Report: Sarkozy Wants to Lead Euro Zone Until 2010

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Sarkozy Wants to Lead Euro Zone Until 2010

French President Nicolas Sarkozy reportedly said he wants to become president of the euro zone countries once his term as EU heads expires at the end of the year.According to the French daily Le Monde on Wednesday, Oct. 22, several advisors to the French president have confirmed this strategy. Sarkozy's ambition is based on his firm conviction that the crisis in Georgia and the financial crisis both demonstrated that Europe was in need of a strong leader. According to Le Monde, Sarkozy believes that without such an individual at the helm, the EU would never have been able to negotiate with Moscow or decide on an effective plan to rescue European banks. However, it seems unlikely that other EU countries will go along with the idea. In an interview published Wednesday in the French business daily La Tribune, German Finance Minister Michael Glos said the proposal of a single economic governance of euro zone countries was "not suitable for resolving the current problems."

Note EU-Digest: "the idea certainly has merit, or at least a compromise of the idea, whereby the 15 euro-zone leaders elect a Chairman to speak on behalf of the group".

The Media Line: The Muslim World and the Global Financial Crisis - by Terry Lacey

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The Muslim World and the Global Financial Crisis - by Terry Lacey

By the time a new President is elected the United States will be a different country in a different world. There will be no going back and no return to business as usual. What began as the sub-prime housing market crash has become a generalized banking crash, leading to a world financial crisis, and then into a world economic recession. There is no avoiding the impact of this series of financial and economic downturns and the associated stock market crashes and wild currency fluctuations. However for the developing economies of Asia, the Middle East and Latin America, and even for Africa, these changes represent new opportunities as well as short-term problems. These events are symbolic of a changing global balance of power where the United States and Europe have to adjust to the rising economic power of Asia, the Middle East and the BRICs (Brazil, Russia, India, China). This is a crisis of capitalism and even the greatest advocates of the free market are forced to face reality that when capitalism fails it has to be bailed out by the state. It is capitalist when it goes up and socialist when it comes down.

This does not mean, as suggested by the Indonesian Vice President Kalla, that sharia banking can suddenly present the comprehensive alternative to capitalism. The reality is that so far Islamic finance has been very integrated into global capitalist structures, with little emphasis on extending the more radical and unique profit and loss sharing concepts to poorer Muslims in poorer countries.

usglobalengagement.org: John McCain's Position on US International policy

For the complete report on McCains position on US International Policy from the usglobalengagement.org click on this link

McCain's Position on US International Policy by Category on :
* Position on Global Development and Health
* Position on Diplomacy
* Position on Aid Effectiveness
* Position on Other Foreign Policy Topics

USglobalengagement.org: Barack Obama's Position on US International Policy

For the full report on Obama's Position on US International Policy from usglobalengagement.org click on this link

Barack Obama's Position on International Policy

Obama Position on US International Policy by Category:
* Position on Global Development and Health
* Position on Diplomacy
* Position on Aid Effectiveness
* Position on Other Foreign Policy Topics

AP: Czech Republic holds Senate runoff elections

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Czech Republic holds Senate runoff elections

Partial results from Czech elections to fill almost one-third of the Senate indicate Prime Minister Mirek Topolanek's party will lose its majority in the upper house. Results from more than half of polling stations show the opposition Social Democrats leading second-round elections for 22 of the 26 seats up for grabs in the 81-seat Senate. The opposition party had campaigned on criticism of the government's plans for placing a U.S. missile defense radar base in the country.

AFP: Dutch flower exports wilt amid world economic downturn

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Dutch flower exports wilt amid world economic downturn

The Netherlands, the world's biggest flower exporter, has seen its bloom trade wilt as luxury items get passed over for essentials amid the global economic downturn. "When people have less money to spend, they tend to buy bread instead of flowers," sighs Mike Lansbergen, sales manager for a major Dutch producer of Barberton Daisies in Pijnacker-Nootdorp in the eastern Netherlands. Flower exports to Britain, a major Dutch market, fell by almost a fifth in September, losing 19 percent from the same month in 2007, according to figures published this week by industry body HBAG. Since the beginning of the year, exports to Britain have dropped by 84 million euros.

