One of the unintended consequences of the ongoing and accelerating crisis in the eurozone is that ordinary citizens are taking their money out of the banks and burying it. Lack of both confidence in the stability of the European economy and credible solutions to the crisis have led to the exit of currency from banks in Greece, Italy, and other European countries.

Leon PanettaDefense Secretary Leon Panetta told a television audience January 8 that while Iran may be laying the groundwork for nuclear weapons, it is not yet far enough in the process to build any yet. Appearing on a pre-recorded segment of the CBS program Face the Nation, “Panetta cautioned against a unilateral strike by Israel against Iran’s nuclear facilities, saying the action could trigger Iranian retaliation against U.S. forces in the region,” reported the Associated Press.

In the clearest indication yet, a high French government official confirmed last week that an FTT — Financial Transaction Tax — will be implemented by the European Union by the end of 2012, a year earlier than planned. Jean Leonetti (left), France’s Minister for European Affairs, said on television that “This is on the program for the next European summit [on January 30]. [French President] Nicolas Sarkozy and [German Chancellor] Angela Merkel have decided on this and it will be put in place before the end of 2012.”

The announcement from the German Economy Ministry over the weekend confirmed that the long-awaited European recession has officially begun: German factory orders dropped to the lowest level in three years, down nearly five percent in the past month. The ministry also revealed that orders from outside the EU dropped by 10.3 percent.

Another Middle Eastern despot may be facing a violent end for atrocities his accusers say he perpetrated against his own people. Egypt’s former dictator, Hosni Mubarak, who enjoyed 30 years of mostly undisturbed rule under a nearly perpetual “Emergency Law,” is being tried along with his security chief and six top police officers for their complicity in the killings of hundreds of protesters during last year’s uprisings that ended Mubarak’s rule.

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