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Ed Webb

Chinese yuan: Renminbi officially added to the IMFs Special Drawing Rights currency bas... - 1 views

  • Starting today, the yuan is officially a member of the International Monetary Fund’s basket of global reserve currencies.
  • this group of currencies, known as Special Drawing Rights (SDR), forms a kind of pseudo-currency—used only by the IMF—to supplement countries’ official reserves. The value of the SDR is determined by the set of currencies in the basket, each of which is given a weighting toward the final calculation
  • The change will not lead to a precipitous rise in demand for yuan because the total value of SDRs used as reserves pales in comparison to that of dollars.
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  • The yuan is the first to be added to SDR since the euro in 1999, though that was only to replace the phased-out Deutsche mark and French franc
  • the yuan will not be threatening the dollar’s reserve status anytime soon, and will have a hard time doing so without further liberalization of the currency from the Chinese government
connelth

Vladimir Putin's Outlaw State - 1 views

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    President Vladimir Putin is fast turning Russia into an outlaw nation. As one of five permanent members of the United Nations Security Council, his country shares a special responsibility to uphold international law. Yet, his behavior in Ukraine and Syria violates not only the rules intended to promote peace instead of conflict, but also common human decency.
Ed Webb

White House tells the Pentagon to quit talking about China | Navy Times - 1 views

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    The White House has barred Pentagon leaders from a key talking point when it comes to publicly describing the military challenges posed by China.
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    The White House has barred Pentagon leaders from a key talking point when it comes to publicly describing the military challenges posed by China.
harryqiu

Dutch Joint Investigation Team Presents First Results of MH17 Crash Probe - 0 views

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    Still waiting for the PDF investigation report to be published
Ed Webb

More Wealth, More Jobs, but Not for Everyone: What Fuels the Backlash on Trade - The Ne... - 1 views

