This year, many students at Harvard watched as the financial crisis of last fall spiraled into one of the deepest recessions in living memory. But aside from the grim economic news, this past year has also brought with it a whole host of new international opportunities, controversies, and celebrations. The bleak state of the wars in Iraq and Afghanistan has been moderated to some extent, but new challenges for the United States and the world—including a resurgent Russia, a rising China, and economic turmoil all over the globe—put a great deal on the new Obama administration’s plate. Last August, we watched—along with much of the world—the spectacular Olympic ceremonies held in Beijing. While we remained concerned about the Chinese government’s human rights record and its occupation of Tibet, we did not find calls for a boycott of the opening or closing ceremonies to be justified. But the celebratory atmosphere of the Olympics was darkened by the South Ossetian conflict between Russia and Georgia, which reminded many observers all over the world of the potentially pernicious consequences of a resurgent Russia’s military and geopolitical clout.

The new conflict in the post-Soviet sphere coincided with a period of relative stability in the heretofore bloody and violent war in Iraq, which we opposed from the start. But this calm was not to last.

On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection. This sudden collapse marked the start of a financial chain reaction that reached across the oceans, bringing down parliamentary governments in Iceland and Latvia, and forcing the Hungarian and Ukrainian governments to appear hat-in-hand before the International Monetary Fund. We also watched—with some concern—as growth forecasts in several important emerging markets, like China, dipped for the first time in decades. We encouraged American and European policymakers to take aggressive action to forestall the crisis, and were supportive of the Bush Administration’s financial rescue plan.

Around Thanksgiving, we were truly horrified by the brutal and vicious terrorist attacks in Mumbai. We urged the Indian government to take a moderate line towards Pakistan, expressed our hope that the United States would support the Indian government’s anti-terrorism initiatives, and sent our condolences to the people of Mumbai. And this was not the only sign of instability in South Asia; during the new calendar year, we were dismayed to hear of the Taliban’s resurgence in northwest Pakistan and called upon Washington to re-evaluate its aid strategy towards that troubled nation.

While many Americans enjoyed a tranquil holiday season, the inhabitants of the Gaza Strip were not so lucky. When Israel launched its comprehensive assault on Hamas militants in Israel, we censured Tel Aviv for its overly aggressive response to recent rocket attacks on Israeli settlements, cities, and towns. The humanitarian disaster inflicted by Israel’s total blockade of the disputed territory was horrific, and we demanded that Israel relent on its hard-line policy against the ordinary people of Gaza. While Israel is right to seek to protect its people from indiscriminate rocket fire, its disproportionate response likely caused more harm than good.

Meanwhile, Moscow rang in the New Year by shutting off gas supplies to Ukraine once again in a pricing dispute that has been heavily tinged by geopolitics. Eastern Europe, which has suffered heavily from the recent economic downturn, was further destabilized by this move. But the chilling news from Ukraine was offset by the announcement of a power-sharing agreement between the corrupt and ailing Mugabe regime in Zimbabwe and the opposition Movement for Democratic Change, led by Morgan Tsvangirai. President Mugabe, who was certified the winner of a questionably conducted election last fall, has presided over one of the greatest economic collapses in history, turning Zimbabwe—formerly a prosperous and stable region of Africa—into a poster child for economic mismanagement. We wished Prime Minister Tsvangirai the best of luck in helping to restore some semblance of peace and prosperity to that troubled country.

In March, the International Criminal Court made history by issuing an arrest warrant for Omar Hassan al-Bashir, the President of Sudan. The Sudanese government has been complicit in what some American officials have called a genocide in the western parts of their state, especially Darfur. While it is unlikely that the ICC’s verdict will ever be carried out, it marked an important step forward in the evolution of international law, specifically relating to claims of human rights.

Just after April Fools’ Day, North Korea launched perhaps its most ambitious rocketry project yet, which was intended to carry a satellite into orbit. Of course, this test was closely linked to the rogue state’s ballistic missile program, which, combined with its recently revealed nuclear deterrent, constitutes a definite threat to the stability of East Asia and much of the Pacific Rim. And in May, Pyongyang followed up by detonating yet another nuclear bomb. We praised the Obama administration’s reaction to the missile test, and hoped that its firm but measured stance would help the denuclearization process to move forward on the Korean Peninsula.

As we turned in our term papers and began to prepare for our final exams, we learned of a massive outbreak of influenza in Mexico, dubbed “swine flu” by the American media. We were initially amused, but were also reminded of the importance of strong and effective public health measures to contain similar outbreaks. Luckily, the actual risk of becoming infected remained relatively low, and very few people lost their lives. And as our seniors prepared to don their caps for Commencement, those who hailed from overseas and abroad confronted one of the most challenging job markets in recent history, made even more difficult by the passage of counterproductive and protectionist legislation that limited the job prospects of those who hoped to go into the financial services industry after graduation.

In retrospect, this past year has been a period of painful transition and much-needed change. With all of the numerous challenges that the Obama administration and the United States as a whole will face in the coming months, we hope that our nation, our institution, and the members of our graduating class can weather the storm and make their own mark on the world. We are pleased with the new administration’s foreign policy thus far, and hope that it continues to demonstrate a strong record of measured and rational decision-making.