For more than a decade, NewWork News has surveyed the world's news having to do with life and work in the revolutionary new world economy. Over all these years, we have not made a significant effort to distinguish between straight reporting and editorial comment.

Written by Gary Johnson, NewWork News each day is more like a newspaper or magazine column than a newspaper's front page. However, nearly every item is linked to at least one original story from somebody else's "front page" so as to enable our readers easily to examine the original story without deliberate interpretation or commentary.

Some NewWork News items are highly analytical. Several of these have been gathered together for presentation below. All have been written by Gary Johnson.

OPEC delays decision regarding more production cuts (Saturday, 11/29/08)
Demand is way down, so crude oil prices on the international market have declined significantly too. As a consequence member nations of the Organization of Petroleum Exporting Countries have been selling less oil and at a lower price, meaning that they are receiving reduced oil revenues. At first glance, it might make sense for OPEC to cut production in order to reduce supply and drive the price up some.

On the other hand, there may be a permanent change of mood going on in the United States right now with respect to energy, and higher crude oil prices might simply accelerate these changes, permanently reducing U. S. demand for Middle Eastern and Venezuelan oil in the long-run.

Oil ministers from OPEC countries have been meeting in Cairo, but have decided to wait until this December 17 meeting to decide whether or not to cut production. Here's more from Tarek El-Tablawy and Adam Schreck in Cairo.

Holiday generosity (Saturday, 11/29/08)
Carla Jackson in Chicago reports that the 230 employees of Peer Bearing Company don't work anymore for the family that built the company, because it was sold recently. Nonetheless, the Spungen family has decided to give holiday bonuses to all of the employees anyway, to the tune of $6.6 million.

That averages approximately $28,000 each, incidentally, but some employees will receive more and some less, because the actual amount in each case will be determined by how long each employee has been with the company.

In other Chicago news, WBBM reports that Aon Corporation's acquisition of Benfield Group Limited is likely to result in a reduction of 700 jobs.

An alternative meaning for "black Friday?" (Friday, 11/28/08)
Traditionally, it has been called "black Friday" because retailers have felt that sales the day after Thanksgiving put their businesses into the "black." However, this year, "black" may mean "grim." People in large number raced into the stores today, but were they also "customers?"

Today's NewWork News Web Tip: The Maritime Dimension of International Security (Friday, 11/28/08)
Numerous times, we've pointed out that more people are now living under conditions of slavery in the world than at any other time in history, in part, because of the huge increase in global population during recent decades.

It's probably equally startling to recognize, as well, that piracy is anything but confined to our remote past. In fact, negotiations currently are going on with pirates who want $25 million ransom for the return of a single Saudi oil tanker.

The famed RAND corporation has published a new report on the Maritime Dimension of International Security: Terrorism, Piracy, and Challenges for the United States.

Today's NewWork News Web Tip: American Social History (Wednesday, 11/26/08)
Readers of history are used to learning about battles, generals, major political leaders, and the like. It's important to know about these things, because some represent major transformations or changes of direction in the development of society.

However, these aren't the only things that offer context and perspective which can greatly influence our interpretations of the present and alternative futures. In fact, here's a quick way of gaining access to a tremendous amount of information from a variety of sources on American Social History.

When can a person who is not a president have the influence of a president? (Monday, 11/24/08)
Probably right now. As Barack Obama has pointed out, America has only one president at a time, and George W. Bush will be President of the United States until noon, January 20, 2009.

Nonetheless, while he can't sign bills or perform any of the other formal functions of the presidency, Mr. Obama has been attracting the attention of the country, as well as investors, and may be able to have an influence on the economy without being president. Nonetheless, President Bush and President-Elect Obama have an unusual relationship during a highly unusual time.

Today's NewWork News Web Tip: International Center for Journalists (Sunday, 11/23/08)
People in the United States tend to assume the legitimacy of a vigorous First Amendment-based journalism sector, but the U. S. certainly isn't the only nation with a relatively "free press."

