before ever having the opportunity to become parents or eventually elders. These experiences have left generational wounds on survivors, their families, and broader Indigenous communities that continue to hurt to this day.

Agenda of assimilation

Boarding schools were just one part of the federal government’s efforts to eradicate tribal nations. As boarding schools sought to eliminate tribal languages, religions, and cultures among Native children, the federal government passed policies making these cultural practices illegal in Native communities. In 1883, the Code of Indian Offenses banned tribal religious practice. The Indian Religious Crimes Code was reversed in 1934, but it wasn’t until the passage of the American Indian Religious Freedom Act of 1978 that all legal restrictions on practice were lifted. Still, issues remain today, particularly when it comes to accessing sacred sites and practicing tribal religions in prison. In 1887, the use of tribal languages was banned in schools; this was not reversed until the 1990 passage of the Native American Languages Act, or NALA.

The General Allotment Act of 1887 also had devastating economic, cultural, and political consequences for tribal communities. The act converted communal tribal land into private property and turned individual Native men into private property owners. Tribal landowners were forced to make land agriculturally productive, even in areas where the land was not suitable as such, and the U.S. government assessed their success, or lack thereof. This assimilative tactic drastically shifted, or attempted to shift, Native peoples’ relationship to the land at the same time that their children were being removed from their homes and forced to labor for white people.

The impacts of boarding school and these policies can be understood through the lens of historical trauma, a term conceptualized by Maria Yellow Horse Brave Heart, Ph.D., a Hunkpapa/Oglala Lakota social worker, in 1995. Historical trauma is the idea that intergenerational, compounded trauma has measurable impacts on the mental health of the descendants of traumatic events, including the forced separation of Native children from their families.

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A 2004 study that asked Native participants how often they thought about historical losses, such as the seizure of land and boarding schools, found that “perceptions of historical loss are not confined to the more proximate elder generation, but are salient in the minds of many adults of the current generation.” This generational trauma has impacted how families interact with each other: My grandmother didn’t teach my mother Blackfeet because she didn’t want her to be discriminated against for speaking English with a Blackfeet accent.

Boarding schools have also impacted the physical health of Native Americans: Research suggests that boarding school survivors are more likely to have chronic health conditions, such as diabetes, hypertension, and arthritis, than Native people who didn’t attend boarding school.

Boarding schools have also had other material impacts on Native communities. The jobs students were training for often did not match jobs available back home, making it difficult to find meaningful employment after leaving school. Today, Native people continue to face higher rates of poverty and unemployment, and lower rates of homeownership compared to white people. Native children also continue to be removed from their homes, and are disproportionately impacted by child welfare reports, investigations, and out-of-home placements.

Native people know that the legacy of boarding schools continues to impact our communities’ physical health, mental health, housing and economic stability, educational attainment, parenting and family functioning, cultural knowledge, and more. And yet, there has been limited storytelling — in media, academic research, and government reports — that measures these impacts.

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Contemporary truth telling

For many people in Indian Country, it is quotidian to share stories about boarding schools. Boarding schools are openly discussed in my family: My grandma, and great-grandma when she was alive, spoke about their time as students, about their friends who died of poisoning from the lye in the soap placed in their mouths, and about the labor they performed. I grew up having family picnics on the grounds of the boarding school my great-grandmother attended; her grandmother is buried in the school’s cemetery.

Over the past 50-plus years, there have been a handful of federal government programs attempting to reckon with the tragedy of boarding schools. In 1969, a decade after my grandmother left boarding school, a scalding report titled “Indian Education: A National Tragedy — a National Challenge” illuminated the disastrous impacts of boarding schools, noting that they were “a failure when measured by any reasonable set of criteria.” In 1978, the Indian Child Welfare Act, or ICWA, was passed, which prioritized placing Native children with family members and tribal members before placing them with non-Native families.

ICWA notes that “there is no resource that is more vital to the continued existence and integrity of Indian tribes than their children.” Advocates for the bill recognized that removing Native children from their families—through both boarding schools and the child welfare system—had devastating impacts on both the children and their broader communities. In 1990, NALA passed, allowing the use of tribal languages in schools for the first time since the late 19th century. These legal efforts focused on ensuring Native children stayed connected to their families and cultures but stopped short of collecting testimony from boarding school survivors.

In recent years, there has been increased media attention paid to boarding schools, notably after mass graves were found at the Kamloops Indian Residential School in Canada in 2021. There’s also been in-depth reporting in national newspapers about the extent of sexual abuse in boarding schools in the U.S., and an episode of Reservation Dogs, a hit FX show that aired for three seasons from 2021 to 2023, about the traumatic impacts of residential schools.

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Since Deb Haaland, a descendant of boarding school survivors, became secretary of the interior in 2021, there has been a surge of federal interest in truth telling from boarding school survivors and their descendants. In 2021, after decades of advocacy from tribes and Native organizations, the Department of the Interior launched the Federal Indian Boarding School Initiative, which included an extensive federal report on the impacts of boarding schools, the first-ever inventory of federal boarding schools, and the collection of testimony from boarding school survivors.

Part of the initiative is the Road to Healing project, launched in 2022, in which Haaland and Assistant Secretary for Indian Affairs Bryan Newland toured the U.S. to collect testimony from hundreds of boarding school survivors. Boarding school survivors and their descendants were also invited to publicly speak about their experiences. For some survivors, this was their first time speaking about their boarding school experiences. Each event had trauma counselors and break rooms to support survivors.

The Department of the Interior is also funding the National Native American Boarding School Healing Coalition, a Minneapolis-based nonprofit, to continue to gather testimony from boarding school survivors over the next few years and create a public oral history repository. These efforts will ensure that the stories and experiences of survivors are preserved for future generations and, survivors hope, help hold the U.S. accountable for the atrocities perpetrated.

