Larry Summers

By David Gallerano
♦ Edward Luce argues that Lawrence Summers has done everyone a favour by taking himself out of the running to be the next Fed chair.
♦ Alec Russell interviews Nobel Peace laureate Desmond Tutu and asks him about God, Mandela and Syria.
♦ James Blitz retraces last week’s main events in the Syria crisis, while the Wall Street Journal reports on Barack Obama’s conduct behind the scenes of the Syria crisis.
♦ Shadi Hamid points out that Assad was rewarded rather than punished for his use of chemical weapons.
♦ The New York Times’ Laura Pappano reports on Battishug Myanganbayar, a 16 years-old genius from Ulan Bator, Mongolia. “How does a student from a country in which a third of the population is nomadic, living in round white felt tents called gers on the vast steppe, ace an MIT course even though nothing like this is typically taught in Mongolian schools?”
♦ The Hewitts, a white South African family, left behind their comfortable life and moved to 100-square-foot shack with no electricity or running water. A notable experiment for some – just “poverty pornography” for others.
♦ The Royal Academy presents an exhibition of 200 artworks from the “vast and diverse nation” of AustraliaRead more

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.

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By Catherine Contiguglia
♦ Germany gets a lot of advice – good and bad – about how it should be handling the situation in Europe, the FT’s Tony Barber writes, when its greatest contribution would be to reform and modernise its own economy.
♦ Indonesia has enjoyed remarkable economic and political transformation, but the first regime change in the country’s democratic era will be the true test of the country’s resilience.
♦ Russia’s awkwardly worded ban on “propaganda of nontraditional sexual relations among minors” has sparked international condemnation, as well as crackdown within Russia on those who question it – even in jest.
♦ With Larry Summers as a top pick to replace Ben Bernanke as chairman of the US Federal Reserve, there are a lot of questions about whether his connections with Wall Street make him better informed for the position, or whether they present a conflict of interest, especially as the Fed works to complete regulatory legislation.
♦ The mother of Neil Heywood, the British businessman whose murder led to the downfall of Chinese Communist official Bo Xilai and the conviction of his wife, has broken her silence in a statement saying that Chinese officials have still given her neither a full account of the murder nor compensation, leaving Heywood’s two children without financial provision. Read more

By Catherine Contiguglia
♦ The deal reached between China and the European Union on solar panel dumping may have stopped a potential trade war, but for EU Trade Commissioner Karel de Gucht, it was one more incident where his free trade crusade was dampened by the fragmented bloc he represents.
♦ Chinese telecommunications giant Huawei is funnelling billions of dollars into building the backbone of necessary communications networks throughout Africa, but has some worried that its domination of the sector creates the potential for widespread espionage.
♦ Despite multiple innovations in male contraceptives, progress towards their approval for widespread use has stagnated due to difficult barriers, particularly the lack of incentive for pharmaceutical companies to invest in a product with so many cultural and societal implications.
♦ Larry Summers should go ahead and book his summer vacation, John Cassidy writes, arguing that despite White House support, Summers has not made a great enough effort to appease Obama’s supporters by distancing himself from financial deregulation.
♦ Bradley Manning has been called many things, but a look at his background shows a conflicted young man struggling with his gender identity and personal values as a soldier in the U.S. Army. Read more