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4941. Bond Market Bubble?

Author:
John H. Makin
Publication Date:
01-2006
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
On Tuesday, January 18, the yield on fifty-year inflation-protected U.K. government bonds (what the British call "indexed-linked gilts") dropped to 0.38 percent, about one-seventh the historical average of just over 2.6 percent for such debt instruments. Just a few months earlier, that yield had been over 1 percent, still extraordinarily low by historical standards, and especially low in an economy that has experienced fifty-three consecutive quarters of positive growth. A yield drop from 1 percent to 0.38 percent on a fifty-year bond corresponds to a 30 percent rise in its price over a period of just three months. That is an annual return of over 100 percent, much higher than the 13 percent annual increase in U.S. house prices at midyear and the 20 to 30 percent gains seen in the stock market before the March 2000 crash. The asset bubble has spread to long-term government bonds, especially those with inflation protection. What is going on here?
Topic:
Economics, Government, and International Trade and Finance
Political Geography:
United States, United Kingdom, and Europe

4942. Terrorism's Enablers

Author:
David Frum
Publication Date:
08-2006
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
The war on terrorism demands that we focus not only on terrorists abroad, but also those who—by making excuses for them—aid and abet terrorism at home.
Topic:
Defense Policy, Terrorism, and War
Political Geography:
Europe

4943. "Disproportionate" Criticism - Israel Will Not Back Down, and Europe Owes Its Thanks

Author:
Joshua Muravchik
Publication Date:
07-2006
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
No sooner had Israel raised its hand in self- defense when Finland, speaking as the rotating president of the European Union, denounced it for “the disproportionate use of force.” This position, echoed by France, Spain, the United Nations, and others, is wrong legally, morally, and strategically. From a legal standpoint, Israel is the victim of multiple unprovoked aggressions. It withdrew entirely from Lebanon in 2000 and from Gaza in 2005. (Both of these occupations had come about as acts of self-defense: the former against rocket fire from Lebanon in 1982, and the latter against a war of annihilation declared by Egypt in 1967.) From the time of its withdrawal from Gaza, not a single day had passed without rockets being fired into Israel. Now from the north as well as the south, Israel finds hundreds of rockets being fired across its border. Even if these were aimed at military installations, it would be a clear-cut act of war. To make it worse, these rockets are aimed randomly at cities and other civilian population centers, making them not only acts of war but war crime.
Topic:
International Relations and Defense Policy
Political Geography:
Europe, Middle East, Israel, Finland, France, Gaza, Spain, Lebanon, and Egypt

4944. Iran Means What It Says

Author:
Michael Rubin
Publication Date:
01-2006
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
On February 2, 2006, the International Atomic Energy Agency will meet in Vienna to discuss the nuclear crisis in Iran and, in all likelihood, refer Iran to the United Nations Security Council for being in breach of the Nuclear Non-Proliferation Treaty's safeguards agreement. Such a referral will mark a turning point in a decade-long saga. Europe's engagement with Iran has failed. The United States and its European allies have been resolute in their condemnation of the Iranian government decision to resume uranium enrichment. In contrast to previous diplomatic impasses with Tehran, neither Washington nor its European allies appear willing to make further concessions. On January 23, U.S. secretary of state Condoleezza Rice said, “I don't see much room for further discussion in any format [with Iran].” At a January 13, 2006, press conference with German chancellor Angela Merkel, George W. Bush condemned Iran. “Iran, armed with a nuclear weapon, poses a grave threat to the security of the world,” Mr. Bush said. “We will not be intimidated,” Ms. Merkel added. Already, though, there has been one casualty of the diplomatic crisis: the European Union's policy of engagement.
Topic:
International Relations, Nuclear Weapons, and United Nations
Political Geography:
United States, Europe, Iran, Washington, Middle East, Tehran, Germany, and Vienna

4945. The West at War: Transatlantic Cooperation in the Fight against Terrorism (Part II)

Author:
Michael Jacobson
Publication Date:
09-2006
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
The West at War focuses on both U.S. and European counterterrorism efforts from the September 11 attacks until June 2005, specifically the role of law enforcement and prosecutors in the United States and Europe. The 9-11 Commission's examination of the counterterrorism policies of Britain and especially Germany made clear that Europe did not posses the adequate tools to counter the terrorist threat prior to the September 11 attacks. Al-Qaeda's Hamburg cell produced the leaders of the September 11 hijacking teams. Prior to the September 11 attacks, German authorities were constrained by domestic factors that inhibited their ability to investigate terrorist organizations. While Europe's approach to terrorism suffered from many problems, there are also were some potential lessons for the United States. In particular, the experience of Britain's domestic intelligence agency MI-5 may have possible implications for strengthening the counterterrorism capabilities of U.S. authorities.
Topic:
Development, International Cooperation, and Terrorism
Political Geography:
United States, Europe, and Germany