Survival and resistance

On the legislative front, advocates are pushing for the passage of the Truth and Healing Commission on Indian Boarding School Policies Act, which was introduced in the U.S. Senate in 2023 and the U.S. House in 2024. Truth and reconciliation efforts are not an uncommon response to violence like cultural genocide. Dozens of states across the globe have attempted truth and reconciliation efforts. Some consider Argentina’s 1983 National Commission on the Disappeared to be the first major effort, though the 1995 Truth and Reconciliation Commission: South Africa, led by Desmond Tutu and Nelson Mandela, is perhaps the most well-known. There have been a handful of commissions focused on the impacts of colonialism, including one in Australia and one in Maine examining the placement of Wabanaki tribal children into foster care since the 1970s.

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The truth and reconciliation effort that may most closely mirror what is being proposed in the U.S. is Canada’s Truth and Reconciliation Commission on the legacy of Indian residential schools, which is a result of the largest class-action settlement in Canadian history. Like the U.S., the Canadian government and Christian churches operated assimilationist boarding schools for Indigenous youths in the 19th and 20th centuries.

This commission was not the Canadian government’s first attempt to support boarding school survivors. In 1998, it established the Aboriginal Healing Foundation, which distributed $515 million to Indigenous community initiatives that addressed impacts of residential schools until federal funding was cut in 2010. After the truth and reconciliation lawsuit, the commission interviewed more than 6,500 witnesses between 2007 and 2013. In December 2015, they released a document with 94 calls to action, ranging from adopting the United Nations Declaration on the Rights of Indigenous Peoples as a model for reconciliation to providing stable funding for community-based alternatives to incarceration for Indigenous peoples.

However, progress to fulfill these calls to action has been slow. The Yellowhead Institute, which tracked progress of the Truth and Reconciliation Commission over five years, noted that at the rate the Canadian government was moving, it wouldn’t finish implementing the calls to action until 2081.

An unintended consequence of the commission has been the growth of boarding school “denialism” among non-Indigenous people in Canada. In a 2023 interim report from the Office of the Independent Special Interlocutor for Missing Children and Unmarked Graves and Burial Sites associated with Indian Residential Schools, the increase in denialism was identified as a top 12 concern held by boarding school survivors, descendants, and families. For example, after mass graves of 215 children were found at the Kamloops Indian Residential School in 2021, some people, including political commentators, priests, and Danielle Pierce, the premier of the province of Alberta, downplayed the news as a media hoax. Some denialists went so far as to bring shovels to the Kamloops site to “see for themselves” if children were indeed buried there.

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Denialism is the final “stage of genocide” in Genocide Watch’s 10 stages of genocide, a widely used policy tool developed by Gregory Stanton, Ph.D. This increase in denialism necessitates the importance of storytelling. Truth and reconciliation — or in the case of the U.S. bill, truth and healing — is not a panacea for the material and psychological impacts on individuals, communities, and families. But allowing people to tell their stories is an important step. If passed, the Truth and Healing Commission on Indian Boarding School Policies Act would establish a commission tasked with investigating the genocidal practices of boarding schools and would require the federal government to hold public hearings with survivors, their families, and communities to help create this document.

The commission would also attempt to make a record of the number of children who attended federal boarding schools; document the number of children who were abused, went missing, or died in federal boarding schools; and outline the ongoing impacts of boarding schools on survivors and their families. As Native communities throughout the country continue to record their stories — and the Truth and Healing bill advances through Congress — many questions remain.

What does it mean for the same government that created these violent policies to lead a so-called “healing” process mere decades later? Does the focus on reconciliation rather than healing focus too much on perpetrators and those who benefit from colonialism “coming together” with those they harmed, versus focusing on support of victims and survivors? Is truth telling inherently beneficial to the truth teller? Or might it be traumatic for people to share their stories without tangible action coming from it?

Boarding school survivors and tribal communities have made one thing clear: A nuanced reckoning of the expansive, intergenerational impacts of boarding schools is absolutely necessary, and tribally driven solutions based on Indigenous healing — not government or church abdication — must be centered.

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When my grandmother’s older sister passed away in 2020, my family got access to 30 pages of scanned files from Chemawa Indian School in Salem, Oregon, which they both attended. In these files are report cards, notes on her medical needs, comments from teachers, and other correspondence. One report card includes a “citizenship” section, which lists her “good” behavior (one item, “dragging mattress down hall in dust”) and “poor” behaviors (12 items, including “did not go to church”). Throughout the scanned documents are references to the sisters’ supposedly “unstable life” at home on the reservation.

Further down in the files is a scanned letter from my great-grandparents written on Nov. 10, 1954. On one side is a letter asking that their daughters, my grandmother and her sister, be sent home on the train. They were 14 and 15. “You send them home this week” is the last sentence, written in pencil with each word underlined in blue ink. On the back, they wrote the train schedule from Salem, Oregon, where the boarding school was, to Browning, the main town on the Blackfeet Reservation. They also sent train fare. The next page is the response from the principal of the school. “We are at a loss to understand just what your intention is in the matter,” she wrote. But by Nov. 15, 1954, they were both withdrawn from the school.

Native people have always resisted colonialism and fought to protect our families, communities, cultures, and nations. When my grandmother and her sister were at boarding school, their parents tried to be actively engaged in their children’s lives — and worked proactively to get them back. When tribal religions were illegal, my family continued to practice, pray, and hold ceremonies.

As I am writing this, wild mint, yarrow, bee balm, white sage, and sweet grass that I collected last night with my mother are drying in my room. I’ll use them for medicinal teas and smudging throughout the year, and we’ll gather more next summer. My family continues to gather, prepare, and use Blackfeet plant medicine. Despite policies intentionally trying to obliterate our culture, my relatives still passed down this ancestral knowledge and love.

