Nov. 2, 2007—Saudi Arabia, The United Arab Emirates, Qatar, Kuwait and Bahrain followed the Fed’s decision to cut interest rates by a quarter percentage point. The Gulf states’ exchange rates are pegged to the dollar, whose decline has diluted the benefit of record oil prices. Rampant inflation in the region has increased pressure, particularly on the UAE, to sever ties with the dollar, which could further add to the dollar’s woes. WSJ A2
--The military has punished nine Marine Corps recruiters who arranged for stand-ins to take Armed Services entrance exams for new enlistees. NYT A17
--“What is [in the case of torture] confessed, tendeth to the ease of him that is Tortured; not to the informing of the Torturer: and therefore ought not to have the credit of sufficient Testimony: for whether he deliver himself by true, or false Accusation, he does it by the Right of preserving his own life.”—Thomas Hobbes, Leviathan (1651)
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