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Telegraph UK Tuesday,
Protectionist dominoes are beginning to tumble across the world
The riots have begun. Civil protest is breaking out in cities across Russia, China, and beyond.

The Financial Times Tuesday,
Foreign policy mandarins have more to learn
... unfortunately this message does not even now seem to have reached all parts of the newly shaping US foreign policy establishment, where the pundits keep calling for a re-assumption of American leadership and asking how the US can again impose its will and values on a turbulent world. But that is the wrong question.

The Financial Times Tuesday,
The age of obligation
Looking back, we now see just how big a proportion of US growth since 2001 was financed by mortgage equity withdrawals. Without that as a means of financing consumption, the economy would barely have grown at 1 per cent a year under President George W. Bush.

The Huffington Post Tuesday,
Russia Threatens American Hegemony with Fighter Jets to Lebanon
Moscow is not selling the powerful MIG-29 fighter-bombers (which usually go for $30 million a piece) to Lebanon, they are giving it to them for free. The bombers, built to challenge the American F-16 fighter jets, are precisely the caliber of weapons Lebanon has been asking for and the U.S. has been reluctant to give to Israel's politically unstable neighbor.

George Soros Tuesday,
Worst financial crisis in 60 years marks end of an era
So the current financial crisis is less likely to cause a global recession than a radical realignment of the global economy, with a relative decline of the US and the rise of China and other developing countries. The danger is that the resulting political tensions, including US protectionism, may disrupt the global economy and plunge the world into recession or worse.

Atlantic Monthly Tuesday,
“Be Nice to the Countries That Lend You Money”
The current conditions can′t go on. It is time for the new government, under Obama, to really tell people: “Look, this is wartime, this is about the survival of our nation. It′s not about our supremacy in the world. Let′s not even talk about that any more. Let′s get down to the very basics of our livelihood.”

The Atlantic Tuesday,
People, especially Americans, started believing that they can live on other people’s money. And more and more so. First other people’s money in your own country. And then the savings rate comes down, and you start living on other people’s money from outside.

the Atlantic Tuesday,
The First New Foreign Crisis
To be sure, Pakistan is nearly broke, and U.S. policy makers seem to be aware of that; but a worldwide demand crisis could lead to social unrest in countries like Indonesia and Malaysia, Singapore, the Ukraine, Japan, Turkey or Egypt (which is facing an internal political crisis of epic proportions already).

The Financial Times Tuesday,
Unilateral Germany threatens to weaken Europe
Test (3), Germany regards friendly relations with Russia as a vital national interest. Whatever Russia does, Germany is generally unwilling to criticise it. This makes it hard for the EU to forge effective policies on Russia. (4), Germany, together with Britain and France, leads the EU diplomacy on Iran′s nuclear programme. But Germany is reluctant to impose economic sanctions on Iran. This annoys London, Paris and Washington. (5), Germany shows scant enthusiasm for French president Nicolas Sarkozy′s efforts to strengthen EU defence.

Financial Times Tuesday,
US Housing
Nationally, home prices have fallen 23 per cent since the July 2006 peak, according to the Case-Schiller index, bringing them back to 2004 levels. Returning to 2001 prices, when the housing boom began, requires a further 25-30 per cent drop. At the current rate of decline, that will take just over two years, meaning housing is only halfway through its slump