China, the nation that invented fireworks, will today write in the smoggy sky above this ancient city an extraordinary statement of belief in its future – and its defiance of an ever-increasing tide of international criticism, says James Lawton. It is as though the nation which for so long resented its exclusion from the councils of the world, and centuries of foreign exploitation, is saying that what we will see is not so much the opening of another Olympics but the marking of a new world – one in which China, like that other superpower, America, will just have to be taken on its own terms, whatever the misgivings of foreigners.     James Lawton The Independent
On the brink of historic change, but will China see the light?
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Olympics: latest news

Now the Olympics are here, but the buzz has gone, observes Sun Shuyun. Where's the joy, the sense of celebration? The only tangible reminder of it has been the torch relay inside China, in which the rest of the world was scarcely interested. Even that was highly staged, with a very visible police and security presence. A subdued nervousness permeates Beijing. Now a headline in the Beijing Evening News said it all: "A safe Olympics is the most important gold medal." At any cost, even the jubilation of the whole country. I'm sure it will be a great and memorable - and safe - spectacle. I will be watching it, and so will half the world. But I shall be wishing that my countrymen and women were dancing in the streets. Sun Shuyun The Guardian
Full article: I chose not to stay in Beijing for the games - it is a city drained of joy

For the economy as a whole, there are countervailing benefits in the deflation of the property market, says a Times Leader. One of the costs of the boom in house prices since 1997 has been the encouragement that it has given to imprudent borrowing. This is bad for the economy and also bad personal investment strategy. Investment in houses has come to enjoy a mystique that investing in equities and bonds did not possess even at the height of the dotcom mania. Unlike companies that make things or provide services, houses are not productive. The cult of home ownership has encouraged many investors to ignore the benefits of diversification and overlook the risks of investing in a single asset class.    Leading article The Times
Full article: Property market: an Englishman's home

Gordon Brown has allowed Britain to become the global capital of crooks and spivs, complains John Kampfner. The financial crisis was manufactured in corporate boardrooms through the reckless pursuit of short-term profits. Ministers have flunked every opportunity to impose the same level of scrutiny of financial services as exists in the rest of society. Could it just be that the Tories, who do not feel the need to prove their credentials with the City, might just grasp the nettle and introduce stronger regulation of the banks, and to the corporate sector as a whole?  John Kampfner Daily Telegraph
Full article: Britain, home of crooks and spivs

The move to impeach Mr Musharraf will ensure that Pakistan's government is consumed by infighting, says David Blair. This power vacuum could scarcely be more dangerous. Islamic extremists who already have free rein across large areas of the country will exploit the official paralysis for all it is worth. Mr Musharraf ordered the army to stabilise the tribal areas and the subsequent fighting killed about 1,000 Pakistani soldiers. Mounting these deeply unpopular campaigns required genuine political will. That has now evaporated, leaving no political leader with the power and determination to tackle the terrorist threat. Hence Pakistan's branch of the Taliban has extended its reach well into North West Frontier Province.    David Blair Daily Telegraph
Full article: Pakistan's deadly vendetta

Honestly, has there ever been a greater, more wilful delusion than the one that Man has indulged in over Dog? asks Hugo Rifkind. I know there will be letters and, God help me, photographs, but this must be said. Dogs are stupid, and they want our food. The story about the woman cloning her dead pit bull terrier (Booger) makes me so angry. I am angry, I think, because I am ashamed. If dogs weren't morons, they'd be laughing at us. I think of the wise words of Homer Simpson, campaigning for political office in Springfield. "Animals are crapping in our houses! And we're picking it up! Did we lose a war?" Hugo Rifkind The Times
Full article: Just exactly how stupid are dogs?