Archive for the ‘Central America’ Category

China Can’t Let Crisis End Reform, Central Bank Says; President Hu In U.S., Latin America

November 15, 2008

China can’t let the global credit crisis derail financial reforms that have benefited the public and helped the nation’s banks weather the turmoil, said Yi Gang, vice governor of the People’s Bank of China.

By Li Yanping, Bloomberg

“Although there have been doubts in the market on whether China’s financial reforms should continue after this crisis led to massive government bailouts and nationalization of financial institutions, China’s bank reforms can’t backtrack,” Yi said at a conference in Beijing today.

The worst financial crisis since the Great Depression has caused about $966 billion of writedowns and credit losses among financial institutions worldwide, according to data compiled by Bloomberg. The U.S. Treasury has initiated a $700 billion rescue plan to shore up distressed financial institutions.

“The U.S. and Europe may need to rethink financial innovations that exceed real economy needs and have pushed risks beyond control,” said Zhao Xijun, a finance professor at Renmin University in Beijing. “China’s financial services are under- developed by comparison, so we need to push ahead with reforms.”

Banks in China sold shares, accepted foreign strategic investors and enhanced risk management over the past three years to avoid repeating the bad-loans crisis earlier this decade, when the government spent $650 billion rescuing them. Limited buying of subprime debt has helped the banks avoid bigger losses.

`Unimaginable Shock’

“State-bank reform has been a success, benefiting people and greatly enhancing financial services,” Yi said. “China’s banks may have taken an unimaginable shock from this financial tsunami if they hadn’t completed shareholding reforms.”

Reforms based on market principles must continue to help shield banks from future risks during economic cycles, Yi said today. Banks will also be “tested” when the nation’s currency gradually become convertible and when interest rates are further liberalized, he added.

Read the rest:
http://www.bloomberg.com/apps/new
s?pid=20601208&sid=aLRVWbF2vObw

Chinese President Hu Jintao, seen here, begins a Latin America ... 
Chinese President Hu Jintao, seen here, begins a Latin America tour on Monday, taking in Costa Rica, Cuba and Peru, as China tightens economic ties and the region hopes for help in tougher times.

SAN JOSE (AFP) – Chinese President Hu Jintao begins a Latin America tour on Monday, taking in Costa Rica, Cuba and Peru, as China tightens economic ties and the region hopes for help in tougher times.

The Asian giant has increased diplomacy and investment in Latin America in recent years, with an eye on its natural resources and developing markets for manufactured goods and even arms.

Many in Latin America hope for an investment boost to help ride out the economic crisis.

Exports from the continent to China include soya and iron ore from Brazil, soya from Argentina, copper from Chile, tin from Bolivia, and oil from Venezuela.

The trade is still only a small percent of the continent’s total, but it is growing.

China’s state-run Xinhua news agency reported this month that exports to Latin America grew 52 percent in the first nine months of 2008 to 111.5 billion dollars.

Hu will visit San Jose and Havana between a G-20 meeting on the global crisis in Washington on November 15 and an Asian Pacific Economic Cooperation forum summit in Peru on November 22.

China and Cuba have remained all-weather friends for decades, their Marxist Socialist past a driving force in relations.

Read the rest:
http://news.yahoo.com/s/afp/20081115/wl_
afp/latamchinadiplomacy_081115063413

Pope at St. Patrick’s in New York: We Owe Bishop Hughes

April 20, 2008

When the Pope celebrated Mass in St. Patrick’s Cathedral in New York, a TV newsman reminded us that the cornerstone of that magnificent church was laid in 1858.  But I was reminded of one of the men who made that church possible: “Dagger” John Hughes….

By John E. Carey
Peace and Freedom

John Joseph Hughes (1797–1864), Catholic Archbishop of New York, played three critical roles for Lincoln and the United States during the Civil War. He traveled to Europe in search of able-bodied Irishmen to enlist in the Union Army. He participated in tricky diplomatic missions to France and the Vatican to keep them out of the war. Finally, Hughes used his personal powers of persuasion and clout to help quell the 1863 draft riots in New York.

Archbishop John Hughes is also responsible for starting the project, raising the first monies and laying the cornerstone for St. Patrick’s Cathedral in New York — where Pope Benedict XVI celebrated Catholic Mass this week end.

View of the cathedral from Rockefeller Center.

St. Patrick’s Cathedral, New York
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By the time of the Civil War, “Dagger” John Hughes was nearing the end of his influence and his life. He earned the nickname “Dagger” for two reasons: first, he signed his name to include a small cross, often confused for a dagger. Second: Hughes’ hard-nosed style and ability to toughly face difficult challenges earned him the reputation as the “Dagger” of the Irish community in New York.After the Civil War began in 1861, Lincoln desperately needed to keep up a dialogue of understanding with European monarchs. Lincoln wanted to keep European nations from assisting the Confederacy. Lincoln wanted a Catholic of stature to assist him in dealing with the Catholic leaders in Europe. He chose Dagger John Hughes.

Lincoln paired Hughes with Thurlow Weed to head the mission to Europe.

