But it should keep its markets open to cheap, clean vehicles
The war against the Houthis is part of an escalating struggle for the seas
Germany is unable and unwilling to lead Europe
The Globalist Podcast (January 9, 2024) – Nik Gowing discusses whether the Israel-Gaza war could spark a wider conflict in the region – and beyond.
Also, Steven Borowiec updates us on South Korea’s political crisis ahead of national elections and, with less than a week to go, we look ahead to the World Economic Forum Annual Meeting in Davos.
Video timeline: 0:00 ‘Axis of Resistance’ 0:37 Iran’s allies 1:44 Iran’s history 3:22 U.S. in the Middle East 4:14 Attacks since Oct. 7
WSJ explains what to know about the alliance that includes Hamas in Gaza, Hezbollah in Lebanon and the Houthis in Yemen.
The Globalist Podcast (January 5, 2024) – A discussion of the effect of the Israel-Gaza war on Lebanon and the potential for a broader fallout after a series of Israeli strikes on Hezbollah.
Also, the latest on Russia’s war in Ukraine, following the biggest prisoner swap since the beginning of the invasion. Plus: Louis Vuitton’s first luxury hotel, film news and Helsinki’s annual light-art festival.
In failing to look past Joe Biden, Democrats have shown cowardice and complacency
To be safe, Israel needs new leadership
Israeli officials see Hizbullah as an unacceptable threat
Houthi attacks on Red Sea shipping threaten global trade
For the world to prosper, ships must reach their ports. They are most vulnerable when passing through narrow passages, such as the Strait of Malacca or the Panama Canal. So a recent surge of attacks on vessels in the Red Sea, the only southern conduit into the Suez Canal, poses a grave threat to global trade. The Houthis, militants in Yemen backed by Iran, have fired over 100 drones and missiles at ships linked to more than 35 countries, ostensibly in support of the Palestinians. Their campaign is an affront to the principle of freedom of navigation, which is already at risk from the Black Sea to the South China Sea. America and its allies must deal firmly with it—without escalating the conflict in the Middle East.
Mistaken recession calls were just part of it
Spare a thought for economists. Last Christmas they were an unusually pessimistic lot: the growth they expected in America over the next calendar year was the fourth-lowest in 55 years of fourth-quarter surveys. Many expected recession; The Economist added to the prognostications of doom and gloom. This year economists must swap figgy pudding for humble pie, because America has probably grown by an above-trend 3%—about the same as in boomy 2005. Adding to the impression of befuddlement, most analysts were caught out on December 13th by a doveish turn by the Federal Reserve, which sent them scrambling to rewrite their outlooks for the new year.
America’s presidential election is a test of that proposition
Journalists should not spend much of their time writing about journalism. The world is more interesting than the inky habits of the people who report on it. But this week we are making an exception, because the discovery and dissemination of information matters a lot to politics. Don’t take our word for it: “A popular government,” wrote James Madison in 1822, “without popular information, or the means of acquiring it, is but a prologue to a farce or a tragedy; or, perhaps both.” Were Thomas Jefferson offered a choice between a government without newspapers and newspapers without a government, he said that he would choose the press (though that is probably going a bit far).
America should deter it from escalating the Gaza war, but also engage with it
Twelve months ago Iran was reeling from protests sparked by the death in custody of a young woman who had been arrested for showing too much hair. Its theocratic regime was increasingly isolated, as Arab states forged closer ties with its enemy, Israel. The economy was a mess, adding to popular anger at Iran’s ageing supreme leader and inept president. The Islamic Republic had not seemed so vulnerable in decades.
Boomers Daily 