Global News (02/15/09)

Wanted: ‘survival strategies’ for dying US newspapers (AFP):
WASHINGTON (AFP) — The fate of US newspapers is in the news as journalists, editors, bloggers, media pundits and concerned citizens debate the future of the troubled industry.”How to Save Your Newspaper,” is the cover story in Time in which Walter Isaacson, a former managing editor of the magazine, revives a plan to make readers pay for news online through a “micropayments” system.

Prosperous Spanish city falls victim to hard times (Independent):
In a country destroying jobs at a breathtaking rhythm, once flourishing Zaragoza and the region around it is declining even faster than the national average – with unemployment up 75% in a year. The shock has already sent protesters on to the city’s streets in their tens of thousands. “If this isn’t fixed: Strike! Strike! Strike!”, they chanted at a recent rally.

Scientists warn of first ever case of human mad cow disease from blood plasma (Telegraph):
Warnings were sent to 4,000 haemophiliacs, and patients suffering from other rare blood conditions in 2004 to warn them that they had had received transfusions from 200 batches of blood products at risk of contamination with vCJD. The plasma was collected from nine people who went on to develop the brain-wasting disease.

Japan’s economy shrinks 3.3% (Financial Times):
On an annualised basis, gross domestic product declined at a rate of 12.7 per cent… (Japan is in a Depression)

Despite Pledges, Package Has Some Pork (Washington Post):
(Some? Read the Stimulus Bill: Nancy Pelosi)

UN lobbies for share of bank rescue funds (Times Online):
The UN and the World Bank are lobbying for a portion of the billions of dollars allocated to bailing out the West’s banking systems to be diverted to prevent 400 million people sinking into poverty across Asia in the wake of the global economic crisis. UN officials say that such a plan is necessary to prevent severe social unrest in poor countries, especially among the tens of millions of migrant workers who are being forced back to their villages as jobs dry up in the cities of Asia.

Fraud probe into UK firm’s role in collapse of world’s largest insurer AIG (Daily Mail)

Large US banks on brink of insolvency, experts say (IHT)

US Making Same Mistakes that Led to Japan’s Lost Decade, Say Analysts (Money Morning)

Boycott UN forum, says Israeli ex-envoy (Sydney Morning Herald):
A FORMER senior Israeli diplomat, Dan Gillerman, has urged Kevin Rudd to cancel Australia’s attendance at a United Nations forum on racism, saying it will be used as a platform to bash Israel.

Food banks toss out food linked to peanut recall (Chicago Tribune)

Catastrophic Fall in 2009 Global Food Production (Market Skeptics):
The countries that make up two thirds of the world’s agricultural output are experiencing drought conditions. Whether you watch a video of the drought in China, Australia, Africa, South America, or the US, the scene will be the same: misery, ruined crop, and dying cattle. The world is heading for a drop in agricultural production of 20 to 40 percent, depending on the severity and length of the current global droughts. Food producing nations are imposing food export restrictions. Food prices will soar, and, in poor countries with food deficits, millions will starve.

Feds charge NYPD officer with laundering $230000 (AP)

USS Cole Families Press Obama to Open Commission to Investigate Attack (FOX News)

Figures reveal Blair’s charity empire (Guardian)

NYPD okays Velcro handcuffs for use on unruly children (Daily News)

Intense light ‘could detect Parkinson’s’ (Telegraph)

Autism ruling fails to convince many vaccine-link believers (CNN)

The Wounds of Gaza (The Lancet):
Two Surgeons from the UK, Dr Ghassan Abu Sittah and Dr Swee Ang, managed to get into Gaza during the Israeli invasion. Here they describe their experiences, share their views, and conclude that the people of Gaza are extremely vulnerable and defenseless in the event of another attack.

Global News (02/14/09)

US foreclosure image is 2008 World Press Photo (Independent):

This picture by US photographer Anthony Suau, for Time won the World Press Photo of the Year 2008 award, it was announced by the organisers on 13 February 2009 in Amsterdam, The Netherlands. US Economy in Crisis: Following eviction, Detective Robert Kole must ensure residents have moved out of their home in Cleveland, Ohio, 26 March 2008.

