China Tests First Combat Stealth Drone by Agence France Presse.
PROC Says No Longer in China’s Interest to Increase Reserves by Bloomberg News.
The Chinese government is developing its military technology and increasing military spending. At the same time the Peoples Bank of China announced it will no longer increase its dollar reserves, which was done to hold down the exchange rate for the Chinese yuan. This means U.S. imports from China will cost more in dollars. This may mean that China intends to reduce its holdings in U.S. Treasury Bonds, since their value would be less in terms of Chinese money. China is the largest foreign holder of U.S. debt.
Turkey pushes crossroads politics by Pepe Escobar for Asia Times.
Prime Minister Recep Tayyip Erdogan wants to make Turkey the crossroads between Europe and Asia for oil and gas pipelines. This means keeping in the good graces of the governments of Iran and Iraq.
Ukraine Won’t Sign EU Agreement by Michael Kelley for Business Insider.
By rejecting an invitation to join the European Union and instead joining a customs union with Russia, Belarus and Kazakhstan, the government of Ukraine has decided to align itself with Russia rather than the West.
Japan’s Losing Battle Against ‘Goldman Sachs With Guns’ by Willliam Pesek for Bloomberg News. Hat tip to naked capitalism.
The Yakuza, Japan’s crime syndicate, operates opening and controls a large and growing part of the Japanese economy.
UN surveillance resolution goes ahead despite attempts to dilute language by Ewen MacAskill and James Ball for The Guardian.
The United Nations General Assembly is ready to go ahead with a strong resolution condemning unlawful and arbitrary surveillance and asserting a basic right of privacy, despite efforts by the U.S., British and Australian delegations to water it down. Those three nations, plus Canada and New Zealand, are part of the “five eyes” to share surveillance data.
Hamid Karzai urges Afghans to let US forces stay another decade by Emma Graham-Harrison for The Guardian.
United States gives Afghanistan year-end deadline for crucial security deal by Hamid Shalizi and Jessica Donati for Reuters. Hat tip to naked capitalism.
As the old proverb goes, there’s many a slip twixt the cup and the lip.