TURMOIL STILL LOOMS IN MARKETS

1-WORLD QUAKES LAST 2 DAYS.2-4.2 earthquake hits San Francisco. 3- C-c-c-cold enough for you? 4-Seven killed as tornado hits US homes. 5-Snow, freezing rain expected for Ont. on Thursday. 6-NOAA outlines dangers of coastal living. 7-Yellowstone hotspot energy goes 150 miles. 8-This Week with Rabbi Eckstein. 9-Rabbis attempt to resume animal sacrifices on the Temple Mount. 10-Pre-Purim Fast of Esther Today. 11-Barge accident leads to toxic spill in river. 12-Spain and Germany up pressure on EU constitution. 13-I believe that the US economy is healthy. 14-Fears of recession spark further turmoil in markets.

EARTHQUAKES

MATTHEW 24:7-8
7 For nation shall rise against nation, and kingdom against kingdom: and there shall be famines, and pestilences, and earthquakes, in divers places.
8 All these are the beginning of sorrows.

MARK 13:8
8 For nation shall rise against nation, and kingdom against kingdom:(ETHNIC GROUP AGAINST ETHNIC GROUP) and there shall be earthquakes in divers places, and there shall be famines and troubles: these are the beginnings of sorrows.

LUKE 21:11
11 And great earthquakes shall be in divers places, and famines, and pestilences; and fearful sights and great signs shall there be from heaven.

WORLD QUAKES LAST 2 DAYS (USGS)

Update time = Sat Mar 3 12:00 AM EDT

MAR 02,07
MAP 2.8 ISLAND OF HAWAII, HAWAII
MAP 2.8 SAN FRANCISCO BAY AREA, CALIFORNIA
MAP 4.2 SAN FRANCISCO BAY AREA, CALIFORNIA
MAP 2.8 SOUTHERN CALIFORNIA
MAP 2.7 KENAI PENINSULA, ALASKA
MAP 2.6 CENTRAL CALIFORNIA
MAP 2.9 ANDREANOF ISLANDS, ALEUTIAN IS., ALASKA

MAR 01,07
MAP 5.7 NORTHERN MID-ATLANTIC RIDGE
MAP 5.3 NORTHERN MID-ATLANTIC RIDGE
MAP 5.3 NORTHERN MID-ATLANTIC RIDGE
MAP 3.0 CENTRAL CALIFORNIA
MAP 2.5 NORTHERN CALIFORNIA
MAP 5.4 MOLUCCA SEA
MAP 3.3 SOUTHERN CALIFORNIA
MAP 3.9 ALASKA PENINSULA
MAP 3.1 WASHINGTON
MAP 3.6 OREGON
MAP 2.6 PUERTO RICO
MAP 2.8 PUERTO RICO REGION
MAP 2.7 PUERTO RICO REGION
MAP 3.3 NEVADA
MAP 4.6 GUERRERO, MEXICO
MAP 3.1 SOUTH OF ALASKA
MAP 2.9 ANDREANOF ISLANDS, ALEUTIAN IS., ALASKA
MAP 5.3 ANDAMAN ISLANDS, INDIA REGION
MAP 2.7 NEVADA
MAP 5.7 NORTHERN SUMATRA, INDONESIA
MAP 3.2 PUERTO RICO REGION

FEB 28,07
MAP 4.2 ANDREANOF ISLANDS, ALEUTIAN IS., ALASKA
MAP 3.2 PUERTO RICO REGION
MAP 6.2 SOUTH SANDWICH ISLANDS REGION
MAP 3.3 NORTHERN YUKON TERRITORY, CANADA
MAP 3.9 UNIMAK ISLAND REGION, ALASKA
MAP 4.8 EASTERN TURKEY
MAP 5.0 KORYAKIA, RUSSIA
MAP 4.8 MINDANAO, PHILIPPINES
MAP 2.9 NEVADA
MAP 3.5 NEVADA
MAP 3.3 NORTHERN CALIFORNIA
MAP 2.6 YELLOWSTONE NATIONAL PARK, WYOMING
MAP 5.1 CELEBES SEA
MAP 2.5 YELLOWSTONE NATIONAL PARK, WYOMING
MAP 2.9 YELLOWSTONE NATIONAL PARK, WYOMING
MAP 2.7 PUERTO RICO REGION
MAP 2.7 ALASKA PENINSULA
MAP 3.5 UNIMAK ISLAND REGION, ALASKA

