Wednesday, December 29, 2010

BOOK REVIEW--HOTEL ON THE CORNER OF BITTER AND SWEET by Jamie Ford

Reviewed by Bill Breakstone, December 29, 2010

"Hotel on the Corner of Bitter and Sweet" by Jamie Ford is one beautiful novel, a first-time effort by this author. It was published in 2009 and has been on The New York Times Bestseller Lists ever since. It is the story of a young Chinese-American growing up during World War II in Seattle, his relationships with his father and mother, a Japanese-American girlfriend, an Afro-American jazz player and best friend, his Chinese-American wife, and in his middle age, his son and daughter-in-law to be.

American society has several blemishes on its historical record. Its treatment of Native Americans was among the first, along with its exclusion of Afro-Americans from the guarantees extended to its other citizens under the Bill of Rights and the Constitution. Likewise is the exclusion of women as equal partners in our Democracy. The novel focuses on another American human tragedy—the internment of Japanese-Americans during the Second World War, and the heartbreaking effects it had on so many legal citizens.

However, the novel is not about moral injustices. It is a love story pure and simple, one to bring tears to all but the most cold-hearted reader. It is a tale of a young man, maturing within the confines of a traditional Chinese home, with its adherence to familial values and honor of elders, who must make decisions on his own, often against his parents’ wishes. It is about the young man’s love of a girl whose background is an anathema to his father, and the boy’s decision to go his own way and dedicate years of waiting to his love. And it is about loyalty, loyalty to those one loves and to a Country in the midst of war, even if that country imposes unjust limitations on its citizens.

It is a terrific yarn, beautifully written and full of surprises. Don’t miss this read!

Friday, December 24, 2010

BOOK REVIEW--THE LAST ECONOMIC SUPERPOWER by Joseph P. Quinlan

Reviewed by Bill Breakstone, December 24, 2010


The Last Economic Superpower is a brand new economics book written by Joseph P. Quinlan, a Senior Fellow at the Paul H. Nitze School of Advanced International Studies of Johns Hopkins University. It reinforces the vast economic impact that the Great Recession is having on the world’s economy.

The narrative begins by analyzing the two eras of economic globalization that took place since 1870. The first, beginning during the last three decades of the 19th Century, was marked by rapid global growth, robust trade, and strong cross border flows of investment. The economic leaders at that time were the United Kingdom, Germany and France. With the onset of World War I, that era of globalization came to an end, nor would it return after the War. World War II finally brought an end to The Great Depression, but both wars did massive damage to the world’s economy, and it was not until the 1950s that the developed nations were finally getting back on their feet.

The second era of globalization had its roots in the late 1960s. At that time, the U.S. dollar acted as the world’s reserve currency. It was backed by gold, “meaning that the United States was committed to exchanging gold for dollars at a fixed rate of $35 per ounce. The system worked as long as foreign claims matched the size of U.S. gold reserves. Late in the 1960s, however, the fixed exchange rate came under increasing strain. As Europe and Japan healed from the ravages of war, they made rising exports to the United States the key to their recovery, and as a result their dollar holdings gradually exceeded the U.S. stock of gold. This important shift, along with rising inflation, slowly eroded confidence in the U.S. dollar and America’s commitment to the Bretton Woods system. President Nixon capitulated in August 1971 by ‘closing the gold window,’ thereby effectively ending the Bretton Woods system.”

The new era of globalization began in the first part of the 1980s, as “the holy trinity of deregulation, privatization, and trade and investment liberalization raised world output, bolstered global trade and investment, and lifted millions out of poverty in India, China, and other developing nations.”

“As globalization blossomed over the last 25 years of the twentieth century, so did the economic superpower status of the United States . . . with the America taking the lead in designing, creating, and dominating the multilateral institutions governing the global economy. It was the United States, albeit with support from Europe and Japan, that largely set the rules of global economic engagement for the rest of the world in the last half century.” With the collapse of the Berlin Wall in 1989 and the disintegration of the Soviet Union a few short years later, Democracy had triumphed over communism and free-market capitalism had trumped central planning. “The world had shifted from a bipolar world to a “unipolar” world, and the United States—the world’s lone superpower—unequivocally stood above the rest.”

