Archive for the 'Economics' Category
Linking Up with the World

Here is the Friday, July 18th, 2008 edition of news and events from the around the world.

Belgian Crisis
The King of Belgium has refused to accept the resignation of his prime minister, but has put the immediate political future of the country in the hands of three other people. More including a video report from Euro News. And Fistful of Euros offers some commentary on Belgie versus Belgique. Flanders Today offers a Flemish perspective.

Tensions between Thailand and Cambodia Worsen
A Cambodian general said a border standoff between his soldiers and Thai troops came close to a shoot-out overnight as the confrontation over disputed territory surrounding an ancient temple entered its fourth day Friday. Reports from Radio Australia and the BBC.

ASEAN Ministers to Meet to Discuss Oil Prices on the Region
Ministers from the 10-nation Association of Southeast Asian Nations (ASEAN) are expected to hammer out possible solutions to rising oil and food prices amid warnings inflation could threaten political stability, officials said. The problem, if left unchecked, could pose a challenge to the region’s long-term aim of evolving into a European Union-style community where goods and services are freely traded across the region by 2015, they said. At meetings to begin Sunday night, the ministers were to discuss “the growing challenge posed by rising oil and food prices, which pose a serious challenge to our people’s welfare as well as our countries’ continued economic development,” according to a draft joint communique obtained by Agence France Presse.

Guinea-Bissau and the Cashew Nut
It’s not even native to Africa (it is from the Amazon), but the Cashew Nut is the mainstay of the economy of the small West African country of Guinea-Bissau, one of the poorest countries in the world. In one survey by the United Nations, Guinea-Bissau ranks as the third poorest. World News Net looks at Guinea-Bissau and the cocktail nut.

Bali Bombers Lose Their Final Appeal
Three men convicted over the 2002 Bali bombing have no more legal avenues to appeal against their executions, the Denpasar District Court confirmed today. More from the Courier Mail of Australia.

After the Swap
After swap, Israel fears Hezbollah will escalate tensions in north. Haaretz looks at how Israel now views Hezbollah.

Has The US Stopped Arms Sales to Taiwan?
If so, it is a huge mistake. The top US military commander in Asia acknowledged Wednesday that US arms sales to Taiwan had been frozen, amid warming ties between Beijing and Taipei and concerns expressed by China.

“There have been no significant arms sales from the United States to Taiwan in relatively recent times,” said Admiral Timothy Keating, commander of the Hawaii-based US Pacific Command.

Keating told a forum of the Washington-based Heritage Foundation he was aware of a freeze on US arms sales to Taiwan, saying it was “administration policy.”

The report from Agence France Presse.

UK Natural Gas Prices Could Rise 70%
The UK Guardian reports that natural gas prices are set to soar in the UK and then remain high for the foreseeable future, a report has revealed. The independent report commissioned by Centrica, which owns British Gas, warns that prices could increase by 70%. Jake Ulrich, managing director of Centrica Energy, admitted that gas price rises were likely to lead to a “potentially significant” rise in the number of people in fuel poverty. He also predicted that people would have to change their habits to deal with higher prices.

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Linking Up with the World

Here is the Thursday, July 17th, 2008 edition of interesting reads from around the world.

Bush Claims Executive Privilege in Plame Case
President George W. Bush invoked executive privilege to avoid turning over records of an FBI interview of Vice President Dick Cheney and other documents subpoenaed by Congress in the CIA leak investigation. So much for that bravado that he would spare no effort in determing the source of the leak. More from the Washington Post.

Petrodollars and Geo-Politics
The Los Angeles Times examines how nations with vast oil wealth are gaining clout. It is actually the largest transfer of wealth in human history. Here’s the LA Times synopsis:

Some autocratic governments are challenging U.S. policies and silencing domestic dissent. But their increased spending raises the risk of inflation, which could erode popular support.

UK Unemployment Rate Rises Sharply
Unemployment last month rose at its fastest rate since the depths of the early 1990s recession, as the turmoil in the housing and financial markets continued to take its toll on the UK economy. The number of people claiming unemployment benefit rose for the fifth month in a row, the Office for National Statistics said. The rise - of 15,500 to 840,100 - is the biggest since December 1992. The jobless rate remained at a low 2.6%. The broader labour force survey measure rose 12,000 between March and May to 1.62 million. That was the third rise in a row although the unemployment rate stayed at 5.2%. Complete details from the UK Guardian.

