[RED DEMOCRATICA] CFR.org Daily News Brief, February 17, 2010

 

February 17, 2010 View this newsletter as a web page on CFR's website. EXECUTIVE SUMMARY - U.S. Stimulus at One Year - Russia Warns Iran on Nuclear Program - Japan Top Holder of U.S. Debt - Falklands Oil Row Grows TOP OF THE AGENDA: One Year of U.S. Stimulus On the one-year anniversary of President Barack Obama's $787 billion stimulus package entering into force, the measure's impact on lifting the United States out of a severe recession remains hotly contested. About one-third of the money has been spent so far, a large part of it directed at preserving social services and government jobs and providing tax cuts for workers. Spending in the year ahead will shift to accelerating the pace of infrastructure projects and continue to spur debate over job creation, reports the Wall Street Journal. A White House report to be released today says the spending and tax cuts provided by the American Recovery and Reinvestment Act "halted an economic freefall," according to excerpts provided by Reuters. An unemployment rate just below 10 percent has continued to feed criticism from Republican lawmakers--nearly all of whom voted against the stimulus--and doubt among Americans about the effectiveness of the package. On the eve of the stimulus anniversary, President Obama highlighted what he called "the largest investment in clean energy history" (Bloomberg) and pointed to a new $8.3 billion loan guarantee aimed at the expansion of nuclear energy production. NPR offers three vignettes to show the impact of the stimulus--on a physician assistant, a youth outreach program, and a wind turbine plant. Background: This new CFR Backgrounder examines the purpose and scope of the stimulus and looks at other efforts globally to boost economic recovery. MIDDLE EAST: Russia Warns Iran A spokesperson for Russian President Dmitry Medvedev told Iran to improve its cooperation (al-Jazeera) with the International Atomic Energy Agency, and that if it did not, "no one can exclude the application of sanctions." United Arab Emirates: As Dubai called for an international manhunt for the killers of a Hamas official in Dubai last month, investigations showed (NYT) that eleven of the passports of the seventeen-person hit team were forged or, in some cases, stolen from British citizens living in Israel. PACIFIC RIM: China Sheds U.S. Debt Holdings Japan surpassed China as the largest holder of U.S. debt in December, as China shed more than $30 billion in U.S. Treasury securities. China's move could mean the United States will have to increasingly look to other countries to finance its debt, reports the Financial Times. North Korea: North Korea celebrated (Reuters) ailing 68-year-old leader Kim Jong-Il's birthday amidst unusual public anger about a worsening economy due to a botched currency revaluation late last year. SOUTH AND CENTRAL ASIA: Pakistan Supreme Court Blocks President's Appointments Pakistan faces more political uncertainty after the supreme court blocked (BBC) President Asif Ali Zardari's appointment of a supreme court justice and a high court judge. Sri Lanka: The arrest of presidential candidate Sarath Fonseka has sparked protests and raised fears (Dawn) that the country's democracy is imperiled. AFRICA: Suicide Bomb Attack in Somalia Somalia's defense minister survived an assassination attempt (ShabelleMediaNetwork) claimed by the Islamist group al-Shabaab in response to a government crackdown on Islamist insurgents. At least four people died in the Mogadishu suicide bombing. AMERICAS: New Tensions over Falklands Argentina's protests over British plans to drill oil near the disputed Falkland Islands became more serious as the government instituted new controls (BBC) on shipping to the islands. The two countries fought a war over the Falklands in 1982. Haiti: An Inter-American Development Bank study finds (WashPost) that the cost of Haiti's earthquake could be anywhere from $7.2 billion to as much as $14 billion, at least $2 billion more than originally estimated. EUROPE: Wealthy Countries Fail on Aid Targets A report issued today by the Organization for Economic Cooperation and Development says the 2005 promise by fifteen European Union countries to raise their aid levels would be broken (FT) by France, Germany, Austria, and three other EU nations. European Union: The European Commission condemned (BBC) Libya's decision to stop issuing visas to Europeans whose countries are in the Schengen zone.

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