News

The prosperity experienced by many Western democracies for the last several decades appears to be coming to an end. With global recession, global inflation, and energy woes facing Europe, the comfortable life enjoyed by so many for so long appears to be drawing to a close (France 24, August 24, 2022).

Liz Truss took over Number 10 Downing Street this week as Britain’s fourth prime minister in six years. Ms. Truss previously served as the Foreign Secretary and has held several different governmental posts during her political career (Politico, September 5, 2022). As liberal-turned-conservative, Ms. Truss is pro-Brexit and also fiscally cautious. She is liked by some and hated by others. Many believe she is not afraid to act or to make hard decisions.

Until recently, Europe has avoided high levels of involvement in the Pacific. However, with China’s efforts to control more islands in the South China Sea and its threats regarding Hong Kong, Europe is preparing to act in the region (The Guardian, May 17, 2022).

Higher prices and slowing global economic growth caused August business activity to fall in Japan, Europe, and the United States, according to the Wall Street Journal (August 23, 2022). The U.S. economy has contracted for the last two quarters—technically signaling recession—and private sector activity in both Japan and Australia has fallen. European business activity has also declined for two months in a row.