The money markets rejoiced when Larry Summers pulled out of the race to be Federal Reserve chairman. The reason was simple, self-serving and not necessarily wholesome: A different chairwoman — most likely Janet Yellen — would be more inclined to continue the Fed’s program of large-scale bond purchases and low interest rates.
The Great Debate
In the dizzying debate over U.S. military intervention in Syria, one key point of consensus stands out: Both the Obama administration and Congress recognize that the resolution to Syria’s conflict must come through a negotiated settlement. Key international actors share the same conclusion.
In December 2009 the world was treated to the unexpected news that President Barack Obama had been awarded the Nobel Peace Prize. Among those most surprised was Obama himself. Not many sitting American presidents have won the award. In fact, Obama was only the third.
from David Rohde:
President Barack Obama will have to deliver one of the finest speeches of his presidency next Tuesday if he hopes to win Congressional support for a strike against Syria. Out of nowhere, the Syria vote has emerged as one of the defining moments of Obama’s second term.
There is a bizarre quality to the U.S. public debate about bombing Syria. Much time and effort has been spent analyzing President Barack Obama’s decision to finally call for a vote in Congress: whether this was a wise choice; what the repercussions of an attack may be; the (il)legality of acting without a United Nations Security Council mandate; the moral case for bombing, and the strategic case for restraint.
Low expectations surround the G20 meeting in St. Petersburg on September 5-6.
President Barack Obama’s decision to cancel the pre-G20 summit with Russian President Vladimir Putin means the big photo op will likely be the two leaders awkwardly trying to avoid each other. The other headline-making issues in U.S.-Russian relations — Syria, nuclear weapons reduction, missile defense — also appear off the table now. There is one timely matter, however, that resonates with Washington, Moscow, and the entire G20 — the continuing fight against offshore tax havens.
from David Rohde:
In an extraordinary series of disclosures this week, Obama administration officials said that the United States will launch only cruise missile strikes in Syria. The attacks will last roughly two or three days. And the administration’s goal will be to punish President Bashar al-Assad, not remove him from power.