President Obama hosts G8 leaders at Camp David (White House/Pete Souza)
- Greece will go to the polls again June 17 to elect a government that will either continue austerity or default and start fresh. Expect bankers to push the meme in the global media that if Greece does not destroy its own people, Western Civilization will collapse.
- President Obama lifted sanctions on Burma or Myanmar, whichever you prefer. Quite frankly, the entire Myanmar policy amounts to a major diplomatic coup for the president and Secretary Clinton.
- More signs that President Obama's sactions regime against Iran is taking its toll:
Inflation is now officially running at about 20 per cent, although economists say prices of the goods most Iranians worry about are rising at a much faster rate.
"This budget will deflate the economy. To have what is almost zero growth with a growing population like Iran's, in real terms the country is going to contract severely. It is a truly bad situation," added Emadi.
- North Korea appears to be up to its old habits:
Ten thousand rolls of tobacco, 12 bottles of sake and a handful of second-hand Mercedes-Benz cars are among the latest reported breaches of a UN ban on luxury goods sales to North Korea, according to a confidential draft UN report.
Guess who that stuff is for.
- Syria remains unstable. President Obama calls for political change, but stops short of military involvement.
- It is a good time to go to London if you can manage it. Soon, the Oylmpic Games will begin.