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Wednesday, August 3, 2011
Enormous Cuts in Military Spending? Read the Fine Print
Enormous Cuts in Military Spending? Read the Fine Print
by Medea Benjamin and Charles Davis, August 03, 2011
‘Science’ and America’s Police State
‘Science’ and America’s Police State
Phony scientist rationalizes latest TSA outrage
by Justin Raimondo, August 03, 2011
So, you’re sick and tired of being hassled by Transportation “Security” Administration (TSA) thugs, who fondle your “junk” and force 95-year-old grandmothers to take off their adult diapers?
Well, that’s tough – because it’s about to get worse.
Well, that’s tough – because it’s about to get worse.
Imperial Psychosis: We Pour Trillions into Empire While Gutting Programs Americans Depend On
Imperial Psychosis: We Pour Trillions into Empire While Gutting Programs Americans Depend On
How Recession Is Hastening the Wal-Martization of America
How Recession Is Hastening the Wal-Martization of America
A new report finds that the vast majority of the jobs created in the so-called recovery have been low-wage jobs. That's a recipe for continued economic pain.
The American Animal Farm By G. Murphy Donovan
The American Animal Farm
By G. Murphy DonovanPolitical ideology in America has devolved to forms that would make Orwell cringe today: socialists (née Marxists) and democratic socialists (née Keynesians). The former views government as an all-purpose solution and the latter views government as a "stimulator," a kind of economic and social Wizard of Oz. The two are more alike than they are different. The fatal flaw of both is the chronic inability of voters and their elected representatives to distinguish between wants and needs. Elections are now confused with democracy, and the majority seldom votes for the common good -- or their own best interests.
The Average Life Expectancy For A Fiat Currency Is 27 Years ... Every 30 To 40 Years The Reigning Monetary System Fails And Has To Be Retooled from Washington's Blog
Vilnius mayor runs over illegally parked car in a tank
At last! A highly effective approach to parking control that DC has yet to try. New York should consider this as well.
http://www.telegraph.co.uk/
http://www.telegraph.co.uk/
Vilnius mayor runs over illegally parked car in a tank
The eccentric mayor of Vilnius, the capital of Lithuania, has decided to send a stern message to anyone thinking of illegally parking on his city's streets: by driving over an illegally parked car in a Soviet-era armoured personnel carrier.
By Andrew Osborn in Moscow
02 Aug 2011
Is a Balanced Budget Amendment a Good Idea? By SIMON JOHNSON
Is a Balanced Budget Amendment a Good Idea?
By SIMON JOHNSONShadow currencies head for bigger future
Shadow currencies head for bigger future The conventional wisdom that the haven Swiss franc outperforms during times of risk aversion, while the Australian and Canadian dollars appreciate when risk-seeking investors shift into commodities, has become undone this year as all three currencies have surged against the US dollar and the euro.
Instead, the Swiss franc, Canadian and Australian dollars are being increasingly traded in the foreign exchange markets as they represent an alternative group of ‘shadow currencies’ for investors wishing to take directional views on the world’s three leading economies: America, China and Germany.
http://link.ft.com/r/IOCBMM/
Instead, the Swiss franc, Canadian and Australian dollars are being increasingly traded in the foreign exchange markets as they represent an alternative group of ‘shadow currencies’ for investors wishing to take directional views on the world’s three leading economies: America, China and Germany.
http://link.ft.com/r/IOCBMM/
Debt deal darkens fragile US economic outlook
| Debt deal darkens fragile US economic outlook |
| I usually refrain from grading economic policy outcomes. Having spent fifteen years at the International Monetary Fund, I am sensitive to the limited flexibility that policymakers have in practice, as well as the inherent uncertainties about policy counterfactuals. This time is different. Those responsible for America’s multi-month debt ceiling debacle deserve, at best, an “incomplete”. They could even merit a “fail” grade if both the process and outcome inflict the type of damage to America and the global system that I suspect they will. http://link.ft.com/r/WDI4RR/ |
Eugene Robinson on What the Debt Deal Means for Progressives
Eugene Robinson on What the Debt Deal Means for Progressives
"A Retreat, Not a Rout" -- It's supremely galling. It's unbalanced, unfair and mostly unwise. For President Obama and the Democratic Party, it's a comprehensive defeat. But it's not the end of the world.
