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How Women Go Bankrupt

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As the world struggles to emerge from the economic near-collapse of last fall, there is one sub-group that has slid below the waterline in record numbers: formerly middle-class women. A new report shows that a million American middle-class women will find themselves in bankruptcy court this year. This is more women than will “graduate from college, receive a diagnosis of cancer, or file for divorce,” according to the economist Elizabeth Warren . Their plight, symptomatic in many ways of the plight of women around the world, holds lessons for us all.

These bankrupt women are better educated than their male counterparts: most have some college; and more than half own their own homes. What tipped them from middle-class lifestyles to incomes just above the poverty line were likely to have been one or all of three factors. Two are economic, and, for many women, the third may be emotional.

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The Rising Sons of North Africa

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The role played by Libyan ruler Muammar al-Qaddafi’s son, Saif al-Islam, in gaining the release of the Lockerbie bomber Abdelbaset Ali al-Megrahi, and Egyptian President Hosni Mubarak’s state visit to Washington accompanied by his son, Gamal, suggest that dynastic successions are underway in both countries.

They are not alone. Mubarak and Qaddafi, along with Tunisia’s Zine el-Abidine Ben Ali and Abdelaziz Bouteflika of Algeria, are among the world’s oldest and longest-serving heads of state. All four face the ticklish problem of succession, and speculation has been mounting for some time of possible attempts to keep power in the family.

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Afghanistan’s Customary Anguish

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When the problems riddling Afghan society are listed – violence, insecurity, corruption, religious fundamentalism – one dominating factor is usually left out: the influence of customary law. In Afghanistan, there are three principal legal references:   constitutional law, the Koran, and the system of customary law known as Farhang , the most dominant and strictest version of which is called Pashtunwali (the way of the Pashtuns).

Originally an ancient honor code, Farhang ensures the dominance of the oldest male of any household, followed by married sons, unmarried sons, and grandsons, then wives (with the youngest at the bottom). Collective decisions are taken by patriarchs in councils called jirgas , where all have to be in agreement.

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Africa at Risk

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Climate change will hit Africa – a continent that has contributed virtually nothing to bring it about – first and hardest.

Aside from Antarctica, Africa is the only continent that has not industrialized. Indeed, since 1980’s the industrialization that had taken place in Africa has by and large been reversed. Africa has thus contributed nothing to the historical accumulation of greenhouse gases through carbon-based industrialization. Moreover, its current contribution is also negligible, practically all of it coming from deforestation and degradation of forests and farmland.

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The Irresistible Rise of the Renminbi

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China is making a big push to encourage greater international use of its currency, the renminbi. It has an agreement with Brazil to facilitate use of the two countries’ currencies in bilateral trade transactions. It has signed renminbi swap agreements with Argentina, Belarus, Hong Kong, Indonesia, South Korea, and Malaysia. Last summer, it expanded renminbi settlement agreements between Hong Kong and five mainland cities, and authorized HSBC Holdings to sell renminbi bonds in Hong Kong. Then, in September, the Chinese government issued in Hong Kong about $1 billion worth of its own renminbi-denominated bonds.

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