Global Dashboard

Posts Tagged ‘israel’

Policing the interracial divide

September 18, 2009 | by David Steven | More on Middle East and North Africa | No comments

From a Jerusalem Post article on Eish L’Yahadut (Fire for Judaism) – a group that exists to break up relationships between Arab men and Jewish girls:

Every night, dozens of young men in Jerusalem’s Pisgat Ze’ev neighborhood take to the streets and go out searching for girls.

But theirs is not a promiscuous search. In fact, the group of some 35 volunteers is looking to prevent such interaction and to stop what neighborhood residents have overwhelmingly complained is a growing problem in Pisgat Ze’ev – Arab men going out with Jewish girls.

What was once a rare occurrence, residents say, has become the norm in this north Jerusalem suburb, which shares a side of the security barrier with the Palestinian village of Anata and the scattered dwellings on the edge of Shuafat refugee camp.

“A rare occurrence?” a shopkeeper in the local mall asked sardonically this week when asked about the situation. “My friend, it’s not rare at all, this has become the reality. Pisgat Ze’ev has turned into one gigantic whorehouse, please excuse the expression.”

Residents now say that, due to Pisgat Ze’ev’s location and increasingly mixed Arab-Jewish population, the phenomenon of mixed dating has grown, with violent outbursts breaking out frequently between Arab and Jewish youth over the matter, and with growing communal anger over what many here feel is simply unacceptable.

According to the group, “our mission is not against Arabs, but it is for the protection of Jewish women, wherever they may be.”



At last – coherent international policy on Israeli settlements?

July 10, 2009 | by Elizabeth Sellwood | More on Middle East and North Africa | No comments

The Obama administration’s Middle East policy is under construction. Despite Obama’s new tone, it is still too early to see specific policy changes on most of key regional issues.

The one exception to this has been US policy on Jewish settlements in the West Bank. Here, in contrast to their predecessors, the Obama team have taken a firm line against any settlement expansion including “natural growth.” This has created a rift between the US and Israeli governments, which Israeli PM Netanyahu and his allies are finding hard to handle domestically. The US is nonetheless sticking to its line. Hillary Clinton has been clear not only in demanding a freeze, but also in stating that “any informal and oral agreements” between the Bush administration and Israel on settlements “did not become part of the official position of the United States government.”

The new US insistence on a total settlement freeze brings the US into line with longstanding EU and UN positions, so for the first time in years we are seeing solid, unified international policy this issue. In June, the Quartet urged Israel “to freeze all settlement activity, including natural growth; to dismantle outposts erected since March 2001; and to refrain from provocative actions in East Jerusalem, including home demolition and evictions.” The European line on settlements is also being put forward in strong terms by the Swedish Presidency. Earlier this week, a senior Swedish foreign ministry official said that it was “inconceivable” for the international community to legitimize natural growth of the settler population.

So far so good: coherent international policy on an issue that constitutes a serious block to good faith negotiations between Israeli and Palestinian leaders, and creates facts on the ground that inevitably influence final status discussions.

Then the European Commission steps in. (more…)



Obama insults Israel (his feet smell too*)

June 10, 2009 | by David Steven | More on Middle East and North Africa, North America | No comments

Granted “taking offense” has been turned into a competitive sport, but this takes the biscuit. Top story on Drudge – Barack Obama is said to have insulted Israel by chatting on the phone with Benjamin Netanyahu with his feet on the table.

Drudge links to CBS which frets that that Obama was sending a ’subliminal message’ to Israel. Apparently, “’some Israelis…saw the incident as somewhat akin to an incident last year, when the Iraqi reporter threw a shoe at President Bush in Baghdad.” Somewhat akin! Can’t get worse than that.

Of course, it’s not Jews who have a thing about soles of shoes, it’s Arabs, but CBS has an answer for that. Apparently, “Israel feels enough a part of the Middle East after 60 years to be insulted too.” You really couldn’t make it up.

Probably not safe for work, but here’s a picture of the offending act.

Obama Insults Israel

(*I made the ‘feets smell’ bit up.)

