For this week's Global Pulse episode, Bonus Battle, host Erin Coker asks whether France's new bonus restrictions are workable. Share your thoughts and watch this episode below!

A leader whose extravagant lifestyle once earned him the moniker "President Bling-Bling," Nicolas Sarkozy has adopted a tough stance against financial excess in recent weeks. Following national furor over banking giant BNP Paribas' partial use of government bailout funds to finance a one billion euro bonus payout, new rules require French banks to spread bonus payments over three years, with one-third of bonuses to be paid in stocks. If a trader's investments lose money, the trader also loses the bonus.

The French president has since taken his bonus battle to the international stage, calling for broad global measures to curb traders' compensation, including a fixed international limit on bonuses. Sarkozy even threatened to walk out of the G-20 summit if leaders fail to reach an agreement on bonuses.

European Commission President José Barroso told Bloomberg television that citizens "are horrified" by banks' use of government funds to pay bonuses, and that international bonus restrictions could "restore credibility to the financial system."

Although American and British leaders agree on the need for financial regulation, they have balked at the idea of bonus caps. President Obama is "reluctant to set individual compensation levels." It is looking like Sarkozy may compromise on the caps, as long as the larger package is put in place.

Debates over bank bonuses are also raging outside of the political sphere. Earlier this year, American and British outrage over executive bonuses spurred demonstrations from Wall Street to London. However, as the global economy shows signs of recovery, some experts have questioned the need to quell bonuses.

"I don't think, ultimately, people really care that much about banker bonuses," writes Daniel Indiviglio in a recent Atlantic Monthly article. "The only reason they do now is because there was a financial crisis. Once things get better, most of that anger dissipates." He adds: "The bonus culture isn’t what caused the financial crisis, it was a culmination of factors."

The Washington DC-based Institute for Policy Studies hailed the Sarkozy decision, arguing that European government action "will open up opportunities in Washington for real change to an executive compensation system that now threatens our economy and our democracy."

But even some French supporters are doubtful that the global financial world will embrace the measures. "Sarkozy's idea is a good one," Nicolas Bouchard, a 32-year-old Paris-based corporate attorney told Global Pulse in an email. "But it is a difficult one to carry out in a global system.  Paris is a small financial center in comparison with Wall Street or London."

One self-described French "utopist" offered another way that Sarkozy could display support for the end of economic excess. In an email to Global Pulse, Alexandre Carpentier, 28, challenged summit attendees to forgo luxury hotels in favor of more modest accommodations.

"It would help the local economy, there would be less rioting and people would be proud of their leaders," the Paris-based competition lawyer explained.

A bit of a stretch? Probably. But a reminder that in a world recovering from financial fallout, public scrutiny is on political leaders as much as it is on banks -- particularly a president trying to distance himself from a "bling-bling" image.

The term "Green Revolution" is associated nowadays with the increased level of environmental consciousness: businesses changing their operations to incorporate more environmental practices, and the advent of environmental consumerism. Actually the "Green Revolution" was a 1960's term that referred to new varieties of rice and wheat for developing countries that were more drought and pest resistant, more responsive to advanced fertilization methods, and ultimately produced higher yielding crops. A comprehensive report [PDF] on the Green Revolution by the International Food Policy Research Institute describes the background and history of this movement.
 
This "Revolution" was a great way to increase yields of wheat and rice production, alleviate hunger and provide an income to poverty-stricken farming communities in developing countries. But now, 4 decades later, other problems are arising. The land is no longer arable due to the excessive use of fertilizers and pesticides, polluted waterways, salt build-up and eventual loss of biodiversity on farms. The people forced to leave their land are known as environmental migrants or climate refugees. More details on the environmental impacts of the Green Revolution can be found on Wikipedia.

Developing countries, such as Bangladesh and Ethiopia, that could be considered to be among the least responsible for major climate change, are the ones that are being the hardest hit. A video report created by the U.N. Development Program explains the relationship between human development and climate change.

Rice farmers in Bangladesh have lost their crops due to excessive flooding, while farmers in Ethiopia are praying for rain, all resulting in more poverty, starvation and refugees as land becomes less and less arable.
 
However, Indian farmers have taken matters into their own hands by shunning modern agricultural technologies and going back to their traditional ways of farming. According to this article on NPR’s website, an Indian farmer named Sharma enjoyed 20 years of an increase in crop yields and subsequent income as a result of the Green Revolution. Then his soil began to deteriorate and he needed to buy more and more fertilizers to grow the same amount of crops. He soon realized that the only way to sustain his crops was to go organic. In another article, the Guardian states that "Sustainable agriculture involves hard work and does not guarantee huge profits, but it will not harm the farmers' health, brings personal satisfaction, and involves fewer financial risks."
 
