Americans know the term "stagflation"; the decline in economic activity accompanied by an artificially inflated money supply is what Europe is presently experiencing. On Thursday, European Central Bank President Jean-Claude Trichet announced that the ECB had raised its interest rates 1.5 points and suggested that this action, intended to contract the money supply, might be pursued more aggressively in the future — even though the so-called "PIGS" nations of Europe (Portugal, Ireland, Greece, and Spain) need influxes of money in order to prevent default.
The British government has given the nod for abortionists to hawk their services on the “telly.” As reported by the London Telegraph, “Private clinics which carry out abortions will be allowed to advertise on television and radio for the first time, under new rules.” The Telegraph reported that with recently approved recommendations, “drawn up by the Broadcast Committee of Advertising Practice, which regulates TV and radio commercials, dozens of independent hospitals carrying out abortions will be able to advertise their services to consumers.”
Wednesday, the financial crisis which is threatening all Europe deepened, as the rates for Portuguese government debt instruments jumped higher based upon a decision by Moody’s rating service to reduce those bonds four levels to "junk" status. The drop was from Baa1 to Ba2 on long-term Portuguese bond ratings.
Eurogroup President Jean-Claude Juncker said in an interview over the weekend that the austerity measures being imposed on Greece in exchange for additional bail-out funding from the IMF will result in “the sovereignty of Greece [being] massively limited. ” He added, “One cannot be allowed to insult the Greeks. But one has to help them. They have said they are ready to accept expertise from the euro zone.”