G-8 leaders in Italy today agreed to keep stimulus efforts going to deal with the global recession.
** QUICK HITS. The International Monetary Fund projects a 1.4% contraction of the global economy this year, actually down slightly from its previous forecast. … No progress today on California’s chronic-turned-chaotic budget crisis. Also no new alternative proposals. But some more sniping. … Pakistani President Asif Ali Zardari acknowledged today that his country fostered Islamic jihadists that are now causing trouble in-country. ..
** OBAMA DOES MOSCOW, AND VICE VERSA. Flying to Italy Wednesday morning for the troubled G-8 summit, President Barack Obama departed Moscow after a very intriguing summit with Russian President Dmitri Medvedev and Prime Minister Vladimir Putin.
This was the so-called “Reset Summit” to bring American/Russian relations out of the neo-Cold War depths they’d sunk to last year. It certainly succeeded at that, and at some other things as well, especially with regard to sharp reductions in nuclear weapons, aid for the US effort in Afghanistan, and a pullback on NATO expansion, a longtime thorn in the side of Russia. But other sticking points remained, on a US anti-missile shield and on Iran.
All amidst some notable intrigue, some of it generated from the Obama side. …
Unlike most of the rest of Europe, Russia is hardly in the grip of Obamamania. He’s certainly more popular than George W. Bush or John McCain, but that’s damning with faint praise. …
** G-8 TODAY. Stimulus efforts will continue, there will not be new sanctions on Iran, and the big Western countries agree to cut greenhouse gases in half. But developing countries do not. Nor do India or China.
Global economic recovery is not yet guaranteed and governments will worry about the bill for heavy stimulus spending once it has succeeded, world leaders meeting in Italy said on Wednesday.
“While there are signs of stabilisation, including recovery in stock markets, a decline in interest rate spreads, improved business and consumer confidence, the situation remains uncertain and significant risks remain to economic and financial stability,” they said in a statement.
That was the same wording as a statement from the group’s finance ministers a month ago and offered no new optimism for markets on a day when the International Monetary Fund said the world economy was starting to emerge from recession.
The leaders, meeting in the earthquake-hit mountain town of L’Aquila for talks that started with the economy, said they were committed to withdrawing stimulus spending, but only when a recovery looked secure.
President Barack Obama discussed the G-8 (group of eight advanced industrial nations) summit in Italy earlier today.
** OBAMA TODAY. President Barack Obama, First Lady Michelle Obama, and daughters Malia and Sasha flew from Moscow to Rome earlier today.
Obama met with Italian President Giorgio Napolitano at the Quirinale Palace, where they held a joint press avail.
Obama then went to the Guardia di Finanz School in L’Aquila, Italy, where he was greeted by Italian Prime Minister Silvio Berlusconi.
Obama then participated in the G-8 leaders working lunch and is now participating in a session on global issues.
At 8:45 AM Pacific, Obama and Berlusconi tour the L’Aquila historic center.
At 11 AM Pacific, Obama attends the G-8 working dinner in L’Aquila, Italy.
Riots in China have forced Chinese President Hu Jintao to leave the G-8 summit.
G-8 leaders will discuss the ever so slow economic recovery and how to goose it along, as well as other topics such as Iran and climate change.
But they’ll do it without the leader of the world’s most populous country. Ethnic and religious-based riots in China have turned very violent, and President Hu Jintao left the summit before it began to return to Beijing.
We’ll also get more insight into the outcome of Obama’s Moscow Summit, as Russian President Dmitri Medvedev is also on hand for the G-8 summit.
Meanwhile, back in Washington, Vice President Joe Biden announces that the White House and the hospital industry have struck an agreement for the hospitals to give up $155 billion in future Medicare and Medicaid payments to help defray the cost of the proposed national health care system.
This is in addition to the $80 billion from an earlier agreement with the pharmaceutical industry.
** FROM THE ARNOLD FILE. Governor Arnold Schwarzenegger holds private meetings and discussions in and around the Capitol, focusing on California’s chronic-turned-chaotic budget crisis.
At noon, he joins Health and Human Services Secretary Kim Belshé and Department of Social Services Director John Wagner in a press conference to discuss his proposed reforms to the CalWORKS program.
The event will be webcast live at www.gov.ca.gov.
Talks were thrown into some disarray Monday when Assembly Speaker Karen Bass refused to participate in the Big 5 meeting of Schwarzenegger and legislative leaders, for reasons discussed on NWN. But the direction of this situation is very clear, and talks will naturally resume. In fact, they already have, on a less formal basis.
But an agreement now does not appear to be imminent.
** OBAMA’S CONSEQUENTIAL FIRST 4TH: NOKO, AFPAK, IRAQ, RUSSIA, PALIN (PALIN?!) Quite a consequential first 4th of July as president for Barack Obama.
Not only did he have 20 of daughter Malia’s schoolgirl friends over for a Camp David sleepover in honor of her 11th birthday on the 4th of July — just wait till her “Independence Day,” Dad — he had a few other things on his plate, as well as the barbeque for military families and the fireworks show. Not counting his inherited worst economic crisis since the Great Depression.
