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Global Affairs: The Weekly Outlook for June 15

The Weekly Outlook is an editorial briefing for wejetset’s online magazine. Each week we scan international news and aggregate the stories that will likely impact their respective region and possibly the world. From economic issues to politics, we strive to deliver news that will be useful to our readers as they navigate their local and global spaces.

Weekly Outlook for June 15: This week we present news on the Capitalist Manifesto by Fareed Zakaria, The Housing Bust Approaching Manhattan, Iran’s Election Protests, Talks between America and China about Climate Control and Questions about Korea’s Heir Apparent. Click Read More for the entire report.

Fareed Zakaria pens an interesting piece on Captialism today. “A specter is haunting the world—the return of capitalism. Over the past six months, politicians, businessmen and pundits have been convinced that we are in the midst of a crisis of capitalism that will require a massive transformation and years of pain to fix. Nothing will ever be the same again. “Another ideological god has failed,” the dean of financial commentators, Martin Wolf, wrote in the Financial Times. Companies will fundamentally reset the way they work, said the CEO of General Electric, Jeffrey Immelt. Capitalism will be different, said Treasury Secretary Timothy Geithner. No economic system ever remains unchanged, of course, and certainly not after a deep financial collapse and a broad global recession.“

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The economy’s struggles are penetrating the insular economies of New York City. As Reuters reports, “New York City real estate prices are looking increasingly shaky as instability in two of the city’s sexier submarkets – second homes in the Hamptons, and new condos in Manhattan – register the latest signs of a housing downturn.”

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The news about this situation is staggering. We’ve been following it via twitter, rss feeds and other news outlets. As the NY Times reports, “The Iranian opposition leader, Mir Hussein Moussavi, appeared publicly on Monday for the first time in more than two days to call for calm as Iran’s supreme leader, Ayatollah Ali Khamenei, called for a high-level inquiry into accusations of election irregularities.”

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China and US discuss climate control policies. “Thousands of officials from all over the world this week neared the end of two weeks of difficult talks in Bonn under the United Nations’ climate convention. But they were conscious that even more difficult and probably more important negotiations were under way in Beijing. America’s most senior climate-change officials were meeting their Chinese counterparts. The two countries are by far the world’s biggest emitters of greenhouse gases. They will determine whether a worthwhile global treaty to limit emissions can be concluded as planned in Copenhagen in December.”

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Who will be North Korea’s heir apparent? “There is only one photograph available outside North Korea thought to be that of the man South Korean officials believe will inherit the world’s most unpredictable regime, one that is armed with nuclear weapons. In that picture, the man, Kim Jong-un, a son of the ailing North Korean leader, Kim Jong-il, is an 11-year-old…”

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