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Fallon falls: Iran should worry
Admiral William Fallon's resignation as the United States' top commander in the
Middle East removes one of the most outspoken opponents of the George W Bush
administration's hard line on Iran. Defense Secretary Robert Gates immediately
dismissed as "ridiculous" suggestions that Fallon's departure signaled that the
US planned to go to war with Iran, but certainly now "all options" are back on
the table. - Gareth Porter (Mar 12,
'08)
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COMMENT
American Icarus flirted with
fire
The widespread view is that US CENTCOM commander Admiral William "Fox" Fallon
was sacrificed by the George W Bush administration because he disagreed with
its policies on Iran while also saving the US from marauding Chinese. This is
bunk. Fallon fell because he committed a far worse crime for a military veteran
- he talked out of turn. - Mark Perry
(Mar 12, '08)
Seoul marks the dawn of a new era
South Korea's new approach of pragmatism rather than "Sunshine" has begun, with
Seoul challenging Pyongyang on its nuclear foot-dragging and human rights. The
shift comes as the six-party process for getting North Korea to give up its
nuclear program reaches what may be a make-or-break stage. - Donald Kirk
(Mar 12, '08)
Serenading North Korea
Be it South Korean pop stars or the New York Philharmonic Orchestra playing in
North Korea, such feel-good events are just that; they don't change the
dynamics of politics. Just recall the American sportsmen wielding table tennis
bats in Beijing many years ago. - Sung-Yoon Lee
(Mar 12, '08)
While China marches, the US guesses
To the US, there's nothing new about China's continuing military development,
it's the unsaid intentions behind the buildup that are worrying Washington.
Without disclosing its own strategies, Washington wants to know what Beijing is
up to. But obfuscation is an art of war, and the Chinese are masters at it. - Law
Siu-lan (Mar 12, '08)
China puts its trust in Putinism
More than any other capital in the world, Beijing has closely observed the
changing of the guard in the Kremlin. And the Chinese know that with or without
Vladimir Putin, it is only natural for Russia to continue its current policies.
There's therefore still work to be done on the Sino-Russian relationship. -
Yu Bin (Mar 12, '08) |
 KEBABBLE
Just what's bugging the Turks?
After 20 years of research, Turkish techies can now encrypt mobile phones past
the point of outside surveillance. This, they say, will put Turkey at the
forefront of protecting information and privacy. But the era of Ankara's "big
ears", with its widespread wire-tapping trickery and subsequent scandals, is
not necessarily over. - Fazile Zahir (Mar 12,
'08)
THE SHAPE OF US POPULISM,
Part 1
A rich free-market legacy - for
some
The
sight of businessmen such as E Stanley O'Neal of
Merrill Lynch and Citigroup's Chuck Prince
pocketing millions of dollars as they quit
companies losing billions in value sticks in the
throat of those whose money has been lost. Even
some congressmen have figured something is wrong
with such rewards for failure. Fair game, say
others. - Henry C K Liu
(Mar 11, '08)
This is the first part of a four-part series
 CAMPAIGN
OUTSIDER
McCain's supremely
cynical VP option
In the US, presidential candidates' running mate choices are almost always
chosen with a sneer toward the electorate and the putative choice does not
always end up sitting a heartbeat from the presidency. The Republicans can take
it to a new level with their selection this year. (Mar
11, '08)
Muhammad Cohen puts the US presidential campaign into
sharper focus from afar.
Bush family touched by
subprime crisis
The subprime financial crisis, which started with low-skilled workers in the US
struggling to come up with their mortgage payments, has now worked itself
through the country's ranks to lap at the country's elite - including the
family of former president George H W Bush. - F William Engdahl
(Mar 11, '08)
A way to stave off Iran sanctions
Indonesia, by abstaining from the United Nations Security Council vote to
impose a third round of sanctions on Iran over its nuclear program, showed up
many of its fellow travelers in the Non-Aligned Movement. With their two-thirds
majority at the UN, NAM states, given the political will, have the power to
influence this major international crisis by pre-empting further UN action
against Tehran. - Kaveh L Afrasiabi
(Mar 11, '08)
COMMENT
Big bang or chaos: What's Israel
up to?
Whether Israel's military logic revolved around the "chaos theory" or the "big
bang", its iron-fist intervention in Gaza was neither to send a message to the
Israeli public nor to "commit genocide". Rather, Israel's plans are regional,
with Gaza being a testing ground. - Ramzy Baroud
(Mar 11, '08)
Musharraf faces bench's fury
The alliance that plans to form Pakistan's new government has made it clear it
will reinstate all 63 senior judges sacked for refusing to recognize an
emergency order introduced by President Pervez Musharraf last year. Then
Musharraf will be asked to step down, and if he refuses, impeachment
proceedings will be started. (Mar 11, '08)
 SUN
WUKONG
Guangdong looks
for delta embrace
A rising star of China's Communist Party is looking to create a unified trade
zone incorporating Hong Kong, Macau and Guangdong province, a move that would
help his own ascendancy while giving a boost to the Pearl Delta region, where
industry is being eroded by rising costs. - Wu Zhong
(Mar 11, '08)
Why Boeing lost the $40bn tanker
deal
Boeing is still smarting after losing out on a US$40 billion US government
contract to build a new aerial refueling tanker jet, believing it had a more
cost-effective product. But that's not the point. The tankers are not just big
flying bladders of fuel. They are a critical component of the George W Bush and
neo-conservative foreign policy of being able to bomb any country, any time.