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We are running out of time to capture the vital stories of boarding school survivors. My grandma is the last living boarding school survivor in my family; her parents and her siblings who attended boarding school have passed away. Advocates say the impacts on parenting, family relationships, and tribal communities and economies — both psychological and very material — need to be part of the conversation to truly understand the impacts of boarding schools and the contemporary disparities and injustices still facing Indigenous communities today.

Boarding schools took a lot away from my family. Truth telling is one step toward government and church accountability, public education, and perhaps most importantly, helping families like mine rebuild what was taken from us for future generations. Truth telling can help us rebuild our relationships to each other, strengthen and revitalize our cultural practices, and begin to heal, on our own terms, from the ongoing violence of colonization.

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Federal Reserve puts on enormous party hat

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This is an audio transcript of the Unhedged podcast episode: ‘Federal Reserve puts on enormous party hat

Katie Martin
A great moment in history has arrived. Rob Armstrong was right about something. Quite against the run of play — shush, Rob — quite against the run of play, the Federal Reserve has cut interest rates — hurrah — from the highest level in decades, and for the first time since the pandemic. And what’s more, it went large, cutting by half-a-point, precisely as my esteemed colleague had predicted.

What kind of voodoo is this? Does the Fed know something horrible we don’t? Cutting by half-a-point is normally a crisis measure, a cry for help. Should we panic about a recession? And really, Rob was right. End times.

Today on the show, we’re going to explain how come investors are ignoring the usual script and taking this bumper cut as a good thing. This is Unhedged, the markets and finance podcast from the Financial Times and Pushkin. I’m Katie Martin, a markets columnist here at FT Towers in London. And listeners, I must tell you, the saddest of things has happened. I’m joined by Rob Armstrong, lord of the Unhedged newsletter. But the sad thing is he’s dialling in from his sickbed. Rob, I’m sorry, you’re poorly.

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Robert Armstrong
I am poorly. It’s terrible. But on a 50-basis-point day, the dead shall rise from their graves. The angels shall sing. And we all . . . we’re all gonna talk about it.

Katie Martin
Yes. Good, strong Barry White vibes I’m getting from this voice you’re busting out today. So, as you say, half a percentage point from the Fed; that’s 50 basis points in market money. Normally central banks love being super boring and they normally move by quarter-point increments. So, I mean, was it the shock of being right about the 50-basis-point thing that pushed you over the edge into sickness?

Robert Armstrong
It could have been. I’m so accustomed to getting this wrong now that it was really paralysing. However, I think, you know, you mentioned earlier, why is the market kind of taking this in stride and seeing this as a good thing? And I think it’s a bit of a communications success by the Fed in that they told the story about this, that they’re not doing this because they have to, because it’s an emergency. They’re doing it because they can.

Katie Martin
So gangster.

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Robert Armstrong
And the reason they can is because they’ve kind of beaten inflation. Right?

Katie Martin
So for people who, unlike us, have a life and don’t sit around watching central bank press conferences, the way this works is they do the decision, they say, here you are, here’s your 25 or 50 whatever basis points, or we’re on hold. This time around, it was 50 basis points.

And then just a little while later, there’s a press conference where the chairman, Jay Powell, gets up in front of like all of the kind of most pointy headed Fed journalists in the world and fields whatever questions. There’s a statement, and then he field whatever questions they want to throw at him. And this for him was the point of highest danger, because the risk of giving the impression somehow that . . . 

Robert Armstrong
Yes.

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Katie Martin
Yeah, we’re really worried. That’s why we’ve done 50. That was a serious risk, right? But instead, what happened?

Robert Armstrong
Well, right from the press release announcing the 50 basis cut, they tweaked the language in the press release so that it was more affirmative and strong on the topic of inflation. We’re really pleased how it’s going on inflation.

Katie Martin
Right, right.

Robert Armstrong
And then in the press release, I mean in the press conference, he just reinforced that point again and again. The line he repeated was the labour market is fine, it’s healthy. It is at a good level. We don’t need it to get any better. We’re not trying to improve it, but we have the freedom to make sure it stays as good as it is.

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And that message seems to have gone through. Markets didn’t move yesterday afternoon. And as a very, you know, opening minutes of trading this morning, stocks are up. So that message seems to have gotten through.

Katie Martin
Yeah. That is skills, actually. You know, I will hand it to them. Because, you know, it’s . . . we’ve said this before on this podcast. Like, it’s so easy to like throw stones and peanuts at the Fed or the European Central Bank, the Bank of England or whatever and say they messed this up. But, like, this stuff is hard. Getting the markets to come away with that sort of impression is not to be taken for granted.

Robert Armstrong
It’s not to be taken for granted. I agree. However, I will note any time you’re trying to spin a narrative and you want people to believe it, one thing that really helps is if the narrative is true. And in this case, I think it broadly is.

I think inflation really does look like it’s whipped. It’s really either at or very close to 2 per cent. And look, with an unemployment rate of 4.2 per cent and basically no increase in lay-offs and the economy is still adding jobs, I think the economy is pretty good. So it’s not like he had to spin a magical tale of unicorns and wizards here. He just had to, you know, make a case based on the facts.

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Katie Martin
Yeah. And and that kind of goes back to the fact that the Fed is not quite like all the central banks in that it has to look after inflation, but it also has to look after the jobs market. And so, you know, again, the risk is that you come away from a decision like this and think, well, you know, those little cracks that we’ve seen in the jobs market, maybe they’re the start of something really big and hairy and awful, but he seems to have massaged this one away.

Robert Armstrong
Indeed. Impressive performance.

Katie Martin
And so the other thing they do in this press conference is they give the general public and sad nerds like us a little bit of a taster about what’s coming next from the Fed, right. So they’re always, like, central bankers are at pains to say none of this stuff is a promise. This is just our kind of best current understanding of the state of the universe. But so, then you end up with this thing called — drumroll — the dot.

