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Scary stuff, indeed, but so far, that worst-case scenario doesn't appear to be materializing. The central bank of the United Arab Emirates promised on Sunday to stand behind the country's banks with fresh liquidity, causing stock markets in Asia to rebound on Monday. Nevertheless, the Dubai debacle...
Even countries apparently powering through the recession are hounded by tricky policy conundrums. After Chinese banks engaged in massive lending aimed at combating the global downturn, China's regulators warned in late November that they must meet mandated capital requirements or risk sanctions, a strong sign that Beijing is worrying...
At the crossroads between east and west in the desert nation of Turkmenistan, a quiet battle is under way for natural gas, oil and influence, and the U.S. and Europe are losing out to China and the Muslim world. There's a lot at stake: the Central Asian country has...
All of this would have been unthinkable just a few years ago. After the collapse of the Soviet Union, Turkmenistan became one of the most closed-off places in the world under the helm of Saparmurat Niyazov, who christened himself Turkmenbashi, leader of all Turkmen, and fostered a bizarre personality...
But given how much natural gas and oil Turkmenistan has under its desert sands, the U.S. and Europe look determined to keep trying to get a foot in the door. Just how they can achieve this in a crowded marketplace - and without a warmer welcome from the wary Turkmen - remains...