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The Myth of the Caliphate The Myth of the Caliphate
The Political History of an Idea
By Nick Danforth

In 1924, Turkish leader Kemal Ataturk officially abolished the Ottoman caliphate. Today, most Western discussions of the Islamic State of Iraq and al-Sham (ISIS), the extremist group that has declared a caliphate across much of Iraq and Syria, begin by referencing this event as if it were a profound turning point in Islamic history. Some contemporary Islamists think of it this way, too: there’s a reason, for example, that Lion Cub, the Muslim Brotherhood’s children’s publication, once awarded the “Jewish” “traitor” Ataturk multiple first prizes in its “Know the Enemies of Your Religion”...

Zombie Abenomics Zombie Abenomics
Japan's Missing Economic Revival
By Richard Katz

Japanese Prime Minister Shinzo Abe’s economic revival is hardly going as planned. A consumption tax hike that he introduced in April triggered a recession over the following six months, prompting him to announce the delay of the second hike, from October 2015 to April 2017. In his November 18 press conference, he also vowed to make no further postponements, to dissolve the Japanese parliament, and to hold a snap election to gain a mandate for his economic plan. The tax delay is unquestionably necessary. Before the first hike, the Ministry of Finance and the Bank of Japan had blithely promised Abe that Japan would see only a mild and short-lived response, which proved disastrously wrong. Just as wrong were their warnings that any delay in the second hike would cause stock prices to crash and interest rates to spike. In reality, the first sign of a possible delay sent stock prices to seven-year highs. Meanwhile, the Bank of Japan has easily kept interest rates at near-record lows, not only for 10-year bonds but also for 30-year and 40-year...

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FROM YESTERDAYfrom yesterday
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