However, some countries, such as Britain, for instance, place limitations on journalism's examination of government, such as the "Official Secrets Act," which, even though it has existed since the early 20th century, became somewhat more restrictive nearly thirty years ago.

But, for the most part, it is assumed in some countries that the role of the "press" is to serve the public by providing an independent source of information of all kinds, and, in the process, acting as a check on government actions.

Such an attitude of journalistic legitimacy isn't universal, however. In many, even mildly criticizing government policies is a good way to spend the rest of one's life in a dungeon.

The people in charge of the International Center for Journalists would like to see independent journalists throughout the world, and work toward that end.

On average, stocks are now worth only a bit more than half of what they were worth at their peak only 13 months ago (Thursday, 11/20/08)
Let us repeat that--no, we're not going to repeat it, but it does tell how far we've come in such a short time. David Letterman recently said in his opening monologue that the Dow hit 1,000 in 1972, and it "did that again today." That an exaggeration, of course, but it's sobering, nonetheless. Even wealthy people are feeling a lot less wealthy now than they were toward the end of last year. Tim Paradis and Sara Lepro write from New York about the big decline two days in a row on Wall Street.

Today's NewWork News Web Tip: Voices on Antisemitism (Thursday, 11/20/08)
The term "race" is like a Rorschach Ink Blot--it can mean whatever you might like it to mean. In fact, it brings to mind the psycholinguists mantra: "Words don't have meanings; instead, people have meanings for words." This has become a cliche in academic circles, but it's also a true statement. So-called "racial categories" are much more products of perception , leaning, and culture over time than biology.

Remarkably, while it may seem old-fashioned now, a few decades ago, it was common to hear people in Europe and North America--particularly bigots--talk about the "Jewish race." Anti-Jewish bigotry has lasted for many centuries in European cultures both on the European continent and those that have been transplanted elsewhere. The Holocaust Memorial Museum in Washington has made a number of podcasts and other resources available on their Voices on Antisemitism site.

DEflation? (Monday, 11/17/08)
If the upcoming Obama administration changes federal fiscal policy enough and in the right ways, inflation could become a significant problem at some later time.

However, damping down the recession, making it less severe and of shorter duration than might be the case otherwise--or even heading off a depression--are of higher priority at the moment. If the government simply prints money and spends it on, say, public works infrastructure projects, we can worry about inflation later.

It does appear that prices have been falling now, though, and not just the prices of gasoline and houses. Here's more from Bloomberg's Bob Willis.

TARP doesn't stand for "tarpoleum" (Monday, 11/17/08)
Or, since "cover" can mean either "include" or "conceal," maybe it does in this case. Actually, the way TARP has been used recently, it's an acronym standing for the Troubled Asset Relief Program, and Loren Steffy believes that it's time to peal back the "blanket of secrecy", or, if you like, the tarpoleum.

Today's NewWork News Web Tip: First World War (Monday, 11/17/08)
The current global financial crisis is unprecedented, but, so far, at least, the 21st Century doesn't look anything like the 20th, during which the world had one protracted globe-threatening crisis after another which, collectively, lasted most of the century. There was the First World War, followed by the Great Depression, followed by the Second World War, followed by the Cold War.

It was a tremendously bloody century during which tens of millions of people died, and it produced some of the most pathological political figures and brutal dictatorships since ancient Rome.

As part of our continuing effort to encourage historical perspective, we're happy to see that the UK's Guardian newspaper has produced a fascinating site on the First World War.

"Cooperation" is talking the talk, but now it's time to walk the walk, as they say (Sunday, 11/16/08)
The first big international financial conference since about a year before the end of World War II at Bretton Woods, New Hampshire has been going on in Washington, D. C. There have been widespread promises of cooperation, but the devil's in the details, so it's time to think outside the box sooner rather than later twenty-four seven, not throw somebody under the bus. We hate cliches; we avoid 'em like the plague.

