China and France should strengthen high-level exchanges to enhance mutual trust and deepen strategic cooperation on both bilateral and international issues, Chinese Foreign Minister Wang Yi said on Wednesday.

Wang arrived in France on Wednesday for a two-day visit, which will pave way for Chinese President Xi Jinping's visit to France next year which marks the 50th anniversary of the establishment of diplomatic relations between the two countries.

The trip to France is Wang's first official visit to Europe as foreign minister. He met French President Francois Hollande and Foreign Minister Laurent Fabius and exchanged views with them on hot international topics including the Syrian and Iranian issues.

"The relations between China and France go far beyond the bilateral realm and have distinct strategic importance. Therefore we should strengthen not only our bilateral cooperation but also coordination on major international issues," Wang said at a news conference.

China and France have vast potential to cooperate in areas such as urbanization, information technologies and agricultural modernization, he said.

Wang also reiterated China's position on the Syrian issue which is to support the settlement of the crisis through political means.

"China supports the second round of Geneva peace talk and the international community should create favorable conditions for various parties in Syria to reach a consensus for the settlement," he said.

French Prime Minister Jean-Marc Ayrault will soon visit China for the preparation of the 50th anniversary of China-France relations, according to the French Foreign Minister Fabius.

He said that France has decided to further simplify the visa application procedures for Chinese citizens, which will allow them to get French visa in just two days.

Fabius also noted that the French government wants to deepen cooperation with China on environmental issues as Paris will hold the United Nations Climate Conference in 2015.

The Philippine television station GMA reported its news team saw 11 bodies, including that of a child, washed ashore on Friday and 20 more bodies at a pier in Tacloban hours after the typhoon ripped through the coastal city. At least 20 more bodies were taken to a church in nearby Palo town that was used as an evacuation centre but had to be abandoned when its roofs were blown away, the TV network reported. TV images showed howling winds peeling off tin roof sheets during heavy rain. Ferocious winds felled large branches and snapped coconut trees. A man was shown carrying the body of his six-year-old daughter, who drowned, and another image showed vehicles piled up in debris. Haiyan, one of the strongest storms ever to hit land, was leaving the Philippines behind on Saturday, having flattened houses, triggered landslides and floods and knocked out power and communications across a number of islands. More than 750,000 people were forced to flee their homes. The toll of death and damage is expected to rise sharply as rescue workers and soldiers reach areas cut off by the massive, fast-moving storm, now heading towards Vietnam. Authorities in 15 provinces in Vietnam started to call back boats and prepare for possible landslides. Nearly 300,000 people were moved to safer areas in two provinces alone – Da Nang and Quang Nam– according to the government's website. Forecasters said the storm was expected to pick up renewed strength over the South China Sea. There were hopes the Philippines had avoided a worse disaster because the rapidly moving typhoon blew away before wreaking more damage, officials said. But because communications were severed, it was impossible to know the full extent of casualties and damage.

Southern Leyte governor Roger Mercado said the typhoon ripped roofs off houses and triggered landslides that blocked roads. The dense clouds and heavy rains made the day seem almost as dark as night, he said. "When you're faced with such a scenario, you can only pray and pray and pray," Mercado told the Associated Press by telephone. He said mayors in the province had not called in to report any major damage. "I hope that means they were spared and not the other way around," he said. "My worst fear is there will be massive loss of lives and property."

Borrowers across the struggling eurozone economies received an unexpected fillip on Thursday when the European Central Bank cut interest rates to a fresh record low, in a bid to stave off a slide into deflation.

After its monthly policy meeting in Frankfurt, the ECB's governing council announced that it would reduce its key refinancing rate to 0.25%, from 0.5%.  While the economy of the 18-member single currency area clambered out of recession earlier this year, Mario Draghi, the ECB's president, warned that the outlook could deteriorate in the coming months.  "The risks surrounding the economic outlook for the euro area continue to be on the downside," he said. "Developments in global money and financial market conditions and related uncertainties may have the potential to negatively affect economic conditions. Other downside risks include higher commodity prices, weaker than expected domestic demand and export growth, and slow or insufficient implementation of structural reforms in euro area countries." As well as the rate cut, which took financial markets by surprise, Draghi said the ECB would continue making low-cost loans to eurozone banks until at least mid-2015, to try to prevent the financial sector from seizing up.

Howard Archer, of consultancy IHS Global Insight, said: "The fact that the ECB chose to act now rather than wait until December when the governing council will have the ECB staff's new eurozone GDP and consumer price inflation forecasts suggests that the bank felt there was a compelling case for prompt action."

With inflation running well below the ECB's 2% target, at just 0.7% in October, a growing number of analysts have started to warn that deflation – which can be disastrous for economies carrying a heavy debt burden, as prices and wages fall while debt-levels remain fixed – is a real threat. Draghi suggested at his press conference that, "we may experience a prolonged period of low inflation".

Zionism versus Bolshevism...By the Rt. Hon. Winston S. Churchill.

Zionism versus Bolshevism - A Struggle for the Soul of the Jewish People.  By the Rt. Hon. Winston S. Churchill.

SOME people like Jews and some do not; but no thoughtful man can doubt the fact that they are beyond all question the most formidable and the most remarkable race which has ever appeared in the world.

Disraeli, the Jew Prime Minister of England, and Leader of the Conservative Party, who was always true to his race and proud of his origin, said on a well-known occasion: "The Lord deals with the nations as the nations deal with the Jews." Certainly when we look at the miserable state of Russia, where of all countries in the world the Jews were the most cruelly treated, and contrast it with the fortunes of our own country, which seems to have been so providentially preserved amid the awful perils of these times, we must admit that nothing that has since happened in the history of the world has falsified the truth of Disraeli's confident assertion.