http://www.truthdig.com/
"A Retreat, Not a Rout" -- It's supremely galling. It's unbalanced, unfair and mostly unwise. For President Obama and the Democratic Party, it's a comprehensive defeat. But it's not the end of the world.
http://www.truthdig.com/
William Pfaff on the Debt Debate: An International Perspective
William Pfaff on the Debt Debate: An International Perspective
"The World Has Been Watching" -- Few Americans know, or much care, about the opinions foreigners hold of the United States. This was displayed during the ignorant and solipsistic debate over when or whether the United States will pay its debts.
http://www.truthdig.com/
"The World Has Been Watching" -- Few Americans know, or much care, about the opinions foreigners hold of the United States. This was displayed during the ignorant and solipsistic debate over when or whether the United States will pay its debts.
http://www.truthdig.com/
Amy Goodman on the Debt Ceiling's Connection to War
Amy Goodman on the Debt Ceiling's Connection to War
"War, Debt and the President" -- The history of the U.S. national debt is inexorably tied to its many wars. The resolution this week of the so-called debt ceiling crisis is no different.
http://www.truthdig.com/
"War, Debt and the President" -- The history of the U.S. national debt is inexorably tied to its many wars. The resolution this week of the so-called debt ceiling crisis is no different.
http://www.truthdig.com/
Robert Scheer on Obama's Debt-Ceiling Surrender
Robert Scheer on Obama's Debt-Ceiling Surrender
"The Recovery Is Dead, Long Live the Recovery" -- The die has been cast. Obama's deal to raise the debt ceiling is a disaster in the making.
http://www.truthdig.com/
"The Recovery Is Dead, Long Live the Recovery" -- The die has been cast. Obama's deal to raise the debt ceiling is a disaster in the making.
http://www.truthdig.com/
World Politics Review Media Roundup :03 Aug 2011
Media Roundup: 03 Aug 2011
China Calls on U.S. to Manage Its Debt 'Responsibly' From Now On
By: Tania Branigan | The GuardianThe governor of China's central bank has urged the US to take "responsible" measures to deal with its debt issues, warning that uncertainty could damage global growth, in the country's first official response to the bill.
For Italy, Political Farce Could Descend Into Financial Tragedy
By: RACHEL DONADIO | The New York TimesItaly's financial position is deteriorating at the same time that its politicians are mired in a host of judicial investigations and lurid rumors.
Bedridden Mubarak Appears in Court
By: Ernesto Londono and Leila Fadel | The Washington PostThe ousted Egyptian president, bedridden and looking sickly, is wheeled into the cage of a Cairo courtroom to be put on trial. The former autocrat's appearance gripped millions of Egyptians awestruck by the reversal of fortune of a man who ruled the Arab world's most populous nation for three decades.