  • “More global trade is a good thing if we get a piece of the cake,” Mr. Duijzers said. “But that’s the problem. We’re not getting our piece of the cake.”
  • For generations, libraries full of economics textbooks have rightly promised that global trade expands national wealth by lowering the price of goods, lifting wages and amplifying growth. The powers that emerged victorious from World War II championed globalization as the antidote to future conflicts. From Asia to Europe to North America, governments of every ideological persuasion have focused on trade as their guiding economic force. Advertisement Continue reading the main story But trade comes with no assurances that the spoils will be shared equitably. Across much of the industrialized world, an outsize share of the winnings have been harvested by people with advanced degrees, stock options and the need for accountants. Ordinary laborers have borne the costs, suffering joblessness and deepening economic anxiety
  • When millions of workers lost paychecks to foreign competition, they lacked government supports to cushion the blow. As a result, seething anger is upending politics from Europe to North America.
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  • Much of the global economy is operating free of artificial enhancements. Lower-skilled workers confront bleak opportunities and intense competition, especially in the United States. Even as recent data shows middle-class Americans are finally starting to share in the gains from the recovery, incomes for many remain below where they were a decade ago
  • technological disruption and economic upheaval are now at work in an era of scarcity
  • The worst financial crisis since the Great Depression has left banks from Europe to the United States reluctant to lend. Real estate bonanzas from Spain to Southern California gave way to a disastrous wave of foreclosures, eliminating construction jobs. China’s slowdown has diminished its appetite for raw materials, sowing unemployment from the iron ore mines of Brazil to the coal pits of Indonesia.
  • Trade did not cause the breakdown in economic growth. Indeed, trade has helped generate what growth remains. But the pervasive stagnation has left little cover for those set back by globalization.
  • China’s entry into the World Trade Organization in 2001 unleashed a far larger shock, but a construction boom absorbed many laid-off workers.
  • “We do need to have these trade agreements,” Mr. Bown said, “but we do need to be cognizant that there are going to be losers and we need to have policies to address them.”
  • Corporations that used China to cut costs raised their value, enriching executives and ordinary investors. Today’s Headlines Wake up each morning to the day’s top news, analysis and opinion delivered to your inbox. Please verify you're not a robot by clicking the box. Invalid email address. Please re-enter. Sign Up Receive occasional updates and special offers for The New York Times's products and services. Thank you for subscribing. An error has occurred. Please try again later. You are already subscribed to this email. View all New York Times newsletters. See Sample Manage Email Preferences Not you? Privacy Policy The casualties of China’s exports are far fewer, but they are concentrated. The rugged country of western North Carolina suffered mass unemployment as Chinese-made wooden furniture put local plants out of business. So did glassmakers in Toledo, Ohio, and auto parts manufacturers across the Midwest.
  • Even among those who support trade, doubts are growing about its ability to deliver on crucial promises. A 2014 Pew Research Center survey of people in 44 countries found that only 45 percent of respondents believed trade raises wages. Only 26 percent believed that trade lowers prices.
  • Workers employed in major export industries earn higher wages than those in domestically focused sectors.Americans saw their choice of products expand by one-third in recent decades, the Federal Reserve Bank of Dallas found. Trade is how raspberries appear on store shelves in the dead of winter.
  • In the fallout, the United States maintained limits on unemployment benefits, leaving American workers vulnerable to plummeting fortunes. Social welfare systems have limited the toll in Europe, but economic growth has been weak, so jobs are scarce.
  • automation has grown in sophistication and reach. Between 2000 and 2010, the United States lost some 5.6 million manufacturing jobs, by the government’s calculation. Only 13 percent of those job losses can be explained by trade, according to an analysis by the Center for Business and Economic Research at Ball State University in Indiana. The rest were casualties of automation or the result of tweaks to factory operations that enabled more production with less labor.
  • if robots are a more significant threat to paychecks, they are also harder to blame than hordes of low-wage workers in overseas factories.“We have a public policy toward trade,” said Douglas A. Irwin, an economist at Dartmouth College. “We don’t have a public policy on automation.”
  • China’s relentless development was turning farmland into factories, accelerated by a landmark in the history of trade: the country’s inclusion in the World Trade Organization.The W.T.O. was born out of the General Agreement on Tariffs and Trade, a compact forged in 1947 that lowered barriers to international commerce in an effort to prevent a repeat of global hostilities.In the first four decades, tariffs on manufactured wares plunged from about 35 percent to nearly 6 percent, according to the Federal Reserve Bank of Chicago. By 2000, the volume of trade among members had swelled to 25 times that of a half-century earlier.
  • Mexico — home to about 123 million people — was not big enough to refashion the terms of trade. When China joined the W.T.O. in 2001, that added a country of 1.3 billion people to the global trading system
  • The anti-trade backlash, building for years, has become explosive because the global economy has arrived at a sobering period of reckoning. Years of investment manias and financial machinations that juiced the job market have lost potency, exposing longstanding downsides of trade that had previously been masked by illusive prosperity.
  • Chinese imports eliminated nearly one million American manufacturing jobs between 1999 and 2011. Add in suppliers and other related industries, and the total job losses reach 2.4 million.
  • Mr. Trump vows to slap punitive tariffs on Chinese goods. But that would very likely just shift production to other low-wage countries like Vietnam and Mexico. It would not turn the lights on at shuttered textile plants in the Carolinas. (Even if it did, robots would probably capture most of the jobs.)
  • Trade Adjustment Assistance, a government program started in 1962 and expanded significantly a dozen years later, is supposed to support workers whose jobs are casualties of overseas competition. The program pays for job training.But Mr. Simmons rolls his eyes at mention of the program. Training has almost become a joke. Skills often do not translate from old jobs to new. Many workers just draw a check while they attend training and then remain jobless.
  • European workers have fared better. In wealthier countries like Germany, the Netherlands, Sweden and Denmark, unemployment benefits, housing subsidies and government-provided health care are far more generous than in the United States.In the five years after a job loss, an American family of four that is eligible for housing assistance receives average benefits equal to 25 percent of the unemployed person’s previous wages, according to data from the Organization for Economic Cooperation and Development. For a similar family in the Netherlands, benefits reach 70 percent.
  • Yet in Europe, too, the impacts of trade have been uneven, in part because of the quirks of the European Union. Trade deals are cut by Brussels, setting the terms for the 28 member nations. Social programs are left to national governments.
  • In China, farmers whose land has been turned into factories are making more steel than the world needs. Advertisement Continue reading the main story In America, idled steel workers are contemplating how to live off the land.
  • a provision that would enable multinational companies to sue governments for compensation when regulations dent their profits.Esso, a subsidiary of Exxon Mobil, the American petroleum company, has operations in the Netherlands. Suppose the government went ahead with plans to limit drilling to protect the environment?“They could sue the Dutch state,” he fumed. “We are not so sure in the Netherlands whether we want to give the multinationals so much power. We are a trading country, but it’s not always that trade should prevail against quality of life.”
  • the longshoremen fret about robots
  • Now, many longshoremen sit in glass-fronted offices set back from the docks, controlling robotic arms via computer terminals.
  • The robots will win in the end, because robots never strike. Robots improve with time.
  • Trade deals, immigrant labor, automation: As Mr. Arkenbout sees it, these are all just instruments wielded in pursuit of the same goal — paying him less so corporations can keep more.“When they don’t need me anymore,” he said, “I’m nothing.”
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    Relevant to our class discussion on 9/27/16
Ed Webb

