January 14: United States
Iraqi Defense Minister Abdul Qadir arrives in the United States to discuss the long-term military relationship between both countries, including U.S. assistance in building Iraqi armed forces. During his interview, Minister Qadir says that Iraq will not be able to provide for its internal security until 2012, or to defend Iraq’s external borders until 2018-2020.
February 26: United States
The New York Philharmonic Orchestra visits North Korea to play a concert in the country’s capital, Pyongyang. Hailed as “soft power ambassadors,” the ensemble is the biggest American delegation to visit North Korea since the Korean War. The visit is compared to the Boston Symphony Orchestra’s concert in the Soviet Union during the Cold War, as it aims to ease strained diplomatic relations.
April 17: United States
India mobilizes heavy security to protect the Olympic torch as it passes through Delhi. As a preventative measure, the authorities detain at least 100 pro-Tibet demonstrators, while Tibetan exiles organize an alternative peaceful torch relay event. India is home to the world’s largest community of Tibetan expatriates and Tibet’s spiritual leader, the Dalai Lama. In previous weeks, the Olympic torch relay was disrupted in London, Paris and San Francisco by protesters objecting to China’s human rights record and its rule in Tibet.
June 3: United States
South Korea’s government delays the implementation of a beef import agreement with the United States following weeks of street protests. The country stopped importing U.S. beef in 2003 due to fears of mad cow disease.
July 8: United States
The Czech Republic signs an agreement with the United States to host a radar base for the controversial U.S. missile defense shield project. Russia, which regards the project as hostile and a potential threat to its own territory, threatens to retaliate by military means. The United States argues that the defense system is directed against long-range missiles from rogue countries, such as Iran.
August 14: United States
Poland signs a deal with the United States to base 10 interceptor missiles on Polish territory as part of the controversial U.S. missile defense shield project. Negotiations with Poland went on for a year and a half, but were accelerated by the Russian invasion of Georgia. In exchange for placing the base in Polish territory, the United States agrees to supply Poland with short-range Patriot missiles for its own defense and guarantees assistance if Poland is attacked. The deal angers Russia, which says Poland has made itself a target of a possible nuclear strike.
September 16: Mexico
Eight people are killed and more than 100 injured in an explosion caused by grenades as crowds celebrate Independence Day in the city of Morelia, Mexico. The attack is shocking, as it appears to target civilians. (Sept. 27): The Mexican authorities arrest three people suspected of causing the blast and say the men are members of a unit of the Gulf Cartel, known as the Zetas. So far this year, the number of victims of drug-related violence has exceeded 2,700.
October 1: United States
The U.S. Congress approves a nuclear deal with India, ending the ban on nuclear trade with this country. The agreement gives India access to U.S. civilian nuclear technology and the international nuclear market as long as India uses the fuel for non-military purposes. In return, India agrees to allow inspections of its civilian facilities. Military facilities, however, will remain outside inspectors’ scrutiny. India plans for 25 percent of its electricity to come from nuclear power by 2050.
October 3: United States
After an arduous debate, the U.S. Congress passes the previously rejected $700 billion Emergency Stabilization Act of 2008, commonly referred to as the bailout of U.S. financial institutions. This emergency rescue plan is designed to purchase the bad debt of financial institutions in order to prevent them from collapsing. It is also supposed to stabilize financial markets by injecting capital into banks. The package includes provisions such as tax breaks for small businesses and higher protection for savings deposits.
October 11: United States
The United States removes North Korea from its list of state sponsors of terrorism. In return, North Korea agrees to disable its Yongbyon nuclear facility and allow international inspectors access to its nuclear sites. This is an important step for North Korea, and one that is necessary for it to get access to international aid and loans.
November 4: United States
Barack Obama wins the presidential election with 53 percent of the vote, becoming the first black president of the United States. His opponent John McCain, a senator from the state of Arizona, obtains 46 percent of the vote. Sixty-two percent of eligible voters come to the station polls. Democrats gain seats in the Senate, winning the total of 58 seats and acquiring the majority. Despite this success, however, they are two seats short of a super-majority that would allow them to prevent Republicans from blocking legislatures. The Democrats also easily gain majority in the House of Representatives. Winning control of both chambers in Congress will make it easier for the president-elect to push through his agenda.
November 17: United States
The National Association for Business Economists (NABE) and the Philadelphia Federal Reserve Bank conclude that the U.S. economy is in recession, which will last for 14 months. From July to September, the U.S. economy contracted at an annual rate of 0.3 percent. (November 25): The U.S. Federal Reserve announces a new $800 billion stimulus plan, aiming at stabilizing the financial system and encouraging lending to consumers.
November 27: United States
After a year of negotiations with the United States, Iraqi parliament votes on the presence of the U.S. troops in the country. According to the plan, the U.S. will hand over the country to Iraqi control by mid-2008 and will leave Iraq entirely by the end of 2011. The plan will have to be approved in a referendum next year.
December 1: United States
According to the National Bureau of Economic Research (NBER), a U.S. non-profit economics research organization, economic recession in the United States began in December 2007. It was accompanied by a decline in employment. NBER does not predict the length of the recession.
December 12: United States
The former chairman of the NASDAQ stock market and a highly respected U.S. hedge fund manager Bernard Madoff is arrested and charged with securities fraud of up to $50 billion. Madoff offered investors up to 12 percent returns, which he paid off with money from new investors. This Ponzi scheme went undetected for many years despite several audits by the Securities and Exchange Commission. The scheme has affected investors and charities around the world, wiping out their investments.
December 19: United States
The United States government approves loans for Detroit’s Big Three carmakers, Chrysler, Ford and General Motors (GM), amounting to over $17 billion. The money will come from the loan originally designed for the bailout of the U.S. banks. The car companies have warned that the lack of the government support would lead to their bankruptcy and the loss of millions of jobs.