Crucially, then, the winning design by Northrup-Grumman and the European EADS
aerospace consortium has a fuel cargo capacity almost 25% greater than
Boeing's. - Julian Delasantellis (Mar 10,
'08)
Iran shifts focus fully on Iraq
Whether it's a part of a secret deal with the United States or not, Iran does
appear to be distancing itself from its proxies in the Arab world, at the same
time showing a free hand in Iraq. The days of Hezbollah in Lebanon could be
numbered. - Sami Moubayed (Mar 10, '08)
 SPENGLER
Should Islam be blamed
for 'barbaric' acts?
The issue of Muslim "barbarism", including honor killings, genital mutilation
and other forms of violence against women, has risen in prominence in Europe 's
political agenda. The question appears to be: Do Muslims commit barbaric acts
because they are bad Muslims or because they are good Muslims? But it's the
wrong question. (Mar 10, '08)
A new democratic era in
Malaysia
Despite earning 51% of the popular vote, Saturday's general elections were a
stunning setback for Malaysia's long-ruling Barisan Nasional and Prime
Minister Abdullah Badawi. Voters, who in the past may have tolerated corruption
and authoritarianism in exchange for stability, have sent a clear message for
change. If the transition is handled gracefully, Malaysia will have taken an
all-important step in its political development. - Ioannis Gatsiounis
(Mar 10, '08)
 CHAN
AKYA
Euro-trash
Europe's leaders are too busy destroying their economies to notice the grand
opportunity to assume global leadership. The European Central Bank is also far
from being the paragon of virtue that many economists consider it. A failure to
grasp this dynamic means that the rise of the euro against the US dollar will
be in vain. (Mar 10, '08)
US can fast exit from bad times
The prolonged downturn in the Japanese economy that followed its 1990s' real
estate boom hangs like a specter over the US in its post-housing bubble mess.
Yet there is reason to believe that the US, though as liable as any country to
hubris, greed, mistakes and misunderstanding, will more quickly pull out of its
present quandary. (Mar 10, '08)
US's fancy guns are trained on China
Just as the Pentagon and its corporate allies touted the "Soviet threat" during
the Cold War to stampede Congress and the US public into supporting
ever-increasing spending on advanced weapons, so a hypothetical "China threat"
is being conjured up to achieve the same purpose - and it's costing
multi-billions of dollars. - Michael T Klare (Mar
7, '08)
War is hell - and hellishly
expensive
The estimated cost of one week of the United States' global wars is US$3.5
billion. But exactly where is that money going? When Congress passed the latest
Pentagon war-fighting supplemental request, it was said to be "for the troops",
but a surprisingly small amount goes to them. Newfangled weapons, private
security contractors and big business eat up a large portion, yet hundreds of
millions of dollars are unaccounted for. - William D Hartung
(Mar 7, '08)
Suspicions over Singapore
jailbreak
The daring and as-yet unexplained escape of Singapore's most wanted terror
fugitive, Mas Selamat Kastari, has called the island nation's terror-fighting
credentials into question. The government's bumbling has stoked speculation of
a cover-up, and until Mas Selamat is caught foreign confidence in Singapore's
security will be hard to restore. - Alex Au
(Mar 7, '08)
 SEX
IN DEPTH
When freaky-deaky
equals hara-kiri
The population of Japan is in decline, the birthrate is plummeting, and the
consequences look grim. Some studies put the blame on Japanese men whose
appetite for masturbation, sex toys and virtual tete-a-tetes is turning
them off the real thing. The future, one might say, is in their hands. - William
Sparrow (Mar 7, '08)
THE ROVING EYE
As alliances shift, Iran wins -
again
The George W Bush administration promoted a Turkey-Israel axis, a Sunni Arab
"axis of fear" and then a Saudi-Israeli nexus, always trying to isolate Iran.
None of these concoctions has worked, and there are even hints that Washington
and Tehran have concluded a secret deal brokered by Saudi Arabia to hammer out
contentious issues. This might be fanciful, but the bottom line is that Iran
sees itself as the ultimate victor of the US war on Iraq. - Pepe Escobar
(Mar 6, '08)
Why the dollar is so cheap
When George W Bush was inaugurated in 2001, the euro was trading at 94 cents
and gold cost $266 an ounce. Now they are trading at $1.52 and $985 an ounce.