4.2 earthquake hits San Francisco Fri Mar 2, 12:05 AM ET

SAN FRANCISCO - A magnitude 4.2 earthquake that could be felt throughout the Bay Area struck Thursday night, officials said. The temblor struck 1 mile northeast of Lafayette, the United States Geological Survey Web site said. Residents said it lasted between 10 and 15 seconds.There were no immediate reports of any damage or injuries, but Bay Area Rapid Transit trains were temporarily stopped, authorities said.

STORMS HURRICANES-TORNADOES

LUKE 21:25-26
25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity;(MASS CONFUSION) the sea and the waves roaring;(FIERCE WINDS)
26 Men’s hearts failing them for fear, and for looking after those things which are coming on the earth: for the powers of heaven shall be shaken.

MARCH 1, 2007 - 11:54 ET
Environment Canada: Ontario Weather Review
February 2007 - C-c-c-cold enough for you?

TORONTO, ONTARIO (CCNMatthews March 1, 2007) The above-normal temperatures that
have been reported since November of last year have now been replaced with exceptionally cold temperatures.

Across the province, the mean temperatures for the month have now dropped in a range of two to five degrees below normal.Snowfall was also noteworthy this month. The Great Lakes, with most of the surface as open water in the early part of the month, was responsible for high snow reports in some areas. The typical snowbelt areas, and atypically Hamilton, had high accumulations - in the case of Wiarton, it was record breaking. Locations outside these snowbelt areas had near-normal or below-normal amounts.Overall, the trend of precipitation was drier than normal across the province. The colder temperatures reduced the amount of available moisture in these cases.

Severe Weather

Lake-effect snows were the big story to start off the month. On February 1 and 2, a very cold flow of air from the southwest caused snow bands to set up off of Georgian Bay.

These bands ended up dumping approximately 40 centimetres of snow in the North Bay area during these two days. On February 2, a series of snow bands from the southwest moved onshore near the Cobourg area and caused near-whiteout conditions that may have been an important factor in a fatal crash on Highway 401.From February 4-7, the winds shifted and blew the cold air in from the northwest. This shifted snowsquall activity to the more traditional snowbelt areas to the lee of Lake Superior, Lake Huron and Georgian Bay. During this four-day period, Sault Ste Marie received a little more than 70 centimetres of snow and the Barrie area almost 60 centimetres. As well, in less than 12 hours during this timeframe, the Owen Sound area picked up approximately 50 centimetres of fresh snow.

St. Valentine's Day turned out to be more for shovelers than for lovers, especially around the western end of Lake Ontario. A well-developed storm system that moved south of the lower Great Lakes combined with strong lake-effect snow bands generated with a wind from the northeast to give the Hamilton area an official 46 centimetres. This all occurred just between the evening of February 13 and the morning of February 14. However, unofficial estimates of the snow in areas around Hamilton and Burlington were upwards of 60 centimetres, with drifts well over a metre in height. Other parts of Southern Ontario which were not impacted by the off-lake snow received amounts between 10 and 15 centimetres.The last weekend of the month saw another strong storm system pass to the south of the lower Great Lakes, with the biggest impacts in Ontario being felt in the extreme southwestern part of the province. The Windsor, Sarnia and London areas all saw a number of hours of freezing rain from this event on Sunday, February 25. The Golden Horseshoe experienced the whole event as snow, with general accumulations in the five- to 15-centimetre range. The majority of the snow fell between late Sunday and late Monday. Slightly higher amounts were received in the Oakville, Mississauga and Milton areas as east winds off of Lake Ontario added to the available moisture.

Seven killed as tornado hits US homes
By Tom Leonard in New York - GMT 02/03/2007

At least seven people, many of them teenagers, were killed in Alabama yesterday when a huge tornado ripped through the southern state, flattening houses and demolishing a school.Five of the victims were students and teachers who were killed after they were trapped inside a high school in the town of Enterprise which lay right in the path of the supercell storm.Other students were seriously injured after they were buried beneath a collapsing wall inside the building.In the chaotic hours after the storm, reports of the death toll varied wildly, at one point reaching as high as 18 dead. More than 50 people were taken to hospital in Enterprise, some of them seriously injured. Many of them were evacuated by army helicopters sent from a nearby military base.

