If there’s a single company that illustrates the huge range of opportunities and challenges facing the U.S. economy today, it might be Caterpillar, the heavy-machinery giant based in Peoria, Ill. Like most other firms, Cat took a hit following the financial crisis. But since then, it’s bounced back–and how. After a strong second quarter, the firm is on track for a second record-breaking year in a row and will likely sell $70 billion of its famous yellow earthmovers, tractors and mining equipment globally.

As products roll off the line at the recently expanded East Peoria factory, every one is marked with a flag that designates its final destination. There are a lot of Chinese, Indian and Australian flags. But there are plenty of American ones too, and their numbers are growing. “We put those flags on a few years back. I wanted our workers to understand that globalization isn’t necessarily about someone taking your job,” says Caterpillar CEO Doug Oberhelman. Indeed, Caterpillar thinks less about a single world market than many regional ones. The company is global, but where it can, it sources and produces locally, which is a natural hedge against everything from oil prices to currency risk to changing customer tastes. The bottom line: jobs and growth are split more or less equally between the U.S. and the rest of the world.

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Christian households have also enabled the families of foreign athletes to experience “the heart of British home-life” by providing accommodation during the Games, under the Homestay initiative organised by More than Gold.

“Jesus Christ was someone who served people, who met their needs, joined in their celebrations,” Canon Hugh Dibbins, a retired priest, told Radio 4’s Sunday programme this week. “Stories of what happened in the 2012 Olympics are passed on from generation to generation, and contacts continue, even though the Games finish.”

One story likely to make its way across the ocean is the tale of the Madagascan Olympic athletes and their families who landed at Luton with no luggage. On opening the door to guests with only the clothes they stood up in, Sister Anne Spilberg, part of the Homestay scheme, went to Brentwood Roman Catholic Church to ask for help. The immediate donations included 20 bags of clothes.

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It isn’t a pretty game the way they play it, and they seem never to make it easy, but they come through–KSH.

The United States women’s soccer team is not a Dream Team. It can’t be. After all, Dream Teams don’t have nightmares, as Abby Wambach grimly described last summer’s shootout loss to Japan in the World Cup final.

It is strange then how many and how widely the Americans continually captivate. Typically, fans in the United States fall in love with the fresh, new face ”” think of the gymnast Gabby Douglas and the swimmer Missy Franklin ”” or become obsessed with a team based on dominance and power and might. The Olympic men’s basketball teams are made up of N.B.A. mercenaries, yes, but they are almost always effective mercenaries. They throttle. They pummel. They thump.

The women’s soccer team does not, or at least it has not as often over the past few years….The attraction, it seems, lies in their flaws. Unlike the basketball Dream Teams and unlike their sporting ancestors, the commanding women’s soccer squads of the 1990s, the current incarnation is gloriously imperfect.

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Over at Capital Economics they’re spotlighting Aug. 9, 2007 as the “the unofficial onset of the global credit crunch” making tomorrow the fifth anniversary of, well, the beginning of the end of the uber-loose financial conditions that begat the U.S. housing boom, bust, financial crisis, bailout-a-palooza, deep recession and ”” if you believe Reinhart and Rogoff ”” the economic sluggishness we’re still contending with.

Of course, it’s a little bit squishy declaring any one moment the “start” of something. Some would argue that the birth of the securitization market way back in the 1980s might have been the true start of what eventually became the U.S. housing morass. Still, it’s instructive to remember what was going on in early August 2007, which was when the cracks in the foundation of global finance really started to get noticeable and the themes that have come to define the market for the last half-decade started to emerge.

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Dave Hazewinkel, Sam’s father, wrestled in the 1968 and 1972 Olympics. With Sam wrestling in London this week as part of the U.S. team, the pair becomes the first U.S. father and son wrestlers to compete in the Olympics for the United States.

“It’s hard to put in words,” Sam said about competing in the Olympics. “It’s been a dream of mine that I’ve been chasing since I was really young. It’s not everywhere that you get the kind of support that I got from my dad, where I understood that I could be an Olympian. He did it. I could do it. Hard work pays off.”

Dave and Sam share more than a father-son relationship, however. They’re also brothers in Christ, ever since Dave led Sam to the Lord when he was 6 years old.

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After the match’s final point, [Misty] May-Treanor and [Kerri] Walsh collapsed on the sand and embraced. They hugged their opponents before beginning a victory lap around the court, finding their friends, family and coaches in the stands.