The U.S., as one of the world’s largest consumers, can take a stand in reducing its own unsustainable agricultural practices and become a model for other nations, by increasing the demand for organic farming and native plant propagation. The Slow Food Organization is a great international proponent of eating locally grown and prepared foods. Furthermore, if we as citizens of this country demand more government subsidies for organic farmers, then perhaps sustainable farming will gain significant momentum. Here is an article that points to how little the government supports organic farming. The International Society for Cow Protection talks about how the future lies in organic farming, and industrial farming practices are becoming less and less attractive, especially for small farmers. This video indicates how the future might look if we adopt organic farming practices fully. It seems bright indeed!

And learn more about the current state of the food crisis on our dedicated Issue page.

Countries all over the world continue the push to explore the final frontier: space.  In the post-Cold War era, India, China and Japan have entered the race. Why go to space? Are there not enough expensive problems on Earth? National pride and security seem to be the obvious reasons, and the lure of untapped mineral resources.

In an article on NPR’s website, Roger Launius, the senior curator in Space History at the Smithsonian's National Air and Space Museum in Washington, D.C. says, "The moon was just another place for the Cold War to play out... We really went to the moon because of the geo-political rivalry between the United States and the Soviet Union -- a competition on a broad front between two superpowers over control of the world."

Now that the Cold War has ended, the need to travel and explore space has grown more complex. The space race is no longer confined to the Moon; it includes establishing space stations, satellites for telecommunications and exploring planets, asteroids and meteors as well. Increasingly, the role of exploring space is driven by a need to augment knowledge about the physical universe in order to support the Earth. India, a developing country that has shown significant advancement in space technology, has been launching satellites that have been playing a supporting role in agriculture, water resources, urban development, mineral prospecting, environment, forestry, drought and flood forecasting, ocean resources and disaster management, according to an article on CNN’s website. India's space program founder, Vikram Sarbhai, said 60 years ago, "We are convinced that if we are to play a meaningful role nationally, and in the community of nations, we must be second to none in the application of advanced technologies to the real problems of man and society."

On the economical side of things, there are many mineral rich regions on the Moon and possibly other planets that could supplement the Earth's energy needs, therefore leading to a large economic boost for countries that hold rights to these resources. An article on Wikipedia says, "The Moon is thought to be rich in Helium-3, which could one day be used in nuclear fusion power plants to fuel future energy demands in Asia, which harbors over 60 percent of the world's population and is among its fastest-growing economies." As a result, China has been focused on sending its taikonauts to the Moon. Another article on NPR's website reported Ouyang Ziyuan, the lead scientist with China's Lunar Exploration Program, saying that the aim of China's space program is clear: to advance the country's economic and scientific development. Ouyang says, "We could meet the whole world's energy needs with a hundred tons of helium-3 a year. That means we could supply the Earth with enough energy for 10,000 years."  This is a significant finding, in view of the world's current energy crisis, such as the dwindling oil supplies and increasing climate overload.

Considering the reasons above, the quest for newer resources of energy outside our planet might be a justifiable expense. The International Space Station is a good example of cooperation between nations. Here, space travelers from many different countries work together in cooperation, while governments on Earth continue their rivalries and wars. As Carl Sagan, an American astronomer and popular science writer said, "A new consciousness is developing which sees the earth as a single organism and recognizes that an organism at war with itself is doomed. We are one planet. One of the great revelations of the age of space exploration is the image of the earth finite and lonely, somehow vulnerable, bearing the entire human species through the oceans of space and time."

In a season of a high-profile Supreme Court nomination, economic stimulus, and early health care negotiations, why are we hearing so little about the Obama administration's environmental and energy policy?

The answer may lie in Obama's use of terms like "clean coal," "carbon capture and storage," and "cap and trade" that imply more a gesture of environmentalism rather than a full-scale energy revolution. In recent weeks, Obama has deferred to House Democrats to craft a climate change bill that creates the first carbon emissions trading system loosely modeled on EU energy policy. The plan though, in giving away 85% of carbon trade permits to industry for free, sets far more modest goals than the EU system for reducing carbon emissions.

Obama has been even more quiet about a $2.4 billion rollout this month of "clean coal" investments designed to reduce the environmental impact of coal-powered energy. Environmentalists like Al Gore mock the very idea of clean coal power, but similar programs are being implemented in the EU and China as economic stimulus measures.

Even as energy policy takes a back-seat to other administration priorities, there is still pressure to move quickly on new programs. Obama has promised to raise substantial revenue from carbon emissions trading to help pay for expenses like universal health care. Also, there is hope that Obama will sign on to global energy standards this December in Copenhagen to succeed the Kyoto Protocol, which previous U.S. administrations never implemented.

Watch the Global Pulse episode on "clean coal" policy here.