The thing tore a swathe through town a mile and half, maybe two miles long, said Larry Walker, the deputy director of the local emergency management agency.An Enterprise resident said that the town in the immediate aftermath of the tornado looked like a bomb had dropped.Martha Rodriquez, a 15-year-old, said she had left the school about five minutes before the storm hit. When she returned, a hall at the school had collapsed.The stadium was destroyed and there were cars tipped over in the parking lot and trees were ripped out. There were trees and wood everywhere. It was just horrible, she said.It is complete devastation, Sheriff Russell Thomas said as he helped rescuers in Enterprise. It is very tragic.One volunteer helping to look for survivors told a local television station: I pulled out two dead little girls.

Bob Riley, the Alabama governor, said that he had asked about 100 National Guardsmen to go to Enterprise to assist in recovery efforts and that additional troops were standing by.The tornado was just a small part of an immense storm system, which extended down through the middle of America from Minnesota to the Gulf.It also hit Kansas and Missouri, ripping up power lines and damaging buildings.In Missouri, it was blamed for the death of a seven-year-old girl who had been sheltering with her family.Tornadoes, hailstorms and high winds remained a threat in many parts of the south-eastern United States during the night, said meteorologists.

Snow, freezing rain expected for Ont. on Thursday
toronto.ctv.ca FEB 28,07

The first day of March could be a miserable one for many in southern Ontario as a storm system moving into the region is expected to dump between five and 10 centimetres of snow and then change to freezing rain later in the day. Snow flurries are expected to begin falling in the morning, which could make the commute to work tricky.

But Environment Canada says the drive home could be treacherous with the forecast period of freezing rain. The weather system coming in from the United States is also expected to trigger wind gusts of up to 70 km/hr. Forecasters are calling for a high of 0C. Thursday's winter weather comes as residents in Toronto enjoyed a sunny and mild last day of February. The mercury on Wednesday hit 3C. March couldn't come soon enough for many in southern Ontario, who braved through a bitterly cold February that brought heavy snowfalls at times. Friday's forecast calls for a chance of flurries and a high of 1C, with similar weather predicted over the weekend.

NOAA outlines dangers of coastal living By RANDOLPH E. SCHMID, Associated Press Writer Thu Mar 1, 3:58 PM ET

WASHINGTON - The head of the nation's weather and climate research agency says the biggest challenge facing the world is population growth and people's desire to live in coastal areas where they can be endangered by storms. I believe that the population issue is huge, Conrad Lautenbacher said Thursday. And it's not just the U.S., there are six billion ... getting up to seven billion people on the Earth and they all want to live in coastal zones.Lautenbacher is head of the National Oceanic and Atmospheric Administration, the agency that studies weather and climate and issues storm warnings and forecasts, among other activities.More than half the U.S. population lives in coastal areas and Lautenbacher said that means you have a lot less margin of ability to absorb and to mitigate and to adapt to severe weather events.

We need to be much better at our ability to predict and tell you what's going to happen, he said. We need much better preparation along our coastlines, we need much better building codes, flood insurance, all of the economic issues.Lautenbacher's comments come just months before hurricane season begins in June, with millions of people in coastal areas wondering what the storm season will be like.While 2005 was one of the worst storm years on record, with such massive hurricanes as Katrina and Rita, last year was mild by comparison.Lautenbacher declined to make a prediction for this year, saying only that the National Hurricane Center will issue a forecast in May.However, on Tuesday his agency noted that La Nina conditions appear to be developing in the Pacific Ocean. La Nina is a cooling of the sea along with changes in winds and air pressure that can affect weather worldwide. Typically in La Nina years there are fewer storms in the Pacific and more in the Atlantic.

He said research is continuing in a variety of weather and climate areas.We need better environmental forecasts, Lautenbacher said. That goes all the way from water to drought to air quality to greenhouse gases ... all of the earth systems that we depend on for life.And that includes climate change, he added.The Intergovernmental Panel on Climate Change last month reported that the world is indeed warming and it is most likely because of human activities.I agree with the IPCC report, Lautenbacher said. I know of no reason not to take the IPCC report seriously.On the Net: National Oceanic and Atmospheric Administration: http://www/noaa.gov

Yellowstone hotspot energy goes 150 miles Thu Mar 1, 8:38 PM ET

BILLINGS, Mont. - Scientists studying the giant volcanic hotspot beneath Yellowstone National Park said Thursday that even when the hotspot is inactive, it exerts energy that shapes the landscape 150 miles away.

