|
|
 |
|
Bernanke running out of ammo
US Federal Reserve chairman Ben Bernanke's belated interest-rate cut uses up
valuable ammunition in an attempt to keep the financial system afloat a little
longer. The question now is whether the government can hold back from
nationalizing a bank such as Citigroup before the presidential election. - Julian
Delasantellis (Oct 9, '08)
|
|
Milk scandal sours China's 'soft power'
China's export of tainted milk products - which has come on the heels of other
contaminated or dangerous products - has severely damaged the goodwill and
"soft power" that Beijing has tried to gain through multi-billion dollar
"prestige-engineering projects". Worse, it has exposed an outdated,
non-transparent political structure. - Willy Lam
(Oct 9, '08)
China lost in SE Asian space
Although ahead in the Asian space race, China's satellite communications
industry is lagging far behind the US and Europe in key market Southeast Asia.
China's satellites are cheap but unproven and the industry remains too close to
the government, leaving Southeast Asian nations loathe to rely on such a
powerful neighbor for the sensitive technology. - Peter J Brown
(Oct 9, '08)
Uyghurs stuck in Guantanamo limbo
The White House has blocked a US Federal Court order to release 17 Chinese
Muslims held at Guantanamo Bay, claiming that freeing "war on terror" prisoners
onto US soil could set a dangerous precedent. A day after learning they would
be freed, the detention of the Uyghurs, held without charges since 2001, is
once again "indefinite". (Oct 9, '08)
THE ROVING EYE
Wall Street: A new Iraq War
The Wall Street US$810 billion - and counting - bailout is being interpreted by
millions of angry Americans as no less than a class struggle weapon of mass
destruction. It may cost US taxpayers over $2 trillion after real interest
payments are added. Whoever is elected will inherit this toxic mess - which
includes the biggest fiscal and foreign deficits in US history and no control
of monetary policy. Yes, this bailout is a second Iraq war. - Pepe
Escobar (Oct 9, '08)
SPEAKING FREELY
Making a mockery of jihad
Terrorist groups have given the false impression that jihad means war, and is
somehow central to Koranic teaching. In fact, of the 41 times the word "jihad"
occurs in the Koran not a single verse uses it in the sense of war. The true
meaning of jihad is to spread goodness and contain evil. As the Prophet said,
"The ink of a scholar is superior to the blood of the martyr." - Asghar Ali
Engineer (Oct 9, '08)
Oil,
war, lies and 'bulls**t'
Claims that oil was a cause of the US invasion and continued military presence
in Iraq arise from a profound failure to understand oil's underlying pricing
mechanism and distracts from a proper insight into the goals of the George W
Bush administration. - Cyrus Bina (Oct 8, '08)
THE MOGAMBO GURU
The Russians get on message
The impossibility of the US ever paying off its vast debt obligations and the
prospect of a continually devalued US dollar have the Russians wondering just
how to bill others for their gas and oil sales. The logic of gold shines
through. (Oct 8, '08)
'Play or no pay' warning for
Pakistan
The United States needs to rethink its entire approach to Pakistan, recommends
a bipartisan report whose authors include those with links to both US
presidential candidates. Washington has provided about US$11 billion in aid to
Pakistan since 2001, and this "era of the blank check is over", the report
suggests, given Islamabad's patchy record in the struggle against the Taliban
and al-Qaeda. - Jim Lobe (Oct 8, '08)
US, Pakistan torn apart over terror
The "war on terror" in South Asia consists primarily of two battles, the first
waged by United States-led forces against the Taliban inside Afghanistan and
the second by the Pakistani military against militants in its tribal areas.
Until these struggles are better coordinated, ties between Washington and
Islamabad can only get worse. - Tariq Mahmud Ashraf (Oct
8, '08)
S&P turns screw on Pakistan
The Pakistani economy, already beset on all sides as the country is riven by
violence and runaway inflation, took another dent this week with a further
downgrade of its foreign-currency rating. The government is now going
cap-in-hand to international agencies and Gulf neighbors to keep going. - R M
Cutler (Oct 8, '08)
|
Taliban wake-up call for India
For the bulk of the Indian strategic community, the unthinkable is happening -
there is the prospect of an Afghan settlement involving the Taliban. The ground
is dramatically shifting in the neighborhood and Delhi can no longer afford to
entirely conflate the Taliban movement with al-Qaeda. - M K Bhadrakumar
(Oct 8, '08)
SPEAKING FREELY
A new dawn for Iran
The irreversible decline of the US dollar-based global financial system
highlights the need for a currency based on the intrinsic energy value of
carbon-based fuels. Iran, protected from the "Anglo disease" by the very
sanctions aimed at damaging it, is placed to lead the way. - Chris Cook
(Oct 8, '08)
China's
interest targeted on harmony
The Chinese central bank, confronted with falling though still enviable
economic growth, is expected to follow others in the region by cutting interest
rates. A liquidity crisis is not its problem. Keeping factories busy and
workers in line is its priority. One measure already taken to boost domestic
consumption is expansion of a pilot scheme to give financial
subsidies for farmers to buy home appliances. - Leanne Wang
(Oct 8, '08)
NATO split over Baltic defense
A serious rift is developing in the North Atlantic Treaty Organization over
contingency plans for Baltic states feeling exposed to a rising "Russian
threat". European allies fear the maneuver could provoke open confrontation,
while the United States wants to avoid another embarrassing strategic loss.
