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As Latvian economy falters, unrest grows
David L. Stern, International Herald Tribune
… Latvia, a former Soviet republic sandwiched between Lithuania and Estonia, has been wracked by demonstrations in recent weeks over its imperiled economy. In January, an initially peaceful gathering of about 10,000 people descended into rioting when, after the crowd had mostly dispersed, a handful of protesters attacked the police and looted stores. About 40 people were injured in Latvia’s worst violence since the breakup of the Soviet Union.
And just last week, public discontent pushed Prime Minister Ivars Godmanis to hand in his resignation, contributing to further political instability. Like Iceland, Latvia is a prime example of how economic woes are being translated into a public backlash against the excesses of market capitalism and what is seen as the failure of various governmental institutions to mount an effective response.
After posting the highest growth figures in Europe just two years ago, the Latvian economy is collapsing.
(25 February 2009)
Inside a Tent City (Sacramento)
Lisa Ling, The Oprah Winfrey Show
Headlines about the recession—layoffs, home foreclosures, bailout bills—are everywhere, but who are some of the people truly affected by this economic crisis? “Today, we want to try and humanize this recession,” Oprah says.
Journalist Lisa Ling went back to her hometown of Sacramento to investigate tent cities—makeshift shelters set up by people who have lost their homes and have nowhere to go. Sacramento is among the hardest hit areas, with an estimated 1,200 people living in tent cities, but officials say these communities are popping up all over the country and won’t be going away soon.
(26 February 2009)
More coverage from the Oprah Winfrey Show.
Obama begins getting daily CIA report on economic crisis
Greg Miller, Los Angeles Times
The new briefing reflects the concern that global financial turmoil could destabilize foreign governments.
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President Obama and senior administration officials have begun receiving a daily CIA report on the global economic crisis in addition to briefings on terrorist threats and other national security issues, CIA Director Leon E. Panetta said Wednesday.
The CIA’s role in producing the report underscores the level of anxiety within the administration over how rapidly the economic downturn is spreading, as well as its potential to hobble foreign governments and trigger instability overseas.
The report, called the Economic Intelligence Brief, was launched at the request of the White House and delivered for the first time Wednesday.
Panetta said the document would survey major economic developments internationally and focus on how plunging markets and credit pressures are driving the decisions in nations including Russia and China.
The report covers “economic, political, leadership developments” in other countries as well as “the implications of those developments in terms of the U.S. economy,” Panetta said.
… {Panetta’s] His disclosure of the new CIA report on the economy reflects an expanded focus on economic issues across the U.S. intelligence community.
(26 February 2009)