The findings from the University of Utah defy long-standing beliefs that earthquakes triggered by volcanic activity account for most of the landscape deformations related to Yellowstone's hotspot, a volcanic plume more than 300 miles wide located deep beneath the earth's surface.Instead, much of the deformations were traced to more-constant pressures coming from the plume, said Robert Smith, a professor of geophysics and one of the authors of the study.

Smith said the results, which came out of a broader $2.3 million study of Yellowstone's geophysics, could help in forecasting future earthquakes or volcanic eruptions.Using satellite data to measure movements of the earth's crust over the past 17 years, Smith and his colleagues found the earth's surface was stretching by up to 4 millimeters a year due to energy released by the hotspot. They also found that a giant crater located above the hotspot the Yellowstone caldera rises and falls without always triggering eruptions.The energy that goes into deforming the ground is much greater than the earthquakes, said Christine Puskas, the lead author of the study. Regional deformation even is being experienced as far as the Snake River Valley in Idaho.The study is to be published Friday in the Journal of Geophysical Research - Solid Earth.

This Week with Rabbi Eckstein
March 1, 2007

Dear Friend of The Fellowship,

Last week I drew your attention to a controversy at Jerusalem's Temple Mount, a place of great importance to both Jews and Muslims. A few years ago a severe storm damaged the pedestrian bridge leading to the Temple Mount, causing government officials to close it.

After very careful planning, Israel recently began replacing the decrepit walkway, with archeologists excavating nearby to ensure that no ancient treasures would be damaged due to the work.This simple act of replacing a walkway has caused an outcry from Muslim radicals, who see it as a conspiracy to destroy the Al-Aksa Mosque, located on top of the Mount—even though the mosque is hundreds of feet from the work itself. Incredibly, there have even been calls for Israel to halt this important work.In last week's Fellowship e-newsletter we asked your opinion—should Israel continue its work to construct the new walkway and protect antiquities in the area, or bow to the Islamist's demands? I am proud to say that you have not been taken in by the anti-Israel propaganda on this issue. More than 98 percent of respondents affirmed that Israel has acted with great sensitivity and should proceed with the work.Here are just a few representative comments, taken from the hundreds we received: More than sensitivity, I believe Israel has acted with utmost respect and has bent over backwards in trying to accommodate and calm the fears of all Muslims who may feel affected—which they aren't.

Unfortunately, the radical Muslims are always finding something to be upset and outraged about. They will try to cause problems anywhere they can. Israel must stand up to them, as must the rest of the sane world.This isn't about the walkway. It's about radical Muslims wanting total control of the Temple Mount, then Jerusalem, then Israel.My family supports Israel in all that she does, not only on this issue, but issues of safety and well being. I am not Jewish, but I know how God feels about the Jewish people, and I am proud to stand with them. It is time that Muslim leaders make an attempt to settle disputes in a civil way. It seems Israel continues … to make peaceful concessions but doesn't receive the same human kindness.How hypocritical that (the Muslim Authority that governs the Temple Mount) would demand work to stop considering the fact that they have destroyed so many ancient Jewish relics from the past.

Israel should invite some world dignitaries and neutral Muslims to see the truth. This should be videoed and sent all through the Muslim and world TV stations, so that the world would see the lies that are being perpetrated against Israel.Our holy sites are just as important to us as the Muslims' sites are to them. We do respect theirs and DO NOT destroy them, but I can't say the same for them.It is a travesty that Muslim leaders are distorting the truth for their own agenda. It is a vicious attempt, yet again, to undermine Israel at a time when they are sensitively dealing with these issues Once again, you have made it clear that you stand with Israel against the oppressive totalitarian regimes and forces that seek to destroy it, and that you are not deceived by the lies propagated by Israel's foes. You have said clearly and in a unified voice that Israel cannot bow to the threats of hateful Islamist fanatics and the forces of intimidation.