Good and Bad Jews

The conflict between good and evil which proceeds unceasingly in the breast of man nowhere reaches such an intensity as in the Jewish race. The dual nature of mankind is nowhere more strongly or more terribly exemplified. We owe to the Jews in the Christian revelation a system of ethics which, even if it were entirely separated from the supernatural, would be incomparably the most precious possession of mankind, worth in fact the fruits of all other wisdom and learning put together. On that system and by that faith there has been built out of the wreck of the Roman Empire the whole of our existing civilization.

And it may well be that this same astounding race may at the present time be in the actual process of producing another system of morals and philosophy, as malevolent as Christianity was benevolent, which, if not arrested, would shatter irretrievably all that Christianity has rendered possible. It would almost seem as if the gospel of Christ and the gospel of Antichrist were destined to originate among the same people; and that this mystic and mysterious race had been chosen for the supreme manifestations, both of the divine and the diabolical.

'National' Jews

There can be no greater mistake than to attribute to each individual a recognizable share in the qualities which make up the national character. There are all sorts of men -- good, bad and, for the most part, indifferent -- in every country, and in every race. Nothing is more wrong than to deny to an individual, on account of race or origin, his right to be judged on his personal merits and conduct. In a people of peculiar genius like the Jews, contrasts are more vivid, the extremes are more widely separated, the resulting consequences are more decisive.

At the present fateful period there are three main lines of political conception among the Jews. two of which are helpful and hopeful in a very high degree to humanity, and the third absolutely destructive.

First there are the Jews who, dwelling in every country throughout the world, identify themselves with that country, enter into its national life and, while adhering faithfully to their own religion, regard themselves as citizens in the fullest sense of the State which has received them. Such a Jew living in England would say, "I am an English man practising the Jewish faith." This is a worthy conception, and useful in the highest degree. We in Great Britain well know that during the great struggle the influence of what may be called the "National Jews" in many lands was cast preponderatingly on the side of the Allies; and in our own Army Jewish soldiers have played a most distinguished part, some rising to the command of armies, others winning the Victoria Cross for valour.

The National Russian Jews, in spite of the disabilities under which they have suffered, have managed to play an honorable and useful part in the national life even of Russia. As bankers and industrialists they have strenuously promoted the development of Russia's economic resources, and they were foremost in the creation of those remarkable organizations, the Russian Co-operative Societies. In politics their support has been given, for the most part, to liberal and progressive movements, and they have been among the staunchest upholder of friendship with France and Great Britain.

International Jews

In violent opposition to all this sphere of Jewish effort rise the schemes of the International Jews. The adherents of this sinister confederacy are mostly men reared up among the unhappy populations of countries where Jews are persecuted on account of their race. Most, if not all, of them have forsaken the faith of their forefathers, and divorced from their minds all spiritual hopes of the next world. This movement among the Jews is not new. From the days of Spartacus-Weishaupt to those of Karl Marx, and down to Trotsky (Russia), Bela Kun (Hungary), Rosa Luxembourg (Germany), and Emma Goldman (United States), this world-wide conspiracy for the overthrow of civilization and for the reconstitution of society on the basis of arrested development, of envious malevolence, and impossible equality, has been steadily growing. It played, as a modern writer, Mrs. Webster, has so ably shown, a definitely recognizable part in the tragedy of the French Revolution. It has been the mainspring of every subversive movement during the Nineteenth Century; and now at last this band of extraordinary personalities from the underworld of the great cities of Europe and America have gripped the Russian people by the hair of their heads and have become practically the undisputed masters of that enormous empire.

Terrorist Jews

There is no need to exaggerate the part played in the creation of Bolshevism and in the actual bringing about of the Russian Revolution, by these international and for the most part atheistical Jews, it is certainly a very great one; it probably outweighs all others. With the notable exception of Lenin, the majority of the leading figures are Jews. Moreover, the principal inspiration and driving power comes from the Jewish leaders. Thus Tchitcherin, a pure Russian, is eclipsed by his nominal subordinate Litvinoff, and the influence of Russians like Bukharin or Lunacharski cannot be compared with the power of Trotsky, or of Zinovieff, the Dictator of the Red Citadel (Petrograd) or of Krassin or Radek -- all Jews. In the Soviet institutions the predominance of Jews is even more astonishing. And the prominent, if not indeed the principal, part in the system of terrorism applied by the Extraordinary Commissions for Combating Counter-Revolution has been taken by Jews, and in some notable cases by Jewesses. The same evil prominence was obtained by Jews in the brief period of terror during which Bela Kun ruled in Hungary. The same phenomenon has been presented in Germany (especially in Bavaria), so far as this madness has been allowed to prey upon the temporary prostration of the German people. Although in all these countries there are many non-Jews every whit as bad as the worst of the Jewish revolutionaries, the part played by the latter in proportion to their numbers in the population is astonishing.

'Protector of the Jews'

Needless to say, the most intense passions of revenge have been excited in the breasts of the Russian people. Wherever General Denikin's authority could reach, protection was always accorded to the Jewish population, and strenuous efforts were made by his officers to prevent reprisals and to punish those guilty of them. So much was this the case that the Petlurist propaganda against General Denikin denounced him as the Protector of the Jews. The Misses Healy, nieces of Mr. Tim Healy, in relating their personal experiences in Kieff, have declared that to their knowledge on more than one occasion officers who committed offenses against Jews were reduced to the ranks and sent out of the city to the front. But the hordes of brigands by whom the whole. vast expanse of the Russian Empire is becoming infested do not hesitate to gratify their lust for blood and for revenge at the expense of the innocent Jewish population whenever an opportunity occurs. The brigand Makhno, the hordes of Petlura and of Gregorieff, who signalized their every success by the most brutal massacres, everywhere found among the half-stupefied, half-infuriated population an eager response to anti-Semitism in its worst and foulest forms.

