Image provided by: University of Oregon Libraries; Eugene, OR
About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Aug. 25, 2015)
NATION/WORLD Tuesday, August 25, 2015 How China’s tremors could weaken the world’s economies that wouldn’t be the end of the world,” says Sung Won Sohn, economist at California State University Channel Islands. WASHINGTON — China “It looks like it’s slowing is exporting something new to down even beyond that.” the world economy: Fear. Big American companies Global investors are such as Caterpillar and quaking over the prospect Chevron have acknowledged of a devastating slump in the damage that China’s trou- the world’s second-biggest bles are causing them. China’s economy. And they’re fast troubles have also depressed ORVLQJFRQ¿GHQFHWKDW&KLQD¶V several technology stocks. policymakers, seemingly so Shares in Apple, which sure-footed in the past, know has enjoyed strong sales of how to solve the problem. iPhones and other products The worst-case scenario in China, are down nearly 20 is that a collapsing Chinese SHUFHQWWKHSDVW¿YHZHHNV economy would derail others On the surface, at least, the around the world — from panic on Wall Street might emerging markets in Chile seem overdone. After all, and Indonesia to industrial a 1 percent annual drop in powers such the United China’s economy translates States, the European Union into just a 0.2 percent pinch and Japan. to America’s economy, The free-fall in the stock according to Mark Zandi, markets, in the words of David chief economist at Moody’s Kelly, chief global strategist at Analytics. Likewise, a China JP Morgan Funds, is “Made in pullback of that size would China.” slow annual growth in the This year, the International 19-country eurozone by only Monetary Fund expects 0.10 percent to 0.15 percent, China’s economy to grow 6.8 according to UniCredit percent, which would be its Research. weakest peace since 1990. That sort of slowdown is China, which was posting hardly catastrophic. double-digit growth in the So why the hysteria? mid-2000s, is trying to For one thing, China’s engineer a daunting transition troubles raise doubts about — from overheated growth whether its policymakers fueled by exports and often- have the tools to keep their wasteful investment to slower economy growing at a healthy growth built on consumer pace — something that’s been spending. a reassuring constant for more 2I¿FLDO QXPEHUV VKRZ than two decades. the Chinese economy grew 7 Recently, Sohn says, “The percent from January through Chinese government has March from a year earlier. not been able to control its Yet there’s growing suspicion HFRQRP\ DQG WKH ¿QDQFLDO that Beijing’s statistics are market.” failing to capture the extent Beijing had cushioned of the slowdown: Auto sales, its economy during the electricity consumption and ¿QDQFLDOFULVLVE\ construction activity are “all ordering state-owned banks to looking very weak,” Kelly ply companies with loans to notes. build roads, houses and facto- “Everybody felt they ries. The result: an escalation could slow down to about 7 of corporate debt that’s now percent (annual growth) and feeding the problems. By PAUL WISEMAN and DAVID MCHUGH AP Business Writers The South Korean Unification Ministry via AP In this photo provided by the South Korean Unification Ministry, South Korean presidential security adviser Kim Kwan-jin, right, shakes hands with Hwang Pyong So, North Korea’s top political officer for the Korean People’s Army, after their meeting at the border village of Panmunjom in Paju, South Korea, Tuesday. Propaganda turned off DV.RUHDVUHDFKGHDO SEOUL, South Korea (AP) — After 40-plus-hours of talks, North and South Korea on Tuesday pulled back from the brink with an accord that allows both sides to save face and, for the moment, avert the bloodshed they’ve been threatening each other with for weeks. In a carefully crafted, though vague, piece of diplo- macy, Pyongyang expressed “regret” that two South Korean soldiers were maimed in a recent land mine blast Seoul blamed on the North. While not an acknowledge- ment of responsibility, let DORQH WKH ³GH¿QLWH DSRORJ\´ South Korea’s president had demanded, it allows Seoul to claim some measure of victory in holding the North to account. South Korea, for its part, halted anti-Pyongyang propaganda broadcasts on the border, which will let the authoritarian North trumpet to its people a propaganda win over its bitter rival — and put an end to broadcasts that outside analysts say could demoralize front-line troops and inspire