More News
- U.S. Seeks Pressure on Syria, But Options Are Few
By: STEVEN LEE MYERS and NEIL MacFARQUHAR | The New York Times
- Escaping From Somalia's Famine Into a Perilous Refuge
By: Samuel Loewenberg | Time
- Iraq, U.S. to Discuss Extended Stay for Troops
By: Ned Parker and Raheem Salman | Los Angeles Times
- More Kurdish Politicians Face Separatism Charges
The Associated Press
- Oil Tensions Rise in South China Sea
By: PATRICK BARTA AND CRIS LARANO | The Wall Street Journal
- For India's Prime Minister, Corruption Refuses to Stay 'at Arm's Length'
By: Simon Denyer | The Washington Post
- Analysis: Honeymoon Over, Yingluck Treads Political Tightrope
By: Martin Petty | Reuters
- Brazil Moves to Boost Local Goods
By: PAULO PRADA | The Wall Street Journal
- New Setback for Haiti's Pop Star Turned President
By: Joseph Guyler-Delva | Reuters
- UK Government Drops Website Blocking
BBC
- France Confirms It Will Extradite Panama's Noriega
Agence France-Presse
- U.S. Embassy Bombing a Plausible Escalation for Russia in Georgia
By: Michael Cecire | World Politics Review
- South Korean Red Cross Offers Flood Aid to North
Voice of America
- Latest Word From Yemen's Ill President Doesn't Allay Tensions
By: Adam Baron | McClatchy Newspapers
- Arab Spring Haunts Flexible King
By: Abderrahim El Ouali | Inter Press Service
- Cubans Set for Big Change: Right to Buy Homes
By: DAMIEN CAVE | The New York Times
- Mexico Says Its Arrests Weaken Top Crime Gangs
By: Tim Johnson | McClatchy Newspapers
- Independent Women Lead Social Change in Japan
By: Christopher Johnson | The Washington Times
Levin and McCain: We have no idea how much debt deal cuts defense
Levin and McCain: We have no idea how much debt deal cuts defense
Posted: 02 Aug 2011 -
The two heads of the Senate Armed Services Committee told The Cable today that even they have no idea how much the debt ceiling deal will cut from national defense, because the specifics of the cuts are still unknown.
Libya: Uneasy seat of power
Libya: Uneasy seat of power As strains emerge among the rebels, the revolt's progress is under increasingly close scrutiny from its western backers, as well as protesters and autocrats across the region, write Michael Peel and Simeon Kerr
http://link.ft.com/r/R5WAEE/
http://link.ft.com/r/R5WAEE/
Tuesday, August 2, 2011
The Obama Downgrade, Alphabetically
The Obama Downgrade, Alphabetically
http://online.wsj.com/article/Truth Emerges About IED Carnage
Truth Emerges About IED Carnage
http://original.antiwar.com/
http://original.antiwar.com/
The end of Big Oil?
The end of Big Oil?
How the break-up of ConocoPhillips could lead to similar moves by oil conglomerates like BP and Exxon Mobil, forever changing the energy landscape.
Isn't It Time to Lower America's War Ceiling?
Isn't It Time to Lower America's War Ceiling?
Tom Engelhardt, TomDispatch: "One American world, one Washington, is devouring the other. Think of this as the half-hidden psychodrama of this American moment. Put another way, for months Americans have been focused on raising that debt ceiling, as onscreen countdown clocks ticked away to disaster. In the process, few have asked the obvious question: Isn't it time to lower America's war ceiling?"
Read the Article
Tom Engelhardt, TomDispatch: "One American world, one Washington, is devouring the other. Think of this as the half-hidden psychodrama of this American moment. Put another way, for months Americans have been focused on raising that debt ceiling, as onscreen countdown clocks ticked away to disaster. In the process, few have asked the obvious question: Isn't it time to lower America's war ceiling?"
Read the Article
World Politics Review Media Roundup; 02 aUG 2011
Media Roundup: 02 Aug 2011
Cuba Approves Economic Reform Plan
By: Agencies | Al JazeeraThe Cuban National Assembly has approved Communist Party proposals to overhaul the country's state-dominated economy and lift some restrictions on citizens' personal lives, according to state-run media.
U.S. Says Iran-Backed Militia Attacks Down in Iraq
Agence France-PresseThere has been a significant decline in attacks carried out by Iran-backed Shiite militias in Iraq in recent weeks, after June saw the highest US death toll in two years, the top US officer said on Tuesday.
Nigerian Government Broaches Idea of Dialogue With Islamist Boko Haram
By: Alex Thurston | The Christian Science MonitorForce has not quelled Nigeria's Islamist group Boko Haram, which has claimed responsibility for many terror attacks in the north. Now Nigeria's government is offering talks.