During the 1990s, America’s economy, one that produced steady growth, low inflation, and booming asset prices, became once again the envy of the world. As Quinlan notes “the rest of the world jumped quickly on the bandwagon. A global consensus emerged around the notion that the best way to promote growth and create prosperity was through the embrace of free-market capitalism and its central tenets. This overriding assumption helped convince many emerging markets to embrace and pursue the ‘Made in America’ brand of globalization.”

The author then proceeds to discuss the build-up of bubbles in the U.S. economy that lead to the eventual collapse of the economy of the West. His writing is full of precise economic data and references to the many other excellent economic books that have been published over the past two-plus years. It makes the point that the Great Recession threw the world’s economic axis totally off kilter, placing the economic status of the United States and its European Union allies in grave danger. With the resulting decline of the West came the rise of “the Rest.” The Emerging Market nations, notably the BRIC countries (Brazil, Russia, India and China) now stand on an equal footing with the western economies. The United States is no longer in a dominant position. Indeed, with its huge debt problem, which is being financed for now by China, the West’s currencies are coming under increasing pressure from both China and the debt-rating agencies.

The final two chapters of the book discuss two possible future scenarios. The first foretells an end of globalization and a coming economic cold war. The second lays out the possibility of future era of economic cooperation between the West and the Rest, but one during which a new set of road rules will apply.

The Last Economic Superpower makes excellent reading for anyone interested in economics and global politics. If read along with Ian Bremmer’s excellent The End of the Free Market, it gives a whole new perspective to the future of the world’s economy.

Monday, December 20, 2010

COMMENTARY--Bipartisanship--A Short-lived Mirage?

by Bill Breakstone, December 20, 2010


I caught a portion of Candy Crowley’s interview with Senate Minority Leader Mitch McConnell yesterday morning on her CNN program “State of The Union.” McConnell announced he would vote against ratification of the New Start Treaty when the vote comes to the Senate floor later this week. He thus joins fellow Republican Senators John Kyl and Lindsey Graham in declaring they will not vote for the Treaty.

Although the Treaty was signed eight months ago, McConnell stated “rushing it right before Christmas, it strikes me as trying to jam us.” Graham said on “Face the Nation” on CBS “If you really want to have a chance of passing Start, you better start over and do it in the next Congress, because this lame duck has been poisoned.”

So the question is has bipartisanship flown out the window? It was so encouraging to see the Republican and Democratic leadership come together and agree to a compromise Tax Bill. Then “Don’t Ask Don’t Tell” passed by a large majority that included a good number of Republicans. However, those few outspoken Senators who were against passage of that bill made such a noise that Senators like Graham, who previously was in favor of Start passage, now are against it. And they take that position despite the support of every living Secretary of State and former President.

As far as Senator McConnell stance is concerned, his reasoning flies in the face of reality. Was not eight months enough time for him to consider the merits of the Treaty?

Thus it looks like it’s back to business as usual in Washington. In other words, No Business!

Wednesday, December 15, 2010

COMMENTARY--Richard Holbrooke

by Bill Breakstone, December 15, 2010


Richard Holbrooke was as fine a diplomat as any that ever served our Nation. He may have ruffled more than a few feathers, and may not have been an Obama Poster Boy. But he was one hell of a professional. He kept his advice to himself and to those who sought them. He was discreet, he was tough as nails, he was incredibly bright, and he was true with his friendships.

Holbrooke had perhaps the most difficult job in the State Department—dealing with Afghanistan and Pakistan, and their duplicitous leaders. The leak published this morning about the Af-Pak Review due out tomorrow gives one just a brief glimpse of what Holbrooke was up against.

I noticed this morning on the bottom line during the “Morning Joe” program on MSNBC that Holbrooke’s final words before his operation, spoken on the operating table, were “You’ve got to get out of Afghanistan.” He was worried sick about the future conduct of the two wars, a feeling no doubt intensified by the review process under way. He must have known he would not be there when the final decisions were going to be made by the Administration over the coming weeks. Thus his ultimate advice, aimed undoubtedly at Obama, Clinton, and the National Security team.

May Richard Holbrooke now rest in peace, assured that he had done his duty and served his Country to the best of his considerable abilities.

