lifestyle leader

- John Kay creates analogy between investors and tailgators; proceeds to beat metaphor to death.

- The New York Times to imitate the Financial Times' gated system; Felix Salmon analyzes

- Zimbabwe becomes more mobile, faces dollarization difficulties and even, um, deflation

- Why cable television is bundled. (But just because consumers prefer flat rates, it doesn't necessarily make them a good idea for most people - ditto with gym memberships).

- "If you find yourself in a suddenly resource-rich emerging market and you're interested in knowing whether revenues are being put to the proper uses, just go find the houses of the local government leaders."

- More evidence that Britain is drinking more, binging more, and being less social about it (as if we needed any)

-Robert Mugabe declares, "Let them eat cake!"

-Ukraine has all but abandoned compliance with the conditions of its $16.5bn IMF standby facility. According to the FT, Ukraine has sent letters to a number of countries (US, Russia, China, EU, Japan) requesting emergency loans to plug a revenue shortfall. Kiev's unwillingness to balance the 2009 budget and cut deficit spending alarmed an IMF delegation last week, who warned of "serious problems" in Ukraine's economy. It is unclear how this visit will affect further disbursements of IMF funds.

-In a VoxEu article, Jeffry Frieden looks at the difficult balancing act policymakers must navigate in building domestic support for international cooperation in response to the worsening economic crisis.

-Ahead of the Treasury Secretary's official announcement tomorrow, the NYT is reporting that Timothy Geithner prevailed over top administration aids calling for stricter conditions in the second banking bailout. Geithner was reportedly concerned that too much government intervention would discourage private investors from participating and increase the cost to taxpayers in the long run.

-Jonah Lehrer at the great science blog The Frontal Cortex asks: why can't Federer beat Nadal? Conventional wisdom is that tennis is a young man's game and 28 is the apex of every great career. As Federer hits that wall (he turns 28 in August), his decline is all but inevitable. But Lehrer points to the post-30 performance of great athletes in sports like basketball or track and field as proof that the body doesn't necessarily decay in our late 20's. So what's unique about tennis? Lehrer echoes my own observation following Federer's post-Aussie tear fest: its mental.

So what happens to tennis stars? Why can Federer no longer defeat Nadal? I'm guessing performance anxiety. I think tennis, perhaps more than any other sport, is a game of self-confidence. Unforced errors are inevitable - the margin for error when hitting a ball that fast with a metal racket is simply too small. The question is how you deal with these mistakes. Players with swagger - say, the Federer of 2006-2007 or the Nadal of now - brush off their errors and come back with an ace. With age, however, comes the nagging tremors of self-doubt. When I watch the Federer of 2009 I see a player who no longer knows he's the best - his face occasionally betrays anxiety and insecurity. The end result is a dangerous form of self-consciousness, as Federer starts thinking too much about his serve, or that backhand whip shot, or his forehand down the line. Why aren't his shots going in? Why is his serve 5 mph slower? Why can't he beat this annoying young Spaniard in the capri pants?

The problem with such reflections is that tennis needs to be played on auto-pilot. Once you start thinking about your shots - and I think Federer is especially self-conscious when playing against Nadal - you lose the necessary fluidity and grace. These deliberate thoughts - the by-product of age-related insecurity - interfere with the trained movements of our muscles, so that we start regressing on the court. When players worry about not hitting a shot in, they're bound to hit it out. Federer doesn't need a new trainer: he needs a shrink.

Does it matter if an already worthless currency is abandoned?

IPE Journal looks back at the political events, people and trends that defined our world in 2008.

- The worst financial crisis since the Great Depression sets in motion a paradigm shift in global power and authority. The state reoccupied the commanding heights of the global economy through stimulus packages, banking nationalizations and automotive bailouts. The IMF regained relevance, and political fortunes were turned in response to the crisis. The G20 replaced the G8 (but for how long?), and the WTO sadly threw in the towel for 2008.

- Barack Obama was elected the 44th President of the United States in one of the largest electoral landslides in decades. He is the first African-American elected to the highest office. He quickly established a "team of rivals" cabinet, bringing together the best, brightest and (slightly) bipartisan to implement his foreign policy and economic agenda. This agenda will likely be defined by what has been called a "21st century New Deal".

- Russia invaded and briefly occupied much of Georgia. The conflict reasserted Russian influence in its "near abroad", exposed EU divisions over Russian relations and raised tensions over NATO expansion and US missile defense in Eastern Europe. It also exposed the real power dynamics in Russia, with Putin effectively orchestrating, commanding and negotiating throughout the conflict. However, by the end of 2008, the financial crisis would for the first time raise questions over Putin's rule as the country was forced to devalue the rouble and ripples of unrest began to sprout up.