Update: Note that Obama has still not got his shoes mended – compare this tatty pair he wore during his campaign…



Reax to Obama in Jerusalem – you’re a pussy

June 5, 2009 | by David Steven | More on What we're watching | No comments

YouTube Preview Image


More on the UN’s Gaza ‘lie’

February 4, 2009 | by David Steven | More on Conflict and security, Influence and networks, Middle East and North Africa | No comments

A few hours ago, Daniel Korski suggested on Global Dashboard that the United Nations lied about the shelling of one of its schools – with the UN Secretary General, Ban-Ki Moon, playing a part in disseminating the falsehood in a statement in which he condemned this and two similar attacks as ‘unacceptable’.

Like Daniel, I don’t fully understand what happened, or why – but have been trying to track how the story developed. It appears that re-investigation of the attack was conducted by Patrick Martin, from the Canadian Globe and Mail. His story was headlined “account of the Israeli story doesn’t hold up to scrutiny.”

Martin interviewed eyewitnesses who told him that while “a few people were injured from shrapnel landing inside the white-and-blue-walled UNRWA compound, no one in the compound was killed.”  No shell landed in the schoolyard itself, he writes, but 43 people were killed by three shells in the street outside.

Martin’s report continues:

The teacher who was in the compound at the time of the shelling says he heard three loud blasts, one after the other, then a lot of screaming. “I ran in the direction of the screaming [inside the compound],” he said. “I could see some of the people had been injured, cut. I picked up one girl who was bleeding by her eye, and ran out on the street to get help. But when I got outside, it was crazy hell. There were bodies everywhere, people dead, injured, flesh everywhere.”

The teacher, who refused to give his name because he said UNRWA had told the staff not to talk to the news media, was adamant: “Inside [the compound] there were 12 injured, but there were no dead.”

“Three of my students were killed,” he said. “But they were all outside.”

Hazem Balousha, who runs an auto-body shop across the road from the UNRWA school, was down the street, just out of range of the shrapnel, when the three shells hit. He showed a reporter where they landed: one to the right of his shop, one to the left, and one right in front.

“There were only three,” he said. “They were all out here on the road.”

This account seems broadly consistent with the UN News Centre report that Daniel links to (and which contains Ban’s condemnation). In it John Ging is reported as saying that “some 30 people were killed and 55 others injured, five of them critically, when three artillery shells landed at the perimeter of a school, which usually serves as a girls’ preparatory school, in the Jabaliya refugee camp.”

Martin argues that the United Nations’ description of the attack was ambiguous and that UN agencies failed to correct “widespread news reports of the deaths in the school.” Israeli reports also seem to have been confused, however, with Mark Regev, the Israeli PM’s spokesman telling the media that (i) there was hostile fire from the school; (ii) the explosion that resulted was “out of proportion to the ordnance we used.” (e.g. that the school had been booby trapped).

(more…)



The UN’s Gaza lie?

February 4, 2009 | by Daniel Korski | More on Conflict and security, Influence and networks, Middle East and North Africa | 9 comments

One of the most disturbing stories to emerge during Israel’s recent incursion in Gaza was Israeli shelling of a UN school. This is how Reuters described it:

Israeli shelling killed more than 40 Palestinians on Tuesday at a U.N. school where civilians had taken shelter, medical officials said.

The BBC reported that

. . .at least 40 people were killed and 55 injured when Israeli artillery shells landed outside a United Nations-run school in Gaza, UN officials have said.

But though the BBC story placed the shell outside the school, UN officials have now set the record straight. As Haaretz reports, Maxwell Gaylord, the UN humanitarian coordinator in Jerusalem, clarified that the IDF mortar shells fell in the street near the compound, and not on the compound itself.

UNRWA said that the source of the mistaken story had originated “with a separate branch of the United Nations.” Unfortunately, this branch seems to have pretty good access to the UN Secretary-General’s office, because on 6 January 2009 Ban Ki-Moon himself spoke out against Israel’s “totally unacceptable” attacks against what the UN’s own News Centre called “three clearly-marked United Nations schools, where civilians were seeking refuge from the ongoing conflict in Gaza”.

Who knows what actually happened. The fog of war was deliberately made thicker by both the IDF and Hamas. It is clear many people, including civilians, died in Gaza. But the UN school story is beginning to look like the Jenin “massacre” story from 2002. Then the Palestinian news agency Wafa was reporting that Israel had committed the “massacre of the 21st century” in the Palestinian refugee camp in Jenin. “Medical sources” informed Wafa of “hundreds of martyrs.” Reports of the supposed Israeli atrocities in Jenin were spread by Palestinian sources on CNN and elsewhere.

