Beijing's Response to Stock Selloff Reveals Deep Insecurity - Tuesday July 7th, 2015 at 3:24 PM
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The Chinese government’s response to falling stocks reveals an urgent—some say panicked— impulse not only to protect investors but to shield the party from criticism.
The head of Vietnam’s Communist Party paid an unprecedented visit to the White House on Tuesday, highlighting the Obama administration’s push to wrap up a sweeping Pacific trade agreement.
Fighter jets are scrambled after four long-range Tu-95 "Bear" bombers fly close to Alaska and California on Independence Day.
The Asian stock markets remain volatile, with Shanghai down 1.29% or 48.79 points at close, despite Monday's boost.
A man called Bear shoots the beast, which killed a bather who had ignored warnings and shouted: "F*** that alligator."
"It wasn’t cotton candy that was stolen," the local mayor says of the theft, which comes with France on its highest terror alert.
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The suspect walked up behind the 30-year-old and fired at her head with a shotgun before making his getaway in a car.
The Arellano Felix brothers, a clan of infamous drug traffickers in the border city of Tijuana, have a history of meeting sticky ends during festivities. The eldest, Francisco Rafael, was killed at a party by an assassin dressed as a clown. His brother Ramon, known for his brutal torture techniques, was shot dead by police during a seaside carnival. A nephew, Luis Fernando Sanchez Arellano, was arrested while watching Mexico beat Croatia in the soccer World Cup. Now after seven male members have gone to their graves or prison cells, the clan may have done what is unthinkable for many in the macho cartel world – let a woman take the helm.
One of the sisters, Enedina Arellano Felix, could be running the remnants of the Tijuana Cartel that traffics cocaine, marijuana, heroin and crystal meth over the world’s busiest border crossing into California, American and Mexican agents say. The 54-old trained accountant is said to be less of a party animal or sadistic killer than her male relatives and more business focused. She is believed to have taken control after Sanchez Arellano, who is reported as being either her son or her nephew, was arrested last year. While there have been other female drug traffickers since the 1920’s, Enedina, known as La Jefa, or the boss, could be the first to head an entire cartel.
Rising to the top in an industry dominated by extremely violent chauvinist men is no east feat, saysJavier Valdez, a Mexican journalist who interviewed female traffickers for his book Miss Narco. “This is a world where men behave like animals. Many women in it are used, abused and then killed by the same traffickers they worked with,” Valdez says. “The women who rise high in it are very rare. They have to be extremely intelligent, talented and brave.”
Furthermore, Enedina Arellano Felix has not only survived the fall of her brothers but a slew of takedowns of cartel bosses across Mexico. Under President Enrique Pena Nieto, police and soldiers have rounded up kingpins across the country including the “world’s most wanted man,” Joaquin, “Chapo” Guzman and Miguel Trevino, head of the paramilitary Zetas. La Jefa is one of the last women, or men, standing.
The Arellano Felix brothers moved from inland Mexico to Tijuana in the eighties, carving out their trafficking empire in blood and cocaine-fueled parties. Their antics inspired characters in the movieTraffic. But while the brothers were taking over nightclubs and burning corpses in barbecues, Enedina Arellano-Felix was reported to be studying accounting at a private university.
As her brothers fell in the 2000s, Enedina rose up in the organization, running its money laundering operations by creating front businesses such as pharmacies. From 2002, the U.S. treasury blacklisted her and her companies under the Foreign Narcotics Kingpin Act. Any American doing business with them can be fined up to a million dollars. By 2006, Mexico’s then attorney general Daniel Cabeza de Vaca said in a news conference she had become the chief financial operator for the cartel.
In 2008, the Arellano Felix brother Eduardo led the cartel into a brutal turf war that left piles of bodies around Tijuana. But after police arrested him after a shoot out, Sanchez Arellano took over with Enedina by his side, says Mike Vigil, the former head of international operations for the Drug Enforcement Administration. As number two and now number one in the cartel, the Jefa has helped reduce violence and got back to the traditional business of smuggling drugs to Americans, Vigil says.
“She is not into the wars of her brothers. She is into making alliances and making money,” says Vigil, who spent 13 years in Mexico, often undercover. “Her beauty may also have helped her make alliances with powerful traffickers such as Chapo Guzman.”
