Global financial system still at risk, says IMF; How we know when we've won; France's jobless top 3 million; SA's ANC 'is in ICU'; The wages of pride

1 Global financial system still at risk, says IMF (The Guardian) The global financial system remains as risky as it was before the credit crisis, with the necessary “reboot” of the banking sector delayed by the emergency measures taken to prop up economic growth, the International Monetary Fund has warned. It argued that despite a blizzard of new regulations, the banking system remains vulnerable.


The IMF was one of the global institutions blamed in the wake of the Great Crash of 2008-09 for exaggerating the benefits of financial globalisation, and failing to issue strong enough warnings about its risks. In its latest analysis, it found that the world’s banks are just as big and intertwined, and just as reliant on short-term wholesale funding — rather than more solid savers’ deposits as before the crash.

“Although some countries, notably the US, have reduced their dependence on short-term funding, the bulk of the evidence suggests that the structure of the system has not changed in healthier directions,” it said. The IMF pointed out that in many countries, including the UK, troubled banks were swallowed up by their stronger rivals at the height of the crisis, leaving the financial sector even more concentrated than before 2008.

2 How we know when we’ve won (Thomas L Friedman in The New York Times) Whenever I was asked during the Iraq war, “How will you know when we’ve won?” I gave the same answer: When Salman Rushdie can give a lecture in Baghdad; when there is real freedom of speech in the heart of the Arab Muslim world. There is no question that we need a respectful dialogue between Islam and the West, but, even more, we need a respectful dialogue between Muslims and Muslims. What matters is not what Arab Muslim political parties and groupings tell us they stand for. What matters is what they tell themselves, about what they stand for and what excesses they will not tolerate.

This internal debate had long been stifled by Arab autocrats whose regimes traditionally suppressed extremist Islamist parties, but never really permitted their ideas to be countered with free speech — with independent, modernist, progressive interpretations of Islam or by truly legitimate, secular political parties and institutions. Are we seeing the start of that now with the emergence of free spaces and legitimate parties in the Arab world? Again, too early to say, but the ongoing moderate backlash to the extremist backlash is worth hailing — and watching. 

3 France’s jobless top 3 million (BBC) The number of unemployed people in France has topped 3 million for the first time since 1999, according to latest labour ministry figures. August's jobless total rose by 23,900 to 3.011 million, a 9% increase on a year earlier, marking the 16th consecutive monthly rise. Speaking before the data was officially announced, Labour Minister Michel Sapin said: "It's bad. It's clearly bad."

"These three million unemployed embody the failure of economic and social policies undertaken during the last few years," the labour ministry said in a statement. "In the face of this difficult report, the government is determined to implement as soon as possible reforms", it said. The news will, however, add pressure on President Francois Hollande, who came to power on a promise to revive the economy.

4 Jamaica may be loudest island on the planet (BBC) Everywhere you go in Jamaica, you hear music - loud music. Although authorities recently enforced an island-wide musical curfew, there is a growing campaign to relax the restrictions. Why has the Caribbean nation gained a reputation for being the loudest island on the planet?

Driving around the capital Kingston, the volume dial on the taxi driver's radio appears to be permanently glued to a point beyond 11, as music blasts through speakers worthy of a mobile dancehall. In many of the world's cities, irritated commuters might tut at the tinny leakage from a fellow traveller's earphones but on Jamaica, no-one bothers with earphones.

Welcome to the loudest island on the planet - up until 02:00 anyway. Recently, after so many sleep-deprived tourists complained about the noise, the government began to enforce legislation which curbs all music publicly aired beyond the early hours of the morning, especially in and around resorts.

5 SA’s ANC ‘is in ICU’ (Johannesburg Times) The gloves came off this week as top ANC members took on President Jacob Zuma - pointing out how the ruling party was degenerating under his leadership. NC Youth League deputy president Ronald Lamola told Wits University students the ANC under Zuma's leadership was in the intensive care unit and that, if the youth were not careful, they would inherit a ''skorokoro'' or a wreck of an organisation.

At the same gathering, Sports and Recreation Minister and ANC executive member Fikile Mbalula called on the youth to mobilise society to support the struggle for economic freedom. In Polokwane, where Zuma's nemesis, Julius Malema, appeared in court on money-laundering charges allegedly involving R4.6-million, ANC treasurer-general Mathews Phosa said those found to have failed to deliver on the ANC mandate should be shown the door.

Zuma is expected to face a challenge from his deputy, Kgalema Motlanthe, for the top post at the party's elective conference in Mangaung in December. Mbalula told the students that the youth under former president Nelson Mandela also faced challenges of a leadership that refused to change.

6 The wages of pride (Saba Karim Khan in Dawn) It is the 21st century and Pakistan still reports numerous cases of honour killing annually despite the phenomenon of underreporting. Honour-killing is defined as “gender-based violence … the homicide of a member of a family or social group by other members, due to the belief the victim has brought dishonour upon the family or community”.

Karo-kari falls under the same ambit, literally translating into ‘black male’ (karo) and ‘black female’ (kari). After labelling a ‘dishonourable’ woman ‘kari’, the family aims to restore its honour by killing both the ‘karo’ and ‘kari.’ The concept of women being viewed as property has long existed and the birth of the girl child in many societies continues to be viewed as a blow to the family’s so-called pride. In some societies a man is hit with a shoe seven times if a daughter is born.

The continued lack of attention by public-sector and law-enforcement agencies alike towards demanding accountability of those who commit honour killings has played a big role in perpetuating such incidents, which are at odds with the modern era we inhabit. Human rights and women’s protection has never been a sustained priority for the government.

The existence of gender-based violence including karo-kari is a reiteration of the reality that the quest for external reassurance continues in humans unabated. Women must abide by socially restrictive practices to ensure that no damage is done to the family’s honour and thus safeguard the reputation of men. Social approval and outer scorecard at play yet again. Who thinks what and of whom? Alas, they are the superior sex indeed!