The world this year

from:Economist.com

The credit crunch turned into a full-blown global financial crisis in September when Lehman Brothers, one of Wall Street’s big investment banks, declared bankruptcy and American officials seized control of American International Group to prevent the giant insurer’s collapse. As panic spread, governments engineered the rescue of distressed banks or took them over directly. By the end of the month the remaining big Wall Street houses had either been absorbed by others or become bank holding companies.

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Staring Down the Russians

By ZBIGNIEW BRZEZINSKI

Thursday, Aug. 14, 2008

The end of the Cold War was supposed to usher in a new age in which the major powers would no longer dictate to their neighbors how to run their affairs. That is why Russia’s invasion of Georgia is so tragic and so potentially ominous. Russia is now on watch: Will it continue to rely on coercion to achieve its imperial aims or is it willing to work within the emerging international system that values cooperation and consensus?

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