More News
- Somalis Starve as Insurgents Block Escape
By: JEFFREY GETTLEMAN | The New York Times
- Syria Regime Launches New Attacks on Hama, Other Restive Cities
By: Roula Hajjar and Borzou Daragahi | Los Angeles Times
- Chinese Police Shoot Two Dead Over Suspected Terror Attacks
By: Tania Branigan and Agencies | The Guardian
- Japan Wary of Rise in China's Maritime Activities
By: Kiyoshi Takenaka | Reuters
- Jordan: Ripe for Reform, Slow to Change
By: Cam McGrath | Inter Press Service
- Egyptian Army Empties Tahrir Square
By: Kristen Chick | The Christian Science Monitor
- Russia: Over 100 Opposition Protesters Held
The Moscow Times
- Putin Calls U.S. a 'Parasite'
By: RICHARD BOUDREAUX | The Wall Street Journal
- Bomb Blast Kills 1, Wounds 9 in Philippines
The Associated Press
- Western Allies Move Cautiously on Libyan Assets
By: Paul Richter | Los Angeles Times
- Libyan Rebel Commander's Death Puzzling
By: Ashish Kumar Sen | The Washington Times
- Venezuela's Hugo Chavez Appears With Close-Shaved Head
BBC
- Analysis: Spain Elections a Stumbling Block for Reform Drive
By: Paul Day | Reuters
- After Military Resignations, How Emboldened is Turkey's Erdogan?
By: Yigal Schleifer | World Politics Review
- Turks Question Power of Prime Minister
By: ANTHONY SHADID | The New York Times
- GRU Responsible for Bomb Incident at US Embassy in Tbilisi
By: Vladimir Socor | Eurasia Daily Monitor
- Feds Seize Drug Sub Off Coast of Honduras
By: Jay Weaver | Miami Herald
Debt ceiling deal accomplishes little
Debt ceiling deal accomplishes little
For all the drama, the compromise achieves little in the short term and only delays what most see as the country's key financial decision: whether to raise taxes or reduce Medicare.
Stock markets reverse early gains after bleak US manufacturing data
Stock markets reverse early gains after bleak US manufacturing data
Slowdown in US manufacturing output sent stock markets into a tailspin wiping out gains from relief over debt deal in Washington
A Poor Deal For U.S. Economy
A Poor Deal For U.S. Economy
August 1, 2011| Author: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
|---|
Top of the Agenda: House Passes Debt Plan; Senate Votes Today from the CFR
Top of the Agenda: House Passes Debt Plan; Senate Votes Today The U.S. House of Representatives passed legislation Monday night to raise the nation's $14.3 trillion debt ceiling by $2.4 trillion (WSJ) in three steps. The Senate is expected to pass the bill today, after which President Barack Obama will sign it into law, narrowly meeting a deadline that could have seen the United States default on its financial obligations for the first time in history. If enacted, the plan will create a bipartisan congressional committee (NYT) to make recommendations on cutting the deficit--through spending cuts and a possible revision of the tax code--by at least $2.1 trillion over ten years. Global markets and international leaders initially responded positively (DeutscheWelle) to news of the deal, with French Finance Minister Francois Baroin saying the move would "reinforce global growth." But stock markets dropped by the end of Monday as international investors responded to weak U.S. manufacturing figures for June and continued speculation that the United States may lose its AAA credit rating (Guardian), despite an agreement on the debt ceiling. Analysis: A tentative agreement on raising the debt ceiling falls far short of the deep reforms needed to improve U.S. spending patterns and the country's global standing, writes CFR's Sebastian Mallaby. Whatever the outcome of the debt ceiling debate, many analysts expect a downgrade in the U.S. debt rating because of doubts about deficit-reduction plans. The fallout could include higher borrowing costs, a weaker dollar, and market turbulence. A U.S. downgrade is justified, and rating agencies are likely to make good on their threat, write Carmen Reinhart and Vincent Reinhart in this Financial Times op-ed. |
New Report Places a Spotlight on America's Energy Choices
New Report Places a Spotlight on America's Energy Choices
American Security Project publishes a detailed report analyzing the current and potential sources of energy America can use to power the nation and also highlights why there must be an "energy mix"
PR Newswire
WASHINGTON, Aug. 2, 2011
WASHINGTON, Aug. 2, 2011 /PRNewswire/ -- Today the American Security Project released a new white paper titled "America's Energy Choices," a report that outlines the various energy options the U.S. has to power its economy and to meet 21st energy challenges. The report details 10 different energy options which are considered within the context of the following concerns: 1) energy security, 2) economic stability, and 3) environmental sustainability.
