The world welcomes new decade - An Excerpt

The world welcomes new decade
Photo : Oxymanus (Bottom - Clock Tower in Kuala Lumpur/ Top : KL Revellers.)


PARIS: Paris jazzed up the Eiffel Tower with a multicoloured, disco-style light display as the world basked in New Year’s festivities with hopes that 2010 and beyond will bring more peace and prosperity.

From fireworks over Sydney’s famous bridge to balloons sent aloft in Tokyo, revellers across the globe at least temporarily shelved worries about the future to bid farewell to “The Noughties” - a bitter-tinged nickname for the first decade of the 21st century playing on a term for “zero” and evoking the word naughty.

In New York City, hundreds of thousands of revellers gathered in chilly weather in Times Square to usher in the new decade. Organisers were preparing 3,000 pounds (1,360kg) of confetti that will be scattered when the New Year’s Eve crystal ball drops at midnight.

Las Vegas prepared to welcome some 315,000 revellers with fireworks from casino rooftops, a traffic-free Las Vegas Strip and toasts at nightclubs from celebrities including actress Eva Longoria and rapper 50 Cent.

Even as some major stock market indexes rose in 2009, the financial downturn hit hard, sending many industrial economies into recession, tossing millions out of work and out of their homes as foreclosures rose dramatically in some countries.

“The year that is ending has been difficult for everybody. No continent, no country, no sector has been spared,” French President Nicolas Sarkozy said on national TV in a New Year’s Eve address. “Even if the tests are unfinished, 2010 will be a year of renewal,” he added.

German Chancellor Angela Merkel warned her people that the start of the new decade won’t herald immediate relief from the global economic ills.

South African president Jacob Zuma was more ebullient, saying the World Cup is set to make 2010 the country’s most important year since the end of apartheid in 1994.

Australian Prime Minister Kevin Rudd hailed events in 2009 like the inauguration of the United States’ first black president, and international attempts to grapple with climate change and the global financial crisis.

“The great message from 2009 is that because we’ve been all in this together, we’ve all worked together,” Rudd said in a New Year’s message.

Australia got the some of the festivities rolling, as Sydney draped its skies with explosive bursts of crimson, purple and blue to the delight of more than 1 million New Year revellers near the harbour bridge.

Concerns that global warming might raise sea levels and cause other environmental problems were on the minds of some as the year ended.

Venice revellers rang in the New Year with wet feet as high tide on its archipelago peaked just before midnight to flood low-lying parts of the city - including the St. Mark’s Square.

The last year also offered its reminders of the decade’s fight against terrorism, wars in Iraq and Afghanistan, and more recently, rising militant violence in Pakistan.

Prime Minister Gordon Brown of Britain, in a statement Wednesday, suggested that terrorism book-ended the decade, with the Sept 11, 2001, attacks in the United States, and foiled plot by a Nigerian man to set off explosives on a US-bound airliner on Christmas Eve.

“In late December we were reminded at this decade’s end, just as we were at its beginning, that there is a terrorist threat which puts our safety and security at risk and which requires us to take on al-Qaeda and the Taliban at the epicentre of global terrorism,” he said.

The American Embassy in Indonesia warned of a possible terrorist attack on the resort island of Bali on New Year’s Eve, citing information from the island’s governor - though local security officials said they were unaware of a threat.

In a more upbeat theme, the Eiffel Tower was decked out for its 120th anniversary year with hundreds of multicoloured lights along its latticework. It was seemingly retro in style, but decidedly 21st century as it showered the Iron Lady in a light show billed as more energy-saving than its usual sparkling lights.

Police blocked off the Champs-Elysees to vehicle traffic as partygoers popped champagne, exchanged la bise - the traditional French cheek to cheek peck - or more amorous kisses to celebrate the New Year.

Spain rang in the start of its six-month presidency of the European Union with a sound and light show illuminating Sol square in Madrid and images from the 27 member states projected onto the central post office building.

Partiers braved the cold - and a shower from sparkling cava wine bottles - in traditional style by eating 12 grapes, one with each tolling of the city hall bell.

Despite frigid temperatures, thousands gathered along the River Thames for fireworks were fired from the London Eye attraction just as Big Ben struck midnight - an hour after continental western Europe.

“(2009 was) like shock therapy, where people really change when something bad happens to them,” said accountant Conrad Jordaan, 35, as he enjoyed cigarettes and coffee Thursday at an outdoor cafe in London. “It will be interesting to see if it changes peoples’ behaviour long term.”

Europe and the Americas may have partied harder than Asia. Islamic countries such as Pakistan and Afghanistan use a different calendar; China will mark the new year in February.

Still, in Shanghai, some people paid 518 yuan ($75) to ring the bell at the Longhua Temple at midnight and wish for new-year luck. In Chinese, saying “518” sounds like the phrase “I want prosperity.”

