July 2nd, 2013
05:45 PM ET

What we're reading

By Fareed Zakaria

“Young French people need to go abroad, to work, to travel, to see how things can work differently in cultures and countries that don’t play by the same old rules — and then come back to France, and reinject some of the energy and enthusiasm they’ve absorbed to help reconcile the broader population with the global reality that France has shunned for far too long,” writes Felix Marquardt in the New York Times.

“Though it may be anathema to French pride that anyone would want to leave (and that evidently Ms. Merkel, France’s No. 1 partner and rival, agrees), young people voting with their feet and coming back with a new worldview could be the best thing to happen to France in 30 years.”

“If Mohamed Morsi falls or steps down, millions of Egyptians will view it as a victory. Perhaps he could be succeeded by a salvation government, and some kind of stable progress will ensue, though the Brotherhood can hardly be expected to quietly allow their project to dissolve around them, and it would likely mean the return of the army to a guiding role,” writes Evan Hill in the Globe and Mail.

“Revolutions come with chaos. History teaches us that many years may pass before a country comes out of such upheaval with a working government, satisfactory justice and reconciliation, and a consensus about national identity. But even in such a positive scenario, it is hard not to view the first two and a half years of Egypt’s revolution as a series of squandered promises.”

“The Republican Party finds itself in a bit of a political wilderness. By 2016, the GOP will have controlled the presidency for only eight of the past 24 years, a streak — and not the good kind — reminiscent of the one Democrats experienced in the 1980s and early 1990s,” argues Chris Cillizza in the Washington Post. “Why does that matter? Because it’s much easier to stay on the same team when there’s a single captain or coach pointing the way. Republicans lack that presence now and won’t have anything approximating that sort of leader until the 2016 presidential primary process concludes — at the earliest.”

“In short: Don’t expect an increase in team play from House Republicans — on immigration, the debt ceiling or any of the other contentious fights that will come before Congress in the coming months. There will be lots of (political) isolation plays for the foreseeable future.”

“It was already evident in the first and second quarters of this year that growth in China and other emerging markets was slowing,” writes Nouriel Roubini in Slate. “This explains the underperformance of commodities and emerging-market equities even before the recent turmoil. But the Fed’s recent signals of an early exit from QE—together with stronger evidence of China’s slowdown and Chinese, Japanese, and European central bankers’ failure to provide the additional monetary easing that investors expected—dealt emerging markets an additional blow.”

“These countries have found themselves on the receiving end not only of a correction in commodity prices and equities, but also of a brutal re-pricing of currencies and both local- and foreign-currency fixed-income assets. Brazil and other countries that complained about “hot money” inflows and “currency wars,” have now suddenly gotten what they wished for: a likely early end of the Fed’s QE. The consequences—sharp capital-flow reversals that are now hitting all risky emerging-market assets—have not been pretty.”


soundoff (2 Responses)
  1. j. von hettlingen

    As supporters of the Muslim Brotherhood rally behind Morsi, it emboldens the intransigent and self-righteous president to dig in. He should read the army's ultimatum as writing on the wall and care more about the country's future than his bruised ego.

    July 3, 2013 at 9:09 am | Reply
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