MASSIVE debts in some countries and extremely low interest rates make the task of avoiding another global financial crisis ''enormous'', a global banking organisation has warned. The international organisation of central banks says the scene is set for a new financial crisis unless Greece and other countries lift interest rates and more rapidly slash debt.
The report says the dangers are "towering debt, global imbalances, extremely low interest rates, unfinished regulatory reform and financial statistics still too weak to illuminate emerging national and international stresses".
No shelter from the economic storm
From inflation-pressured China and other emerging markets to debt-rattled Europe and a consumer-challenged U.S., all signs point to a global slowdown of serious dimensions.
To get a gloomier assessment of American prospects, we need look no further than the darkening crystal ball of David Rosenberg, Gluskin Sheff’s eminent chief prognosticator, who puts the chance of another U.S. recession by the end of next year at 99 per cent.
George Soros says it is 'probably inevitable' a country will leave euro
While he called survival of the European Union a "vital interest to all", he said the EU needed structural changes to halt a process of disintegration.
"Let's face it: we are on the verge of an economic collapse which starts, let's say, in Greece but could easily spread. The financial system remains extremely vulnerable...
"We are on the edge of collapse and that is the time to recognise the need for change."
Some steps the EU could adopt included creating a larger central budget; directing some of the income from value-added tax or a levy on financial transactions to Brussels; having a European institution guarantee banks, and tripling the size of its bailout fund by topping it up with tax revenue, he said.
So Soros calls for more centralization and more tax...Right out of his playbook, predictably.
Interfaith service at Washington National Cathedral promotes religious tolerance
In the center aisle, in place of the baptismal fountain, candle-lit stands bore three books: a Bible, a Torah and a Koran. When a visitor asked a nearby usher what to do, the usher replied: “This is a totally different service than what we usually do. There’s no wrong answer.”
That says it all doesn't it? Perhaps he should read John 14, where Jesus made it clear that there is only one answer.
'Problem in Gaza is arms buildup not humanitarian crisis'
Speaking to Independence faction, Ehud Barak calls flotilla "unnecessary provocation," and says "there is no humanitarian crisis in Gaza," warns that Iran has far-reaching missiles, is "developing abilities to attack."
Palestinians going ahead with UN statehood bid
The Palestinian leadership officially announced Sunday it will turn to the UN for recognition of an independent state in September. The decision was made after a meeting convened by President Mahoud Abbas in his Ramallah headquarters.
The Palestinians also called on the international community to continue investing funds in the PA, which they said is suffering from an acute financial deficit.
Is the 'Peace Process' the Road to War
Last week, President Shimon Peres warned that written peace agreement on Jerusalem will cause a “world war.” Now, leading Kadima Knesset Member and former IDF Chief of Staff Shaul Mofaz says conflict is the fate of a United Nations declaration recognizing the Palestinian Authority as a country.
The prospect of war being an inevitable result of diplomatic moves was underscored by Mofaz, who said that a United Nations declaration of the Palestinian Authority as an independent country based on its own unilateral definition of its borders also would cause a conflict.
"Given the great changes in the region, it is very difficult to predict what will happen. In this situation, an Israeli-Palestinian conflict could lead to a harsh reality
Netanyahu Orders Navy to Interdict Flotilla
Prime Minister Binyamin ordered Israel's defense establishment Monday to interdict the Gaza-bound Freedom Flotilla 2, Voice of Israel radio reported.
Netanahyu gave the order during a meeting of his Security Cabinet dedicated to preparations Israel was taking in advance of the new flotilla expected to set sail for Gaza this week. The Cabinet voted in favor of a Navy plan to prevent the upcoming flotilla from arriving in Gaza and granted the IDF authority to prevent the ships' arrival by any means necessary.
Media Blackout Over Nebraska Nuclear Plant Flooding
As the U.S. populace idles along in relative ignorance over the looming nuclear disaster in Nebraska, we turn our attention, quite naturally, to the agency in this nation that monitors and regulates these deadly energy sources, the Nuclear Regulatory Commission, or NRC.
Of course we count on agencies like this to ensure that people are safe and aware of potential developments, like the Fort Calhoun Nuclear Power Facility that has for some time now, been surrounded by the waters of the overflowing Missouri River.
The river is significantly above safe levels and has been for some time now. The nuclear plant was closed in April.
Major Alaskan Quake
A powerful 7.2-magnitude earthquake shook Alaska's Aleutian Islands late Thursday, triggering a tsunami warning that sent people heading for high ground before the alert was canceled.
Strong quake strikes off Indonesia's Papua island
A 6.4 magnitude earthquake struck off the Indonesian island of Papua on Sunday, the United States Geological Survey said.
Active Week For Ring Of Fire
Earlier this week Irish Weather Online reported that 2011 is on target to record the largest number of earthquakes in a single year for at least 12 years.
Research by Irish Weather Online, using data from the US Geological Survey (USGS), has found that earthquake activity (5.0-9.9 magnitude) from 01 January to 19 June 2011 is already exceeding the total annual seismic activity for the years 2001, 2002 and 2003. 2011’s total number of recorded earthquakes is also expected to exceed the most seismically active year of the past 12 years, 2007.
A total of 1,445 earthquakes, ranging in magnitude from 5.0 to 9.9, have been recorded in the year up to 19 June. The total number of earthquakes recorded globally for the entire of 2007 was 2,270.
...the number of earthquakes ranging 5.0 magnitude to 7.9 magnitude is rising. In particular there has been a sharp rise during the past 12 years of moderate earthquakes in the range 5-6.9.