But this turned out to be a lie. There was a battle in Jenin. But the “hundreds” of martyrs were an invention. The death toll was 56 Palestinians, the majority of them combatants, and 23 Israeli soldiers. By then, however, the story had served its purpose, much the same as the UN school story did.

In war, information is a weapon. But not one usually used by the UN.



Kaiser Wilhelm II adds his two pfennig-worth to UK National Security Strategy horizon scanning

January 28, 2009 | by Alex Evans | More on Conflict and security, Cooperation and coherence | No comments

A few days ago, I did a post on the UK government’s current horizon scanning exercise – part of the process leading up to its second National Security Strategy – in which I suggested that “the really stand-out risk that barely got a mention in the events I attended was the possibility that serious erosion of states’ capacity and legitimacy [will undermine] their ability to respond to all the global trends that we were discussing”. 

As regular readers will know, that observation comes straight out of the writings of ‘fourth generation warfare’ theorists like William Lind, Martin van Creveld and John Robb.  But what may come as more of a surprise is the interesting revelation that Kaiser Wilhelm II made a similar point yesterday in his birthday conversation with Lind*:

“My generation of kings and emperors were fixated on the age-old contest between dynasties. Would the houses of Hapsburg and Hohenzollern defeat those of Romanoff and Savoy or the other way around? We could not see the paradigm shift welling up all around us, the onward rush of democracy and equality and socialism and all the rest of that garbage. What we needed was an alliance of all monarchies against democracy. Instead we wiped each other out, putting the levellers in charge everywhere, to the world’s ruin.”

“Does that hold any lessons for our time?”, I asked.

“From Olympus, the picture could not be more clear,” His Majesty replied. “As we were mesmerized by dynastic quarrels, so your politicians cannot see beyond the state. They think only of states in conflict. Will America be threatened by China? Should India go to war with Pakistan? Is Iran a danger to Israel? They cannot see that states are now all in the same, sinking boat, just as all the dynasties were in 1914.”

“What should states then do?”, I enquired.

“Form an alliance of all states against non-state forces, what you call the Fourth Generation,” the Kaiser answered. “The hour is late, and the state system itself has grown fragile. That is the lesson of America’s quixotic war in Iraq. You destroyed the state there, and now no one can recreate it. That is what will happen almost everywhere when states fight other states. But none of your leaders can see it, because they, too, are time-blinded. It is the human condition.”

* Since you ask: in addition to being one of the top experts around on counter-insurgency and fourth generation warfare, William Lind is also an ardent Prussian monarchist.  Consequently, he marks the birthday of Kaiser Wilhelm II (“my reporting senior and lawful sovereign”) with a column each year in which he records a conversation with that leader’s ghost.  Previous editions are highly recommended – e.g. here and here.



Karzai’s “Southern Strategy”?

January 27, 2009 | by Daniel Korski | More on Conflict and security, Economics and development, Europe and Central Asia | No comments

This holiday I read Alpha Dogs, the story of the Sawyer Miller Group, a political consultancy firm that pioneered international electioneering. Long before Karl Rove and James Carville became household names, Scott Miller and David Sawyer were peddling the techniques and snake oil of American electioneering to dictators and reformers throughout the world. Before it dissolved in 1991, the company steered Corazon Aquino to power in the Philippines, helped Czechoslovakia’s Vaclav Havel, and backed Israel’s Shimon Peres.

What advice, I thought, would the Sawyer Miller Group give if it was hired by Hamid Karzai? How would it steer the career of this moderate, one-term president who is seeking re-election but is haemorrhaging both international and local support and has failed to deliver much of what his voters — especially his core Pashtun constituency in the south and east — expected?

In figuring out what Sawyer Miller would say, it may be worthwhile recalling what they told Kevin White, the Mayor of Boston, when he looked as though he was headed for defeat in the late 1970s: people don’t like you, but they trust you to get the job done. Make the election about competence, not charisma.

Voters don’t like Karzai anymore, but some still approve of his record. Unfortunately, they are concentrated in the northeastern, northwestern and eastern parts of the country.  In Karzai’s base, among Pashtuns in the  southeast, little more than half of respondents (56%) told the Asian Foundation the government is doing a good job. So Candidate Karzai, Sawyer Miller would probably say, needs to focus on southerners.

