Hundreds of thousands of Portuguese have protested the austerity programs being pursued in their country. Unemployment in the country is not as high as in Spain or Greece, but the economic slowdown has been quite dramatic. The mounting protests against austerity across Europe suggest that the policies will have to be modified at some point before the citizenry lose hope.
Since 2007-08, the international economic system has been roiled by all sorts of challenges, from protectionist pressures, to currency wars, to threats of sovereign debt default. Some are questioning whether it is time to redesign and restructure the Bretton Woods System that has governed the global economy since 1945. Such a change is probably necessary, but until China and the US reach some sort of an understanding on how to resolve their economic difference, an agreement on a new system is unlikely.
We’re watching Kenya as it prepares to vote for a new President on Monday. One of the candidates, Uhuru Kenyatta, has been indicted by the International Criminal Court for his part in fomenting the violence that plagued the last election in 2007. There are many election observers in the country, attempting to forestall a repeat of the violence. But violent protests may be difficult to avoid.
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