This morning’s key headlines from GenerationalDynamics.com.
* Germany expected to approve more bailouts on Thursday
* Greece’s Papandreou promises to “fight our way back to prosperity”
* Israel’s Netanyahu approves peace talks while new settlements are announced
* Syria’s regime fights the “Free Syrian Army” of defectors
* Pakistan lauds China’s birth as a brilliant miracle
* China strengthens relationships with Pakistan and Saudi Arabia
Germany expected to approve more bailouts on Thursday
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The German parliament (Bundestag) will vote on Thursday whether to approve an increase of Europe’s new bailout fund to €780 billion ($1.05 trillion), the European Financial Stability Facility (EFSF). The approval is expected to pass, but doing so may require opposition votes, since the center-right coalition of Chancellor Angela Merkel is threatening a bigger than expected rebellion against her. The reason for the threat is a proposal, put forth by U.S. Treasury Secretary Timothy Geithner, allow the EFSF to “leverage” its assets by borrowing money, so that the bailout fund will be several times larger than the €780 billion. Just like you, Dear Reader, I’m shaking my head in awe at the ability for politicians today to find new ways to accumulate near infinite amounts of debt. The leverage proposal has even drawn public criticism from Andreas Vosskuhle, president of the German constitutional court, who publicly warned Merkel, “If anyone wants to go beyond these boundaries, which may be politically justified, then Germany needs a new constitution. For that to occur, there must be a referendum.” Spiegel and Telegraph
Greece’s Papandreou promises to ‘fight our way back to prosperity’
At the invitation of Angela Merkel, Greece’s prime minister George Papandreou gave a speech to the German Industry Alliance in Berlin on Tuesday. Papandreou is a very likeable fellow, even if you can’t believe a word he says, and the speech was quite interesting. Here are some excerpts (my transcription):
“We are determined, the Greek people are determined, to make this a great success.
When people ask me, “Do you have the support?” my first answer is “That is not my problem.” I have said, “I am here to work for my country, save my country, change the country. whether I am reelected or not is not my problem. My problem is to save the country. …
I understand the political difficulties in our European family.
And one country wonders why it should support another for its past mistakes. Or why some country should take so much pain for a crisis that began with the banking system.
But as I have said, this is not an investment in past failures. This is an investment in future successes, our common success.
But now Europe must go one step further. We must prove to the markets that we have a firm grip on the debt crisis, and that we are determined to resolve it together. Because our common future depends on it.
Whenever I think of Europe’s future, I also remember Europe’s past. In the bloody and bitter aftermath of the second world war, Europe decided to make business, not war. This was not just an economic objective. It was above all a profoundly political objective, to build a Europe free of destructive nationalism, ethnic hatred and poverty.
Caught up in the current crisis, it’s easy to lose sight of the bigger picture. But let’s try to get some historical perspective on our union, a union of nations with a history of violent conflicts, a union of nations whose borders have often been disputed, a union of nations with all kinds of political systems and competitive differences. …
Instead of war and imperialism, today Europe exports peace, social and democratic principles. …
The European Union has always been much more than a common market, even though we’re not a United States of Europe. So if the sovereign debt crisis has strained European unity, here again we can make this crisis an opportunity — deeper integration, deeper understanding, greater oversight and control.
For example, surely Greece, a small country with a GDP not much bigger than the German state of Essen, cannot be responsible for rattling the very foundations of the Union.”
By playing the “World War II card,” he’s directly striking at the heart of anxiety for European elders: the fear that if the European Union continues to fall apart, then Europe will return to “destructive nationalism, ethnic hatred and poverty.” Generational Dynamics predicts that this is in fact what will happen.
Israel’s Netanyahu approves peace talks while new settlements are announced
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Israel’s Prime Minister Benjamin Netanyahu was harshly criticized by political leaders in Europe and America, after Israel approved construction of 1,100 new settlement homes in the east Jerusalem neighborhood of Gilo. EU Foreign Affairs Chief Catherine Ashton urged Israel to “reverse” its decision, saying that “settlement activity” threatens the viability of a two-state solution. On the same day, Netanyahu announced the support of the Mideast Quartet’s initiative for renewed peace talks between Israel and the Palestinians. These two announcements would appear to be contradictory, since Palestinian president Mahmoud Abbas has committed to not having peace talks as long as settlements are being built in the West Bank. Jerusalem Post and Haaretz
Syria’s regime fights the ‘Free Syrian Army’ of defectors
Dozens of armored vehicles entered the central Syria town of Rastan early Tuesday, while army troops stormed hospital emergency rooms looking for wounded rebel soldiers. Dozens of people were reported taken from their homes. Syrian troops backed by tanks and helicopters have killed at least eight people in raids designed to crush army deserters, who have formed the “Free Syrian Army,” consisting of thousands of defectors across the country. VOA
Pakistan lauds China’s birth as a brilliant miracle
President Asif Ali Zardari was positively rapturous in his statements about China’s National Day celebrations, commemorating the October 1, 1949, birth of the People’s Republic of China. “The people of Pakistan join their Chinese brethren in celebrating that important turning point in world history, the formal proclamation by Chairman Mao of the founding of the People’s Republic.” He said that never before in the annals of history had a people taken hold of their destiny so resolutely, marched forward with such distinction and accomplished such great feats. He said China’s birth was also the birth of a miracle, a brilliant chapter in the story of human kind, a miracle continues to unfold to this day. The News (Pakistan)
China strengthens relationships with Pakistan and Saudi Arabia
Pakistan hosted China’s top security official, Meng Jianzhu, and staged war games with Saudi Arabia on Monday, strengthening relations with the two nations, at a time when America’s relationships with both nations are deteriorating sharply. Generational Dynamics predicts that Pakistan, Saudi Arabia, and other Sunni Muslim countries will be allies of China in the coming Clash of Civilizations world war. Meng was visiting Pakistan to discuss Chinese Uighur militants who are living in northwest Pakistan alongside al-Qaida-linked extremists. AP
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