BANKS SHIFT BANKRUPTCY TACTICS

MUSLIM NATIONS

EZEKIEL 38:1-12
1 And the word of the LORD came unto me, saying,
2 Son of man, set thy face against Gog,(RULER) the land of Magog,(RUSSIA) the chief prince of Meshech(MOSCOW)and Tubal,(TOBOLSK) and prophesy against him,
3 And say, Thus saith the Lord GOD; Behold, I am against thee, O Gog, the chief prince of Meshech(MOSCOW) and Tubal:
4 And I will turn thee back, and put hooks into thy jaws,(GOD FORCES THE RUSSIA-MUSLIMS TO MARCH) and I will bring thee forth, and all thine army, horses and horsemen, all of them clothed with all sorts of armour, even a great company with bucklers and shields, all of them handling swords:
5 Persia,(IRAN,IRAQ) Ethiopia, and Libya with them; all of them with shield and helmet:
6 Gomer,(GERMANY) and all his bands; the house of Togarmah (TURKEY)of the north quarters, and all his bands:(SUDAN,AFRICA) and many people with thee.
7 Be thou prepared, and prepare for thyself, thou, and all thy company that are assembled unto thee, and be thou a guard unto them.
8 After many days thou shalt be visited: in the latter years thou shalt come into the land that is brought back from the sword, and is gathered out of many people, against the mountains of Israel, which have been always waste: but it is brought forth out of the nations, and they shall dwell safely all of them.
9 Thou shalt ascend and come like a storm, thou shalt be like a cloud to cover the land, thou, and all thy bands, and many people with thee.(RUSSIA-EGYPT AND MUSLIMS)
10 Thus saith the Lord GOD; It shall also come to pass, that at the same time shall things come into thy mind, and thou shalt think an evil thought:
11 And thou shalt say, I will go up to the land of unwalled villages; I will go to them that are at rest, that dwell safely, all of them dwelling without walls, and having neither bars nor gates,
12 To take a spoil, and to take a prey; to turn thine hand upon the desolate places that are now inhabited, and upon the people that are gathered out of the nations, which have gotten cattle and goods, that dwell in the midst of the land.

ISAIAH 17:1
1 The burden of Damascus. Behold, Damascus is taken away from being a city, and it shall be a ruinous heap.

PSALMS 83:3-7
3 They (ARABS,MUSLIMS) have taken crafty counsel against thy people,(ISRAEL) and consulted against thy hidden ones.
4 They have said, Come, and let us cut them off from being a nation; that the name of Israel may be no more in remembrance.
5 For they (MUSLIMS) have consulted together with one consent: they are confederate against thee:(TREATIES)
6 The tabernacles of Edom,and the Ishmaelites;(ARABS) of Moab, and the Hagarenes;
7 Gebal, and Ammon,(JORDAN) and Amalek;(SYRIA) the Philistines (PALESTINIANS) with the inhabitants of Tyre;(LEBANON)

DANIEL 11:40-43
40 And at the time of the end shall the king of the south( EGYPT) push at him:(EU DICTATOR IN ISRAEL) and the king of the north (RUSSIA AND MUSLIM HORDES OF EZEK 38+39) shall come against him like a whirlwind, with chariots, and with horsemen, and with many ships; and he shall enter into the countries, and shall overflow and pass over.
41 He shall enter also into the glorious land, and many countries shall be overthrown: but these shall escape out of his hand, even Edom, and Moab, and the chief of the children of Ammon.(JORDAN)
42 He shall stretch forth his hand also upon the countries: and the land of Egypt shall not escape.
43 But he shall have power over the treasures of gold and of silver, and over all the precious things of Egypt: and the Libyans and the Ethiopians shall be at his steps.

