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The US Library of Congress Original article ›
LyrArc Article Gist
In this exhibit in the Library of Congress Herblock in the Washington Post lampoons the efforts in 1952 of Senators Joseph McCarthy and Jenner to place unfounded criticism on Adlai Stevenson the Democratic candidate for president. The 1952 campaign for president in the US is reminiscent of the campaigns since 2016, 2020, 2024. In 1952 the US was engaged in the Korean War and there was increasing fatigue with that war as Communist China pushed back Gen. MacArthur's forces and the armies moved back and forth across the Korean peninsula. Eisenhower offered to go to Korea to find an end to the war. The Korean War comes only a few years after China became a People's Republic in 1949 under the Communist party led by Mao-tse-tung and the Berlin Crisis. This led to an effort by Senator Joseph McCarthy and Senator Jenner in the 1952 campaign to make all sorts of criticism much of it unfounded about Adlai Stevenson who had just been elected Governor of Illinois. Eisenhower was a much respected figure and had planned not to run or run as an Independent and only agreed under much persuasion from Dewey and the Eastern Establishment (New York and Boston). Eisenhower had led American forces in the Western Command under George Marshall and president Harry Truman and had not sought the presidency only to have his name placed on the ballot in New Hampshire. In the middle of a campaign Eisenhower (Ike) did not openly refute McCarthy and Jenner but had showed considerable discomfort with their unfounded rhetoric and tactics. ...
The Guardian Original article ›
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Key takeaways from XI's speech to the 20th Party Congress of the CCP, China's Communist Party, are shown in the Guardian. Xi presented a vision of continuity. Goals that were seen as significant were self-reliance in science and technologies and building China's capacity for innovation by building up its capabilities in science education. This was stated as the main driver of future growth. It does not favor decoupling with the US even though the US sees it in its own interest and that of its working class to bring home manufacturing and rebuild supply chains for American self reliance - the pandemic showed the weakness of free markets approaches that ignored this. A promise to step up regulation on income distribution and wealth accumulation, to cut down the growing inequality gap that developed in the last two decades of hypergrowth.  To focus on the quality of economic growth after lessons learned on climate change. To double down on the zero covid policy. He lauded the "all out war on the virus." To continue the battle against "corruption on a scale unprecedented in our history." "Corruption is the biggest cancer that harms the vitality and affects the combat effectiveness of the party, and anti-corruption is the most thorough self-revolution. As long as there is the soil and conditions for corruption, the fight against corruption will not stop for one moment." ...
DW.COM Original article ›
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Fruit and vegetable gardens one can harvest for free in the Rhine River Valley city of Andernach, a medieval city that is one of the oldest settlements in Germany. The city administration launched this project in 2010 to get more local people engaged in the outdoors in their community and raise awareness of how food is grown. The plants cover tomatoes to pomegranates. The mayor hopes other cities around the world will follow this example. The mayor Anneli Karlsson says one does not feel such a relationship to plants as when one goes out and picks out the food, the salad, that one is then going to use for dinner that evening. This is an idea that cities in Europe, the US and other parts of the world can take up in the middle of the current rise in food prices, so that the interest would lead to closer relationship with the food grown around us, and in even growing it oneself in one's own garden. In the first year 100 varieties of tomatoes were planted. Then other edible plants were added. It includes Greek mountain tea leaves as well as the usual pumpkins, potatoes, grapes zucchini, kale, almonds. No pesticides so it is all organic. There aren't any fences one just takes what one needs.  The gardens are good for tourism. They also hire unemployed people to add to the workers in addition to the team of gardeners. Rising food prices are getting people to take interest in how food is grown and urban area food gardens. ...