Monday, December 13, 2010

SINS OF THE FATHERS

by Bill Breakstone, December 13, 2010


“The gods visit the sins of the fathers upon the children.”
EURIPIDES (484-406 BC), Phrixus

An American tragedy played out in the early morning hours of Saturday, December 11th. Bernie Madoff’s 46 year-old son, Mark, committed suicide in his SOHO apartment on the two-year anniversary of his father’s arrest, with his two-year-old son sleeping in the next room. He had sent numerous E-Mails to his wife Stephanie, who was vacationing with her four-year-old daughter at Disney World in Florida, asking her to look after his son. She had called her father, who went to the apartment and found the body of Mr. Madoff.

In an article in yesterday’s Washington Post, the Madoff’s attorney, Martin Flumenbaum was quoted as saying “How ironic it is . . . to blame the very two individuals [Mark Madoff and his brother Andrew] who uncovered and reported the fraud, saving the state more than $170 million, for not uncovering it sooner. Mark and Andrew had no prior knowledge of their father’s crimes and contacted the U.S. Department of Justice and the SEC immediately after their father told them he had defrauded his investment advisory clients.”

The Post went on to say that “law enforcement officials said Sunday that they had no direct contact with either of the brothers or with Bernard Madoff’s brother, Peter, in the last year, and said no charges were imminent. . . . In February, Mark Madoff’s wife petitioned a court to change her last name and the last names of their two children, saying her family had gotten threats and was humiliated by the scandal.”

The New York Times quoted Mr. Flumenbaum as stating that his client was “an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo.” The paper said that “charges have not been filed against any of the immediate family members, and their lawyer has said publicly that neither Mark Madoff nor his brother has ever been notified by prosecutors that they were the subjects of a criminal investigation.”

Dozens of lawsuits had been filed in recent weeks by Madoff Trustee Irving Picard. Just last Wednesday, he included the brothers as defendants in an $80 million lawsuit he brought against the London-based international arm of Madoff’s business. Mr. Picard was quoted by The Post as saying on Saturday that “This is a tragic development and my sympathy goes out to Mark Madoff’s family.”

Nevertheless, the Madoff Trustees wanted their pound of flesh, and they got just that and more—165 pounds all told. Tragic indeed!

Madoff’s suicide will leave many unanswered questions about the family’s involvement in the scandal. But the fact is, as noted above, there were no standing criminal charges, nor any pending. It is difficult for believers in fair play and judicial principles not to feel sympathy for the remaining family members, especially Stephanie Madoff and her two young children.

As Euripides wrote: “The gods visit the sins of the fathers upon the children.” Indeed!

Thursday, December 9, 2010

POLITICAL COMMENTARY--DEMOCRATS ENDANGERING TAX COMPROMISE

by Bill Breakstone, December 8, 2010


President Obama deserves the Nation’s thanks for working with Republican Senate Minority Leader Mitch McConnell and coming up with a compromise on the extension of the Bush tax cuts (“the Compromise”). Instead, he has become the target of left-wing whiners from within his own Party, who prefer to stand on principle like academics in an ivory tower while the country continues to suffer the effects of the worst recession since the Great Depression. In doing so, they are endangering the welfare of over 2 million unemployed, and tax breaks that may spur the economy to renewed growth and increased hires.

The actions of these misguided Representatives and Senators mirrors those of the Republicans over the past two years—putting ideology and self-interest above the common good—and is yet another example of why the American public is so fed up with practically all politicians.

Neither the Obama Administration nor the Republican leadership was happy with everything in the “Compromise,” and both have stated so. But that’s what a compromise is all about. Both parties achieved some of their objectives and both had to back away from a few of their principles. Those Democrats that can not support their President on this should go back to their states, head for the nearest church, and beg for the Good Lord’s forgiveness.

BOOK REVIEW--"UNBROKEN" by Laura Hillenbrand

Reviewed by Bill Breakstone, December 8, 2010


In May of 1943, a B-24 Liberator nicknamed Green Hornet took off from an airfield in Hawaii on a search and rescue mission for another bomber that had gone missing on a flight to Australia. Green Hornet was never heard from again, and despite a thorough week-long search, no trace of the lost Liberator was ever found.