This means getting southerners to vote and then, doing more for them — even to the point of discrimination. It wouldn’t be a bad thing to be accused of favouring southern Pashtuns, the Sawyer Miller consultant might say. True, it might alienate Tajiks, and Uzbeks, the old Northern Alliance, but it is probably safe to assume that the U.S will ensure they do not try to break up the country, even if they make loud noises. So it should be smooth sailing.

But here’s the catch: southerners reveals a clear preference for resolving issues at the community level and are more distrustful of the Kabul government. That may not be surprising with two-thirds telling pollsters their elected representatives are unresponsive. So perhaps Candidate Karzai should launch initiatives aimed at greater decentralisation for the south and compel friendly MPs to organise weekly “town-hall meetings”. Karzai might also persuaded to float the idea of directly-elected governors too. (more…)



Saudi Arabia’s warning to the US

January 27, 2009 | by Alex Evans | More on Conflict and security, Middle East and North Africa | No comments

If you missed Turki al-Faisal’s op-ed in the FT last week, then take a look.  Entitled “Saudi Arabia’s patience is running out”, the language of the former Saudi Ambassador to the UK and the US (and before that the long-time head of Saudi intelligence) is blunt.  For instance:

Unless the new US administration takes forceful steps to prevent any further suffering and slaughter of Palestinians, the peace process, the US-Saudi relationship and the stability of the region are at risk. Prince Saud Al-Faisal, Saudi foreign minister, told the UN Security Council that if there was no just settlement, “we will turn our backs on you” …

America is not innocent in this calamity. Not only has the Bush administration left a sickening legacy in the region, but it has also, through an arrogant attitude about the butchery in Gaza, contributed to the slaughter of innocents. If the US wants to continue playing a leadership role in the Middle East and keep its strategic alliances intact – especially its “special relationship” with Saudi Arabia – it will have to revise drastically its policies vis a vis Israel and Palestine.

Think that’s strong?  Try this:

Last week, President Mahmoud Ahmadi-Nejad of Iran wrote a letter to King Abdullah, explicitly recognising Saudi Arabia as the leader of the Arab and Muslim worlds and calling on him to take a more confrontational role over “this obvious atrocity and killing of your own children” in Gaza. The communiqué is significant because the de facto recognition of the kingdom’s primacy from one of its most ardent foes reveals the extent that the war has united an entire region, both Shia and Sunni. Further, Mr Ahmadi-Nejad’s call for Saudi Arabia to lead a jihad against Israel would, if pursued, create unprecedented chaos and bloodshed. So far, the kingdom has resisted these calls, but every day this restraint becomes more difficult to maintain …

Today, every Saudi is a Gazan, and we remember well the words of our late King Faisal: “I hope you will forgive my outpouring of emotions, but when I think that our Holy Mosque in Jerusalem is being invaded and desecrated, I ask God that if I am unable to undertake Holy Jihad, then I should not live a moment more.”

The FT followed Turki’s article up with a leader yesterday, observing that:

Anyone with a stake in the stability of the wider Middle East should take very seriously the warning set forth in the Financial Times last Friday by Prince Turki al-Faisal … The Saudis have emitted a crescendo of warnings, as Arab leaders over the past decade have lost faith in American leadership and signalled they may make their own arrangements: hostile to Israel, in detente with Iran, and turning their backs on the US – unless it can restrain its Israeli ally. 

Pretty sobering.  Also worth checking out this analysis from a retired US foreign service officer who was twice posted to Sauid Arabia.



Israel, YouTube and public diplomacy

January 27, 2009 | by David Steven | More on What we're watching | No comments

YouTube Preview Image


Get us out of this mess…

January 21, 2009 | by David Steven | More on Climate and resource scarcity, Economics and development, Global system, Key Posts, London Summit | No comments

I’ve been in Japan today, speaking at ‘Reforming International Institutions – Meeting the Challenges of the 21st Century’,  a seminar organized by the United Nations University and the British Embassy in Japan.

You can download my talk here (with pictures, references etc) – or the text only is available below the jump. There’s a webcast too.