The Hindu Original article ›
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Showing how short lived and misdirected were the efforts to use election wins to make the presidency all powerful under Gotabaya Rajapaksa, prime minister Wickremasinghe proposed an amendment to restore the powers of parliament in a parliamentary democracy. Sri Lanka stumbled badly into economic mismanagement with debt pileup and no action till it was too late without the checks and balances inherent in a parliamentary democracy. Prime minister Mahinda Rajapaksa resigned and with protests calling for the president Gotabaya Rajapaksa to resign, Mr. Wickremasinghe a four time former prime minister was brought back to lead the country out of the crisis. Mr. Wickremasinghe returned with an agreement with the president to restore the powers of parliament which were established since the independence of the country in 1948. Mr. Wickremasinghe has support of the western lending agencies and governments in US and Europe as he and an independent central bank governor Nandalal Weerasinghe with many years of experience working with the IMF seek a way out of the economic crisis. A level of transparency that was present in the early years after independence is being restored as the public suffers from energy shortages and 40% inflation. The foreign exchange reserves of Ceylon (Sri Lanka) were exhausted to the point that the country lacked the funds to let oil tankers in Colombo harbor unload oil and be paid for oil supplies. As a lack of oversight is being corrected Ceylonese are beginning to realize the costs of a unneeded war, wild swings in sentiment for and against parties, deconstructing parliamentary democracy and its checks and balances, corruption and economic mismanagement. ...
WSJ Original article ›
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Turkey faces a economic crisis driven by high inflation and sharp decline of over 40% in the lira. The ENAgrup research group estimates inflation at 58% in November over the prior year, higher than the 22% official figures. ENAGrup estimates 50% inflation in October and 45% inflation in September. The steep inflation say experts is a result of an unconventional policy of president Erdogan to lower interest rates by 2%. In contrast the Russian central bank increased interest rates by about 3%, Brazil's central bank by about 6%. This report looks at two weak links for the lira and inflation prospects with graphs.  One is that the debt of Turkish banks is heavily in foreign currency debt with $82 billion due in next 12 months. A weak lira makes it harder to pay off these debts. Turkey's central bank net foreign assets taking into account all foreign currency liabilities is a negative $48 billion in Oct 2021, according to graphs shown in WSJ. The second is that Turkey's people are fleeing the lira. Nearly 60% of banking deposits are now in foreign currencies, according to data from Capital Economics. A sudden surge in requests to withdraw dollars by Turkish residents could make banks to draw down their foreign currency reserves. The government hopes that increase in exports could help Turkey in the crisis yet the situation today as shown by WSJ suggests a continuation of the current crisis of spiraling inflation and large drops in the lira's value. ...
WSJ Original article ›
LyrArc Article Gist
This WSJ report looks at the efforts of sugarly cola companies such as Pepsico under a new CEO to push their cola products aggressively with advertising, and modern logistics. It cites Barry Popkin, nutrition professor at the University of North Carolin School of Public Health that they are making products that are killing us more slowly. With less sugar than before but still at a time of dangerously high obesity levels in the world just as dangerous or more dangerous to humans, because they are not as healthy as previous generations. The pandemic proved the danger of higher obesity levels. The numbers say it all-1% of children 5-19 years obese in 1975 going up by 8% to 9% in 2020, and doubling to 19% in 2035, says the WSJ. That is doubling by 2035 to 19%-  simply astounding. Popkin says the fact that Americans are living more years with disabilities, and fewer disability free years, is very much linked to the food intake. On The Guardian's pages was an article about a surgeon who has a startup in Austin, Dr. Attia of Early Medical, that promotes "healthspan." It focuses on getting healthy living habits  through better nutrition, exercize, to start at an early age as being critical for a healthy life span. It is not the same starting at an early age with good food and exercize habits vs starting later in life as this means fewer disability free years when starting later in life.  ...
