Economist (December 31)
To die naturally without pain, Kim Jong Il was luckier than he deserved, given the pain and suffering he inflicted on an entire country. “The whole country was his movie set, where he could play God and have the people revere him.” Now his son looks set to become the new movie director. The show must not go on. Change mus be encouraged. “The regrettable truth is that not just China but also America (fearful of another global crisis), South Korea (fearful of the costs of adopting a country that seems alien to many young Koreans) and Japan (fearful of a united Korea) have propped up a murderous regime.”
Tags: China, Japan, Kim Jong Il, North Korea, South Korea
New York Times (December 27)
“China’s housing bubble appears to be imploding, steel production is falling along with the demand for new construction and real estate developers are tottering, putting banks at risk.” A hard landing in China would be a blow to the world economy. It could also spark a trade war and this could be the “bigger risk” as China tries to prop up its domestic economy by subsidizing exports and discouraging imports.
Wall Street Journal (December 27)
“China tends to save its most controversial arrests and verdicts for Christmas,” hoping that few people will notice. After Liu Xiaobo, who was sentenced on December 25, 2009, received the Nobel Prize, one might think China would discontinue the practice. This year, however, the tradition continues. “Last Friday, a Sichuan court meted out a nine-year sentence to blogger Chen Wei for inciting subversion—i.e., writing several essays calling for freedom of speech and political reform.”
Tags: China, Christmas, Dissidents, Nobel prize
The Economist (December 23)
American troops departed Iraq on December 18. Less than a week later, dozens were killed when bombs exploded in Baghdad “stoking fears that without American soldiers, an unravelling political situation could herald a return for Iraq to the bad old days of sectarian bloodshed.”
Tags: Baghdad, Boms, Instability, Iraq, U.S.
Financial Times (December 22)
Moscow will “resume old habits and exploit Europe’s debt-driven disunity.” Despite the economic crisis, the EU must form a united foreign policy front and “seek a constructive relationship with its neighbour. But it should do so without deluding itself about the prospects for Russian reform after Mr Putin’s return to the presidency.”
Tags: Debt crisis, EU, Foreign policy, Moscow, Putin, Russia
Boston Globe (December 20)
“The passing of Kim Jong Il…could provide a glimmer of hope for the North Korean people.” The Globe urges President Obama to send “a carefully worded message to the North Korean people acknowledging their leader’s passing.” The good will of this gesture and “the transition to a new leadership gives a small chance for a new beginning.”
Tags: Kim Jong Il, North Korea, Obama, Transition
New York Times (December 18)
China’s bubble appears to be bursting “and there are real reasons to fear financial and economic crisis.” The biggest is that “a world economy already suffering from the mess in Europe really, really doesn’t need a new epicenter of crisis.”
China’s bubble appears to be bursting “and there are real reasons to fear financial and economic crisis.” The biggest is that “a world economy already suffering from the mess in Europe really, really doesn’t need a new epicenter of crisis.”
Tags: Bubble, China, Crisis, Europe, Global economy
The Economist (December 17)
“Japanese firms spent a record $80 billion on some 620 foreign companies in 2011…, exceeding the previous record of 466 deals worth $75 billion in 2008.” This major shopping spree is different. Corporate Japan’s acquisitions of the 1980s showed strength. “This time, it is a symptom of weakness.” Multiple calamities made 2011 “wretched” for Japan and, due to long-term demographics, “Japanese firms find it nearly impossible to expand domestically.”
Tags: 2011, Calamities, Demographics, Japan, M&A, Overseas
Wall Street Journal (December 12)
Our obsession with cutting carbon emissions overlooks the “negligible impact” any deal would have on climate. “Even if we were to cut emissions by 50% below 1990-levels by 2050—an extremely unrealistic scenario—the difference in temperature would be less than 0.2 degrees Fahrenheit in 2050.” Our main focus should instead be on “adaptation and economic growth to improve resilience,” especially in developing countries which will get hit hardest by the impact of climate change.
Our obsession with cutting carbon emissions overlooks the “negligible impact” any deal would have on climate. “Even if we were to cut emissions by 50% below 1990-levels by 2050—an extremely unrealistic scenario—the difference in temperature would be less than 0.2 degrees Fahrenheit in 2050.” Our main focus should instead be on “adaptation and economic growth to improve resilience,” especially in developing countries which will get hit hardest by the impact of climate change.
The Independent (December 12)
Russian politics has entered a new phase. “Authorities watched with horror as the number of people who said they would attend Saturday’s protest grew steadily throughout the week.” Middle-class Russians who benefited greatly during the Putin era, “have suddenly started taking an interest” in politics. “The Kremlin will face a difficult choice. Does it open up the political process…or does it repress dissent and risk radicalising the opposition?”
Russian politics has entered a new phase. “Authorities watched with horror as the number of people who said they would attend Saturday’s protest grew steadily throughout the week.” Middle-class Russians who benefited greatly during the Putin era, “have suddenly started taking an interest” in politics. “The Kremlin will face a difficult choice. Does it open up the political process…or does it repress dissent and risk radicalising the opposition?”
