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Sunnis make merry on US's dime

Iraq's Sunni-dominated Awakening Councils, bankrolled by the United States,
have certainly blunted al-Qaeda, but they continue attacks on US and Iraqi
forces. The Sunnis, using a "fight, bargain, subvert, fight" approach, are all
the while working towards their ultimate goal of the complete withdrawal of US
troops and reducing the power of the Shi'ite-dominated government. - Gareth
Porter (Mar 4, '08)
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UN deepens the Iran nuclear crisis
The third round of United Nations Security Council sanctions now hanging over
Iran's head in connection with its nuclear program is the harshest yet. Tehran
has dismissed the measures as "legally defective". But with US and French ships
in the Persian Gulf poised to carry out the interdiction of vessels suspected
of carrying nuclear cargo to and from Iran, the stage is set for the next
chapter - physical confrontation. - Kaveh L Afrasiabi
(Mar 4, '08)
SPEAKING FREELY
The 'rape' of Okinawa
Another month, another suspected rape incident involving a US soldier on
Okinawa island in Japan. Both US ("regret") and Japanese ("unforgivable")
officials make the right noises. But until Tokyo questions why a large standing
army of Americans is still garrisoned on Japanese territory, the problem will
persist. - Chalmers Johnson (Mar 4, '08)
Pre-election hopes for Malaysian
opposition
The weekend's elections in Malaysia have been called the best chance the
opposition has had to weaken the ruling party's grip on power in at least a
decade. Economic and social problems have beset Prime Minister Abdullah Badawi,
but the opposition may struggle to convert popular discontent into votes. - Ioannis
Gatsiounis (Mar 4, '08)
SUN
WUKONG
Green whirlwind sweeps China
China's National People's Congress this week upgrades its State Environmental
Protection Administration into a mega-sized environmental ministry. This is
part of a green policy geared to strengthening the country's "toothless tiger"
laws. Whether other departments and provinces cooperate is another matter,
particularly when their own interests are at risk. - Wu Zhong
(Mar 4, '08)
Russia lays new tracks in Korean
ties
The new administrations coming into the Kremlin in Moscow and Seoul's
presidential Blue House, together with a new generation of leaders in
Pyongyang, can radically change the political climate in the region and help
resolve the peninsula's nuclear problem. - Leonid Petrov
(Mar 4, '08)
In India, a gathering of ghost
busters
In the 18th century, Guru Maharaj Deowiji of Malajpur was believed to have the
ability to exorcise ghosts. Legend has it he passed on the power to his
priests, who have in turn passed it on until today. The result is India's
largest, if not only, "ghost fair", to which thousands of pilgrims flock each
year to exorcise ghosts and spiritual possession. Psychologists call it mere
superstition, but this is India, a land struggling to balance the ancient and
the ultra-modern. - Shuriah Niazi (Mar 4,
'08)

The 'laptop of mass destruction'
The "laptop documents" - 1,000 pages of data allegedly stolen from an Iranian
computer - have been the US's hardest evidence of Iran's supposed intentions to
build a nuclear weapon and an obstacle to the International Atomic Energy
Agency declaring that Iran has resolved all questions about its nuclear
program. Now there are indications the documents were obtained from Israel's
Mossad via a terrorist organization. - Gareth Porter
(Mar 3, '08)
Iran makes its mark in Iraq
Iranian President Mahmud Ahmadinejad is making the most of his red-carpet
treatment in Iraq, handing out platitudes as well as the offer of a US$1
billion loan. Baghdad's government needs all the support it can get, and plenty
comes from Tehran. What it does not need is Iran's backing of the
al-Qaeda-backed insurgency. But for Iran, this is a separate issue that has
everything to do with Afghanistan. - Syed Saleem Shahzad
(Mar 3, '08)
INTERVIEW
Let's talk about bombs
Matthew Bunn, non-proliferation expert
Given Iran's extended period of violating its nuclear safeguards agreement,
says US award-winning Bunn, many countries will probably not accept Tehran's
claim that all of the information that suggests weaponization activities is
fabricated and baseless. Nevertheless, there is still room to negotiate, he
tells Kaveh Afrasiabi. (Mar 3, '08)
CHAN
AKYA
Dead dollar sketch
The demise of the world's reserve currency reads like a financial version of
the infamous Monty Python Dead Parrot sketch. The arguments of US dollar
supporters appear increasingly hollow. The implications are much more
geopolitical than merely economic. (Mar 3, '08)
THE MOGAMBO GURU
Food for thought in price
claim
It doesn't take a food hawker, least of all one from the summit of his
profession, to tell us food prices are going up. But at rates "never seen
before"? Food for thought indeed, unless like The Mogambo you have digested the
risks of compounded inflation and stocked the larder with gold.
