Washington’s rescue cannot end crisis
When bubbles burst, asset prices decline and illiquidity and insolvency emerge in the financial system, writes Martin Wolf
When bubbles burst, asset prices decline and illiquidity and insolvency emerge in the financial system, writes Martin Wolf
Moscow (UPI) Feb 28, 2007 - On Feb. 21 the modified Standard Missile SM-3 shot down US-193, a dying, bus-sized U.S. spy satellite loaded with toxic fuel on a collision course with Earth. There are more pro than con arguments concerning this decision, because few people would have liked to die because of the collision. The spy satellite, known as US-193, was launched in December 2006. It lost power and its ... more
Ankara (AFP) Feb 28, 2008 - Turkey said Thursday its offensive against Kurdish rebels in northern Iraq will continue "as long as necessary," rejecting US pressure for a speedy end to the week-old military incursion. Turkish warplanes meanwhile bombed separatist Kurdistan Workers' Party positions in northern Iraq and intensive fighting was reported on the ground near a major rebel base, Iraqi security sources said ... more
Tehran (AFP) Feb 28, 2008 - President Mahmoud Ahmadinejad declared on Thursday that Iran was the world's "number one" power, as he launched a bitter new assault on domestic critics he accused of siding with the enemy. "Everybody has understood that Iran is the number one power in the world," Ahmadinejad said in a speech to families who lost loved ones in the 1980-1988 Iran-Iraq war. "Today the name of Iran means a ... more
Islamabad (AFP) Feb 28, 2008 - Pakistan's military said up to 12 suspected militants were killed Thursday in an explosion at a hideout in the restive northwestern tribal region bordering Afghanistan. The military's statement came after local people and security officials in the South Waziristan district reported that a suspected US missile strike on a Taliban and Al-Qaeda hideout had killed 13 people, including several ... more
Washington (UPI) Feb 28, 2007 - The effectiveness of IEDs against tanks in Iraq has been claimed as proof that they have become obsolescent. But it's not true. For more than 70 years, there have been specific battles or types of conflict that tanks were not suited for -- but none of that ever detracted from their continuing importance in their primary task. Tanks were claimed to be useless from the first time ... more
Washington (UPI) Feb 27, 2007 - The new job of Scott Charbo, the man President Bush has picked to head up the protection of U.S. computer networks, involves countering threats from Russian hackers, Chinese cyber spies and Internet Jihadis. But perhaps his most immediately dangerous adversary is the chairman of the House Homeland Security Committee. The two men will be face to face Thursday, when Charbo, the deputy ... more
Berlin (UPI) Feb 27, 2007 - The decision by Germany's highest court Wednesday to annul a controversial state law allowing secret computer searches for security and anti-terror investigations rightfully puts civil rights above security interests, experts say. If you are living in Germany, police will have a tougher time secretly invading your computer. Judges of the Federal Constitutional Court in Karlsruhe, German ... more
Jakarta (AFP) Feb 28, 2008 - A decision by the Indonesian government to allot millions of dollars in state funds to compensate victims of a mud volcano disaster came under fire Thursday from activists and a legislator. Public works minister Djoko Kirmanto announced that 700 billion rupiah (77 million dollars) had been earmarked for victims as well as efforts to divert the mudflow in East Java into a nearby river, local ... more
Washington (AFP) Feb 28, 2008 - US President George W. Bush on Thursday rejected fears the country was slipping into recession, ruling out a second stimulus package as he also urged Congress to pass controversial wiretap laws. "We've acted robustly and now it's time to determine whether or not this program will actually work," Bush said, referring to a 168-billion-dollar stimulus plan he signed into law in early February. ... more
Tokyo (AFP) Feb 28, 2008 - For those who feel a bit lonely just talking on the phone, a Japanese company is offering a cellphone that turns into a robot buddy ready to chat. Softbank Mobile Corp.'s new mobile line looks like a small humanoid with attachable arms and legs, with the screen showing various faces. The PhoneBraver will be released in April after a character in an upcoming television drama series ... more