Robert Armstrong
The dot plot.

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Katie Martin
The dot plot. Explain for normal people what the dot plot is.

Robert Armstrong
OK. So it’s kind of a grid. And along the bottom are the years 2024 through 2027, and then another column for the infinite future. And then there’s a range of interest rates going up and down on the side. And every member of the monetary policy committee puts a little dot in each year column where they think the rate is gonna be in that year. Cue much speculation about what all this means, how they’ve changed their mind since the last dot plot and, you know, the implications of all of this.

Katie Martin
Whose dot is whose? We’ll never know.

Robert Armstrong
They don’t reveal whose dot is whose. That’s an important point. And by the way, Katie, according to everything we hear out of the Fed, having invented this device, which was supposed to increase clarity and make everyone’s life easier, everyone in the Fed now hates it and wishes it would go away . . . 

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Katie Martin
Damn you, dot plot!

Robert Armstrong
Because it just causes endless, idiotic little niggling questions from people like me and you. But once you’ve invented something like this, if you take it away, people get upset.

Katie Martin
So you look at the dots and you look at what Jay Powell was saying at the press conference and what does it all add up to? Does it mean that, like, OK, they’ve started with 50 basis points, so like 50 is the new 25? Get used to it, boys and girls?

Robert Armstrong
If you look at the dot plot and their kind of aggregate expectations of where rates are gonna go, it is not that 50 is the new 25. The implication is that the rate of cuts is going to be very measured — or might I say stately, from here until they reach their target.

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Katie Martin
Right, right.

Robert Armstrong
And, you know, another point to mention here is where they think they need to go is very important. That’s the kind of last part of the dot plot is, like, where should interest rates be when everything is normal again?

Katie Martin
Because that will happen one day. And . . . 

Robert Armstrong
Yeah, that will happen. They think it’s gonna happen sometime around 2026, 27. We’ll get to where it’s about normal and they’re looking for about 3 per cent rates in the long run and that . . . so that’s where we’re going to. Just to set the context, we cut from 5.5 per cent to 5 per cent yesterday. And the map of the dot plot shows us moving towards a little under 3 per cent over time. And it’s a matter of how quickly are we going to get there, and along the way, are we going to change our mind and decide we have to go somewhere else?

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Katie Martin
Yeah. So is there a kind of joyful hope that maybe the Fed could be, like, boring again and it can just sort of do 25 basis points here and there and just take this kind of glide path lowering rates that doesn’t get people excited any more?

Robert Armstrong
Well, this is the problem about the future is that it is hard to predict and particularly hard to predict with interest rates. The issue is that the economy, the structure of the economy has changed a lot in the last couple of years because of the pandemic and for other reasons. So that final destination point I talked about, which economists call the neutral rate, which is the just normal, everything is boring and steady rate of interest in the economy where everyone has a job, there’s no inflation, everything’s cool, the neutral rate. We don’t know what that number is.

And Jay Powell has this line about it. We know it by its works. And what that means, stated less calmly, is we know it when we screw it up. In other words, we hit it, we go past it. We push interest rates above the neutral rate and stocks have a big puke and the economy starts to slow down and people get fired or we travel too far below it and inflation starts again. So like the Fed over the next couple of years is like walking down this passage in the complete dark and it knows it can’t touch the wall on its left or the wall on its right. Right? But it doesn’t know the shape of the passageway, what direction it’s supposed to go. So it’s just like, well, I sure hope we’re going this way. Dee-dee-dee. And hope it doesn’t hit too low or too high along the way.

Katie Martin
Hope it doesn’t just walk into a wall.

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Robert Armstrong
The history of interest rates is history of feeling your way along in the dark.

Katie Martin
Rob, that’s the most lyrical thing I’ve ever heard you say.

Robert Armstrong
Isn’t it? It’s poetry. It’s because I’m so ill. These could be the final words of a dying man.

Katie Martin
What meds are you on for this cold you’ve got?

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Robert Armstrong
This could be my legacy, Katie. (Laughter)

Katie Martin
I feel like we should kind of wrap up quite soon before you just like expire during the recording.

Robert Armstrong
I do. As much as I like you, I’d like to have a few words with my wife before I shove off.

Katie Martin
But I will ask you, are we ever going back to like zero interest rates, do you think? Or are we gonna look back on that…

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Robert Armstrong
I feel like I’ve been asking a lot of questions. This is a great question, Katie, but let me push it back on you. We had this wild period in the last decade where there was like a gajillion dollars of sovereign bonds issued at a negative interest rate.

Katie Martin
I think that was something like $18tn or something.

Robert Armstrong
Money was free. It was bonkers. And it was like the Fed funds rate was up against zero. Money was free. We were all in Silicon Valley inventing start-ups whatever, doing our thing. Do you think we’re going back to that? Like once this incident, the pandemic and everything after is over, are we going back?

Katie Martin
I mean, I can’t see it. I buy the narratives that are kicking around about inflation now being structurally higher, right? There’s a climate emergency. There’s a global defence emergency. There is all sorts of things that governments need to spend lots of money on, borrow lots of money for, all things being equal. And then there’s the whole supply chain thing after COVID and with geopolitics yada-yada.

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Robert Armstrong
And the world is getting older, right? And so when old people create demand for savings, that drives interest rates up, right?

Katie Martin
Ah, old people. Yeah.

Robert Armstrong
Old people.

Katie Martin
But I think also before we wrap up, we should note that although you were right, about 50 basis points, I was right about the timing. I said on this here very podcast back in, I think it was June 2023, the . . . Not 24. 23. That the Fed is not gonna cut rates till the third quarter this year. So what I’m saying is I’m the genius here. You’re just like a (overlapping speech) took a coin flip.