EZEKIEL 39:1-8
1 Therefore, thou son of man, prophesy against Gog,(LEADER OF RUSSIA) and say, Thus saith the Lord GOD; Behold, I am against thee, O Gog, the chief prince of Meshech (MOSCOW) and Tubal: (TUBOLSK)
2 And I will turn thee back, and leave but the sixth part of thee, and will cause thee to come up from the north parts,(RUSSIA) and will bring thee upon the mountains of Israel:
3 And I will smite thy bow out of thy left hand, and will cause thine arrows to fall out of thy right hand.
4 Thou shalt fall upon the mountains of Israel, thou, and all thy bands,( ARABS) and the people that is with thee: I will give thee unto the ravenous birds of every sort, and to the beasts of the field to be devoured.
5 Thou shalt fall upon the open field: for I have spoken it, saith the Lord GOD.
6 And I will send a fire on Magog,(NUCLEAR BOMB) and among them that dwell carelessly in the isles: and they shall know that I am the LORD.
7 So will I make my holy name known in the midst of my people Israel; and I will not let them pollute my holy name any more: and the heathen shall know that I am the LORD, the Holy One in Israel.
8 Behold, it is come, and it is done, saith the Lord GOD; this is the day whereof I have spoken.

JOEL 2:3,20,30-31
3 A fire(NUCLEAR BOMB) devoureth before them;(RUSSIA-ARABS) and behind them a flame burneth: the land is as the garden of Eden before them, and behind them a desolate wilderness; yea, and nothing shall escape them.
20 But I will remove far off from you the northern army,(RUSSIA,MUSLIMS) and will drive him into a land barren and desolate, with his face toward the east sea, and his hinder part toward the utmost sea, and his stink shall come up, and his ill savour shall come up, because he hath done great things.(SIBERIAN DESERT)
30 And I will shew wonders in the heavens and in the earth, blood, and fire, and pillars of smoke.(NUCLEAR BOMB)
31 The sun shall be turned into darkness, and the moon into blood, before the great and the terrible day of the LORD come.

VIDEO MUSLIM PROFESSOR ANTHRAX AMERICA 330,000 WOULD BE DEAD
http://www.youtube.com/watch?v=LHCCgS9enyw&eurl=http://wnd.com/index.php?fa=PAGE.view&pageId=90019&feature=player_embedded

Iranians in test run of first nuclear power plant By NASSER KARIMI, Associated Press Writer – Wed Feb 25, 2:22 pm ET

BUSHEHR, Iran – Iranian and Russian engineers carried out a test-run of Iran's first nuclear power plant Wednesday, a major step toward starting up a facility that the U.S. once hoped to prevent because of fears over Tehran's nuclear ambitions.

Washington worried Iran would turn spent fuel from the plant's reactor into plutonium, which could then be used to build a nuclear warhead, and U.S. officials pressured Moscow for years to stop helping Iran build the electricity-generating facility.American opposition to the plant eased when Iran agreed in 2005 to return spent fuel to Russia to ensure it can't be reprocessed into plutonium. Russia is providing enriched uranium fuel for the plant in the southern port city of Bushehr.

But the U.S. and its allies say there are deep questions about whether Iran intends to use other parts of its nuclear program to develop atomic weapons. Tehran denies that.The United States said Wednesday that the fuel deal with Russia shows Tehran does not need the most controversial part of its nuclear program — facilities to produce its own enriched uranium.The arrangement with Russia is an appropriate mechanism for Iran to see the benefits of the peaceful use of nuclear energy, State Department spokesman Robert A. Wood said in Washington. It also demonstrates that Iran does not need to develop any kind of indigenous uranium enrichment capacity.The U.N. Security Council, the U.S. and other countries have demanded that Iran suspend enrichment because the process not only can produce fuel for a reactor, but can be used to develop highly enriched uranium needed to make nuclear bombs.Iran denies it is seeking to build atomic weapons, and says it has a right to produce its own fuel for several nuclear power plants it plans to build. It says relying on imported fuel for its entire reactor program would leave it vulnerable to cutoffs as political pressure.Iranian officials on Wednesday claimed further progress in expanding the uranium enrichment program, saying the number of centrifuges operating at its enrichment plant has increased to 6,000, up from 5,000 in November.In Israel, which has been one of the most vocal nations accusing Iran of seeking to develop atomic weapons, Foreign Ministry spokesman Yigal Palmor said the tests at Bushehr should be understood as very bad news for the whole of the international community because it shows Iran's nuclear program is progressing.