them to defect. The agreement marks D JRRG ¿UVW VWHS LQ HDVLQJ animosity that has built since South Korea blamed North Korea for the mine explosion at the border earlier this month and restarted the propaganda broadcasts in retaliation. But, as always on the Korean Peninsula, it’s unclear how long the good mood will continue. Despite South Korean President Park Geun-hye’s expression of hope that the North’s “regret” will help improve the Koreas’ relation- ship, the accord does little to address the many funda- mental, long-standing differ- ences. The announcement of further talks to be held soon in either Seoul or Pyongyang could be a beginning, but the Koreas have a history of failing to follow through on their promises and allowing simmering animosity to inter- rupt diplomacy. The negotiations that began Saturday at the border village of Panmunjom, where the Koreas agreed to the FHDVH¿UH WKDW VWRSSHG ¿JKWLQJ LQ WKH .RUHDQ :DU also resulted in Pyongyang agreeing to lift a “quasi-state of war” declared last week, according to South Korea’s SUHVLGHQWLDO RI¿FH DQG 1RUWK Korea’s state media. While this declaration was largely a matter of rhetoric — the border is the world’s most heavily armed and there has never been a formal peace agreement ending the Korean War, so the area is always essentially in a “quasi-state of war” — there had been growing worry about South Korean reports that the North continued to prepare for a ¿JKWGXULQJWKHWDONVPRYLQJ unusual numbers of troops and submarines to the border. East Oregonian Page 7A Obama calls out fossil fuel LQWHUHVWVIRU¿JKWLQJVRODU LAS VEGAS (AP) — President Barack Obama on Monday accused fossil fuel interests and other critics of his energy policies of trying to restrict consumers from accessing solar, wind and other renewable sources in order to protect the status quo. “That’s not the American way,” Obama said in a speech at a green energy conference in Las Vegas. “This is about the past versus the future. America believes in the future.” The president also questioned the ideological consistency of those who champion free-market solutions — except when the free market is pointing to the wisdom of renewable energy. He singled out billionaire brothers Charles and David Koch, who are major donors to Republican political candi- dates. “It’s one thing if you’re consistent in being free market,” Obama said. “It’s another thing when you’re free market until it’s solar that’s working and people want to buy and suddenly you’re not for it anymore. That’s a problem.” Obama said the economics are now such that “solar isn’t just for the green crowd any more, it’s for the green-eye- shade crowd too.” The president compared those who say that shifting to cleaner energy will cripple the economy with climate change deniers who hold mean rooftop solar panels, once largely the province of committed environmen- talists, or other renewable energy innovations. Ahead of Obama’s remarks, Housing Secretary Julian Castro said the plan “hits the sweet spot” by making clean energy more affordable for people and protecting the environment. He said people too often have been “priced out” of clean-energy options. AP Photo/Andrew Harnik However, Utah Repub- President Barack Obama waves to members of the lican Rep. Rob Bishop, chair audience after speaking at the National Clean Energy of the House Committee Summit at the Mandalay Bay Resort Convention Cen- on Natural Resources, said ter, Monday in Las Vegas. Obama’s policies were up snowballs in February homeowners and businesses leveling “increased costs to argue that “somehow to invest in green energy and decreased choices on all disproves decades of scien- improvements that in the past Americans and especially the WL¿FGDWD´ may have been impractical or most disadvantaged commu- Fossil fuel and utility inter- unaffordable. nities.” ests have been working at the The moves, which include The Heartland Institute, a state level and elsewhere to expanding the use of energy conservative think tank that undercut clean energy poli- improvement loans, are denies manmade climate cies with arguments that the designed to build on the clean change and gets money matter should be left to the power plant rules that the from the Koch brothers was free market. president announced earlier among groups co-sponsoring The annual energy confer- in the month to cut carbon a simultaneous “affordable ence was hosted by Senate dioxide emissions from coal- energy summit” in Las Vegas Democratic leader Harry ¿UHGSRZHUSODQWVE\DWKLUG as a