Your responses to this survey remind me of something former Prime Minister Ariel Sharon said five years ago at our first annual International Day of Prayer and Solidarity with Israel. In a statement to Christians gathered that day to support Israel in prayer, he said, The great show of solidarity and support for Israel from American Christians offers great encouragement to me, my government and most importantly—the Israeli people.Those words are as true today as they were then. My friends, never underestimate the strength and comfort your prayers, support, and advocacy provide to Israel.

Thank you for you standing with Israel, for praying for her people, and for your continued support of the Fellowship's programs helping Israel and needy Jews around the world.

With prayers for shalom, peace,
Rabbi Yechiel Eckstein
President International Fellowship of Christians and Jews

Headline News
Thursday, March 01, 2007 by Staff Writer
Rabbis attempt to resume animal sacrifices on the Temple Mount

The present-day Sanhedrin Court along with a group of extremist rabbis announced their plans on Wednesday to resume ancient Temple practices of animal sacrifices on the Temple Mount in Jerusalem, despite religious bans by Moslems and Jews. The court purchased herds of sheep for ritual sacrifice, which they have planned for the eve of Passover, depending on the situation at the controversial religious site. Regrettably, there are many extremist Israeli groups who want to carry out their plans, said Jerusalem's senior Islamic cleric, Mohammed Hussein. Let them say what they want, Al Aksa is a Moslem mosque.

The 71 members of the Sanhedrin have all the required elements necessary for Temple sacrifice, including the ritual altar, and said they want to begin sacrificing animals again, despite the absence of the Temple. Professor Hillel Weiss, a member of the Sanhedrin, said it is an important step to show that it’s not only talk. Rabbi Dov Stein, secretary of the new Sanhedrin Court, believes Temple sacrifices won’t happen any time soon. We want to do the sacrifice, but we have political problems, Stein said. We hope there will come a time when the government will agree. We will push for that to happen. Not all religious Jews are in favor of the sacrifices however. Animal sacrifice, as a mode of religious worship, stopped for Jews, Christians and Moslems, said Rabbi Daniel Hartman of the Shalom Hartman Institute in Jerusalem. Moving back in that direction is not progress.

Pre-Purim Fast of Esther Today
by Hillel Fendel MAR 01,07

The joyous month of Adar takes a day off to commemorate the fasting and prayers led by Queen Esther against the genocidal decree of the evil Haman. Jews around the world are fasting today, in remembrance of the prayers, fasting and repentance that preceded the Jewish People's miraculous deliverance from Haman's plan to annihilate them some 2,500 years ago.

The story is recounted in the Bible's Book of Esther, which is read aloud on Purim night and morning. The Fast of Esther is generally held the day before Purim. This year, however, Purim falls on Sunday, and since the Sabbath is not a day of fasting (except if it coincides with Yom Kippur), the fast is pushed up to Thursday. The fast began at dawn, and ends shortly after sundown. Special penitential prayers, known as S'lichot, are added to the Fast of Esther morning prayer service, as on every day of fasting. The following are excerpts from the Fast of Esther prayers (translated by the late Rabbi Abraham Rosenfeld): They resolved to sell us, in our helplessness... I raised my eyes toward heaven and called upon Thee to... blot out [my enemy's] memory...Having listened to [Haman's] lying words, [King Ahasuerus] issued a hostile decree and invested himself with priestly garments [seized from the Holy Temple]... and ordered that diverse vessels from the marble Temple be used at the banquet, and Satan also came to take his stand among them.

