Fifteen years after the collapse of the US investment bank Lehman Brothers triggered a devastating global financial crisis, the banking system is in trouble again. Central bankers and financial regulators each seem to bear some of the blame for the recent tumult, but there is significant disagreement over how much – and what, if anything, can be done to avoid a deeper crisis.
CAMBRIDGE – The announcement of a secret uranium enrichment facility located on a military base in Iran has sharpened President Barack Obama’s efforts to place nuclear proliferation issues at the top of the world agenda. 2010 will be a critical year.
In September, both at the United Nations and at the G-20 Summit in Pittsburgh, many countries agreed to work on Obama’s nuclear agenda. But, in the midst of those meetings, it was revealed that Iran has been secretly building a second enrichment facility with the potential to produce weapons-grade uranium.
In early October, Iranian officials met in Geneva with representatives of the permanent members of the UN Security Council (plus Germany) and agreed to allow the International Atomic Energy Agency to inspect the hitherto secret plant. In addition, the Iranians said that they would export their existing low-enriched uranium to be fabricated into nuclear fuel outside of Iran.
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