The US Treasury has revealed its blueprint for the biggest overhaul of regulation of the financial sector since the 1930s.
Critics have said that the credit crunch and resultant market turmoil made a strong case for change. But Treasury Secretary Henry Paulson rejected claims that existing regulations have led to the turmoil. And he said the plan should not be implemented until current difficulties roiling financial markets are resolved.
The plan would beef up the powers of the Federal Reserve, which earlier this month engineered the purchase of troubled investment bank Bear Stearns by JP Morgan. It would give it greater oversight of all kinds of financial institutions from hedge funds to insurance companies.
“Government has a responsibility to make sure our financial system is regulated effectively. And in this area, we can do a better job,” Mr. Paulson said. The government says the proposals are an effort help US firms become more competitive in the global economy.
I don’t know why, but when they start things like that I can see a serious financial crisis coming …fast!
Zimbabwe is standing on a “precipice” as official results from Saturday’s general election start to trickle in, the opposition has said.
Senior Movement for Democratic Change official Tendai Biti says party leader Morgan Tsvangirai has won 60% of the vote, against 30% for Robert Mugabe. Official results show both sides have 26 parliamentary seats so far. Mr. Biti says the results are being rigged.
Justice Minister Patrick Chinamasa has lost his seat, east of Harare. Public Affairs Minister Chen Chimutengwende has also lost his seat in Mazowe, seen as a stronghold for President Mugabe’s Zanu-PF party.
Local results have been posted outside most polling stations since Sunday morning. One seat has gone to a breakaway faction of the MDC, according to official results. MDC spokesman Nelson Chamisa told the BBC his party had won 99 of the 210 parliamentary seats, against 96 for Zanu-PF and 15 for other opposition parties, based on his party’s final figures.
I hope there is a cell in Harare with Mugabe’s name, ready!
Turkey’s constitutional court is expected to rule whether or not to hear a case aimed at closing down the country’s governing AK party.
The chief prosecutor has filed a petition calling for the party to be closed for “anti-secular activities”. He also wants dozens of its members, including the prime minister and president, to be banned from politics. The case revives a battle between Turkey’s secularist establishment and the AK party of devout Muslims.
Everyday closer to democracy in Turkey! Most likely Musharraf’s Pakistan is the example for them after all in Turkey the army is the real ruler!!!
Noam Chomsky on the Politics of the Essence of the Human Mind
Noam Chomsky is considered one of the pivotal linguists of our time. He follows a long heritage on the nature of language which begins with the ancient Greeks and continues with Giambattista Vico in the 18th century.
Whither Democracy in America? Part 3: Myths and Lessons of Athenian Democracy
The word democracy derives from the ancient Greek dēmokratia (literally, rule by the people) formed from the roots dēmos “people,” “the mob, the many” and kratos “rule” or “power.”
“Charles Darwin and a pool party”
“Perhaps no person can be a poet, or can even enjoy poetry, without a certain unsoundness of mind.” – Thomas Babington Macaulay
“Poets are mysterious, but a poet when all is said is not much more mysterious than a banker.” – Allen Tate
A French plane and medical team have been put on standby in case the high-profile hostage Ingrid Betancourt, held by Colombian rebels, is released.
The French president’s office said it was a “precautionary” move and there was no information to suggest Ms Betancourt was about to be freed. The former Colombian presidential candidate and French-Colombian citizen is said to be gravely ill. She has spent more than six years as a hostage of the Farc rebels.
France said it had a plane ready in French Guiana so that Ms Betancourt could receive speedy medical care in case she was released, according to a statement from President Nicolas Sarkozy’s press service. The plane would be “ready to intervene at any moment”, it said. News that a plane was on standby comes after Colombia offered prisoner amnesties in exchange for hostages and said France could take freed Farc prisoners as part of a deal.
Let’s hope that this will be the end of her torture.
Election observers in Zimbabwe have expressed concerns over “delays” in announcing official presidential poll results, amid fears of rigging.
The head of one monitors’ group said he had “no doubt” officials now know most results. None have yet been released. Officials blamed the fact that four separate polls were held on one day.
The government and election chiefs have issued warnings to the opposition MDC after it said it had won on the basis of partial, unofficial results. Saturday’s election pitted the MDC’s Morgan Tsvangirai and the independent Simba Makoni against President Robert Mugabe, Zimbabwe’s leader since 1980.
Mugabe need time to …cook the result!
The Queen has cancelled a party to mark her diamond wedding anniversary because she felt it would be “inappropriate” to hold a lavish celebration with the country on the brink of recession.
Guests at the party, which was due to be held at The Ritz this weekend, would have been served champagne from crystal-studded bottles and dined off tablecloths covered with sparkling jewels.
But with her subjects facing rising bills and falling house prices, and the banking system paralysed by the so-called “credit crunch”, the Queen has decided that the celebration would be regarded as insensitive.
Shit! Should I start worrying now?