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Diminishing supplies of oil and natural gas will push countries into violent competition, the Kremlin predicted in a long-awaited national security strategy paper released this week. The document foresees these struggles playing out in the Arctic as well as the Middle East, the Barents Sea, the Caspian Sea and Central Asia - and states that Russia is prepared to fight for its share of the world's resources...
...country's team of leaders continues to promote economic freedom yet intimidates or arrests anyone who dares to call for political change. At the end of last year, more than 300 Chinese activists, marking the 60th anniversary of the Universal Declaration of Human Rights, jointly signed Charter 08, a document that calls on the party to reform its political system and allow freedom of expression. Beijing responded as it often does: it interrogated many of the signatories and arrested some, including prominent dissident Liu Xiaobo, who was active during the Tiananmen protests...
...Administration's initial forecast, provided by the Office of Management and Budget, never had a chance. While the costs in the document might have been controlled well enough to meet expense estimates, the rate at which the economy is coming unhinged always meant that the amount of money which was supposed to come in from taxes was always at risk. OMB now says tax receipts will drop a breathtaking 15% compared with last year. (See pictures of the Top 10 scared traders...
...reaction of Congress and the public to this deteriorating outlook described by the authors of the budget document is muted. There was a hint of foreboding in the statement made by the Administration's budget director in the remark, "The change in the deficit estimates reflects upward technical revisions in light of new information regarding the collection of receipts, financial stabilization efforts, and other federal programs." The part about "new" information implies that current estimates may be superseded by future updates...
Last week, while the financial world was obsessing over stress tests for fragile banks, the environmental and agricultural worlds were watching the results of the Obama Administration's stress tests for renewable fuels. An outgrowth of the 2007 energy bill, the tests were supposed to document whether corn ethanol and other biofuels designed to replace fossil fuels would accelerate or alleviate global warming overall. But like the much-criticized bank checkups, these stress tests don't seem particularly stressful...