That Was The Week That Was

Politique
-Senator Barack Obama is elected 44th President of the United Sates of America. He is the first African-American elected to the oval office, and the first sitting senator elected president since JFK. Fun fact: Obama is technically the 43rd prez, as Grover Cleveland served two non-consecutive terms that historians count separately.

-Russian President Dmitry Medvedev throws down the gauntlet to President-elect Obama in his first speech to the national assembly since assuming office. How do you say "tactless" in Russian? (translation: "бестактный")

-DRC's North Kivu province descends into chaos. The ghosts of Rwanda still haunt us.

-Most senior mainland Chinese official visits Taiwan since 1949. New agreements solidify economic, transport, and trade ties.

Economia
-In his first press conference since election, President-elect Obama says that a new fiscal stimulus package will be his first action in office if a package is not passed by the lame-duck congress.

-US unemployment rate hits highest level in 14 years at 6.5%. Goldman Sachs says US job market is now in "full recession mode".

-Bank of England slashes rates 150bp to 3.0%, its biggest since 1992. European Central Bank cuts 50bp to 3.25%, signals further cuts. Many are seriously questioning ECB- rate cut is significantly smaller than expected, and ECB's 75bp cuts since onset of credit crunch is much less than BoE's 275bp and Fed's 425bp.

-US auto industry is on the verge of bankruptcy: cashless, credit ratings cut, and unable to tap the short-term funding. US policymakers are struggling to respond, wanting to avoid costly bailout of uncompetitive industry, but unwilling to let over a million workers fall into unemployment.

-IMF approves stand-by loan to Ukraine, Gordon Brown lobbies Saudis for IMF funding, and Fund reassures that its liquidity is sufficient for "today's problem".

The Rest
-After a terrible week for the club, Arsenal beats ManU 2-1 at the Emirates.

-Birmingham Mail reporter, in Miami celebrating Obama victory, creates a bit of an "internal matter".

-Fiction writer Michael Crichton dies at 66 in Los Angeles.

-Quantum of Solace sets UK box office record with ₤15.5m opening weekend. Six days until US release...