But while purportedly making her drug trafficking fortune, little is known of the Jefa. There are few photos of her besides some family portraits from the 1980s. She married and divorced at least twice, with one husband also alleged to be a money launderer, but her present marital status is unknown. Instead, myths of this Tijuana boss are spread in song and film. Among drug ballads that appear to be inspired by her legend is one called La Jefa de Tijuana. “A very powerful female, brave and decisive,” croons the singer to accordions and a polka beat. A low budget narco movie was also released with the same name, showing the fictional Jefa as a beautiful women who is not afraid of a gunfight.
Such a mix of fantasy and reality permeates the role of females in Mexican drug trafficking. Women, often with obvious plastic surgery, pose with guns in slinky clothes in many drug ballad music videos. One woman, Claudia Ochoa Felix, who looks like Kim Kardashian, posed with weapons on social media, sparking accusations in local newspapers that she was the head of a group of assassins. She denied it at a news conference.
These videos and social media create a distorted idea of what it is like for most women in the cartel world, say the journalist Valdez. It is not a glamorous life of mansions and jewels, but of brutality, rape, prison and death, he says. Drug traffickers will get girlfriends to have excessive plastic surgery to make them fit their fantasies but later, they may leave them to rot behind bars or murder them. “They want to control women’s bodies as a way to have power over them,” Valdez says. “But in the end, most of them see women as vulnerable and disposable.”
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Several people are injured during the first day of the bull-running festival in Spain's Pamplona. Thousands lined the narrow streets wearing traditional white clothing as six bulls dashed from a holding pen to the city's bull ring on Tuesday. Eleven people were injured but none of the injuries are considered to be life-threatening. The San Fermin festival attracts thousands of tourists every yearContinue reading...
Pet serpent slipped out of tank and through open window before being knocked off perch byAnglesey owner
A boa constrictor was spotted slithering along a telephone wire in Anglesey after slipping out of its tank and climbing out of an open window.
The serpent, whose cousins in the wilds of the Americas are keen climbers, wound its way to the gutters of a house on the other side of the street. Then it vanished.
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Channel 4 documentary shows agents in wealthy districts agreeing to continue with purchase to be made with ill-gotten gains from Russian health budget
Top estate agents in Britain’s wealthiest postcodes are willing to turn a blind eye to apparent money laundering by corrupt foreign buyers, according to an investigation by Channel 4.
In a documentary called From Russia With Cash, to be broadcast on Wednesday, two undercover reporters pose as an unscrupulous Russian government official called “Boris” and his mistress “Nastya” whom he wants to purchase an upmarket property in London for.
Continue reading...'A selfie with a weapon kills': Russia launches campaign urging photo safety by Agence France-Press in Moscow
Russian interior ministry responds to spate of recent deaths and injuries caused by high-risk selfies with leaflet, video and website offering safety advice to public
Russian police have launched a campaign urging people to take safer selfies after accidents caused by high-risk poses have resulted in about 100 injuries and dozens of deaths this year.
“A cool selfie could cost you your life,” the interior ministry warned in a new leaflet packed with tips such as “a selfie with a weapon kills”.
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Eleven people injured on the first day of the Running of the Bulls at the San Fermin festival in Pamplona.
. Report by Lindsay Brown.
A skin-crawling burmese python was spotted slithering along a telephone line in north Wales, as horrified neighbours watched from below. Report by Claire Lomas.
Dylann Roof, the 21-year-old detained in the aftermath of the shooting dead of nine church members, has been formally indicted with murder charges.
WASHINGTON (Reuters) - U.S. President Barack Obama and the head of Vietnam's ruling communist party discussed concerns over China's activities in the South China Sea during a historic White House meeting on Tuesday marking two decades of engagement between the former foes.
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SANAA (Reuters) - A car bomb detonated near a hospital in the Yemeni capital Sanaa on Tuesday, killing and wounding people, according to the state news agency which is controlled by the country's dominant Houthi group.
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The statue, which was installed at the entrance to the city of Samalout, was intended to be replica of the famously beautiful 3,300-year old bust unearthed in 1912.