BGen Steve A. Cheney , CEO of the American Security Project (ASP), said: "Demand for electricity in America continues to increase year after year, yet our power plants are aging. Our energy consumption habits are requiring us to do business with politically and socially unstable countries. We need to reset our energy priorities, now."
BGen Cheney added: " Right here in America we have a wealth of energy options — sources of energy that do, and will continue to, fuel our economy and meet our energy demands. We have to invest in these energy sources and utilize them where they make the most sense. We hope that our elected officials deliberate on conclusions set forth within this report."
According to the "America's Energy Choices" report, the U.S. has three broad categories of energy to choose from which includes: fossil fuels, nuclear energy, and renewable power. The report also shows that, within each of the aforementioned categories, there are positive and negative aspects to their consumption and production. Read the full report here, and participate in a supplemental energy poll here.
Andrew Holland , Senior Fellow for Energy and Climate at ASP and author of the report, stated: "America needs more energy of all sorts, but especially electricity. By 2035, U.S. electricity demand will increase by 30%. The aim of this paper is to lay out the choices that America's leaders need to make in order to meet this need. It does not to pick winners and losers. Instead, it presents a matrix of policy choices for the government, utilities, and the private sector to consider."
Mr. Holland went on to say: "The challenges America and its leaders face on how we use energy are significant. They include climate change, rising prices, increasing global demand, declining infrastructure, and pollution. We have to make choices on what energy mix we need in the future – America's current energy mix is geopolitically, environmentally, and economically unsustainable."
About the American Security Project: The American Security Project is a non-profit, bipartisan public policy and research organization dedicated to fostering knowledge and understanding of a range of national security issues, promoting debate about the appropriate use of American power, and cultivating strategic responses to 21st century challenges. For more information, visit www.americansecurityproject.org .
SOURCE American Security Project
CONTACT: Paul Hamill, +1-202-347-8999, Press@americansecurityproject.org Web Site: http://www.americansecurityproject.org
Economic establishment to blame for financial crisis
Economic establishment to blame for financial crisis It has been said that the only purpose of economic forecasts is to make astrology look respectable. This may be a bit harsh, but the precision and significance attributed to the latest UK gross domestic product data is absurd.