The Indian Express Original article ›
LyrArc Article Gist
South African captain Dean Elgar reflects on how he is handling the leadership role for the cricket team building understanding and trust of players from different cultures and social backgrounds in the team- white, black, Afrikaans, English Afrikaans, Indian. He brings a remarkable sensitivity to his role and describes his style of listening and acting as a friend off the field to learn about the players on his team. It is a role like no other captain of a sports team faces. Elgar says he does'nt think there is another country in the world that has to deal with this kind of dynamics in society.   He says there is always light at the end of the tunnel, a glimmer of hope, as he take on all this pressure without showing it. Seeing him as many will on television on the cricket field during the 3 Test series at Centurion, Johannesburg and Cape Town, one senses the kind of change in South Africa that gives so much hope and optimism for the future. He say he always thinks we must'nt stop learning from each other, we must sit down and listen more. This has made him more concerned and wary about the past and even more emotionally attached to the players, as he handles the huge amount of diversity- a massive learning curve with a lot of humility. On the day of the death of Desmond Tutu as cricket commentators talk about his humble and unselfish spirit, Dean Elgar appears to have defined his own role in just the right way.   ...
DW.COM Original article ›
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Critics say China uses debt trap diplomacy in Africa through its infrastructure investment projects. Silja Frohlich of DW.com speaks to Eric Olander of the non-partisan China Africa Project to make an assessment of what is happening. Olander says Africa is facing a demographic change of immense proportions with about a billion people that are being added by 2025. For African leaders what are their options- do they build the infrastructure that would lead to the industrialization that creates jobs for all these people, even as they use their children's future to borrow vast sums of money. Global and private markets would charge 7 times the interest that the Chinese are charging, says Olander. China has built roads, railways, bridges, hospitals, and other infrastructure for which there was not enough financing from other countries. Since the Belt and Road Initiative was launched 5 years ago it has built four new railways- the Mombasa-Nairobi railway, Addis Ababa-Djibouti (759 kms), Abuja- Kaduna (186 kms) and Angola's Benguela railway (1866 kms). China has also helped Africa to develop its options with alternative sources of investment helping it negotiate new investments from different sources as Kenya and Uganda are doing today.  At the conference in 2019 in Beijing President Xi offered cancellation of interest till 2018 for loans to Ethiopia. A new effort to introduce transparency and improve terms and offer debt forgiveness is underway to change China's image for investment in Africa. Olander sees China making a solid contribution over the past 10 years funded by Chinese money. ...
WSJ Original article ›
LyrArc Article Gist
There was some element of reckless behaviour when Britain tossed aside misgivings to let Tories let in private sector investing into companies in the water sector. The WSJ now calls it the world's largest failure in private sector water investment. Today there is eColi in the water in River Thames so much so that in the Oxford Cambridge rowing race rowers were advised not to make contact wih the water. It goes back to Victorian sewers which was a problem not tackled by companies interested in profits in areas that wiser men had decided is best done by public sector investment. These are the hidden failures of the Thatcher/Reagan years that are only now coming to light. The company Thames Water loaded up on debt to pay investors dividends while the company failed to upgrade London's sewer system, which has spilled what amounts to 34,000 Olympic swimming pools of raw sewage into the river since 2020. The US has not been so reckless as most water and sewage systems are still publicly owned. Near central London a matted mountain of wet wipes and sanitary products along with sewage washed into River Thames is called Wet Wipe Island. Thames Water took on so much debt $23 billion that it defaulted on its debt. How could this be in a modern developed nation, and what about all the other infrastructure investments in Britain rusting  from the Industrial Revolution that need investment? Tories have let Britain down. There are lessons for the US and Germany, France, India and China. ...