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Strolling around the Isle of Arran in sensible walking shoes and sportswear, they cut a rather scruffy bunch. But Abramovich's group includes some of Ukraine’s richest men.
WASHINGTON (Reuters) - The U.S. State Department said on Tuesday it had confirmed that almost 100 peaceful activists had been detained in Cuba on Sunday.
Migrants Face Discrimination On The Road To EUby support@pangea-cms.com (Iva Martinovic)
An RFE/RL correspondent recently rode on a Belgrade bus packed with Afghans and other refugees heading to the EU. What she saw on the trip shocked her.
Acknowledging Moscow as an enemy shared with Kiev, one leader from Chechnya said, “We never ran from our war with Russia, and we never will.”
Officials said they were investigating how security measures at a base in Provence were defeated and whether there are problems at other bases.
ATHENS — Maybe the German leader meant to reassure Greece when he promised emergency assistance of food and medicine. But to many in the embattled Mediterranean nation, it sounded more like a threat.The hard line on Greece adopted by Europe’s economic powerhouse has, if anything, strengthened in the days since Greeks voting in a referendum resoundingly rejected tougher cuts, sending shock waves through the continent.Read full article >>
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A partial collapse of an ice cave leaves one person dead and three others injured in an area of Washington state popular with hikers.
A small plane collides with a F-16 fighter jet in South Carolina, sending debris and plane parts into a nearby mobile home park.
LONDON (AP) -- Britons paused in silence, laid flowers and lit candles Tuesday to mark the 10th anniversary of suicide bombings on London's transit system in the worst terror attack on British soil and a day of pain seared into London's collective memory....
SOUSSE, Tunisia(Reuters) - In late 2013, two young Tunisians returned from a jihadi camp in Libya planning to blow themselves up among foreign tourists. It was a spectacular failure - one bomb malfunctioned; the other killed only the bomber on the sands of Tunisia's Sousse resort.
WASHINGTON (Reuters) - The White House acknowledged on Tuesday that the 60 Syrian rebel fighters the Pentagon is training to battle Islamic State was "not enough" but said rebels were being carefully screened before being admitted into the program.
Tajiks Want Statue Immortalizing 'Bear Man Of Dushanbe'by support@pangea-cms.com (Farangis Najibullah)
Tajik social media users are raising money to build a statue of a man who used to roam the streets of Dushanbe in the company of an unusual pet: a big brown bear named Maria.
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The Russian military has ordered a snap combat readiness check of its troops stationed in Armenia.
The United Nations Security Council is due on July 7 to consider a British-drafted resolution that aims to mark 20 years since the Srebrenica massacre.
If a nuclear deal is reached between Iran and world powers in Vienna, it will be a highly technical road map to be used to monitor nuclear activity in Iran for years to come to ensure Tehran does not make nuclear weapons. Equally as complicated will be dismantling international sanctions that were originally intended to be ironclad. VOA’s Heather Murdock talks to experts about the key challenges any deal will present.
Hoax Letter to Russian Media Seeks to Tie US Senator to Ukraine by webdesk@voanews.com (Reuters)
A forger sent a hoax letter to Russian media in an apparent bid to convince journalists that a senior U.S. lawmaker, Senator Richard Durbin, was trying to tell Ukrainian Prime Minister Arseniy Yatsenyuk how to run his government, Durbin's office said on Monday. The hoaxer wrote to Yatsenyuk on what appeared to be U.S. Senate letterhead, claiming to be Durbin, the number two Democrat in the Senate, a leading American voice on Ukraine-related issues who traveled to Kyiv in May to...
Turkish Army: Detains Almost 800 Trying to Cross Illegally from Syria by webdesk@voanews.com (Reuters)
Turkey's army said on Tuesday it had detained almost 800 people trying to cross illegally from Syria, including three suspected Islamic State militants, after bolstering security in border areas near where the radical Islamists hold ground. The military said 768 people had been detained on Monday alone while trying to cross the border. The three suspected Islamic State members were sent to jail in the southern city of Sanliurfa after being detained separately on July 2, it...
