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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...
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...
Al Watan - Arabic Newspaper
Jamila - Monthly Women Magazine
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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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