Morning Brief: The recession strikes
Top Story MARTIN OESER/AFP/Getty Images It’s a grim day for economic news. The global credit crisis has helped erase some $3.3. trillion from global stock exchanges in the first half of 2008, Reuters reports. June was the S&P 500’s worst month since 2002, and the rate of initial public offerings is slowing dramatically. “This is ...
Top Story
Top Story
It’s a grim day for economic news. The global credit crisis has helped erase some $3.3. trillion from global stock exchanges in the first half of 2008, Reuters reports. June was the S&P 500’s worst month since 2002, and the rate of initial public offerings is slowing dramatically. “This is worse than any recession we’ve had since World War II,” says billionaire investor Eli Broad.
Americas
The World Trade Center rebuilding effort is way over budget.
A federal appeals court, citing Lewis Carroll, openly scoffed at the U.S. government’s case for holding a Uighur Muslim detainee in Guantánamo.
Floods in the Midwest have driven up the price of ethanol by 19 percent.
Middle East and Africa
The United States is handing over control of Iraq’s volatile Anbar province. Iraqi civilian deaths hit a four-year low in June.
The New York Times profiles Al Qaeda in the Islamic Maghreb, a group of struggling Algerian militants who were given a second wind by Iraq.
According to ABC News, a senior Pentagon official said there is an “increasing likelihood” that Israel will attack Iran.
Europe
Poland’s president said it would be “pointless” to sign the Lisbon Treaty after Ireland voted no.
Manufacturing is slowing in the eurozone, and especially Britain.
French President Nicolas Sarkozy vowed to defend European agriculture from the wiles of Pascal Lamy and the WTO.
Asia
China reiterated its concerns about the shrinking dollar.
The Chinese lake where Olympic sailing will be held is suffering from a massive algae bloom.
John Bolton, who lost the argument, decries the U.S.-North Korea deal.
Decision ’08
Barack Obama gave a speech on patriotism aimed at combating accusations that he isn’t sufficiently patriotic.
Obama had a “terrific conversation” with Bill Clinton Monday.
Retired Gen. Wesley Clark stands by his criticism of John McCain.
Today’s Agenda
China is resuming talks with the Dalai Lama.
U.N. Secretary-General Ban Ki-moon is visiting China.
France assumes the EU presidency.
The Netherlands’ quixotic smoking ban takes effect.
Buenos Aires hosts day two of South America’s Mercosur trade summit.
Tblisi, Georgia, is hosting a regional democracy summit.
Yesterday on Passport
Blake Hounshell is a former managing editor of Foreign Policy.
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