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...Obama and his aides will say in London what they say every minute of every day to anyone who will listen. If the American government does not allows its deficit to rise into the trillions of dollars, the consequences will be a depression which will last for several years and put more millions of Americans out of jobs. The U.S. tax base will be ruined, which will cause huge deficits because of rapidly falling IRS collections as corporations and individuals lose their ability to create income. Even if government keeps expenses as they were last year, the budget deficit will...
...country's second largest city and cultural hub - in a siege that Pakistani media is comparing to the Mumbai massacre in India last November. At least 13 police trainees were killed and more than 90 people were injured and taken to hospitals. The death toll is expected to rise, as bodies still need to be recovered from inside the building. More than 400 trainees are believed to have been present at the time of the attack. Authorities say they have one of the attackers in custody, while four have been killed. Two others blew themselves up to evade capture...
...violence looks unlikely to abate anytime soon. Bikie gang expert and criminologist Arthur Veno, a professor at Monash University in Melbourne, says the step-up in violence is happening because of the rise of Notorious, a younger gang that has muscled in on established gangs' turf in Sydney. "This new gang doesn't have the traditional rules of engagement that the bikies share among themselves," he says. "The war has broadened from the issue of a simple battle over the issue of the drug pyramid. It has now spilled into the long-term affiliations between clubs and has allowed...
...politicians congenitally foolish and unable to project power creatively - our tendency to turn principles into dogma, domestic political pressures, and the delusion that America can do anything. George W. Bush was badly boggled by all three. His "Freedom Agenda," which wantonly promoted democracy, led to disasters like the rise of Hamas in Gaza (after Bush forced elections that neither Israel nor the Palestinian Authority wanted). Bush also played domestic tough-guy politics disgracefully: his opponents were inevitably "soft on terrorism." And he played the darker avenues of domestic politics as well, allowing ethnic pressure groups like the Israel and India...
...what they do best - those things in which they have a comparative advantage - and trade for the rest, their welfare will increase. The magic of trade is that it encourages economic specialization. If the fruits of that specialization can be freely exchanged, everyone benefits. (Read "Protectionism on the Rise in Europe...