G7 sets sights on new world economic order (AFP):
ROME (AFP) – The world’s richest nations called Saturday for urgent reform of global finance to save the world from the economic devastation that is dragging more and more countries into recession. Italy’s Finance Minister called for a “new world economic order” as he wrapped up the crisis meeting of finance leaders from the Group of Seven leading economies over which he presided here.

US stimulus clears Congress (Financial Times):
The biggest economic stimulus in US history cleared the US Congress late on Friday night.

Britain’s bankers plumb new depths (Times Online):
Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one.

Europe’s industrial base may never recover from crisis (Telegraph):
The European Commission has issued a red alert over the unprecedented collapse of industrial production, warning that EU states are running out of money for rescue packages.

Car sales across Europe plunge to 20-year low (Times Online):
France proved most resilient in terms of the drop in its market with a fall of 7.9 per cent while Germany, the Continent’s biggest seller, experienced a 14.2 per cent fall. The decline in the British market, published last week, was 30.9 per cent. In Western Europe the biggest falls were in Italy, at 32.6 per cent, and Spain, with 41.6 per cent.

Trump Quits Trump Entertainment as Debt Payment Deadline Looms (Bloomberg):
Feb. 14 (Bloomberg) — Donald Trump resigned from the board of debt-laden Trump Entertainment Resorts Inc. as bondholders weighed forcing the casino company he founded into involuntary bankruptcy next week.

The Coming Crisis: White Collar Homelessness (End Homelessness)

100000 Parents of Citizens Were Deported Over 10 Years (New York Times):
WASHINGTON — Of nearly 2.2 million immigrants deported in the decade ended 2007, more than 100,000 were the parents of children who, having been born in the United States, were American citizens, according to a report issued Friday by the Department of Homeland Security.

Obama’s Wealth Destruction (Ludwig von Mises Institute)

Europe set for deep recession, economists warn (Telegraph):
The Eurozone economy, whose biggest members are Germany and France, shrank 1.5pc in the fourth quarter compared with the third quarter – a steeper fall than economists had expected. Germany had the worst fall, with the economy shrinking the most since the country was reunified in 1990.

US drone attack kills 25 Taliban in Pakistan (Telegraph)

Mystery of New York flight that dropped out of sky, killing 49 in Buffalo suburb (Times Online)

Blackwater Sheds Name, Shifts Focus (Washington Post):
Blackwater Worldwide, a private security (mercenary) company whose work in Iraq was plagued by trouble, said yesterday that it is changing its name to Xe as it shifts its business focus.

Four More US Banks Are Shut, Bringing Total for Year to 13 (Bloomberg)

Secret plan to deprive independent Scotland of North Sea oil fields (Times Online)

Four in ten unaware that cancer is linked to poor diet (Scotsman)

Toxic waste blamed for birth defects (Independent)

Medical Director of Switzerland’s Paracelsus Clinic Takes Stand on Hazards of Electromagnetic Pollution – ‘Electromagnetic Load’ a Hidden Factor in Many Illnesses (Electromagnetic Health)

Global News (02/13/09)

“Kill yourself. Save us the paperwork” (Salon):
Pfc. Ryan Alderman, now deceased, sought medical help from the Army. He got a fistful of powerful drugs instead.

Dutch MP refused entry to Britain (BBC News):
A Dutch MP who called the Koran a “fascist book” has been sent back to the Netherlands after attempting to defy a ban on entering the UK.

US unemployment climbs to a 32-year high (Telegraph)

Why Geithner’s bank bailout plan got a Bronx cheer (Money and Markets):
Problem #2: The “same old, same old” efforts:

These programs appear to be nothing more than expanded versions of efforts that have already had either limited success, or failed entirely.
Problem #3: Investors may finally be starting to face reality:

“This latest scheme to save the world will fail just like all the others. That is because nothing … NOTHING … can prevent a painful adjustment process.

– Former Assistant Secretary of the Treasury Paul Craig Roberts:
The Washington Morons – Driving Over the Cliff (CounterPunch)

Eurozone slump worst in 50 years (Financial Times)

France to call for hedge fund crackdown (Financial Times)

Lloyds hit by £10bn HBOS losses (Financial Times):
Shares in the banking group fell 35 per cent after it warned that its newly acquired HBOS had suffered a worse-than-expected £10bn loss in 2008.