Judge Quits Cambodia's Troubled Khmer Rouge Trialby webdesk@voanews.com (Reuters)
An international judge announced his resignation Tuesday from the U.N.-backed war crimes trials in Cambodia -- the fourth to quit so far and another blow for the troubled tribunal probing the atrocities of the 1970s Khmer Rouge regime. Mark Harmon, from the United States, said in a statement his reasons for stepping down after three years in Phnom Penh were "strictly personal" and "with considerable regret." He did not elaborate. Several of Harmon's predecessors...
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Lawyers: Cosby's Drugs-Sex Admission Could Aid Women's Cases by webdesk@voanews.com (Associated Press)
Lawyers for women pursuing criminal and civil cases against Bill Cosby say his admission that he obtained quaaludes to give young women before sex could bolster their claims. Court documents unsealed Monday show that Cosby says he gave a 19-year-old woman the sedative before they had sex in the 1970s. She is one of three women now suing him for defamation. The defamation suit accuses Cosby of branding them liars when his representatives denied their accusations of being...
ATHENS (Reuters) - A sailboat carrying migrants sank in the Aegean sea between Turkey and Greece on Tuesday and at least 17 people were missing, Greek authorities said.
ANKARA (Reuters) - Turkish opposition MPs accused President Tayyip Erdogan on Tuesday of stalling efforts to form a coalition government as he seeks to maintain his grip on power, a month after the AK Party he founded lost its parliamentary majority.
JERUSALEM (Reuters) - Israel accused Hamas on Tuesday of supporting last week's assaults by Islamic State affiliates on Egyptian forces in the Sinai in hope of freeing up arms smuggling to the Gaza Strip.
WASHINGTON (AP) -- America's top two military leaders on Tuesday defended President Barack Obama's strategy to defeat Islamic State militants amid blistering criticism from Republican senators who argued that the administration's program to train and equip thousands of moderate Syrian rebels is faltering....
DETROIT (AP) -- Telling stories of deep anguish, patients and their relatives described Tuesday how a Detroit-area cancer doctor wrecked their lives through excessive treatments and intentional misdiagnoses while he collected millions of dollars from insurers....
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CHARLESTON, S.C. (AP) -- An Air Force official says the pilot of a crashed F-16 fighter jet has been taken to a base in South Carolina for observation....
Though it's impossible to completely protect yourself from identity theft, changing some of your habits may help limit the risk
How Real Is the Threat of a Cyberattack? by adamgabrielperez
TIME editor-at-large Ian Bremmer explains how cyberattacks from state-sponsored hackers and terrorists pose a risk for the U.S. government and financial institutions. Hackers are able to uncover state secrets, trade information and technology ideas.
A day after Obama defended the campaign, senators said the U.S. needs to flex more military might in the region.
Israel's High Command announced Monday the establishment of a new commando brigade to fall under the command of the 98th Paratrooper's Division.
Public anger over austerity in Greece. Via: Flickr by how will I ever
There seems to be a widespread belief that Greece is in the trouble it is in today because it will not implement the policies that Europe has demanded of it. While it has neglected some reforms, it has adhered to Europe’s key austerity demands more faithfully than any other country in Europe. it appears, however, that this very policy, far from constructing the anticipated sound foundation, has driven the Greek economy into the ground. That is why Greece does not want to follow that path any more.
A Structure without Institutions
You could argue, I suppose, that the roots of the Greek crisis go back to the failure of traditional Keynesian economics to explain the “stagflation” of the 1970s. Stagnation and inflation were not supposed to happen at the same time. Thus, many academic economists began to move away from Keynes and his assumptions. Governments, too, were becoming less enthusiastic about Keynesian fiscal policies, in particular, which were rarely nimble enough to deal with the relatively quick fluctuations of the routine business cycle. As a result, there were fewer active efforts to manipulate the economy to avoid recessions and inflation and toward a greater reliance on markets to regulate themselves.
When the Economic and Monetary Union (EMU) was built within the European Union (EU) in the 1990s, it followed this model. As several countries moved toward the use of a single currency (eventually called the euro), a European Central Bank (ECB) was built, but its functions were limited to fighting inflation. No common fiscal institutions were created whatsoever. Instead, member countries retained their own sovereign fiscal institutions and policies. They were instructed to keep their budget deficits within three percent of GDP and national debt within 60 percent of GDP, but these restrictions have been routinely violated by member countries without triggering sanctions.