China Economic News
China’s economy grew at a slower pace in the second quarter under the weight of slower exports and a drive by the central bank to tighten credit, but inflationary pressures remained uncomfortably high, the government said Thursday. Annual gross domestic product growth slowed to 10.1 percent in the second quarter from 10.6 percent in the first three months of the year and 11.9 percent in all of 2007, the National Bureau of Statistics said. While consumer inflation slowed to 7.1 percent in June from 7.7 percent in May, pipeline price pressures grew. More from the International Herald Tribune.

The Impact of High Energy Prices on Asia
The Asia Times looks at how Asian economies and Asian consumers are coping with the rise in energy prices.

When it comes to energy conservation, Japan provides a glaring counterpoint to the United States. Consider what has happened in both countries since the first oil shock of the mid-1970s when prices quadrupled.

That price hike initially led to a drive for fuel efficiency in the US, Western Europe and Japan. It also gave a boost to the idea of developing renewable sources of energy. Ever since, Japan has followed a consistent, long-range policy of reduction in petroleum usage, while the US first wavered and then fell back dramatically.

Under the presidencies of Gerald Ford and Jimmy Carter, the US modestly improved the fuel efficiency of its vehicles, as stipulated by a federal law. Carter also announced a $100 million federal research and development program focused on solar power and symbolically had a solar water heater installed on the White House roof.

During the subsequent presidency of Ronald Reagan, when oil prices fell sharply, energy efficiency and conservation policies went with them, as did the idea of developing renewable sources of energy. This was dramatized when Reagan ordered the removal of that solar panel from the White House.

In the private sector, utilities promptly slashed by half their investments in energy efficiency. President George H W Bush, an oil man, followed Reagan’s lead. And his son, George W (along with Vice President Dick Cheney, former chief executive of energy services giant Halliburton) has done absolutely nothing to wean Americans away from their much talked about “addiction to oil”.

Even now, instead of urging Americans to cut oil usage (and putting a little legislative heft behind those urgings), politicians of both parties are blaming soaring gas and diesel prices on “speculators”, conveniently ignoring how thin a line divides “speculators” from “investors”.

In Japan, on the other hand, the government and private companies have stayed on course since the first oil shock. Despite the doubling of Japan’s gross domestic product during the 1970s and 1980s, its annual overall levels of energy consumption have remained unchanged. Today, Japan uses only half as much energy for every dollar’s worth of economic activity as the European Union or the United States. In addition, national and local authorities have continually enforced strict energy-conservation standards for new buildings.

It is, again, Japan that has made significant progress when it comes to renewable sources of energy. By 2006, for instance, it was responsible for producing almost half of total global solar power, well ahead of the US, even though it was an American, Russell Ohl, who invented the silicon solar cell, the building block of solar photovoltaic panels, which convert sunshine into electricity.

Belgium: The World’s Most Successful Failed State
Leave it to Der Spiegel to come up with the clever headline. In this report, the German news magazine ponders:

Chaos has returned to Belgium’s capital: The government has collapsed, the prime minister has offered his resignation. German newspapers on Wednesday wonder if the linguistically divided country will ever get its act together.

I adore Belgium and I have one very good Belgian friend from Oostende. No doubt, Belgian beer and chocolates are the world’s best. Most European countries have a linguistic divide, the problem in Belgium is that the divide is also a significant cultural and economic one. I have been briefly to Wallonie but I am always more drawn to Brussels, Ghent, Antwerp and, above all, Brugge. It will be interesting to see how the Belgians resolve this divide.

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Inflation Around the World

Oh Dear! Image Courtesy of Greek Shares.

Inflationary pressures are rising around the world. Here is a summary of recent economic reports from 25 countries around the world. Most reflect the latest data from June 2008, a few reflect May 2008 data. In any event, the news is not good and it is especially bad in Sri Lanka, the Philippines, Indonesia and Vietnam. And it is especially bad for the poor no matter where they live. But nowhere is it worse than in Zimbabwe where the economy has come unglued.

United Kingdom
Inflation hit a new record of 3.8% last month as food and petrol prices rocketed, raising fears that inflation is surging towards 5% or even higher.

The Office for National Statistics said June’s annual inflation rate was the highest since the consumer prices index was set up in January 1997, up from 3.3% in May. The rate is nearly double the Bank of England’s inflation target of 2%. More from the UK Guardian.