The fact that in many cases Jewish interests and Jewish places of worship are excepted by the Bolsheviks from their universal hostility has tended more and more to associate the Jewish race in Russia with the villainies, which are now being perpetrated. This is an injustice on millions of helpless people, most of whom are themselves sufferers from the revolutionary regime. It becomes, therefore, specially important to foster and develop any strongly-marked Jewish movement which leads directly away from these fatal associations. And it is here that Zionism has such a deep significance for the whole world at the present time.

A Home for the Jews

Zionism offers the third sphere to the political conceptions of the Jewish race. In violent contrast to international communism, it presents to the Jew a national idea of a commanding character. it has fallen to the British Government, as the result of the conquest of Palestine, to have the opportunity and the responsibility of securing for the Jewish race all over the world a home and centre of national life. The statesmanship and historic sense of Mr. Balfour were prompt to seize this opportunity. Declarations have now been made which have irrevocably decided the policy of Great Britain. The fiery energies of Dr. Weissmann, the leader, for practical purposes, of the Zionist project. backed by many of the most prominent British Jews, and supported by the full authority of Lord Allenby, are all directed to achieving the success of this inspiring movement.

Of course, Palestine is far too small to accommodate more than a fraction of the Jewish race, nor do the majority of national Jews wish to go there. But if, as may well happen, there should be created in our own lifetime by the banks of the Jordan a Jewish State under the protection of the British Crown, which might comprise three or four millions of Jews, an event would have occurred in the history of the world which would, from every point of view, be beneficial, and would be especially in harmony with the truest interests of the British Empire.

Zionism has already become a factor in the political convulsions of Russia, as a powerful competing influence in Bolshevik circles with the international communistic system. Nothing could be more significant than the fury with which Trotsky has attacked the Zionists generally, and Dr. Weissmann in particular. The cruel penetration of his mind leaves him in no doubt that his schemes of a world-wide communistic State under Jewish domination are directly thwarted and hindered by this new ideal, which directs the energies and the hopes of Jews in every land towards a simpler, a truer, and a far more attainable goal. The struggle which is now beginning between the Zionist and Bolshevik Jews is little less than a struggle for the soul of the Jewish people.

Duty of Loyal Jews

It is particularly important in these circumstances that the national Jews in every country who are loyal to the land of their adoption should come forward on every occasion, as many of them in England have already done, and take a prominent part in every measure for combating the Bolshevik conspiracy. In this way they will be able to vindicate the honor of the Jewish name and make it clear to all the world that the Bolshevik movement is not a Jewish movement, but is repudiated vehemently by the great mass of the Jewish race.

But a negative resistance to Bolshevism in any field is not enough. Positive and practicable alternatives are needed in the moral as well as in the social sphere; and in building up with the utmost possible rapidity a Jewish national centre in Palestine which may become not only a refuge to the oppressed from the unhappy lands of Central Europe, but which will also be a symbol of Jewish unity and the temple of Jewish glory, a task is presented on which many blessings rest. 

The following information focuses on earthquakes because seismic activity poses a significant risk for Romania. However, Romania is at risk for other natural and manmade hazards. While much of the information below specifically addresses earthquakes, it is applicable to multiple hazards, and we encourage you to think broadly about the possible risks you and your family may face and to be prepared for any kind of emergency that may arise.

Romania is situated in a seismically active region and has a history of devastating and deadly earthquakes. The Bucharest area has experienced a number of tremors of varying intensities, and the probability that a severe and damaging earthquake will occur is high. The consequences of such a disaster will vary greatly depending upon the circumstances surrounding the quake, and no one can predict with any certainty what conditions will exist immediately following an intensive shock.

It is prudent that everyone be prepared to care for themselves in the immediate aftermath of a major earthquake. Every family and company should develop its own emergency plan, stock its own emergency survival kit, and ensure that its personnel and their family members familiarize themselves with emergency procedures and take precautions to protect their personal safety.

The Role of the Embassy

The Romanian Government is responsible for assisting foreigners in the event of a disaster, but authorities may be stretched beyond their capacity to respond in the immediate aftermath of a major earthquake. Telephone services will be severely overloaded, if they are functioning at all, and the Romanian Government will likely restrict phone use to priority users. Nonetheless, the Embassy will quickly want to ascertain the welfare and whereabouts of American citizens.

To aid in this process, American citizens should cooperate with Romanian authorities at evacuation sites and clearly identify themselves as Americans. Those connected with larger organizations such as companies, schools, or church groups should try to let these organizations know of their welfare and whereabouts if this is practical. If possible, American citizens should try to contact their American Citizen Services wardens and/or the Embassy.

The Embassy will be in touch with the Romanian Government and with larger umbrella organizations to attempt to identify as many American citizens as possible and determine their welfare. In the likely event that it is impossible to communicate by telephone or use motor vehicles, Embassy consular assistance teams may be deployed to major evacuation sites, international schools, hotels etc. to collect information from and about American citizens.

The Embassy will help provide information about the situation and communicate with Romanian government officials, if necessary, in order to obtain proper food, shelter and medical attention. However, a significant earthquake will likely overwhelm the Romanian government’s resources and individuals should be prepared to provide for their own emergency needs.

We will pass as much information as possible about the welfare of individual U.S. citizens back to the Department of State in Washington, D.C. so that this information may be shared with families, friends and employers.