NYTimes.com Original article ›
LyrArc Article Gist
Bradsher, Tankersley and Cohen say in this NYT report- US industrial policy under president Biden corrects the failures of the past. Chinese experts in Hong Kong say the US and Europe deindustrialized their economies with pursuing of policies called "neo-liberal" but basically Reagan era policies that Democratic presidents Clinton-Obama imitated. As they deindustrialized it created disaffection among the struggling lower and middle income classes making $35,000-$106,000 that were big losers in the process, creating threats to democracy as financial and tech, plus pharmaceutical sectors took control of the economy. China's success comes from three decades of mastering the ways of practicing industrial policy that it can support private companies with low cost land, additional subsidies that reduce the cost of production and provide a buffer to absorb losses so that it could dominate key industries. Policies where textbooks and economists trained in the US failed utterly and completely leading to dangers to US democracy that we see as opportunities for good paying jobs in manufacturing disappeared for middle and lower income households from 1980 to 2020. These economists trained in the US always said see lower cost Chinese made goods means lower and middle income people pay less, never saying that this means all opportunities for better paying jobs in manufacturing will be lost for these classes in society. The tech and financial sectors had close ties to the new arrangement that turned manufacturing over to China from the Reagan era to the Obama and Trump era. Apple and Tesla and many industries benefitted from manufacturing mostly outsourced to China. ...
Poynter Original article ›
LyrArc Article Gist
A new Gallup poll shows only 7% of Americans find Media to be "trustworthy" and 38% say they have no trust at all in the Media, such as newspapers or television shows. We cite this as a Early Warning before readers look to the media to understand the Nation's president. Lyrarc.com found the president to have a score of 9 out of 10 for yesterday's NATO news conference for grasp of complex details, his way of getting this across in plain English to viewers, the complex problems he is tackling which no cognitive test cleared could enable one to tackle. Remember Corinthians 3-18, 3-19, when it comes to the Media that take the place of the People and the Nation-" Let no man deceive himself. If any man among you seemeth to be wise in this world let him become a fool, that he may be wise. For the wisdom of this world is foolishness with God. For it is written he taketh the wise in their own craftiness. And again, the Lord knoweth the thoughts of the wise, that they are vain." To have a Janet Yellen at Treasury, Jake Sullivan at National Security, Garland at Justice Department and others of that caliber around him Biden has to interact with and guide some of the sharper minds that America can put out. To have their confidence and their wholehearted support in what he is doing for the people, requires a sharp and alert mind from Biden. ...
POLITICO Original article ›
LyrArc Article Gist
Susie Wiles is a Florida native where she gained most of her experience running Republican campaigns from Bush/Qualyle, Romney, more recently Scott, De Santis and Trump. She also worked for lobbying firm Mercury, was an assistant to Congressman Jack Kemp. She has learned to brush away some of the boorish traits and rhetoric of the former president, says Politico.  As DJT's campaign manager of Florida in 2016 she told the Tampa Bay Times why-  "I don’t want this to continue. I think it seriously will damage our republic and who among that group can really have the fortitude to shift what I’ve seen happening over all these years?” "I will tell you this: The Donald Trump that I have come to know does not behave that way, and the lens that I look at him through, I don’t see any of that. I see strengths, I see smarts, I see a work ethic that is unparalleled,” she told the Tampa Bay Times in 2016. “I blanch sometimes. But, again, it’s not the Donald Trump that I have come to know.” During 2016 and in 2024 her disciplined attitude, humility, trying to be self effacing and focused have helped bring discipline out of the chaos in DJT's campaigns. She also has unique ability to get through at critical moments to restrain DJT from impulsive moments that create political liabilities.   ...
elysee.fr Original article ›
LyrArc Article Gist
Macron returns to the Sorbonne, France's oldest University, for his second address to Europe, following th first in 2017, 7 years back. Then as now Macron presents a vision for Europe, with a unique role for France. Defense of the ideas and ideals of Europe built through centuries, in contrast to USA and China, and India, other centers of world civilization. It is worth a try to read the whole speech if you are a European or a friend of Europe, to get a sense of the European ideas that come from France, Italy and the Netherlands and Britain, and Germany. It presents ideas not just about defense, including Ukraine. Most of the speech is about how can Europe and European ideas be made to grow and prosper with all the changes happening in the world in technology, content that is less and less European for the children of Europe- less than 3% Macron says. How it can invest to meet the oversubsidizing that the US and China are doing, the investments that the US with Inflation Reduction Act for $1 trillion in spending and investment including chips and science, and the similar investments in China- how can Europe make investments of $1 trillion, and ways to generate the funding. And investing $1 trillion on a Europe wide basis with a plan and a set of goals to maintain European leadership in a world dominated by the US and China, and soon India. Macron says in 12 months plans have to be developed and set into motion for this new European effort. ...