US Auto-Parts Suppliers Seek $18.5 Billion in Aid (Bloomberg)

Inflation: Brace yourself for higher food prices (Telegraph):
The Telegraph’s measure of “real” inflation, the Real Cost of Living Index, is at minus 3.4pc. But the era of cheap food could be over within a decade. (I say within 7 months.)

Auto Workers’ 54-Year Safety-Net Pay May Be Scrapped in Talks (Bloomberg):
Feb. 13 (Bloomberg) — General Motors Corp. and Chrysler LLC, trying to keep $17.4 billion in U.S. aid, are asking the United Auto Workers union to end a 54-year-old benefit that ensures almost full pay during layoffs.

Bernard Madoff could escape trial with guilty plea (Times Online):
The 70-year-old is currently under house arrest at his $7 million Manhattan penthouse apartment.
(What a horrible punishment!)

– Japan PM faces potential revolt (Financial Times)

US envoy in Kabul to map out surge (Independent)

PepsiCo defies global gloom (Financial Times):
(Soon people can only afford to drink tap water and then Pepsi will go down.)

Female suicide bomber kills 35 women and children near Iraq religious festival (CNN)

World in denial about trafficking, says UN (Independent)

Energy experts to visit every home to help them go green (Telegraph)

Millions ‘opt for DIY dentistry’ (BBC News)

Teenage handbag thief outpaced by 72-year-old ex-sprinter (Telegraph)

Global News (02/12/09)

Bank chief warns economy could shrink by 6%… just three months after Alistair Darling predicted a fall of 1.25% (Daily Mail)

Meet Labour’s City cronies: The roll call of bankers rewarded by rewarded by Brown and Blair (Daily Mail):
An analysis by the Daily Mail reveals that while ministers are now railing against the role of bankers in causing the economic crisis, they have spent the last decade cosying up to the industry. Labour has given 23 bankers honours, brought three into the Government as ministers and involved 37 in commissions and advisory bodies.

Bank will print money as UK sees ‘deep recession’ (Independent)

Millions face ‘stealth tax’ on heating bills to subsidise green energy (Daily Mail)

Australia’s Senate blocks A$42bn stimulus plan (Financial Times)

EU faces ‘toxic’ debt spiral (Telegraph):
It is not surprising that European Union finance ministers looked ashen faced in Brussels on Tuesday.

Jim Rogers: Treasury Bonds Last Bubble Left (Money News)

Treasury 30-Year Bonds Fall After Record Sale; U.S. Notes Rise (Bloomberg)

Economic And Financial Systems Deliberately Destabilized (Financial Forecaster)

‘Here’s the problem… people really hate you,’ US bankers told (Independent):
Announcing the hearings last week, Barney Frank, the chairman of the Financial Services Committee, said that public patience with Wall Street bailouts had worn thin. “As I’ve said to a couple of the bankers, ‘Here’s this problem: People really hate you, and they’re starting to hate us because we’re hanging out with you,'” Mr Frank said.

Wall Street Men Find World According to TARP Worth Fleeing (Bloomberg):

Bush-era offshore drilling plan is set aside (MSNBC):
WASHINGTON – The Obama administration on Tuesday overturned another Bush-era energy policy, setting aside a draft plan to allow drilling off the Atlantic and Pacific coasts.

Home prices in record plunge (CNN Money):
The National Association of Realtors reports that home prices dropped a record 12.4% in the final quarter of 2008 – the biggest decline in 30 years.

Meltdown 101: Highlights of economic stimulus plan (AP):
Many leading economists have concluded that the stimulus alone may be insufficient to bring a quick turnaround for the economy. (No government can turn around an entire economy and is also not supposed to do so.)

Schwarzenegger and California legislators reach tentative budget deal (Guardian):
Schwarzenegger threatened this week to send 20,000 layoff notices to state employees, on top of the other cuts, if lawmakers do not commit to a budget deal by then.

I Could Have Made a Fortune Wrecking a Bank: Margaret Carlson (Bloomberg)

Oil industry needs tax breaks to avert slump (Times Online)

Rio Tinto Drops After Chinalco Agrees to Invest $19.5 Billion (Bloomberg):
Feb. 12 (Bloomberg) — Aluminum Corp. of China agreed to invest $19.5 billion in debt-laden Rio Tinto Group, gaining access to copper and iron ore resources in the nation’s largest overseas acquisition.