Washington DC (SPX) Feb 29, 2008 - The world must find clean sources of power that can be developed on a fast track. Bourne Energy's RiverStar (Patent Pending) Kinetic Energy System, self-contained energy modules placed in river currents, produce electricity from the harnessing of moving water in the river rather than the potential energy of water stored behind large dams. Bourne's RiverStar System is designed to harness ... more
Washington (UPI) Feb 28, 2007 - The good news for Russia is that energy prices are at a world record, and that Russia is now tied neck and neck with Saudi Arabia as the world's leading oil producer, producing around 9 million barrels per day to a world consuming about 84 million bpd. Russia is the largest non-OPEC oil producer and now generates 12 percent of global production. The bad news is that Russia's major ... more
Houston TX (SPX) Feb 29, 2008 - BP Alternative Energy announced that it has moved into full construction on phase one of the Sherbino Wind Farm located approximately 30 miles east of Fort Stockton in Pecos County, west Texas. Phase one of the project will have a capacity of 150 megawatts and is being built through a 50-50 joint venture agreement with Padoma Wind Power LLC, a wholly owned subsidiary of NRG Energy, Inc. The ... more
Beijing (UPI) Feb 29, 2008 - Nigerian President Umaru Yar'Adua is visiting China this week to talk about ways to broaden their already-extensive oil and gas ties. Yar'Adua, who arrived in Beijing Wednesday, is set to meet with President Hu Jintao and other senior Chinese officials during his four-day visit. The focal interest of the talks would be to "sign agreements on energy-related matters," according to ... more
Newtown CT (SPX) Feb 28, 2008 - With its large military, burgeoning economy, and pivotal location as a bridge between two continents, Turkey has emerged as a crucial player involving regional geopolitics in both the Caspian Basin and the greater Middle East. As detailed in its most recent "Turkey Military Market Overview," Forecast International anticipates that Ankara's growing role as a regional powerbroker will be strengthened ... more
Warsaw (AFP) Feb 27, 2008 - Washington on Wednesday made Poland a new military cooperation proposal in line with a condition set by Warsaw for hosting a controversial US missile shield, the Polish foreign ministry said. "The American side has given Polish Foreign Minister Radoslaw Sikorski a document related to military cooperation," ministry spokesman Piotr Paszkowski told AFP. Paszkowski said the document was a ... more
Hong Kong (UPI) Feb 29, 2007 - Some high-resolution images of China's Type 094 SSBN have shed new light on this mysterious strategic missile nuclear-powered submarine of the People's Liberation Army Navy. Satellite photos released by Google Earth reveal two of these new submarines at the Huludao Shipyard in northeast China. The 094 SSBN's hull structure has been upgraded from the 092 SSBN, which means the later version ... more
United Nations (AFP) March 2, 2008 - The Security Council is set to vote Monday to marginally tighten UN sanctions against Iran over its refusal to freeze sensitive nuclear fuel work. The 15-member council was scheduled to hold consultations from 10:30 a.m. (1530 GMT) Monday ahead of the vote to adopt a third sanctions resolution which was slightly amended by its Western sponsors late Friday. The vote, initially planned for ... more
Crawford, Texas (AFP) March 1, 2008 - US President George W. Bush Saturday refused to speculate on whether more US troops would be pulled out of Iraq after July saying the decision would be made by his top military leaders. The Washington Post speculated Saturday that the Bush administration would withdraw more US forces from the country before he leaves office in January 2009. But Bush told a press conference at his Texas ... more
Shanghai (AFP) March 1, 2008 - China and the United States have agreed to deepen a dialogue on nuclear and Asian security issues following the end of high-level talks in Beijing this week, the US defence department said Saturday. The discussions were part of ongoing Sino-US defence consultations aimed at increasing mutual understanding and avoiding miscalculation between the two powers, said David Sedney, deputy assistant ... more