Obama's Syria Strategy Is the Definition of Insanity | Foreign Policy - 1 views

  • The Russian government, much less the Assad regime, has never been a reliable partner for peace in Syria. But even after Russia’s alleged bombing of the aid convoy, U.S. President Barack Obama’s administration is still plowing its energies into a deal that aims to work with the Russian government.
  • The Obama administration has viewed the Syrian crisis through the lens of counterterrorism. But diplomatic failures such as this one continue to embolden extremist actors like al Qaeda, which has purposely presented itself as a reliable and necessary opposition ally, seemingly dedicated only to the cause of ridding Syria of the Assad regime. By so deeply embedding within Syrian revolutionary dynamics and claiming to fill the vacuum left behind by insufficient foreign support or protection, al Qaeda’s narrative is constantly strengthened by perceptions of American inadequacy. Thus, U.S. failures do not exist in a vacuum — our adversaries quickly translate them into their own victories.
  • the Russian government is not the key to controlling the Assad regime’s heinous behaviors. For a week straight, the Syrian government consistently ignored Moscow’s demands and destroyed a cease-fire deal that had been largely of Russia’s making. The regime also reinforced its troop positions around Aleppo and amassed forces opposite the strategic northern town of Jisr al-Shughour, and its aircraft were blamed for bombings around Aleppo, north of the city of Homs, and in parts of southern Daraa governorate. And after the Assad government declared the cease-fire over, Russia ferociously destroyed an aid convoy intended for 78,000 civilians
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  • Bashar al-Assad does not intend to step down from power, and he will use any means at his disposal to prevent that from happening
  • Five years ago, Syria was a local problem; today it is an international one. U.S. indecision, risk aversion, a total divergence between rhetoric and policy, and a failure to uphold clearly stated “red lines” have all combined into what can best be described as a cold-hearted, hypocritical approach. At worst, Washington has indirectly abetted the wholesale destruction of a nation-state, in direct contradiction to its fundamental national security interests and its most tightly held values.
  • U.S. commitment remained negligible when compared with our often uncoordinated regional allies, such as Turkey, Saudi Arabia, and Qatar. It seems U.S. officials wanted Assad out but wanted others — whom administration officials would say in private they did not trust — to do it for them
  • The result? Nearly half a million people dead, more than 1 million people living under siege, and 11 million people displaced. Catastrophic refugee flows have led to an anti-immigrant backlash in Europe and the rise of far-right politics while Syria is now home to perhaps the greatest concentration of jihadi militants in any single country ever
  • Jabhat Fateh al-Sham — formerly the Nusra Front — the most capable, politically savvy, and militarily powerful al Qaeda movement in history. Al Qaeda’s central leadership has also revitalized itself inside Syria, with the international terrorist organization’s newly named deputy leader almost certainly residing in the country. The correlation is simple: U.S. shortcomings equal al Qaeda’s success in Syria.
  • most Syrians living in opposition areas now view al Qaeda as a more trustworthy and capable protector of their lives than the United States. If there were ever a sign of policy failure, this would be it.
  • there will be no purely military solution to Syria’s conflict — a negotiated settlement is the only feasible path toward stability. However, Assad will never treat a political process with any level of seriousness until placed under meaningful pressure, which the United States has thus far done everything in its power not to do.
  • Opposition to partition is arguably the single issue that unites communities supportive of and opposed to Assad
  • combating al Qaeda in Syria cannot be done solely with bullets and bombs. Defeating it is instead an issue of providing a more attractive and sustainable alternative to the jihadi group’s narrative. Given its successful efforts to embed within the opposition and build popular acceptance as a military (not a political) ally, al Qaeda does not represent a conventional counterterrorist problem
  • If Assad remains in place indefinitely and the conflict continues or worsens, the Islamic State will undoubtedly live to fight another day
  • Civilian protection should remain the core focus of any broad-based strategy, but it must be backed up by real and discernible consequences for violators
  • Skeptics of a more assertive approach to the Syrian crisis can deride their critics as much as they want — but one would hope that after five years of failures, they would at least admit that they have got something wrong
Ed Webb