counterpoint to Reid’s Reid. The Nevada senator They all feed into Obama’s gathering. The organization, frequently targets the Koch goal of cutting overall U.S. which previously received brothers, depicting them as emissions by 26 percent to 28 money from ExxonMobil, self-serving oil barons who percent over the next decade maintains that Obama’s pay huge sums to try to buy to combat climate change and policies promote wind and elections and advance their encourage other countries to solar power at the expense agenda of low taxes and less do likewise. of conventional energy regulation at the expense of The actions Obama and “will inevitably cause average Americans. announced Monday focused skyrocketing electricity Obama used his appear- on giving families and prices while providing little ance to announce new exec- businesses more say in what if any net environmental utive actions and other efforts types and how much power EHQH¿WV´ DFFRUGLQJ WR WKH aimed at making it easier for they rely on. That could summit’s website. Heroes who foiled train gunman scheduled for rest, college SAN FRANCISCO (AP) — So what do you do when a trip on a high-speed train in Europe suddenly turns you and your buddies into international heroes? Sign a book deal? Take meetings with Hollywood executives? Pose for maga- zine features? Perhaps yes to all three, eventually, but not just yet for the three American men who earned the thanks of many nations on Friday when they tackled and subdued a gunman on a train traveling from Amsterdam to Paris. For now, U.S. Airman Spencer Stone, 23, is in Germany for military obser- vation and treatment. Oregon National Guardsman Alek Skarlatos, 22, is at his side. The third man, Anthony Sadler, 23, is scheduled to start his senior year at Sacra- mento State on Monday, DOWKRXJK XQLYHUVLW\ RI¿FLDOV DUHZDLWLQJWRFRQ¿UPZKHQ he will return home. Sacramento State Presi- dent Robert S. Nelsen said eager donors are lining up to help Sadler with scholarship money for his last year studying kinesiology. The university is thrilled, he said, to have such a courageous man on campus. “We want to have a in July. He is studying at the local community college and hopes for a career in law enforcement, said his stepmother Karen Skarlatos. He plans to stay in Germany with Stone until he is released, she said Monday. 7KHQ WKH\¶UH EHLQJ ÀRZQ straight to New York, where she assumes they will sit for interviews. “They really want to have a day that they can have to themselves in Germany, but whether or not they’re going to get that, I don’t know,” AP Photo/Michel Euler Karen Skarlatos said. From the left, French President Francois Hollande, The friends had met up in U.S. National Guardsman from Roseburg, Oregon, Europe on vacation and were Alek Skarlatos, U.S. Ambassador to France Jane D. Hartley, U.S. Airman Spencer Stone and Anthony on their way to Paris by train Sadler, a senior at Sacramento State University in when they spotted a man California, pose for photographers as they leave the FDUU\LQJDQDXWRPDWLFULÀH,Q Elysee Palace in Paris, France, after being awarded a tale now recounted around with the French Legion of Honor by French President the world, Stone tackled the Hollande, Monday. man, Skarlatos wrestled the celebration,” Nelsen said. “We’d like to invite them gun away, and all three beat “But we want to have the to a rally to honor them and him unconscious. A fourth type of celebration he wants give them time to interact man, a Briton, helped tie up to have.” with current students,” said the gunman. The gunman has been As would the City of Trent Allen, spokesman for Sacramento, which is WKH6DQ-XDQ8QL¿HG6FKRRO LGHQWL¿HG DV \HDUROG planning a parade for all District in Sacramento Moroccan Ayoub El-Khaz- three men, who grew up County, California, where zani and is being questioned in the area. Besides Sadler, Skarlatos and Stone attended by French counterterrorism Stone and Skarlatos grew high school. “That’s on our police outside Paris. On Monday morning, up in nearby Carmichael, wish list.” California. In fact, the three Skarlatos, who moved the men received France’s friends likely won’t lack for to Roseburg, Oregon, as highest honor from President invites to fetes and parades, a teenager, returned from Francois Hollande, along big and small. deployment to Afghanistan with a kiss on both cheeks. Place a Yard Sale Ad 25 words, 3 days, private party only $20.00 East Oregonian & Hermiston Herald Yard Sale Kits - $5.00 Includes 2 signs, stakes & price stickers. Call Paula 541-278-2678