The market Oracle: The U.S. Dollar Death Dance - by Jim Willie

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The U.S. Dollar Death Dance - by Jim Willie

The US Dollar rally in the last several weeks has been remarkable. At closer examination, it highly resembles a spurt prior to death. Imagine an old man who just had a heart attack, lost feeling in certain body parts, his mind not working right, plenty of nonsense gibberish coming from his mouth, and now he is dancing hard on some last gasps. The vast liquidation movement is akin to the old man going through an embalming process while dancing atop the tables at the funeral parlor, as bidding proceeds for his cadaver.Are Americans last to realize the financial structure destruction means the US Economy does not enter a recession, but rather a bizarre unprecedented disintegration? It seems so. The liquidation of speculative positions, the massive de-leveraging, the payout's of defaulted bonds, these events are the opposite of developments toward revival or resuscitation, like business investment!! Liquidation is the exact opposite of investment, and precedes job cuts, not job creation.

What is pushing the US Dollar up cannot be construed as anything remotely resembling healthy factors. In no way whatsoever does it resemble investment. It is more like paid off death contracts, paid off death investments, paid off transfers from toxic US bonds into what are falsely regarded as safer US bonds with a guarantee from a crippled USGovt. Foreign financial entities are liquidating on massive scale. They need a tremendous amount of US Dollars in order to complete transactions. Also, a tremendous amount of US Dollars are needed for CDSwap payout's as defaulted bonds are resolved. Almost all CDSwap and other credit derivatives are paid out in US Dollars The Lehman Brothers payout was full of lies, again. The Lehman Brothers total volume of corporate bonds was $160 billion, but $400 billion existed in total CDS volume tied to them! It is no surprise that the Dow and S&P500 stock indexes fell hard (by almost 400 points on Dow) and on the Lehman resolution day. And market mavens boasted of no impact on the Lehman funeral date! Big disruptive events are occurring in the distribution system. Letters of credit are routinely being refused by export nations who distrust US sources. A fall of 10% to 20% in shipping traffic to western US ports has been reported. Ships are empty at Asian ports, some even loaded but interrupted on their voyage to US ports and European ports. Many details are given in the October Hat Trick Letter reports. Even manufacturers of shipping vessels are being severely affected, as credit has interrupted construction projects. Indian suppliers are often demanding 100% upfront on costs to east coast retailers, again showing the distrust. Almost total attention has been given to banks and credit markets and stock markets. The US Economy is moving from recession toward something different from depression. The current interruption could actually be more like disintegration. Short-term credit is soon to interfere greatly with truckers and railways in distribution channels on the domestic side, much like letters of credit are wrecking havoc on the overseas shipper side.

Reuters: U.S. has plundered world wealth with dollar: China paper

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U.S. has plundered world wealth with dollar: China paper

The United States has plundered global wealth by exploiting the dollar's dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.The front-page commentary in the overseas edition of the People's Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.The People's Daily is the official newspaper of China's ruling Communist Party. The Chinese-language overseas edition is a small circulation offshoot of the main paper. Its pronouncements do not necessarily directly voice leadership views. But the commentary, as well as recent comments, amount to a growing chorus of Chinese disdain for Washington's economic policies and global financial dominance in the wake of the credit crisis. "The grim reality has led people, amidst the panic, to realize that the United States has used the U.S. dollar's hegemony to plunder the world's wealth," said the commentator, Shi Jianxun, a professor at Shanghai's Tongji University."The U.S. dollar is losing people's confidence.

The world, acting democratically and lawfully through a global financial organization, urgently needs to change the international monetary system based on U.S. global economic leadership and U.S. dollar dominance," he wrote. Shi suggested that all trade between Europe and Asia should be settled in euros, pounds, yen and yuan, though he did not explain how the Chinese currency could play such a role since it is not convertible on the capital account.