Also, President Bush has explained why a free-market enthusiast who is also President had the daylights scared out of him by what his advisors had to say and decided it was time for major governmental intervention.

However, famed international economist, Jeffrey Sachs, and others have been saying for sometime that there is no such thing as a "free" market system, but only a market system. Markets are not the same as genuine laissez-faire capitalism; they don't spring up out of thin air. Without rules and referees, there cannot be a ball game and, so, no winners and losers. A genuine laissez-faire situation is more like street thuggery. There are many people who would like to make as much money as possible without the intervention of the government, and some of them are called "muggers."

The man who was the recipient of the Nobel Prize in economics in 1970, the second year it was awarded, Dr. Paul Samuelson, talked for years about the "mixed" American economy, and still does, presumably.

Today's NewWork News Web Tip: French Revolutionary Pamphlets (Sunday, 11/16/08)
One of the principal reasons the rest of the world has wanted to invest its money in the United States is the tremendous stability of American political institutions. In a world where 50 years can be an eternity in the political history of many countries, a political system that still rests on a Constitution that is more than two centuries old is remarkable.

When Al Gore talks about the contested 2000 presidential election, he says that, while he disagrees with the Supreme Court ruling that, in effect, awarded the presidency to George W. Bush, he knew that was the end of the line, because the only alternative that remained was violent revolution, and that was unthinkable. Even some of President Bush's most outspoken critics often fantasize out loud about how things will be when he's no longer in office, but not about abolishing the presidency itself.

And, Abraham Lincoln was quick to point out that the Southern states had a Constitutional right to hold slaves, even though he personally opposed the slave trade. He knew that, without the Constitution, there would be no path to the eventual abolition of slavery. Without the law, America could have ended up being a highly unstable and chaotic place, and the most primitive of human institutions could have continued for another thousand years.

There are many good reasons for Americans to be highly patriotic without sounding like a boastful drunk who insists on shouting all that "greatest country in the world" stuff. How does that sort of hyperbole sound to the Canadians or the Australians or the British or the Italians or the French, or people from any of dozens of other countries? Many people throughout the world love their own countries too, and want to stay where they are. While there is an historic migration going on, the world's poor are not simply trying to get into the United States. Many other countries, including those mentioned above, have major problems with illegal immigration too.

Americans, including American children, are no more important than any of the other people in the world. However, despite many caveats and even though American democracy is still in development and certainly wasn't born full-grown, the country's special history and nature mean that the entire world probably is much better off because the United States continues to exist.

Nonetheless, the growing gap between "haves" and "have nots" in the United States as well as across much of the rest of the world has important implications for future life in the U. S. and on this planet. If you don't believe it, it's probably time for you to study the French Revolution. Assuming that you can read one of the modern versions of Latin that is France's language, here are some French Revolutionary Pamphlets to get you started.

The Paulson pivot (Saturday, 11/15/08)
No, it's not a new dance, or, at least, we don't think so. U. S. Treasury Secretary Henry Paulson explains why that huge federal taxpayer-financed plan has shifted direction.

Meanwhile, is anybody in charge? Historians may regard the period we're in now as an interregnum during which the United States has had no administration. President Bush has been acting as though his presidency is over and his home near Crawford, Texas is dominating his thinking, while President-Elect Obama hasn't taken over yet. Is the United States adrift without a captain in a sea of great turbulence?

Many member of Congress feel that the Administration has engaged in some sort of "bait and switch" procedure, without much oversight on how banks will use taxpayer funds. In fact, maybe only the banks themselves know.

G20 wants to be able to detect future problems in time to head them off (Saturday, 11/15/08)
First, what on Earth is "G20," anyway?

You've heard of "G7," which refers to the group of the seven richest industrial nations, and also "G8," which typically refers to "G7," plus Russia, which the 20th century taught the world not to ignore. As a consequence, the great Russian bear is given a seat at most tables. However, Russia felt pretty rich itself during the summer when crude oil prices were so high, because it has become a major oil exporter. Not so much during recent weeks, though.