North Korea was to have been the drama of the day. But it turned into a major fizzle. … From my new column.
** THE GOP’S PALIN FOOD FIGHT: WHY NOW? You have to hand it to Sarah Palin. For a sideshow, she’s very good at being the center of attention. Even when she doesn’t want to be.
She had a few big controversies earlier this year — her on-again/off-again headlining of the big GOP congressional fundraiser, her pregnant teenage daughter, the usual Alaska stuff — but she’s hit the jackpot this week with a huge food fight among big name Republicans. What’s unexamined is this question: Why now? … From my July 2nd column.
** TRANSFORMATIVE: LE CINEMA DE MICHAEL BAY. I love the films of Michael Bay. In fact, they are so dramatic and compelling that …
Gotcha! I actually do not love the films of Michael Bay. I don’t hate them, either. And there are a couple that I like. But the fact that it is considered preposterous for a writer — a writer who writes about anything, even wallpaper — to not dismiss Bay’s work in the most vehement of terms points up a dramatic disconnect between the critical community and the movie-going audience.
Bay’s new flick, Transformers: Revenge of the Fallen, just took in an astounding $200.1 million at the domestic box office in its first five days of release. … From my June 29th essay.
** STAR TREK FIRSTS … 43 YEARS ON. … From my June 23rd essay.
** OBAMA AND THE AYATOLLAH. . … From my June 19th column.
** OBAMA’S CRISIS MANAGEMENT: NORTH KOREA, AGAIN. … From my June 12th column.
** REMEMBERING AMERICA: OBAMA’S D-DAY SPEECH AND TWO DAYS IN JUNE. … From my June 8th column.
** REPOSITIONING AMERICA: OBAMA’S CAIRO SPEECH AS THE ULTIMATE IN EVENT MARKETING. … From my June 4th column.
** TERMINATING THE DARKNESS: HOPE FLOATS, BUT ANXIETY ABIDES. … From my May 31st column.
** THE AVOIDABLE TRAGEDY OF CALIFORNIA’S PROP 8. … From my May 26th column.
** OBAMA: RIDING WITH HISTORY. (NOTE: As Barack Obama was inaugurated as the 44th president of the United States, this column was the featured column on the top of the front page of the Huffington Post.) … From my January 19th Huffington Post column.
** 24/7 LIVE TV NEWS FEED FROM RUSSIA TODAY. Russia has re-emerged as one of the world’s great powers. Click here for a live TV news feed on your computer, bringing you English-language, jargon-free, fast-paced coverage of global and Russian news from the new Russia Today channel. You probably already know about CNN International, BBC World, and Al Jazeera. Russia Today, which also features culture, entertainment, and sports, is based in Moscow and is owned and operated by the TV Novosti division of Russia’s state news agency, RIA Novosti. While it’s quite foolish to expect to see, say, criticism of Vladimir Putin on Russia Today, which I know as a former DemRussia advisor, the channel is very interesting nonetheless. With U.S. cable news chattering away as it does, this sort of respite can be informative. The NWN live link to RT does not constitute an endorsement of the channel’s views. It’s presented as an otherwise unavailable new media window.
** 24/7 LIVE TV NEWS FEED FROM AL JAZEERA. With the US entangled in two wars in the region, it’s valuable to keep up with news and perspectives from the leading Middle Eastern-based TV news network. Based in the Gulf Arab state of Qatar, Al Jazeera is very influential and more than a bit controversial. Click here for a live TV news feed on your computer. The NWN live link to AJ does not constitute an endorsement of the channel’s views. It’s presented as an otherwise unavailable new media window.
** SCHWARZENEGGER’S CALIFORNIA. Here is my series of five columns on the governorship of Arnold Schwarzenegger for the Los Angeles Times in debate last fall, prior to the global economic meltdown, with Pulitzer Prize-winning former Times reporter/editor Bill Boyarsky, whose columns are also included. Among them is what I’m sure is the first piece examining Schwarzenegger’s legacy as governor of California. Since he will actually be governor of California until 2011. No technology known to be disruptive to the space/time continuum was used in its preparation.
You can listen to my recent video webchat with Schwarzenegger here.
** TRACK GLOBAL AND NATIONAL ENERGY PRICES IN NEAR REAL TIME VIA BLOOMBERG ENERGY MARKET WATCH. Having crashed over $147 for yet another record last July 11th, crude oil is trading around $62 per barrel.
This is up about $28 from the low of $34 per barrel prior to enactment of the Obama economic recovery program. But oil has been slumping over the past week or so from recent highs on fears that the global economic recovery is happening too slowly.
Your posts are welcome in the Forum.
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| Comments (41) |
Obama looks tired in Italy.
The Chinese riots look serious.
Barack did great in Moscow. Is this G-8 more routine?
I guess China’s not really in a position to be running things yet.
Jonas Blane says:
July 8, 2009 at 9:02 am
The Chinese riots look serious.
How long is this going to go on?