FT.com - Crisis deepens for carmakers as forecasts are slashed in Europe - by John Reed

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Crisis deepens for carmakers as forecasts are slashed in Europe - by John Reed

The crisis unfolding in car-making on both sides of the Atlantic deepened yesterday, as three of Europe's biggest producers slashed their profit forecasts for this year and General Motors and Chrysler announced more job cuts. In Europe, Daimler and Fiat warned of sharply slowing demand for cars this year. For the first time, Renault also cut its operating margin forecast, the most closely watched metric of Carlos Ghosn's three-year Commitment 2009 plan for the French carmaker as chief executive. "The crisis is here, and it is hitting the real economy," said Patrick Pelata, Renault's chief operating officer. "It is hitting automobiles, and therefore it is hitting Renault."

FOXNews.com - Europeans Aim to Build Own Manned Spacecraft - by Jeremy Hsu

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Europeans Aim to Build Own Manned Spacecraft - by Jeremy Hsu

Plenty of European astronauts and hardware have gone up to the space station or to other orbits around Earth, but now the European Space Agency (ESA) is thinking of ways to get them back down on their own. A Vega rocket on the drawing boards is slated to carry ESA's Intermediate eXperimental Vehicle (IXV) into space in 2012. The stubby white-and-black spacecraft is designed to use two rear flaps in a paddling motion to steer itself during atmospheric reentry. Such a demonstration craft could perhaps pave the way for Europe to return its astronauts to Earth without relying on the U.S. or Russian space programs."With ATV [Automated Transfer Vehicle] and Columbus, the European space laboratory, we believe Europe has now become one of the major players in manned space exploration," said John Ellwood, ATV mission manager.

MinnPost - Running on fumes: U.S. must invest in new economies through support for education, research - by Shawn Lawrence Otto

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Running on fumes: U.S. must invest in new economies through support for education, research - by Shawn Lawrence Otto

In an effort to shore up the failing economy we've now seen the government pump hundreds of billions of taxpayer dollars into corporations in what is either the largest socialization of the free market or the largest raiding of the public trust in history, depending on your perspective. This emergency response may stop the bleeding, but it does little to tackle a major cause: inadequate investment in producing new economies as our old ones mature. As a result, we're running on fumes and debt.

And a 2005 Business Roundtable report projects that by 2010, 90 percent of all scientists and engineers will live in Asia. If that projection turns out to be even close, it represents a major shift in the underpinnings of the American economy.

Bangkok Post: Leaders announce new Asia-Europe climate goals

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Leaders announce new Asia-Europe climate goals

Asian and European Union leaders on Saturday committed their 43 nations to agreeing to new goals on climate change by the end of next year. The 16 Asian and 27 EU leaders issued a joint statement saying they planned to finalize a post-Kyoto Protocol deal on climate change goals to 2012 at talks in Copenhagen scheduled for December 2009. New targets for reducing greenhouse gas emissions would build on the December 2007 climate change conference in Bali, Indonesia, they said, calling on developed nations to show "strong leadership".

The Irish Times: A Lisbon perspective on the Lisbon Treaty - by Maria Joao Rodrigues

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A Lisbon perspective on the Lisbon Treaty - by Maria Joao Rodrigues

"As adviser to the prime minister of Portugal, I was in the European Council in October 2007 when champagne glasses were raised by all the European leaders to greet the final agreement on the new treaty. I remember the joy and relief when after two painful years (in fact five), it was possible to reach a consensus on a new treaty, which has several shortcomings but also many achievements: a Charter of Fundamental Rights, more effective and democratic decision-making, a more co-ordinated external focus for the European Union, a stronger euro zone, a bolder energy policy and a social clause. I also remember that a new determination was in the room when the European leaders turned to the future and to a central concern of citizens: how can Europe cope with globalisation? For all these reasons, the current crisis calls for a clear rendezvous in the European Council in December. Its central responsibility will be to adopt a fully-fledged plan to tackle the financial and economic crisis and to mobilise all necessary means.