Israeli Defense Minister Ehud Barak warned that time is slipping through our fingers in preventing Iran from developing a weapon. He called for harsh sanctions and a willingness to consider other options if sanctions don't succeed — a reference to military action.We do not take any option off the table regarding to Iran's nuclear program, he said.Iran has warned of strong retaliation — including stopping oil shipments through the Persian Gulf or hitting U.S. bases there — if Israel or the United States carries out military strikes on its nuclear facilities.The tests at Bushehr brought the power station closer to full operation. But Iran and Russia's top nuclear officials, touring the facility Wednesday, would not say when exactly electricity production would begin.The opening of the 1,000-megawatt, light-water reactor, under construction for 14 years, has repeatedly been delayed by construction and supply glitches. Russian began shipping fuel for the plant in 2007. Iran has said it aims to operate the reactor by the end of the year.The tests could take between four and seven months, Iran's nuclear chief, Vice President Gholam Reza Aghazadeh, told reporters.We are approaching full exploitation of this plant.Russian nuclear head Sergei Kiriyenko said that Bushehr had remarkable progress in recent months and that technicians were approaching the final stage.Scientists at the plant are carrying out a computer run of the equipment to ensure there are no malfunctions when it begins real operations. No electricity is produced during the testing. In the first stage of the test, technicians began 10 days ago loading virtual fuel into the reactor. The test fuel consists of lead, which imitates the density of enriched uranium. Once the fuel is loaded, the equipment will be tested. Aghazadeh said the test was going well and engineers told him they expected no problems. The U.N. Security Council has imposed three rounds of financial sanctions on Iran over the enrichment dispute, but Tehran has refused to suspend that work. In the enrichment process, uranium gas is pumped through a series of centrifuges and spun at supersonic speeds to remove impurities. A low level of enrichment produces reactor fuel, but more highly enriched uranium can be used for the core a warhead.

Aghazadeh said 6,000 centrifuges are now operating at Iran's enrichment facility in the town of Natanz. He said Iran hopes to install over 50,000 centrifuges there over the next five years. Iran says it intends to use the enriched uranium in its first domestically built nuclear power plant, which is scheduled to start operating in 2016in the town of Darkhovin. Aghazadeh said delaying enrichment would mean a delay in opening that reactor. We are doing what we need to do in Natanz on the basis of a specific time schedule,he said at a news conference. In a report last week, the U.N. nuclear watchdog, the International Atomic Energy Agency, said Iran had about 4,000 centrifuges actively enriching and 1,600 more under vacuum, which means they are operating but not yet being fed uranium gas to spin. An IAEA official said the Iranian numbers appeared to roughly tally with the agency's count, including machines under vacuum. The official, who insisted on anonymity in return for discussing an IAEA member nation, declined to comment on the Bushehr testing. The Bushehr project dates backs to 1974, when Iran's U.S.-backed Shah Mohammed Reza Pahlavi contracted with the German company Siemens to build the reactor. The company withdrew from the project after the 1979 Islamic revolution toppled the shah. In 1992, Iran signed an agreement with Russia to complete the project and work began in 1995.Associated Press writers Matti Friedman in Jerusalem and George Jahn in Vienna contributed to this report.

EARTH DESTROYED WITH THE EARTH

GENESIS 6:11-13
11 The earth also was corrupt before God, and the earth was filled with violence.(WORLD TERRORISM,MURDERS)
12 And God looked upon the earth, and, behold, it was corrupt; for all flesh had corrupted his way upon the earth.
13 And God said unto Noah, The end of all flesh is come before me; for the earth is filled with violence (TERRORISM) through them; and, behold, I will destroy them with the earth.

