Welcome to the World News Ramble, LesTout's weekly look at interesting news stories from around the globe. This feature is designed for people interested in the whole world as much as their own little corner.
Please keep in mind that the links in every edition were tested at the time the article was written, but can't be guaranteed beyond that time. If you come across a dead link, try going to the homepage of the publication cited and find it there - it would also be nice of you could mention the new URL in the comments section. I will try and keep everything as accurate and up-to-date as possible, but in the words of one of our greatest living news hounds, Glen Hauser, "The standard disclaimer applies." And now, on to the news.
The world financial news is breaking faster than most of us can comprehend, but that hasn't stopped the press from trying to keep up.
Today's NYTimes compares the differences between the U.S. and U.K. bank bailouts, while also reporting elsewhere in the paper that the "U.S. May Take Ownership Stake in Banks."
The Economist reported on Wednesday's rate cuts by six central banks and why they acted in unison: "Getting the world's big central banks to act in the same way on the same day was a welcome show of unity given the threat to the global financial system and economy. It also minimized the risk of currency instability: a unilateral rate cut by one central bank could have hurt its currency. It may also have prevented accusations that one country was trying to shift the burden of economic weakness onto others."
MSNBC has a handy map detailing the "Worldwide Turmoil" in financial markets. It ain't pretty, but it's pretty interesting.
"The I.M.F. Predicts Major Global Slowdown Amid Financial Crisis." Uh, sorry guys, but you're a day late and a dollar short on that prediction, but it's an interesting read nonetheless. "Following sluggish growth through the remainder of 2008 and early 2009, the anticipated recovery later in 2009 will be exceptionally gradual by past standards."
And what's the G-20, you ask? According to its website, the G-20 "are the finance ministers and central bank governors of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States of America. The European Union is also a member, represented by the rotating Council presidency and the European Central Bank." The G-8, according to Wikipedia, consists of "Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, the United States and the European Union (the EU is represented within the G8, but cannot host or chair)."
In the U.S., there's a strange (and disturbing), rumor circulating that the economy has been laid low by poor people, the notion is debunked in an essay titled Subprime Suspects at Slate. In related news, The Wall Street Journal reports that nearly one in six American homeowners is "underwater," "owing more on a mortgage than the home is worth."
Think times are tough in your neck of the woods? Try living in Zimbabwe with a 40 million percent inflation rate. From the NYTimes: "It's survival of the fittest," said Mrs. Moyo, 29, a hair braider who sells the greens she grows in her yard for a dime a bunch. "If you're not fit, you will starve."
In happier business news, The Hindu reports that Tata Steel won the Deming Application Prize for excellence in Total Quality Management (TQM).
Malaysia's PM is stepping down in March, his troubles seem to be both with the electorate and his own cabinet, according to this piece from Radio Australia: "Southeast Asia specialist Professor Bridget Welsh from Johns Hopkins University in Washington says Malaysian voters are more sophisticated. 'I think there are broad transitions that are taking place in Malaysia, a more sophisticated electorate... speaking out on wanting change,' she told Radio Australia."
RIA Novosti features this interesting headline: Japanese to build space elevator invented in Russia, calling it "one of the most ambitious projects of the 21st century."
Tired of hearing about the U.S. presidential election? Maybe this BBC guide on each candidate's foreign policy positions will change your mind. Like it or not, the United States often has an influence on the rest of the world and it may be in your best interest to know what may lie in store. You can find the BBC's general guide to the U.S. elections here. And if you're in the States and tired of the election, C'mon, Move to Canada!
The Maldives held its first real election this week, says the VOA. The Ukraine is headed for its third election in as many years. And Fiji's 2006 coup has been declared legal by that country's Supreme Court - go figure.
Oxford and Cambridge universities are "publishing about 450 hours of free audio and video podcasts of lectures, films and admissions guides for people to download to a computer or MP3 player," writes the Guardian (via The Hindu). MIT has been doing this for years on its OpenCourseWare site.
Last week, a man in South Korea was arrested for running a fake museum. It seems he filled his displays with junk obtained from yard sales, which he passed off as ancient artifacts. It's almost too funny to be a crime.
"The only thing we have to fear is fear itself. Fear and negative equity .
The two things we have to fear are fear itself and negative equity, and the depleted capital of financial institutions .
Amongst the things we have to fear are fear itself, negative equity, and the depleted capital of financial institutions." - Paul Krugman
