Toxic banks one-up bin Laden

I’ve been thinking about the economic crisis as a rising national security danger since sometime back in December, and I’m sure I haven’t been alone, even though scant attention has been paid in the mainstream media — until now. It’s only an odd coincidence that the same day earlier this week that I was suggesting we’d soon be hearing more from President Obama’s intelligence chief on the matter, Dennis C. Blair was in fact on Capitol Hill sounding the alarm. The global economic crisis now represents the top security threat to the United States, he told the Senate Intelligence Committee on Thursday.

“Roughly a quarter of the countries in the world have already experienced low-level instability such as government changes because of the current slowdown,” Blair said. (That would be nearly 50 countries. Including Iceland, whose government collapsed three weeks ago.) Blair further warned of the kind of “high levels of violent extremism” seen in the 1920s and 1930s if the economic crisis persists beyond 2009.

The fears have now reached the front page of Sunday’s New York Times: “Unemployment Surges Around the World, Threatening Stability.” The trio of images above the fold are a quick world tour of worker displacement and unrest, from Bejing to Reykjavik to Santiago, where street graffiti declares “unemployment is humiliation.”

<em>Ivan Alvarado/Reuters</em>

Ivan Alvarado/Reuters

Just one glaring manifestation of a troubling global trend.

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