http://link.ft.com/r/CTBPCC/
http://link.ft.com/r/CTBPCC/
The myth of Obama's "blunders" and "weakness"
The myth of Obama's "blunders" and "weakness"
Tom Ferguson on the Debt Deal: Debt Ceiling Deal All Cuts No Taxes - 08/01/2011 - Yves Smith
http://www.nakedcapitalism.com/2011/08/tom-ferguson-on-the-debt-deal-debt-ceiling-deal-all-cuts-no-taxes.html
View: Debt-Ceiling Deal is an Alarming Bipartisan Mess
View: Debt-Ceiling Deal is an Alarming Bipartisan Mess
By the Editors Aug 1, 2011
http://www.bloomberg.com/news/
Deal or no deal, a US downgrade is deserved
US: Obstacles to progress
US: Obstacles to progress As Barack Obama's push for a growth-boosting infrastructure boom becomes bogged down in political divisions over federal spending, a stalling recovery makes action increasingly urgent, writes Anna Fifield
http://link.ft.com/r/6NPSBB/
http://link.ft.com/r/6NPSBB/
HSBC axes 30,000 jobs in cost-cutting drive
HSBC axes 30,000 jobs in cost-cutting drive
London (AFP) Aug 1, 2011 - HSBC will slash 30,000 jobs worldwide over the next two years as it looks to slash costs, the global banking giant announced Monday after also unveiling bumper profits. Europe's biggest lender said in a statement that it was cutting 5,000 workers in Latin America, the United States, Britain, France and the Middle East while new boss Stuart Gulliver revealed that the cost-cutting plans would ... more
London (AFP) Aug 1, 2011 - HSBC will slash 30,000 jobs worldwide over the next two years as it looks to slash costs, the global banking giant announced Monday after also unveiling bumper profits. Europe's biggest lender said in a statement that it was cutting 5,000 workers in Latin America, the United States, Britain, France and the Middle East while new boss Stuart Gulliver revealed that the cost-cutting plans would ... more
US, Vietnam start first military relationship
US, Vietnam start first military relationship
Washington (AFP) Aug 1, 2011 - The United States and Vietnam on Monday opened their first formal military relationship since their war, another sign of growing cooperation amid high tensions between Hanoi and China. The US and Vietnamese militaries signed an agreement in Hanoi setting up cooperation in health, setting the stage for exchanges and research collaboration in military medicine, a US Navy statement said. Th ... more
Washington (AFP) Aug 1, 2011 - The United States and Vietnam on Monday opened their first formal military relationship since their war, another sign of growing cooperation amid high tensions between Hanoi and China. The US and Vietnamese militaries signed an agreement in Hanoi setting up cooperation in health, setting the stage for exchanges and research collaboration in military medicine, a US Navy statement said. Th ... more
Monday, August 1, 2011
Fears rise as global output stalls
S&P under pressure over US credit rating
More fiscal warfare on the horizon
Global Aftershocks of a U.S. Debt Default
Global Aftershocks of a U.S. Debt Default
While a temporary default is not likely to fundamentally alter the global economic dynamic, the U.S. budget imbalance and uncertainties over whether Washington will address that imbalance are major contributors to international tensions.
The Battle of Dubai: The United Arab Emirates and the U.S.-Iran Cold War
The Battle of Dubai: The United Arab Emirates and the U.S.-Iran Cold War
If the United States and the United Arab Emirates seek to move beyond sanctions and military containment to address the deeper roots of the Iranian threat, they may find they have differing long-term interests.
Ron Paul's Statement On The Budget Control Act And On "Super Congress"
Ron Paul's Statement On The Budget Control Act And On "Super Congress"
Not one but two letters today (link to prior here) from a very digusted Ron Paul, in which he once again dissects the complete farce that is the "spending" cut bill (if by spending one means slightly lowering the angle of attack on future government expenditures well over and above the revenue slope) and also adds his thoughts on the farce that is the "Super Congress."
read more
read more
Saudi budget to need over $100 oil price
Saudi budget to need over $100 oil price
Prices must average $321 in 2030 to achieve budget balance
By
Published Sunday, July 31, 2011- http://www.emirates247.com/- Nadim Kawach
Guest Post: Defense Buck Does Not Stop with This Debt Deal by Winslow Wheeler
There are numerous misleading and misinformed assertions being made about the defense spending parts of the debt deal.
The White House's "fact sheet" asserts a $350 billion savings in the "base defense budget." The $350 billion in defense savings that the White House declares apparently uses a different "baseline" (basis of comparison) and pretends that a two year cap the bill establishes on "security" spending will extend to ten years. Most misleading of all, it assumes that all savings in the "security" category (which includes DOD, DOE/nuclear weapons, all State Department related spending, Veterans Affairs, and Homeland Security) will occur only in DOD spending. In fact, the "security" category was designed to broaden the base for "defense" cuts and to lessen the impact on DOD. The undocumented $350 billion in "security" savings will actually translate into lesser reductions in DOD spending, but the amount is unknown. The actual amount will be decided by Congress in the future.