United States
Soaring energy prices pushed consumer costs up in June at the second-fastest rate in 26 years. The U.S. Labor Department reported that consumer prices jumped 1.1% in June. Energy prices shot up nearly 7%, reflecting big increases for gasoline, home heating oil and natural gas.

The 1.1% June increase was the second largest monthly advance in the past 26 years, surpassed only by a 1.3% gain in September 2005 from a jolt to energy costs after Hurricane Katrina. Over the past 12 months, consumer inflation is up by 5.0%, the largest year-over-year gain since May 1991.

Food prices rose 0.7% in June, more than double May’s 0.3% increase. Vegetable prices grew by 6.1%, the biggest increase in nearly three years as recent flooding in the Midwest translates to higher prices for many crops. Core inflation, which excludes energy and food, showed rising pressures too with an increase of 0.3% in June, up from 0.2% in May and the biggest one-month rise since January.

More from Agence France-Presse and from the US Bureau of Labor Statistics.

Japan
Japan’s core inflation rose 1.5 percent in May from a year earlier, the quickest pace since a consumption tax hike in March 1998. More from the International Herald Tribune.

Venezuela

La inflación en Venezuela sigue desbocada y ya acumula un incremento del 15,1 por ciento en el primer semestre del 2008 cuando la meta inicial del Gobierno era de un 11% y, posteriormente, se estimó en 20%. El Banco Central de Venezuela informó hoy que el Indice Nacional de Precios al Consumidor (INPC) registró en junio una variación del 2,4 por ciento, mostrando una desaceleración respecto a mayo cuando fue del 3,2 por ciento, reseñó Reuters.

Inflation in Venezuela rose 2.4% in June 2008 and is up 15.1% year-to-date.

Portugal
Monday, Portugal’s consumer price index rose at its fastest pace in two years, a report by Statistics Portugal said. Food prices as well as transport charges were mainly responsible for the increase, along with rise in prices of most other commodities.

The index rose 3.4% year-on-year in June, compared with a 2.8% increase in the previous month. This was the highest increase in the CPI since the 3.7% rise in June 2006. Core inflation, excluding energy and fresh food, rose to 2.3% from 2.2% last month.

Food and non-alcoholic beverage prices grew 5.8% compared with a 3.9% rise in the previous month. This was the highest rise in prices since January 2007, when prices were up 4.1%. Prices of alcoholic beverages and tobacco were up 6.8% compared with a 6.9% rise in the preceding month.

Prices of housing, water, electricity, gas and other fuels were up 4.5% compared with a 4.4% increase. Health charges rose at a faster rate of 0.3% compared with a 0.1% rise in the prior month. Transport costs increased 3.4% compared with a 2.6% increase in May. More from INO Trend Analysis.

Below the fold, data for Argentina, Bhutan, Brazil, Canada, Ethiopia, Finland, Iceland, India, Indonesia, Italy, Malaysia, Mexico, New Zealand, the Philippines, Slovenia, South Africa, South Korea, Sri Lanka, Vietnam and Zimbabwe.

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Sociology in the News — Debunking The Opt-Out Myth

Cross-posted from The Global Sociology Blog. My post, my views.

Via Context Crawler, thanks to a new article in the American Sociological Review, we should revisit the zombie meme of Opt-Out, the already-debunked idea that women are leaving the workforce to return to homemaking responsibilities. It is a meme that won’t die (hence, the zombie part) because it seems to validate the social conservative and “family values” crowd that women REALLY belong at home with their children and if everyone understood and abide by that, the entire society would be better off.

The correlated belief is that the family is the base institutional structure of society, which has not been true in several centuries, as Stephanie Coontz has aptly demonstrated. But then, social conservatives and “family values experts” are never really bothered by facts and truth. After all, they still maintain that abstinence-only program and virginity pledges work, despite the evidence.

But back to the Opt-Out myth.

According to sociologist Christine Percheski, the author of the ASR article, debunks the myth:

“Despite anecdotal reports of successful working women returning to the home to assume child care responsibilities, less than 8 percent of professional women born since 1956 leave the workforce for a year or more during their prime childbearing years, according to the study,

Percheski’s research shows that the number of women with young children who work full-time year-round has increased steadily, growing from a rate of 5.6 percent of women born 1926 to 1935 (referred to as the “Baby Boom Parents” by Percheski), to 38.1 percent of women from Generation X (born 1966 to 1975). More professional Generation X mothers of young children were working full-time year-round than their counterparts in any previous generation.

