I see from his tweets over there on the side-bar that DDay is apparently on his way back from Netroots Nation. So, aloha, David!

World Economics

❖Now they’re going after Germany: “ Moody’s warne d Friday that a Greek pullout from the eurozone could lead to downgrades of the eurozone’s top-rated governments, including economic powerhouse Germany.” Not only that, but the ratings agency said “an EU rescue of Spain’s banking sector could force a cut to Spain’s sovereign rating . . ..”

❖According to this take on things, public debt came into being with representative government. Public debt was safer for creditors to claim since the debts of kings died with them. “But the recent debt protests from Iceland to Greece and Spain suggest that creditors are shifting their support away from democracies. They are demanding fiscal austerity and even privatization sell-offs.” Thus, “international finance [has become] a new mode of warfare.”

International Developments

❖” Syrian President Basha al-Assad’s forces have renewed efforts to impose control in Homs province, killing at least 35 people in one of the biggest bombardments since a failed U.N.-mandated ceasefire in April . . . [T]he Syrian army used artillery, mortars and rockets . . ..” Meanwhile, there’s argument in Washington about continued diplomacy vs shipment to rebels of US arms backed by US warplanes.

❖” Afghan President Hamid Karzai said Saturday that the US commander of NATO forces in Afghanistan had ‘promised’ air strikes on residential areas would stop after apologizing for recent . . . civilian deaths.”

❖Uh-oh. There was a rumor of a gang rape and murder of a Buddhist woman by Muslims in western Burma (Myanmar), which led to rioting in Buddhist communities and the killing of at least 10 Muslims, and further

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