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...Clash Between Islam and Modernity in the Middle East and The Crisis of Islam Holy War and Unholy Terror seek to explain the roots of extremism. His take on these subjects has often been controversial; some scholars accuse him of being needlessly alarmist about the "clash of civilizations" - a term he coined before Samuel Huntington's book. Lewis's latest book Islam: The Religion and the People, (Wharton School of Publishing) co-authored with Buntzie Ellis Churchill, is a useful primer for those who know little or nothing about the religion and its adherents. TIME's World Editor Bobby Ghosh...
...railed against Mbeki, calling him a "dictator," and predicting that he would be removed over the weekend. But for all the venom of his supporters, Zuma himself was not among those calling for Mbeki's head. Instead, he had called for Mbeki to serve out the remainder of his term, in order to ensure a smooth political transition. Zuma told his party that it would be a waste of energy to "beat a dead snake," and instead appealed to them to focus on healing internal divisions. Malema's response: "Fine ... we are no longer beating it and we are burying...
...halt this implosion, somebody has to leverage up, not down, and acquire assets, not sell them. The government is the institution in by far the best position to do so. The Federal Reserve System can play this role on a short-term basis - halting panics by lending dollars in exchange for momentarily hard-to-sell assets, as it did early Thursday morning. But while the exigencies of the moment have led it to make longer-term investments in Bear Stearns and now AIG, it's widely agreed that this is bad policy. "The Fed is the guardian of the currency...
...moves will boost confidence in the short term, but investors remain jittery, says Tai Hui, regional head of economic research for Standard Chartered Bank in Singapore. "It's not that the financial turmoil is getting any better," he says...
...warn that the markets aren't immune from further bad news and the uncertainty level is still high. Goldman Sachs in a note to investors this week said that Asian stocks are "getting interestingly cheap" but analysts "certainly do not pretend to have any real clarity on the near-term market outlook." The investment bank said "for now, most investors in Asia will continue to focus more on cutting risk and hedging positions rather than putting on substantial new risk." The wild ride in Asian markets isn't over...