(Mar 3, '08)
Why Arroyo won't go
Besieged with mass protests and allegations of mismanagement and moral
impropriety, Philippine President Gloria Macapagal-Arroyo is standing her
ground. Former presidents Corazon Aquino and Joseph Estrada have joined the
calls for her resignation, but with the political, business and religious
forces still aligned behind Arroyo, her downfall will likely need to come
through the courts rather than the streets. - Shawn W Crispin
(Mar 3, '08)
SPENGLER
Sing, o muse, the
wrath of Michelle
The release of Michelle Obama's undergraduate thesis from Princeton has
revealed more about the woman who could be America's First Lady. Complete with
rage and guilt, it is, among many things, a poignant cry from the heart of a
young black woman from a working-class Chicago home. It also furthers the
supposition that her wrath could keep her husband from the White House.
(Mar 3, '08)
China, India play it again for Uncle
Sam
With US Secretary of State Condoleezza Rice in Beijing and Secretary of Defense
Robert Gates in New Delhi, the US's evolving Asian strategy is on display.
Washington is out to convince China and India that each is a privileged partner
of the US's global strategies, a part of which is containing a resurgent
Russia. Beijing has welcomed the US "invitation", but Delhi is convinced the US
is building up Indian capabilities just to make it a counterweight to China. - M
K Bhadrakumar (Feb 29, '08)
Pakistan, US raise militant tempo
Thursday's missile attack by a US Predator drone in the Pakistan tribal areas
has a significance far beyond the dozen or so militants killed. The pilotless
craft was launched from a Pakistani airbase - a first - and the targets were
hit in an Islamic seminary. In the border regions, these madrassas are
widely used by militants to transfer weapons and for meetings - and until now
they have fallen under the intelligence radar. - Syed Saleem Shahzad
(Feb 29, '08)
Mouth-to-mouth will fail
economies
The US government might yet pull the economy out of the jaws of recession
through the short-term fix of raising spending on the military or the related
disaster capitalism complex. But one way or another, the forces making for
long-term global stagnation are now too heavy to be shaken off by the
equivalent of mouth-to-mouth resuscitation. - Walden Bello
(Feb 29, '08)
Medvedev ready for his Russian
moment
Judging
by his record, the presumptive next president of Russia, Dmitry Medvedev, can
be expected to pursue a concerted liberalization of politics as the next
logical stage in the country's evolution. He aims to make business in Russia
the most profitable in the world. And in foreign policy, the likely leitmotif
is that security will be enhanced when countries share risk - that is, the West
and Russia should cooperate. - Nicolai N Petro
(Feb 29, '08)
SEX
IN DEPTH
Cell swingers in Cambodia
From university sweethearts married in Paris to kingpins in the brutal Khmer
Rouge regime in Cambodia, 82-year-old Ieng Sary and his wife Khieu Thirith, 75,
now bide their time in detention awaiting trial for crimes against humanity.