(Oct 8, '08)
The
fatal flaw in Afghan peace moves
While the parties involved are playing coy, it is beyond doubt that
Saudi Arabia-brokered Afghan peace talks have begun. Using a mix of the godly
and the worldly, which is useful for finessing a movement like the Taliban that
crisscrosses religion and politics, the United States aims to keep the process
within a tiny, exclusive circle of friends and allies. This means no role for
Iran and Russia. It also means failure. - M K Bhadrakumar
(Oct 7, '08)
Look who came to dinner ...
Former Taliban foreign minister Wakeel Ahmed Muttawakil was one of the special
guests at a dinner hosted by King Abdullah of Saudi Arabia at which a peace
process with the Taliban is said to have been discussed. Muttawakil tells Syed
Saleem Shahzad of the good relations the Taliban once enjoyed with the
Saudis, but won't be drawn further. If previous Saudi efforts are a guide, a
Muslim peacekeeping force for Afghanistan is on the menu.
(Oct 7, '08)
Syria plays hardball with the
Saudis
Saudi Arabia's refusal to denounce the deadly September 27 attack in Syria has
enflamed relations between Damascus and Riyadh. The Syrians believe the Saudis,
furious over defeat in Beirut and Syria's diplomatic successes, are now
financing radicals in Lebanon to strike at both Hezbollah and Syria - a move
that could set the region ablaze. - Sami Moubayed
(Oct 7, '08)
Thai government takes a tougher
tack
Thai police fired teargas at anti-government protestors on Tuesday, injuring
dozens who had moved to occupy parliament and lock out lawmakers. The violent
crackdown has led to the resignation of the deputy prime minister and a public
expression of concern by the Thai queen. A royally endorsed government may
be the only way out of the escalating crisis. - Shawn W Crispin
(Oct 7, '08)
 SUN
WUKONG
China takes stock in crisis
China's refusal to allow full convertability of its currency has left its
economy relatively isolated from the financial crisis sweeping the world. But
exporters will suffer, and market reforms that have been underway for three
decades are likely to proceed at an even more cautious pace. - Wu Zhong
(Oct 7, '08)
Tata
at a fork in the road
Ratan Tata is the philanthropic power house and septuagenarian driving force
behind the award-winning Nano "people's car". How he emerges from the forced
dismantling of Tata Motors' West Bengal Nano autoplant and other recent
corporate setbacks may reveal how well he is attuned to modern India. - Raja
Murthy (Oct 7, '08)
 SPENGLER
Hockey moms
and capital markets
Alaska governor and vice presidential candidate Sarah Palin, derided outside
the United States as a mere country bumpkin unfit for higher office,
personifies why Asian investors continue to pour money into the US, even as its
financial sector nears breakdown. (Oct 6, '08)
 CHAN
AKYA
Dismal math
Simple math helps to debunk the mumbo-jumbo carelessly thrown around by central
banks and the media with respect to the present financial crisis. The exercise
proves among other things that the US Treasury will certainly buy assets above
fair value, while European efforts to save their banking systems are doomed.
(Oct 3, '08)
In
life, or death, Baitullah's fight endures
Reports of the death of Pakistani Taliban leader Baitullah Mehsud may be
premature, but they do raise the issue of how his demise will affect the
struggle he has championed against foreign forces in Afghanistan and Pakistani
troops in the tribal areas. If history is any indication, another leader will
quickly emerge to replace the man described as "more dangerous than Osama bin
Laden", and the battle will go even more global. - Syed Saleem Shahzad
(Oct 2, '08)
 ASIA
HAND
SE Asian memo to Wall Street
Southeast Asia is no disinterested bystander as US politicians and bankers slug
out details of Treasury Secretary Henry Paulson's rescue bill. Strong and
bitter memories remain of the bailout terms imposed from the West during the
Asian financial crisis a decade ago, terms now mocked by actions in Wall St and
Washington. - Shawn W Crispin (Oct 2, '08)
Yen a winner from financial woes
The Japanese currency looks set to strengthen further as investors become
increasingly wary of risky investments amid a global economic slowdown. That
means a reduced willingness to take advantage of the country's low interest
rates. - Kosuke Takahashi (Oct 2, '08)
SPENGLER
Truth,
lies and ticker tape
The world will not end if the US Congress refuses to pass a redrawn financial
sector bailout plan. Unfortunately, nor will it be the end of America's
financier caste, which will live to fleece another day. But when you hear that
there is no choice but a bailout, remember: it just ain't so.