That is a plain vote of no confidence in the government's economic model, and
international investors are fleeing the dollar for the best available
substitute - the euro and gold. - Peter Morici (Mar
6, '08)
INTERVIEW
Anwar Ibrahim
Anwar to Abdullah: It's nothing
personal
Since his release from prison on politically motivated charges, Malaysian
opposition icon Anwar Ibrahim has refashioned his image as a pious crusader for
social justice and racial equality. Critics say Anwar simply tells people what
they want to hear, but the veteran politician tells Ioannis Gatsiounis he's
matured after his time in the political wilderness and he's fed up with what he
sees as the ruling government's incompetence. (Mar
6, '08)
THE SUBPRIME ICEBERG
A year later, the band plays on
A year after the subprime crisis came to public attention, the rot in the
financial system continues to spread, leaving the US Federal Reserve with
at least one very important question to answer - should it come directly to the
rescue? As the Fed and other actors dance the subprime twostep, the tune is
reminiscent of the music on the Titanic as the lifeboats sailed away. - Julian
Delasantellis (Mar 5, '08)
 ASIA
HAND
Mixed
reviews for
Thai capital controls
Thailand's new government, which this week removed capital controls imposed by
its military-led predecessor, seems willing to sacrifice exports for more
domestic demand-led economic growth. Overlooked are other capital controls
still in place, while inflation and the prospect of an ever-stronger currency
will challenge policymakers. - Shawn W Crispin (Mar
5, '08)
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Fukuda's losing
game of chicken over BOJ
The decision by Japan's Upper House to reject the government nomination of
Toshiro Muto as Bank of Japan governor risks creating a vacuum at the central
bank of the world's second-largest economy at a time of global financial
crisis. It also further weakens the fragile position of Prime Minister Yasuo
Fukuda. - Hisane Masaki
Subprime blues hurt
China shares goal
Beijing's plan to take some heat out of the economy by encouraging retail
investors to buy overseas shares has been damaged by the impact on global
markets of the US subprime crisis. Regulators are now expected to relax the
rules so that a wider range of companies can list in Shanghai. - Olivia Chung
Bad oil news here to stay
This month's record oil price triggered memories of the last comparable high
nearly three decades ago. This time it is different - high prices are here to
stay, and March 3 may become recognized as the moment energy costs became the
decisive factor in the balance of global economic power.- Michael T Klare
Save the market from
market forces
The painful sounds emanating from the West's imploding financial structures are
more than just the creak of seized up gearing and groans of impoverished
shareholders. They include the death sighs of neo-liberal deregulation and
calls for improved control of the banks and other institutions that have
brought about the current chaos.
Golden lifeboats flee the
Titanic
Is there anyone apart from Fed-hired economists still wondering whether the
purchasing price of their pay packet is crumbling? Or why people always turn to
gold at such times? If you're fleeing the family it sure beats trying to carry
around bags of wheat, even when their prices have tripled in a matter of
months.
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CREDIT BUBBLE BULLETIN
What is left that is sellable?
Burst credit bubbles, underlined by the Fed's latest Flow of Funds data, and
impairment of US securities mean growth in overseas holdings of US assets has
become unsustainable, forcing the question of how the US will sustain smooth
recycling of its current-account deficits. The concurrent widening of certain
risk premiums and accelerated dollar weakness is no coincidence. (Mar
10, '08)
Doug Noland reviews the previous week's events each Monday.
MARKET RAP
Local
charts handy
in troubled waters
The siren song of an Ambac Financial bail-out was an unreliable guide for US
investors seeking passage through this week's trading shoals. Investors across
Asia also shipped water, but their experience of quieter eddies points to a
continued divergence of currents in the world's financial markets.
R M Cutler runs his eye over the ups and downs in the past week's
markets. (Mar 7, '08)
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[Re
Musharraf faces bench's fury, Mar 12] ... Musharraf's
[future] hangs by the neck on a high thin wire. I listened to his recent speech
in Multan where he lectured his audience on the many fine points of plumbing
and I would advise him to take it up as a profession after being sacked from
his job.
Saqib Khan
UK (Mar 12, '08) |
 Go
to Letters to the Editor |
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Microsoft's pants down
Microsoft's top executives have at least one thing in common with their
customers - deep disenchantment with the company's latest products. Email
exchanges at the top also reveal that the software giant lowered its own
requirements so that partner Intel could maintain earnings.
(Mar 7, '08)
Martin J Young
surveys the week's developments in computing,
gaming and gizmos.
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ATol Specials
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The
Gates
Inheritance
By
Roger Morris
(June '07) |
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Syed Saleem Shahzad reports on
the Afghan war from the Taliban side
(Dec '06)
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How
Hezbollah defeated Israel
By
Mark Perry and
Alastair Crooke
(Oct '06)
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Mark
Perry and
Alastair Crooke
talk to the 'terrorists'
(Mar '06)
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China:
The
Impossible
Revolution
By
Francesco Sisci
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The Coming
Trade War
By Henry C K Liu
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A series
by Henry C K Liu
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Sinoroving
Pepe Escobar in China
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Money, Power
and
Modern Art
A series by Henry C K Liu
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Andre Gunder Frank on Uncle Sam and his
shrinking dollar
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By Pepe Escobar with
photographs by Kevin Nortz
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Nir Rosen goes inside the Iraqi
resistance
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Nir Rosen rides with the US 3rd
Armored Cavalry in western Iraq
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