The Role of the Romanian Government

The Romanian Civil Protection Command is part of the Romanian Defense System and is responsible for protecting the population, assets, national heritage and geographical environment in case of a natural disaster. The command’s activities include disaster intervention, search & rescue, warning and notification, sheltering, evacuation, etc. A central committee for evacuations is set up under authority of the Government if evacuation is required. In the event of a disaster, the location of the centers is determined depending on the area affected and the type of disaster that occurred. The Civil Protection Command coordinates with the local authorities in order to notify the population regarding evacuation or taking shelter.

Evacuations

Evacuations will likely occur after an earthquake. City authorities will issue evacuation advice. Americans, as well as others affected by the disaster, may seek assistance from the Romanian authorities, but you should be prepared to take care of your own emergency needs for the first several days of any disaster.

Earthquake Preparedness/Survival Information

FEMA produces a comprehensive Disaster Preparedness Guide called Are You Ready?, which can be easily downloaded by section or in its entirety. This indepth guide provides a step-by-step approach to citizen preparedness by walking the reader through how to learn more about local emergency plans, how to identify hazards that affect their local area, and how to develop and maintain an emergency communications plan and disaster supplies kit. Other topics covered include evacuation, emergency public shelters, animals in disaster, and information specific to people with disabilities. However, it is designed primarily for residents of the United States, and not all of the information will be relevant to disaster preparedness in Romania. Regardless, it can be a useful resource and a good starting place when preparing for a disaster.

Additional resources are also available online. Please visit the following websites for additional information about preparing for a disaster:

• United States Geological Survey
• The Federal Emergency Management Agency
• Centers for Disease Control and Prevention
• American Red Cross

Emergency Supply Kit

Essential Supplies (Store enough for three-five days)

 

• Water (four liters or one gallon per person per day. Change water every three to five months)
• Food (canned or pre-cooked, requiring no heat or water. Consider special dietary needs for infants, the elderly, pets, etc.). Can opener.
• Flashlight with spare batteries and bulbs
• Radio (battery operated with spare batteries)
• Large plastic trash bags (for trash, waste, water protection, ground cloth, temporary blanket)
• Hand soap and/or disinfecting hand cleaner gel that does not require water
• Feminine hygiene supplies, infant supplies, toilet paper
• Essential medications as required; glasses if you normally wear contacts
• Paper plates, cups, plastic utensils, cooking foil and plastic wrap and paper towels
• First Aid kit with instructions
• Lei, euros, and/or dollars in small bills (ATMs may not work after a disaster), with coins and phone cards for public phones. Credit cards.
• Sturdy, closed-toed shoes and work gloves

Place emergency supplies in a sturdy tub where you can quickly and easily access your kit.

Essential Home Preparations Before a Disaster

 

• Secure water heaters, refrigerators and tall and heavy furniture to the walls to prevent falling.
• Move heavy items to lower shelves, and install latches or other locking devices on cabinets.
• Install flexible connections on gas appliances.
• Remove or isolate flammable materials.
• Move beds and children's play areas away from heavy objects which may fall in an earthquake.
• Register at Embassy or Consulate serving your area. You can do so online at https://travelregistration.state.gov/ibrs/ui/ or contact the U.S. Embassy to register.

Essential Planning Before a Disaster

 

• Draw a floor plan of your home showing the location of exit windows and doors, utility cut off points, emergency supplies, food, tools, etc. Share it with housekeeper, babysitters, neighbors, and guests.
• Establish family meeting points with alternate sites inside and outside of your home for all members to gather in the event of an evacuation.
• Establish reunion sites with alternate sites for when the family is not at home, e.g., local shelter, neighbor's house, park, school.
• Designate a person outside of your immediate area for separated family members to call to report their location and condition if separated.
• Learn or establish disaster policy/planning at your children's school.
• Know your neighbors and make them aware of the number of people and pets living in your home.
• Learn where the nearest designated shelter for your neighborhood is.
• Photocopy passports and other important documents. Store copies away from home (for example, at work). Scan important information and keep a thumb drive with critical documents in a safe, easy-to-access place or save it in email that you can access from anywhere.
• Learn how to contact the police, fire and rescue services in Romanian. Be able to provide your address in Romanian.

Essential Steps Immediately After a Disaster

 

• Check your immediate surroundings for fire, gas leaks, broken glass, and other hazards.
• Check your home for significant damage. Do not remain in your home if you believe there has been structural damage.
• Open doors and/or windows to avoid being locked in if there are after-shocks.
• Contact one friend or relative in the U.S., and ask them to inform other parties of your situation.
• Monitor local TV and radio for evacuation information. Contact your American Citizen Warden or the Embassy, if possible.

Six of the world's leading central banks, including the US Federal Reserve, say they will provide each other with ready supplies of their currencies on a standing basis, extending arrangements set up to steady the global financial system during post-2007 turbulence.

The decision, announced on Thursday, extends currency swap arrangements that until now had been considered temporary measures.

The central banks are: the Fed, the European Central Bank, the Bank of Japan, the Bank of England, the Bank of Canada and the Swiss National Bank.

The so-called swap lines enable those central banks to make sure banks in their home countries can always borrow ready cash from them in any of the currencies involved, should they need it.

The ECB said the arrangements "have helped to ease strains in financial markets" and "will continue to serve as a prudent liquidity backstop".

The Fed and the ECB started their first dollar-euro swap arrangement in December 2007 as the losses on mortgage-backed bonds began to shake the banking system. Subsequent bilateral deals between the different banks were added during the financial turbulence that followed, which included the collapse of the US investment bank Lehman Brothers in 2008, sudden extreme falls on stock markets, the subsequent recession and Europe's crisis over too much government debt in several countries.

Central banks serve as custodians of their countries' currencies and play an important role in supporting the stability of banks so companies can do business and the economy can function properly.