France imposes limits on bank bonuses (Financial Times)

Take low-skilled jobs, class of 2009 told (Guardian)

US bankers yield to foreclosure demands (Financial Times)

The CIA and NSA Want You to Be Their Friend on Facebook (U.S. News & World Report):
The spy agencies are using the popular social-networking site as part of their recruiting efforts

Okla. town in ‘shock’ after tornado kills 9 (USA Today):
“The last February tornado to occur in Oklahoma was in 2000,” Carbin said. “They’re not common.”

Big satellites collide 500 miles over Siberia (AP):
CAPE CANAVERAL, Fla. – Two big communications satellites collided in the first-ever crash of two intact spacecraft in orbit, shooting out a pair of massive debris clouds and posing a slight risk to the international space station.

Powerful earthquake hits Indonesia, 42 injured (AP)

Chavez reports attempted coup (AFP):
CARACAS, (AFP) – Venezuelan President Hugo Chavez reported an attempted coup against his palace by army troops in contact with “a soldier on the run in the United States,” but said the government had everything under control.

Global News (02/11/09)

The Vatican claims Darwin’s theory of evolution is compatible with Christianity (Telegraph):
The Vatican has admitted that Charles Darwin’s theory of evolution should not have been dismissed and claimed it is compatible with the Christian view of Creation.

Strip-Club Chief Is What Obama Could Afford With Bank-Pay Limit (Bloomberg):
The heads of the five biggest Wall Street firms took home more than $1 billion in the five years through 2007, according to data compiled by Bloomberg. On Wall Street, “$500,000 will get you someone five years out of Harvard Business School or a sixth-year associate at a major law firm,” Reda said. “It’s not going to get you a lot.”
(Those banksters will be happy if they can manifest their daily bread in the future.)

Top Four Merrill Bonus Recipients Got $121 Million (Bloomberg)

Fox News producer arrested for child pornography (Boston Herald)

Madoff’s Wife Withdrew $15.5 Million Before His Fraud Arrest (Bloomberg)

Pain Beam to Get Tougher, Smaller, More Powerful (Wired News):
The Pentagon’s pain beam weapon could get tougher, smaller, more powerful, and more mobile under a series of new research and development projects. And that could pave the way for the so-called “Active Denial System” to finally be sent to war.

Credit Suisse losses widen to SFr8bn (Financial Times)

Coca-Cola Enterprises Swings To Loss On $2.3 Billion Write-Down (CNN Money)

Banking inquisition intensifies after whistleblower allegations (Guardian)

European bank bail-out could push EU into crisis (Telegraph):
A bail-out of the toxic assets held by European banks’ could plunge the European Union into crisis, according to a confidential Brussels document.

Pimco’s Gross Sold U.S. Debt Last Month (Bloomberg)

Wholesale inventories plunge by most in 17 years (AP)

Nokia to ax 320 jobs, temporarily lay off 2500 (BusinessWeek)

Afghan Government Offices Targeted as Bombers Kill 26 (Bloomberg)

France says it protects jobs, not breaking EU rules (Reuters)

Gates orders review of ban on photos of coffins (AP)

Obama’s $20 Billion Stirs Secrets-for-Sale Health Record Clash (Bloomberg)

Obama Could Order More Troops to Afghanistan This Week (Voice of America)

US launches spy operation over North Korea (Times Online)

China will build special railway for Muslim pilgrims in Saudi Arabia (Telegraph)

Global warming is not our fault … it’s nature (Scotsman)

Dubai tanker bursts into flames after collision with container ship (Telegraph)

Global News (02/10/09)

US military develops anti-aircraft laser (Telegraph):
The Laser Avenger successfully shot down a series of unmanned aerial vehicles during recent tests and is being hailed as a revolutionary weapon for future warfare.

Chinese TV station sorry for accidentally burning down brand-new luxury hotel (Daily Mail)

RBS to axe 2300 jobs.. but still plans to pay out £1bn in bonuses to bankers (Daily Mail)

RBS slashes 2300 jobs (Scotsman):
‘The four ex-chiefs of Royal Bank of Scotland (RBS) and HBOS admitted to having no formal banking qualifications.’

