But its legitimacy cracks as soon as a crisis erupts.

Africa does indeed present a gloomy picture, with countries virtually crumbling to dust as a result of autocracy and stagnation.

And we must stand against protectionism. Without open trade, growth and development could break down entirely.

The fact is that our way of life is predicated on security and stability, without which investment withers, employment collapses, and economies shrink.

The bond channel doesn t work when bond yields are already low and the credit channel doesn t work when banks hoard liquidity and velocity collapses.

The outer part of the core reaches velocities of up to 70,000 km s (23 of the speed of light) as it collapses toward the center of the star.

But if the yen appreciates sharply, as it easily could given Japan s huge current account surplus, some hedge funds will suffer huge capital losses and the yen carry trade will implode.

A fortnight before Obama s Cairo speech, a delegation of the United Nations Security Council visited four African countries to express concern about the resurgence of unconstitutional change on the continent. Africa does indeed present a gloomy picture, with countries virtually crumbling to dust as a result of autocracy and stagnation.