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Are Western Values Losing Their Sway?

Death-to-America

By STEVEN ERLANGERSEPT. 12, 2015

London — THE West is suddenly suffused with self-doubt.

Centuries of superiority and global influence appeared to reach a new summit with the collapse of the Soviet Union, as the countries, values and civilization of the West appeared to have won the dark, difficult battle with Communism.

That victory seemed especially sweet after the turn of China toward capitalism, which many thought presaged a slow evolution to middle-class demands for individual rights and transparent justice — toward a form of democracy. But is the embrace of Western values inevitable? Are Western values, essentially Judeo-Christian ones, truly universal?

The history of the last decade is a bracing antidote to such easy thinking. The rise of authoritarian capitalism has been a blow to assumptions, made popular by Francis Fukuyama, that liberal democracy has proved to be the most reliable and lasting political system.

With the collapse of Communism, “what we may be witnessing,” Mr. Fukuyama wrote hopefully in 1989, “is the end point of mankind’s ideological evolution and the universalization of Western liberal democracy as the final form of human government.”

But couple the tightening of Chinese authoritarianism with Russia’s turn toward revanchism and dictatorship, and then add the rise of radical Islam, and the grand victory of Western liberalism can seem hollow, its values under threat even within its own societies.

The recent flood of migrants and Syrian asylum seekers were welcomed in much of Europe, especially Germany and Austria. But it also prompted criticism from a number of less prosperous European countries, a backlash from the far right and new anxieties about the growing influence of Islam, and radical Islamists, in Europe.

“Nineteen-eighty-nine was perceived as the victory of universalism, the end of history, but for all the others in the world it wasn’t a post-Cold War world but a post-colonial one,” said Ivan Krastev, director of the Center for Liberal Strategies in Sofia, Bulgaria, and a contributing opinion writer for The Times.

https://www.nytimes.com/2015/09/13/sunday-review/are-western-values-losing-their-sway.html?_r=0

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‘It’s time to hold physical cash,’ says one of Britain’s most senior fund managers

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It may be time to money under the mattress. High profile fund managers explain how to prepare for a ‘systemic event’

Ian Spreadbury, who invests more than £4bn of investors’ money across a handful of bond funds for Fidelity, including the flagship Moneybuilder Income fund, is concerned that a “systemic event” could rock markets, possibly similar in magnitude to the financial crisis of 2008, which began in Britain with a run on Northern Rock.

“Systemic risk is in the system and as an investor you have to be aware of that,” he told Telegraph Money.

The best strategy to deal with this, he said, was for investors to spread their money widely into different assets, including gold and silver, as well as cash in savings accounts. But he went further, suggesting it was wise to hold some “physical cash”, an unusual suggestion from a mainstream fund manager.

His concern is that global debt – particularly mortgage debt – has been pumped up to record levels, made possible by exceptionally low interest rates that could soon end, and he is unsure how well banks could cope with the shocks that may await.

He pointed out that a saver was covered only up to £85,000 per bank under the Financial Services Compensation Scheme – which is effectively unfunded – and that the Government has said it will not rescue banks in future, hence his suggestion that some money should be held in physical cash.

https://www.telegraph.co.uk/finance/personalfinance/investing/11686199/Its-time-to-hold-physical-cash-says-one-of-Britains-most-senior-fund-managers.html