Asian shares fall after President Obama says US faces ‘full-blown’ crisis (Telegraph)

Geithner unveils bank rescue plan (Los Angeles):
Treasury Secretary Timothy Geithner this morning unveiled the Obama administration’s $1.5-trillion-to-$2-trillion plan for stabilizing the nation’s malfunctioning financial markets, including a public-private partnership to boost lending, warning that the new strategy “will cost money, involve risk and take time.” (… the new strategy will fail, continue to loot taxpayers’, destroy the dollar and create the ‘Greatest Depression’.)

$2,000bn US bank clean-up (Financial Times):
US shares tumbled on Tuesday as investors gave a thumbs-down to plans by the Obama administration to deploy up to $2,000bn to clean up toxic assets in the financial system and restart credit markets.

New Bailout May Top $1.5 Trillion (Washington Post)

Senate backs Obama’s bank bailout as details of new $1.5trillion rescue deal are revealed (Daily Mail)

Treasury revamps financial rescue plan (Financial Times)

US Treasury plans to set up ‘aggregator bank’ to buy toxic assets (Guardian)

‘Top Brown adviser sacked and gagged me for warning banks were taking too many risks’, says whistleblower (Daily Mail):
One of Gordon Brown’s key advisers was today accused of sacking a whistleblower who warned banks were heading for disaster years before the financial meltdown.
Paul Moore, HBOS’s head of risk between 2002 and 2005, alleges he told directors as early as 2004 that the company was in danger of becoming out of control.
‘Anyone whose eyes were not blinded by money, power and pride’ would have realised problems were mounting for HBOS and the other high street banks, he said.

Czech PM attacks eurozone governments (Financial Times)

Europe ambushes Germany on debt bail-out (Telegraph)

UBS makes £11.3bn loss and axes another 2000 jobs (Guardian)

Temasek portfolio falls 31% (Financial Times):
Temasek Holdings, the Singapore state investment company, suffered a 31 per cent fall in the value of its portfolio from S$185bn ($123bn) to S$127bn in the eight months to the end of November last year, the government said on Tuesday.

Air freight drops as global trade siezes up (Telegraph)

Even elderly are facing eviction (Seattle Post Intelligencer)

Gordon Brown calls for World Bank and IMF reform (Telegraph)

Parents find cure for son’s ‘untreatable’ blood disorder (Telegraph):
(Western medicine is in most aspects so unbelievable backwards, especially if you know what is possible with alternative medicine.)

Bank chiefs admit buying ABN was a ‘bad mistake’ (Financial Times)

Bad economy forcing immigrants to reconsider US (CNN)

FBI Believed that Bombs Were Used on 9/11:
Following the massive terrorist attacks against New York and Washington, the FBI dedicated 7,000 of its 11,000 Special Agents and thousands of FBI support personnel to the PENTTBOM investigation. “PENTTBOM” is short for Pentagon, Twin Towers Bombing.

Global News (02/09/09)

GM, Chrysler May Face Bankruptcy to Protect US Debt (Bloomberg):
Feb. 9 (Bloomberg) — General Motors Corp. and Chrysler LLC may have to be forced into bankruptcy by the U.S. government to assure repayment of $17.4 billion in federal bailout loans, a course of action the automakers claim would destroy them.

Mafia millions buoying banks: UN (Calgary Herald):
VIENNA — Cash-rich Mafia groups have been channelling funds into banks desperate to survive the global credit crisis, the UN anti-crime chief said on Monday.

China fights drought with chemical cloud-seeding (AP)

Florida’s Crossroads of Foreclosure and Despair (New York Times)

France unveils €6bn auto sector bail-out (Financial Times)

Got the Treasury Bubble Blues? (Morningstar)

Overview: US bond yields climb amid oversupply fears (Financial Times):
US government bonds yields climbed to their highest levels for more than two months on Monday ahead of the Treasury’s record $67bn of issuance this week. “If the market chokes on this supply, it might not only mean higher yields but it could start to weigh on the dollar,” suggested Steve Barrow, currency strategist at Standard Bank.