They typically provide liquidity – ready cash to meet the demands of everyday business – to their banks, even when banks may be having trouble borrowing elsewhere due to market trouble. With the new currency arrangements, they can do this in currencies other than their own.

For example, the European Central Bank holds credit offerings in US dollars for periods of seven days and three months, offering as much in dollars as European banks may want in return for collateral such as bonds or other securities.

Lot's of BS ...Leaders Use Summit to 'Congratulate Themselves'

Leaders Use Summit to 'Congratulate Themselves' - Beyond fiscal issues, "There is no political will at the moment to pursue political integration over justice, borders, or foreign policy," says Judy Dempsey, a senior associate at Carnegie Europe. She cites the rise of euro-skepticism and the far-right throughout Europe, which makes it difficult for governments to pursue pan-European policies.

Nonetheless, the EU did officially agree earlier this month to give the ECB supervisory powers over euro-zone banks, the first step in developing a so-called banking union. While a banking union is a vital component of further European integration, EU leaders have yet to agree on a number of important elements that would make such a union truly effectual: first and foremost, a joint resolution mechanism for addressing weak euro-zone banks. EU leaders used the summit to "congratulate themselves on the banking union, but did not progress in other fields," says Lannoo.

Still, while scant, progress was made on moving forward with the banking union, Darvas argues. "There was an agreement to reach an agreement on the resolution mechanism by the end of the year at the finance ministry level," he says. Following recent pressure by the ECB and warnings that some euro banks will likely fail upcoming stress tests, a compromise could be on the horizon. Even Germany, which has resisted a scheme that would force national governments to guarantee loans to struggling euro zone lenders, "might be willing" to shift its stance, says Darvas.

Ultimately, the summit was overshadowed by allegations that US intelligence agencies had monitored German Chancellor Angela Merkel's cell phone. Goals to develop a European digital economy and a solution to the issue of migration -- one of the most politically controversial issues in the EU --were addressed rhetorically, but little was achieved substantively.

The main public takeaway of the gathering, says Dempsey, was a commitment by Germany and France to hold talks with the United States over its spying practices. Following the summit, Merkel and French President Francois Hollande called for the development of a new transatlantic agreement over intelligence gathering.

The European Central Bank has launched a push to strengthen the eurozone's banking system and keep troubled financial institutions from holding back the region's economy.

The bank announced Wednesday that a year-long review of 130 of Europe's biggest banks will begin next month. The asset review is an effort to check for hidden bank losses such as loans that are unlikely to be repaid. That will be followed by a stress test conducted along with the European Banking Authority that would simulate bank losses in a crisis. At the end, banks could be pushed to repair their finances by raising more capital.

Troubled finances at some banks have held back the economy of the 17 EU countries that use the euro by making it harder for them to lend to businesses. Banks that have shaky assets - such as bad loans - may be unable to find cash to lend to businesses that need credit to expand their operations. The review is also aimed at restoring confidence in bank finances so they can borrow money more cheaply themselves - and rely less on the ECB's emergency credit offerings.

The asset review is a test of the ECB's credibility. Previous stress tests carried out by the European Banking Authority clcomplicated because Europe does not have a single resolution authority that could carry out the restructuring of troubled banks. European leaders are still debating how to set up such an authority. For now that job remains in the hands of national authorities who have been seen as too reluctant to take tough measures against their home banks ...German banks were "already intensively preparing for the comprehensive assessment"Haha, or in real words, walls of bluff and bluster are hurriedly being erected to hide the massive black holes of the overleveraged biggest german banks. Hopefully the proximity of the ECB in Frankfurt will provide assistance with the fraud.

At least they have money coming in from the Irish and Greek Taxpayer to pay for the credit scams they inflicted on those countries though.eared many banks - only to see some of them rescuing soon after.

Economists say Europe's delay in dealing with bank troubles has held back the eurozone economy. Officials in the United States, by contrast, moved far quicker in the wake of the 2008 collapse of investment bank Lehman Brothers.

The asset review and stress test are preliminary to the ECB taking over as the European Union's banking supervisor next year. The single supervisor is part of a broader effort to strengthen the banking system and prevent a repeat of the debt problems afflicting countries such as Greece and Portugal.

WASHINGTON—Senate leaders on Wednesday struck an 11th-hour agreement to avoid a U.S. debt crisis and fully reopen the federal government, putting lawmakers on track toward ending a stalemate that worried investors world-wide and provided striking evidence of congressional dysfunction.Negotiators rejected a Democratic proposal to delay for one year a fee of $63 per insured person levied on groups that offer health policies, including employers, labor unions and insurance carriers—a fee opposed by many large employers and unions. The agreement does includes backpay for all federal workers who were furloughed during the government shutdown.

The Senate deal doesn't include a provision granting federal agencies more flexibility to mitigate the effects of the across-the-board reductions known as the sequester. Congressional aides said the next round of cuts kick in when the stopgap spending measure ends in mid-January, motivating lawmakers to reach an agreement to ease the burden of the sequester's blunt cuts by then. The next round of reductions will bring annual spending levels down to $967 billion from $986 billion, largely through cuts to defense spending.

The setback in the House on Tuesday was the result of pressure from conservatives, who objected both to the Senate bill and Mr. Boehner's alternative because they gave Republicans too little of what they had been demanding. Conservatives have been pressing for major changes in the 2010 health-care law and additional measures to reduce the deficit.

GOP leaders had tried to build backing by including proposals sought by conservatives, including one that would have cut government health-insurance benefits for congressional and administration officials, including their staff, under the 2010 health-care law. But the bill met powerful headwinds when the conservative political group Heritage Action on Tuesday evening announced its opposition and said votes on the measure would be included in the group's influential ratings of lawmakers.