When the [Jewish] people residing in Shushan partook of their foul repast, he opened his mouth to slander them and to deliver them into the hand [of Haman] who offered a price [to the king] for them; the Al-mighty consented that a document be written to destroy their hope....[The angels cried, and the Torah mourned, and Elijah the Prophet] girt his loins with a plaster of sackcloth and hastened to inform the three Patriarchs, asleep in [the Cave of] Machpelah; then he hastened to the shepherd [Moses, saying], Why are you sleeping so peacefully? Arise, call upon your G-d...[Mordechai] knocked at the gates of the schools, covered himself with sackcloth, and sat on ashes [and fasted and prayed]... On both sides stood the children of my Patriarchs and my great ones; they all cried, and their cries went up to the L-rd... [Moses said], O L-rd, deliver from this wicked enemy those who are doomed to die. Then the All-Merciful's pity was deeply moved... Then the lot was reversed, that [the Jews] should rule over their enemies. The gallows stood ready to receive [Haman] the Agagite; the cloak of power was torn off and cast away from his face, and darkness enveloped the adversaries of our people. Peace and truth were decreed throughout [the realm]... Wherefore they made feasts which were ordained to be kept throughout the generations, and the recitation [of these events] should be read [aloud] O G-d, Thou hast taught us to recite the Thirteen Attributes; remember this day in our favor the Covenant of the Thirteen Attributes [as is written], The L-rd, the L-rd is a merciful and gracious G-d; slow to anger and abundant in kindness and truth; He keeps kindness for thousands [of generations], forgiving iniquity and transgression and sin, and acquitting; therefore, forgive our iniquity and sin, and take us for Thy inheritance. Forgive us, our Father, for we have sinned.

The prayers include references to some of the important themes of Purim: The total reversal of fortunes enjoyed by the Jews and suffered by Haman, as well as the Purim feast and reading aloud of the Book of Esther; the name of Haman, a descendant of Amalek, is wiped out with noise and jeering every time it is heard.

Other Purim obligations include special gifts of charity to the poor, gifts of food to friends, wearing of costumes (emphasizing the reversal theme), and reaching a heightened state of joy - usually by intoxication. Torah scholars and students emphasize the importance of Torah study on this day as well. The atmosphere on Purim in particular, and throughout the month of Adar, is one of great joy and thanksgiving to G-d for the miraculous deliverance. Individual communities that enjoyed similar deliverances throughout history have marked the occasion locally with a holiday called Little Purim.Purim is celebrated in most of the world on the 14th of Adar, this coming Sunday.

In Jerusalem and other cities that were walled during Biblical times, Purim is commemorated on the 15th of Adar.

POISONED WATERS

REVELATION 8:8-11
8 And the second angel sounded, and as it were a great mountain burning with fire was cast into the sea: and the third part of the sea became blood;
9 And the third part of the creatures which were in the sea, and had life, died; and the third part of the ships were destroyed.
10 And the third angel sounded, and there fell a great star from heaven, burning as it were a lamp, and it fell upon the third part of the rivers, and upon the fountains of waters;
11 And the name of the star is called Wormwood:(bitter,Poisoned) and the third part of the waters became wormwood; and many men died of the waters, because they were made bitter.(poisoned)

REVELATION 16:3-7
3 And the second angel poured out his vial upon the sea; and it became as the blood of a dead man: and every living soul died in the sea.(enviromentalists won't like this result)
4 And the third angel poured out his vial upon the rivers and fountains of waters; and they became blood.
5 And I heard the angel of the waters say, Thou art righteous, O Lord, which art, and wast, and shalt be, because thou hast judged thus.
6 For they(False World Church and Dictator) have shed the blood of saints and prophets, and thou hast given them blood to drink; for they are worthy.

Barge accident leads to toxic spill in river
Chicago Tribune news services
Published March 1, 2007

BROOKPORT, ILLINOIS -- Thousands of gallons of a toxic chemical spilled into the Ohio River between Illinois and Kentucky after a barge struck a lock wall, environmental officials said Wednesday.The spill, which occurred late Tuesday from a Kirby Inland Marine-owned barge, was as much as 8,000 gallons of a petroleum-based substance called cumene, said the state Environmental Protection Agency. The chemical spill did not appear to pose a serious threat to residents or marine life, the Coast Guard said.

Spain and Germany up pressure on EU constitution
01.03.2007 - 09:26 CET | By Mark Beunderman

EUOBSERVER-BRUSSELS Spain has reaffirmed its role of a vocal promotor of the EU
constitution with renewed criticism of the UK, France and the Netherlands, while Germany is also upping the pressure saying it wants a new-style EU treaty before the end of the year. Alberto Navarro, Spanish Europe minister on Wednesday (1 March) reminded London, Paris and The Hague that the majority of 18 member statespresenting also a clear majority of the EU population have now ratified the EU constitution which French and Dutch voters rejected in referendums in 2005.