Straightforward Answers to Basic Questions About Syria's War - NYTimes.com - 4 views

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    solid background
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    solid background
Ed Webb

A Big Blast in North Korea, and Big Questions on U.S. Policy - The New York Times - 2 views

  • In both South Korea and Japan, a small but increasingly vocal minority has begun to advocate developing nuclear weapons to counter the North instead of relying on the United States.
    • Ed Webb
       
      Arms racing a real possibility
Ed Webb

10 new wars that could be unleashed as a result of the one against ISIS - The Washingto... - 3 views

  • the U.S. strategy for defeating the Islamic State relies on a variety of regional allies and local armed groups who are often bitterly at odds. Though all of them regard the Islamic State as an enemy, most of them regard one another as enemies, too. As they conquer territory from the militants, they are staking out claims to the captured lands in ways that risk bringing them into conflict with others who are also seizing territory. New wars are brewing, for control of the post-Islamic State order.
  • WAR NO. 1: U.S.-backed Syrian Kurdish forces and Turkish-backed Arab forces This is one of the wars that have already started, and it is also one of the more complicated ones.
  • when Turkey intervened in Syria two weeks ago to help Syrian rebels capture Islamic State territory, it was clear that the Kurds were as much of a target as the Islamic State
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  • WAR NO. 2: Turkey and the Syrian Kurds This war would be similar to war No. 1, but bigger
  • WAR NO. 3: Syrian Kurds and the Syrian government The Syrian government also feels threatened by the territorial ambitions of the Kurds. Until recently, they had maintained an uneasy alliance, and Syrian President Bashar al-Assad boasted on a number of occasions that his government provides the Kurds with arms. But the relationship has soured since the autonomy declaration by the Kurds, and the two sides have fought brief battles in areas where they both have forces.
  • WAR NO. 6: Iraqi Kurds and the Iraqi government
  • WAR NO. 5: Turkey and Syria The Turkish intervention in Syria has for now been confined to fighting the Islamic State and Kurdish forces. Turkey has also taken steps to mend fences with both Russia and Iran, Assad’s most important allies, who appear to have given a green light to Turkey’s intervention in northern Syria. If Turkey’s fight against the Islamic State goes well, however, the Turkish forces will soon find themselves up against Syrian government front lines around the contested city of Aleppo. That could get messy.
  • WAR NO. 4: The United States and Syria This is a war that could have erupted on any number of occasions in the five years since President Obama called for the ouster of Assad.
  • Iraqi Kurds moved into areas of Iraq that were once under Iraqi government control. The U.S.-backed Iraqi government says it intends to reclaim these areas once the Islamic State has been fully vanquished. The U.S.-backed Kurds have said they won’t let go of any territory Kurds have shed blood to conquer.
  • WAR NO. 7: Iraqi Kurds and Shiite militias This would take place for reasons similar to war No. 6, except that it has already started to simmer.
  • WAR NO. 8: Kurds against Kurds
  • WAR NO. 9: Sunni Arabs against Shiites and/or Kurds In pursuit of the goal of defeating the Islamic State, towns and villages that are predominantly Sunni are being conquered by forces that are mostly Kurdish or Shiite. Many Sunnis are teaming up with them to help defeat the militants. Many are overwhelmingly relieved when their oppressors are driven out.
  • In the absence of genuine reconciliation, including political solutions that empower Sunnis, a new form of Sunni insurgency could emerge.
  • WAR NO. 10: The remnants of the Islamic State against everyone
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