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Robert Armstrong
You’re basically Cassandra. Doomed to see the future and not be believed.

Katie Martin
I’m going to . . . 

Robert Armstrong
Do I have the right mythological figure there? I think that was Cassandra.

Katie Martin
Absolutely no idea. But I’m going to set up a hedge fund called like hunch capital where I can invest your money for two and 20. (Laughter) Based on nothing but pure hunches. Do you want in? Because like my hunch on that, your hunch on the other. I think we’re going to make good money.

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Robert Armstrong
We could. We could be rich people, Katie. But I will answer your question seriously. I think interest rates are higher now. We’re not going back to zero. I will end on that serious point.

Katie Martin
Yeah, yeah.

Robert Armstrong
Governments are spending too much. They have to spend too much. There’s loads of old people. There’s the green stuff has to be funded. Productivity might be rising possibly because of AI. We are going into a higher interest rate world. And by the way, the Fed thinks that. If you look at the history of the Fed’s view of what the long term normal interest rate is, that has been steadily ticking higher over the last year and a half or so.

Katie Martin
So rates have come down already pretty hard, but don’t get yourself carried away with thinking that we’re going back to zero, because ain’t . . . I mean.

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Robert Armstrong
No. Ain’t gonna happen. Nope.

Katie Martin
Ain’t gonna happen.

[MUSIC PLAYING]

On that bombshell, we’re going to be back in a sec with Long/Short.

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[MUSIC PLAYING]

OK, now it’s time for Long/Short, that part of the show where we go long a thing we love, short a thing we hate. Rob, I feel like you should go first before you completely lose your voice. (Laughter)

Robert Armstrong
Well, I’m going to go short wellbeing. And I say this not because my wellbeing is poor right now, but because of an article our colleague Joshua Franklin, wrote in the Financial Times yesterday that says, I’m quoting here, JPMorgan Chase has tasked one of its bankers with overseeing the company’s junior banker program, a response to renewed concerns about working conditions for young employees. And it goes on that this poor person is gonna have to make sure all these young investment bankers are happy and have work-life balance. I think investment bankers owe it to the rest of us to be miserable.

Katie Martin
Right.

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Robert Armstrong
They make a lot of money. They are the lords of the universe. They should not be happy. Their wellbeing should be awful. And that’s what you’re getting paid for. So I think JPMorgan Chase is doing the wrong thing here. And they need to appoint a banker to oversee the what’s the opposite of wellbeing. Unwell being of their junior bankers.

Katie Martin
You’re a very, very mean person and you just want everyone to be sad like you.

Robert Armstrong
No, if you want to be happy, become a journalist and make no money. If you want to be rich, become a banker and like get divorced and have your kids hate you. It’s just the normal way of life. (Laughter)

Katie Martin
Well, I am long European banking merger drama. So if you’ve missed it, the German government is, like, quite scratchy and unhappy about a potential takeover of Commerzbank by Italy’s UniCredit. It’s the talk of the town. Everyone is kind of, you know, huddled around in bars in the city asking like, how the hell did UniCredit manage to amass like a nine per cent stake in this thing? Like that doesn’t seem like a good strategic move. There’s a lot of excitement over the motives. My interest here is that this is just like the good old days of European banking mergers with like very important European bankers wearing gilets under their jackets going around in like big fast cars and, you know, chatting away on their mobile phones and being masters of the universe.

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Robert Armstrong
I just wish they would get along with it. As far as I know, in continental Europe, there’s actually more banks than people.

Katie Martin
Yeah, it’s like sheep in New Zealand. You’ve just got . . . (Laughter)

Robert Armstrong
They just need. I mean, as long as I’ve been in finance, people have been rattling on about how banking in Europe was going to consolidate. The industry was finally going to make some. They just need . . . I mean, as long as I’ve been in finance, people have been rattling on about how banking in Europe was going to consolidate. The industry was finally going to make some money and it was going be able to compete with the US. And then it’s like, you know, some Germans get mad at some Italians, it never happens and the cycle turns again.

Katie Martin
Yeah, it’s like we want consolidation, but no, no, no, no, no. Not like that.

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Robert Armstrong
Not like that.

Katie Martin
Anything but that.

[MUSIC PLAYING]

And I am here for the drama is all I’m saying.

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Robert Armstrong
Right on. I love it.

Katie Martin
OK, listeners, we are going to be back in your feed on Tuesday if Rob makes it that long, but listen up anyway, wherever you get your podcasts.

Unhedged is produced by Jake Harper and edited by Bryant Urstadt. Our executive producer is Jacob Goldstein. We had additional help from Topher Forhecz. Cheryl Brumley is the FT’s global head of audio. Special thanks to Laura Clarke, Alastair Mackie, Gretta Cohn and Natalie Sadler. FT premium subscribers can get the Unhedged newsletter for free. A 30-day free trial is available to everyone else. Just go to FT.com/unhedgedoffer. I’m Katie Martin. Thanks for listening.

[MUSIC PLAYING]

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Republicans assess potential fallout for Trump from North Carolina bombshell

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Republicans assess potential fallout for Trump from North Carolina bombshell

Republicans in North Carolina and nationally are assessing the potential fallout for former President Donald Trump from a bombshell report alleging that Lt. Gov. Mark Robinson, the party’s gubernatorial nominee, posted disturbing and inflammatory statements on a forum of a pornographic website.

CNN reported Thursday that Robinson, behind an anonymous username he allegedly used elsewhere, made the comments more than a decade ago, including supporting slavery, calling himself a “black NAZI” and recalling memories of him “peeping” on women in the shower as a 14-year-old.

ABC News has not independently verified the comments were made by Robinson, and he insisted in a video posted to X prior to the story’s publication that “those are not the words of Mark Robinson.”

