Word: nationalism
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...their drive to restore Russia's Soviet-era muscle, Vladimir Putin and his allies have plenty to build on: fabulous petroleum wealth, ironclad political stability and an increasingly confident foreign policy. Will national pride get an extra boost from the country's footballers? Can they join the phalanx of Russian hockey and tennis stars who are earning the nation some international respect...
...lacking in clout. With assets of $382 billion at the end of March, it's the world's second-largest sovereign wealth fund, trailing only the Abu Dhabi Investment Authority, which weighs in at about $875 billion. Norway's fund, flush with money from the nation's oil and gas, has stakes in 7,000 firms - from Google to Goldman Sachs, Deutsche Post to PetroChina. Astonishingly, the fund now owns about 1% of the entire European stock market, and close to 0.5% globally...
...Admittedly, in the case of the European press and George Bush, who started a week-long five-nation visit to Europe on June 9, such generosity will not be easily granted. Bush could discover an unexpected love for cricket, announce that he and Laura were planning to vacation on the Côte d'Azur, declare that his most fervent wish was to march in Berlin's Love Parade, and it would do him no good. For many Europeans, no matter how hard he tries, Bush will always be considered an ignorant, incurious cowboy. He was and is, they think...
...those who closely observe politics or work in the business, none of this is surprising. Nearly all the nation's brightest, and even idealistic, political professionals take jobs for wealthy interests in off years. Both McCain and Obama know this, and no matter how many conflict-of-interest policies they construct, the next Administration will be populated by people who have previously been paid large sums by companies and organizations that want to bend government to their whims...
...This week he's talking mainly about short-term fixes "to help working families who are struggling to keep up"; next week, his aides say, the focus will be on the long run. The latter plays to Obama's strengths, as he can wax eloquent about the nation's need for investment in education, infrastructure and clean energy. For now, he and his advisers are reciting the details of his three big short-term priorities: a new $50 billion stimulus program, much of it routed into extending unemployment insurance beyond the current 26-week limit and helping struggling state governments...