New York Times Original article ›
LyrArc Article Gist
Mouhanad Khorchide, is professor of Islamic pedagogy at the University of Munster in Germany. He is offering an innovative approach to teach a gentler and more tolerant Islam as Germany shifts to the teaching of Islam in primary and secondary schools, alongside teaching of the Christian and Jewish faiths. He is the author of the book published in Arabic and as an e-book in English- "Islam in Mercy." He goes back to the open discourse in the Islam of the eight and ninth centuries for ideas, asking questions and seeing this as part of the discourse in the educational process. He is a Palestinian who studied sociology at the University of Vienna. Germany has 4 million Muslims.
Wall Street Journal Original article ›
LyrArc Article Gist
This WSJ editorial calls the ISI and Pakistan army's playing both sides of the game- acting as an ally of the U.S. and supporting the Taliban- unacceptable. The editorial points to the Taliban and its leader Mullah Omar running the operations out of Quetta, in Baluchistan. And the Taliban faction loyal to Jalaluddin Haqqani having sanctuaries in North Waziristan and the tribal regions of Pakistan. Al Quaeda's No. 2 Ayman al-Zawahiri, it says, could very well be in Pakistan in some compound in the manner of bin Laden.
Economist Original article ›
LyrArc Article Gist
In the next 15 years approximately India will have a higher percentage of working age population to non-working age population than China, based on information from the UN and Morgan Stanley. The number of people over 64 and under 15 has declined from 69% to 56% in 2010, according to UN figures. By 2020 the working age population will increase by 136 million in India, compared to 23 million in China. From this it can be seen that a huge demographic change is playing out. As China's economy matures and with the one-child policy in place, China's working age population is expected to decline; just as India's working age population picks up. This should give India momentum in the next 15-20 years, and lead to an increasing growth rate in India, just as China's growth rate slows. India's weak areas are infrastructure, and education. Infrastructure development will accelerate nevertheless, with larger private investments and participation in projects; and India will move up the experience curve as more projects are completed. Education for the poorer classes and in public schools will remain a problem. Private schools are making up for the weakness in this area, and private schools now make up 20% of attendance even in the rural areas according to one estimate. The strong points are democratic structures and the rule of law, private enterprise and private companies, English speaking middle class, and smart initiatives by business to develop low cost products that are affordable for all segments of sciety in India. For instance a $35 laptop developed by the IIT and Indian Institute of Science researchers, and Tata Chemicals development of a filter for 30 rupees or 65 cents that would filter water for a month for a family of five. This will bring the benefits of development to all segments of society as development progresses, and is crucial for balanced development in the poorer parts of Asia. Tata Motors 1 lakh ruppees car concept and the Tata Nano as its tangible product, is another verson of this kind of development being pioneered in India. Being a democratic country makes some processes slower, yet at the same time the private initiative enabled by democratic processes -cultivated over a long period from British times -enables a creative sort of development that could be turned into a distinct advantage....
Wall Street Journal Original article ›
LyrArc Article Gist
Attorneys in al 50 states are investigating foreclosures. This will increase the uncertainty for banks in addition to other short term losses.
