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June 17, 2009
EXECUTIVE SUMMARY
- Obama set to release financial regulatory plan; draft signals new powers for Fed.
- New protests planned in Iran; analysts weigh in on Obama's response.
- BRIC nations call for more diversity in global monetary system.
- Hamas leaders, meeting with Carter, say they would recognize Israel with 1967 borders.
Top of the Agenda: Obama's Financial Plan
The White House plans to announce sweeping changes today to the way the U.S. government oversees financial markets. The Wall Street Journal, based on a near-final draft of the plan, reports President Obama will press Congress to grant new powers to the Federal Reserve, and that the plan will touch nearly every corner of financial markets, from consumer protections to the regulation of complex financial products like credit derivatives. http://m1e.net/
Here, from the Journal, is the text of the draft of the plan (PDF). http://m1e.net/
The Washington Post says the plan "build[s] within the shell of the existing system" instead of "using a bulldozer to clear the way for fundamental reforms." The Post argues the ultimate goal of the plan is to curb the kinds of risk taking that caused the present financial turmoil. http://m1e.net/
Background:
Here, from late last year, is CFR's outline of what the U.S. financial regulatory system looked like going into the crisis, and how a handful of different agencies interacted. http://m1e.net/
This graphic from the Financial Times shows some of the problematic aspects of the current system. http://m1e.net/
Analysis:
CFR's Benn Steil, in a recent Council Special Report, sets out a strategy for financial regulatory reform (PDF).
http://m1e.net/
The financier George Soros, writing in the Financial Times, outlines the three steps he says are key to implementing sound financial reform without going too far. http://m1e.net/
MIDDLE EAST: New Iran Protests Planned
Al-Jazeera reports supporters of Iran's opposition candidate Mir Hossein Mousavi have planned massive new rallies today, despite new government bans on opposition gatherings. http://m1e.net/
An Iranian prosecutor warned, meanwhile, that protestors "controlled by foreigners" could potentially face the death penalty (Reuters). http://m1e.net/
The BBC looks at ways in which Iranians are getting around media restrictions imposed by the government and disseminating pictures and video of protests. http://m1e.net/
On Obama's Response:
U.S. President Obama yesterday defended his relatively muted response to Iran's election, saying "it's not productive, given the history of U.S.-Iranian relations, to be seen as meddling--the U.S. president meddling in Iranian elections (RCP). http://m1e.net/
Gary Sick, in a recent interview, defends a cautious tack. http://m1e.net/
David Rothkopf writes in Foreign Policy that Obama can afford to be less cautious. http://m1e.net/
A new article in Der Spiegel says Obama likely recognizes that the ayatollahs hold ultimate power in Iran and doesn't want to jeopardize nuclear negotiations by appearing to tinker with domestic election politics. http://m1e.net/
ISRAEL-HAMAS: In meetings with former U.S. President Jimmy Carter, Hamas officials said they would be willing to accept a sovereign Israeli state, if it agreed to abide by 1967 borders (Arab News). http://m1e.net/
Foreign Policy questions whether Carter's meetings pose a problem for Barack Obama. http://m1e.net/
PACIFIC RIM: A Call for Monetary Diversity
Meeting in Russia, the BRIC nations (Brazil, Russia, India, and China) released a statement calling for a more diversified global monetary system, though China Daily notes they avoided any direct criticism of the world's dominant currency, the U.S. dollar. http://m1e.net/
N.KOREA-CHINA: Pyongyang denied reports from South Korean and Japanese media that Kim Jong-un, the likely successor to North Korea's leader Kim Jong-Il, paid a secret visit to Beijing last week (Global Times). http://m1e.net/
S.KOREA-U.S.
SOUTH & CENTRAL ASIA: Sri Lanka's Tamils
Al-Jazeera reports the surviving leaders of the Tamil Tiger separatist movement in Sri Lanka plan to regroup as a political body labeling itself a "transnational government," and would continue their pursuit of an independent Tamil state. http://m1e.net/
This Backgrounder profiles the Tamil Tiger group. http://m1e.net/
INDIA: The BBC reports violence by Maoist rebels is heating up in India's state of West Bengal. http://m1e.net/
This Backgrounder profiles terror groups active in India, including Maoists. http://m1e.net/
PAKISTAN: Pakistan's President Asif Ali Zardari told European leaders that their efforts to help Pakistan's economy should focus on trade, not aid (Dawn). http://m1e.net/
AFRICA: The DRC's Military
The BBC reports the army of the Democratic Republic of the Congo is on the verge of collapse in eastern Congo following mutinies by troops who have not received their salaries in months. http://m1e.net/
MADAGASCAR: The Inter Press Service reports severe droughts are wreaking havoc in southern Madagascar. http://m1e.net/
AMERICAS: Mexican Politics
The News reports Mexican politicians are concerned that voters will undermine upcoming legislative elections by casting blank protest ballots. http://m1e.net/
Here is Election Guide's preview of the vote. http://m1e.net/
VENEZUELA: The Cuban paper Granma reports Venezuela's President Hugo Chavez has been warning of separatist plots to revive Venezuela's oligarchy in southwestern parts of the country. http://m1e.net/
EUROPE: British Economy
The Financial Times reports rises in British unemployment appear to be easing. http://m1e.net/
EASTERN EUROPE: RFE/RL, in a new feature, questions whether the European Union is doing too little to help its eastern neighbors. http://m1e.net/
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