The European crisis continues to mushroom, even as Eurocrats meet in Brussels to try to stave off implosion of the eurozone. Tuesday’s sale of Italian debt forced the government of Italy again to accept interest rates or “yields” in excess of seven percent, a level proven by experience to be unsustainable. Thursday will be another bellwether day, as Spain and Belgium — both of whose bonds are commanding steep yields — auction off debt of their own. But at the rate interests on government debt are rising across the eurozone, a few more weeks could write the epitaph for the once-touted international currency.
The British government is looking for a way to jumpstart its stagnant economy. The plan is to use pension funds to invest in big construction projects to the tune of $46.5 billion.
An interim Prime Minister with a socialist background was selected on November 27 after U.S.-backed Yemeni “President” Ali Abdullah Saleh (left) agreed to step down last week. But after months of chaos and turmoil by competing factions rocked the Arabian nation, violence has still not subsided.
When Venezuelan President Hugo Chavez announced last Tuesday the imposition of new price controls on a long list of consumer items, he expressed optimism that they would help curb inflation:
Russia's Prime Minister Vladimir Putin — the formal head of the Russian government — has launched a campaign to become President, or head of state, a position currently held by Dmitry Medvedev. Putin had already served two terms as President before becoming Prime Minister; now he has decided that he wants to become President again and swap offices with Medvedev, a protégé of his.
An ex-employee of London’s buzzing Heathrow Airport is suing her former employer for unfair dismissal, claiming that she and other Christian staff were discriminated against because of their religious beliefs. According to the U.K.’s Sunday Telegraph, Nohad Halawi, who migrated to Britain from Lebanon in 1977, professed "that she was told that she would go to Hell for her religion, that Jews were responsible for the September 11th terror attacks, and that a friend was reduced to tears having been bullied for wearing a cross."
Amid growing speculation over the collapse of the euro, British embassies are now preparing for worst-case scenarios, such as riots and civil unrest. The Telegraph reported, “British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain. As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.”
Despite not being a member of the European Union, Switzerland is under intense pressure from Brussels to raise taxes as companies flee high-tax EU welfare states in favor of more business-friendly Swiss cantons. And if the nation refuses to bow down soon, so-called “eurocrats” are threatening retaliation.
The European Court of Justice issued an important decision on November 24, ruling that Internet Service Providers (ISPs) operating on the continent cannot be legally compelled to monitor the online activity of their customers.
In its attempt to quell rising uneasiness in the wake of the failed German bond sale last week, the establishment magazine The Economist rushed in over the weekend with a series of four separate articles promoting its globalist and internationalist perspective on the matter.