(Oct 1, '08)
CHINA'S DOLLAR MILLSTONE
Gold, manipulation and
domination
For China, the world's biggest creditor nation, to allow successful national
development it must cease having its currency a derivative of the US dollar and
stop relying on a US-dollar denominated trade surplus to finance domestic
development. The historic role of gold and its manipulation tells it as much. - Henry
C K Liu (Oct 1, '08)
This is the fourth part of a continuing series.
 Part 1:
Breaking free from dollar hegemony
Part 2:
Developing China with sovereign credit
Part 3:
History of monetary imperialism
|
|
|
China's farmers
can bank on land
The Chinese government is making the breakthrough step of giving its millions
of farmers a right to trade the land they till. That could mean more money in
their pockets and less in bureaucrats' bank accounts. - Verna Yu
Beijing restrains buying urge
The Chinese government, its coffers filled with cash, is being called upon to
throw its weight behind ailing Western financial institutions and engage in
setting new rules for the post-crisis world. So far, though, it prefers to
stand aloof.
Syria reaches out for growth
Syria is pushing through legal, financial and education reforms to pull back
the role of government and create job opportunities for its young population.
European and Chinese partners are keen to help out where Washington-imposed
sanctions keep US companies at bay. - Stephen Starr
CREDIT BUBBLE BULLETIN
The Wall Street bust
The over-indebted US household, corporate and state sectors face a devastating
liquidity crisis amid frozen lending markets, broken securitization markets and
a panic of de-leveraging. It's an absolute debacle, and US policymakers can do
little about it other than try to slow the collapse.
(Oct 6, '08)
Doug Noland looks at the previous week's events each Monday.
THE WEEK AHEAD
|
|
|
[Re 'Play or no pay'
warning for Pakistan, Oct 8] In Pakistan, 'basic education' includes
... the madrassas that preach radical Islam, and recruiting centers for young
cadre for al-Qaeda. In other words the US will unwittingly be supporting the
training centers of Pakistan's terror groups.
Chrysantha Wijeyasingha
Clinton, USA |
| Go
to Letters to the Editor |
On The Edge
... Thai print media are in the pockets of old-line elite
reactionaries who wish to deny the majority a reasonable share of Thailand's
wealth. Yes, I am biased towards the agrarian backbone of Thai society.
Jim the Moron |
|
Go to the readers' forum topic, Thai
Constitution
|
|
ATol Specials
|
 |
|
VIDEO
Taliban's new breed of leader
(May '08) |
|
|
 |
|
The
Gates
Inheritance
By
Roger Morris
(June '07) |
|
Syed Saleem Shahzad reports on
the Afghan war from the Taliban side
(Dec '06)
|
 |
|
How
Hezbollah defeated Israel
By
Mark Perry and
Alastair Crooke
(Oct '06)
|
|
|
 |
|
Mark
Perry and
Alastair Crooke
talk to the 'terrorists'
(Mar '06)
|
|
|
 |
|
China:
The
Impossible
Revolution
By
Francesco Sisci
|
|
 |
|
The Coming
Trade War
By Henry C K Liu
|
|
 |
|
A series
by Henry C K Liu
|
|
 |
|
Sinoroving
Pepe Escobar in China
|
|
 |
|
Money, Power
and
Modern Art
A series by Henry C K Liu
|
|
 |
|
Andre Gunder Frank on Uncle Sam and his
shrinking dollar
|
|
 |
|
By Pepe Escobar with
photographs by Kevin Nortz
|
|
 |
|
Nir Rosen goes inside the Iraqi
resistance
|
|
 |
|
Nir Rosen rides with the US 3rd
Armored Cavalry in western Iraq
|
|
|
|
|
|
|
|
 |
|
|
|
|
|
All material on this
website is copyright and may not be republished in any form without written
permission.
Copyright 1999 - 2008 Asia Times Online
(Holdings), Ltd.
|
Head
Office: Unit B, 16/F, Li Dong Building, No. 9 Li Yuen Street East,
Central, Hong Kong
Thailand Bureau:
11/13 Petchkasem Road,
Hua Hin, Prachuab Kirikhan, Thailand 77110
|
|
|
|
