News and the Markets. Afghanistan has Fallen. Issue 1

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But what effect will it have on the markets?

I think it will have a positive effect. There might be a downward blip come Monday but then the Dow will rebound.

For too long it’s been clear we had no business staying there. Neighboring Pakistan had persistently undermined our efforts to prop up the anti Taliban regime in Kabul.

Biden’s decision to pull out, which I believe was the right one, accelerated what was long felt to be an inevitable outcome. Afghans who were not on the Taliban’s side did not put enough effort into preparing for the resistance. 

Ashraf Ghani, Afghanistan’s president, flew out earlier today to Tajikistan, a former Soviet Republic that shares a border.  

Hamid Karzai, a previous president, has stayed behind with his three daughters and has offered to take part in the transition of power, but it’s all up to the Taliban.

Will the new regime be as backwards and repressive as the one that we displaced in 2001?

There is reason to believe they may not. Our twenty year presence has left an imprint and largely positive. We have left evidence of how things can be done differently.

Next door, in Iran, a more modern version of a Muslim government is in place, one which allows women to go to school, work and even hold political office. Maybe that will influence the new rulers.  

We will see. 

Does the fall of Afghanistan represent a political setback for Biden? I don’t think so, though many will try to depict it as such. 

Initial reports from Kabul say that the evacuation of foreign diplomats is proceeding unhindered. President Biden sent additional troops to facilitate the process.

Oscar Valdes.    Oscarvaldes.net

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