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ECONOMIC CRISIS THREATENS THE IDEA OF ONE EUROPE

March 1/09. The leaders of the European Union gathered Sunday in Brussels for an emergency summit meeting designed to tamp down the centrifugal forces unleashed by the global economic crisis that threaten to spin the bloc - and its single currency -apart.

In a statement afterward, the leaders tried to reassure their publics, promising to hold to the single market, promote growth and reject protectionism.

A call from Hungary for a large bailout for newer, eastern members of the union was rejected by Germany, the richest EU nation, and received little support from other countries.

Prime Minister Ferenc Gyurcsany of Hungary warned of "a new Iron Curtain" dividing Europe, even if the metal today was gold.  He called for a special EU fund of up to €190 billion, or $241 billion, to protect the bloc's weakest members.

FULL STORY> 

http://www.worthynews.com/top/iht-com-articles-2009-03-01-europe-union-php/


AIG LOSES $61.7B; TREASURY, FED STEP IN WITH $30B AID PACKAGE

March 3/09. American International Group (AIG) went back to the well of government bailouts for a fourth time on Monday as it reported a $61.7 billion fourth-quarter loss that was the largest quarterly loss in corporate history. - USA Today.


Stocks fall to lowest level since 1997 as Dow drops below 6,800


March 3/09. If there ever was a symbol of investors' lack of confidence in the (US) government's ability to stem the financial crisis, it was the Dow Jones industrials plunging below 7000 Monday and closing at levels not seen since April 1997. - USA Today


THE D-WORD: WILL RECESSION BECOME SOMETHING WORSE?

Mar 2/09. AP. WASHINGTON – A Depression doesn't have to be Great — bread lines, rampant unemployment, a wipeout in the stock market. The economy can sink into a milder depression, the kind spelled with a lowercase "d."

And it may be happening now.

The trouble is, unlike recessions, which are easy to define, there are no firm rules for what makes a depression. Everyone at least seems to agree there hasn't been one since the epic hardship of the 1930s.

But with each new hard-times headline, most recently an alarming economic contraction of 6.2 percent in the fourth quarter, it seems more likely that the next depression is on its way.

"We're probably in a depression now. But it's not going to be acknowledged until years go by. Because you have to see it behind you," said Peter Morici, a business professor at the University of Maryland.

FULL STORY>

http://news.yahoo.com/s/ap/20090302/ap_on_bi_ge/the_d_word


GLOBAL BANK, GLOBAL CURRENCY WITHIN 15 YEARS

March 1/09. BR-News. Head of market analysis for Schneider Foreign Exchange Stephen Gallo told CNBC yesterday that the financial crisis will lead to the creation of a global central bank and a global single currency within 15 years, echoing the call of top globalists who have exploited the problems they created to push for a new world financial order.

British Prime Minister Gordon Brown, EU heads such as Joaquin Almunia and establishment media outlets like the Wall Street Journal amongst many others have all used the economic crisis as an excuse to argue for greater financial power, a “new world economic order” in which control is concentrated into fewer hands - with the IMF and the World Bank enjoying the spoils.

UK Business Secretary and top Bilderberg member Peter Mandelson has also pushed for a “Bretton Woods for this century,” to help build the “machinery of global economic governance”.

The globalists’ call for a centralized global economic order has nothing to do with providing solutions to the crisis but everything to do with providing themselves with more power and control over the world financial system.

FULL STORY>

http://www.baltische-rundschau.eu/2009/03/01/global-bank-global-currency-within-15-years/


BROWN:  GLOBAL NEW BANKING DEAL 'POSSIBLE' IN MONTHS

March 3/09.  During talks with US President Barack Obama, Prime Minister Gordon Brown said a global "new deal" on cleaning up the reeling banking sector was possible within months.

"Look, there is the possibility in the next few months of a global new deal that will involve all the countries of the world in sorting out and cleaning up the banking system," Brown told reporters in the Oval Office.

"There is the possibility of all the different countries of the world coming together to agree the expansion in the economy that is necessary to restore confidence and to give people jobs and growth and prosperity for the future."

- www.breitbart.com


 

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