We're feeling a bit calmer about the swine flu today. Planes are flying empty to Mexico and 30,000 restaurants lie quiet across the Mexican capital. But as the first week of swine flu hysteria draws to a close, the Mexican death toll appears to have stabilized and fears of a mounting global apocalypse have yet to materialize.

We're more prone now to heed the words of pandemic skeptics, like virologists that contend the swine flu mortality rate is likely to be not far off the typical seasonal flu death rate. We are also swayed by histories of the epic false alarm that was the last swine flu outbreak in 1976.

Still, for panic-watchers we do note the beta launch of Google Flu Trends for up-to-date tracking of swine flu spread across Mexico. And for those who opt to don a face mask when venturing out of home, recognize that a mask can fast become porous as it absorbs humidity.

Does the arrival of swine flu constitute real reason for alarm? Or like SARS and the avian flu before it, is this more a minor local than major global tragedy?

Watch the Global Pulse episode on swine flu here.

China sees two major challenges to its economic growth: rising unemployment and a deep investment in the U.S. dollar. Beijing's answer: spend and invest, and wheel and deal. In the process, China is crafting a recovery strategy that's spreading its interests around the world.

Sources: CCTV, China; Al Jazeera English, Qatar; Russia Today, Russia; BBC, U.K.; Press TV, Iran; Todo Noticias, Argentina

China's economy is slowing as it is the world over. One cause is the dramatic recent drop in U.S. consumption of Chinese imports. But nearly every day now, we are reading of deals struck by China that promise to turn the economic tide in Beijing's favor.

In Latin America and Vietnam, Chinese firms have signed deals to expand natural resource production. The New York Times reports that deals made in recent weeks in Venezuela, Ecuador, Argentina, and Brazil include terms designed to decrease demand for the U.S. dollar. From Vietnam, TIME interviews locals fearful that China's plans to mine bauxite will result in devastating environmental and job losses.

China's military is also assuming a more aggressive stance. The state navy hints that it may soon develop an aircraft carrier and expand its global missions along the lines of recent anti-piracy sorties in the Gulf of Aden.

The Economist though predicts China could chart a more peaceful route to recovery. This scenario would include long-term investment in domestic priorities such as public transit and health care. Chinese officials are reportedly "fascinated" by European models of welfare and public health, and could cooperate with the EU on future projects.

Can China achieve economic recovery in a manner that is peaceful and sustainable? Or should we remain skeptical of a world shaped by Chinese priorities?

On the heels of a G-20 summit that saw U.S. President Obama play peacemaker in several multi-national disputes, Russian President Dmitri Medvedev reignited talk yesterday of replacing the dollar as the world's reserve currency. Medvedev's words echoed an argument initiated in March by a Chinese central bank official, and to varying degrees supported by world leaders from Brazilian President Luiz Inacio Lula da Silva to IMF managing director Dominique Strauss-Kahn.

Last fall, Global Pulse reported that China and Russia had agreed to construct a new oil pipeline connecting the two nations, and that the dollar would not be used in any financial transactions. At the time, we asked if Russia and China could be establishing a long-term alliance designed in part to isolate the influence of U.S. currency.

In recent weeks, speculation is rife that the dollar could fall as the world's reserve currency. The storm began last week when Chinese central bank official Zhou Xiaochuan suggested that the dollar be replaced by International Monetary Fund units known as "special drawing rights" that are based on a basket of global currencies. The following day, U.S. Treasury Secretary Tim Geithner briefly alarmed traders with his comments in support of expanding IMF use of SDRs to combat recession.

No sooner had the markets calmed when a political fury began to whip among U.S. conservatives. Congresswoman Michelle Bachmann of Minnesota led the charge, introducing legislation to "prohibit a global currency" and touting her message on the airwaves. A Rasmussen poll found that 88% of Americans feel it is "important that the dollar remain America's currency."

But to the center and left, a less fearful analysis prevails. The Economist notes that SDRs have yet to catch on as a global means of exchange and represent in total a miniscule fraction of China's foreign exchange portfolio. And today, Paul Krugman dismisses China's consideration of a global currency as mere denial of how trapped it is by the staggering size of its U.S. Treasury holdings.

Should the U.S. be doing more to protect the dollar? Or could a new global currency help promote worldwide cooperation in economic recovery?

Global Pulse primary production is off this week, but assistant producer Elizabeth Cabrera had the foresight to produce our first behind-the-scenes piece shot in and around Link TV's San Francisco offices. She directs a team that includes Erin Zaleski as writer and co-producer, Fanny Dassie as writer and production assistant, and Shima Nishimuta and Virginia Gazzinelli as shooters. The piece follows up on a segment of last week's episode "Global Meltdown: Human Fallout" that examined the rising joblessness of South Korean graduates. In the coming months, we hope to share similar pieces that spotlight the diverse perspectives of our international team.