Percheski finds that among mothers of older children (those age 6 to 18), full-time employment is the norm for professional women of Generation X.”

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The Union of the Mediterranean

Al Jazeera’s Inside Story asks if the Union for the Mediterranean will work and if Nicolas Sarkozy, the French president, is the right man to spearhead the ambitious project. The following videos are interviews with a panel of experts that includes Ignasi Guardans Cambó, Saad Djebbar and Isabel Schäfer. Ignasi Guardans Cambó is a Catalan politician and Member of the European Parliament with the CiU (CDC), Member of the Bureau of the Alliance of Liberals and Democrats for Europe and is vice-chair of the European Parliament’s Committee on International Trade. Maître Saad Djebbar is Deputy Director of the CNAS. He is a well-known lawyer and political analyst and an associate fellow at the Royal Institute for International Affairs at Chatham House. He appears regularly in the Arab and British media as a commentator on North African affairs. Isabel Schäfer is an Assistant Professor of Middle Eastern Studies at the Freie Universität Berlin.

President Sarkozy has spearheaded this effort and the inaugural session was held in Paris. All 27 European Union members and 16 non-EU countries including representatives from the Palestinian Authority from the Mediterranean attended the meeting. Only Libya did not attend.

Broadly speaking, the new Union of Mediterranean is aimed at fostering North-South cooperation across the Mediterranean on subjects such as immigration, the environment and terrorism. So far, the meeting seems to be a coming out party for Syria. Syria’s Assad and Israel’s Olmert sat in the same room, marking the first time a Syrian President had ever been in the same room with an Israeli Prime Minister. The event was carefully choreographed so that the two would not cross path though. Sryrian President Bashar al-Assad said it could take between six months to two years to reach a peace agreement with Israel if the two sides, who have held indirect negotiations, agreed to face-to-face talks. In addition, Syrian diplomatic recognition of Lebanon was assured. Syria and Germany signed a repatriation agreement.

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The US Treasury Acts to Save to Fannie Mae and Freddie Mac

The announcement of a plan to inject billions of dollars in loans and investments was intended to show the government would stand behind the beleaguered companies. It is a bail out. What we should be talking about is a nationalization. The text of Secretary Paulson’s comments:

Fannie Mae and Freddie Mac play a central role in our housing finance system and must continue to do so in their current form as shareholder-owned companies. Their support for the housing market is particularly important as we work through the current housing correction.

GSE debt is held by financial institutions around the world. Its continued strength is important to maintaining confidence and stability in our financial system and our financial markets. Therefore we must take steps to address the current situation as we move to a stronger regulatory structure.

In recent days, I have consulted with the Federal Reserve, OFHEO, the SEC, Congressional leaders of both parties and with the two companies to develop a three-part plan for immediate action. The President has asked me to work with Congress to act on this plan immediately.

First, as a liquidity backstop, the plan includes a temporary increase in the line of credit the GSEs have with Treasury. Treasury would determine the terms and conditions for accessing the line of credit and the amount to be drawn.

Second, to ensure the GSEs have access to sufficient capital to continue to serve their mission, the plan includes temporary authority for Treasury to purchase equity in either of the two GSEs if needed.

Use of either the line of credit or the equity investment would carry terms and conditions necessary to protect the taxpayer.

Third, to protect the financial system from systemic risk going forward, the plan strengthens the GSE regulatory reform legislation currently moving through Congress by giving the Federal Reserve a consultative role in the new GSE regulator’s process for setting capital requirements and other prudential standards.

I look forward to working closely with the Congressional leaders to enact this legislation as soon as possible, as one complete package.

Not to quibble, but it sounds like you’re more worried about the shareholders of two publically-traded firms rather than the clients of those firms whose homes are losing value in a real estate bubble. I suggest that you go to Sweden as soon as possible and look at what they did back in the early 1990s.

GSE, by the way, stands for Government Sponsored Enterprise. Both Fannie Mae and Freddie Mac are GSEs. However, they are privately owned but publicly chartered.

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The Bhopal Disaster and World Risk Society

Cross-posted from The Global Sociology Blog. My post, my views.

As an addendum to my post of the Bhopal disaster, I would like to bring into the discussion the Risk Society theory that is, in my view, fundamental to the understanding of contemporary society in the global context.