This will very likely be the right moment for Ireland to clarify its willingness to promote a new consultation process in order to take into account the new current challenges, as well as the possibilities of accommodating specific Irish concerns regarding neutrality, the European Commissioner, abortion and other social issues. The rendezvous regarding the new treaty will be in December because the crisis will not wait. Stronger European action will be needed."

The Mark Oracle: Europe Seeks to Implement New Bretton Woods Fiat Currency System

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Europe Seeks to Implement New Bretton Woods Fiat Currency System

It looks like Europe wants to re-invent the wheel and soundings are being made to introduce a "new Bretton Woods". Bretton Woods was effectively an exchange rate mechanism, were gold backed the new kid on the world block, namely the post war US dollar and all other currencies floated around the dollar in a fixed range. If a currency moved too far either way of the range then the respective Central Bank stepped in and delivered the appropriate medicine. However the US dollar was pegged to the price of gold which was fixed at an official rate of $35. All went well until one or two countries, well, mainly France decided that they wanted the gold that backed the dollar reserves they had accumulated by repatriating the dollars back to Uncle Sam. Eventually President Nixon decided in 1971 to abandon the BW agreement, triggering other attempts to set other fixed currency systems which all failed. In the end FX became a free floating system that has resisted any attempts to regulate exchange rates other than "pegs".

European Central Bank President Jean- Claude Trichet said officials reshaping the world's financial system should try to return to the "discipline" that governed markets in the decades after World War II. "Perhaps what we need is to go back to the first Bretton Woods, to go back to discipline," Trichet said after giving a speech at the Economic Club of New York recently. "It's absolutely clear that financial markets need discipline: macroeconomic discipline, monetary discipline, market discipline."

EU-Digest/La Stampa: A New World Order: EU - China - Russia? Why EU and China need Russia - by Nicholas Kimbrell

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A New World Order: EU - China - Russia? Why EU and China need Russia - by Nicholas Kimbrell

It is necessary for the EU to go in a different direction, something which is already occurring with the idea of a Kerneuropa, which has its own constellation revolving around it, or the view of the EU as kind of super-market with some responsibilities which are shared and others which are kept rigorously separate. In any case, clarity is needed regarding the direction in which the EU, and not just Russia, is heading.

Note EU-Digest: Author and political analyst Parag Khanna of the New America Foundation set the tone at todays (Friday') opening seminar during a gathering of international scholars, diplomats and political analysts gathered in Beirut,when he said: "After the Uni-Polar Moment," suggesting that "the return to uni-polarity, American hegemony, is literally impossible." Advocating a more rigorous and collective analysis of multi-polarity, particularly in relation to Russia and India, Khanna cited the US, China and the EU as the incumbent and future "centers of gravity." Most of the speakers seemed to challenge the notion of US hegemony without questioning the still-dominant role Washington holds in much of the world. Indeed, featured speakers from rising powers sought to define their policies as distinct from the proactive US unilateralism, particularly in the Middle East. Chu Shulong, deputy director of the Institute of International Strategic and Development Studies at Tsinghua University in Beijing, emphasized China's desire to end its historic isolation and win regional and global "friends" based on economic and diplomatic terms. It seems the EU will soon need to seek more strategic and economically practical alliances than its present Trans-Atlantic Alliance which has mainly made it a cost sharing partner of the US in military adventures in Iraq and Afghanistan.

Open Source Windows - Free, Open-Source software for Windows XP and Vista

For free downloads of Open Source software for Windows XP and Vista click on this link

Open source is a development method for software that harnesses the power of distributed peer review and transparency of process. The promise of open source is better quality, higher reliability, more flexibility, lower cost, and an end to predatory vendor lock-in.The Open Source Initiative (OSI) is a non-profit corporation formed to educate about and advocate for the benefits of open source and to build bridges among different constituencies in the open-source community. One of our most important activities is as a standards body, maintaining the Open Source Definition for the good of the community. The Open Source Initiative Approved License trademark and program creates a nexus of trust around which developers, users, corporations and governments can organize open-source cooperation.