Harper’s Weekly reported on November 23, 1861 that “Mr. Weed [and Archbishop Hughes] left this port [New York] on Saturday last for Europe. He states himself that he goes on private business; the public, however, will be apt to suspect that his private business concerns the public interest. If the suspicion be correct, we may feel assured that our affairs will suffer no mischance in his hands. Few men in the country are such true patriots as Thurlow Weed.”


Archbishop John Hughes

European leaders wanted a divided nation on the American continent. In September 1861, England’s former Colonial secretary Sir Edward Bulwer-Lytton stated that a permanent division of the United States would benefit the “safety of Europe.” A truly united United States “hung over Europe like a gathering and destructive thundercloud … [but] as America shall become subdivided into separate states … her ambition would be less formidable for the rest of the world.”

“Dagger” John understood his mission and President Lincoln’s concerns: even though he harbored no animosity toward the Confederacy. “My mission was and is a mission of peace between France and England on the one side, and the United States on the other. ….I made it known to the President that if I should come to Europe it would not be as a partisan of the North more than of the South; that I should represent the interests of the South as well as of the North; in short, the interests of all the United States just the same as if they had not been distracted by the present civil war. The people of the South know that I am not opposed to their interests.”

While Weed headed to London to apply his tact and persuasion on members of Queen Victoria’s government, Dagger John went to France to call upon Napoleon III.

Historian Dean B. Mahin wrote that “Napoleon thought an independent Confederacy would provide a buffer between royalist Mexico and the republican United States.”

Even so, Hughes convinced the monarch to avoid involvement in the American conflict.

Then Hughes went to Italy on two missions. The first mission involved convincing the Vatican to keep out of the conflict. Hughes’ second mission was to persuade Irishmen serving as mercenaries in the Army of the Vatican to join their Irish immigrant countrymen in America and fight for the Union.

Hughes accomplished both missions. The Catholic Pope stayed out of the war, despite intense pressure and diplomatic maneuvering from the Confederacy. Jefferson Davis sent Bishop Patrick Lynch of Charleston to the Vatican in 1861 and Father John Bannon in 1864. Nether could change the neutrality of the influential Pontiff.

In Rome, Hughes also met with leading and influential Irish mercenaries, including Miles Keogh and John Coppinger. Both agreed to join the Union cause and both persuaded others to join them.

A short time later General George McClellan described Keogh as “a most gentlemanlike man, of soldierly appearance,” whose “record had been remarkable for the short time he had been in the army.”

Keogh would serve in many engagements of the Civil War and die alongside George Armstrong Custer at the Little Big Horn on June 25, 1876.

Bishop Hughes recruit John J. Coppinger also served with Custer. During the Civil War, General Custer wrote that Coppinger’s “ability as an officer is of the highest order. … As a soldier I consider him a model.”

Coppinger was still serving the United States during the Spanish-American War of 1898 when he was promoted to Major-General of Volunteers.

Hughes remained on his diplomatic mission in Europe until the summer of 1862.

Dagger John’s final, but perhaps most significant, contribution to the Union cause came during New York’s draft riots of July 1863.

The Irish, most of whom were Catholics, hated the Union Army draft. Most Irishmen lacked the funds to buy their way out of service, the way more wealthy men did throughout the war. The Irish also avidly read newspapers recounting the valor of the Irish Brigade and other units. But Irish losses appalled them — and seemed disproportionate to the losses of non-Irish units. Irish boys made up about 15 percent of the Union army – and they were dying in droves.

The Irish had also reacted badly to Lincoln’s January Emancipation Proclamation. The Irish, arguably members of the lowest echelon of free American society, believed Lincoln’s emancipation of the slaves only added another large population to their small niche of society.

So when Lincoln called a draft of even more men, the Irish went wild.

The New York Times reported that, “It seemed to be an understood thing that the negroes should be attacked wherever found.” An orphanage was burned to the ground, stores were ransacked and dozens of police officers were killed or injured.

In three days of mayhem and unrest, 443 people were arrested, 128 wounded, and over 50 people dead. The rioters also burned down more than 100 buildings and damaged about 200 others. Many of the killed and wounded were free Black men. were killed. Irishmen were largely responsible for the rioting.

“In New York no one had to ask who ruled the Church,” explained Professor Jay P. Dolan of the University of Notre Dame in his book “The Immigrant Church: New York’s Irish and German Catholics, 1815-1865.”

“John Hughes was boss….He ruled like an Irish chieftain,” wrote Professor Dolan. A newspaper reporter of the time wrote that Archbishop Hughes was “more a Roman gladiator than a devout follower of the meek founder of Christianity.”

But Hughes and the Irish did not rule all New York. New York was rued by Protestants, who winked at the unruliness of the Irish Catholics. The historian E.P. Spann called New York City in the mid-19th century “the capital of Protestant America.” Protestant leadership, said Spann, “made no secret of their belief that Roman Catholicism was alien and inferior.” Though not condoning the riot, the Protestant leadership of New York largely considered the disorder “a Catholic problem.”