Stores looted, cars burned on island of Martinique By RODOLPHE LAMY, Associated Press Writer FEB 25,09

-DE-FRANCE, Martinique – French police officers patroled Martinique's capital late Wednesday after vandals burned cars and looted stores overnight as protests over high prices, low pay and alleged neglect by officials in Paris spread to a second Caribbean island.Nearly 30 people were detained following the outburst in Fort-de-France, the French island's chief city, according to police headquarters.Dozens of protesters gathered at city hall Tuesday night to demand results from slow-moving negotiations there over demands for pay increases. Around midnight, some began hurling rocks and bottles at police guarding the building, and officers responded by firing tear gas.Protesters burned at least five cars, several garbage bins and a small grocery store. Several stores also were looted, but no one was injured, according to a police statement.On Wednesday evening, a phalanx of French police officers were helping patrol the capital to enforce order.Martinique has not seen the same degree of violence as that on the nearby French island of Guadeloupe, where weeks of strikes degenerated into rioting last week in which one labor activist was shot dead. Business on both islands has been largely frozen.In Guadeloupe's biggest city of Pointe-a-Pitre, strikers assembled Wednesday night outside a seaside building where bargaining talks are taking place cheered apparent improvements in negotiations aimed at ending the more than month-long general strike.Government representatives have offered to add a euro80 ($102) monthly raise to islanders making euro900 ($1,130) a month in order to end the unrest in the French Caribbean island, according to Nicolas Desforges, Guadeloupe's top Paris-appointed official.

This is a big contribution by the French government to get out of this crisis, Desforges told reporters.Added with the pledged contributions of island business owners, strikers now have a euro180 ($230) raise offer on the table — just euro20 ($25) less than the euro200 ($250) monthly increase they have been seeking.But Guadeloupe protest leader Elie Domota said Wednesday evening that it was too early to say whether the new offer would be acceptable. This is a proposal on the table we are going to review,he told reporters.Government negotiators in Point-a-Pitre had left the bargaining table Monday night, saying they were not prepared to agree to a euro200 ($250) monthly raise for those making euro900 ($1,130) a month.French President Nicolas Sarkozy last week announced a euro580 million ($730 million) financial package to help development in the Caribbean regions of his country. But strikers complained that proposals were vague and did not directly address their demand for higher pay.Associated Press writers Pierre-Yves Roger in Paris and Jonathan M. Katz in Pointe-a-Pitre, Guadeloupe contributed to this report.

DRUG PUSHERS AND ADDICTS

REVELATION 18:23
23 And the light of a candle shall shine no more at all in thee; and the voice of the bridegroom and of the bride shall be heard no more at all in thee: for thy merchants were the great men of the earth; for by thy sorceries (DRUGS) were all nations deceived.

REVELATION 9:21
21 Neither repented they of their murders, nor of their sorceries (DRUGS), nor of their fornication, nor of their thefts.