Headlines:

  • It’s going to be a tough year. The financial meltdown has a long way to go, and the downturn is risking turning into a global depression.
  • Trade is a bell wether. Protectionist pressures are already on the rise. If they gain traction, take that as a warning of a wider loss of confidence in global institutions.
  • The unravelling of global economic imbalances could prove corrosive to the international order. If countries start to devalue to protect exports, expect a tit-for-tat dynamic to kick in.
  • Scarcity issues (energy, water, land, food, atmospheric space for emissions) remain the key medium term driver of global change. Commodity prices will spike again as soon as there’s recovery.
  • The downturn has stemmed the uncontrolled growth of emissions, but also lessened the chance of a robust global deal on climate.
  • Economic bad times could well drive increased conflict. A major new security threat might be the fabled black swan – hitting just when the global immune system is already overloaded.
  • If we experience a long crisis (or a chain of interlinked crises), we are likely to see either a significant loss of trust in the system (globalization retreats), or a significant increase in trust (interdependence increases). 
  • You need to stretch time horizons to get the latter – shared awareness (joint analysis of risks and challenges), as a basis for shared platforms (loose coalitions of leaders), which can lobby for a shared operating system (a new international institutional architecture).
  • 2009 sets a challenging agenda for the G20 (financial reform and economic recovery – but framed by a broader vision on climate, resources, security etc.)…
  • …the G8 (caucus of rich countries able to tee up Copenhagen and kick start development assistance if developing countries begin to teeter)…
  • …the UN (especially Ban Ki-Moon’s proposed high level ‘friend’s group’ on climate, but also as a fora for getting to grips with scarcity issues)…
  • and the Bretton Woods institutions and the WTO (first of all ensuring they keep their heads above water, then looking to ’save globalization from itself’).
  • Oh and be ready for the backlash – people are angry and rightfully so, but that may well lead us down some populist blind alleys.

(more…)



Generation Kill goes to Gaza

January 17, 2009 | by Alex Evans | More on Conflict and security, Middle East and North Africa | No comments

Chances are you’ll already have seen media coverage of Generation Kill – HBO’s outstanding new mini-series based on Evan Wright’s book on his time as an embedded correspondent with a US Marine Corps reconnaissance battalion as they invaded Iraq. The series comes from David Simon and Ed Burns, the creators of The Wire (here’s an audio interview with Ed Burns, Wire fans).  Lest you haven’t already sampled the extensive selection of clips on YouTube, here’s a small sample to whet your appetite:

YouTube Preview Image
Book and series alike both give close-up perspectives on the failures of counter-insurgency doctrine that typified the early Iraq campaign.  Even then, it’s clear that the more thoughtful marines portrayed in Wright’s account become steadily more aware of the hearts and minds dimensions of their campaign – especially in the case of Lt. Nathaniel Fick, who led the platoon in which Wright was embedded.  Fick has since left the USMC for the Center for a New American Security, where he’s now co-authoring research with long-time 4th Generation Warfare expert John Nagl. (more…)



“Abolish the media” – Plumber

January 12, 2009 | by David Steven | More on Influence and networks, Middle East and North Africa, North America | No comments

YouTube Preview Image

Joe the Plumber’s made it to Israel and has come to a rapid conclusion: war reporting should be banned. Yes really:

I don’t think journalists should be anywhere allowed [near] war. You guys report where our troops are at. You report what’s happening day to day. You make a big deal out of it. I think it’s asinine. I liked back in World War I and World War II when you’d go to the theatre and you’d see your troops on the screen and everyone would be real excited and happy for them. Now everyone’s got an opinion and wants to down soldiers. You know, American soldiers or Israeli soldiers. I think media should be abolished from reporting. You know, war is hell. And if you’re gonna sit there and say: “Well look at this atrocity,”‘ well you don’t know the whole story behind it half the time, so I think the media should have no business in it.



Bretton Woods II – let’s remember the last time

January 11, 2009 | by David Steven | More on Climate and resource scarcity, East Asia and Pacific, Global system, Key Posts, London Summit, North America | No comments

YouTube Preview Image

In last month’s New Atlantic, James Fallows had a fascinating interview with Gao Xiqing, Chief Investment Officer at China’s sovereign investment fund, and the man responsible for a significant chunk of China’s huge holdings of American dollars.

Gao – who Fallows dubs one of the US’s new banking overlords – thinks Americans need to learn some humility and fast.

“The simple truth today is that your economy is built on the global economy,” he says, “and it’s built on the support, the gratuitous support, of a lot of countries. So why don’t you come over and … I won’t say kowtow [with a laugh], but at least, be nice to the countries that lend you money.”

