Zeev's Turnips Talk Politics (ZTTP)

[Chris McConnel]

"While I'm in the emoting mood let me tread into even more dangerous waters and speak to the impending conflict with Iraq. For those of you who have already had enough, please skip this paragraph and proceed to the actual investment outlook. I am not a geopolitical expert, but I have an opinion founded on what hopefully is a healthy dose of common sense and historical perspective. I speak now, and risk client, public, and press censure because I was silent 35 years ago. I sailed off to Vietnam, came back and collected my Veteran's benefits and was none the worse for the experience. But hundreds of thousands, including some friends - were - and that is the point I suppose, in speaking out now. The crux of the current argument involving Iraq is this: All would agree, especially since 9/11 that America has a right to defend herself. The question is how far we can go in that defense and in the process what cost to the American spirit and the American soul. President Bush and others say that we must take almost every step to insure our internal safety. He argues that, in addition, those steps will bring positive changes in regimes dominated by oppression; Afghanistan, Iraq, North Korea and Iran are but steppingstones towards a new democratic world order with America at the center. I know the arguments - I'm even temporarily persuaded by them during emotional speeches such as Bush's State of the Union. I suspect, however, that by invading "evil doer" nations, we may lessen our vulnerability but lose a piece of our soul in the process. Yes, I'm aware that Iraq is in noncompliance with UN resolutions and that its leader is a near madman. I'm also aware, however, of how absolute power corrupts and how we may be crossing a thin line. Preemptive attacks? Kill them before they kill us? No one has experienced such Hours in the United States before. I am heartbroken that it has come to this and I fear for my country's proud heritage and even more for its future."



Bill Gross
Pimco

http://www.pimco.com/IO/mar03/index.htm