They're in separate cells, and Sary has requested conjugal visits. While the
two await an answer, they could reflect on one of the Khmer Rouge's practices -
separation of man and wife. - William Sparrow
(Feb 29, '08)
THE ROVING EYE
A long road from Kosovo to
Kurdistan
The embrace by Washington of Kosovo's declaration of independence has less to
do with democracy than with hard-nosed pragmatism. The US's biggest foreign
military base since the Vietnam War - Camp Bondsteel - is in Kosovo, and the
region will be home to a US$1.1 billion pipeline that will get oil from the
Caspian Sea ultimately to refineries in the US. Kurds in Iraq, believing Kosovo
to be a precedent for an independent Kurdistan, will be disappointed: the
US-sanctioned Turkish invasion of northern Iraq has seen to that. - Pepe Escobar
(Feb 28, '08)
Ambac bailout may cause crisis
There are solutions to the US financial crisis - the proposed injection of US$3
billion into bond insurer Ambac is not one of them. Prices have to come down,
banks have to be recapitalized, risk premiums have to go up. But with little
interest in tough medicine, we face higher inflation and a substantially weaker
dollar. - Axel Merk (Feb 28, '08)
IN THE DRAGON'S LAIR
US prowls for China in the
Philippines
With China fast becoming the US's greatest competitor, Washington
needs the Philippines more than ever. Not only is it ideally located, its
government has been far more willing than other Southeast Asian countries to
align itself with the demands of the US. Thus Washington is steadily
transforming and deepening its military presence and intervention in the
Philippines in preparation for any face-off with China. In return, Beijing is
aggressively courting Manila. - Herbert Docena
(Feb 27, '08)
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Taxmen
hover over Ping An’s $22bn plan

Ping An Insurance shareholders vote this week on a controversial plan by the
firm to raise more than US$22 billion by selling shares and bonds. Their
decision might be swayed by the Chinese tax authority's move to run a rule over
the insurer's acounts. - Sally Wang
Total recall in China
Headline-grabbing incidents of toxic Chinese-made products - from toys with
lead paint to contaminated fish and adulterated drug products - mask the
progress the country has made in cleaning up its act. More can be done and will
be, if civil aviation safety and action over doping in sports are any guide. - Dali
L Yang
HK-Macau bridge planners
go for costly option
A proposed 36-km bridge to straddle the Pearl River Delta between Hong Kong and
Macau is to be developed under the build-operate-transfer system of funding,
with a 50-year operating period. It is a remarkable choice given the wealth of
the local governments involved. - Henry C K Liu
THE BEAR'S LAIR
Regulating the un-regulatable
The US securities markets collapse and Northern Rock's demise in the United
Kingdom highlight the failure of present finance regulation. Bankers, by nature
greedy, will use any loopholes to enrich themselves. Regulations should
therefore be draconian and without loopholes, and 30 years' "innovation" should
be abandoned. - Martin Huchinson

A
world without demand
The amount of money that has been lost in the derivatives business is
worrisome, as sales tumble 93% from the year before. Without demand, supply is
overwhelming, prices plummet, and without new derivative sales to finance the
existing clot of derivatives, things go from bad to worse!
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CREDIT BUBBLE BULLETIN
No simple repeat
of LTCM fiasco
The crisis at award-winning Peloton Partners highlights that this is no repeat
of the LTCM meltdown of 1998. The American economic rot goes far, far deeper.
Meanwhile, the Fed, blind to its impotence regarding risk asset prices, should
start attending to currency markets, where it might at least have some impact.
(Mar 3, '08)
Doug Noland reviews the previous week's events each Monday.
MARKET RAP
Beware the wings
of the butterfly
The fear that an American downturn will significantly hurt Asian corporate
earnings seems to have been at least temporarily overcome. Yet the future of
structured investment vehicles remains a threatening shadow that can engender
yet another crisis with incalculable effects far from the US.
(Feb 29, '08)
R M Cutler runs his eye over the ups and downs in the week's markets.
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It is time to praise Mogambo for his prescience. Some time ago he said losses
from the derivatives scandal would be a trillion dollars. Finally, the
establishment pundits have mentioned a trillion-dollar loss! Way to go Guru.
Tom Gerber
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Go
to Letters to the Editor |
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Pakistan site swipe
exposes web fragility
Pakistan's efforts to prevent its citizens from viewing a YouTube video
affected the Internet far beyond its borders. No less worrying, the country's
censors indicate they have no inclination to prevent a repeat of the global
blackout.
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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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.
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Office: Unit B, 16/F, Li Dong Building, No. 9 Li Yuen Street East,
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