The White House Wednesday provided a little more clarity about when the Treasury will run out of its ability to borrow money. Mr. Carney said that moment will come "at the end of the day" Thursday. The Treasury had previously said the "extraordinary measures" it deployed to keep below the debt ceiling would run out on Oct. 17, without clarifying whether that meant midnight Wednesday or the subsequent day. Beyond Thursday, "the Treasury would have only cash on hand. It would not be able to borrow new money to meet obligations," Mr. Carney said. The Treasury has said that on Oct. 17 it would be left with only about $30 billion to pay the nation's bills.

There was palpable relief among Republicans who had been part of a bipartisan effort to break the deadlock. "We're ready to open the government and we are ready to make sure everyone around the world knows the U.S. pays its bills on time," said Sen. Lamar Alexander (R., Tenn.).

Mr. Obama has every reason to hold his ground, and will almost certainly do so with bitter memories of concessions made in the last debt ceiling showdown in 2011 -- a political mistake that he has vowed never to repeat. Washington has seen countless bitter fights over the decades, some resolved at the eleventh hour, some not. Not even the messiest disputes stopped the US becoming the world's paramount power, or stopped the nation drawing together again with extraordinary cohesion and moral force. 

Almost everybody thought Watergate would cripple American foreign policy. It did no such thing. Within fifteen years the Soviet Union had bitten the dust, and America was supreme. Much of the press coverage has focused on various short-term dislocations from counterproductive sequestration measures, but the real risk is more profound. Yes, the dollar would remain the world's main reserve currency even after a gratuitous bout of default; there is simply no good alternative yet – certainly not today's euro. But even if the US keeps its reserve-currency franchise, its value could be deeply compromised. The privilege of issuing the global reserve currency confers enormous advantages on the US, lowering not just the interest rates that the US government pays, but reducing all interest rates that Americans pay. Most calculations show that the advantage to the US is in excess of $100bn per year.

There was a time, during the 1800s, when the United Kingdom enjoyed this "exorbitant privilege" (as Valéry Giscard d'Estaing once famously called it when he served as the French president Charles de Gaulle's finance minister). But, as foreign capital markets developed, much of the UK's advantage faded, and it had almost disappeared entirely by the start of the first world war.

The same, of course, will ultimately happen to the dollar, especially as Asian capital markets grow and deepen. Even if the dollar long remains king, it will not always be such a powerful monarch. But an unforced debt default now could dramatically accelerate the process, costing Americans hundreds of billions of dollars in higher interest payments on public and private debt over the coming decades. Ironically, the debt-ceiling fight is not really about debt. The Republicans are hardly debt hawks when they control things. The last Republican presidential candidate, Mitt Romney, and his vice-presidential running mate, Paul Ryan, campaigned in 2012 on a programme that would likely have added trillions of dollars to the US debt over the next 10 years, owing to tax cuts and increased defence spending. Rather, the debt-ceiling debate is about the size and reach of government. Yes, the US should worry about its soaring public debt – and about the rising pension and healthcare costs that are fuelling it. Despite baseless politically motivated claims to the contrary, the academic research still overwhelmingly suggests that very high debt is a drag on long-term growth.

A European Parliament report seen by SPIEGEL estimates that 3,600 international organized crime organizations operate within the EU. The damage done to European economies by organized crime totals hundreds of billions of euros according to a European Parliament special committee investigating crime, money laundering and corruption. The CRIM committee estimates that around 880,000 slave laborers live in the EU, of whom 270,000 are victims of sexual exploitation. Human trafficking alone generates profits of around €25 billion while the illegal trade in human organs and wild animals makes for a further estimated profit of between €18 and €26 billion annually. Meanwhile, cybercrime causes an estimated €290 billion of damage. The report calls rampant corruption 'a serious threat' with 20 million cases worth a total of €120 billion registered in the public sector alone. The European Commission has called for intensified cross-border cooperation between police forces and judiciaries in member states. Proposals include the elimination of tax havens and the criminalisation of vote-buying throughout the EU. The committee further advocates that individuals convicted of money laundering or corruption are excluded from involvement in government procurement for a period of five years. Whistleblowers who expose malpractice in either business or government are to be provided with Europe-wide legal protection and freedom from criminal prosecution. The European Parliament will vote on the CRIM report on October 23.

Regling was more optimistic about Portugal. He said that, despite market speculation, it was not yet a foregone conclusion that the country would need more aid. International donor countries recently evaluated Portugal's reform efforts and determined that they were sufficient, he added, and the country continues to meet its goals according to plan.

So far, the ESM has only extended €46 billion to Spain and Cyprus to help prop up their banking systems. Regling likewise told the Handelsblatt that he has "no indication so far" that there would be new programs for other euro-zone countries.

Regling is reportedly even more confident when it comes to the stability of the European banking system. "I see no indications that we will experience larger bank problems in Europe in the near future," he said, according to Reuters. He also noted that overall market confidence in the economies of the EU's crisis-plagued countries, as well as in the euro itself, had risen.

Germany, for its part, could do something to increase political stability in Europe, Regling added. "Of course it would be good for Europe and the markets if the new government in Germany could be formed soon," he told Reuters.

Greece may need a third aid package as soon as next year, Klaus Regling, the head of the European Stability Mechanism (ESM) permanent bailout fund is quoted as saying in the Friday edition of the German business daily Handelsblatt. He also said that it was conceivable that Greece might not be in a condition to raise money by selling sovereign debt on the open market in 2014.

"Given these circumstances, Greece will probably need another aid package," Regling said, which would require the approval of the finance ministers of the 17 euro-zone countries.