The bombardier on Green Hornet was Lt. Louis Zamperini, affectionately known as “Zamp.” He and two others had miraculously survived the crash from a bomber with a reputation that caused fellow airmen to call it a flying coffin. The three Army Air Corps flyers drifted the currents for forty seven days, surviving steaming days and freezing nights, with no food or water, and virtually no rescue kit. In addition to physical exhaustion and malnutrition, the men had to deal with the constancy of circling sharks.

“Unbroken” is the story of these men’s ordeals, both raft-borne on the Pacific, and in Japanese prison camps on Pacific Islands and on the outskirts of Tokyo and northern Honshu. The brutality of the majority of the prison guards was practically indescribable, but one in particular, known as “The Bird,” was brutal beyond imagination, and his prime target for close to two years was Louie Zamperini.

Laura Hillenbrand is the author of the 2003 best-seller “Seabiscuit,” a brilliant and inspiring book about the famous race horse and the people who remained faithful to the potential of what was once a broken-down nag. She turns her attention here to another story of faith, but also of human depravity. The book was extensively researched over a seven-year period, and is filled with myriad details about Zamperini’s youth, career as an Olympic long distance runner, his difficult post-War recovery , his friends and family, as well as his fellow airmen and prisoners. As with any survival or prison story, there are descriptive stretches that seem to go on forever. However, in the end, the monumentality of the survivors’ courage, stamina and ability to withstand the harshness of life stranded at sea and the brutality of prison camp life, overrides all else.

“Unbroken” is by no means an easy or happy read. But it is a brilliantly rewarding one.

Monday, December 6, 2010

MUSIC REVIEW--THE ST. LUKES ORCHESTRA CHAMBER ENSEMBLE AT CARAMOOR--December 5, 2010

Reviewed by Bill Breakstone, December 6, 2010

Caramoor has been celebrating the music of Mozart at its Caramoor Indoor Series in the Music Room this fall. Sunday’s concert was a dandy, and featured principals of the Orchestra of St. Luke’s—oboists Stephen Taylor and James Roe; clarinetists Jon Manasse, Romie de Guise-Langlois and Pavel Vinnitsky; basset horn specialist Gerhardt Koch; bassoonists Dennis Godburn and Thomas Sefcovic; horn players Ralph J. Kelley, Patrick Pridemore, Michael Atkinson and Sarah Cyrus; and John Feeney on double bass.

By any standard, Mozart was a prolific composer, all the more so given his tragically brief lifespan. Ludwig von Kochel compiled a complete catalogue of his compositions in 1862. It listed 626 works, beginning with an Andante for Keyboard, written in 1761, and ending with the unfinished Requiem of late 1791. Of these compositions, 29 were composed as Divertimenti and Serenades. These were written as court diversions, to be performed either outside or indoors at informal gatherings, and utilized various combinations of instruments, ranging from full chamber orchestras to groupings as small as quartets, quintets, sextets, octets, or slightly larger combinations.

This concert featured wind instruments, with the exception of a double bass used as a basso continuo, and horns. The Divertimento No. 14 in B-Flat Major, K. 270 opened the program. It is a gem, in four movements, seldom performed but a pure delight. It was followed by the Serenade No. 11 in E-Flat Major, K. 375, a five-movement work featuring a rather serious Allegro Maestoso opening, two Minuets with Trios, and Adagio and concluding with a sprightly Finale (Allegro). Following the interval, the Ensemble performed the Serenade No. 10 for Winds in B-Flat Major, K.361/370a, the Gran Partita. This is one of Mozart’s finest works, composed contemporaneously with the magnificent Sinfonia Concertante for Violin and Viola, K. 364. The Serenade is a far cry from the light afternoon entertainments written for the Salzburg Court of Archbishop Collorado. It consists of 7 movements: an opening Largo which leads directly into a moderately paced Allegro Molto; an Adagio is framed by two Minuets, both with two Trio sections; the final three movements are a Romanza; a Tema con Variazioni; and the concluding Rondo (Allegro Molto). The timbre throughout is warm and rich, and the alternating slow-fast-slow-fast tempi of the movements continually engage the listener.

The performances by the St. Luke’s Ensemble were masterful, and the instrumentalists were thoroughly enjoying themselves and the music they were creating. A full house was in attendance, many listening to these less-familiar Mozart works for the first time. They showered long lasting applause on the performers, duly deserved.