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Mr. Xi Goes to Washington -- A most important event in Washington took place this week, and it was not related to the election nor to the payroll tax cut extension. Rather, it was about America's relationship with China. Chinese Vice President Xi Jinping (pronounced more or less "Shee Jeen-peeng") came to the White House, and as China's next leader for the best part of a decade, his visit may well set the tone for the future of Sino-American ties. Neither side can afford to let the relationship turn into a chilly rivalry like the US and USSR had. [15 February]
Congressional Republicans Yield on Payroll Tax Cut -- President Obama released his proposed budget for Fiscal 2013 yesterday. The $3.8 trillion plan was called dead on arrival by the Republicans, as is customary. They labeled it an election year gimmick. Their own proposals have yet to come to light, but they will be just as focused on November's ballot as the president's. However, in all of this, the Congressional Republicans have suddenly become pragmatists about the payroll tax holiday that expires in two weeks. They have decided to approve an extension through calendar 2012 without finding any spending offsets, which will add about $100 billion to the national debt. [14 February]
Greece Accepts More Austerity Poison -- The Greek parliament voted to continue poisoning its economy in a bid to secure further bail-out funds from the European Union to stave of a sovereign debt default next month. The Greek people took to the streets over the week-end, and the BBC reports that "45 buildings were burned in the capital, 150 stores looted or smashed." MSNBC states, "More than 120 people were hurt in the rioting. Authorities said 68 police needed medical care after being injured by gasoline bombs, rocks and other objects hurled at them, while at least 70 protesters were also hospitalized .... violence also erupted in Greece's second-largest city Thessaloniki and on the islands of Corfu and Crete." Five years of economic contraction due to bad policy will do that. [13 February]
NRC Approves America's First Nuke Plants in a Generation -- The Nuclear Regulatory Commission has signed of on America's first civilian nuclear reactors in a generation. Southern Nuclear Operating Company has received two combined licenses to build two new reactors at its Vogtle site 25 miles from Augusta, Georgia. If all goes according to plan, the two 1.1GW reactors will start operations in 2017. Mixed feelings are entirely in order. [10 February]
Five Major Banks Cut Deal on Mortgage Abuses -- Five of the biggest mortgage lenders in the US have cut a deal with the Feds and 49 state attorneys general in a settlement over lending abuses. Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc. and Ally Financial Inc. will cough up around $25 billion in total to get a pass on civil government claims against them for faulty foreclosures and mishandling of loan modification requests. This is not bad, but there were numerous crimes committed, and people need to go to jail. [9 February]
Copyright 2011 by The Kensington Review, Jeff Myhre, PhD, Editor. No part of this publication may be reproduced without written consent. Produced using Ubuntu Linux.
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