Usa

Following on from Daniel’s post this morning about a more inward looking America, Daniel Yergin has a very interesting essay in the Washington Post about how the changing balance of the US’s energy supplies are going to change its geo-strategic priorities. Yergin makes the point that by 2020, Canada could be a bigger oil producer than Iran and Brazil could be producing more than half of what Saudi Arabia is currently pumping out. Put these developments together with increased domestic energy production in the States itself and the fact that China is on its way to overtaking the US as the world’s largest oil consumer, and the geo-politics of energy begins to look very different.

  What is the Queen’s secret? She seems to defy political gravity. Right now, an English monarch is in Australia being feted by her subjects, who seem delighted by this very un-modern constitutional arrangement. Paul Keating, the former Prime Minister of Australia, recounts in The Times today the time he advised the monarch to let go. “I told the Queen as politely and gently as I could that I believed that majority of Australians felt the monarchy was now an anachronism; that it had gently drifted into obsolescence.” This was 18 years ago. There is no such sign of this now, with just 34 per cent of Australians being in favour of dumping Her Majesty – the lowest figure for 20 years. Why?

It's been quite a week for Republicans deciding they're not interested in entering the White House in 2013. First, Christie closed the door on a presidential bid on Tuesday. Last night, Sarah Palin followed suit, saying: "After much prayer and serious consideration, I have decided that I will not be seeking the 2012 GOP nomination for President of the United States... My decision is based upon a review of what common sense Conservatives and Independents have accomplished, especially over the last year. I believe that at this time I can be more effective in a decisive role to help elect other true public servants to office – from the nation’s governors to Congressional seats and the Presidency.

A couple of weeks ago Mitt Romney used Winston Churchill – or his bust, at least – to attack Obama. This week, he used the former Prime Minister to defend his flip-flopping. Or at least, he thought he did. Here's what he told a town hall in New Hampshire on Wednesday: 'In the private sector, if you don't change your view when the facts change, well you'll get fired for being stubborn and stupid. Winston Chuchill said, "When the facts change, I change too, Madam".' Unfortunately, as NBC have pointed out, the line wasn't Churchill's at all. It is usually attributed to John Maynard Keynes, but even that may be aprocryphal. So has another attempt to get over his record backfired on Romney? As Abraham Lincoln famously said, "You betcha!

Martin Vander Weyer's column in the latest issue of the magazine is essential reading. It features five current stories from the business world. The Vickers report, Martin says, will merely offer the same poor service for consumers at a greater cost. Martin also notes, as he did two weeks ago, that American banks are winding down their lending to European counterparts in anticipation of a crash, and adds that American politicians are keen to paint Europe as the bogeyman for their financial ills, conveniently ignoring the failure of Obama's hugely expensive stimulus. Martin also touches on unemployment and the Eurozone crisis. His final vignette is a parable for our troubled times and I reproduce it below:  The last of England My pub of the week.

This Sunday marks the tenth anniversary of the terrorist attacks on 11 September 2001. Here is the article Stephen Glover wrote for The Spectator in response: "The terrorists want us to believe the world has ended. We must not fall into their trap.", Stephen Glover, 15 September 2001 As those who are old enough remember what they were doing when President Kennedy was shot, so we will all recall what we were doing when we heard about the attack on New York. I was reading the controversial new book about Tina Brown and Harry Evans, which I had planned to write about for this column. Then my elder son rang me. Immediately Tina and Harry and their New York lives seemed wholly irrelevant to what was going on there now.

A decade has passed since the attacks of 9/11 and so much water has flown under the proverbial bridge. Today, ordinary Americans don't want to have a leadership role in the world, and Europeans aren't too keen on it either. And having dithered over what to do about Guantanamo Bay, most people in the US and Europe don't trust President Obama's counter-terrorist policies. Right? No, actually wrong. According to the tenth-annual public opinion survey of the general public in the United States, Turkey, and 12 European Union member states – the Transatlantic Trends – 54 per cent of respondents from European countries surveyed want the United States to show strong leadership in world affairs. That’s a switch from the Bush years.

The recent rally on the markets is now the most distant memory. Stocks continued to fall today amid concerns about the European sovereign debt crisis, negligible growth figures in the developed world and cooling Asian economies. Robert Peston has an excellent account of the causes and effects of the latest rout. Banking stocks were brutalised, with Barclays and RBS both shedding more than 10 per cent of their value, with Lloyds and HSBC not far behind. Continental banking stocks were similarly mauled, with Soc Gen losing 12.34 per cent and Commerzbank being shorn of 10.42 per cent of its value. But the unease spread across exchanges as investors put their money in the safest havens.