Here is today’s edition of interesting reads from around the world:
Coal in Europe
Environmentally friendly Europe is turning to environmentally unfriendly coal as oil prices continue to rise as noted in this article in today’s New York Times.
The fast-expanding developing economies of India and China, where coal remains a major fuel source for more than two billion people, have long been regarded as among the biggest challenges to reducing carbon emissions. But the return now to coal even in eco-conscious Europe is sowing real alarm among environmentalists who warn that it is setting the world on a disastrous trajectory that will make controlling global warming impossible.
Just a few months ago, I read Coal: A Human History by Barbara Freese, the former Assistant Attorney General of Minnesota and in charge of enforcing Minnesota’s air pollution standards. She concludes her book:
If we do trigger drastic climate change, all of coal’s contributions to the empowerment of humanity will be overshadowed by the enormous price of that power.
Deflation in the US and Japan
Global Economic Analysis has an interesting take on things and their post today asks if a weak dollar is masking deflation. The post has an interview with economist Paul Kasriel of the Northern Trust Company. The article draws on the Japanese asset bubbles of the 1990s from which Japan has yet to fully recover. I tend to think that Swedish recession of 1993-94 is more akin to the situation in the United States but it is hard not to concur with this assessment:
Right now what we have is deflation with a weak dollar. That weak dollar, in conjunction with peak oil, has caught nearly everyone off guard to the point they are screaming about oil prices and bond bubbles, while missing the far more important deflationary forces of foreclosures, bankruptcies, and massive writedowns in credit.
Islam in Europe
The German magazine Der Speigel has an article on Islamic Theologians Working Toward Euro-Islam.
Leading Muslim scholars are laying the theological foundations for a “Euro-Islam” which would reconcile their religion with the challenges of modernity. But just how compatible is Islam with secular Western values?
The answer is not at all. The two traditions are so wholly distinct that the notion of Islam being compatible is franky absurd. The better question is can we learn to co-exist? I hope so because we need to do so.
Bhutanese Healthcare
Bhutan is facing a shortage of Medical Professionals.
Slovakia & the Eurozone
Fistful of Euros (lucky them) updates us on Slovakia’s bid to join the euro currency zone.
Iran’s Nuclear Programme
The Asia Times has always been prime source for news on events in Iraq and they have been spot on in their assessments. Here is a story on Western Intelligence Lapses on Iran’s Nuclear Programme.
The major players in the field, the US Central Intelligence Agency (CIA) and Britain’s MI6 among them, have failed to deliver the required intelligence when most needed. To add to the problems, in many cases the information that has been acquired has either been wrongly analyzed, of doubtful quality or has been simply ignored by their host government as an inconvenient irrelevance.