Saudi Arabia is one of the few countries where New Year’s Eve is not celebrated publicly. Clerics in the ultraconservative country say Muslims can only observe their faith’s feasts of Eid al-Fitr and Eid al-Adha. For them, any other occasions are considered innovations that Islam rejects.

Unlike many Islamic countries where pigs are considered unclean, New Year’s in Austria just isn’t complete without a pig-shaped lucky charm - and stalls selling the little porkers did a good business Thursday. Some are made of marzipan or chocolate; others come in glass, wood, rubber or soap.

Herbert Nikitsch of the University of Vienna’s Institute of European Ethnology said the porcine phylactery may originate from the fact that pigs represented food and sustenance for farmers in pre-industrial times.

Some festivities went awry. In the Philippines, hundreds of people were injured by firecrackers and celebratory gunfire during the celebrations. Many Filipinos, largely influenced by Chinese tradition, believe that noisy New Year’s celebrations drive away evil and misfortune - but some carry that belief to extremes.

At Zojoji, one of Tokyo’s oldest and biggest Buddhist temples, thousands of worshippers released clear, helium-filled balloons to mark the new year. Nearby Tokyo Tower twinkled with white lights, while a large “2010” sign glowed from the centre.

Tokyo’s Shibuya area, known as a magnet of youth culture, exploded with emotion at the stroke of midnight. Strangers embraced spontaneously as revellers jumped and sang.

“I really felt the economic downturn last year,” said Keitaro Morizame, a 24-year-old TV producer in Tokyo. “I think the future will be brighter.”

In Istanbul, Turkish authorities deployed some 2,000 police around Taksim Square to prevent pickpockets and the molestation of women that have marred New Year celebrations in the past. Some officers were under cover, disguised as street vendors or “even in Santa Claus dress,” Istanbul Gov. Muammer Guler said.

In Stonehaven on Scotland’s east coast, the fireballs festival - a tradition for a century and a half - saw in the New Year. The pagan festival is observed by marchers swinging large, flaming balls around their heads. The flames are believed to either ensure sunshine or banish harmful influences.

In contrast to many galas worldwide, the Stonehaven Fireballs Association warned those attending not to wear their best clothes - because “there will be sparks flying along with smoke and even whisky.” –AP

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Op-Ed Columnist
Chinese New Year

By PAUL KRUGMAN
Published: December 31, 2009

It’s the season when pundits traditionally make predictions about the year ahead. Mine concerns international economics: I predict that 2010 will be the year of China. And not in a good way.

Actually, the biggest problems with China involve climate change. But today I want to focus on currency policy.

China has become a major financial and trade power. But it doesn’t act like other big economies. Instead, it follows a mercantilist policy, keeping its trade surplus artificially high. And in today’s depressed world, that policy is, to put it bluntly, predatory.

Here’s how it works: Unlike the dollar, the euro or the yen, whose values fluctuate freely, China’s currency is pegged by official policy at about 6.8 yuan to the dollar. At this exchange rate, Chinese manufacturing has a large cost advantage over its rivals, leading to huge trade surpluses.

Under normal circumstances, the inflow of dollars from those surpluses would push up the value of China’s currency, unless it was offset by private investors heading the other way. And private investors are trying to get into China, not out of it. But China’s government restricts capital inflows, even as it buys up dollars and parks them abroad, adding to a $2 trillion-plus hoard of foreign exchange reserves.

This policy is good for China’s export-oriented state-industrial complex, not so good for Chinese consumers. But what about the rest of us?

In the past, China’s accumulation of foreign reserves, many of which were invested in American bonds, was arguably doing us a favor by keeping interest rates low — although what we did with those low interest rates was mainly to inflate a housing bubble. But right now the world is awash in cheap money, looking for someplace to go. Short-term interest rates are close to zero; long-term interest rates are higher, but only because investors expect the zero-rate policy to end some day. China’s bond purchases make little or no difference.

Meanwhile, that trade surplus drains much-needed demand away from a depressed world economy. My back-of-the-envelope calculations suggest that for the next couple of years Chinese mercantilism may end up reducing U.S. employment by around 1.4 million jobs.

The Chinese refuse to acknowledge the problem. Recently Wen Jiabao, the prime minister, dismissed foreign complaints: “On one hand, you are asking for the yuan to appreciate, and on the other hand, you are taking all kinds of protectionist measures.” Indeed: other countries are taking (modest) protectionist measures precisely because China refuses to let its currency rise. And more such measures are entirely appropriate.

Or are they? I usually hear two reasons for not confronting China over its policies. Neither holds water.

First, there’s the claim that we can’t confront the Chinese because they would wreak havoc with the U.S. economy by dumping their hoard of dollars. This is all wrong, and not just because in so doing the Chinese would inflict large losses on themselves. The larger point is that the same forces that make Chinese mercantilism so damaging right now also mean that China has little or no financial leverage.

Again, right now the world is awash in cheap money. So if China were to start selling dollars, there’s no reason to think it would significantly raise U.S. interest rates. It would probably weaken the dollar against other currencies — but that would be good, not bad, for U.S. competitiveness and employment. So if the Chinese do dump dollars, we should send them a thank-you note.

