Don’t believe all the hype – despite the unavoidable frenzy over Secretary of the Treasury Time Geithner’s proposal for “comprehensive reform” that will come to smite the financial services industry in order to reduce systemic risk the reality may be less radical than what is being reported.
Your correspondent was there for the entirety of the hearing and the statements and questions between the Secretary and the members of House Financial Services Committee indicated much more moderation, caution and consensus than the soundbites may indicate. Incidentally, the Dow closed 175 points higher. Lesson here: Don’t believe the news, believe in results.
Asia, but not as you know it (anymore) – China is engaging in military development that is upsetting the delicate balance of power in Asia and this will lead to regional instability, a more assertive PRC and cause general uncertainty for all involved, according to a recent Pentagon report to Congress.
China has accused the Pentagon of “Cold War thinking”. And the dance of diplomacy continues.
Hating the world, one summit at a time – Big global summits are notorious for attracting all manner of anti-globalization protesters and have a long tradition of turning violent. In anticipation of “unprecedented” protests London police are taking extra precautions to control the situation. Hard to pick who to bet on.
Thursday, March 26, 2009
Wednesday, March 25, 2009
Daily Update
Czech Government Collapses as Czech Prime Minister Mirek Topolanek fails a vote of no-confidence - Czech Republic's 6-year EU Presidency in jeopardy: are the EU's efforts to curb the global recession in jeopardy too?
00-Punjab? U.S. intelligence suggests ties between Pakistani ISI spy service and Taliban - Taliban commanders planning major confrontation of international force in Afghanistan; roadside bomb kills 9
“Our insatiable demand for illegal drugs fuels the drug trade” - U.S. Secretary of State Hillary Clinton, speaking about the drug war in Mexico
Georgian politics bipolarize as videos allegedly depicting opposition leaders encouraging violent demonstrations to drive the current government out of party
IMF will deny Zimbabwe financial assistance until the country enacts policy reforms and repays its outstanding debt to the Fund; Zimbabwe's humanitarian situation has deteriorated significantly since hyperinflation due to shortages of daily necessities combined with a cholera outbreak last August
British PM Gordon Brown stung on fiscal stimulus while abroad
India reports 25 dead from fighting in Kashmir
00-Punjab? U.S. intelligence suggests ties between Pakistani ISI spy service and Taliban - Taliban commanders planning major confrontation of international force in Afghanistan; roadside bomb kills 9
“Our insatiable demand for illegal drugs fuels the drug trade” - U.S. Secretary of State Hillary Clinton, speaking about the drug war in Mexico
Georgian politics bipolarize as videos allegedly depicting opposition leaders encouraging violent demonstrations to drive the current government out of party
IMF will deny Zimbabwe financial assistance until the country enacts policy reforms and repays its outstanding debt to the Fund; Zimbabwe's humanitarian situation has deteriorated significantly since hyperinflation due to shortages of daily necessities combined with a cholera outbreak last August
PM Morgan Tsvangirai, left, and President Robert Mugabe
India reports 25 dead from fighting in Kashmir
Tuesday, March 24, 2009
It's Still the Economy, Mostly
Tuesday and Thursday – Secretary of the Treasury Timothy Geithner and Fed Chairman Ben Bernanke testified before the House Financial Services Committee on oversight issues with the bailout(s).
Also, mark your calendars. This coming Thursday, March 26, Secretary Geithner will be testifying again before the Financial Services Committee. This time he will be testifying on overhauling financial regulation. Particularly relevant in the lead up to the upcoming G-20 summit.
Here are the details for those of you who can make it:
Rayburn House Office Building, Room 2128
10:00am (but arrive at least half an hour early to get a seat in the public gallery of the hearing room).
Strange bedfellows in Israel: The leftist Labour party has voted to join the right-wing Likud party in a coalition that has split Labour but gives Likud much welcomed mainstream support from a major third party.
Outback steakhouse – Australian Prime Minister Kevin Rudd is in town to meet with government officials and gave a variety of issues ranging from the financial crisis to strategy in Afghanistan. Since the Bush years the strategic importance of Australia has grown for the United States and both PM Rudd and President Obama will no doubt be keen to maintain the positive relationship.
Progressive Saudi Arabia? – In one of the most culturally conservative countries in the world a glimmer of hope for reform? Don’t hold your breathe but still an interesting story.
Also, mark your calendars. This coming Thursday, March 26, Secretary Geithner will be testifying again before the Financial Services Committee. This time he will be testifying on overhauling financial regulation. Particularly relevant in the lead up to the upcoming G-20 summit.
Here are the details for those of you who can make it:
Rayburn House Office Building, Room 2128
10:00am (but arrive at least half an hour early to get a seat in the public gallery of the hearing room).
Strange bedfellows in Israel: The leftist Labour party has voted to join the right-wing Likud party in a coalition that has split Labour but gives Likud much welcomed mainstream support from a major third party.
Outback steakhouse – Australian Prime Minister Kevin Rudd is in town to meet with government officials and gave a variety of issues ranging from the financial crisis to strategy in Afghanistan. Since the Bush years the strategic importance of Australia has grown for the United States and both PM Rudd and President Obama will no doubt be keen to maintain the positive relationship.
Progressive Saudi Arabia? – In one of the most culturally conservative countries in the world a glimmer of hope for reform? Don’t hold your breathe but still an interesting story.
Monday, March 23, 2009
Daily Update
New Hutu attack sends Congolese into flight
Trade barriers increase globally
Nearly 100 Tibetan monks are arrested by Chinese police after attack on police station
Despite the current economic state of the world, India's rural market is seeing great expansion
In El Salvador, leftists are on the rise with the greatest opportunity they've seen in more than a decade
Madagascar's leader is sworn in
According to NATO, a high ranking Taliban leader is dead
Ties strengthened between Cuba, El Salvador and Costa Rica
The state of Sudan worsens with the expulsion of aid groups
Spain expected to withdraw troops from Kosovo
Trade barriers increase globally
Nearly 100 Tibetan monks are arrested by Chinese police after attack on police station
Despite the current economic state of the world, India's rural market is seeing great expansion
In El Salvador, leftists are on the rise with the greatest opportunity they've seen in more than a decade
Madagascar's leader is sworn in
According to NATO, a high ranking Taliban leader is dead
Ties strengthened between Cuba, El Salvador and Costa Rica
The state of Sudan worsens with the expulsion of aid groups
Spain expected to withdraw troops from Kosovo
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