Whereas previously we had heard extensive horror stories about banks being told to prepare for the end of the world in case the European summit (the latest and greatest one from last Friday which was supposed to find a cure for cancer among other things) failed, and even went so far as to read about preparations for trading in the drachma on a when issued basis, once the summit passed (and it was clear that media posturing would do nothing to fix what has already been a failure and it would be best to remove the threats of "reality" from the public's attention) all such "end of the world" speculation promptly disappeared - after all why remind people that things are now worse than ever. Until today. According to the Australian Finance Review (link - subscription required), banks down under "have been given 1 week by regulators to stress test how they would handle a spike in joblessness, plunge in home prices spurred by EU debt crisis." Aka a European "Meltdown." And since we don't have immediate access to the article, we leave it to Bloomberg First Word to describe for us what the article says:
Friday, December 16, 2011
Victoria’s Secret Revealed in Child Picking Burkina Faso Cotton
Clarisse Kambire’s nightmare rarely changes. It’s daytime. In a field of cotton plants that burst with purple and white flowers, a man in rags towers over her, a stick raised above his head. Then a voice booms, jerking Clarisse from her slumber and making her heart leap. “Get up!”
The man ordering her awake is the same one who haunts the 13-year-old girl’s sleep: Victorien Kamboule, the farmer she labors for in a West African cotton field. Before sunrise on a November morning she rises from the faded plastic mat that serves as her mattress, barely thicker than the cover of a glossy magazine, opens the metal door of her mud hut and sets her almond-shaped eyes on the first day of this season’s harvest. (Follow her journey in videos, photos and more here.)
Sunday, December 11, 2011
The Swiss Government Is Getting Ready For The Collapse Of The Euro
The Swiss government is preparing for a collapse of the euro, according to Swiss Finance Minister Eveline Widmer-Schlumpf.
She told parliament that a work group was studying the imposition of capital controls and negative interest rates to protect Switzerland from the capital flight that a euro collapse would engender (Handelsblatt).
A Union is Born: Latin America in Revolution
While much of the world is in crisis and protests are erupting throughout Europe and the United States, Latin American and Caribbean nations are building consensus, advancing social justice and increasing positive cooperation in the region. Social, political and economic transformations have been taking place through democratic processes in countries such as Venezuela, Bolivia, Ecuador, Nicaragua, Uruguay, Argentina and Brazil throughout the past decade, leading to a massive reduction in poverty and income disparity in the region, and a substantial increase in social services, quality of life and direct participation in political process.
One of the major initiatives of progressive Latin American governments this century has been the creation of new regional organizations that promote integration, cooperation and solidarity amongst neighboring nations. Cuba and Venezuela began this process in 2004 with the founding of the Bolivarian Alliance for the Peoples of Our America (ALBA), that now includes Bolivia, Ecuador, Nicaragua, Dominica, St. Vincent’s and the Grenadines and Antigua and Barbuda. ALBA was initially launched in response to the US government’s failed attempt to impose its Free Trade Agreement of the Americas (FTAA) throughout the region. Today ALBA is a thriving multilateral organization with member nations that share similar political visions for their countries and for the region, and includes numerous cooperation agreements in economic, social and cultural areas. The fundamental basis of trade amongst ALBA nations is solidarity and mutual benefit. There is no competition, exploitation or attempt to dominate amongst ALBA states. ALBA even counts on its own currency, the SUCRE, which allows for trade between member nations without dependence on the US dollar.
Report: US drones helping local police agencies
Predator drones are being used in domestic law enforcement cases, raising concerns that the aircraft are being deployed beyond the missions that Congress originally authorized them for, the Los Angeles Times reported Saturday.
The Times said a North Dakota county sheriff asked federal authorities to employ a drone for surveillance in a standoff with three men on a large farm on June 23, resulting in the first known arrests of U.S. citizens involving the spy planes in domestic cases.
Tuesday, December 6, 2011
Czech Republic Decriminalizes Peyote, Magic Mushroom Growing
Under changes in Czech drug policy approved Wednesday by the Cabinet, growers of psychedelic cacti and fungi will no longer face criminal punishment. The hallucinogenic plants will be removed from the government’s drug “black list,” meaning that cultivation of more than “small” amounts will no longer be a crime.
Peyote and magic mushrooms were originally included on the list when the Czech’s reformed their drug laws in 2009, making the Czech Republic one of the most liberal in Europe on drug policy. But amateur cactus growers who said they had no intention of consuming their plants complained that the drug reforms effectively criminalized them for pursuing their hobbies.