No Safety In Treasuries (Forbes):
Investors flee U.S. government securities on fears about massive borrowing to repair the economy.

Latvia reports 10.5% contraction (Financial Times):
Latvia’s economy contracted at an annual rate of 10.5 per cent in the fourth quarter, raising fears it may be unable to stick to the conditions of its IMF rescue package.

Millions for charities hit by recession (Guardian):
£40m government aid contrasts with £500bn to bail out banks

Record 19 Million US Homes Stood Vacant in 2008 (Bloomberg)

US Army Lab Freezes Research on Dangerous Pathogens (Science Now):
The U.S. Army Medical Research Institute of Infectious Diseases has suspended research activities involving biological select agents and toxins. Army officials took the step on Friday after discovering apparent problems with the system of accounting for high-risk microbes and biomaterials at the Fort Detrick, Maryland, facility.

UK companies fear worst is still to come (Financial Times)

US using British atomic weapons factory for its nuclear programme (Guardian)

$9.3 bn drains from quant funds as volatility continues (Financial Times)

Netanyahu digs for election victory (Independent):
Benjamin Netanyahu, the Likud leader who is the favourite in what is expected to be a close electoral contest tomorrow, planted a eucalyptus tree in the occupied Golan Heights yesterday, demonstrating the uncompromising posture he intends to take towards Israel’s Arab neighbours.

Hamas declares victory in Gaza but vows to rearm against Israel (Telegraph)

Seminary ‘sacks holocaust denier bishop’ (Independent)

House Approves Whitelist of People Who Aren’t Terrorists (Wired News)

Ukraine pushes for loans to meet shortfall (Financial Times):
Ukraine has appealed for emergency loans from the world’s richest countries to help support its economy, which has been battered by the global financial crisis.

Job Losses in US Spreading to Workers With College Degrees (Bloomberg)

Over 200 Americans killed in Mexico since ’04 (MSNBC)

UK suppressed torture evidence to protect MI6 (The Age)

Analysis: Australia’s split weather system (Times Online)

Drug Made In Milk of Altered Goats Is Approved (Washington Post)

Genetic mapping of babies by 2019 will transform preventive medicine (Times Online)

A Protected Forest’s Fast Decline (Washington Post)

Global News (02/08/09)

President Blair: Former PM set to become EU chief as Sarkozy battles to win him the post (Daily Mail)

US warns of battle worse than Iraq in Afghanistan (AFP):
MUNICH, Germany (AFP) – The United States warned its allies Sunday that fighting the insurgency in Afghanistan could prove tougher than in Iraq and appealed, along with Britain, for more troops and equipment.

Obama’s NSC Will Get New Power (Washington Post)

Scottish politicians urge BBC to take Clarkson off air over Brown jibes (Guardian):
Scottish politicians today called for the Top Gear presenter Jeremy Clarkson to be taken off the air until he apologised for calling Gordon Brown a “one-eyed Scottish idiot”. The BBC presenter also accused the prime minster of lying.

Along With Everything Else Taxpayers Stuck With Billions In Losses (International Forecaster)

Bank of England to issue grimmest warning yet on economy (Guardian)

Vince Cable: ‘Bring back the guillotine…for bankers’ (Daily Mail)

US Treasury ‘overpaid’ $78bn in bank bailout (Telegraph):
The US Government overpaid $78 billion last year for stakes in troubled banks as part of its $700 billion bailout, the Congressional panel overseeing the rescue said.

Geithner Says US Financial System Remains ‘Badly Damanged’ (Wall Street Journal)

US Treasury to pump billions more into banks (Times Online)

Obama puts brake on Afghan surge (Times Online)

Netanyahu stokes fears to take poll lead (Times Online)

SCENARIOS-Here’s what happens next on US stimulus package (Reuters)

Massacres follow failed US-aided Uganda mission: report (Washington Post)

The rise and (almost) fall of America’s banks (AP)

Ecuador’s president orders US diplomat expelled (AP)

Report: More than 300,000 children ‘at risk’ in Israel (Haaretz)

FACTBOX: Where has the US bailout money gone? (Reuters)

Chrysler to idle four plants next week (Reuters)

NYPD officer caught in drug scandal takes plea, dishes on corrupt cops (New York Daily News)

84 killed in deadliest-ever Australian wildfires (AP)

Sharpton calls for justice outside Madoff’s home (Reuters):
NEW YORK (Reuters) – Saying Bernard Madoff enjoys a “gilded penthouse incarceration,” civil rights activist Al Sharpton led a rally outside the accused swindler’s Manhattan home on Saturday urging equal justice for the rich and poor.

