November Wraps Up

Just Say No – To Minarets

The Swiss people have passed a ban on all minaret (a Moslem tower from which prayers are sung) construction within the country – despite the Swiss government’s active campaign against the ban. Unsurprisingly, worldwide criticism quickly flooded European media outlets. Presumably, tolerance should be extended to everyone – except to those deemed intolerant, who should be savagely attacked.

All coverage has focused on covering the outrage of those prone to being outraged, rather than covering the event. Words like “extremism” and even “Islamophobia” are being thrown at the Swiss electorate, while precious little commentary is given to the fact that Switzerland is in many ways the only country in Europe to maintain a truly representative democracy.

Dubai World Teeters, No One Totters

Those waiting for the end of the market rally thought they had found it over the weekend. It seemed like we might get a return of the long-weekend-market-collapse syndrome of 2008. Everything was in place, as the emirate’s “investment company” Dubai World seemed to be dragging the international markets down in a chaotic rumor mill fashion.

But it wasn’t to be. Markets stabilized today, and investors seemed pacified by mediocre promises of the UAE’s federal government. So far, the market has treated the news as a bump in the road rather than a rally killer.

Russian Federal Reserve Chief Killed

In what the Russian government called an act of terrorism, a train carrying more than 120 passengers was bombed leaving more than two dozen dead. Tragically, or fascinatingly for the conspiracy-minded, Russia’s federal reserve chief Boris Yevstratikov was found among the dead.