Regling is not the first to publicly voice expectations that there will be a third bailout package for Greece. In August, German Finance Minister Wolfgang Schäuble expressed a similar belief although he explicitly noted that it would have to come without fresh payments from other euro-zone countries.

In the interview, Regling also criticized as "irresponsible and unfounded" the fact that "some in Northern Europe are stoking fears against the euro." The costs and risks associated with the euro bailout need to be assessed in a reasonable manner "in Germany too," he added.

So far, Greece has received two large bailouts. The first aid package included €110 billion ($150 billion) and was first agreed upon by the euro-zone member states and the IMF in 2010 (see table). Back then, the permanent euro bailout fund had not yet been established, so €80 billion of the loans provided at the time came from the individual euro-zone countries. But only €53 billion of these loans were actually paid out to Greece.

9 trillion dollars goes "missing" - how much of it is in The Budesbank???

There is one major flaw in the money system that I have never heard a single person mention, don't know why, maybe only I can see it, maybe it is the tin foil hat I wear that gave me it, but I am watching the most powerful man in the world clueless on how this happened, well the way I see it is that other countries like china created wealth, but did they really create it or did they borrow it.  If china created its wealth then that would have meant that it built its infrastructure and businesses internally, then it would have added wealth to the worlds circuit of money and been stable.  But if its infrastructure and businesses were borrowed from somewhere else then that is a transfer of wealth from one area to another and if the market of each depend on each other then its life is limited to the point when so much has been transferred so that it reverses in direction so starts an harmonic cycle decreasing in height until both end up even or at war, so very unstable.  This also means that's china's development was not natural as was the development in the west, now if china was many years ago about to start natural development and the west wanted to stop it or control it then this would have been a good plan. but that would have meant a Kissinger type person was about when the US and china first talked.  Anyway as china's development is not natural then it will collapse when who ever borrowed them the stuff wants it back.  And that's why I think it is all a Hollywood script, all written years ago by the likes of Kissinger. they are playing global power games using us poor mugs as pawns.   My simple high school / secondary school dropout understadning is that the United States government ( specifically the Obama adminstration) is operating one of the biggest PONZI schemes in history. OK, I have no law training or degree and I ain't no bean counter. However, this particular administration blackmails the house ( read Republicans) to constantly increase the debt limit. My understanding is that the main buyers of US Treasuries (China and the UK) are farely well maxed out on purchasing US Treasuries and there are no new substantial buyers, so, as the US $ is the main reserve currency it somehow has the right to print more money without having actual physical reserves (gold) to backup all the money it has spread aropund the world. Thus when they increase the debt limit they print more money in order for the Fed (Federal Reserve) to buy (although I understand not directly) their own older treasuries and even newly printed treasuries. His Obamaship and his sycophantic Democratic poodles are intent on going ahead with the Demoncare (the Demoncrats own it as no Republicans voted for it and the majority of the US public do not want it) despite the fact that it is going to need 1.8 trillion dollars to set it in motion. They cannot raise taxes to pay for that so they will increase the debt limit next year, print some more money. Prince Harry over at the Senate meanwhile want to increase next years budget by 1 trillion 5 billion (strange figure). Today the Whitewash House announced that it was going to bail out the forever profligate Democratically controlled bankrupt city of Detroit. Another 17 billion dollars. Has the US taxpayer agreed to that and do they have the money to even do it? Perhaps, they will print more money and also shaft the Detroit debtholders just as they did with Chrysler and GM and favoured banks and financial institutions.    I wonder what the true value of the US $ is today compared to when the investors in US Treasuries bought them. To me it's like when I bought my house for 220,000. I sold it 17 years later for 405,000 and everyone said what a great profit I made on my "real eastate investment". Except, that when I tallied up that I had paid about 370,000 in interest to the kind and gentle banks and the value of the CDN $ had declined I do not think I made anything.  If the house (which i understand is supposed to control the purse strings - although the Emperor Obama (O.K. he has some nice clothes except for nasty golfing shorts and grandpa jeans says he will not negotiate on Demoncare, the debt ceiling, the public debt, any move to cut spending, any move to reduce taxes any attempt to prevent tax increases) allows the Administration to increase the debt ceiling and stop the profligate spending the the rating agencies need to downgrade the US credit rating  (that will help exports from the US anyway and increase the cost of imports (which may provoke the use of every available US sourced  enernergy resource instead of the trillions that it costs to import from countries that hate the US anyway). The mandarins should also stop giving further credit to the US (cut up it's credit card and force it to use a current account debit card). And while they are at it maybe they should devalue the greenback.  The US currency has the motto "In God We Trust". I have news for the big spenders, that was not put on the currency to indicate that they trusted God to be the lender of last resort when they had spent their money on idols. Plus, if there is a deity I doubt that he has much trust left in the three equal but separate parts of the US government or any level of US government. OK, you can now tell me I do not know what I am talking about and how everything I said is wrong (no abusive language please, it just reflects on you, not me). However, when you are telling me how wrong I am then tell me how wonderfully brilliant and correct the US governance is.
 

....So 9 trillion dollars goes "missing" and I'm sitting here poor, eating GMO foods because I can't afford anything better... my cat has problems breathing and I don't know if I'll have the money to take her into the veterinarian but hey! at least they all the money they could ever need, they probably wipe their ass with money they are so rich.

Officials in the European Commission are for the first time discussing the possibility of creating a contingency fund for banks and financial institutions outside the eurozone.

Under Brussels’ current rescue mechanisms, which include bail-out funds with €700bn of firepower, banks in non-eurozone countries are not protected. Officials are discussing the possibility of extending an existing fund that is currently used as a backstop to help any member state that has a balance of payments crisis.

Simon O’Connor, a spokesman for the European Commission, said that the ideas being discussed were about “providing a credible public backstop at the European level, capable of reassuring supervisors and market participants that financial stability will be assured”.

