Must-Reads from Around the World

A closer inspection of Greece's austerity program, controversial take on U.S.-Pakistan relations and Mexico's Supreme Court pleases human rights activists

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Riot policemen arrest a protester during clashes in central Athens Wednesday, June 29, 2011. (Photo: Petros Giannakouris / AP)

Greek Compliance – Germany’s Der Spiegel examines the perhaps surprising results of assessing Athens’ austerity measures. “Many German politicians accuse Greece of not doing enough to cut spending,” it wrote. “But studies show that, measured in relative terms, Athens has carried out the most brutal austerity program in the E.U.’s history. Prime Minister Antonis Samaras is making it clear that he wants to change his country’s culture of cronyism.”

Marital Breakdown – Reuters reveals comments made Wednesday by Husain Haqqani, Pakistan’s former ambassador to Washington, that the U.S. and Pakistan should “divorce” given unrealistic expectations in both countries. “If in 65 years, you haven’t been able to find sufficient common ground to live together, and you had three separations and four reaffirmations of marriage, then maybe the better way is to find friendship outside of the marital bond,” it reported he said.

Rights Boost – The Los Angeles Times reports on a key decision by Mexico’s top court Tuesday over military trials of human rights abuses. The Mexican Supreme Court ruled unconstitutional part of the military law that allowed soldiers accused of abusing civilians to be tried by military tribunals. “… the court cited an article of the Mexican Constitution that states that military courts should ‘in no case and for no reason’ have jurisdiction over civilians,” it said.

Foreign Fighters — Reuters reports on the U.K. joining the U.S. in warning Syria over using the threat of chemical weapons as “completely unacceptable,” forcing them to “revisit their approach” to the conflict. Meanwhile, Al Jazeera English writes that “Syrians battling government forces in Aleppo” have expressed “disappointment” that “more local residents have not joined their cause.” Instead, the rebels have been joined by foreign fighters (some of whom have claimed allegiance to al-Qaeda), while the majority of young rebels have come from rural areas around the city.

Old Wounds Reopened– CNN observes how the ongoing islands dispute between Japan and China has led to old tensions resurfacing. Known as the Diaoyu Islands by the Chinese and the Senkaku Islands by the Japanese, they’re “symbolic of what many in China see as unfinished business, redressing the impact of Japanese occupation in the 1930s and 1940s.” While China maintains that its claim “extends back hundreds of years,” Japan asserts that sovereignty over the islands was transferred, following Japan’s victory in the Sino-Japanese war in 1895.

Miners’ Memorial – “Events are taking place across South Africa Thursday to remember the people killed in recent violence at the north-western Marikana platinum mine,” the BBC writes. Last week, 34 miners were killed by police fire while striking to demand higher pay (ten people, including two police officers, had earlier died in violent clashes). The head of President Jacob Zuma’s office, Collins Chabane, was expected to attend a church service near the mine, while the police are believed to be keeping a low profile.

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Firozali A.Mulla
Firozali A.Mulla

A six-week string of gains

in the Samp;P 500 ended on Friday amid shifting expectations for central bank

stimulus. Next week could bring clarity on that issue, and that could determine

whether the recent rally that took the index to four-year highs will persist.

"The streak is broken, but the trend isn't, and I think the next major

move on the Samp;P will push us up towards 1,450 or 1,500," said Mark

Arbeter, chief technical strategist for Standard amp; Poor's in New York.

"Small- and mid-cap stocks are near their all-time highs, and if they

break those highs, I think that will prompt the market to really rip higher."

Still, the market could be in for a bumpy ride next week ahead of Friday's

meeting of central bankers in Jackson Hole, Wyoming. Investors are looking for

clues on whether Federal Reserve Chairman Bernanke

will announce a third round of quantitative easing.

Bets on aggressive action to increase growth have spurred most of the market's

recent gains, meaning any disappointment could stop the rally in its tracks.

The CBOE Volatility index or VIX,, a measure of investor anxiety, jumped almost

13 percent this week. While many analysts expect QE3 - and Bernanke

wrote a letter to a congressional panel that the Fed has room to deliver it -

the odds seemed to decline following comments on Thursday from James Bullard, a

non-voting member of the Federal Open Market Committee. He said the latest Fed

minutes, which indicated the central bank might be ready for more stimuli, were

"stale."

I thank you Firozali A.Mulla DBA

 

passivevoices
passivevoices

Pakistan’s disgraced Ambassador

to the US, commonly believed to be an American Ambassador in Washington, DC was

sent home unceremoniously after it was established that he attempted to stage a

unique coup against Pakistan’s security establishment with the help of American

armed forces. Like experienced and hardened criminals, he has been dodging the

prosecution process with the help of his comrades. Misusing the position as

Ambassador, he even tried to have inserted a loan conditionality which would

make the process of promotions in the armed forces open to American interference.

Before becoming the Ambassador, he was known to be spewing venom against

Pakistani armed forces in the US. Old habits die hard, like they say. Read more

at: http://passivevoices.wordpress...