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Jean Jacques:
Your comments about technology make no sense! The problem is not the
development of technology but the misdirected liberals that stymie free
societies from protecting themselves today. These are people who fail to
properly identify problems and; therefore, can't execute appropriate
solutions. Technology should not have to be defended but let me remind
you that all of the wondrous things we enjoy today are do to technology
and all tomorrow's problems will be solved by new technological innovations.
Those who defame technology or attempt to destroy it (as in the Trader
Center attacks) are those who fail to grasp its true significance or have
some other sinister agenda.
The problem in the world is not with technology but with monsters that
are somehow considered part of humanity. It's our lack of determination
to efficiently and deftly deal with aberrant individuals that's the problem.
There are simply too many people that would rather find excuses for inaction.
You sound like you may be French, and if you are, then you should reflect
back on the German buildup and ultimate invasion of France. It was not
technology that created that horrible point in time, it was failed societies
that ignored the dangers of a monster in their neighbor. It was a lack
of resolve, and I hope America can demonstrate the courage and leadership
the world needs to preserve our current values in the face of these destructive
forces.
As for Star Wars, I am one that hopes it is developed as quickly as
possible. No, it wouldn't have stopped this latest tragedy, but it would
remove the fear of greater ones and not simply the attack on one center.
As yesterday's attack proves, America is the target of these monsters because
we are the world leaders. Therefore, those outside of this county shouldn't
pooh pooh America's desire to defend itself, and thereby defend all others
who value the financial and political freedoms most of the world currently
enjoys.
Yes, the terrorists may have had smuggled weapons onboard those planes
but that's no reason to stop developing technology. Free nations have to
be more committed and dedicated to prevent such acts, and I think
a collective spirit is developing to make that a reality. And for you to
criticize the building of large office complexes is stupid. Would you have
also thought that leaving our caves was an unnecessary step due to disruptive
and abusive technology? Yes, the buildings concentrated people, but there
are very good reasons for such complexes and I'm not going to lecture you
like I would my grandsons. The fault wasn't the concept or technology --
it was the result of monsters that should have been eradicated long ago
but we failed to assess their true danger. I think that period is now over.
Pearl Harbor taught us one lesson, this is teaching America another one.
As for this hurting companies developing the technology of tomorrow,
you must be really young. Think back to World War II. Thank goodness the
free nations had the desire and will to turn their technologies into military
machines that ultimately destroyed the Axis powers -- and freed France
from occupation. Preparing for defense, and I hope offense in this case,
doesn't thwart technology, it serves to stimulate it.
Ralph
Jean Jacques Chenier wrote:
The
day after. While we
mourn our friends, acquaintances and colleagues our duty is to understand
what will be the impact of yesterday?s tragedy on the financial markets.
This major event could mark a shift away from America?s heavy reliance
on technology and have tremendous consequences on the way America function
on the way. Firstly the
failure of American intelligence is obvious. American intelligence relies
heavily on signals intelligence (SIGINT). Signals intelligence includes
any intelligence collected from intercepted communications, such as microwave,
landlines secret writing, or electromagnetic emanations (e.g., foreign
radar signals or telemetry from an object of intelligence interest.)
This strategy has clearly shown its limits in fighting terrorism, which
is likely to be the war of the future. Secondly,
the ?Star War? pet project of president Bush has been proved today to be
a dream that would be unable to protect the American population from terrorists
attacks. Again high tech and huge amount of taxpayers? money is of little
help to fight determined terrorist. Thirdly,
we all go through metal detectors and X-Ray machines before boarding aircrafts.
Yet fanatics have been able to smuggle weapons in order to highjack several
airplanes. As for the World
Trade center itself, it may look as another failure of technology. It was
planned to stand a 707 crash. The fact that the World Trade Center has
been targeted twice is no coincidence. To gather so many people in the
same place was an accident waiting to happen. The fact that the technology
did exist to build it should not have been a reason good enough to do it.
Again there was a huge amount of money spent and a naive belief in technology.
Yesterday?s tragedy may lead the American
people to reassess its belief in technology. A
very possible consequence of yesterday?s horror may be a continuous slide
on the technology laden Nasdaq index. All the stock indices will suffer
, as whole sectors of the economy will be hurt: financial services of course
(some of them head-quartered in the World Trade Center, other had their
back offices), airlines, hotels etc. but the Nasdaq is likely to suffer
the most. In last week?s newsletter (see our web site http://www.alterama.com)
we were forecasting a drop of the S&P500 to 930, an objective that
we might reach sooner than we thought. As for the Nasdaq 100, we reiterate
the objective of 1,100 that we stated several times in 2001.
Jean Jacques Chenier
Alternative Asset Management, Inc.
Tel: 646 840 0385
E-mail: JChenier@xxxxxxxxxxxx
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