The global economy is facing a meltdown, according to World Bank President Robert Zoellick. “We are moving into a dangerous period,” he told Bloomberg Television at a Singapore interview. The chances of an American recession are made increasingly likely by the danger of an economic implosion in the eurozone.
Officials in Scotland have decided it is fit and proper to take obese children away from their parents. In particular, parents of four obese children had received warnings from officials regarding the weight of their children. As those warnings were not heeded, those officials proceeded to remove the children from their parent’s home.
In banking, few values count more than consistency and integrity. The sovereign debt crisis in Europe, however, appears to have watered down those values in the case of some banks. The International Accounting Standards Board has stated that some European banks used the value provided by the Greek government in determining how much value Greek bonds should be counted in the assets of the bank. That would mean the bonds would be worth about 21% less than than the original valuation.
The debt crises of European Union member-states have reached critical mass. Three of the "PIIGS" nations — Portugal, Ireland, and Greece — and likely the other two — Italy and Spain — are simply too deeply in debt to pay off the principal and interest on national government bonds without massive help from other European nations, specifically Germany. And Germans are increasingly upset at how their government and that of France are attempting to solve the catastrophe.
The European Union has threatened Sweden with legal action unless it rescinds its first issuance of wolf-hunting licenses in 45 years. Swedish Minister for the Environment Andreas Carlgren announced that his country has no wish to engage in long legal proceedings in Brussels, the de facto capital of the European Union, which would be the next step if the EU member-state failed to comply.