One of the most touching moments of the celebration featured Walsh, wrapped in the American flag, holding both of her sons in her arms as fans cheered.

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Is it crazy for an Olympian to claim that God directs his training regimen? You’d think so from reactions to the much-publicized Christian piety of U.S. Olympic marathon contender Ryan Hall ”” his recent assertion, in particular, that God is his coach.

Commented one Huffington Post reader beneath an article on the role of faith in Hall’s training for this Sunday’s race: “I hope Ryan gets the medication he needs in a timely way.”

Thanks to Hall’s growing notoriety, and to public fascination with other young evangelical sports figures such as football icon Tim Tebow and basketball sensation Jeremy Lin, debates are breaking out anew whether an athlete can pray his way to a gold medal or championship. Let this skeptic suggest an answer that might surprise you….

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Being Muslim has become synonymous with pointed questions, with tension and mistrust, even with conflict. It has become a global phenomenon with profound consequences for inter-communal relations, political rhetoric and policies at the local, regional, national and international level.

Hardly a week goes by without the “Muslim question” being raised, through a local controversy, a regional conflict or a national debate, through violence, extremism or literalism, or through the rise to power of Islamist parties in Tunisia, Morocco and Egypt (years after electoral victory in Palestine).

Islam, well beyond its extremist, literalist or political interpretations, has become an issue – the globalisation of information reinforces a worldwide collective state of mind that legitimises doubt, mistrust and even stigmatisation, while touching off defensive reactions that range from a sense of victimhood to uncontrolled aggression. In sum, these are hard times for Muslims, who must confront numerous challenges, both locally and on a global scale.

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When asked if he favored mandatory helmet laws for cyclists, Wiggins responded that he did, adding, “because ultimately, if you get knocked off and you ain’t got a helmet on, then how can you kind of argue?” He went on to say, “when there’s laws passed for cyclists, then you’re protected and you can say, ‘well, I’ve done everything to be safe.’ ”

Wiggins was denounced for his remarks.

Cyclists and non-cyclists; conservatives and liberals ”” they all united in arguing that wearing a cycling helmet should be a matter of choice, or else the popularity of cycling might decline. Darren Johnson a London Assembly member from the Green Party, said the issue of mandatory helmet laws missed the point. “We need to focus on the solutions to the problem of left-turning lorries,” he said.

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South Africa’s Oscar Pistorius made history by becoming the first amputee sprinter to compete at the Olympics.
The four-time Paralympic champion, 25, whose legs were amputated below the knee as a baby, finished second in his 400m heat in a time of 45.44 seconds to reach Sunday’s semi-final.
“I didn’t know if I should cry or be happy. It was such a mix of emotions,” Pistorius told BBC Sport.

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Most of the world was pessimistic about the job market last year, according to Gallup surveys conducted in 146 countries in 2011. Fifty-seven percent of adults worldwide, on average, said it was a bad time to find a job in their local communities, while 33% said it was a good time. Europeans were the most pessimistic, with 72% saying it was a bad time. Optimism was highest in the Americas, where a still dismal 38% said it was a good time.

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Madrid–The newest Apple store in Spain, like its counterparts in other parts of the world, is designed to draw you in. Stone floors, glass doors, and rows of blond wood tables stocked with scores of gleaming iPhones, iPads and MacBooks as far as the eye can see.

On a recent weekday afternoon, the cavernous showroom was missing only one thing: customers.

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With nearly three million Muslims living in Britain, the observance of Ramadan here is not generally a notable occurrence. Shops are open, businessmen go to work at the regular times and, to outsiders, life seems ordinary enough, save for the absence of eating or drinking from dawn until sunset.

But the Olympics have made this far from an ordinary summer in England, so the arrival of Islam’s holiest month has led to a variety of issues for the estimated 3,000 Muslim athletes and officials at the Games. Questions still linger about how athletes should deal with training, competing and fasting (or whether it is proper for Muslim athletes to fast at all).

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This weekend, NBC kicked off its expensive coverage of the London Olympics by cutting out the part of the opening ceremony that commemorated the victims of the July 7, 2005 bombings, in favour of a soft soap interview with Michael Phelps, the record-breaking swimmer. Then, when Phelps swam (and lost) the next day, it waited eight hours to televise him in action.