Others have found $500 billion -- or even $600 billion -- in defense budget reductions, if the new bill's sequestration procedures are implemented. The bill is specifically designed for that not to happen -- even if betting on inaction from this Congress appears a safe bet.
If the sequestration process is started by the failure of the new joint congressional committee to achieve targeted savings, the reductions would occur in the quite different National Defense category (DOD, DOE/Nuclear Weapons, and defense related cats and dogs in other agencies). They could be $500 billion, but, remember, this sequestration process is specifically designed to be as unattractive to Capitol Hill as possible. While gridlock in Congress is surely a good bet, it is also likely that the joint congressional committee to be established will recommend a selection of cuts that do not hit DOD as hard. In other words, the amount above and beyond the unknown DOD cuts in the "security" category are also unknown if the new joint committee does its job.
There will be reductions under this debt deal to the level of spending that President Obama has in his pre-existing ten year DOD budget plan, but the actual figure is also masked by the fact that the debt deal is compared to a ten year CBO "baseline" (2011 spending levels adjusted according to arcane rules and inflated by a highly unreliable projection of long term future inflation).
There will not be $850 billion in reduction in the Pentagon budget as a result of this debt deal. The actual amount is unknown. The actual amount will be determined by this and future Congresses; while the political winds now favoring the Pentagon relative to other forms of discretionary spending may change, the most likely alterations to DOD spending appear today to be significantly less than the much touted $850 billion.
The debt deal kicks the defense budget can down the road for this and future Congresses. People should not read precision and certainty into a political deal specifically designed to be uncertain and indistinct.
_____________________________
Winslow T. Wheeler
Director
Straus Military Reform Project
Center for Defense Information
301 791-2397
Winslow T. Wheeler
Director
Straus Military Reform Project
Center for Defense Information
301 791-2397
Afghanistan, the Taliban, and the US deficit
Afghanistan, the Taliban, and the US deficit
A series of Taliban assaults left at least 22 people dead in southern Afghanistan today, a reminder that as Congress looks for spending cuts, the US remains far from a 'mission accomplished' moment.
Libya years away from oil recovery
Libya years away from oil recovery Libyan oil production will take years, not months, to return to full capacity once a political solution to the conflict is found, according to Barclays Capital. “The reincorporation of Libyan oil into the world market increasingly seems a distant possibility” according to the study, which warns of a lasting political vacuum after the potential fall of the Gaddafi regime. Libya is Africa’s third largest oil-producer but in the five months since the civil war, crude production has dropped from 1.6 million barrels per day to less than 100,000 b/d. Domestic consumption is estimated at 270,000 b/d, but over 85% of …
http://link.ft.com/r/BLH300/
http://link.ft.com/r/BLH300/
President and Tea Party win big, the national interest be damned
Outside View
President and Tea Party win big, the national interest be damned
Read more: http://www.upi.com/Top_News/Analysis/Outside-View/2011/08/01/Outside-View-President-and-Tea-Party-win-big-the-national-interest-be-damned/UPI-27651312195054/#ixzz1Tmyv7YdY
Top of the Agenda: Obama and Congress Agree to Debt Deal from the CFR
Top of the Agenda: Obama and Congress Agree to Debt Deal
U.S. President Barack Obama and Republican and Democratic congressional leaders agreed on a plan to raise the United States' $14.3 trillion debt ceiling (WSJ) just ahead of a crucial August 2 deadline that could have seen the nation default on its debt obligations.
The deal, which will be voted on by the House and the Senate today, would raise the debt limit by $2.4 trillion in two stages, while committing to equal spending cuts over ten years. If approved, the deal will establish a new congressional committee to recommend a long-term deficit reduction (NYT) package by Thanksgiving.
