Timeline, September 2008

Sep 1 The U.S. military signs a paper that gives authority in Anbar province to the Iraqi governor. On April 28, 2003, an incident involving U.S. forces in Anbar's major city, Fallujah, helped turn the province into a center of anti-U.S. insurgency, joined by a rise of al Qaeda there. By 2006 insurgents in Anbar were sick of al Qaeda and alliances were made with U.S. forces. Anbar is the eleventh of eighteen provinces that have moved to Iraqi authority.

Sep 2 Iraq agrees on a plan that gives oil production rights to a Chinese petroleum corporation.

Sep 2 In the second day of the Republican National Convention, speakers praise McCain, speak of their support for charity and the need to put "country first." They cheer military service and heroism, chant U.S.A, U.S.A., speak of God's guidance and restoring U.S. prestige abroad. One speaker, Fred Thompson, said of McCain, "Being a POW doesn't qualify one to be president, but it does reveal character."

Sep 3 Candidate McCain has chosen Sarah Palin as his running mate. The conservative columnist George F. Will opines that this is "applied McCainism -- a visceral judgment by one who is confidently righteous. But the viscera are not the seat of wisdom."

Sep 3 Journalists see it as their duty to investigate the background of Sarah Palin. At the Republican National Convention delegates respond emotionally to a speaker denouncing journalists. Some turn and shake their fist at a recognized journalist among the delegates: Gwen Ifill.

Sep 3 Journalists describe Sarah Palin as supportive of legislation and of Supreme Court justices that would deny women the right to abort a fetus with Down's syndrom or other chromosomal disorders. Palin's position is described as "right to life." It is a part of what she describes as reform.

Sep 4 President Sarkozy of France is in Syria, meeting with President Bashar al-Assad. Sarkozy has described re-engagement with Syria as risky but says that dialogue is better than isolation.

Sep 4 Candidate McCain accepts the nomination of his Republican Party with a moving speech that proclaims "country-first" and coming change. He associates country with community, but by country-first he is not suggesting anyone give more in taxes for the sake of the community. By country-first he is speaking against corruption and legislation by congresspeople that gives federal money for projects in their constituencies.

Sep 5 A US secretary of state visits Libya for the first time since 1953. Libya's de facto leader, Muammar al-Qaddafi, has become a most popular leader in Africa, winning praise from Nelson Mandela and others. In Libya he is moving toward privatization and individual responsibility and away from bureaucracy. He wants to give oil money directly to people to spend on education. He wants society to "reformulate itself in a new, free, and democratic way."

Sep 5 A "One Million Signatures" campaign for women's rights has been underway in Iran since August 27, 2006. Four more women have been sentenced to six months in jail for participating.

Sep 6 In Pakistan, parliament and provincial assemblies elect Benazir Bhutto's widower, Ali Zardari, as successor to President Musharraf. Insecurity and fear of instability persist.

Sep 6 The BBC reports that Britain's Trade Union Congress complains that the "super-rich" are better off than were the super-rich during the Victorian era, that the distribution of wealth has grown worse despite reforms. It is a development described as damaging to the economy, and a call is made to increase taxes on Britain's most wealthy.

Sep 7 In Saudi Arabia it is announced that the Human Rights Commission is to cooperate with the Saudi Lawyers’ Committee "to provide free legal service to those unable to bear the cost of litigation" - to quote the Arab News.

Sep 7 The U.S. government announces plans to take over Fannie Mae and Freddie Mac. It is a "bailout" that could be "one of the most expensive financial rescues in history, running to tens of billions of dollars," according to an article by Robert Peston at BBC.com. The article describes this as "an event of profound significance for the global economy." Peston writes that banks outside the United States, "including some of the world's most important central banks," have a "direct and substantial financial exposure to both Fannie and Freddie." Some believe that without the bailout the economic collapse would have included the collapse of the U.S. dollar.

Sep 8 Democracy in Hong Kong produces success for the "pro-democracy" faction. It wins more than a third of the 60 seats in the island's Legislative Council, enough to give it a veto over major legislation.

