 |  | | Debt Crisis & West |
YOU may recall the Latin
American debt crisis of 1982,
the Asian debt crisis of 1997,
the Russian debt crisis of 1998
- and you´ll certainly remember
the US sub-prime debt crisis of 2008.
Now we have a European debt crisis
and, horror of horrors, a US government
debt crisis.
That´s the word to keep hold of: debt.
Ignore the financiers´ jargon - bond
yields, credit default swaps, hedge
funds - which make finance sound like
quantum physics, a fearfully abstruse
subject beyond the grasp of ordinary
mortals. Financial crises occur when
people (or governments or companies)
can´t repay their debts. Or more precisely
when their creditors (or shareholders)
decide they aren´t likely to get
their money... |
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|  |  | | US GRIPPED BY GREAT
CONTRACTION |
| IN the wake of the hugely disappointing
budget deal and
the S&P´s debt downgrade,
maybe we need to hang a new
sign in the immigration arrival
halls at all US ports and airports. It
could simply read: "Welcome. You
are entering the United States of
America. Past performance is not
necessarily indicative of future
returns."
Because our country is now finding
itself in the worst kind of
decline - a slow decline, just slow
enough for us to keep deluding ourselves
that nothing really fundamental
needs to change if our
future is to match our past.
Our slow decline is a product of
two inter-related problems. First,
we´ve let our five basic pillars of
growth erode since the end of the
Cold War - education, infrastructure,
immigration... |
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Rebels unveil post-Qadhafi Libya plan
AFP
LONDON A REBEL blueprint for a post-Moamer Qadhafi Libya would retain much of the current regime’s infrastructure in the hope of averting an Iraq-style descent into chaos, the London Times reported on Monday. A 70-page plan prepared by the National Transitional Council (NTC) with help from Western powers and seen by the paper concedes they have little chance of toppling the long-serving ruler but that internal divisions will force him out. In that event, the rebels plan to establish a 10,000-15,000 strong “Tripoli task force” to secure the capital and capture prominent Qadhafi supporters. Around 5,000 policemen will be recruited to serve as the interim government’s security forces, according to the plan. The rebels claim that 800 current Qadhafi government officials have already been recruited to their cause, and could form a key plank of a postconflict security apparatus, the paper reported. The document also maps out how telecommunications, power and transport infrastructure will be secured in the immediate hours after the regime’s collapse. The plan relies heavily on defections from the old regime, which threatens to cause friction with those within the rebel faction who want a complete purge of the existing order. The rebels estimate that around 70 percent of high-ranking Qadhafi officials will commit to the new regime. The NTC confirmed the report’s authenticity, but requested that the British newspaper withhold key details which could compromise the ongoing operation. Aref Ali Nayed, the head of the planning cell for the task force, said it was important that the general public “knows that there is an advance plan”. “What you have obtained was an early draft,” he told the paper. “We are now working on a much bigger picture.” Rebels in the western Libyan town of Zliten were said to be low on ammunition and on the defensive on Sunday, as the regime said its forces had retaken the strategic southwest town of Bir Ghanam.
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