London (UPI) Feb 29, 2007 - Feb. 11 marked the 29th anniversary of the founding of the Islamic Republic of Iran. Yet, as nations across the world have made huge technological and scientific advancements over the past three decades, Tehran's rulers have taken the people of ancient Persia back to the closest thing to the Middle Ages. Once the cradle of civilization, Iran under the mullahs' rule is today a state of ... more
Washington (AFP) March 2, 2008 - NATO Secretary-General Jaap de Hoop Scheffer said on Sunday the alliance's mission in Afghanistan was making progress in its fight against the Taliban insurgency. Despite increasingly bloody clashes with a resurgent Taliban Islamist militia, the NATO chief said in an interview with CNN television the situation was "looking quite good." "We are making a lot of progress. The international ... more
Dalian, China (AFP) March 2, 2008 - In a drydock at a shipyard in northeast China's Dalian city, a 300,000-tonne oil tanker is ready for delivery to Maersk, its hull painted in the Danish shipping company's trademark blue. Nearby, an offshore drilling platform has been constructed according to precise specifications from US company Noble. Both are examples of China's growing success as a shipbuilding nation and its progress ... more
Foshan, China (AFP) March 2, 2008 - When China's parliamentary session begins this week, a small, spirited woman with a middle-school education will make history as one of the first migrant workers to join the lawmaking body. Hu Xiaoyan, 34, a ceramics worker in China's southern manufacturing hub of Guangdong, may be an unlikely politician, but her appointment to parliament signals a historic if only symbolic milestone in ... more
Delft, Netherlands, March 1, 2007 - Dutch researchers have created a windmill that can be used for seawater desalination without having to worry about electricity. Delft University of Technology said a traditional windmill drives a high-pressure pump that pushes seawater through a reverse osmosis membrane to produce fresh water, the university said Friday in a release. While windmill and desalination installations ... more
Washington (UPI) Feb 29, 2007 - The third official energy meeting involving Iraqi, Turkish and U.S. officials began Friday in Istanbul, and though a top State Department official doesn't expect "huge breakthroughs," he hopes to see progress in developing a gas pipeline that will eventually feed Europe's demand after edging out Russia and excluding Iran. "The overall goal is to figure out how best to attract investment ... more
Ankara (AFP) Feb 28, 2008 - Turkey said Thursday its offensive against Kurdish rebels in northern Iraq will continue "as long as necessary," rejecting US pressure for a speedy end to the week-old military incursion. Turkish warplanes meanwhile bombed separatist Kurdistan Workers' Party positions in northern Iraq and intensive fighting was reported on the ground near a major rebel base, Iraqi security sources said ... more
Tehran (AFP) Feb 28, 2008 - President Mahmoud Ahmadinejad declared on Thursday that Iran was the world's "number one" power, as he launched a bitter new assault on domestic critics he accused of siding with the enemy. "Everybody has understood that Iran is the number one power in the world," Ahmadinejad said in a speech to families who lost loved ones in the 1980-1988 Iran-Iraq war. "Today the name of Iran means a ... more
Islamabad (AFP) Feb 28, 2008 - Pakistan's military said up to 12 suspected militants were killed Thursday in an explosion at a hideout in the restive northwestern tribal region bordering Afghanistan. The military's statement came after local people and security officials in the South Waziristan district reported that a suspected US missile strike on a Taliban and Al-Qaeda hideout had killed 13 people, including several ... more
Washington (AFP) Feb 28, 2008 - A US air force general said Thursday he hoped an upcoming Pentagon announcement on the winner of a huge aircraft contract will not spark a legal challenge by the loser of the lucrative bid. "I really hope there is not a protest," said Air Force chief of staff General Michael Moseley, of bidding which has pit US aerospace giant Boeing against Europe's EADS and its US partner Northrop Grumman. ... more