World

Wednesday

Matthew Lynn

The mother of all market crashes

Matthew Lynn marks the 20th anniversary of the peak of the Nikkei and asks whether we’ve learned any lessons Twenty years ago this month, as we’ve been reminded by countless documentaries, the Berlin Wall was coming down. Eastern Europe was convulsed by the revolutions from which communism never recovered. But much further east, something else was happening which arguably has had just as profound an impact on how the global economy has developed since then. The rampant bull market in Japanese equities was heading for its final, frenzied peak. For stockmarket historians, 29 December 1989 will always be a key date. On that day, the benchmark Japanese index, the Nikkei

Tuesday

Alex Massie Alex Massie

Cool Pictures of the Year

Nazroo, a mahout, poses for a portrait while taking his elephant, Rajan, out for a swim in front of Radha Nagar Beach in Havelock, Andaman Islands. Rajan is one of the few elephants in Havelock that can swim, so when he is not dragging timber in the forest he is used as a tourist attraction. The relationship between the mahout and his elephant usually lasts for their entire lives, creating an extremely strong tie between the animal and the human being. Photo and caption by Cesare Naldi. The Boston Globe offers a selection of photos from this year’s National Geographic photography competition here. National Geographic’s galleries are here and you

Peter Hoskin

A debased database

As with much police work, the questions surrounding a DNA database come down to one thing: striking a balance between civil protection and civil liberties.  Going off a new report by the Human Genetics Commission, reported on the cover of today’s Times, the government are getting that balance seriously wrong: “Jonathan Montgomery, commission chairman, said that ‘function creep’ over the years had transformed a database of offenders into one of suspects. Almost one million innocent people are now on the DNA database… …Professor Montgomery said there was some evidence that people were arrested to retain the DNA information even though they might not have been arrested in other circumstance. He

Alex Massie Alex Massie

Lou Dobbs 2012?

Apparently it’s a possibility. At the very least such a run would help Dobbs sell a few more books. Whether a Perot-like third party anti-immigration, anti-globalisation, anti-Wall Street crusade will be as appealing in 2012 as it seems right now must be a matter that’s open for discussion. Perot wouldn’t have been nearly so effective in happier economic times and 2012, one trusts, will bring cheerier economic news than 2009. Nonetheless, there’s no point denying that Dobbs represents a set of sentiments that, generally speaking and most of the time, don’t get much of a hearing or great respect in Washington. Still, if one of the most important things in

Monday

James Forsyth James Forsyth

The case for 40,000

As President Obama continues to consider his options on Afghanistan, The New York Times has a good primer on what the military could do with the various levels of reinforcements being considered. This is what the military believes it could do with an extra 40,000 troops: “Should President Obama decide to send 40,000 additional American troops to Afghanistan, the most ambitious plan under consideration at the White House, the military would have enormous flexibility to deploy as many as 15,000 troops to the Taliban center of gravity in the south, 5,000 to the critical eastern border with Pakistan and 10,000 as trainers for the Afghan security forces. The rest could

Alex Massie Alex Massie

There’s No Stupidity Like Palin Stupidity

You’d have to stupid to think an Ivy League* education must be a necessary qualification to be President of the United States but you have to be even dumber to consider it a disqualification. And, to be sure, there are many ways of answering the question Bill O’Reilly asked a prominent American politician the other day. O’Reilly’s question was: Do you believe that you are smart enough, incisive enough, intellectual enough to handle the most powerful job in the world? And this was Sarah Palin’s answer: I believe that I am because I have common sense and I have — I believe the values that are reflective of so many

Saturday

Peter Hoskin

Money talks in Afghanistan

Afghan politics stinks; we all know it.  But it’s still shocking to read how the former governor of Helmand, Sher Mohammed Akhundzada, encouraged his supporters to join the Taliban after he lost his position, in 2005, under a cloud of drug-running allegations.  Here’s what he tells today’s Telegraph:   “When I was no longer governor the government stopped paying for the people who supported me ….  I sent 3,000 of them off to the Taliban because I could not afford to support them but the Taliban was making payments. Lots of people, including my family members, went back to the Taliban because they had lost respect for the government. The

The Spectator

What makes them tick?

Seiko is collaborating with leaders and innovators in a variety of fields to celebrate the release of the Ananta Collection Luxury travel company Abercrombie & Kent annually moves nearly a quarter of a million people around the globe. So for president and chief operating officer Joss Kent, being organised is a given. With 62 offices in 33 countries, A&K is unique in having such a global on-the-ground network. ‘We are the only global company that is still in control of your experience, right down to the nitty-gritty of the detail,’ says Kent. ‘If I walked into a restaurant like Le Caprice in London and saw that, instead of a kitchen,

Friday

Alex Massie Alex Massie

Petraeus 2012 Watch

Previously, I’ve argued that even if General David Petraeus does have political ambitions there are any number of obstacles that might make it difficult for him to make a successful bid for the Presidency. All those points still stand. Nevertheless, it’s worth noting that the CENTCOM commander is this year’s recipient of the American Enterprise Institute’s annual Irving Kristol Award and that he’ll be AEI’s guest of honour at its annual dinner next year. As I say, a 2012 run seems most improbable (at the moment!) but 2016? Well, that could, conceivably, be a different story. Consider this award a data point, however. The flip-side to the award, mind you,

Alex Massie Alex Massie

Backroom Deals in Brussels Are No Big Deal

It’s always heads they win, tails you lose with the euro-sceptics isn’t it? For instance, they were adamant that they didn’t want a high-profile figure such as Tony Blair to become President of the EU Council. No Big Beasts please, we’re British! Now it turns-out that they’re equally disappointed that an unknown Belgian and a scarcely-known Briton have become President and EU High Representative respectively. There’s no pleasing some people… All this reflects the euro-sceptics belief that nothing that happens in Brussels can’t be spun to their advantage. Sure, as Iain Martin says, perhaps the elevation of this pair of nonentities is “a decision so bizarre that satire is temporarily