Global News (02/07/09)

IMF Says Advanced Economies Already in Depression (Bloomberg):
Feb. 7 (Bloomberg) — Advanced economies are already in a “depression” and the financial crisis may deepen unless the banking system is fixed,International Monetary Fund Managing Director Dominique Strauss-Kahn said.
“The worst cannot be ruled out,” Strauss-Kahn said in Kuala Lumpur, where he was attending a gathering of central bankers from Southeast Asia. “There’s a lot of downside risk.”

We’re in denial: afraid to face up to the real causes of recession (Telegraph):
As Niall Ferguson, professor of history at Harvard University, wrote in the Financial Times: “The reality being repressed is that the western world is suffering a crisis of indebtedness.” In which case, pumping out yet more debt will not be the answer. It is simply a short-term fix that in the long-run creates an even bigger disaster, like giving a shivering alcoholic a case of Special Brew.
Dr Ros Altmann, a former adviser to Number 11, points out: “They punish those who actually did the right thing [savers], while benefiting the very groups (the banks in particular) whose actions caused this mess.”

Canada January job losses biggest on record (Reuters)

Barclays set to give big bonuses to bankers who scuttled Woolworths (Times Online)

Barack Obama’s army is mobilised in bid to save his recovery plan (Times Online):
It is the first occasion since November that the President has deployed the massed ranks of his volunteers. His campaign machine, now calling itself Organising for America, issued the mobilisation call last week to a database of 13 million supporters. Even among loyal troops some admit to harbouring doubts. Albert Ngoytz, in Des Moines, Iowa said: “We worked so hard to beat Hillary but we don’t understand why all these Clintonian people got the top jobs.”
(Obama is a puppet of the elite, thats why: Obama: Trilateral Commission Endgame. The U.S. is still suffering from ‘Hopenosis’, but it’s soon all over.)

Obama pushes stimulus plan while GOP pushes back (AP):
WASHINGTON (AP) — President Barack Obama on Saturday championed his economic stimulus plan as “absolutely necessary” — if imperfect — while Senate Republicans dug in against an $827 billion measure they said hadn’t even been written, let alone properly reviewed or sufficiently revised.

Cold warrior Henry Kissinger woos Russia for Barack Obama (Telegraph)

Israel to Obama: hold Iran’s feet to fire, or else (Reuters)

German economy minister offers to resign (Financial Times)

Will Ukraine follow Iceland into financial meltdown? (McClatchy)

GM may cut thousands of salaried workers-report (Reuters)

Three US Banks Shut by Regulators as Financial Crisis Deepens (Bloomberg)

38000 companies expected to go bust (Telegraph)

CBO sees accelerating US budget deficit (Reuters)

Salt wars break out as demand escalates (Financial Times)

Obama’s executive pay limits have loopholes: report (Reuters)

UN halts aid to Gaza after Hamas seizure (Independent)

Can the all-seeing, all-knowing Google be trusted to rule the world? (Times Online)

Savings lost to Madoff, elderly forced back to work (Reuters)

‘Up to 40 dead’ in Australia wildfires (Telegraph)

China orders $13-billion drought relief for wheat growers (Los Angeles Times)

Child porn scourge creates more suspects than can be arrested (Edmonton Sun)

Global News (02/06/09)

Pentagon sets sights on public opinion (MSNBC):
Money spent on winning hearts and minds at least $4.7 billion this year

Lords: rise of CCTV is threat to freedom (Guardian):
The steady expansion of the “surveillance society” risks undermining fundamental freedoms including the right to privacy, according to a House of Lords report published today.

Julius Baer hit by ‘defamatory’ accusations (Financial Times):
Julius Baer shares fell as much as 40 per cent on Friday after an anonymous letter to regulators about alleged trading irregularities at the Swiss private bank came to light.