Germany, the largest economy in the European Union, was particularly fond of the new arrangement (indeed, it had insisted on it), given its own focus on balanced budgets and inflation. Germany had been scarred by the hyperinflation that it suffered in the early 1920s. (In November 1923, a loaf of bread cost 200,000,000,000 marks.) One of its highest priorities was to prevent any of the less disciplined countries of Europe from imposing inflation on it through the new monetary union. That, however, has not prevented Germany from violating its own restrictions on deficit and debt.
A System That Feeds Imbalances
Most EU members transitioned to the euro as the common currency from 1999 to 2002. Greece’s acceptance into the EMU was delayed until 2001 because of its unacceptable deficits and inflation rate, and many Europeans were skeptical of its prospects even then. Once the “eurozone” was born, it created the impression that lenders were dealing with a single politico-economic entity, that buying euro-denominated bonds from the Greek treasury was the equivalent of buying euro-denominated bonds from the German treasury. Money began flowing freely out of core European economies into Greece and other peripheral economies.*
In Greece, interest rates fell, inflation grew and relative productivity plummeted. Current accountswere soon out of balance in both core and periphery. The periphery ran large deficits, while the core ran correspondingly large surpluses, as the peripheral economies used the money to buy things from the core economies. The core economies were, in effect, growing at the expense of the weaker peripheral economies, which financed their deficits by borrowing even more from German, French, and other European banks.
Then, in 2010, the euro crisis hit, the Greek bubble burst and demand collapsed. The unemployment rate in Greece peaked at 28 percent, and has been holding steady at 25 percent. Youth unemployment approaches 50 percent.
A Remedy Worse than the Disease
Despite the appearance of a single European politico-economic system, when the crisis hit, Greece was not able to rely on overall European fiscal resources, but on its own meager capacity, immediately generating a fiscal crisis at the national level. When the Germans and other members of the European core looked at Greece, they saw the profligate and sometimes fraudulent borrowing accompanied by corruption, widespread tax evasion, an unaffordable pension system and other fiscal problems.** These problems were real and needed to be addressed, although arguably the middle of an economic crisis was not the best time for some of them. Yet the leaders of the core economies failed to recognize their own contribution to the problem, or even raise the issue of addressing their own current-account surpluses, which continued to siphon money out of Greece.
Because Greece was a member of the EMU, certain policy options available to other countries in crisis were not available to it. For instance, it could not improve its current-account balance by devaluing its currency relative to its major trade partners because they were using the same currency. (As a consequence of the single currency, German companies that export outside the eurozone benefit every time the Greek crisis drives the value of the euro lower.) Greece could not expand its money supply in an effort to lower interest rates and boost domestic demand because it had no control over monetary policy. Monetary policy was decided at the continental level, primarily in ways consistent with Germany’s preferences, which are the opposite of Greece’s needs.
While Greece’s fiscal problems required reducing its budget deficits, a logical accompaniment to that would have been for Germany to expand its own economy and buy more things from Greece. That would have given a boost to demand in the Greek economy and helped reduce the imbalance in their mutual current accounts. Instead, European leaders offered Greece a bailout consisting of even more loans, the proceeds of which were dedicated not to easing a Greek fiscal transition but almost entirely to paying back European banks for older loans. In return for this, Greece was expected to eliminate its budget deficits through austerity — by increasing taxes and reducing government spending and pensions, laying off workers and privatizing state-owned assets.
The austerity approach has proved to be counterproductive. That may not be true in every situation, but it is true in the conditions prevailing since the global economic crisis of 2008, a situation in which consumer demand and corporate investment collapsed and interest rates are stuck near zero. The problem of insufficient demand cannot be remedied by depressing demand even further, which is the consequence of reducing government spending. Even if other reforms were to succeed in improving productivity, companies will have no reason to take advantage of that productivity if there are no consumers. The IMF’s own research department, after studying the impact of Europe’s austerity policies in the aftermath of 2008, concluded that for every $1.00 cut from government spending, economic activity was reduced by roughly $1.30. Thus, austerity has depressed economies even further, and no country in has pursued austerity more than Greece.
