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World News Once a Week |
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| Published Thursday, October 2, 2008 |
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| Reuters/Toby Melville: City workers make calls outside the London Stock Exchange. |
Issue 119
Ever wanted to truly understand the value of a dollar like those thrifty nonagenarians who came of age during the Great Depression?
The sinking ship that is Wall Street — and the political traffic jam in our nation's capital — might just afford you that
opportunity in the coming months. At least the struggling economy has been kind to one American: Barack Obama. His standings
in presidential polls have soared as the Dow bottoms out. Meanwhile, the prospect of tonight's VP debate has McCainiacs on edge, given Sarah Palin's recent
train wreck of an interview with Katie Couric.
The almighty buck isn't just a central issue to voters. It's also the engine that drives modern-day pirates, as we learned
from a band of buccaneers off the Somali coast that made a booty call to a Ukrainian freighter. Elsewhere in the surprise-attack department: far right-wing Austrian leaders won a stunning parliamentary victory, extremists sent a harrowing message to a London publisher, and the Taliban continued to shake up Afghanistan. Less unexpected: the outpouring of affection prompted by news of Paul Newman's death.
- Benjamin Hart |
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| Top Stories |
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Mo' money, mo' problems
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This week's turmoil in Washington and New York illustrated the unpredictability of financial markets — and the politicians
who influence them. After key lawmakers spent days hammering out a deal to calm jittery US stocks, the House of Representatives
shocked the world by voting down the revised $700 billion bailout package. Though the controversial proposal had been modified from its first iteration — taking a harder line on executive pay, for
example — it still failed to find support from many Democrats and a majority of Republicans.
After markets plunged on the news — the Dow alone dropped 777 points on Monday — the Senate took up a revised version of the
bill in an effort to jump-start legislative action. Wednesday night, Senators overwhelmingly approved the new package; next
up is Round Two in the House.
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Pirates raidin' the Gulf of Aden
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Pirates hijacked a Ukrainian freighter off the coast of Somalia last Thursday — an increasingly commonplace crime in the busy shipping lane. Less ordinary, however, is the vessel's cargo: grenade launchers, ammunition, and T-72 tanks. The unexpected booty, worth more than $30 million, was allegedly en route to southern Sudan via the Kenyan port of Mombasa.
Several US warships have surrounded the vessel, leading to reports that three pirates had been shot dead in a dispute over plans to surrender. Meanwhile, despite the Navy's concerns that the weapons could be sold to al-Qaeda-linked
Somali militants, a pirate spokesman denied any interest in arms trading. "Killing is not in our plans," he said. "We only want money."
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Viva el socialismo?
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Ecuadorian voters overwhelmingly approved a new constitution that promises sweeping socialist reforms and a consolidation of power under President Rafael Correa. The new laws offer Ecuadorians the right to drinkable water, universal healthcare, and a state-funded
college education. But the changes also give Correa far-reaching control over the oil industry and military, as well as the
possibility of remaining in power until 2017.
Ecuador is struggling economically — an estimated 38% of residents live in poverty — and the president's effort to boost prosperity
by instituting leftist policies has invited comparisons to South America's socialist heavyweight, Hugo Chávez. However, Correa, with his brand of bottom-up reform, has largely eschewed his neighbor's incendiary rhetoric.
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| Newswire |
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| Politics |
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Turkmenistan adopts reformist constitution
The long-isolated Central Asian nation of Turkmenistan is pushing for wider international acceptance, after adopting a new constitution. The measure chips away at deceased dictator Saparmurat Niyazov's personality cult by enacting term limits and opening the
door to multiparty politics.
| Tolerance.ca | BBC |
Olmert urges West Bank withdrawal
Outgoing Israeli prime minister Ehud Olmert has appealed for Israel to withdraw from "nearly all" occupied territories, including East Jerusalem, in order to achieve
peace with Palestinians and Syrians. Olmert's new position marks a pronounced shift for the formerly hawkish politician.
| Haaretz | New York Times |
Far-right parties gain in Austria
Austrian legislators are scrambling to form a centrist coalition after major gains by two far-right parties shook up Sunday's
parliamentary elections. Quarreling between the country's mainstream liberal and conservative parties sunk the last coalition,
prompting disillusioned voters to veer to the right.
| Wiener Zeitung | Guardian |
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| Science & Technology |
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China takes historic spacewalk
Astronaut Zhai Zhigang completed China's first spacewalk last Saturday. The scientific milestone was broadcast live as a demonstration of China's
burgeoning technological competitiveness. Some speculate that NASA — which turned 50 on Wednesday — may be losing ground among global space programs.
| Al Jazeera | BBC |
Brazilian environmental ministry sues government
The rate of Amazon deforestation has jumped 69% since 2007, leading Brazil's environmental ministry to file criminal charges against 100 illegal loggers, including the
country's largest offender: its own federal government. In response, government officials promised to commit to zero net deforestation by 2015.
| Guardian | BBC |
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Obama and McCain duke it out
E-pundits took to their keyboards to parse the hits and misses of last Friday's presidential debate. The Atlantic's James Fallows describes John McCain's performance as privileging short-term tactics over long-term strategy, while the
Moderate Voice notes post-debate polling in Barack Obama's favor.
| James Fallows (The Atlantic) | Moderate Voice |
Newman's own: talent and goodwill
Reflecting on the death of legendary actor Paul Newman, teary cinephiles rhapsodized over his dramatic prowess (and stunning good looks) in movies
ranging from Hud (1963) to The Verdict (1982). But above all, fans honored Newman's personal integrity and commitment to charity.
| mental_floss | Pajamas Media |
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| The Week in Pictures |
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Click to see the full-size image and caption.
 Reuters/Rupak de Chowdhuri
 Reuters/Sheng Li
 Reuters/Darrin Zammit Lupi
 Reuters/Asim Tanveer
 Reuters/Laszlo Balough
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*Unless otherwise noted, all photos are courtesy of Reuters.
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| Below the Fold |
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Kidnapped travelers freed after showdown
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| Reuters/Johannes Eisele |
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A rebel group freed 11 European tourists and their eight Egyptian guides Monday, after holding them hostage in a remote area
along the Sudan-Chad border for ten days. All 19 captives packed into one vehicle and drove into the Gilf desert for five
hours before being found by Sudanese police.
| Times, UK | BBC |
London's burning: extremists target publisher
Three men are charged with attempting to firebomb the London home of a publisher planning to release The Jewel of Medina, a controversial book about the Prophet Mohammed's child bride. The book is still slated to hit UK shelves on October 30.
| Guardian | Independent |
Taliban strategy targets Afghan cops
Taliban gunmen assassinated high-ranking female police officer Malalai Kakar on Sunday, in an attempt to further destabilize Afghanistan's fledgling government. The organization has seemingly infiltrated
law-enforcement ranks, as well: an Afghan officer recently opened fire on a group of American soldiers in Paktia province.
| ABC News | Scotsman |
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| Masthead |
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Managing Editor
Benjamin Hart
Deputy Editor
Eli Dvorkin
Contributing Editors
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Nick Earhart
Doug Levy
Jessica Loudis
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Andrew Phillips
Production
Adda Birnir
Tom Starkweather
Andrew Steinmetz
Publishers
Mark Mangan
Sascha Lewis
Design
Groundwave Design Corp.
Production Design
Jonathan Rahmani
Cultural Partner
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