Mr Navarro reserved the strongest criticism for the UK, which has only recently indicated it wants to see a slimmed-down EU treaty including only some of the constitution's key institutional reforms. UK prime minister Tony Blair and his then foreign secretary Jack Straw in 2004-2005 strongly defended the constitution as a good result for Britain and for Europe, the Spanish minister highlighted. Obviously the position has changed in two years. At that time, they were proud. I don't know what has changed exactly and why they are so many problems now, he said. The remarks led Jim Allister, a unionist Northern Irish MEP, to say that all doesn't mean very much as Mr Blair is yesterday's man, expected to be replaced by his current finance minister Gordon Brown. Mr Brown is generally seen as more eurosceptic and less committed to a new EU treaty as Mr Blair.

Mr Navarro also expressed impatience with the unclear French and Dutch stances on the constitution, despite Paris being seen as paralysed until it has held presidential elections in May and despite the new Dutch government only taking office last week. What alternatives are being prepared by those who have rejected? Until now we haven't heard anything. France and the Netherlands have not told us what they don't like in the treaty.Eighty five percent of the constitutional treaty is already in the current treaty. As far as I understand the French and Dutch no does not lie in this 85 percent, he said.Mr Navarro also reminded Poland and the Czech Republic, who dislike key parts of the constitution text, that they are getting billions of euros of EU subsidies, appearing to suggest that they should be more grateful towards the rest of the EU.

Berlin makes haste

Spain, which approved the EU constitution in a 2005 referendum, has emerged as one of the most active proponents of salvaging the bulk of the charter in the upcoming re-negotiations of the document. Madrid together with Luxembourg organised a controversial friends of the constitution meeting last month to which countries who did not yet ratify the charter could only send observers. While Madrid has taken up a public pro-constitution campaigning role, Berlin is no less impatient to push the charter as the current EU presidency - albeit through confidential rounds of diplomacy with member states behind closed doors. Speaking at a dinner of the Brussels-based CEPS think-tank, German Europe minister Guenter Gloser said a re-negotiated constitution would have to be agreed by the end of 2007 or the beginning of 2008, so there would be a long enough time to ratify by the European elections in 2009.

Berlin is expected to already present a basic deal on the constitution at the EU leaders' gathering at the end of its presidency in June this year. The deal would list the parts of the current constitution which would be left untouched, while also identifying the issues to come up for re-negotiations in a so-called Inter Governmental Conference (IGC) in the second half of the year. The presidency is going into the direction of establishing by June a kind of acquis for everybody – the broader the agreement of course the better, EU regional policy commissioner Danuta Hübner told journalists last week. And then of course we would have a very short IGC for all those hopefully short list of issues that still require an agreement, she added.

Dinner test

Berlin's constitutional drive will be put to the test already next week when German chancellor Angela Merkel is expected at an EU leaders summit dinner on Thursday evening (8 March) to present her ideas for a the Berlin declaration, marking the 50th anniversary of the EU. Berlin wants the solemn declaration, to be signed by EU leaders on 25 March, to include a reference to the need for a new EU treaty - possibly with a deadline for a compromise. But the move is opposed by states like the UK and the Netherlands who are not eager to be pushed on the constitutional issue.

I believe that the US economy is healthy
By David Litterick in New York
Last Updated: 1:09am GMT 02/03/2007

Comment: Experts' complacency cause for concern.Market shake-out points to end of the US era of financial dominance.US Treasury secretary Henry Paulson sought to calm volatile global markets. He insisted that, while he was watching developments carefully, he believed that the US economy is healthy.US Treasury secretary Henry Paulson.His comments yesterday came on another wild day for the markets, sparked by warnings from Japanese officials of higher interest rates that could disrupt the so-called carry trade and reduce liquidity in global markets.Japanese interest rates have recently been so low that investors have borrowed cheap yen then invested the money in higher-yielding assets in other currencies.

But, faced with higher borrowing costs in Japan, investors will find the cost of money more expensive, raising fears of a credit crunch. That prompted a 3pc drop in Shanghai and a near 1pc fall in the Nikkei in Tokyo, which sparked further losses in Europe.As one trader put it: Wednesday's rebound was like kissing your grandmother - somewhat comforting, but not exciting. I suspect there's more downward pressure to come.The Dow Jones initially fell more than 200 points. However, surprisingly strong figures from the US manufacturing sector followed by Mr Paulson's speech and an apparent U-turn from former Fed chief Alan Greenspan, who said a US recession was unlikely, meant the index was registering a 20-point gain by early afternoon.

