The Great Debate UK
- Terry Charman is Senior Historian at the Imperial War Museum in London. He studied Modern History and Politics at the University of Reading and while there interviewed Adolf Hitler’s architect Albert Speer. He specializes in the political, diplomatic, social and cultural aspects of the World Wars, and wrote “The German Home Front 1939-1945″ and “Outbreak 1939: The World Goes To War“. He is curator of the exhibition Outbreak 1939 at the museum. The opinions expressed are his own. -
In September 1939, in marked contrast to August 1914, Britain went to war in a sombre mood of resigned acceptance of the inevitable. There was no Union Jack waving “hurrah” patriotism as there had been twenty-five years before. After Adolf Hitler had torn up the Munich Agreement in March 1939 and invaded the Czech lands, the British people recognized that appeasement had failed and that the German leader’s aggressive plans would have to be stopped, and if necessary by force of arms.
On September 3, 1939, when Prime Minister Neville Chamberlain announced on the radio that Britain was at war with Germany, for many the news came as a relief from the tension of the past few weeks and months. An anonymous diarist noted: “Even horrible certainty seems better to me than uncertainty.”
While in Bradford a young man of military age wrote in his diary: “I don’t think I’m sorry to die so that Hitler will be crushed, but I do want a final peace this time, without constant crises.” Chamberlain’s over-personal broadcast-“you can imagine what a bitter blow it is to me…”-was hardly a rousing call to arms, and it was followed almost immediately by the wailing of air raid sirens.
from UK News:
- Sumeet Desai, Reuters senior UK economics correspondent. -
Inflation unexpectedly held steady in July, official data showed Tuesday, but economists still expect big falls in the annual rate this year and monetary policy to stay loose for some time to come.
Is a 1.8 percent inflation rate good or bad news?
from The Great Debate:
The explosion in company pension fund shortfalls in Britain nicely illustrates issues which will dominate economics and investment in coming years: the re-pricing of risk, a disillusionment with equity markets, and the boom in savings these shortfalls will help to drive.
Under current accounting rules, the pension funds of companies in Britain's FTSE 100 index are together 96 billion pounds ($170 billion) underfunded, more than double the deficit of a year ago and an all-time record, according to a report from pension fund consultants Lane, Clark & Peacock.
Britain's asset protection scheme, invented to protect the banking system, is morphing into a bureaucratic monster. It's time to kill it off. Though state support is still needed, there are simpler ways for the government to prop up its ailing lenders.
More than seven months after it was conceived, and five months after Royal Bank of Scotland and Lloyds Banking Group signed up to use it, details of the APS have still not been agreed. The sheer task of sifting through 585 billion pounds worth of loans to be insured by the government means any final agreement is months away.
from The Great Debate:
In America, the health care debate is about to come to a boil. President Barack Obama has put pressure on both houses of Congress to pass versions of his flagship domestic legislative program prior to their August recess.
Political and economic logic are set to collide in the byzantine decision-making over the future of German carmaker Opel, the main European arm of fallen U.S. auto giant General Motors.
If politics prevail, as seems likely, the cost to German taxpayers will be higher and the chances of commercial success lower.
The aim of the Berlin government and four federal states, which are sustaining Opel with bridging finance, is to save as many German jobs and production sites as possible. That makes political sense ahead of September's general election. But the business logic is that only a greatly slimmed-down Opel can survive in an industry with chronic overcapacity.
In theory, it is up to GM's board to choose among the three offers it expected to receive on Monday from Canadian-Austrian car parts maker Magna <MGa.TO>, Belgian financial investor RHJ <RJHI.BR>, and, less plausibly, Chinese state-owned auto maker BAIC. But there are several other powerful players with a say. They include the trustees responsible for the company since GM entered U.S. bankruptcy in June, the German federal and state governments, Opel's works council and, last but not least, the European Commission, which must approve the restructuring plan as a condition for authorising the state aid.
from UK News:
The death toll among British troops in Afghanistan is rising fast. The soldier who died on Tuesday was the seventh to die in the last week and the 176th since the war began.
Last Wednesday, Lieutenant Colonel Rupert Thorneloe became the highest ranking British soldier to die in the conflict in Afghanistan when he was killed in Helmand. British commanders are quoted as saying things are going to get worse before they get better.
The crisis at Northern Rock marked the beginning of Britain’s slide into large-scale state ownership of the banking system. Returning the mortgage lender to the private sector would be a sign that normal service is being resumed. But rumours that the British government is poised to sell Northern Rock, are premature. Suggestions the government could do so at a profit are even more far-fetched.
Prime Minister Gordon Brown is apparently keen to offload the Rock, ideally “at a substantial profit” before the general election, which must be held before next summer. According to the Times, the prime minister “wants desperately to avoid a Conservative government taking the credit”.
from The Great Debate:
Higher taxes? Lower public spending? Devaluation? Inflation? Investment in green growth?
European governments are pointing in very different directions as they debate an exit strategy from the global financial crisis. Despite European Union efforts to coordinate economic policy, there are clear signs that the main European economies will charge off in disarray towards separate exits.
- Luke Baker is a political and general news correspondent at Reuters. -
The mountains and deserts of southern Afghanistan are far removed from the elegant charms of Trieste in northern Italy, but there will be a link between the two this weekend.
Foreign ministers from the Group of Eight nations meet in the Italian city on the Adriatic on Thursday for three days of talks, with the state of play in Afghanistan, as well as developments in Iran and the Middle East, front and centre of their agenda.