A World of Trouble

If this year was one of continuing war in Iraq and Afghanistan, petrifying conflict between Israelis and Palestinians, the growing nuclear threat posed by Iran and North Korea, and stalled progress on climate change, could 2010 be any worse? Yes, because tensions over China's deliberately undervalued currency are likely to come to a head.

So you thought this year was bad!

2009 began with the flattening of Gaza. Unemployment is surging in many countries, even though we can detect the first signs of recovery from the recession. Many bankers, meanwhile, are back to the trough as though nothing had happened. Greed was just taking a temporary break.

Pakistan is hit hard by a wave of monstrous Taleban attacks, and in Afghanistan NATO troops die and are terribly injured in large numbers. The “Peace Process” in the Middle East becomes ever more clearly the great oxymoron in international relations.

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