The FTSE 100, after trading up 50 points at one stage and down as much as 150 points, closed at 6,116, a loss of 55.5 points.In his speech to the Economic Club of New York, Mr Paulson repeated his views that the biggest hurdles the world economy had to face were a return to protectionist trade policies and a reluctance by the Chinese government to move quickly enough to reform its economy.

Even presidential candidate Hillary Clinton waded into the debate, claiming that this week's stock market sell-off should serve as a wake-up call that the US economy was too dependent on foreign -held debt.

Fears of recession spark further turmoil in markets
By David Usborne in New York
Published: 02 March 2007

Fresh anxiety erupted about the health of the world's major economies yesterday after investors in stock markets across Asia, Europe and the United States once again staged significant retreats two days after Tuesday's unexpected global equity sell-off. In New York, the Dow Jones Industrial Average plunged more than 200 points in the first minutes of trading, seeding fears of a repeat of Tuesday's massacre that saw a 416-point collapse on the index.With slowdowns emerging, notably in the housing market and car manufacturing in the United States, signs are building that it economy may be at a pivot point, with some observers worrying about decelerating expansion and possibly a recession looming.The fearful mood was exacerbated by comments from Alan Greenspan, the influential former chairman of the US Federal Reserve, about the possibility of the US entering recession before year's end. He told a conference in Tokyo yesterday: By the end of the year, there is the possibility but not the probability of the US moving into recession. He has argued this week that corporate profit margins appear to be narrowing, indicating that a recent economic expansion has reached a mature phase.

Market watchers warned of several more bumpy days to come, pointing to the renewed erosions in stock markets globally yesterday. The Shanghai stock market slippedan additional 2.9 per cent. The London FTSE index closed down 55.5 points or 1.5 per cent. The Dow later recouped most of its early losses as some more encouraging economic data was released and closed down 34.29 points. But fears remain that there may be worse to come. All the markets have fallen significantly during the course of the week.Senator Hillary Clinton, a candidate for the US presidency, last night called events of recent days a real wake-up call for the United States, saying it was increasingly losing control of its economic sovereignty because of the globalisation of economies and policy-making, including in China.We are in a different environment, she said, noting the $2.2 trillion (£1.1trillion) foreign debt held by the US. Obviously, the level of public debt that is held by central banks and foreign government is a problem and I don't want our government to ignore this wake-up call.A degree of calm was restored to the New York market after indicators were released showing better-than-expected manufacturing numbers for the US. The Institute for Supply Management's index of manufacturing activity registered 52.3 for January, stronger than the 50.0 reading analysts had expected. By convention, a recession is considered to be in the offing if that number falls below the 50-point mark.

The US Commerce Department revealed that seasonally adjusted personal income in the US rose by 1.5 per cent in January, which was also a better result than had been anticipated.

Investors have been spooked by this week's gyrations after enjoying 12 months of almost unbroken growth in stocks. No one was more shocked than the new Chinese investors who watched in dismay on Tuesday as the Shanghai index tumbled almost 9 per cent.US economists are contemplating a change in the balance of power between world markets, where New York can nowadays find itself hostage to foreign market performances.It's kind of the tail wagging the dog, said Arthur Hogan, chief market analyst at Jefferies & Co in New York. There's no stability in Asian markets, and no stability in European markets. We're trading the market as the rest of the globe is.After the Shanghai Sneeze, as some called it, officials tried to sootheinvestors. There was a brief claw-back on Wednesday in New York after Mr Greenspan's successor at the Federal Reserve, Ben Bernanke, said in congressional testimony that there's a reasonable possibility that we'll see some strengthening of the economy sometime during the middle of the year. He played down a report that showed that a 2006 fourth-quarter expansion of the US economy was slower than previously estimated.

There was no saying how the week would end for world markets today. The aftermath of Tuesday's major sell-off will linger for the next couple of days, said Peter Cardillo, chief market economist at brokerage house Avalon Partners. He added, however, that fear of recession is overblown.That Mr Greenspan is still able to move world markets even in retirement is certain to raise questions about whether he would do better to keep his counsel.