Now that the crisis in Cyprus has passed, we can finally admit the obvious: The “crisis” it provoked did not deserve the attention it received. Cyprus makes up a fraction of one percent of the European Union’s GDP and it’s a backwater for sketchy Russian dealings. If Cyprus had drowned in a sea of Mediterranean debt, the Eurozone would not have gone under with it.
China’s new president, Xi Jinping, gave his big inaugural address last week, talking at length about the “Chinese Dream.” He said: “We must make persistent efforts, press ahead with indomitable will, continue to push forward the great cause of socialism with Chinese characteristics, and strive to achieve the Chinese dream of great rejuvenation of the Chinese nation.”
Tensions are running high on the Korean Peninsula, and instability is coming if it’s not already there. North Korea is declaring that truces no longer apply, claiming that the UN is faking its report on North Korean human rights abuses and threatening “thermonuclear war” against its aggressors.
The G-20 is no happy family. Comprised of 19 countries and the European Union, once the urgency of the financial crisis waned, so too did the level of collaboration among members. Unlike the cozier G-7 — filled with likeminded nations — the G-20 is a better representation of the true global balance of power … and the tensions therein. So where are the deepest fault lines in the G-20?