Massive drug sweep nets 750 arrests: US Wed Feb 25, 4:58 pm ET

WASHINGTON (AFP) – US and Mexican authorities have arrested 750 people over 21 months in an anti-drug sweep, including 52 members of Mexico's Sinaloa drug cartel who were detained Wednesday, Attorney General Eric Holder said.The cartel members were arrested as part of an international narcotics trafficking and money-laundering investigation called Operation Accelerator, Holder told a press conference.The operation -- which investigated crimes in the United States, Mexico and Canada -- netted some 59 million dollars in cash, 12,000 kilos (12 tonnes) of cocaine, 544 kilos (1,200 pounds) of methamphetamine and 1.3 million Ecstasy pills.An operation of that scope and magnitude can only be effective with combined forces against the enemy,Holder said, praising cooperation between agencies and governments in the investigation.Asked by a reporter whether he was worried violence from the world of Mexican drug runners could spill over to US cities and towns, Holder admitted he was concerned.The problems that Mexico faces are also problems that we face, stressed the attorney general.We would be naive to think that we can restrict the concerns that the Mexicans have to only Mexico, that the violence will only be there.The bloody war between rival cartels, fighting for control of drug trafficking into the United States, the world's biggest consumer of cocaine, has produced internal chaos in Mexico.Unrest related to the drug trade has caused the violent deaths of some 5,300 people throughout the country last year alone, according to official figures, despite a government crackdown that saw the deployment of nearly 36,000 troops.The US Drug Enforcement Administration's Acting Administrator Michele Leonhart, speaking alongside Holder, said the investigation unveiled the scope of the cartel's international network, including a super meth lab that is so sophisticated we've seen none like it anywhere.The raids uncovered drug factory machines able to produce 12,000 ecstasy tablets an hour, Leonhart added.The operation not only took out cartel operatives in larger US cities such as New York and Los Angeles, but in smaller towns like Lancaster, Pennsylvania and Brockton, Massachusetts.Over the course of a few years, Leonhart said, the northeastern Ohio town of Stow, a relatively sleepy urban region of 35,000 residents, became a hotspot for international drug runners.Just underneath the surface of this peaceful city, the Sinaloa cartel had been sending cocaine through this community's local airport, she revealed.The traffickers regularly ferried dozens of kilos (pounds) of cocaine from California to Stow, she said.This cocaine ended up not just on the streets of larger cities like Cleveland and Columbus but also in surrounding small towns and onto the campuses of the schools in the region.

The operation, however, effectively shut down drug cartel networks throughout North America, Leonhart added.The DEA will continue attacking the international drug trade with every tool at our disposal, fighting to defeat those who put deadly drugs on our streets and engage in violence in our communities,she vowed. At the end of last year, the DEA said their operations to clamp down on production and supply routes over the preceding 21 months substantially impacted drug quality and cost within the United States. The price of a gram of cocaine in the United States from January 2007 to September 2008 soared 89 percent, from 96.61 dollars to 182.73 dollars, the anti-drug agency said. An analysis of 24,000 drug busts across the country, found that cocaine purity dropped during the same period, from 67 percent to 46 percent, the DEA said.

DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.

JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.

EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.

REVELATION 13:16-18
16 And he(FALSE POPE) causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(CHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM

WORLD MARKET RESULTS
http://money.cnn.com/data/world_markets/

SPECIAL CONFERENCE MAR 23-24,2009,ALL FINANCIAL INSTITUTIONS WILL BE THERE,ALL THE EU MEMBERS WILL BE THERE,AND THE G-20 WILL BE THERE.THIS SAME GROUP OF EU,BANKERS,G-20 WILL ALSO BE IN LONDON IN APRIL TO LAY PLANS FOR THE NEW WORLD ORDER,ESPECIALLY THE G-20.https://futurefinance.wsj.com/index.php

HALF HOUR DOW RESULTS THU FEB 26,2009

09:30 AM +14.66
10:00 AM +60.61
10:30 AM +98.84
11:00 AM +118.60
11:30 AM +88.89
12:00 PM +63.00
12:30 PM +19.67
01:00 PM +33.93
01:30 PM +19.13
02:00 PM +32.97
02:30 PM +27.96
03:00 PM -44.28
03:30 PM -69.37
04:00 PM -88.81 7182.08

S&P 500 752.83 -12.07

NASDAQ 1391.47 -33.96

GOLD 946.50 -19.70

OIL 44.46 +1.96

TSE 300 8186.82 +254.52

CDNX 862.81 +7.84

S&P/TSX/60 493.86 +16.01

MORNING,NEWS,STATS

YEAR TO DATE PERFORMANCE
Dow -17.15%
S&P -15.32%
Nasdaq -9.61%
TSX Advances 744,declines 743,unchanged 287,Volume 2,521,908,187.
TSX Venture Exchange Advances 344,Declines 349,Unchanged 370,Volume 198,119,255.

Dow +64 points at 4 minutes of trading today.
Dow +14 points at low today.
Dow +118 points at high today so far.
Gold opens at $943.00 today,OIL opens at $43.95 today.