But Robinson, a Donald Trump ally, already has a history of incendiary remarks about Jews, gay people and others, and elections in North Carolina, one of the nation’s marquee swing states, rest on a knife’s edge, raising questions of how much the latest news will impact his race and other Republicans on the ballot with him — including the former president.

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“I think this only heightens the level of toxicity that the Robinson campaign has, and the real question becomes, what’s the radioactive fallout at the top of the ticket along with down the ballot for Republicans here in North Carolina?” asked Michael Bitzer, the Politics Department chair at Catawba College.

“This cannot be something that the voters aren’t going to recognize and probably play more into softening the Republican support. Is it isolated only to Robinson’s campaign, or does it start to impact Trump? Does it impact other statewide executive Republicans as well? We’ll just have to wait and see, but this feels like a pretty significant event in North Carolina politics.”

MORE: Republicans step up effort to change Nebraska’s electoral vote process to benefit Trump

Robinson, who casts himself as a conservative family man and is running for North Carolina’s open governorship against Democratic state Attorney General Josh Stein, is already behind in the polls.

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PHOTO: Lt. Gov. Mark Robinson, R-NC., speaking on the first day of the Republican National Convention, July 15, 2024, in Milwaukee. (J. Scott Applewhite/AP)

PHOTO: Lt. Gov. Mark Robinson, R-NC., speaking on the first day of the Republican National Convention, July 15, 2024, in Milwaukee. (J. Scott Applewhite/AP)

While he holds statewide office and has broad name recognition, Robinson boasts a highly controversial record, including calling the Holocaust “hogwash” and homosexuality “filth,” and he drew claims of hypocrisy when he admitted this year that he had paid for his wife to get an abortion, seemingly in contrast with his stated opposition to the procedure, which he’d previously likened to “murder” and “genocide.”

North Carolina’s gubernatorial race is still considered competitive given the state’s tight partisan divide, but Republicans in the state told ABC News they had already viewed him as trailing, and that Thursday’s report won’t help.

“He’s already got a lengthy history of publishing comments like that on the internet. These are perhaps a little more graphic. In terms of does this by itself serve as a guillotine, I don’t know. But it feels like the cumulative weight is starting to add up now,” said one North Carolina GOP strategist. “It flies in the face of everything he presents of himself publicly. So, cumulatively plus the hypocrisy of this, it’s obviously hurtful to him.”

Republicans were more divided on what it means beyond Robinson’s own candidacy.

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North Carolina is a must-win state for Trump, and losing it would impose significant pressure on him to perform in other swing states.

Trump is already running ahead of Robinson — while polls show Robinson trailing, they also show a neck-and-neck race in the state between the former president and Vice President Kamala Harris. The main question now is whether the news depresses Republican turnout in a state where even a small nudge in turnout one way or the other can make decide the victor.

“[Robinson] was already toast. The question is if it hurts Trump, something the campaign is very worried about,” said Doug Heye, a veteran GOP strategist with experience working in North Carolina. “It doesn’t directly cost him voters, but his endorsed pick continues to be a big distraction and has no money to drive out the vote.”

“He’s a baby blue anchor around Trump’s chances in the Tar Heel State,” added Trump donor Dan Eberhart. “This is not good news for Trump’s campaign at all.”

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PHOTO: North Carolina Lieutenant Governor Mark Robinson speaks at the Faith and Freedom Road to Majority conference at the Washington Hilton on June 21, 2024 in Washington, D.C. (Anna Moneymaker/Getty Images, FILE)

PHOTO: North Carolina Lieutenant Governor Mark Robinson speaks at the Faith and Freedom Road to Majority conference at the Washington Hilton on June 21, 2024 in Washington, D.C. (Anna Moneymaker/Getty Images, FILE)

Democrats are already seizing on the news to try to connect Robinson to Trump, who has repeatedly praised him, even calling him at one point “Martin Luther King on steroids.”

Kamala HQ, an X page that serves as one of the Harris campaign’s rapid response tools, posted a slate of videos featuring Trump speaking positively about Robinson.

“His campaign was toast before this story, so the real impact is on all of the Republicans who have endorsed and campaigned alongside him,” said Bruce Thompson, a North Carolina Democratic fundraiser.

However, Trump has been able to navigate his own headwinds, including felony convictions in New York, questioning Harris’ race and more to remain the leader of his party and a viable presidential candidate, leading some Republicans to doubt that Robinson’s struggles will impact the presidential campaign.

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MORE: Uncommitted movement declines to endorse Harris, but encourages against Trump, third-party votes

“Doubt it impacts at all down-ballot,” said Dave Carney, a GOP strategist who chairs a pro-Trump super PAC.

“I don’t think it helps, but it won’t hurt,” added Sean Spicer, Trump’s first White House press secretary.

PHOTO: Mark Robinson, Lt. Governor of N.C. and candidate for Governor, delivers remarks prior to Republican presidential nominee former President Trump speaking at a campaign event at Harrah's Cherokee Center on Aug. 14, 2024 in Asheville, N.C. (Grant Baldwin/Getty Images)

PHOTO: Mark Robinson, Lt. Governor of N.C. and candidate for Governor, delivers remarks prior to Republican presidential nominee former President Trump speaking at a campaign event at Harrah’s Cherokee Center on Aug. 14, 2024 in Asheville, N.C. (Grant Baldwin/Getty Images)

Trump campaign spokesperson Karoline Leavitt sounded a confident note, saying in a statement that the former president’s team would “not take our eye off the ball.”

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“President Trump’s campaign is focused on winning the White House and saving this country. North Carolina is a vital part of that plan. We are confident that as voters compare the Trump record of a strong economy, low inflation, a secure border, and safe streets, with the failures of Biden-Harris, then President Trump will win the Tarheel State once again,” she said.”

Still, sources familiar with the matter said the Trump campaign was bracing for a story to come out about Robinson and is planning on putting more distance between the former president and the embattled nominee Robinson — but initially did not have plans to call on him to drop out.

