At The End Of The Week
Obama Holds Summit With African Leaders
President Barack Obama hailed the leadership and commitment to democracy during a White House discussion with a group of African leaders. Senegalese President Macky Sall, Ernest Bai Koroma, president of Sierra Leone, President Joyce Banda of Malawi, and Jose Maria Pereira Neves, prime minister of Cape Verde, were also praised by the administration for the economic progress they made in their respective countries.
During the talks, Obama declared the US would be a partner, “not based on the old model in which we are a donor and they are simply a recipient, but a new model that’s based on partnership and recognizing that no continent has greater potential or greater upside than the continent of Africa.”
At the Pentagon, however, their focus is on walking a fine line with regard to engagement in Africa.
The military-to-military relationship is so important because we know there is sensitivity on the continent to a U.S. military presence. And so any places that we do have — we only have one base, and that’s in Djibouti — but any place that we do have sort of rotational presence, we always want to make sure that the country that we’re working with is comfortable with that,” an official told Foreign Policy magazine.
Stealth Bombers Over The Korean Peninsula
Two US Stealth bombers flew a single mission meant to send a signal to North Korea. The New York Times reports the B-2s dropped inert munitions, not live explosives, on a range off South Korea’s coast.
The US Pacific Command described the action as a “deterrence mission.”
The sorties occurred after North Korea severed additional communications with South Korea and resulted in Pyongyang placing its nuclear missiles on “ready” to attack bases in the US and declaring that the North Korean people were “burning with hatred” for the US.
Former Fed Governor: Stop Subsidizing Wall Street Banks
Former Federal Reserve Board member Thomas Hoenig is advocating for an end subsidies to financial firms that allow “them to stay in the game long enough to win the bet, but it supersizes the loss if the bet should finally fall apart.”
Hoenig, now chairman of the FDIC, argues the subsidies harm the financial system and encourage risk, rather than fostering success through “innovation and competition.”
“It is time to return our financial system to one in which success is no longer achieved through government protections but, rather, through innovation and competition. While trading and investment activities are vital parts of the financial services industry, there is no economic or social rationale for protecting and subsidizing them,” argues Hoenig.
What Is Increasing The Debt? The Debt
It is the economic equivalent of the question “Who’s buried in Grant’s tomb? Rather than Medicare or defense spending, it is actually the debt itself which is becoming a significant contributor to the debt. ….. Who’s on first?