By Catherine Contiguglia
♦ The vote to determine who will lead the Fed will be “razor thin,” and there are a lot of questions about White House favourite Larry Summers’ record on regulation, which suggest that though he might embrace tough capital and liquidity requirements, he is likely to be less sympathetic towards structural proposals.
♦ The question of military intervention in Syria on the backdrop of deteriorating US-Russia relations is dominating the G20 meeting and bringing to light just how reluctant many western powers are to engage in global policing, which raises the question of who will enforce global rules.
♦ The reluctance to intervene is often blamed on the shadow of US intervention in Iraq, but some say the situation in Syria should rather be compared to the sectarian Bosnian civil war where a US-led bombing campaign was hailed as bringing peace. Regardless of the outcome of Obama’s vote on Syrian intervention in Congress, the US President will still lose – either his integrity, or his domestic authority and will alienate all his “friends and frenemies.”
♦ Top secret documents revealed by the NSA whistleblower Edward Snowden show that US and UK intelligence agencies successfully developed methods to crack encryption used to protect online privacy, compromising all internet security guarantees.
© The Financial Times Ltd 2013 FT and 'Financial Times' are trademarks of The Financial Times Ltd.