“He seems to not be impacted by what’s going on down-ballot underneath him,” the North Carolina Republican strategist said of Trump. “There’s no way it helps him. But does it hurt him? I don’t know, I think that’s an open question.”

Republicans assess potential fallout for Trump from North Carolina bombshell originally appeared on abcnews.go.com

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A Global Crackdown on Freedom of Expression

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By Robin Andersen, Nolan Higdon, and Steve Macek

According to a 2022 report by Article 19, an international organization that documents and champions freedom of expression, 80 percent of the world’s population lives with less freedom of expression today than did ten years ago. The eradication of basic freedoms and rights is partly due to the pervasive normalization of censorship. Across media platforms, news outlets, schools, universities, libraries, museums, and public and private spaces, governments, powerful corporations, and influential pressure groups are suppressing freedom of expression and censoring viewpoints deemed to be unpopular or dangerous. Unfortunately, physical assaults, legal restrictions, and retaliation against journalists, students, and faculty alike have become all too common, resulting in the suppression of dissenting voices and, more broadly, the muffling and disappearance of critical information, controversial topics, and alternative narratives from public discourse.

We collaborated with an accomplished group of international scholars and journalists to document this disturbing trend in Censorship, Digital Media and the Global Crackdown on Freedom of Expression (Peter Lang 2024). Our collective work analyzed contemporary and historical methods of censorship and anti-democratic impulses that threaten civil society, human rights, and freedoms of information and expression around the world today. The collection explains how a rising tide of political tyranny coupled with the expansion of corporate power is stifling dissent, online expression, news reporting, political debate, and academic freedom from the United States and Europe to the Global South.

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The Assault on Press Freedom

Our volume reveals an epidemic of censorship and attacks on journalists and free speech around the globe. Although completed prior to the horrifying atrocities of October 7, 2023, in Israel, the text provides context for understanding that Israeli violence against Palestinians since October 7, including the murder of journalists, has been decades in the making. This strategy initially took hold with the assassination of the veteran Al Jazeera reporter Shireen Abu Akleh, a Palestinian-American, as she documented Israel’s occupation of Jenin. The world has now witnessed the full flowering of the Israeli-state aggression against Palestinians that led to her murder. To date, Israel has killed more than 100 media workers in Gaza, raising the concern and outrage of numerous press freedom organizations and seventy UN member states that have now called for international investigations into each one of the murders. As the International Federation of Journalists reported, “Killing journalists is a war crime that undermines the most basic human rights.”

Journalists around the globe are repeatedly targeted because their profession, which is protected constitutionally in many nations, exists to draw attention to abuses of power. Thus, it is no surprise that the rise in global censorship has entailed the targeting of journalists with violence, imprisonment, and harassment. In Russia, journalists are jailed and die in custody, as they do in Egypt, Saudi Arabia, China, and Hong Kong. In Mexico, there are “silenced zones,” controlled by a deadly collaboration between drug gangs and government corruption, where journalists are routinely killed. In 2022, Mexico was the most dangerous country for journalists outside of a war zone.

The assault on press freedom has also been normalized in self-proclaimed democracies such as the United Kingdom, where WikiLeaks founder Julian Assange has been imprisoned for more than five years, and in the United States, which has targeted Assange with espionage charges simply for promoting freedom of information. Although US presidents and other national figures often refer to the United States as “the leader of the free world,” the United States now ranks 55th in the world on the Reporters without Borders 2024 World Press Freedom Index.

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Repression of Artists and Academics

News outlets and their workers are not the only targets of the current wave of repression. Hollywood has long been shaped—and censored—by government and corporate power. For example, our book includes a chapter on the Pentagon’s long-standing influence on Hollywood, which has resulted in the film industry abandoning production of hundreds of films deemed unacceptable by the military.

In addition to media, educators and academics are increasingly subject to repressive measures that muzzle freedom of information and expression. Scholars and institutions of higher education sometimes produce research that challenges the myths and propaganda perpetuated by those in power. And even when they don’t, autonomy from micromanagement by government authorities and private funders is a prerequisite for the integrity of scholarly research and teaching, which tends to make elites exceedingly nervous. This is why universities and academic freedom are increasingly under siege by autocratic regimes and right-wing activists from Hungary to Brazil and from India to Florida.

Alarmingly, the latest Academic Freedom Index found that more than 45 percent of the world’s population now lives in countries with an almost complete lack of academic freedom (more than at any time since the 1970s). In Brazil, the government of right-wing president Jair Bolsonaro attempted to ban education about gender and sexuality,  slashed budgets for the country’s universities, and threatened to defund the disciplines of philosophy and sociology. In 2018, Hungary’s conservative Fidesz government shut down graduate programs in gender studies, forced the country’s most prestigious university, the Central European University, to relocate to Austria, and sparked months of protests at the University of Theater and Film Arts in Budapest by making unpopular changes to the school’s board of trustees. Something similar happened in Turkey, where, since 2016, the ruling regime has suspended thousands of professors and administrators from their university posts for alleged ties to the outlawed Gülen movement and shut down upwards of 3,000 schools and universities. Meanwhile, in the United States, several Republican-controlled state legislatures have enacted draconian laws prohibiting or severely limiting teaching about race, sexuality, and gender in college classrooms. Under the influence of its arch-conservative governor, Ron DeSantis, Florida eliminated sociology as a core general education course at all of its public universities.