AFTERNOON,NEWS,STATS
Dow -1 points at low today so far.
Dow +133 points at high today so far.

DAY TODAY PERFORMANCE - 12:30PM STATS
NYSE Advances 2,280,declines 1,372,unchanged 86,New Highs 2,New Lows 126.
Volume 3,578,282,800.
NASDAQ Advances 1,487,declines 1,048,unchanged 138,New highs 1,New Lows 123.
Volume 1,005,097,821.
TSX Advances 831,declines 482,unchanged 254,Volume 1,576,284,806.
TSX Venture Exchange Advances 270,Declines 274,Unchanged 283,Volume 102,608,822.

WHITEHOUSE WANTS - SPENDS
-requests 75.5 BILLION suplemental war costs for 2009.
-sees unemployment peaking at 8.1% 2009.
-more action (money)to boost financial system likely.
-sees 10 yr treasury note averaging 2.8% in 2009.
OBAMA BUDGET
-creates national infrastructure Bank.
-increases defence spending 4% to %533.7 BILLION,extra war spending.
-higher taxes on hedge funds/pe firms for carried interest.
-lists additional $750 BILLION for more financial help.
-Obama proposes $3.6 TRILLION budget for fiscal year 2010.
-sees GDP at 1.2% in 2009,up 3.2% in 2010.

BEST WEEK EVER FOR BANKS(FUEGO FINANCIALS)
-Fifth third +138%
-Sun trust +87%
-Marshall & Isley +60%
-Bank of America +51%
-Huntington Banc +46%

WRAPUP,NEWS,STATS
Dow -96 points at low today.
Dow +133 points at high today.
Dow today Volume
Nasdaq today Volume
S&P 500 today Volume

FEBRUARY 25, 2009, 3:42 P.M. ET Officials Unveil Details of Stress Tests By MEENA THIRUVENGADAM and MICHAEL R. CRITTENDEN

WASHINGTON -- U.S. officials unveiled details Wednesday of how they plan to convert preferred shares the U.S. Treasury holds in hundreds of financial institutions into common stock that would help banks survive an even worse-than-projected economic downturn.Bernanke: Officials Have Necessary ToolsBernanke Eases Nationalization FearsBanking, Economic Crises Feed the SpiralUnder the plan, which includes stress tests aimed at measuring how the banks would hold up under both baseline and extreme economic situations, institutions would have six months to raise private capital before getting a government-issued capital buffer.Supervisors will work with institutions to estimate the range of possible future losses and the resources to absorb such losses over a two-year period, banking regulators said in a joint statement. The adverse situation tests would assume a 2010 unemployment rate of 10.3%, Case-Shiller home price declines of 22% in 2009 and 7% in 2010 and gross domestic product contractions of 3.3% in 2009 and 0.5 in 2010.

Regulators expect to complete the tests by the end of April.

Any capital provided to the institutions under the new program, known as the Capital Assistance Program, would be preferred securities convertible into common equity at a 10% discount to the prevailing price as of Feb. 9. The securities will come with a 9% dividend and would be convertible at the issuers' request once supervisory approval has been received, the U.S. Treasury said Wednesday.

Participants in Government Investment Plan
See a list of participating companies in the bank-share purchase program.If not converted or redeemed within seven years, the securities would automatically be converted into common stock.Banks that have already issued preferred shares to the U.S. government under the Troubled Asset Relief Program's Capital Purchase Program would be able to convert those shares to the new convertible instruments. The government has so far invested more than $196 billion in more than 400 institutions through that program.The new government investments require banks to submit plans for their use of government capital. Any bank participating in the program also will be subject to restrictions on dividend payments, share repurchases and acquisitions.

