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10-Jun-11 World View — Nato Will Now Directly Target Libya's Gaddafi


This morning’s key headlines from

Nato says that air campaign will now directly target Gaddafi in Libya

The U.N. Security Council resolution authorizing the humanitarian mission in Libya says that “all necessary measures” could be used to protect civilians. On Thursday evening, a senior Nato military official told CNN that this is now being interpreted as permitting direct targeting of Libyan leader Muammar Gaddafi. CNN

Thousands of Syrian refugees pour into Turkey

Turkish soldiers guard border as Syrian refugees await authorization to enter (AP)
Turkish soldiers guard border as Syrian refugees await authorization to enter (AP)

Following up on yesterday’s report, the hundreds of refugees fleeing into Turkey have now turned into thousands, fearing a brutal revenge attack by Syria’s army on the town of Jisr al-Shughur. Eyewitnesses have said that a military column of 60 transporters with tanks and armored vehicles, and 10 trucks loaded with soldiers were headed toward Jisr al-Shughur, and were encircling the town, presumably in preparation for a massacre. CS Monitor

America’s ‘covert war’ in Yemen expands

The ‘covert war’ that we mentioned briefly yesterday seems to be getting less and less covert. With the government apparently disintegrating, Al-Qaeda on the Arabian Penninsula (AQAP) has the opportunity to take control of large areas of Yemen, especially in the south. In order to prevent that, the US has stepped up its covert air war against AQAP, and is reported to have killed militant suspects with US aircraft and pilotless drones. Independent

Mass protests planned in Yemen on Friday

Well, it’s Friday again, and that means that it’s time again for massive street protests as people stream out of mosques after midday prayers. This time Yemen should be the big show, after state media said that President Ali Abdullah Saleh would soon be well enough to return from Saudi Arabia, where he’s being treated for burn and shrapnel wounds from a bomb blast. There will be anti-Saleh protests as usual, but this time there’ll also be mass pro-regime protests, under the slogan, “Loyalty to Saleh” in Sanaa, the capital. Al-Jazeera

Greece’s economy continues to collapse

Greece's 2-year bond interest rates at 26% (Bloomberg)
Greece’s 2-year bond interest rates at 26% (Bloomberg)

Greece’s unemployment jumped to a fresh record high of 16.2% in March, from 15.9% in the previous month, according to data published by the Hellenic Statistics Authority. It was at 42.5% for the 15-24 age group, and so there’ll be plenty of fodder for coming anti-austerity riots. Separately, industrial production in April fell 11% from a year earlier. Meanwhile, in Brussels, EU officials continue to bicker on the terms of a bailout, and whether private investors will have to contribute, or whether the taxpayer will pay for the entire bailout. Kathimerini

U.S. housing prices to fall an additional 10-25%

Yale University professor Robert Shiller, co-author of the S&P/Case-Shiller home price index, says that an additional decline in property values of 10-25% in the next five years “wouldn’t surprise me at all.” Home prices have already fallen 33% since the 2006 peak, according to the index, after prices more than doubled from 2000 to July 2006 during the bubble. From the point of view of Generational Dynamics, a further substantial decline in housing prices is to be expected, by applying the Law of Mean Reversion to long-term housing price data. Bloomberg.

China’s property bubble is crashing

China: Residential property prices (WSJ)
China: Residential property prices (WSJ)

We’ve been reporting that China’s humongous property bubble has been crashing this year, but now that WSJ is saying it, it’s kind of official. In the surveyed cities, real estate prices fell 4.9% in 2011, after rising 21.5% in 2010. The collapse of America’s housing bubble has had a disastrous effect on the US and world economy, and the collapse of China’s housing bubble, which is now in progress, will have a much greater effect on the world. Wall Street Journal (Access)


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