Really. Given the all the space being sucked up by the Gulf Spillocaust, you might have missed these two encouraging developments:
1. The Chinese are allowing their currency to float upwards. This will increase the cost of Chinese products a bit and decrease the price of U.S. exports to China. It may have some positive economic impact on the margins, depending on how high the Chinese allow the reminbi to float. In any case, it’s something the last several U.S. Administrations have wanted from the Chinese. The fact that the Obama Administration succeeded in getting it to happen is attributable to two things: the global economic mess and Obama’s quiet diplomacy, including the decision not to press the Chinese too hard publicly on human rights issues.
2. The Israelis have done the right thing, reversing the Gaza blockade. It will now be limited to arms and equipment that might be used against Israel; all others goods will be allowed through. This puts the onus squarely on Hamas–and, one hopes, that Islamic countries in the region, especially Turkey and Saudi Arabia, will make it clear to Hamas that a reciprocal act is called for. At the very least, Hamas should release the Israeli soldier Gilad Shalit, whom it has been holding prisoner. And it should finally begin plans to hold an election in Gaza, reversing the coup d’etat it staged against the Palestinian Authority in 2006.