After days of regional and international summits, the world politics returns to its usual this week. This week remained steady in terms of developments and events.
After days of showdown between the republicans and democrats over the issue of increasing the debt ceiling, the US Congress has finally approved the debt ceiling and budget cuts package. With this, the statutory limit on federal borrowing will be suspended until 1 January 2025. This brings a sigh of relief for the global financial market as well. But the world is waiting for another positive news from the war ground of Ukraine. Despite debates in various international summits, the leaders could not bring the issue of Russia-Ukraine war to the diplomatic table for discussions. In fact, the war has intensified as Russia shelled Kyiv using ariel bombardments this week. The East Asian theatre also observed intensification of tension between North Korea and the US as North Korea has accused the US of ‘bullying’ North Korea by criticizing its failed attempt of a military spy satellite.
US House of representatives passes Bill to avert Default, saving Global economy
The US brought global economy to the brink of collapse due to default on its debt due to the political division on the way-out of increasing the debt ceiling. But few days before the world’s largest economy almost reached to default its debts, the US House of Representatives finally passed a bill to allow the US to borrow more money with 314 votes. The Senate have also approved the bill, and saved the US from defaulting its national debts. After days of confrontation between the democrats and republicans, this bipartisan legislation is approved, which is supported by President Joe Biden. This bill averted the historic default of the US that could have impacted global financial system too. The world was on the risk of a grave economic collapse as the republicans wanted spending cuts to address the national debt while the democrats wanted tax increases to help address the entire issue, which republicans strongly opposed. Finally, both the parties agreed to hedge the Social Security and Medicare programs from cuts, and republicans snubbed to reduce any spending on the military or veterans. Finally, instead of any last-minute stick-ups, it is good to see that the US has saved itself (and the world) from serious repercussions of defaulting the deadline to pay its debt.
Intensification of Russia-Ukraine war raises urgent questions on ending conflict
When will the US save the world from the deadly outcomes of the Russia-Ukraine war, is the pertinent question now. The world knows how Biden has fueled Ukraine to fight against Russia (when Zelenskyy will understand and accept this is another question!), and he can bring the leaders to the diplomatic table. Despite ponderings from various global leaders at various international platforms, neither Ukraine, nor Russia or the US is taking the thought of ending the war seriously. This week observed the intensification of the war as the Russian forces jolted Kyiv by aerial bombardments leaving many dead and injured. Russian forces hit the capital of the Ukraine using drones and ground-launched missiles killing many and damaging infrastructure of the city. Before this attack, Russian forces attacked the south of Kherson region, using missile and heavy artillery strikes. Instead of using the piecemeal approach (targeting one target at a time), Russia is now using agile approach (multiple targets at a time) to jolt Ukraine. The big question still remains the same, when will Zelenskyy understand that Ukraine is completely devastated, and nobody will pay the price for this devastation.
North Korea’s Kim Yo Jong accuses US of intimidation over Satellite launch
It seems the nations like North Korea are smart enough to calculate the risks before getting into any such conflicts.
North Korea is not only trying to increase its technological and military capabilities, it is also provoking other nations to go against the US. This week, Kim Yo Jong, the sister of North Korean dictator Kim Jong Un, accused the US of “gangster-like” bullying for criticizing the failed launch of a military satellite of North Korea. Despite the ban imposed by the US Security council on North Korea to conduct any kind of ballistic missile launch, North Korea attempted to launch a spy satellite this week. The US along with South Korea and Japan condemned this attempt. This received a strong reaction from Kim Yo Jong who accused the US of intimidating her nation. This will be welcomed by the nations who oppose the US or for that matter, the entire Western lobby.
Is world getting sharply and clearly divided in to two lobbies day by day? Or, was it always like this, remains a critical question. Meanwhile it can only be wished that the leaders understand the consequences that the lobby politics brings along, and choose to remain lobby-neutral and development-oriented.
The author is Professor, School of International Studies, JNU.