What do the Bhopal industrial disaster, the Chernobyl nuclear reactor meltdown, the terrorist attacks on September 11, 2001, the epidemics of mad cow disease, and the widespread use of genetically modified crops have in common? According to German sociologist Ulrich Beck, they all indicate the rise of a world risk society.

According to Beck (1992), the world risk society is a product of modernity. Since the industrial revolution, one of the major large-scale societal issues was the reduction of scarcity. The solution was to develop and use technology to produce enormous numbers of goods and increase the general level of wealth for the populations of industrial societies. This was successful: scarcity is hardly a problem in post-industrial societies (core areas). If anything, abundance is. Generally speaking, people no longer starve in developed countries, quite the contrary, obesity has become a problem.

However, this mass production of goods has been accompanied by the production of “bads” or, in other words, risks. Beck defines risk as “a systematic way of dealing with hazards and insecurities induced and introduced by modernization itself. Risks, as opposed to older dangers, are consequences which relate to the threatening force of modernization and to its globalization of doubt" (1992: 21). As such, risks have several characteristics that distinguish them from dangers in previous periods of human history.

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Linking Up with the World

Here is the Friday, July 11th, 2008 edition of events and news from around the world.

UK Housing Prices Tumble
Negative equity is when you owe more on an asset than what it is worth. In the UK, negative equity fears grow as house prices take record tumble. Negative equity is one of the reasons for increased foreclosures or defaults on loans. More on the situation in Britain from the UK Guardian.

Sudanese President Omar al-Bashir to Face War Crime Charges
The UK Guardian is reporting that the Sudanese President Omar al-Bashir is likely to face war crime charges at the International Crime Court.

The prosecutor, Luis Moreno-Ocampo, issued a statement yesterday announcing that he would be submitting evidence “on crimes committed in the whole of Darfur over the last five years”. The statement said he would then publicly “summarise the evidence, the crimes and name individual(s) charged”.

Moreno-Ocampo told the security council last month that he intended to go after top Sudanese officials, saying the “entire state apparatus” was involved in systematic attacks on civilians.

Long over due and we will see where it goes. Another report on this development from the New York Times.

China and the US Presidential Election
The Asia Sentinel looks at the US Presidential contest and how each candidate might handle US ties with the People’s Republic of China.

Radical Islam in Indonesia
Under Suharto, the radical fringes of Islam were kept under tight wraps but with Indonesia’s nascent political liberalization, there has been a proliferation of Islamic groups across the political spectrum. The Asia Sentinel looks at some of the more radical groups.

India Debates Its Nuclear Agreement with the US
India’s politics is not for the feign of heart. It’s not easy running a nation of nearly a billion people who speak some 700 different languages to boot. It is amazing to watch to India’s political scene. First of all, Prime Minister Prime Minister Manmohan Singh will seek a confidence vote in the Lok Sabha next week. The Indian Communist Party will vote against the agreement. The four Left parties formally withdrew their support to the United Progressive Alliance (UPA) government, they sharpened their offensive and vowed to make it “politically impossible” for the Manmohan Singh government to go ahead and clinch the Indo-U.S. civilian nuclear deal. The General Secretary of Indian Communist Party called the agreement a “shocking betrayal”. Meanwhile the opposition Hindu Nationalist Party BJP seems amused by the whole debate. Its leader and likely the next Prime Minister of India should Singh’s government falter said he had “never seen so many people in despair” over an issue. Indian politics. All stories are from the Hindu Times.

Pyongyang Remembers Kim Il-Sung
In case you have ever wondered what a news release from North Korea looks like, here is your chance. Today’s feed from the Korean Central News Agency of the DPRK. Some tidbits:

A delegation of the Kim Il Sung Socialist Youth League headed by Kil Chol Hyok, secretary of its Central Committee, left here today by air to attend the meeting of the Coordinating Council of the World Federation of Democratic Youth to be held in Venezuela.

Meanwhile, the State Academy Beryozka Dancing Troupe of Russia Named after N.S. Nadezhdina headed by Mira Koltsova arrived here today.

Big news I suppose but not a word on the six party talks under way in Beijing on the North Korean nuclear talks. For news on this subject, coverage from Reuters.

Chinese Polar Exploration Sets off from Shanghai
The race for polar resources is on. With hundreds waving goodbye on the dock, an ultra-modern icebreaker left the eastern Shanghai port on Friday morning, marking the start of China’s third scientific expedition to the North Pole. The full story from Xinhua Net.