Get great Open source software programs for your computer. Why pay a fortune if you can get it for free.

Free and open-source software is good for you and for the world. No adware, no spyware, just good software.

Xinhua: Cuba, EU re-establish cooperative ties

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Cuba, EU re-establish cooperative ties

Cuban Foreign Minister Felipe Perez Roque and European Commissioner of Development and Humanitarian Aid, Louis Michel, signed a declaration on Thursday to restore the bilateral cooperation at the headquarters of the Cuban Foreign Ministry in Havana. During the meeting both sides hailed the restoration of the bilateral ties, which are based on the principle of reciprocal and non-discriminatory treatment, with respect for each other's sovereignty. Michel said he was pleased with the agreement, and reaffirmed the European Union (EU)'s intentions to strengthen ties with Cuba. He also announced an emergency aid worth 2 million euros (2.6 million U.S. dollars) to help Cuba recover from hurricanes Gustav and Ike, which have produced more than 5 billion dollars in losses.

The EU will also provide 25 million to 30 million euros (32.5 million and 39 million dollars) to Cuba from next year to rebuild schools and damaged houses.

Daily Intel: US Economy - Hank Paulson Sees Himself and Ben Bernanke As a Team of Outlaws - by Jessica Pressler

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US Economy - Hank Paulson Sees Himself and Ben Bernanke As a Team of Outlaws - by Jessica Pressle

Joe Nocera had a long sit-down with the Treasury secretary for his book a dramatic Page One Times feature today, in which Paulson describes what was going through his mind during the early weeks of the financial crisis, as he raced from one problem to the next, trying to solve them, only to have another one appear on the horizon. “I feel like Butch Cassidy and the Sundance Kid," he told the Times. "Who are these guys that just keep coming?" Paulson is super-pleased with this analogy, you can tell. Like when he describes how Ben Bernanke asks him to go ask Congress for help, "it's just like when Butch, the thoughtful one played by Paul Newman, comes up with the idea for the two of them to go to Bolivia because there's gold there", he says.

See? They are partners till the death. Just like B&S! Only: no. No, no. No. This is basically like the worst metaphor ever for Paulson to have used. Not only were Butch Cassidy and the Sundance Kid robbers — immoral, lawless, murdering robbers — they were feckless robbers. They had no idea what they were doing! But maybe Bernanke and Paulson also identified with that:

ClimateChangeCorp: UK now leader in offshore wind energy

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UK now leader in offshore wind energy

The UK has now surpassed Denmark as the country leading the world in production of offshore wind energy, said Mike O’Brien, a minister in the UK’s new Department of Energy and Climate Change. With the completion of Centrica’s Lynn and Inner Dowsing wind farms 5km off the Lincolnshire coast, the UK now has 579MW fully constructed—enough to power around 300,000 homes—and should add another 938 megawatts by the end of next year through new construction of five more wind farms.

NYT: Alternative Energy Suddenly Faces Headwinds - by Clifford Krauss

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Alternative Energy Suddenly Faces Headwinds - by Clifford Krauss

For all the support that the presidential candidates are expressing for renewable energy, alternative energies like wind and solar are facing big new challenges because of the credit freeze and the plunge in oil and natural gas prices.Shares of alternative energy companies have fallen even more sharply than the rest of the stock market in recent months. The struggles of financial institutions are raising fears that investment capital for big renewable energy projects is likely to get tighter. Advocates are concerned that if the prices for oil and gas keep falling, the incentive for utilities and consumers to buy expensive renewable energy will shrink. That is what happened in the 1980s when a decade of advances for alternative energy collapsed amid falling prices for conventional fuels.

Note EU-Digest

like most reactions in the financial world this one is also based on just a snapshot of the actual moment. Medium and long term predictions are a gradual phase out of fossil fuels and a rapid increase of alternative technologies and fuels.