Europe

Rippling Global Economic Crisis

USSIANS ARE CUTTING BACK on personal spending and trading rubles for dollars as the collapse of world oil prices cripples an economy that just months ago soared on the strength of record prices for its petroleum exports. Even vodka sales are down. Economists are especially worried by the mounting flight of capital and increased dollarization of the economy—something that last happened a decade ago when the government defaulted on its foreign debts. "Some of my friends have converted all their savings into dollars, leaving just 500 rubles to pay the phone bill in their account," said an administrative assistant at...

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Russia Weathering Market Crisis

OSCOW—As the stock markets in Russia tumbled again Friday and the Kremlin continued struggling to shore up the nation's banks, Maria Isayeva emerged from a subway station near Victory Park and shrugged off the crisis with a laugh. "It only affects the rich people! It doesn't affect us!" declared the 61-year-old retired bus terminal cashier, who seemed amused anyone might think she owned stocks. "We're okay. We're surviving, and we have enough to eat." Isayeva admitted feeling anxious that her children might face hardship in an economic downturn but appeared more concerned about how others in the world were faring....


Stock Crisis Helps Consumers In Short Term

HE SUDDEN COLLAPSE OF COMMODITIES that drove oil prices back below $70 a barrel Thursday is reverberating through the world economy from Alberta to Texas to Timbuktu. While falling commodities prices are helping struggling American consumers and businesses with dramatically lower energy costs, they are devastating rising stars such as Brazil, Russia, Dubai and Australia. Even China, the engine behind the commodity boom, is faltering, though it remains one of the only emerging-market juggernauts that still has growing surpluses of cash to keep plowing into U.S. financial markets. Indexes of major commodities from copper and wheat to coal and corn...


Beslan Remembered

LET US NOT FAIL TO RECALL, nor long forget Beslan either, as we seek to save the world from enemies that live among us, some that look like sheep, and some that look like the ravenging wolves that they are. Here's a tasteful link to the tragedy. And here's a gem of writing by a poster over at Jihad Watch. Thanks to "dumbledoresarmy." just got my copy of Andrew Bostom's "The Legacy of Islamic Antisemitism". Part One, entitled 'Islamic Antisemitism: Jew-Hatred in Islam', which is the overview and distillation of all his research, makes for riveting—and terrifying—reading. If every Christian...


Effects Of Nuclear Suitcase Bomb

Article written by Roland Watson. HE DUST IS SETTLING on the conflict in Afghanistan and not one major figure from the Taliban or Al-Qaida has been found. Bin Laden remains elusive and, according to some reports, he may have moved to the Pashtun-dominated area of Pakistan weeks ago. In that sense, Operation Enduring Freedom is so far a failure. And that leaves one vital question still open. Does Bin Laden still own the fabled nuclear suitcase bomb? We can safely assume that nothing of that nature was found in the Tora Bora complex. One does not abandon equipment that cost...