Instapundit writes:


Yup….the Governator did it again. He signed a bill taking California’s pension fund money out of companies that invest in Iran.

This is not merely a symbolic gesture, since California, it were an independent state, would have the sixth largest economy in the world.
When it comes to Iran, the problem is Europe, whose oil companies are deeply involved in buying and investing in Iran, so their ambassadors are pressuring the US government to stop Congress from imposing sanctions that threaten their pocketbooks..

American companies are already banned from doing business with Iran, but many European companies retain interests in the oil-rich Islamic Republic, which they regard as having the potential to become one of the world’s last great emerging markets.
But Europeans, whose centralist governments allow the elites to run the place, forget the populist Americans have another level of government that can respond to the people’s demands.

So while waiting for Congress and the State Department to get their act together, California went ahead and thumbed their nose at the Mullahs:

SAN FRANCISCO, Oct 14 (Reuters) – California Gov. Arnold Schwarzenegger signed a bill on Sunday, as he previously said he would, to bar the two biggest U.S. public pension funds from investing in companies doing business in Iran…..

“I couldn’t be more proud to sign this bill,” California’s celebrity Republican governor said in a statement on Sunday that noted California aimed investment restrictions at South Africa in the 1980s to protest its then apartheid policies and at Sudan last year over violence in Darfur.

The internationalist types will be upset, but such actions just might work.  The dirty little secret about Iran is that their economy is in shambles and a lot of the warmongering is about uniting their people against a common enemy, partly so the government there can justify arresting democracy advocates and dissadents.
Of course, this economic pressure will merely mean more money for Putin’s Russia and China… but the quality of these goods are inferior,  and unlike European multinationals, these countries will insist the bills be paid on time…

The irony in all of this is that Schwartzenegger’s father, of course, was a Nazi…(the Simon Wiesenthal center investigation cleared the father of complicity in any atrocities).

And the best news? The move is popular locally in California, but since Arnold is not a native American, he can’t run for president. So hopefully the move won’t be distorted in the present day political nonsense.


Nancy Reyes is a retired physician living in the rural Philippines. Her website is Finest Kind Clinic and Fishmarket. 


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