BB:Talks were thrown into some disarray Monday when Assembly Speaker Karen Bass refused to participate in the Big 5 meeting of Schwarzenegger and legislative leaders, for reasons discussed on NWN. But the direction of this situation is very clear, and talks will naturally resume. In fact, they already have, on a less formal basis.
But an agreement now does not appear to be imminent.
This is the impasse that never ends
Yes, it goes on and on my friend.
Some people started it, not knowing what it was,
and they’ll continue it forever just because…
with a tip of the hat to Norman Martin and the late Shari Lewis
http://en.wikipedia.org/wiki/The_Song_That_Never_Ends
>Capitol Boy says:
July 8, 2009 at 9:15 am
How long is this going to go on?
I’m glad China has problems too.
Why?
This is a too boring story.
Capitol Boy says:
July 8, 2009 at 9:15 am
How long is this going to go on?
BB:Talks were thrown into some disarray Monday when Assembly Speaker Karen Bass refused to participate in the Big 5 meeting of Schwarzenegger and legislative leaders, for reasons discussed on NWN. But the direction of this situation is very clear, and talks will naturally resume. In fact, they already have, on a less formal basis.
But an agreement now does not appear to be imminent.
And the cable’s all Jackson Palin.
Jonas Blane says:
July 8, 2009 at 8:49 am
Obama looks tired in Italy.
Where”s Schwarzeneger?
Delayed till 1215ish.
Devolution.
> Jack Aubrey says:
July 8, 2009 at 11:41 am (Edit)
And the cable’s all Jackson Palin.
Jonas Blane says:
July 8, 2009 at 8:49 am
Obama looks tired in Italy.
Very nice.
> Dana says:
July 8, 2009 at 9:31 am (Edit)
This is the impasse that never ends
Yes, it goes on and on my friend.
Some people started it, not knowing what it was,
and they’ll continue it forever just because…
with a tip of the hat to Norman Martin and the late Shari Lewis
http://en.wikipedia.org/wiki/The_Song_That_Never_Ends
>Capitol Boy says:
July 8, 2009 at 9:15 am
How long is this going to go on?
It’s not very interesting …
> Jack Aubrey says:
July 8, 2009 at 11:37 am (Edit)
This is a too boring story.
Capitol Boy says:
July 8, 2009 at 9:15 am
How long is this going to go on?
BB:Talks were thrown into some disarray Monday when Assembly Speaker Karen Bass refused to participate in the Big 5 meeting of Schwarzenegger and legislative leaders, for reasons discussed on NWN. But the direction of this situation is very clear, and talks will naturally resume. In fact, they already have, on a less formal basis.
But an agreement now does not appear to be imminent.
Schadenfreude?
> Len says:
July 8, 2009 at 9:52 am (Edit)
I’m glad China has problems too.
Not especially.
> Capitol Boy says:
July 8, 2009 at 9:04 am (Edit)
I guess China’s not really in a position to be running things yet.
Jonas Blane says:
July 8, 2009 at 9:02 am
The Chinese riots look serious.
Except for additional spending on the global recession and no new sanctions on Iran …
> Capitol Boy says:
July 8, 2009 at 9:04 am (Edit)
Barack did great in Moscow. Is this G-8 more routine?
Travel is tiring.
> Jonas Blane says:
July 8, 2009 at 8:49 am (Edit)
Obama looks tired in Italy.
Better.
I like the column about Barack’s Moscow Summit.
The G-8 had better keep the economic stimulus going.
Are you going to feel compelled to write about the California budget story when there’s not much to say? I hope not.
I guess it’s good news that the world economy is not quite as bad as the International Monetary Fund thought it was.
It got boring in May.
marcos leon says:
July 8, 2009 at 5:47 pm
Are you going to feel compelled to write about the California budget story when there’s not much to say? I hope not.
Sad, but true.
Time to break out the champagne …
> marcos leon says:
July 8, 2009 at 5:48 pm (Edit)
I guess it’s good news that the world economy is not quite as bad as the International Monetary Fund thought it was.
It all depends on how you define the word “write” …
> marcos leon says:
July 8, 2009 at 5:47 pm (Edit)
Are you going to feel compelled to write about the California budget story when there’s not much to say? I hope not.
Yep.
> Jonas Blane says:
July 8, 2009 at 4:26 pm (Edit)
The G-8 had better keep the economic stimulus going.
Thanks.
> Capitol Boy says:
July 8, 2009 at 4:19 pm (Edit)
I like the column about Barack’s Moscow Summit.
Excellent column on President Obama’s summit in Moscow. He is resetting America’s relations with Russia, and the world. He already achieved important deals with the Russians.
Thank you for the most excellent article on the Huffington Post.
I really liked your blog!
What new video today?
G-8 and Iran.
You’re welcome.
> sergei says:
July 9, 2009 at 6:11 am (Edit)
Thank you for the most excellent article on the Huffington Post.
Thanks.
> marcus waldron says:
July 8, 2009 at 7:05 pm (Edit)
Excellent column on President Obama’s summit in Moscow. He is resetting America’s relations with Russia, and the world. He already achieved important deals with the Russians.
Look forward to reading more from you in the future,keep up the good work.
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader.
Very nice information. Thanks!