What, if anything, goes through the minds of people who make such decisions? We know because the broadcasting network that has infuriated me and others, by refusing to broadcast popular events live, has been honest. It thinks that Americans are interested in live US athletes, not the foreign deceased, and it needs to recoup the $1.2bn it laid out on the London rights.

As a result, NBC’s coverage of the Olympics has been less like a sports broadcast than a surrealist farce in which the characters affect to know less than the audience.

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The scandal engulfing four Olympic badminton teams has abruptly ended the career of one of China’s most promising players.

Yu Yang announced Wednesday she was quitting the sport after the Badminton World Federation disqualified her and her doubles partner, along with three other teams, for “not using one’s best efforts to win a match.”

“This is my last match,” Yu Yang wrote in a microblog to her 1.3 million followers. “Farewell Badminton World Federation; farewell my beloved badminton.”

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Power was restored in India on Wednesday after two days of blackouts that had cast a huge shadow over the nation’s economic ambitions.

On Tuesday, the overburdened electrical grid had collapsed across the whole of northern and eastern India, depriving more than half the country, or around 600 million people, of power. It was the largest blackout in global history in terms of the number of people affected ”” about 10 percent of the world population.

“Superpower India, RIP,” said the banner headline in The Economic Times newspaper.

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When the Summer Olympics opened in London last Friday, there was a version of a religious ritual in the Olympic oath, procession of athletes and lighting of the flame. This was no accident because the modern Olympics have religious roots, though they appear to have largely secular fruits.

I’m reminded of this fact because it was in London in 1908 that an Anglican bishop named Ethelbert Talbot first said, “The most important thing in these Olympics is not so much winning as taking part” ”” a phrase that became part of the Olympic creed. He was following in the footsteps of Catholic priest Henri Didon, who gets credit for the official Olympic motto citius, altius, fortius (faster, higher, stronger). When Didon was a seminarian in the mid-1800s,his superiors organized “Olympic games” for the students, years before the first modern Olympiad in 1896.

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Last week the EU rejected Israel’s request to declare Hezbollah a terrorist organisation. The recent attack in Bulgaria, in which five Israeli tourists were killed and 30 others wounded, and the concern that Syria may provide Hezbollah with chemical weapons, added urgency to Israel’s request. Nonetheless, Europe, which is vulnerable to terrorism on its own soil, refused the request, in part on the grounds that Hezbollah is also a political party.

Hezbollah does indeed play on both fields: it is a terrorist organisation operated by Iran and a Lebanese political party. But the EU’s stance, whereby political activity is regarded as sound defence against being declared a terrorist organisation provides legitimacy to terrorism, encourages violence, and fatally harms moderates.

Europe, the cradle of democracy, should have stated unequivocally: one cannot be involved in terrorism and enjoy the legitimacy of a political party….

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Choreographer Akram Khan has said he is upset his Olympic opening ceremony tribute to victims of the 7 July London bombings was not aired in the US.

Khan said he felt “disheartened and disappointed” NBC cut the segment which featured him and 50 dancers perform to Abide With Me, sung by Emeli Sande.

Instead, NBC aired an interview with American Idol host Ryan Seacrest and US Olympic swimmer Michael Phelps.

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In a BBC radio broadcast today, Anglican canon Duncan Green called on people everywhere in the world to live together in peace and harmony, in the spirit of the Olympic Games.

“I was very moved last week when the Christian chaplains on the team helped their Muslim colleagues prepare a large hall for the Friday prayers of Ramadan. A young Muslim man hugged me for providing such a facility. This week, I’ve witnessed young men and women from all over the world living side by side, greeting one another, making new friends, laughing, and sharing their love of sport. I pray that the world will watch and learn to live in harmony.”

The Multi-Faith Centre at the Olympic Village will be run by 50 chaplains working on shift around the clock and catering to the spiritual health needs of athletes from countries where Judaism, Islam, Christianity, and other religions prevail.

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The London Olympics will try to accommodate religious athletes with 193 chaplains, a prayer room in every venue and a multifaith center in the Olympic Village.

Athletes at the ancient Olympics believed their training honored the gods, and victory was a sign of favor from a deity. As contests like wrestling, boxing, and horse racing were added to the Olympic roster, they supplemented devotional sacrifices, hymns, and ceremonies.

“The idea was that you were training to please Zeus. But part of the festival would be to visit the temple, visit the cult statues, making offerings, celebrating and seeing your family,” said David Gilman Romano, a professor of Greek archaeology at the University of Arizona.

