World

James Forsyth

Battle of the century

The American historian Walter Russell-Mead has a cynical — but very possibly accurate — take on what the French are trying to persuade the Germans to accept with their plan for Eurobonds: ‘France’s clear short term goal is to commit Germany to underwrite debts from weak EU states.  That not only staves off a crisis that threatens to engulf France; by putting Germany on as a co-signer for Greek, Italian and Spanish loans, France will ensure that Germany’s credit rating will not be better than France’s. The French will accept almost any German rules to limit the ability of countries like Greece to run up new debts.  It is in

Back to the drawing board as Eurobonds look dead in the water

Watch her lips: no Eurobonds. Angela Merkel’s Finance, Minister Wolfgang Schauble has told Der Spiegel: “I rule out Eurobonds for as long as member states conduct their own financial policies and we need different rates of interest in order that there are possible incentives and sanctions to enforce fiscal solidity.” Merkel’s government is making its depositions ahead of tomorrow’s Eurozone summit, rebutting the moves made by other member states over the weekend to introduce Eurobonds, a step towards political integration. Those proposals were backed by Nicolas Sarkozy, with whom Merkel is meeting in private this afternoon. Interestingly, Le Monde reveals that Eurobonds are not even on the agenda of these

The Republican battle steps up a gear

This is perhaps the biggest weekend yet in the race for the 2012 Republican presidential nomination. The candidates clashed on Thursday night in their third televised debate, and will contest the traditionally important Ames Straw Poll in Iowa today. In truth, as Alex says, neither the debate nor the straw poll will have that big an impact on the race. More significant is an event taking place more than a thousand miles from Ames, in Charleston, South Carolina. There, Texas Governor Rick Perry will announce his entry to the race. And judging by current polling and betting trends, he will start out as joint favourite. Until now, Mitt Romney has

Forty years of funny money

The Standard & Poor’s headquarters, inside one of the biggest skyscrapers in New York’s financial district, houses just about every kind of brainiac that Wall Street money can buy. Mathematicians, computer modellers, economists and market strategists pooled their collective wisdom before making last Friday’s decision to strip the United States of its triple-A credit rating. It is a shame, however, that the ratings agency didn’t have a historian with a sense of irony on its team. If they had, S&P might have postponed the announcement, and the market turmoil it inevitably unleashed, for just a few days. The 15th of August would have been the perfect moment to unleash this

Alex Massie

Ames to Oblivion

Being a dreadful sucker for these things I stayed up to watch the Republican presidential debate in Iowa last night. As Jonathan Bernstein notes the stramash, hosted by Fox News, did not really matter very much and nor, of course, does (or should) the preposterous Ames straw poll this weekend. Nevertheless, it was unusually entertaining (by the standards of these things) and, actually, quite interesting. Like Conor Friedersdorf, I felt the most telling, significant moment came when the candidates – a grim, motley crew to be honest – were asked if they would endorse a (hypothetical) deal that offered ten dollars in deficit reduction in return for one dollar of

A friendly gesture…

The police received a savaging in parliament earlier. I lost count of the number of MPs who relayed their constituents’ anger about riot police who stood by as buildings burned. Cameron’s defence – that the police response had been inadequate to adapt to a new threat posed by crime facilitated by social networking – did not allay the concern. By the end of the debate, there was consensus among many backbenchers that police officers should receive training in riot control as part of their basic training. The extraordinary incidents in London and elsewhere have been at the centre of the world’s eye, and the police have not escaped censure. Le Monde carries a wonderfully mischievous

A crisis that has been brewing for years

Last Friday I wrote a post for this blog suggesting we had a problem with our young people. Well we do now. I remember talking to Camila Batmanghelidjh of Kids Company in the aftermath of the killing of Damilola Taylor and she said she was concerned that some children in her project had become “suicidally uncaring”. She meant that there was a group of young people who were so damaged that they had no empathy for others. Many of them were effectively homeless. Most disturbingly, they had developed their own parallel morality. This was over a decade ago. Writing in the Independent today, Camila makes some very similar points: “Working

Syria and Libya overshadowed by London riots as Boris comes home

President Assad’s tanks are still doing murder on the streets of Syrian, but the dictator’s isolation grows. After weeks of prevarication, several Gulf States have closed ranks against the Syrian regime. Saudi Arabia, Bahrain, Jordan and Kuwait have all recalled their ambassadors from Damascus, and King Abdullah of Riyadh has led the Arab League’s condemnation of Assad’s ‘death machine’. Better late than never, the international consensus says. Compassion for the oppressed is not a familiar trait among Arabian princelings, but their reticence on this occasion was particularly surprising given that Assad’s Syria is no friend of the Arab League, preferring to side with Iran in most things. Still, today’s diplomatic gestures will add to the

Leading article: Syria – the wisdom of restraint

Syria – the wisdom of restraint Sometimes it is braver to do nothing; more courageous for a politician to admit openly that he cannot save the day than it is for him to call for immediate action. Too many of our leaders are too quick to cry ‘something must be done’, without worrying about whether that something will make things better or worse. Which is why William Hague deserves credit this week for stating clearly and firmly that Britain cannot and will not intervene in Syria. The Foreign Secretary was rightly criticised in the early days of the Arab Spring for being slow to grasp the gravity of the situation,

A letter from the Lot

I have become one of those irritating people who bangs on about how wonderful France is I am living in France on the border between two regions (the Midi-Pyrenees and the Limousin) which also marks a border between two départements (the Lot and the Corrèze). The place lies at the centre of a large, empty patch of France coloured green on the map to signify an unspoiled, ravishing landscape and one more beautiful and generous than anywhere I’ve lived before. Four months ago I put my belongings into my car and came to France, heading with crossed fingers and bated breath for a small, mushroom-coloured house I had found on