Thursday

Alex Massie Alex Massie

Trying KSM in NYC

On the whole I’m sympathetic to the Obama administration’s desire to try Khalid Sheikh Mohammed in a civilian court in New York City. That is, dealing with this kind of terrorism is a matter of law-enforcement as well as, in other respects, a military matter. And yet, despite all the talk about how putting KSM on trial is an affirmation of superior, civilised values and all the rest of it, I’m not sure that the trial will be quite the propaganda victory some think it may be.  Ruth Marcus happily spares one the job of dealing with a typically atrocious Michael Gerson column which alleges, ludicrously, that the ACLU is

James Forsyth James Forsyth

Why my money is on Balkenende

When it comes to the position of the first European President, the worst thing to be is the frontrunner as Tony Blair found out the other week. As soon as you emerge as the favourite, everyone concentrates on why you might not be suitable for the job. So, I suspect that Herman Van Rompuy, the Belgian PM and current frontrunner, will not end up getting the job. It is hard to see how Britain could accept a candidate who is a federalist and aspires to EU-wide taxes. Also, as a friend who has his ear to the ground on these matters just told me, the rest of Europe will be

Mark Bathgate

Fatal inexperience

The Government debt mountain grew by a further £11.4billion in October. The UK now has one of the most expensive governments in the European Union – now materially above the Eurozone average and within touching distance of France and Sweden in spending above 50% of GDP.  Blaming large Government per se for economic problems is overly simplistic – larger Government spending countries like Sweden and Finland have managed to build export market shares and provided stock market returns over the past couple of decades that put the UK to shame. Spain now has thousands of miles of high speed railways and over 50% of their energy needs come from renewables.

Alex Massie Alex Massie

Does Obama Need Britain in Afghanistan?

Since I outlined a modest case for dithering on Afghanstan last month, it probably behoves me to admit that, politicaly though perhaps not militarily, the time for consequence-free dithering seems to be running-out. Con Coughlin’s story in this week’s magazine damns Obama’s approach to the Afghan problem, not least because the President, according to Con, has little interest in consulting his allies: The astonishing disregard with which Mr Obama treats Britain has been made clear by his deliberations over the Afghan issue. As he decides how many more troops to send to Afghanistan — a decision which will fundamentally affect the scope of the mission — Britain is reduced to

Wednesday

Fraser Nelson Fraser Nelson

Britain’s AWOL ally

Cameron just made a very good point in his speech – namely, that Brown claimed just days ago that Obama would make an Afghanistan announcement in the “next few days”. Now, we have no idea when the announcement will come. But this isn’t Gordon Brown’s fault – it’s Obama’s. The way Washington is treating Britain is deplorable and the subject of an excellent cover piece tomorrow by Con Coghlin (cover image above). As Con says in his piece: ‘The Afghan issue has made clear the astonishing disregard with which Mr Obama treats Britain . As he decides how many more troops to send to Afghanistan – a decision which will

Daniel Korski

Afghanistan: air fares, not infantry needed

The British government’s policy on Afghanistan has a spasmodic, yet regular kind of rhythm to it. The issue pops up at intervals, hovers menacingly over Brown’s premiership until the PM awakes from a period of inaction. He then goes into hyper-drive, promises all manner of things, and reverts to inactive type a few days later only to repeat the routine a some days/weeks/months [cross out as appropriate] afterwards.  This time is no different. While the government, along with our allies, wait around for the US president to make up his mind on an Afghanistan (and, by extension, how his first term will be remembered), the PM has been overflowing with

Tuesday

Alex Massie Alex Massie

Sarah Palin is Mitt Romney’s Useful Idiot

The glib answer to this is to suggest that she’d do the party a great service by not running at all. Yesterday I wrote that she’s a “wrecker not a uniter” and that she could hijack the primary season to disastrous effect. That’s clearly one possibility. But there are others, including some which might actually help the GOP and not merely by demonstrating the limits of Palinism and, consequently, lancing that particular boil. Though I think he under-estimates Palin’s fund-raising potential, Daniel Larison runs through some of the that make it most unlikely that Palin can actually win the GOP nomination. And as Daniel says, right now the most probable

Peter Hoskin

Brown misjudges the Afghanistan waiting game

There’s something futile about Gordon Brown’s and, now, David Miliband’s speeches on Afghanistan.  After all, the world is still waiting to hear what Obama’s strategy is for the country.  Will he increase troop numbers – and by how much?  What does he actually want to achieve with them?  Until that’s known, it’s a little premature to talk about a “comprehensive political framework” for handing security responsibilities over to the Afghan army. Worse, though, the PM’s statements may actually be damaging.  Sure, it’s frustrating that the US President is leaving his allies hanging.  But, in the meantime, any international talk about handovers and withdrawal – even if Downing Street maintain that

Peter Hoskin

Is Blair’s bid for the EU presidency still alive, after all?

I still think there are too many hurdles standing in the way of Tony Blair, but it’s worth noting this passage from Ben Brogan’s latest blog post about our former PM’s chances of becoming EU President – particularly the bit I’ve highlighted in bold: “When the manoeuvring [by EU leaders] is stripped out, who is their first choice [for the EU presidency]? Weirdly, 12 or 13 say Blair. Strip out the ones who are dead against – Belgium, Luxembourg and Austria (now there’s a triple alliance to conjure with – talk about surrender monkeys) – and the Swedes who hold the presidency and that leaves you a sizeable majority and