Daily Archives: March 6, 2013

Japan’s Abenomics and the world economy

Japan is still the world’s third-largest economy, but has also been stagnating and idling for twenty years. Now a new government led by Shinzo Abe has come to power pledging to take dramatic steps to turn the situation around. The potential rewards of this policy are high, but so are the risks – and not just for Japan but the whole world economy. Martin Wolf, the FT’s chief economics commentator and Jonathan Soble, Tokyo correspondent, join Gideon Rachman to discuss the consequences of Abenomics.

In recent years, it was Hugo Chávez – far more than Fidel Castro – who was the international face of Latin American radicalism: the spiritual heir to Che, Perón and Castro himself. Now that Chávez is dead, will we see his like again?

I suspect that the answer is probably not. Chávez himself will be hard to imitate. But there will certainly be people in Venezuela, and elsewhere, who will adopt his style. The bigger problem is that the whole Chávez model no longer looks so attractive in Latin America. Read more

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Benedict XVI greets the world as pope (Getty)

By Giulia Segreti in Rome

Since Pope Benedict XVI stepped down on February 28, saying he was now “simply a pilgrim who is starting the last stretch of his pilgrimage on this earth”, the Catholic Church has been in a state of sede vacante, literally “vacant seat”. The cardinals are gathering in Rome to elect a new pope; here is how they will do it.

When will the next pope be elected? A date for the beginning of the conclave of cardinals, when the election process begins, has not been chosen by the college of cardinals. However, one of Benedict’s last decrees means they can bring the election forward and break the usual rule of having a minimum of 15 days after a pope dies or leaves office provided all the cardinals who can vote have gathered. So they could start any day now.

Who gets to choose? Only cardinals, or “princes of the church”, and not all of them. There are at present 210 members of the college of cardinals but only those under the age of 80 on the first day of the sede vacante can pick a pope, which whittles it down to 115. Cardinal Keith O’Brien, Britain’s most senior Roman Catholic and only elector, opted to not join the conclave following allegations of inappropriate sexual behaviour and his decision to resign as Archbishop of St Andrews and Edinburgh. Because of old age and an inability to reach Rome, Cardinal Julius Darmaatmadja, from Indonesia, will not be entering the conclave, either. Read more

Lets just say that the idea of a post-Chávez rapprochement between the US and Venezuela did not get off to a great start.

Even before the death of Hugo Chávez had been formally announced on Tuesday, two US military officials were expelled for “planning to destabilize the country”.

Vice-president and heir apparent Nicolás Maduro then promised an investigation into the prospect that Venezuela’s “historical enemies” had induced Mr Chávez’ terminal cancer. There had been “too many historical cases” of such under-hand assassinations, he warned. Read more