Last week, when the financial system threatened to unravel in the United States, European Union leaders called an emergency summit to devise a common approach to the crisis. In Washington, unseemly bickering between political parties had already defeated one attempt to pass a $700 billion rescue package. The American political and economic system looked seriously wounded. This might have marked the moment for a unified Europe, viewed by many as a counter-balance to the U.S., to act decisively and effectively in a time of peril. As it happened, however, the “fraternité” long dreamed of by some in the EU vaporized [...]
BUENOS AIRES, Argentina — Argentina’s four principle agricultural organizations declared a six day strike on Friday, Oct. 3. Facing the worst drought in a century and fearful of the potential for contagion from the American financial crisis, agricultural producers are demanding relief from the government, principally in the form of a reduction in export taxes. The longstanding dispute between the countryside and Buenos Aires has its roots in structural changes in the Argentinean export economy that have emerged over the past decade, with Argentinean farmers devoting increasing amounts of land to soy crops destined for the Chinese and European markets, [...]
Since the formation of the Russian Federation in 1991, the Russian government has been careful to limit military spending, hoping to avoid the Soviet error of engaging in a ruinous arms race with the West. As recently as February, then-Russian President-Vladimir Putin reaffirmed that Russia “must not allow [itself] to be drawn into [a new global arms race].” But while Russian defense spending has already been rising in recent years, one long-term effect of the Georgia War could be to accelerate Russia’s military rearmament. On several occasions since the Georgia War began, Russian leaders have made statements that could be [...]