Second, there’s the claim that protectionism is always a bad thing, in any circumstances. If that’s what you believe, however, you learned Econ 101 from the wrong people — because when unemployment is high and the government can’t restore full employment, the usual rules don’t apply.

Let me quote from a classic paper by the late Paul Samuelson, who more or less created modern economics: “With employment less than full ... all the debunked mercantilistic arguments” — that is, claims that nations who subsidize their exports effectively steal jobs from other countries — “turn out to be valid.” He then went on argue that persistently misaligned exchange rates create “genuine problems for free-trade apologetics.” The best answer to these problems is getting exchange rates back to where they ought to be. But that’s exactly what China is refusing to let happen.

The bottom line is that Chinese mercantilism is a growing problem, and the victims of that mercantilism have little to lose from a trade confrontation. So I’d urge China’s government to reconsider its stubbornness. Otherwise, the very mild protectionism it’s currently complaining about will be the start of something much bigger.
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Adieu, 2009 - by Raina Kelley
My season's greetings to the biggest news—and newsmakers—of the past year.
Dec 30, 2009


The New Year is right on our heels. Since we're now awash in resolutions and predictions for 2010, I thought I'd look back at 2009 and wish a Merry Happy Holidays to the people and things that made 2009 a fabulous, exhausting, scandal-filled year. Consider it my version of a New Year's letter.

Happy New Year, Tiger: It's been a rough holiday for you so far, and even though I compared you to a drunk donkey, I feel sorry that you're now the center of so much media attention. Even if you started this juggernaut of gossip with your own actions, it is clear that our tabloid culture, led by US Weekly and TMZ, demands scalps. It must seem that they will not stop until your life and career are in ruins. But take heart, another scandal (involving someone else) is just around the corner. I remember reading once that you scuba dive. Here's some free advice: take that money you no longer need to shell out on mistresses, buy an island, and do some diving—maybe underwrite a treasure hunt. Let the world forget about you—work on your swing and your goal to be a better person. Sooner, rather than later, they'll find another celebrity to go after.

Happy New Year, Jon and Kate Plus 8, Octomom, and Mr. and Mrs. Salahi: Y'all court this kind of media and paparazzi attention (Be careful what you wish for!). So, allow me to let you in on a little secret…do what you can to keep the gravy train going because I doubt you'll end 2010 as famous as you started it.

Happy New Year, Congress: Have a really, really great winter recess! Because if you still have health care on the table come February, I fear your approval ratings may actually reach zero.

Happy New Year, Facebook, Twitter, and Wordpress: Thank you for the new verbs and for an additional layer of guilt when I fail to update my current status. Oh, and with your help, I've noticed that I've got absolutely nothing going on in my life worth blogging or tweeting about except for my toddler's shenanigans. My New Year's resolution is to live an exciting life worthy of communicating my every move to the world at large.
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Happy New Year, President Obama and family: Whether it be your elaborate and diverse family tree or fending off accusations of "You lie!" while addressing Congress, you have given the country the ultimate teachable moment on race relations in America. It's probably yucky and intrusive at times, not to mention a complete pain in the ass, but you represent the best chance for our country to have the kind of nuanced and understanding conversations about the impact of one's epidermis that we really need. (Shout out to Henry Louis Gates and the Beer Summit for doing much the same thing.)

Happy New Year, New England: Let's declare a truce. I know, I called you cold and unfriendly and was very snarky about your beautiful leaves. But I kid because I love. Come September, there's no place I'd rather be…just don't ask me to rake!

Happy New Year, Climate Change: Please give us a little more time before you drown the coastal lowlands, finish off the polar bears, and fry our skin—we'll figure out soon whether we’re to blame or not.

Happy New Year, Microsoft: I don't pretend to understand the ins and outs of the browser wars, but I hope you get it settled soon. I don't know if my computer can handle another window to the Internet (I have four now: AOL, Internet Explorer, Google's Chrome, and Firefox).

Happy New Year, DNA: You've got a lot on your plate—whether it be exonerating long-ago wrongfully convicted prisoners, like poor James Bain who was exonerated after 35 years in the pokey, or finding the genetic component to illnesses like cancer and multiple sclerosis. Rest up, I doubt 2010 will get any easier.

Happy New Year, National Geographic: Thanks to you, you helped me manage to get One Perfect Gift for my husband with your Complete National Geographic on a 160 mb hard drive.

Happy New Year, Millennials: I know I called you the most narcissistic generation anyone can remember. But we need you. You're paying for my Social Security.

Happy New Year, NEWSWEEK: My gift to you in exchange for this fabulous job is this last column of the year so filled with heavily searched keywords that it may bust the Internet, just like the death of Michael Jackson. But just in case, let me end by saying, Happy New Year, NFL, YouTube, Rihanna, Lady Gaga, and Hulu: you know what you did.