Sarkozy Lectures The Irish
Ever the diplomat, Nicholas Sarkozy yesterday told “our Irish friends” to get going and not to wait to long to make a decision about how to get out of the mess created by the No vote. Le Monde reports that he, as rotating president of the EU, wants to propose a solution either at the October or the December EU summit. More from Euro Intelligence.

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Linking Up with the World

Here is the Thursday, July 10th, 2008 edition of events and interesting reads from around the world. It was sadly a very violent day around the world with attacks in Georgia, Turkey and Darfur plus continuing violence in Afghanistan, Pakistan, and Zimbabwe. It appears the world is on the verge of a great upheaval. It is quite worrisome.

The Return of Al-Qaeda
It appears that the attack on the US Consulate in Istanbul may have been the work of Al-Qaeda. Stories from the International Herald Tribune and the BBC.

Attacks on UN Troops in Darfur
It is clear that either the government in Khartoum is complicit with the militias operating in Darfur or it does not care. My sense is the former. Reports from Al Jazeera and the Washington Post.

UK Troops Unhappy
Nearly half of British troops regularly consider quitting the army and navy because of plummeting morale, poor equipment and low pay, a Ministry of Defence survey of more than 24,000 military personnel has found in a report from the UK Guardian.

French Nuclear Leak and the US Prepares to Build More Nuclear Plants
Two stories from Germany’s Der Spiegel on the nuclear power industry. The first is on a French Nuclear Leak at the Tricastin nuclear plant.

Following Tuesday’s accidental leak of over 30,000 liters (7,925 gallons) of a solution containing uranium in southern France, nuclear safety agencies are minimizing the possible danger. But emergency bans put on water use in the area by local authorities have worried residents and environmental organizations at a time when much of Europe is re-embracing nuclear power as way to slow global warming.

The second story is on the US nuclear industry that is preparing to build the first reactors in 30 years. The question is Is The American Public Ready for Nuclear?

Republican presidential candidate John McCain has proposed building 45 new nuclear reactors by 2030 with a longer term goal of 55 more. His Democratic opponent, Barack Obama, is also in favor of more atomic energy. Is the US experiencing a nuclear power renaissance?

I don’t like nuclear but I don’t see an alternative. Even so nuclear is a stop-gap measure anyway. It is likely that we have either peaked uranium or will do so soon. Still a little goes a long way. It also lasts a long time and that’s the problem with nuclear. All that radioactive waste. No easy answers when it comes to nuclear but very hard questions.

An Indian Perspective on the Bombing in Kabul
India and Pakistan have vied for influence in Afghanistan for decades. In the 1990s, with the Pakistan-backed Taliban in power, Islamabad’s influence peaked. Then in a reversal of fortune, India, which backed the anti-Taliban Northern Alliance during the years the Taliban were in power, saw its fortunes improve in Kabul, even as Islamabad’s influence touched a nadir. I personally suspect Pakistan’s ISI assisted elements of the Taliban. Pakistan is a problem that has to be tackled and there no easy answers. The ISI is a government within a government. The perspective from Sudha Ramachandran in the Asia Times.

The Russian Rouble
There is no doubt that Russia is on the rise.

Introducing Dmitry Medvedev
The Russian President’s comments at the G-8 Summit.

Was Eduardo Frei Murdered?
Eduardo Frei was Chile’s President prior to Allende. A court forensics expert said Wednesday that former Chilean President Eduardo Frei Montalva was assassinated in January 1982 after a simple hernia operation during the rule of dictator Augusto Pinochet. The statement by Carmen Cerda, the chief of the forensics team investigating the case, confirmed longtime suspicions that Frei Montalva, who was Chile’s elected president from 1964 to 1970, had died of foul play at age 71. Medical officials had said that infection related to the surgery was the cause of death. The full story from the Miami Herald.

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Remembering Bhopal - 24 Years Without Justice

The Accident at Bhopal

Cross-posted from The Global Sociology Blog. My post, my views.

Watch this first amazing video. It is 16-minute long but worth every second (and see this BBC background page):

The Bhopal Chemical Disaster: Twenty Years Without Justice

Those of us old enough to have lived through the 1980s remember Bhopal as a major industrial disaster. On December 3, 1984, an accident at the Union Carbide pesticide plant (UC was bought by Dow Chemical in 2001) released poisoned gas that killed an official estimate of approximately 3,800 people (actually doctors on site claim that 15,000 died within a month). Over 500,000 have been affected by inhaling the gas.

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