As the world economy stares down the most severe crisis it has seen in nearly a century, the International Monetary Fund (IMF) finds itself positioned somewhere between danger and opportunity: Danger lurks in emergent alternatives to the fund; opportunity lies in reform. Yet, reform requires change, and change does not come easily in the realm of international politics. Invariably, it creates winners and losers. The United States and Europe have long been the beneficiaries of the international financial institutions crafted during the waning hours of World War II. But the world of today is a far cry from that of [...]
The United Nations Security Council (UNSC) capped a week of tough negotiations yesterday over a response to North Korea’s April 5 launch of a multi-staged rocket. In a strongly worded statement, this month’s UNSC president, Mexican Ambassador Claude Heller, termed the launch a “contravention” of UNSC Resolution 1718, which forbids the Democratic People’s Republic of Korea (DPRK) from engaging in missile-related activities. The government of the DPRK claimed the launch was meant to place a communications satellite into orbit. However, no one outside North Korea has spotted the alleged satellite. Since the technologies used for space rockets and long-range ballistic [...]
The current global financial crisis is unique in that, unlike most previous crises — which started in the periphery of the world economy, and whose deep and long-lasting impacts were limited to isolated parts of the globe — today’s crisis is rooted in Wall Street, at the heart of the globalized market, from where it has grown and spread worldwide. As a result, powerful, globalized economies have taken the first and hardest punches. Although still a bit groggy, they are now struggling to get back on their feet. But while economists discuss how and when economies will emerge from this [...]
