The strain and stress was unmistakable this week, all over the world. From the swift demise of the investment bank Bear Stearns to the turmoil in the stock markets; from U.S. protests marking five years of war in Iraq to Tibetans rising up against China.

 

Here’s what happened, in a nutshell:

 

Bear Stearns and the markets
It was last Friday that Bear Stearns announced it would not be able to meet its financial obligations, meaning it didn’t have enough money to cover its trades or even operate as a company. Another investment bank, JP Morgan, jumped in to “help” (with the backing of the Fed), loaning Bear the money to cover those debts. But it wasn’t enough. By Monday the company, whose stock traded at $170 just one year ago, was sold for $2 a share… to JP Morgan.

 

Five years in, Heath Ledger news ranks higher than Iraq

Demonstrators across the U.S. protested five years of war in Iraq on Wednesday, leading to arrests and a visual reminder of a war that for many people remains very distant. A Pew Research Center survey found in the last week of January that more Americans were following news of Heath Ledger’s death (12%) than the war (6%), though the conflict remains one of the top issues among voters.
(See "Iraq 5 Years In" timeline from The New York Times)

 

What’s happening in Tibet?
Nestled between India and China, Tibet has been at odds with China over self-rule for centuries. Starting in 1912, Tibet operated independently, up until 1950 when China formally took over. The Dalai Lama, Tibet’s Buddhist leader, lives in exile in India . Protests, sometimes violent, erupted last week; China claims they were plotted by the Dalai Lama and his supporters, who are seeking independence for Tibet.

The spiritual leader says that he only wants greater autonomy for Tibetans and is offering to hold talks with the Chinese government, which has agreed to meet with him only if he'll agrees to certain terms--such as acknowledging Tibet as part of China. Meanwhile, Tibetans’ protests against Chinese rule continue to grow and spread, and the violence is escalating. On Thursday China forced the last remaining foreign journalists out of Tibet.

The big picture
That’s a lot of struggles for one week, and none seems to have easy resolutions. The market and economy will continue to fight their way through this rolller coaster period as the housing crisis plays itself out on Wall Street. President Bush says there is no immediate plan to withdraw more troops from Iraq, and he will likely wait until after the election to a make decisions on that front—keeping the Iraq struggle there and here alive. Lastly we are certain to see more Tibet-like situations ahead of the Beijing Olympics in August as groups use the national stage to spotlight human rights abuses in China.