Wall Street Journal Original article ›
LyrArc Article Gist
Will Detroit automakers be able to respond to a change in consumer preferences and a shift to cars from SUV's and light trucks? Gasoline prices are expected to rise significantly in 2011, and could approach $4 a gallon. The Detroit carmakers are better prepared now than in 2008. The question is are they prepared enough considering that there was a renewed emphasis on light trucks and SUV's in the lineup of Detroit carmakers in 2010, and compared to Asian competitors in the market whose focus is still on cars. To rebound to profitability GM and Ford took advantage of a pickup in SUV and light truck sales. Chrysler benefitted from a revamped Jeep Cherokee. All three Detroit carmakers sold more light trucks and SUV's than cars in 2010, and GM's car sales went down in 2010. By comparison Toyota and Honda sold more cars than SUV's and light trucks in 2010, and Hyundai does not make any light trucks. Toyota brand US sales head, Bob Carter, says as vehicles are becoming more fuel efficient across all sizes he does not expect the impact to be as dramatic as in 2008. The impact of fuel prices is becoming evident at some Toyota dealerships where sales of Prius vehicles are up significantly. In 2007 before a gas price surge SUV and truck sales were at 53% in the US market, they were down to 47% in 2009, and are now back up to 50%....
New York Times Original article ›
LyrArc Article Gist
Norbert Rottgen, chairman of the foreign affairs committee of the German parliament is realistic about the prospects of Minsk 2, after the failure of Minsk 1, which was negotiated in the Belarus capital Minsk in September 2014. The Russians have the upper hand militarily and the demarcation line moves further to the west in current negotiations in Minsk. The breakdown in Minsk 1 comes as Putin continues to support the separatists in Ukraine, who declared a Donestsk People's Republic with elections held recently, and have now taken territory to make their positions in eastern Ukraine more defensible. The war could end there with a de facto split of eastern Ukraine on the Russian side, or lead to further guessing of Russian president Putin's intentions if the conflict continues. Italy's foreign minister Paolo Gentiloni, points out that arms aid by the U.S. to Ukraine would only fail as Russia could respond, and it gives the Russian president the added advantage of the narrative that the U.S. and NATO are a threat to Russia at its borders. All sides say they respect the territorial sovereignty of Ukraine, but the fact remains that Ukraine is deeply divided with the eastern region bordering Russia having close ties to Russia, and the western region near Poland having strong ties to a newly emergent EU that includes much of Eastern Europe. Prudence and restraint is needed on all sides for a settlement. ...
New York Times Original article ›
LyrArc Article Gist
American tennis player Doris Hart from the University of Miami once played three Wimbledon finals in one day because of rain delays, winning all, in 1951. She made up for lack of speed on the court because of leg and knee issues with finesse, using drop shots and a strong serve with an all court game to win. Her story is unique because she spent many years as a child recovering from a bone infection, called osteomyelitis. At one point a specialist even suggested amputation because of the infection. She recovered and went on to win titles in Australia in 1949, France 1950 and 1952, Wimbledon 1951, and the U.S. 1954 and 1955. Her view of today's tennis game is that not much strategy is brought into the game compared to an earlier period, making it less fun to watch. Her story of recovery and persistence is similiar to the story of Glenn Cunningham, one of America's fastest runners, who broke the world record in the 1500 metres at the 1936 Olympics, and became the fastest miler in the world in 1938. Cunningham from the University of Kansas had leg issues because of burns suffered when he was 8 years old from a fire. Doctors recommended amputation at one point for the infection. Doris Hart says in her autobiography, "Tennis with Hart," never to let despondency take over, to respond with faith, courage and patience....

Thanks, for nothing

Economist Original article ›
LyrArc Article Gist
THe Economist says that the efforts of banks like Chase JP Morgan, Goldman Sachs and Wells Fargo to rewrite history are wrong and dangerous. They are wrong because there was acomplete collapse of confidence by December 2009 and these banks benfitted from state guarantees and government efforts to help the banks without which Goldman, and Morgan Stanley and other banks would be in serious difficulty or in danger of collapsing. It is dangerous because it is being used to distort the process of putting in place the right compensation incentives to avoid overleveraging and risk taking, putting in place prudent regulation, and taking all the right steps to prevent a future banking crisis, with the argument that this should apply only to the weaker banks. It is dangerous on two other points. The banking regulations should apply to the entire banking industry, and especially on banks that are too big to fail. These banks now are content to leave the toxic assets on their books where they are and consider government efforts to purchase these toxic loans and securoities or otherwise resolve these assets in some kind of good bank-bad bank scheme, as unnecessary. All this is happening even as the banks themselves remain poorly capitalized, even after raising funds in the capital markets recently, and remain very dependent on the government. The danger is that this may make everyone complacent in the event of a developing new storm....