At any rate, "G20" refers to the twenty nations making up most of the world's total economic growth, when there is some. At the moment, though, most of these nations are in recession or are about to be. The remaining countries in the world are more-or-less in permanent depression.

Top leaders of the G20 are meeting in Washington and, as Jeannine Aversa reports, are trying to develop more effective means for identifying future dangers to the world economy. Meanwhile, the President of the United States has indicated that he feels that the G20 meeting is making progress on a number of fronts.

Today's NewWork News Web Tip: Latino Settlement in the New Century (Saturday, 11/15/08)
Our older readers will remember a time, not so long ago, when most people thought of the American population as being "white" and "black," with people of African "black" ancestry making up the largest minority in the United States.

There are many ethnicities in the U. S. now, not only people with predominant Northern European caucasian ancestry and people with predominant black African ancestry. While our perceived ethnic categories always has been an oversimplification, it's certainly no longer true that African Americans make up the largest minority in the United States. Instead, the largest demographic group in the country now is made up of Hispanics or Latinos, whichever label you prefer.

Later this century, Hispanics will no longer be the largest minority either. Instead, it will be Caucasians of Northern European ancestry, because, after more than two centuries, this will be a nation of minorities, with no national majority. The United States finally will have moved beyond the fact that it started as group of northern European colonies with a vigorous transatlantic slave trade.

The Philadelphia-based Pew Foundation has been studying Latinos for many years. Here is the Pew Hispanic Center's Latino Settlement in the New Century.

Boing, boing, thud? (Friday, 11/14/08)
While it may not be the most representative index of the American stock market, most people think of the Dow when they think of stocks. The Dow has been up and down during recent days. It was down a lot the day before yesterday, up a lot yesterday, and down a lot again today, given more bad economic news.

Today's NewWork News Web Tip: Podcasts from the Royal Society (Friday, 11/14/08)
Even if Benjamin Franklin had not been one of America's "founding fathers," it's likely that he would still have a prominent position in the history books today. Not only was he a self-made businessman who largely invented "franchising," he was also one of history's great physicists.

His honorary doctorate was from the famed University of Edinburgh in Scotland, which explains why Thomas Jefferson and others referred to this historically important self-taught scholar as "Dr. Franklin." However, he was elected to Britain's Royal Society too, which, at the time, was largely equivalent to being a recipient of the Nobel Prize in physics now.

The great university and the Royal Society continue to exist, and their stature has not suffered over the centuries. The University of Edinburgh continues to be one of the world's great research universities, and the Royal Society continues to break new ground in ways that would have pleased Benjamin Franklin. For instance, here are podcasts from the Society.

Murdoch describes how he thinks the world's future will be (Sunday, 11/2/08)
Media mogul Rupert Murdoch believes that China and India will reshape the global geopolitical/geoeconomic system during the next several decades.

Whether you're prepared to bless Fox News or damn it, it's probably important to entertain the notion that Mr. Murdoch really doesn't have a political agenda. How's that again?

While he probably has a personal preference for conservative economics, given his history, it's plausible that he doesn't allow anything to get in the way of business, even politics. He simply follows the markets. If he thought there was a bigger audience for a "liberal" cable news channel in the United States, Fox News probably would be left-wing, rather than bending hard-right. Recall that Rupert Murdoch once held fundraisers for Hillary Clinton in the U. S. and Tony Blair in the UK.

Today's NewWork News Web Tip: Clara Barton National Historic Site (Sunday, 11/2/08)
This has been the year during which there was a woman who was a major Democratic presidential candidate and a women who is the Republican nominee for Vice President of the United States. There will be women voting on November 4 who can remember when it was still illegal for women to vote in federal elections.

Clara Barton is well-known for many things, including her organizing of the American Red Cross. However, she died in 1912, eight years before women could vote in the United States.

Nonetheless, the National Park Service, an agency of the federal government, has designated her home as the Clara Barton National Historic Site.