Hughes left his death bed to appeal to the Irish, their honor and their pride. Hughes challenged the Irish leaders with the words, “no blood of innocent martyrs, shed by Irish Catholics, has ever stained the soil of Ireland.” Thus Archbishop Hughes convinced the Irish to end the rioting and peace was restored in New York.

President Lincoln wrote that “having formed the Archbishop’s acquaintance in the earliest days of our country’s present troubles, his counsel and advice were gladly sought and continually received by the Government on those points which his position enabled him better than others to consider. At a conjuncture of deep interest to the country, the Archbishop, associated with others, went abroad, and did the nation a service there with all the loyalty, fidelity and practical wisdom which on so many other occasions illustrated his great ability for administration.”

Dagger John Hughes proved himself a formidable force in an era when a fighting bishop was needed. When the Vatican nuncio, Archbishop Bedini, asked an American priest to explain why people in America held Archbishop Hughes in such esteem, the answer was: “It is because he is always game.”

Dagger John Hughes: Lincoln emissary and leader of American Irishmen died in New York on January 3, 1864.

John Hughes is also the one man most responsible for the building of the St. Patrick’s Cathedral.
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Catholics have made a very long and indelible contribution to the history of North, South and Central America.  It is appropriate at the time of Pope Benedict’s visit to recall Archbishop John Hughes.
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Mr. Carey is president of International Defense Consultants, Inc.  He writes for the Washington Times.

Pope Benedict XVI waves before leaving Saint Joseph Seminary ... .
Pope Benedict XVI

Pope Benedict XVI holds a Mass at Nationals Park in Washington ... 
From

REUTERS/Jim Bourg 

Pope Benedict XVI passes St. Patrick's Cathedral in New ... 
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Pope Benedict XVI passes St. Patrick’s Cathedral in New York while riding up 5th Avenue in the Popemobile following a Mass at the Catherdral April 19, 2008.REUTERS/Mike Segar 
  

 
 
 

 

 

Saluting and Honoring Colleagues

July 25, 2007

By John E. Carey

Every now and again it is proper and appropriate and just gosh honest enjoyable to, out of the blue and without warning, offer thanks, congratulations and admiration to the members of the family or extended family.

Today I thought it a good idea to salute some of those special members of the extended family that have made life worth living, enjoyable and educational.

My interest and involvement in Pakistan would be unfulfilled were it not for Muhammad Khurshid who operates in our behalf in a most rugged and dangerous part of the world: Khar, Bajaur Agency, Tribal Areas, Pakistan. In our workshops and offices his name is always uttered with dignity and utmost respect. He provides timely, insightful information from a place of vital interest to nations and terror groups alike. When Muhammad and I lose contact, even for a few days on either end; there is extreme anxiety and sleeplessness. I am proud to call Muhammad my brother and thank him for his dedication and service.

Mike Benge and I have had an email and internet contact for about four years. I first “met” Mike because of his insightful work writing for the Washington Times on Vietnam. We share a passion for freedom and human rights, a love of the peoples of Vietnam and a desire to contribute in the world community. Mike would be my half brother as I can never fully honor or equal his time held captive himself by communists or his stellar contributions to the History Channel. We cannot regain the past; so we both now man the gates of justice and reality and attempt to keep honest and aware those that might overlook different problems in far away lands.

Debbie Hamilton runs a web site called “Right Truth” and we invite all readers to pay a call upon her there. Her daily contributions are, as she has named her site, “Right” on the button. Debbie is also an accomplished author and everything she writes is “must read.”
http://righttruth.typepad.com/

Miguel Sanchez keeps his eyes and ears open for us in Mexico and Central America. He says he has a plan to stray as far as Honduras to meet Cha Chuc, who walks the dusty paths and hills there. Hearing that we were interested in all things Harry Potter, last week Miguel mounted his motorcycle and, braving death in Mexico City traffic, headed to the Diocese of Mexico City to interview clergy there. He returned home with a wonderful scoop and our continued respect and admiration for his grit, determination and acumen under difficult circumstances.

I have known and admired Benjamin Allen for something like five years now and we each admit that we wish had been allowed to share the same office spaces longer.  Ben and I recently teamed to write about medical issues of importance that sometimes get overlooked for the Washington Times.  I prize Ben’s frequent guidance and comments by email and look forward to our next opportunity to make a contribution together.

Others in China and Southwest Asia have our daily eye until their projects are complete or they reach safer ground. We salute each and every one of you dedicated soldiers and journalists.

Finally, we are newly acquainted (a few month of just touching base) with Les Lothringer in ShangHai, China. Les is a veteran business consultant with over 30 years of commercial experience including Business Renovation, Management Consulting, Interim Management and Workshop based Training in diverse industries throughout the Asia Pacific Region.  Les brings together the best ideas and interests of Asia and the West (as we say here at Peace and Freedom, “Asia and the rest”). Today Les honored us with a learned essay that has enhanced the understanding of many readers. Please visit Les at his site and remember his team when those perplexing issues within his areas of expertise arise. http://www.strategywestasia.com/

This marks the end of today’s honors ceremony but it is with extreme pride that we call all in our family and extended family friends, professionals and allies.