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...doesn't seem likely either. Statistics from the IMF show that the percentage of global currency reserves held in dollars has been declining in recent years - but only marginally. Dollars accounted for 64% of the world's currency reserves at the end of 2008, down from 67% three years earlier. There remains great incentive for countries with large dollar reserves, like China and Japan, to continue to invest in dollar assets to preserve the value of their holdings. Besides, replacing the dollar would demand a level of cooperation among the world's major economic powers that is difficult to achieve...
...Flappers adopted the defiant look popularized earlier by Gibson Girls and suffragettes...
...That's a win for Kim, and it leaves the Obama Administration forced to cajole its East Asian allies to set aside their anger and get back on the diplomatic track with Pyongyang. Bosworth, upon his appointment to the special-envoy job earlier this year, said he was under "no illusions" as to how difficult the task would be. After yesterday, it's fair to conclude that he didn't know the half...
...region - to watch and gather intelligence, not fire on the rocket, Pentagon officials had said late last week - North Korea sent the Taepodong II rocket over Japan and into the Pacific Ocean. That, by itself, meant the launch for Pyongyang was a success: two years ago, an earlier version of the same long-range rocket broke up shortly after the launch. "It means they have a long-range rocket that works," says retired U.S. Lt-Gen. Henry Obering. "This has been a long-term effort for them, and they've succeeded. Nothing the outside world has done - not diplomacy...
...launch complicates that diplomacy. Tokyo in particular is furious at Pyongyang - it had earlier in the week threatened to shoot the missile down - and immediately after the launch asked for an emergency session of the U.N. Security Council to take place on Sunday. Both Tokyo and the South Korean government believe the rocket launch was an explicit violation of a 2006 U.N. resolution that insisted the North "not conduct any further nuclear test or launch of a ballistic missile." But North Korea insists it has the right to place communications satellites into orbit, and the U.S. military on Sunday confirmed...