The Greek bailout of 2010 had to be followed by another in 2012. That one involved writing off 75 percent of Greece’s debts and the transfer of most of the remaining debt from private banks to public European institutions (shielding the core economy banks in the event of a Greek default). It appears that yet another bailout is required now.
From 2007 to 2014, Greece reduced government spending by more than 20 percent, far more than any other country in the EU, including countries held up to Greece as models. In the same period, Greek GDP has contracted by 20 percent, and per capita consumption by even more. (Keep in mind that 20 percent of GDP is much more than 20 percent of the budget, even in Greece.) Greece’s debt burden (that is, its debt-to-GDP ratio) has worsened under the recovery plan not only because of the additional loans but because its GDP is smaller. Whereas the Troika supervising Greece’s economic recovery program (the European Commission, the ECB and the IMF) predicted in 2010 that their program would turn the Greek economy around in 2011 and have it approaching precrisis levels by now, the Greek GDP still remains 20 percent below that figure. While Greece showed signs of growth in 2014 (0.8 percent) for the first time since 2007, it slipped back into recession in 2015.
Greece’s deficit reduction (first bar) has been substantially greater than any other European country’s. (Graph: European Commission, via Paul Krugman’s blog, Conscience of a Liberal, <a href="http://www.nytimes.com" rel="nofollow">www.nytimes.com</a>)
The Syriza government that came into office in Athens in January sought to renegotiate the terms of Greece’s recovery program. The latest offer from the Troika, which officially expired on June 30, would have required Greece to increase austerity further, raising the country’s primary budget surplus (i.e., revenues minus expenditures excluding interest payments on outstanding debt) in stages from 1 percent of GDP this year to 3.5 percent of GDP starting in 2018. Although Greece did achieve a primary budget surplus in 2014, it is back in deficit in 2015.
All this comes at the same time that the IMF is acknowledging that Greece will never be able to pay its debts in full even if it follows the Troika’s demands to the letter. Some observers see this as a European conspiracy to keep Greece down, yet that does not seem right either. European leaders appear to believe in the healing effects of austerity; the entire continent has followed the austerity path, albeit not as extremely as Greece. They do not want to bend the rules for Greece in large part because they fear that other countries will then demand to be released from the general austerity prescription. Yet, according to some economists, austerity is the reason that the entire European continent is barely keeping its collective economic nose above water — and has repeatedly threatened to drive the global economy back into recession — regardless of the repeated proclamations of success coming out of Brussels. In 2009, unemployment was 9.5 percent in both the United States and the eurozone; in 2015, unemployment is 5.4 percent in the United States and 11.1 percent in the eurozone.***
Now, of course, the United States also has states with different economic trends and different levels of development, just like Europe, but because the United States considers itself a single country, it handles fiscal issues differently. Florida did not have to deal with its real estate crisis on its own in 2008; if it had, it would have suffered bankruptcy as well. Federal funds flow freely from state to state. The Federal Reserve Bank of San Francisco has calculated that Mississippi, for example, receives $500 per capita more in federal transfers than it pays in federal taxes, whereas Delaware pays $13,000 per capita more in federal taxes then it receives in federal transfers. This goes on perpetually. Since we all live in the same country, however, we do not see it as a crisis, do not call it a bailout, do not demand that Mississippi pay the money back, and do not exact punishment for the state’s failure to cover its own expenses. It is simply government functioning.
Since 2010 the ongoing euro crisis has prompted the EU to strengthen some of its economic and financial institutions. Still, Jean Monnet’s dream of a United States of Europe clearly is still a long way off.
*In the case of Greece, the government borrowed large amounts. In Spain and Ireland, large amounts flowed into the private sector, fueling large real estate bubbles. When the crisis hit, both of those countries suffered despite the fact that their government budgets were actually in surplus at the time. Greece is really the only country where government debt played a substantial role in the crisis, which suggests at least the possibility that the Greek crisis could have happened even if the government had not borrowed so much.
**The Greek pension system manages to be a significant fiscal burden (about 18% of GDP, half of which comes out of the national budget) without being especially generous on an individual level. For nearly half the recipients it is below the poverty line, and for many households (especially these days) it is the only source of income. Unfortunately, this makes it extremely difficult to forge a compromise.
***The United States has probably focused too much on deficit reduction, slowing its own recovery, but not as much as Europe.
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