4946. The West at War: Transatlantic Cooperation in the Fight against Terrorism (Part I)

Author:
Jeremy Shapiro and Telmo Baltazar
Publication Date:
09-2006
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
In the past ten years, the European Union's (EU) counterterrorism capabilities have changed dramatically. Two of the most evident changes have been the emergence of an increasingly unified European approach to terrorism and the virtual elimination of internal border controls on the Continent. As the EU begins to act decisively in the fight against terror, trans-Atlantic cooperation has become vital for mutual security.
Topic:
Development, International Cooperation, and Terrorism
Political Geography:
United States and Europe

4947. Rising Tensions Between Turkey's AKP and the Courts

Author:
Soner Cagaptay
Publication Date:
05-2006
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
On May 17, a gunman chanting Islamist slogans attacked the Turkish Council of State (the Danistay, or high court for administrative affairs) in Ankara. The gunman killed one judge and wounded four others who were sitting in the Council's second chamber, which has recently upheld Turkey's ban on “turbans” in schools. In accordance with the European and Turkish notion of secularism (laïcité in French) as freedom from religious symbols in the public sphere, Turkey bans public officials and school students wearing turbans—a specific style of women's headcover that emerged in the mid 1980s and that the courts consider an Islamist political symbol. (Turbans are distinct from traditional headscarves, which are not banned.) Photographs of the judges had earlier been published in Islamist newspapers with headlines targeting them.
Topic:
Ethnic Conflict, Politics, and Religion
Political Geography:
Europe, Turkey, and Middle East

4948. Bad Riddance: The Dangers of Deportation as a Counterterror Policy

Author:
Emily Hunt
Publication Date:
04-2006
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
Sami al-Arians plea agreement, unsealed last week in Tampa, Florida, has been almost universally billed as a domestic counterterrorism victory. Al-Arian pleaded guilty to providing financial and material support to Palestinian Islamic Jihad, a U.S. specially designated terrorist group, and agreed to be deported. He is one of a small but important number of U.S. deportees (out of approximately 200,000 annually) who have connections to international terrorism.Many in the United States will say good riddance to people like al-Arian, a sentiment shared by a substantial portion of Europeans whose governments are increasing their own efforts to send terrorist suspects back to their countries of origin. Since the July 7 London transit bombings, Britain has signed deportation agreements with Jordan, Libya, and Lebanon, and is negotiating a similar one with Algeria. Spain, Germany, Italy, and the Netherlands have all recently introduced or passed legislation that will facilitate deportation on national security grounds, while the French for their part wonder why other Western democracies have been so slow to catch on. France has been deporting terrorist suspects and other extremists for more than a decade, including more than a dozen radical imams in 2005 alone. American and European deportation policies differ in key areas. U.S. policy is aimed at lawbreakers generally, whereas Europe, because of its more ingrained challenge of domestic radicalism, targets extremist imams and other purveyors of jihadist ideology who can have a pervasive radicalizing effect on a community. Nevertheless, the same rationale underpins deportation on both sides of the Atlantic, and enthusiasm for the policy seems almost universal. Sending problem immigrants back to their native countries allows Western governments to deal with extremists outside the framework of domestic legal codes that remain woefully ill-equipped to address the threat of terrorism. Deportation minimizes the need to adopt draconian measures such as indefinite detention. It is counterterrorism on the cheap, and has become the policy of first choice for domestic law enforcement agencies that lack the personnel and resources to conduct adequate surveillance on all potential terrorists. But although deportation of terrorist suspects may be the most appealing of several bad policy options, it is by no means a perfect solution. Deportation is designed to displace the threat, but it may ultimately create a host of other challenges for the West in Muslim countries and ultimately on its own territory.
Topic:
Government and Terrorism
Political Geography:
Britain, United States, America, Europe, Middle East, France, Libya, London, Palestine, Germany, Algeria, Spain, Lebanon, Italy, Jordan, and Netherlands

4949. How Much Do the EU and Russia Care about Iran?

Author:
Patrick Clawson, Walter Posch, and Vladimir Esveev
Publication Date:
04-2006
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
On April 3, 2006, Walter Posch, Vladimir Esveev, and Patrick Clawson addressed The Washington Institute's Special Policy Forum. Walter Posch is a research fellow at the European Union's Institute for Security Studies in Paris. Vladimir Esveev is a senior associate at the Center for International Security at the Institute for World Economy and International Relations in Moscow. Patrick Clawson, a senior fellow and deputy director for research at The Washington Institute, is coauthor with Michael Rubin of Eternal Iran: Continuity and Chaos (Palgrave, 2005). The following is a rapporteur's summary of their remarks.
Political Geography:
Russia, Europe, Iran, Washington, and Moscow

4950. Long-Run Changes in the Concentration of Wealth: An Overview of Recent Findings

Author:
Daniel Waldenström, Jesper Roine, and Henry Ohlsson
Publication Date:
09-2006
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The objective of this paper is to study the dynamics of the wealth distribution over the path of economic development. More specifically, we are interested in distinguishing between changes which seem to be country specific and characteristics shared by all countries. A historical account of the evolution of the wealth distribution in developed countries is interesting in itself, but it can also hold implications for countries that are currently in an early stage of development or in transition. The data used originates from the taxation of wealth and estates.
Topic:
International Relations, Demographics, and Economics
Political Geography:
Europe