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My Lords, I am very grateful for the opportunity to ask a question in this particular context because the plight of Congo is well known, I think, to everyone in this House. The issue of regional cooperation has already been flagged indirectly in what has been said, and one of the questions I should like to ask is to do with what Her Majesty’s Government is doing to foster a broader regional engagement in this ”“ a strategic engagement, involving more than simply the governments of Rwanda and Congo.

And as part of that regional question, I am very concerned about one particular issue – which is a cross-border one in the region – and that is the plight of the indigenous peoples, the indigenous minorities such as the Batwa.

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The world is facing a new food crisis as the worst US drought in more than 50 years pushes agricultural commodity prices to record highs.

Corn and soyabean prices surged to record highs on Thursday, surpassing the peaks of the 2007-08 crisis that sparked food riots in more than 30 countries. Wheat prices are not yet at record levels but have rallied more than 50 per cent in five weeks, exceeding prices reached in the wake of Russia’s 2010 export ban.

The drought in the US, which supplies nearly half the world’s exports of corn and much of its soyabeans and wheat, will reverberate well beyond its borders, affecting consumers from Egypt to China.

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Is the world on the brink of another food crisis?

It has become a distressingly familiar question. With the price of agricultural staples such as corn, soyabeans and wheat soaring for the third summer in five years, the prospect of another price shock is once again becoming a prominent concern for investors and politicians alike.

The debate marks a dramatic shift from just a few weeks ago, when traders were expecting bumper crops and policy makers were comforting themselves that ”“ if nothing else ”“ falling commodity prices would offer some relief to the troubled global economy.

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Discussion included a statement by Bishop Greg Brewer, Central Florida, in which he pointed out that, in areas of the world with dominant Moslem majorities, Christians would be killed because they adhere to a Faith, which supports any inclusion of homosexuality or lesbianism. Because of the reception of satellite TV with programs from the United States, countries in Africa ”“ especially the Islamic majorities ”“ constantly battle against the adoption of homosexuality into their cultures.

The House barely hesitated at his remark. I think this is result two-fold. In 2008, most of the African provinces declined to attend the Lambeth Conference in Canterbury, England. As a result, the TEC bishops that did attend did not have the opportunity to meet them and hear their stories. They did meet and hear from bishops in India, Pakistan, Indonesia, and New Guinea where Christianity is less than 2% of the population. In these countries, homosexuality is taboo also, but the reaction is not as violent as in Africa. So, how much does this issue matter across the Communion?

In a vote on Tuesday, the House of Deputies concurred by passing the measure with an even wider margin.

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China is on the cusp of a deflationary vortex.
This was signalled late last year by the sharpest contraction in the (real) M1 money supply since modern records began. The hard data is now confirming the warnings.
Consumer prices have been falling for the last three months, producer prices have been falling for four months. This is not a food cost story. It is systemic.
“While an economy-wide generalized deflation is yet to be seen, the deflationary spiral looks to have started in some industrial sectors, attesting to considerable stress with the economy. Persistent deflation can be poisonous,” said Xianfang Ren from IHS Global Insight in Beijing.

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Investment experts at Deutsche Bank now feel that a collapse of the common currency is “a very likely scenario.” German companies are preparing themselves for the possibility that their business contacts in Madrid and Barcelona could soon be paying with pesetas again. And in Italy, former Prime Minister Silvio Berlusconi is thinking of running a new election campaign, possibly this year, on a return-to-the-lira platform.

Nothing seems impossible anymore, not even a scenario in which all members of the currency zone dust off their old coins and bills — bidding farewell to the euro, and instead welcoming back the guilder, deutsche mark and drachma.

It would be a dream for nationalist politicians, and a nightmare for the economy. Everything that has grown together in two decades of euro history would have to be painstakingly torn apart. Millions of contracts, business relationships and partnerships would have to be reassessed, while thousands of companies would need protection from bankruptcy. All of Europe would plunge into a deep recession

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Archbishop [ Francis] Chullikatt said if a new economic model is to be created at Rio+20, then it must be based on such principles as responsible production and consumption; promotion and sharing of the common good; access to primary goods (food, water, sanitation, education, health care); and the unity of the family.

“Now is the time for governments to recognize that sustainable development starts with truly putting the human person at the forefront of our efforts,” the archbishop said. “Maybe then, in 20 years’ time, if there is another Rio conference, we will see true progress in the creation of a more just and equitable world for all.”

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