Fasten your seatbelts…

It has, to paraphrase Margo Channing, already been a bumpy night — and it’s only going to get bumpier today. The latest news is how the Asian markets have trembled at what’s happening in the West. Japan’s main stock index is down 3.7 per cent. Australia’s is down 4.2 per cent. Hong Kong’s 5.3 per cent. And even oil futures joined in with the collective nosedive, which is continuing as the European exchanges open this morning. All of which adds to the catalogue of horror that was written yesterday. CoffeeHousers will read plenty of grim comparisons in the papers today, not least that yesterday’s plunge in the Dow Jones was

Alex Massie

The Myth of American Isolationism

I like the Economist’s Democracy in America blog very much and I like my friend Erica Grieder too. But her recent post on the debt-ceiling deal, the Pentagon’s budget and the resurrected “threat” of American isolationism won’t wash. Contemplating some conservatives’ willingness to imagine cuts to the security budget she writes: There has always been an isolationist streak in the Republican Party. It’s been suppressed in recent decades, particularly during the administration of George W. Bush. The wars in Iraq and Afghanistan were priorities for Mr Bush, and his presidency was polarising. This gave rise to a situation where support for those military interventions was conflated with support for Mr

Sickly Mubarak in court

As an accompaniment to the unique photo-history of the Egyptian revolution currently being shown on the Books Blog, here is Channel 4’s latest footage of the invalid Hosni Mubarak being brought to trial. This is a momentous moment in Egypt’s rebirth as a nation, but one denuded of dignity if these images are anything to go by.

An Israeli Spring?

Israeli politicians have been worrying that the Palestinians would join the protests sweeping the Middle East. So far, this has not happened. But now the Israeli leadership is facing something it probably never expected: an Israeli Spring.   Tens of thousands of Israelis took to the streets last weekend to protest against the high cost of living and demand that Prime Minister Benjamin Netanyahu conduct extensive economic reforms. Over 150,000 people are thought to have demonstrated in Tel Aviv, Haifa, Jerusalem, Beersheba and six other cities in left-wing protests against housing policy, but which seem to be morphing into a broader political movement. The dissent began a few weeks ago when

Pickles lands a small blow for growth

Eric Pickles’ decentralisation revolution continues, with the announcement that Whitehall is relinquishing control over car parking restrictions in town centres. From now on, town halls will decide how much space will be devoted to parking and at what price. It is hoped that this will stimulate commerce in the localities by improving the experience of high street shoppers.      This, I concede, is not the most thrilling news ever to have graced these pages. But it is quite significant nonetheless. It was understood that Pickles was unlikely to achieve this objective, due to Whitehall’s intransigence. So, this is another indication of Pickles’ ability to overcome the antediluvian forces arraigned against him and

Alex Massie

Mitt Romney’s Impressive Double-Dose of Fakery

Mind you, if Obama lost on the Debt Deal then what to make of Mitt Romney’s position? As president, my plan would have produced a budget that was cut, capped and balanced – not one that opens the door to higher taxes and puts defense cuts on the table. President Obama’s leadership failure has pushed the economy to the brink at the eleventh hour and 59th minute. While I appreciate the extraordinarily difficult situation President Obama’s lack of leadership has placed Republican Members of Congress in, I personally cannot support this deal. Does anyone believe Romney really believes this? As Ben Smith notes this is a statement crafted with an

Petrol woes set to continue

Despite small falls in petrol prices last month, the consequence of a supermarket price war according to the AA, motoring becomes ever more expensive. Political campaigns have opened as pressure builds at the pumps; and these campaigns have been co-opted by influential organs such as the Sun. The government has reacted: taking part in the International Energy Agency’s decision to release reserves onto the market to counter those members of OPEC that connive to sustain high oil prices. The government has also relaxed some of its windfall taxes on companies operating in the North Sea. However, supply remains uncertain, not least because so much of Europe’s petrol was sourced from Libyan light

Massacre in Hama hastens the need to tackle Assad

Syrian President Bashar Al Assad has praised his troops for ‘foiling the enemies’ of his country. Some enemies. 140 civilians are said to have died in a pre-Ramadan crackdown on protesters, adding to the toll of 1,600 civilians who have been killed since anti-government demonstrations began in mid-March. Details of the events in Hama are unclear because journalists have been kept out of Syria. But the pattern of events is familiar: protests against the Assad regime emerge; the army moves in to kill demonstrators; more protests then take place, which leads to more killings. Meanwhile, the international community stands by. Germany and Italy have called for an urgent meeting of

America’s debt crisis fuels Obama’s political crisis

Momentousness without momentum. That’s what we’re getting from America at the moment, as this all-crucial debt deal continues to stutter and stall. The main development in Washington yesterday was John Boehner securing enough Republican votes to pass his bill in the House of Representatives — only for it to be summarily tabled by Democrats in the Senate. What will follow over the weekend is yet more frantic negotiation between the Democrats and Republicans in Congress, as each tries to make their various plans more acceptable to the other, while also keeping their own die-hards on side. Meanwhile, the clock keeps on ticking down towards default: three days, 13 hours, 35

From the archives: Seizing the Suez canal

It is 55 years, this week, since Egyptian forces under President Nasser siezed and nationalised the Suez Canal – and triggered the eventual Suez Crisis in the process. Here is The Spectator’s leader from the time: Safeguarding Suez, 3 August 1956 Colonel Nasser’s seizure of the Suez Canal provides a fitting climax to the disasters which have recently overtaken British policy in the Middle East. It is not the nationalisation itself that is serious – the concession would in any case have lapsed in 1968 – but, judging by the Colonel’s speeches and the Egyptian press and radio it seems that the present Egyptian Government has decided to ride the storm