Global investors responded positively to the news, boosting U.S. stocks (Reuters) and selling off safe-haven assets. But many investors still fear that the deal does not go far enough to shield the country from a credit rating downgrade that could see it lose its long-held AAA status. The agreement includes only around $1 trillion (Politico) in spending cuts upfront, far short of the $4 trillion encouraged by Standard and Poor's. While less severe than a default, a credit downgrade would have significant repercussions for the U.S. and global economies.
Analysis:
Regardless of the debate over the debt ceiling, many analysts expect a downgrade in the U.S. debt rating because of doubts about a comprehensive deficit-reduction plan. The fallout could include higher borrowing costs, a weaker dollar, and market turbulence, says this CFR Analysis Brief.
Raising the debt ceiling without a credible deficit-cutting agreement still poses real risks of imminent, damaging market turmoil, says this analysis by the Center for Geoeconomic Studies.
The debt deal would avert a catastrophic government default immediately and probably through the end of 2012. The rest of it is a nearly complete capitulation to the hostage-taking demands of Republican extremists, says this New York Times editorial.
The big picture is that the deal is a victory for the cause of smaller government, arguably the biggest since welfare reform in 1996, says this Wall Street Journal editorial.
World Politics Review Media Roundup: 01 Aug 2011
Media Roundup: 01 Aug 2011
Syrians Strike Restive Cities in Fierce Raids
By: NADA BAKRI and ANTHONY SHADID | The New York TimesSyrian military and security forces assaulted Hama and other restive cities before dawn on Sunday, killing at least 70 people in the broadest and fiercest crackdown yet by the government of President Bashar al-Assad on the four-month uprising against his rule, activists and residents said.
Violence Continues in Pakistan's Karachi; 200 Killed in July
By: Faisal Aziz | ReutersDeadly civil strife continued on Monday from the weekend in Pakistan's commercial hub of Karachi despite efforts by officials to quell the violence in the city that is home to the country's main port, stock exchange and central bank.
Prime Minister's Push Reshapes Turkey
By: MARC CHAMPION | The Wall Street JournalTurkey's military and government will meet in the wake of the resignations of the armed forces' top commanders, part of a new era in Turkey in which a civilian leader--Prime Minister Erdogan--is in complete control.
More News
- Afghanistan Car Bombing Kills as Many as 13
By: Laura King | Los Angeles Times
- China Muscling U.S. Aside in Thailand
By: Richard S. Ehrlich | The Washington Times
- Libya Rebels Making Steady Progress in Western Mountains
By: William Booth | The Washington Post
- Troubled Gun Sting Renews Suspicions of U.S. Role in Mexico's Violence
By: Tim Johnson | McClatchy Newspapers
- Iraq Boosts Purchase of U.S. Jets, But No Decision on Troops
By: Jane Arraf | The Christian Science Monitor
- North Korea 'Keen' for Six-Party Nuclear Talks
BBC
- Islamic Force Rises in Tunisia
By: Giuliana Sgrena | Inter Press Service
- Norway PM to Politicians: Think Before You Speak
By: KARL RITTER | The Associated Press
- Buenos Aires Mayor Macri Wins Re-Election in Blow to President Fernandez
By: Eliana Raszewski | Bloomberg News
- Emergency Aid Flights Brave War-Torn Somalia
Agence France-Presse
- Chronicle of a Famine Foretold
The Economist
- Vietnam, India Boost Naval Ties to Counter China
By: Saurav Jha | World Politics Review
- In World's Eyes, Much Damage Is Already Done
By: DAVID E. SANGER | The New York Times
- U.S. Hikers Expect Iran Verdict Soon
By: Ramin Mostaghim | Los Angeles Times
- Violence Surges in Muslim Region of China
By: JEREMY PAGE | The Wall Street Journal
- India's New Internet Rules Criticized
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