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Big Tech Censorship

Censorship is nothing new, but the pervasive influence of the internet and the development of so-called artificial intelligence (AI) have created new, more nefarious opportunities to crack down on freedoms around the globe. So-called smart platforms and tools have created new forms of Big Tech control and content moderation, such as shadowbanning and algorithmic bias. Regimes have set up a form of quid pro quo with tech companies, demanding certain concessions such as removing unfavorable content in exchange for government access to otherwise private information about tech platforms’ users. For example, in the United States, tech companies depend on large government contracts and, as a result, often work with government officials directly and indirectly to censor content. Nor do they block only false or misleading content. Social media platforms have also been found to censor perfectly valid scientific speculation about the possible origin of COVID-19 and instances of obvious political satire.

These restrictive practices are at odds with Big Tech PR campaigns that trumpet the platforms’ capacity to empower users. Despite this hype, critical examination reveals that privately controlled platforms seldom function as spaces where genuine freedom of information and intellectual exchange flourish. In reality, Big Tech works with numerous national regimes to extend existing forms of control over citizens’ behaviors and expression into the digital realm. People are not ignorant of these abuses and have taken action to promote freedom across the globe. However, they have largely been met by more censorship. For example, as social media users took to TikTok to challenge US and Israeli messaging on Gaza, the US government took steps to ban the platform. Relatedly, Israel raided Al Jazeeras office in East Jerusalem, confiscated its equipment, shuttered its office, and closed down its website.

Our book also details the complex history and structures of censorship in Myanmar, Uganda, and the Philippines, and popular resistance to this oppression. To this catalog of examples, we can add India’s periodic internet shutdowns aimed at stifling protests by farmers, the blocking of websites in Egypt, and the right-wing strongman Jair Bolsonaro’s persecution of journalists in Brazil. Each of these cases is best understood as a direct result of a rise in faux populist, right-wing authoritarian politicians and political movements, whose popularity has been fostered by reactionary responses to decades of neo-liberal rule.

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What Is to Be Done? 

Censorship is being driven not only by governments but also by an array of political and corporate actors across the ideological spectrum, from right-wing autocrats and MAGA activists to Big Tech oligarchs and self-professed liberals. Indeed, when it comes to censorship, a focus on any one country’s ideology, set of practices, or justifications for restricting expression risks missing the forest for the trees. The global community is best served when we collectively reject all attempts to suppress basic freedoms, regardless of where they emerge or how they are implemented.

To counter increasing restrictions on public discourse and the muzzling of activists, journalists, artists, and scholars, we need global agreements that protect press freedom, the right to protest, and accountability for attacks on journalists. Protection of freedom of expression and the press should be a central plank of US foreign policy. We need aggressive antitrust enforcement to break up giant media companies that today wield the power to unilaterally control what the public sees, hears, and reads. We also need to create awareness and public knowledge to help pass legislation, such as the PRESS Act, that will guarantee journalists’ right to protect their sources’ confidentiality and prevent authorities from collecting information about their activities from third parties like phone companies and internet service providers.

Moreover, widespread surveillance by social media platforms and search engines, supposedly necessary to improve efficiency and convenience, ought to be abandoned. All of us should have the right to control any non-newsworthy personal data that websites and apps have gathered about us and to ask that such data be deleted, a right that Californians will enjoy starting in 2026.

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In addition, we should all support the efforts of organizations such as the American Association of University Professors, Article 19, and many others to fight back against encroachments on academic and intellectual freedom.

Supporters of free expression should also vigilantly oppose the ideologically motivated content moderation schemes Big Tech companies so often impose on their users.

Rather than trusting Big Tech to curate our news feeds, or putting faith in laws that would attempt to criminalize misinformation, we need greater investment in media literacy education, including education about the central importance of expressive rights and vigorous, open debate to a functioning democracy. The era of the internet and AI demonstrates the urgent need for education and fundamental knowledge in critical media literacy to ensure that everyone has the necessary skills to act as digital citizens, capable of understanding and evaluating the media we consume.

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How the EU can reset foreign policy for the western Balkans

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Steven Everts makes numerous important and laudable points on the need for the EU to seriously recalibrate both its capacities and posture in foreign policy (Opinion, September 12).

It’s worth adding that in a foreign policy area on the bloc’s very borders, the EU has led the west into a dead end of failure, in which official pronouncements have never been more at variance with the on-the-ground reality.

The western Balkans is the only region in which the US consistently defers to a democratic partner’s leadership — that of the EU.

Nowhere else does the west, if united, wield greater leverage or have a wider array of policy instruments. Yet for far too long, the EU has addressed the region almost solely through its enlargement process, neglecting its foreign policy commitments — including a deterrent force in Bosnia and Herzegovina mandated by the Dayton Peace Agreement and authorised under Chapter 7 by the UN Security Council.

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This force remains well below the brigade-strength required to pose a credible deterrent to threats to the peace and territorial integrity. In addition, the EU states it will support local authorities, who have primary responsibility to maintain a secure environment — defying the reason the mandate exists to begin with: namely to thwart attempts by local authorities to upend the peace.

The desire to maintain the fiction that the Belgrade-Pristina Dialogue is still alive compels the EU into all sorts

of contortions which in effect reward Serbia, despite allegations of Serbian involvement in recent violence, and periodic (and ongoing) threats of invasion. By straying from its original declared purpose to achieve mutual recognition between Serbia and Kosovo, as well as serving as a shield for Serbia’s authoritarian president, Aleksandar Vučić, the dialogue serves as a diversion from genuine problem- solving.

Incoming EU foreign policy chief Kaja Kallas has demonstrated leadership and vision for Europe and the wider west as Estonia’s prime minister, particularly with regard to the response to Russia’s war of aggression against Ukraine.

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One hopes she will undertake the overdue task of making the policies of the EU and the wider west more consistent with the values of democracy and human dignity we proclaim to hold dear. She can begin by leading the west to a restoration of credible deterrence in the Balkans, and start to counter the backsliding of democracy long visible there.

Kurt Bassuener
Co-Founder and Senior Associate, Democratization Policy Council, Sarajevo, Bosnia and Herzegovina

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