This morning’s key headlines from GenerationalDynamics.com.
* Bombing of Delhi, India, courthouse kills 12
* Germany’s constitutional court approves bailouts
* Switzerland’s devaluation move could trigger currency war
* Azerbaijanis protest drying up of Iran’s Lake Urmiyya
A tire sits on a dried-up section of Lake Urmiyya in Iran
Bombing of Delhi, India, courthouse kills 12
Authorities in India are being harshly criticized for the lack of security that allowed two terrorist bombings of the same building in little over three months. Harkat-ul-Jihadi Islami (HuJi), a Pakistani terrorist group, is claiming responsibility for the Wednesday bombing of the Delhi Courthouse that killed 12 people. A previous bombing of the same courthouse occurred on May 25, but apparently no action was taken to provide better security, except to hold a meeting every two weeks to discuss the problem. Indian Express and India Times
Germany’s constitutional court approves bailouts
As expected Germany’s Verfassungsgericht (constitutional court) ruled on Wednesday that Germany’s contribution to the bailout fund that provided money to Greece, Ireland and Portugal did not violate the constitution. Furthermore, the court will not require that Germany’s Bundestag (parliament) approve future bailouts. Instead, the court ruled that future bailouts would require the approval of the parliament’s budget committee. The ruling gave a political boost to Chancellor Angela Merkel, who said that Germany must remain united with the rest of Europe. “The euro guarantees a unified Europe,” she said. “If the euro collapses, Europe collapses.” Deutsche-Welle
A court ruling striking down the bailouts would have triggered a national and international crisis. A BBC analyst that I heard on Wednesday said that most people now believe that the euro currency’s days are numbered. Even though the German public is increasingly opposed to bailing out Greece and other “profligate” countries, German leaders want to be able to say that they did everything possible to save the euro, but that in the end the euro collapse because of Greece or some other country. (Incidentally, the same is true in Washington, as the Obama administration and the Republicans jockey to make sure that the other part gets the blame for what’s coming.)
Switzerland’s devaluation move could trigger currency war
So far, during the crisis of the last few years, most of the world has avoided the tactics of the 1930s that caused a downward spiral, such as enacting high tariffs and devaluing currencies. Most analysts feel that Switzerland’s act, Independent
Azerbaijanis protest drying up of Iran’s Lake Urmiyya
Ethnic Azerbaijanis in Iran have begun demanding urgent measures by Iran’s government to save the Urmiyya Lake (the third largest salt lake in the world and a special UNESCO biological reserve), which has dried up by 70 percent as a result of the construction of dams, bridges and irrigation canals. Jamestown
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