US unemployment expected to rocket (Telegraph)

Forecast 2009: There Will Be Blood (ChartingStocks):
2009 will be a year of complete destruction for the US economy. 5 Million will lose their jobs. The Dow Jones Industrial average will break below 6,000. Municipalities will fail. Insurers will fail. The unemployed and foreclosed American population will take to the streets and begin rioting. The Greatest Depression is upon us.

Calif. Counties Threaten Tax Revolt Against State (CBS):
SPRINGFIELD – Facing an ever-growing pile of bills, crushing debt and less tax money flowing into the state treasury, Illinois is broke. But could the state climb out of its nearly $9 billion budget hole by declaring bankruptcy? No, say tax and budget experts

State can run out of money, but can’t file for bankruptcy (Chicago Daily Herald)

Irish economy ‘worst hit in eurozone’ (Independent):
Every five minutes a job is lost.

UBS predicts gold to hit $1000 (Telegraph)

Thousands of Royal Mail jobs under threat (Financial Times)

Schools seize homes over fees (Sydney Morning Herald):
EVERY week parents of private school students are losing their homes to bankruptcy actions taken by cash-strapped schools that can no longer wait for overdue fees.

Wall Street CEOs, investment bankers charged prostitutes on corporate cards, madam says (The Raw Story):
Kristin Davis, the madam in question, went public to ABC News this week; ABC will be broadcasting her interview Friday at 10 pm. Davis says she has a list of 9,800 clients, many of whom she says New York prosecutors deliberately avoided when taking her case, even though she offered them her annotated client list.

Royal Mail delivers more bad news as 16,000 workers learn they will lose their jobs (Daily Mail)

BA freezes pay amid a £70 million pre-tax loss (Times Online)

Manufacturing falls at fastest rate for 28 years (Times Online)

No 10 angered as Sarkozy hits out at Brown’s economic ‘mistakes’ (Guardian)

Toyota triples year loss forecast (BBC News):
The Japanese car giant has now tripled that figure and expects to make a 450bn yen operating loss, the first annual loss at the firm in 70 years.

FDIC Announces 7th ’09 Bank Closing: FirstBank Financial (CNN Money):
Earlier this week, the FDIC boosted its estimate for the cost of U.S. bank failures amid signs that industry conditions and the broader economy are worsening.

Bank details £50bn plan to help ease credit markets (Financial Times)

Japanese bank giant reports first ever loss (CNN)

Gross Says US Must Spend to Avoid Mini Depression (Bloomberg)
(“U.S. may slump into a “mini depression” unless policy makers spend trillions of dollars to spur growth” … if the U.S. continues to spend trillions of dollars, then it will slump into the ‘Greatest Depression.” To me it looks like the USS Titanic has already hit the iceberg.)

Acts Of Insanity Are What Destroyed The Economy (International Forecaster)

SEC Officials Can’t Find Their Own Backsides: Lawmaker (CNBC):
Rep. Gary Ackerman (D-N.Y.) attacked SEC officials testifying before the House Financial Services committee for failing to detect Bernie Madoff’s $50 billion Ponzi scheme on Wednesday.
“What the heck went on? Your mission, you said, was to protect investors and detect fraud quickly,” he said. “You couldn’t find your backside with two hands if the lights were on.”

State employee: I get $93803 for no work (Albany Times Union)

Time Warner Reports $16 Billion Quarterly Loss On Write Offs (CNN Money)

News Corp profits fall 42% on ‘grim’ economy (Times Online)

Ministers ‘misled’ judges over torture evidence (Independent)

Hamas official stopped trying to bring £8 million in cash into Gaza Strip (Telegraph)

Israeli politicians offer territory swaps and tunnels to solve the endless crisis (Times Online)

Porn Star Provides In-Flight ‘Entertainment’ (NBC Bay Area):
Shortly afterward, she leaned over and performed a sex act on Martz.
Puma said it was a way to repay Martz for allowing the crew to use his chopper and hangar at Montgomery Field.

Woman Robs Restaurant While Tearfully Apologizing (WCTV)

Professor makes his mark, but it costs him his job (Globe and Mail)

Transparent Frogs Discovered in Colombia (EcoWorldly)