According to the Commission, the idea would be to take the existing Balance of Payment Facility and “within it create an instrument for the financial sector”. Details are hazy but under the current rules Britain would be liable for 14pc of the fund - or €7bn. Britain could also be on the hook for any liabilities for failed banks.

France, Spain and Italy are more likely to support the plan, arguing that the EU must show investors it is able to deal with any problems that emerge after bank reviews taking place next year.

"Details are hazy but under the current rules Britain would be liable for 14pc of the fund". And which rules would those be? I hope it wasn't written in the "tidying up treaty" that was Lisbon?

If it wasn't Lisbon I would love to know what rule it falls under and how the British population were informed of the risks of signing up to these rules.... or is that too much to ask for in a "democracy". "... Brussels’ current rescue mechanisms, which include bail-out funds with €700bn of firepower"

What they actually have is nothing.  They plan to take some of the €700bn from Eurozone members (as no Eurozone member is in credit, the EZ member governments would all have to borrow it from the markets, at market rates).  The chumps at the EC plan to use this cash as a basis on which to borrow a whole load more money from the markets, at market rates.  They would then lend this money at preferential rates to EZ members who need to bail out their banks.

Now substitute "banks" for "markets" and it becomes apparent that the grand plan is to borrow a shed load of money from the banks and use that money to bail out the banks.  What could possibly go wrong?

Added to all of this is the dodgy oversight of those who run the scheme, the lack of oversight/control over how they distribute the €700bn and that they can choose their own mates to be their auditors.

Rosia Montana - the criminal government of Romania or an opportunity to make a profit...????

"Greece is determined to avoid another international bail-out even though it faces a gaping hole in its public finances, the country's deputy prime minister has said". May I suggest pollyfilla or Red Devil or a good quality expanding foam. If none of this works then try Germany. Oh! BTW he takes up two seats when he is flying business class if he slimmed down he could reduce the cost to the state by 50%. What he surely means is an "adjustment", as the EU likes to call it, the latest of which, in November last year, involved the extension of the maturities of the bilateral and EFSF loans by 15 years and a deferral of interest payments of Greece on EFSF loans by 10 years. "Our demand is not debt relief. It is additional reprofiling without problem, without additional burden for our institutional partners," he added. "It is not possible to implement new fiscal measures. It is not possible to impose new cuts on wages and pensions," he said. If that isn't a clear indication that Greece is in the wrong currency I don't know what is.  I think the Eurozone needs to get on with its "re-profiling" because if Venizelos thinks there is a magic money tree that will allow him to keep paying his public sector friends their guaranteed hard currency (Euro) salaries he is in for a rude awakening. The Euro money tree is looking more stressed by the day, and Greece will take another bail out because they have no other option. If the Euro crisis is not dealt with meaningfully the Euro will crash. German hyperinflation awaits if this carries on, get your barrows ready. Clearly Greece is still unable to repay their Eurozone Payday Loans on the terms agreed. This is of course no problem whatsoever. It will no doubt be rolled over further. The taxpayer will bear the cost and, let's be absolutely clear here, that may well involve the UK taxpayer next time around, as part of our EU budget may well be used in future EU bailouts!

Please remember to only apply for a Eurozone Payday Loan if you know you can't afford to repay the amount borrowed.

Quite astonishing to think that anyone reading this would be gullible enough to believe it. Whilst Greece remains in the € - it will need continuous bailouts from the rest of the € zone. Eventually, it will require debt write off and the fools providing the bailouts will then lose all their money.

The fools are the unwitting € zone taxpayers who don't fully realize (yet) they have been stuck with this unrecoverable Greek debt - and with the rest of the FPIGS debts too.

About deceit, lies and bribes received by the Romanian Governments and Authorities !!!

...of bankers and crisis...

There will be another banking crisis, because bankers who enriched themselves in the process of causing the last one have paid no price. There can be no bigger incentive to speculate on risky deals than the knowledge that if it goes pear shaped some one else gets the bill. There will always be banking crises for as long as the current system is in place - the system that gives commercial banks an effective monopoly on money creation, that allows them to make loans with money that they don't have, that allows them to charge interest on making loans with their fictive money, and which means that everyone - individuals, businesses and governments are massively and permanently in debt.  Amazingly, there is a simple solution. One that was proposed by economist Iriving Fisher in the 1930s, and which has been shown to be workable by two of the IMF's top economists. It involves removing the power to create money from commercial banks, and handing that power to a responsible publicly administered body that would adjust the amount of money in the economy so that the system runs smoothly.  These are the ideas being proposed by Positive Money. It's about time these ideas were discussed openly in the media. As long as politicians are in cahoots with economists, rating agencies and banks, we will have repeat crises. As demonstrated in the excellent Inside Job documentary, bankers no longer assume responsibility if their companies go bankruptcy due to amendments to legislation. This was started by Thatcher and continued by Blair in the UK and by Clinton and Bush in the USA. Deregulation is to blame. Nobody from either major parties in the UK or the USA has condemned the bankers for their underlying role in the global financial crisis and the fact that bankers continue to pay themselves huge bonuses show that nothing has changed. As long as bankers can bet against the welfare of their companies, as in the Lehman crisis, confident that they will not go to prison for causing billions in losses to the economy, nothing will change, unfortunately. The ratings agencies got off without any censure for backing mortgage securities that were high-risk and, as it turned out, completely worthless. The banks selling these securities to the public were simultaneously hedging their risks by basically betting that the securities would lose value. For some reason, such behavior is not condemned by the politicians of all hues. And bankers continue to make fortunes from simple betting. Even worse, now they pay even less tax than they used to.