The Great Recession included five major surprises: (1) the severity of the global trade and output collapse, (2) the United States suffered a milder than expected recession, (3) Europe saw the onset of a severe sovereign debt crisis, (4) China grew at an extraordinary rate even though it’s greatly dependent on exports, and (5) Latin America showed remarkable resilience.
With the effects of the financial crisis that began nearly two years ago still being felt today, the time has come for a candid assessment of the structural and regulatory weaknesses that helped create it.
As armed clashes last weekend show, north Lebanon is becoming a growing support base for the Syrian revolution. Sunni mobilization in support of the uprising in Syria is mounting and the Lebanese government is losing its ability to maintain its policy of neutrality.
The U.S. pivot to the Asia-Pacific has created both tension and opportunity in its relations with China.
The success of Germany's Pirates party is the result of its transparency and accountability. Sustaining that enthusiasm through national elections in 2013 will be a challenge, however.
Putin has returned to the Kremlin, but he faces a significantly different Russia, because the country's situation has changed drastically. The previous Putin’s consensus between those in power and society has fallen apart.
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