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Market chaos, Biden’s shift and Putin’s triumph: Weekend Reads

Balance of Power
Bloomberg

President Joe Biden pushed forward with a shift in U.S. foreign policy, while lawmakers in Washington wrangled over the expulsion of a conspiracy theory-touting representative from congressional committees.

Donald Trump's lawyers rejected a request that he testify in his Senate impeachment trial that begins next week, while Myanmar's military ousted the government in a coup.

Markets lurched into turmoil as retail traders took on Wall Street hedge funds. The virus also continued to extract its grim toll, as the pace of inoculating people in many countries suggests it may take years for things to return to normal.

Look deeper into these and other topics with the latest edition of Weekend Reads. — Michael Winfrey

Demonstrators hold up images of Myanmar's former leader Aung San Suu Kyi during a protest in Bangkok, Thailand, on Feb. 1.

Photographer: Andre Malerba/Bloomberg

Myanmar's military detained Suu Kyi, declared a state of emergency and seized power for a year after disputing her party's November election victory. Now the generals have to figure out how to win votes. As Philip J. Heijmans reports, she has trounced them in ballots dating back to 1990.

Click here for this week's most compelling political images and tell us how we're doing or what we're missing at balancepower@bloomberg.net.

Biden Wants a Foreign Policy Putting Middle-Class America First
Biden's "foreign policy for the middle class" is less pithy than Donald Trump's "America First." But as Shawn Donnan writes, for a world trying to gauge the U.S.'s new leadership, it may be just as consequential.

Trump Rejects Request for Impeachment Testimony Under Oath
Trump's lawyers rejected a request from House impeachment managers for the former president to testify under oath about his conduct when a mob of his supporters stormed the U.S. Capitol, Mark Niquette reports.

Stonks Are Bonkers, and Other Lessons From the Reddit Rebellion
The past two weeks have turned the idea of how Wall Street works on its head. Pat Regnier looks at how the frenzy over GameStop highlighted the ways Covid-19, new technologies and free stock trading are fueling turmoil.

The U.S. House voted to strip Georgia Republican Marjorie Taylor Greene from her two committee seats for embracing conspiracy theories and violence against Democrats. Despite denouncing Greene's actions, Herrera Beutler didn't support the resolution.

How a 'Mind-Blowing' Blunder Created a Dangerous Brexit Standoff
When the European Union raised the prospect of reinstating border controls between Ireland and Northern Ireland, it stirred up discontent among unionists about the Brexit deal that was signed against their wishes, Dara Doyle, Joe Mayes and Tim Ross report.

They Betrayed Italy's Last Leader, But Draghi Needs Their Help
Italy is in a deep hole. As John Follain, Chiara Albanese and Alberto Brambilla explain, now it's up to former European Central Bank President Mario Draghi to try to form a new government that can bring the coronavirus under control and relaunch the economy.

Putin's Once-Scorned Vaccine Is Now a Favorite in Pandemic Fight
Russia's August announcement that it had approved the world's first Covid-19 vaccine sparked skepticism worldwide. As Henry Meyer reports, now President Vladimir Putin is basking in arguably his country's biggest scientific breakthrough since the Soviet era.

When Will Life Return to Normal? In 7 Years at Today's Vaccine Rates
Tom Randall looks at Bloomberg's database of Covid-19 shots to show that, with vaccinations happening more rapidly in richer Western countries than the rest of the globe, the end of the pandemic will take seven years at the current pace.


Pop quiz, readers (no cheating!). Which country's top diplomat warned Biden not to cross his nation's "red line" over issues such as human rights? Send your answers to balancepower@bloomberg.net

Bin Laden, Robot Conspiracy Theories Test Pakistan Vaccine Drive
Many nations are struggling to persuade people to get Covid-19 vaccines, but Pakistan may face the biggest challenge. Chris KayFaseeh Mangi and Ismail Dilawar explore how mistrust is fueled by anti-Muslim conspiracy theories and the legacy of the hunt for Osama bin Laden.

Thailand Revives Prison Terms for Royal Insults to Stop Protests
After Thailand's king took the throne in 2016, his government stopped using a law criminalizing royal insults. But as protesters call for a reduction in his powers, authorities are enforcing it anew, Randy Thanthong-Knight reports.

And finally ... China's government is trying to boost children's interest in the environment as it tries to eliminate its net carbon emissions by 2060. But the push to include mandated recycling sorting, building green cities, and banning single-use plastic straws stops at discussion of the outsized influence the world's biggest polluter has on the planet's climate trajectory.

China's climate education emphasizes personal responsibility over individual actions, rather than large-scale policy changes that may hurt the state's economic interests.

Photographer: Yan Cong/Bloomberg

 

 

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