Word: sovereigns
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...real estate bust. "I don't see what the big deal is," Willem Buiter, economist at the London School of Economics and Political Science, wrote bluntly. Others see the Dubai crisis as the potential flashpoint for a new stage of the global crisis, a sign that heavily indebted sovereign states might begin having trouble financing their deficits, or that investors will reassess their exposure to risky emerging markets in some kind of financial "contagion." BofA Merrill Lynch strategists postulated in a report that "one cannot rule out - as a tail risk - a case where this would escalate into a major...
...that's not why the Corps lost this case. The plaintiffs could not sue the Corps for botching flood protection, because Congress gave it "sovereign immunity" to protect its flood-protection projects from that sort of lawsuit. So the suit focused on a canal called the Mississippi River Gulf Outlet, a classic Army Corps navigation boondoggle that was designed as a shortcut for ships to the Port of New Orleans - although ships rarely use it - and ended up instead as a shortcut for hurricanes. The plaintiffs argued that the so-called Mr. Go - which wasn't a flood-protection project...
...miles of valuable freshwater wetlands, but that's just a tiny slice of the land-loss crisis. The Corps can still make the case that adequate flood walls would have withstood the extra surge created by Mr. Go - and that the inadequacy of the flood walls is covered by sovereign immunity. In other words: Don't blame our lousy navigation project; blame our lousy flood-protection project! (See video of New Orleans's Ninth Ward...
...Cliff” is set in third-century China during the fall of the Han Dynasty, before and during the Battle of the Red Cliffs. The country is being torn apart by civil war, and a power-hungry Northern warlord is looking to eliminate the only two remaining sovereign kingdoms in the South. “Red Cliff” maps the alliance of these two politically distinct yet ethnically united peoples in the face of destruction, paying particular attention to the resilience of Chinese people...
...Israel in the summer of 2006, Hizballah has accused the American- and Saudi-backed ruling coalition of doing Israel's work by seeking to disarm the organization's armed wing. (The argument by its rivals is that no state can tolerate the existence of private armies independent of the sovereign government.) After the issue provoked more than a year of massive demonstrations and sit-ins in central Beirut, Hizballah tried to settle matters the old-fashioned way in May 2008 by storming pro-government positions in West Beirut. But while its highly trained fighters easily overran the government supporters...