New York Times Original article ›
LyrArc Article Gist
A CBS/New York times poll shows that 63% of the American people approve Obama's performance as President. And 77% are optimistic about him being the President for the next 4 years. 55% of Americans are just making ends meet, and more than 6 out of 10 fear that someone in their household may lose their job. Most say it will be years before any significant improvement. Over 53% feel the stimulus plan will improve things, half of them say it is not likely to shorten the recession, and two thirds expect more money will be needed. Nearly all Americans are concerned that the cost of the economic programs will have significant long term effects on future generations, with 65% being very concerned. Yet about 75% say they are more concerned about the economic crisis. On the partisan politics, of those polled 63% say Republicans opposed the legislation for political reasons, not policy ones. 79% want Republicans to work in a bipartisan manner. And 56% surveyed want Obama to folow the policies he proposed during the campaign, rather than working with Republicans, and to make this his priority. All this suggests that a large number of Republicans are supporting the President, even though both Republicans and Democrats are concerned about the cost of programs, because a large majority of those polled are more concerned about the effects of this crisis on jobs and the economy....
Wall Street Journal Original article ›
LyrArc Article Gist
The partition of Iraq would have lead to increased ethnic conflicts and civil war which is what all sides in Iraq recognized. Sunch partitions lead to ethnic cleansing and even more hostilities. As Senor says here the partition would have involved expelling Iraqis from their home on a large scale. A bigger wave than the refugee situation before this from ethnic strife as it would now be official. Compare this to the partition of India. Once its official a huge wave of expelling begins and an official kind of ethnic cleansing occurs as hotilities increase and each of these partitioned areas starts to get outside help from neighboring countries and an arms race in the area begins and new fears are aroused. No question things were bad but it its to the credit of all the Iraqi parties and leaders that they had the good sense to act in the right way. As Senor asks what do you do with Kirkuk which is majority Kurdish but has a large Sunni population. Its also to the credit of Bush advisors and General Petraeus that they continued to persevere when things looked very dim. A further inflammation in Iraq would not affect people in Des Moines or Biden's Delaware so when things get really nasty its easy for an expert or politician in the USA or Europe to take some policy action and then leave leaving that region in Asia or Africa to bear the consequences....
New York Times Original article ›
LyrArc Article Gist
The Group of 20 finance ministers and central bankers meet i Sao Paulo, Brazil. On the side the BRIC countries finance minsters hold their first meeting. Brazilian President Da Silva calls for greater say for the BRIC countries and for countries like Argentina, Mexico, South Africa, Nigeria, S. Korea and other large developing country economies in shaping the new global financial architecture. There is extreme frustration in Brazil that all their efforts to build a better life for millions of Brazilians may come to nought, and the first real sustained growth in decades that came to Brazil may now be cut short abruptly with huge cost to millions or rural and urban poor, a fate shared by all the BRIC and other developing countries. Wall Street source of the crisis remains closed to the BRIC and developing countries in the sense that what goes on there is determinied by insiders from the G7 countries, but the severe consequences of a fallout in Wall Street on trade and credit hit these countries just when there was hope for millions to live a better life. Just as when the Asian crisis and other crises hit in the last two decades there is a lot of talk about global financial architecture with Treasury's Rubin then and IMF's Kahn and World Bank's Zoellick now making statements, but no clue except to accept the need for getting the large developing countries of the G20 to the table for concerted action. ...
New York Times Original article ›

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