The US should disentangle itself from expensive overseas conflicts, Gao believes, raise its diplomatic game, and – above all – tell its citizens to get saving as part of a “long-term, sustainable financial policy.”

It’s all well and good, but maybe Fallows should have pushed Gao a little harder on whether China’s own financial policy is sustainable. After all, despite recent appreciation, the yuan remains substantially under-valued against both the dollar and the euro – the main reason why the Chinese has ended up holding so much Western debt.

Gao’s comments on the dollar are somewhat contradictory (and reflect all the ambiguity of China’s own dollar position). On the one hand, it defends its status as a reserve currency. The US is still the most viable and predictable market, he says. But on the other, Chinese investment in the dollar is widely unpopular at home. According to Gao, China’s citizens ‘hate’ its support of rich Americans (“people eating shark fins”) at the expense of “poor [Chinese] people eating porridge.”

More significant than public pressure, perhaps, is Gao’s belief that the dollar is highly likely to lose value over the short to medium term (with a corresponding appreciation for the yuan). This will wipe billions of Chinese reserves (reserves that have only been built up through consumption foregone) – while challenging China’s export-led growth model:

We are not quite at the bottom yet. Because we don’t really know what’s going to happen next. Everyone is saying, “Oh, look, the dollar is getting stronger!” [As it was at the time of the interview.] I say, that’s really temporary. It’s simply because a lot of people need to cash in, they need U.S. dollars in order to pay back their creditors.

But after a short while, the dollar may be going down again. I’d like to bet on that! The overall financial situation in the U.S. is changing, and that’s what we don’t know about. It’s going to be changed fundamentally in many ways.

Unravelling these imbalances seems certain to be ugly. Reading George Cooper’s book, The Origin of Financial Crises, on a plane the other day, I was struck by strong parallels between today’s economic woes, and a crisis we have heard little about recently – the ‘Nixon Shock’ that led to the end of the Bretton Woods system. (more…)



Israel’s war crimes

January 11, 2009 | by Alex Evans | More on Conflict and security, Middle East and North Africa | No comments

“Israel’s current assault on the Gaza Strip cannot be justified by self-defense. Rather, it involves serious violations of international law, including war crimes. Senior Israeli political and military leaders may bear personal liability for their offenses, and they could be prosecuted by an international tribunal, or by nations practicing universal jurisdiction over grave international crimes. Hamas fighters have also violated the laws of warfare, but their misdeeds do not justify Israel’s acts.”

The Guardian? The Independent?  No, actually - it’s from an op-ed by a law professor in the Wall Street Journal. When the WSJ of all papers starts running opinion pieces accusing Israel of war crimes, you start to think that Israel’s bleeding international legitimacy has started outright haemorrhaging.

Then you see even the Bush Administration declining to veto Security Council Resolutions against Israel – and you know for sure.



Key Posts
Daily Mail lies about Facebook (updated x7)

Daily Mail lies about Facebook. Facebook sues. Exclusive.

Back to Realism

Transnational factors and threats should make state-centric approaches fall apart, in theory – but in practice, today’s statesment seem extraordinarily adept at sticking with “national interest”-based thinking.

Time to Stop Betting the House

Today, I launch a new paper on risk and resilience in the UK housing market. The report calls for a fundamental shift in the way in which the UK mortgage market is regulated and the how it operates.
The paper is published by the Long Finance Foundation, which is a counter to [...]

Read more » | Comments Off

Confronting the Long Crisis of Globalization

Brookings Institution report by Alex Evans, Bruce Jones and David Steven on how globalisation could fail – or be made more resilient. Published to coincide with the 40th anniversary World Economic Forum in Davos.

The best news on climate change for months. Maybe.

Bono endorses contraction and convergence – potentially kicking off a major (and long overdue) strategic rethink on climate change among NGOs and civil society

Copenfailure: a first analysis

A very rough first analysis of the Copenhagen Outcome, two hours after the summit finished.

How we talk about climate change

We’re kidding ourselves if we think that “green collar jobs” will persuade people to take serious action on climate change. A deeper narrative is required.

The window of opportunity on scarcity issues starts to close (updated x3)

With oil and food prices already back to July 07 levels, have policymakers missed the window of opportunity to take action when prices eased after the credit crunch?