- Parts of Africa continue their descent into hell. Kenya erupts, Somalia struggles, and Darfur is a humanitarian disaster. Fighting has resumed in the DRC with Rwandan support, and Mugabe has maintained his iron grip on power, squeezing Zimbabwe dry in the process. Mbeki left office in South Africa, paving the way for Zuma in 2009. The world now looks to Ghana in the final days of 2008, and hopes for a victory for African democracy.

- The Treaty of Lisbon, an attempt to streamline and bolster the EU, is rejected by Irish voters, temporarily killing the process. While certainly a setback for further European integration, Europhiles promise to continue holding referendums until the voters get it "right." A December summit laid out the blueprint/compromise for Lisbon's revival in 2009, and, for possibly the first time in EU history, ended with universal praise of a French president.

- Attacks in Mumbai: as of yet, not a defining geopolitical event since Pakistan and India worked hard to prevent the situation from escalating. Nevertheless, this is a potential touching-off point for the nuclear rivals in 2009. It also might (by design??) divert Pakistani attention away from fighting terrorism in the northwest tribal areas, and reignite violence in Kashmir. The implications of Mumbai are vast, and potentially destabilizing for the entire world.

- Israel, in response to repeated rocket attacks, and in advance of national elections, pounds Hamas and infrastructure in Gaza. The year's final week produced one its most explosive events, as the fighting in Gaza risks wider political instability and a humanitarian crisis in the territory. Many analysts believe that Israel's overwhelming aerial assault is an attempt to dictate a new truce with Hamas, but its military establishment is signalling that the shock and awe may be only the first phase in a wider operation aimed at removing Hamas from power.

***Co-written by Dave Hart

Politique
-A cholera outbreak in Zimbabwe worsens as Mugabe stays silent, then denies, then blames the Brits. Meanwhile, Ghana brings some hope to African democracy.
-EU leaders burned the midnight oil to reach consensus on key climate change and fiscal stimulus proposals. Deep divisions remained over the extent of coordinated fiscal measures at the national level. Concessions made to Ireland in return for second Lisbon Treaty referendum, but leaders are careful not to instigate a backlash in the UK.
-US auto bailout dies in the Senate, as Bush is forced to reconsider the dedication of TARP money to the carmakers.
Economia
-Ecuador defaults, as President Correa brands debt "illegitimate" and foreign creditors "monsters".
-How low can Treasuries yields go?
-The WTO admits defeat for 2008.
The Rest
-In the Prem, Arsenal stumble out of the title race, Liverpool and Chelsea underwhelm, and Villa break the top 4.
-Fresh off their hostile takeover of Citi, Somali pirates express interest a certain vacant US Senate seat.
-US film industry awards season kicks off with Golden Globes nominations, New York and L.A. film critics awards.
-Bush gets two "steps" closer to retirement:

Robert Mugabe proclaimed today that "there is no cholera in Zimbabwe."

Mugabe's comment immediately brought to mind another great linguist: Muhammed Saeed al-Sahaf. Mugabe has clearly studied the public relations work of the former Iraqi Information Minister. Don't remember him? Well, he blessed the world with rhetorical treats like, "There are no American infidels in Baghdad. Never!", or his description of the American and British as "tarteers", which is Iraqi slang for "a guy full of farts". My personal favorite: "they are nowhere near the airport ..they are lost in the desert...they can not read a compass...they are retarded." Well said, sir. Well said.

Jacob Zuma has shamefully countered global appeals for Mugabe's removal, and the people of Zimbabwe lose again.

Just when things couldn't possibly get worse in Zimbabwe, they tragically do. Zim's health minister has declared a national emergency, as a cholera outbreak has claimed the lives of at least 565 people. The UN estimates that more than 12,500 are infected, and given the water, sanitation, and medical situation in the country, the death toll may rise substantially. The WHO believes these estimates may be significantly lower than the actual figures.

The cholera outbreak not only underlines the collapse of the state under Mugabe, but the danger posed by the current deadlock in powersharing talks between Zanu-PF and the MDC. The country is in desperate need of a new government, and the foreign aid and assistance that will likely coincide with such a transition of power. Aid is essentially frozen in boycott of Mugabe, and a large part of the medical system's failure can be attributed to the brain drain and flight of skilled workers (including doctors and nurses) that Mugabe has instigated.

There is hope. The health minister's announcement coincided with perhaps the strongest condemnation of Mugabe by an African leader to date. Kenyan Prime Minister Raila Odinga has branded the powersharing talks "dead" and called on African governments to "push [Mugabe] out of power". However, as Odinga acknowledged, Mugabe basically serves at the will of the South African government, and only serious action by the ANC to push Mugabe out will succeed.

South Africa's cabinet has called an emergency meeting to discuss the deteriorating situation in Zim. It is time the ANC stood up and assumed the responsibility it has for the crisis to the north. Jacob Zuma and the African Union are confronted with an opportunity to rid Zim of Mugabe forever. It is their duty to turn the human devastation of the cholera outbreak into a new beginning for Zim and its people. They must act now.