Sep 9 In Morocco, Mohammed Erraji, 29, is given a two-year prison sentence and fined $630 for an internet article that criticizes his king, Mohammed VI, for giving too much in donations and gifts.

Sep 10 For the past few days McCain has been ahead in a Gallup poll by five percentage points. Obama leads regarding issues. McCain leads regarding character. It's not very different from the year 2000 when Gore led in the polls regarding issues and Bush led on character. Issues came to the fore, of course, during the Bush presidency.

Sep 11 In an interview with the BBC about Iraq, General Petraeus is asked, "Do you think you will ever use the word "victory?" Petraeus answers: "I don't know that I will." He adds, "This is not the sort of struggle where you take a hill, plant the flag and go home to a victory parade...it's not war with a simple slogan."

Sep 11 Vladimir Putin says Russia had no choice but to intervene following Georgian aggression. "An aggressor needs to punished," he said, adding that Russian tanks could have ousted Saakashvilli if they had wanted to. He accuses the US of behaving like the Roman Empire by believing it can pursue its interests and extend its influence to the Caucasus without regard for Russia's point of view. He speaks of anti-Russian hysteria, of Russia not interested in empire and of Russia's desire for all sides to agree on new common rules of behaviour based on international law.

Sep 12 Saudi Arabia's most senior jurist proclaims it permissible for the state to execute owners of television stations that broadcast debauchery.

Sep 14 People and members of parliament in Malaysia have been rebelling against their prime minister since 2003, Ahmad Badawi, who is considered corrupt. Malaysia's traditional media is severely regulated, but use of the internet is advanced. There is extensive blogging that government has not controlled. Badawi's government now sees blogging as a threat and has begun closing the websites of internet critics.

Sep 17 In the U.S. in last three days the Dow Jones Industrial Average has dropped more than 7 percent - around 820 points. A bubble is bursting in slow motion. The coming months frighten investors and others. The price of gold climbed 11.6 percent today, to $870.90 an ounce. What is behind all this? Greed on Wall Street says candidate McCain. Deregulation and lack of oversight regarding financial institutions says candidate Obama.

Sep 17 Russia signs treaties with Abkhazia and South Ossetia that include pledges of military support. To the BBC, Georgia's President Saakashvili describes Russia's move as a "classic invasion and annexation".

Sep 19 Much analysis is being made about the economic crisis - and a warning not to panic. (Economic recessions used to be called depressions and before that they were called panics.) Panics are the psychological aspect of economic depressions. They make everything worse. Panic aside, the crisis we are now in is properly seen as another bubble crisis. Modern economies run on credit, in other words borrowing, for buying homes, farmers planting crops, people buying cars, et cetera. But as of today there has been too much borrowing - foolish borrowing - as happened before the crash of 1929. Money lenders, banks, real estate salesmen and what have you have encouraged too much borrowing. And financiers have played the markets with foolish borrowing, in the form of leveraged bets thirty times their own offerings. Too much debt has accumulated and an inability to pay back what is owed. Buying on credit expands economic bubbles. Again we are experiencing the bursting of a great bubble.

Sep 20 In the United States, stocks have recovered from their plunge of a few days ago, and stock markets have recovered or stabilized abroad, except maybe in Russia, where stabilization has been enforced by shutting down trading. Panic is being averted although fear is widespread that more trouble lies ahead. Worldwide, relief is found in "bailouts" of a few financial institutions by the Bush administration.

Sep 20 In the U.S., some believe that taxpapers should not rescue financial institutions. The Bush administration, on the other hand, is trying to prevent the collapse of the economy (all lending), skyrocketing unemployment and a disastrous run on the dollar. At the same time, President Bush does not want to leave financiers without accountability: the possibility of failing and taking a loss in their ventures. Bush says that "The Administration looks forward to working with Congress on measures to bring greater long-term transparency and reliability to the financial system. This includes the creation of new regulations."

Sep 21 South Africa's President, Thabo Mbeki, agrees to his political party's call for him to resign. A large part of the displeasure that many in his party (the Africa Nation Congress) had with him was economic policy. Mbeki was too free enterprise for them and they are complaining about unemployment and under performance of the economy.

