- The Washington Times - Saturday, July 27, 2002

Excerpts of editorials from newspapers around the world:


Corriere Della Sera

Wall Street's woes

MILAN, Italy With the demise of WorldCom we have the biggest bankruptcy in the history of the United States, and perhaps of all time. It comes as no surprise then, that the stock market continues to fall and we still don't know what will stop it. This crisis does not seem as if it will last only a few months. It looks more like a vital component that gave American investors faith a naive faith in the markets' self-regulating mechanisms, has been broken.

In the climate of fear that has been created, even irrelevant issues get blown up, like shadows when the sun goes down.

Is there a cure? And if so, what?

Certainly not President George W. Bush's timid proposals. The U.S. President maybe because of his own alleged involvement in shady corporate dealings looks increasingly like a lame duck.


Asahi Shimbun

The U.S. economy

TOKYO The pattern of businesses expanding by depending on rising share prices and giving their managers accordingly huge remunerations has been a distinctive character of American capitalism in recent years. In that sense, the low share prices in the United States must be shaking the very foundation of American businesses. Not only the stock markets, but the American economy as a whole, should be regarded as having entered a period of adjustment.

To overcome unease in the financial markets, strict rules will have to be put in place to prevent improper accounting practices. Share prices have continued to drop, even after U.S. President George W. Bush visited Wall Street to announce the measures he plans to take against improper accounting, probably because their effectiveness is viewed with some doubt.

The U.S. government has repeatedly urged the Japanese government to "promptly" sort out the non-performing loans problem, on which it has long procrastinated. It is now Japan's turn, as the United States' biggest creditor, to call on the Americans to "promptly" solve their problem.


Dagens Nyheter

Israel bombing Gaza

STOCKHOLM The Israeli raid Monday night on Gaza City was quite unnecessary and increases the distrust in the aims of Israeli Prime Minister Ariel Sharon.

Moderate Palestinian representatives also say openly that his real intention is to torpedo the peace process. [The Islamic militant group] Hamas is now promising quick and massive retaliation. Israeli citizens know from bitter experience that the organization is able to lend force to its threats. Ariel Sharon's policy is no protection. By his unreasonableness and brutality, he keeps alive a destructive and meaningless behavior.


Jordan Times

Israel's Gaza strike

AMMAN, Jordan The attack, ordered and cheered by Israeli Prime Minister Ariel Sharon, rendered meaningless the talks moderate Israelis and Palestinians have started in search of a way out of the quagmire. But it did much more than stop this fragile dialogue. In a bloody and brutal manner, it reminded Palestinians that they are up against a ruthless enemy whose hatred is boundless. Sharon is no man of peace. He is a man of war, blinded by his historical hatred of the Palestinian people.

This is what the world needs to understand. The United States, so busy discrediting Palestinian Leader Yasser Arafat, needs to grasp, and act on, this fact, too, if its efforts to promote Middle East peace are to reach fruition.

Sharon knows the kind of reaction a murder of this magnitude will provoke. His record since assuming office shows that he is constantly trying to ensure the continuity of violence simply because this Israeli government knows too well that peace will expose the bankruptcy of its policies and political beliefs.

The U.S. reaction to the Israeli operation is disappointing. This crime was more than just "heavy-handed." The U.S. condemns the killing of Israeli civilians as crimes. Its moral and political obligations as a superpower and a sponsor of the peace process dictates that it also denounce the killing of innocent Palestinians as a crime.


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