The Shanghai Cooperation Organization, dominated by China and Russia, has ended Iran's hopes of joining the regional grouping. This comes at a critical turning point when issues of peace and war hang by a thread. Yet the setback may be a blessing in disguise for Tehran, which, through its new interlocutor for communicating with Washington - Turkey - can now take fresh steps to resolve the crisis over its nuclear program. - M K Bhadrakumar (Jul 28, '08)

When the Non-Aligned Movement meets in Tehran this week it will be under pressure to endorse Iran's quest to join the United Nations Security Council. In return, Iran will be expected to show tangible signs of flexibility in resolving the standoff over its nuclear program. - Kaveh L Afrasiabi (Jul 28, '08)

Pakistani Prime Minister Yousuf Raza Gilani can expect a heated reception during his meeting with US President George W Bush in Washington, given the many top US policymakers who blame Islamabad for the deteriorating situation in Afghanistan. The Pakistan government's bungled attempt to control its rogue intelligence agency won't ease the atmosphere. - Syed Saleem Shahzad (Jul 28, '08)

The sovereign nation-state as defined by ethnicity and language might be a flawed experiment, Spengler speculates after studying new books by noted thinkers Jean Bethke Elshtain and Wayne Cristaudo. Perhaps the future of the world lies in the supra-ethnic state, represented in quite different ways by the United States, China and India. (Jul 28, '08)

The Cambodian People's Party of Prime Minister Hun Sen rode a booming economy and a surge of Khmer nationalism to a landslide victory in Cambodia's general election, securing 90 of 123 parliament seats and clinching a new era of one-party rule. - Geoffrey Cain (Jul 28, '08)

Senator John McCain's record would offer plenty of ammunition for the Republican attack machine in the US presidential elections. They'd call him everything from a traitor to a gold-plated hypocrite. – Muhammad Cohen (Jul 28, '08)

Deadly bomb blasts in Bangalore and Ahmedabad, two cities that symbolize India's growing economic might, appear also to have been aimed at stirring communal riots. And all indications are that more attacks will follow if these ones don't succeed in that goal. - Sudha Ramachandran (Jul 28, '08)

China, which imports more from the 10-member Association of Southeast Asia Nations than it exports to them, moved closer to a trade surplus with its junior neighbors in the first five months of this year, even as wages at home accelerated, driving up production costs.

The US government bailout of Fannie Mae and Freddie Mac eliminates all market-based deterrents to reckless lending for conforming loans, and with American homes still overvalued, their prices can be pushed up only with reckless lending and inflation. The cure will kill us, not the disease. - Peter Schiff

A week of hyper-volatility ended with mostly slight declines in the major averages, as the markets absorbed the implications of the Fannie Mae and Freddie Mac rescue package. Smaller companies, however, as captured by the Russell 2000, strengthened, even as reports said loans were increasingly difficult to come by. Doug Noland looks at the previous week's events each Monday.

The Fannie Mae, Freddie Mac rescue package from US Treasury Secretary Henry Paulson solves all of our problems, with unlimited funds to be spent with total secret discretion and the option to whack enemies with utter immunity.

Fighting back against Baghdad's demands for a timetable for the withdrawal of United States troops from Iraq, the George W Bush administration and the US military leadership are making it plain that the objectives of Iraq must include continued dependence on US troops for an indefinite period. The riposte could be too late: the era of Iraqi dependence on the US is already ending. - Gareth Porter (Jul 25, '08)

After eliminating all opposition and consolidating his power in the South Waziristan tribal area, hardline Pakistani Taliban leader Baitullah Mehsud is extending his reach into other tribal areas. And to the major consternation of leaders in Pakistan and coalition forces in Afghanistan, jihadis from around the world are flocking to his cause. He's now a marked man. - Syed Saleem Shahzad (Jul 25, '08)

The media battle in Afghanistan between Taliban-led anti-government militants and pro-government forces has claimed a victim, that of credibility. All the same, a new report shows, the Taliban are winning the propaganda battle hands down, with dire ramifications for the embattled government of President Hamid Karzai. - Aunohita Mojumdar (Jul 25, '08)

A high-altitude caterpillar fungus is being smuggled out of the Himalayas to China, where it is believed to enhance athletic performance and fetches up to US$23,000 per kilogram. But this alleged elixir has a cocoon of controversy, and its sale has funded insurgencies, motivated murders and launched a "fungus rush" in the mountains. - Sudha Ramachandran (Jul 25, '08)

South Korea and Japan are at it again in their long-running dispute over a group of islets. It is no coincidence that Seoul revs up concerns about the uninhabited crop of rocks just when it needs to deflect attention from real problems, especially those with North Korea. - Donald Kirk (Jul 25, '08)

Successive drug scandals have battered the Tour de France with more blows to its reputation than any other major sporting event. Still, each year it manages to transfix fans with its scope and majesty, although there is always the lingering feeling another scandal is just around the next hair-pin bend. - Jesse Fink (Jul 25, '08)

New technology has transformed the nefarious world of child pornography with tech-savvy pedophiles now using digital cameras, encryption and the Internet to anonymously transfer material - making for a complex and daunting crime that continues to outpace authorities. - William Sparrow (Jul 25, '08)

A proposed development near the center of the Laotian capital of Vientiane is raising concerns about the growing influence of China over its southern neighbor, with Chinese workers set to play a major role in construction of the project's shops, factories and hotels, and perhaps staying on in the new homes being built. - Brian McCartan

Asian stocks showed plenty of volatility over the past few trading days, but after all that activity the markets failed to break through significant medium-term strategic resistances. R M Cutler runs his eye over the ups and downs in the week's markets.