Sep 22 Rather than wait to strike at enemy who have entered Afghanistan from Pakistan, the U.S. has been hitting at Taliban sanctuaries inside Pakistan. It is the same issue that French forces faced during their war in Algeria. The French government denied their military the right to strike at Algerian rebel bases inside Tunisia or Morocco, adhering to what was perceived as international law. Today Pakistan intelligence claims that Pakistan's military fired warning shots at two American helicopters, forcing them back to Afghanistan.

Sep 22 France announces that it is increasing its force of 2,600 in Afghanistan with 100 more troops and more helicopters and drones. In August ten French soldiers died in Afghanistan.

Sep 23 Some people believe that understanding events involves collecting many details, and some believe more in intuitition and "gut feelings." The PBS NewsHour is examining the decision styles of the presidential candidates. Yesterday it quoted candidate McCain as saying "As a politician I am intuitive, often impulsive." McCain added, "Often, my haste is a mistake, but I live with the consequences without complaint." In this morning's Washington Post, conservative columnist George Will again criticizes McCain and quotes a Wall Street Journal editorial describing McCain as "unpresidential" and as responding to the financial crisis "without even looking around for facts."

Sep 24 The debate about U.S. taxpayers bailing out banks brings up a recent example of finance agencies from Singapore, China, South Korea and Kuwait buying up and U.S bank equities (stocks). These are government finance agencies that give the citizens of these countries an equity interest in these U.S. banks. Some people in the United States want a similar equity interest for the taxpayer rather than their bailout of businesses being merely a gift-rescue.

Sep 25 Many who are creating bailout legislation agree that, in the words of candidate Obama, "The American people should share in the upside as Wall Street recovers." This sentiment includes candidate McCain, who has changed his mind and is supporting the bailout as a dire necessity. It does not include those conservative congressmen opposed to what they call nationalization.

Sep 25 Another sign of cultural diffusion: Japan's new prime minister, Taro Aso, is a Roman Catholic.

Sep 25 China launches its third manned mission into space, to include its first spacewalk.

Sep 26 Venezuela's Hugo Chavez is in Russia and agrees to a new energy pact. President Medvedev tells Chavez that, "Our co-operation is multi-faceted... it includes economic and military ties."

Sep 27 Georgia's President Saakashvili turns away from conflict and confrontation with Russia to focus on rebuilding Georgia's economy. He says he wants to improve integration with the European Union rather than push for NATO membership.

Sep 27 Pakistan's military claims that in the last month it has killed "1,000 militants" in the tribal area of Bajaur - which borders Afghanistan.

Sep 28 U.S. congressional leaders act on the administration's financial rescue request. Credit markets, frozen for about a week, begin to thaw. Firms that accept bail-out money will have to give warrants (non-voting stock shares) to the government that will allow taxpayers to benefit from the banks' recovery. The top executives of banks that receive more than $3 million from the government will have their pay limited, including a ban on "golden parachutes" should their employment at the bank end. The government (taxpayers) will be first in line for payment if a participating firm fails. Details will be available at a U.S. Congress website, http://www.financialservices.house.gov, after web traffic no longer overloads the site.

Sep 29 The U.S. House of Representatives fails to pass the financial rescue plan. U.S. stocks plunge between 7 and 9 percent. The big credit market freeze continues.

Sep 29 Chinese dairy farmers are squeezed by middlemen who give them low prices despite the rise in demand. Dairy farmers have been adding water to their milk in order more money. To make up for the lower nutrient content from the dilution melamine, a nitrogen compound, has been added to the milk. Four people have died. The government in Beijing wants accountability and more regulation and cracks down. Police detain 22 people, 19 of whom are managers of pastures, breeding farms and milk purchasing stations.

Sep 29 Ecuadorean voters approve a new constitution that President Correa hails as a historic win. Articles of the new constitution are described as offering more political power to women, the poor and Ecuador's large indigenous community. It tightens controls of vital industries and reduces monopolies, declares some foreign loans illegitimate, allows the president to stand for a second four-year term, allows civil marriage for gays and give free health care to older citizens.

OCTOBER 2008

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