What I'm reading: Why Saudis are wary over Syria war

By Fareed Zakaria

“The Syrian war presents the Saudis with a chance to hit three birds with one stone: Iran, its rival for regional dominance, Tehran’s ally Assad, and his Hezbollah supporters,” writes Fahad Nazer in the New York Times.

“But Riyadh’s policy makers are wary. They know that once fully committed, it will be difficult to disengage. And so they are taking to heart the lessons of another regional war that flared on their border 50 years ago.”

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“To many observers, Glass-Steagall made no sense. Why shouldn’t banks be allowed to engage in any business they want, at least as long as we have regulators to ensure that the banks’ activities do not jeopardize the entire financial infrastructure?” argues Robert Shiller for Project Syndicate.

“In fact, the main advantages of the original Glass-Steagall Act may have been more sociological than technical, changing the business culture and environment in subtle ways. By keeping the deal-making business separate, banks may have focused more on their traditional core business.”

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“According to Angela Merkel, the end goal of the past six years of austerity has been to make Greece more competitive again,” notes Juliane Mendelsohn in The European.

“The goal was to allow a state that everybody suddenly realized was bankrupt to return to the capital markets. But the recapitalization of banks coupled with spending cuts have brought Greece to its knees and obliterated the private sector. Surely the best way to make Greece more competitive is by introducing competition within Greece? And surely the best way to make Greece a place for investments is by investing?”