Banking regulators in their joint release said, Currently, the major U.S. banking institutions have capital in excess of the amounts required to be considered well capitalized.The U.S. is requiring banks with assets of more than $100 billion to participate in the stress tests. Those banks will be given immediate access to government capital if needed.Write to Meena Thiruvengadam at meena.thiruvengadam@dowjones.com and Michael R. Crittenden at michael.crittenden@dowjones.com

High-level finance group calls for EU risk council
ANDREW WILLIS 25.02.2009 @ 17:44 CET

EUOBSERVER / BRUSSELS - A high-level group of financial experts headed by former IMF managing director Jacques de Larosiere has called for a new European agency to gather information on the risks faced by the EU financial system.The new body, to be called the European Systemic Risk Council (ESRC), would provide early risk warnings and operate under the auspices of the European Central Bank (ECB), says the group's report published on Wednesday (25 February).Canary Wharf, London, Europe's largest financial centre. (Photo: wikipedia)The ESRC should pool and analyse all information relevant for financial stability, the document suggests in one of its 30 recommendations.

If adopted by finance ministers, the new body will be chaired by the ECB president and contain one representative from the European commission. Mr Larosiere attacked warnings issued by a number of organizations prior to the financial crisis as very frequently lacking anything concrete.Regarding the regulation of individual banks, the report suggests increasing the powers of the existing supervisory committees rather than creating a single EU body that many had called for. Before calling for such ambitious projects you have to think things through, said Mr Larosiere. We are not opting for super-structures which I think would have had little prospect of being accepted.Instead the existing banking regulatory bodies, known as level three committees, would gain new legal powers to ensure better coordination between national regulators and the adoption of supervisory standards.They would also gain powers to issue licences to credit-rating agencies, licences that can be revoked following poor performance by the agency. The failure of credit rating agencies to accurately assess the risk attached to certain financial products, such as securitized sub-prime mortgages, has been criticised as an important contributor to the current crisis. Dutch socialist MEP Ieke van den Burg, a member of the influential Economic and Monetary Affairs committee in the European Parliament, broadly welcomed the document. It is very similar to what we did in the parliament so I am very proud that we have come to the same conclusions, she told EUobserver.

She was also impressed that the group of financial experts from diverse backgrounds managed to agree unanimously on the final text. It is a good example for the council [representing member states] to get their act together and support this report, she said.I hope the summit of EU leaders [on 1 March] will give a clear signal about this and not leave it only to finance ministers.

Guidelines on impaired assets

The commission also presented a list of guidelines for member states regarding impaired assets on Wednesday. Impaired assets, also know as toxic assets, have been blamed for undermining confidence in the financial system, as they create uncertainty about the stability of individual banks holding them. The commission guidelines are designed to allay fears that member states' schemes to deal with such assets could have negative effects on other EU countries' economies or constitute a form of financial protectionism. Under the guidelines, assets would be valued by independent experts and valued at their real economic value rather than current market prices. Likewise, the cost of member state schemes should be shared between all stakeholders and not just shouldered by the taxpayer. If finance ministers are not pleased with these guidelines, then I really don't know what they are asking for,said competition commissioner Neelie Kroes. Finance ministers will next meet in Brussels on 10 March.

THE INFLUENCE GAME: Banks shift bankruptcy tactics By JULIE HIRSCHFELD DAVIS, Associated Press Writer – Wed Feb 25, 6:34 pm ET

WASHINGTON – Big banks, scrambling to prevent the government from forcing them to rewrite mortgages for struggling homeowners, are using their lobbying clout to press the Obama administration and Congress to scale back a key measure to rescue borrowers from foreclosures.The legislation, expected to pass the House on Thursday, would let bankruptcy judges reduce the principal and interest rate on a home loan. That essentially would require mortgage companies to let debt-strapped homeowners reduce their monthly payments rather than lose their main residences.Obama called for it last week as part of his housing rescue plan. Democrats and consumer advocates regard it as crucial to slowing the rapid rate of foreclosures.But the mortgage industry contends the measure will impose steep and unpredictable costs on its companies, which will be forced to pass them along to borrowers in the form of higher fees and interest rates. The industry spent millions last year on a successful lobbying effort to kill the bill, which almost all Republicans oppose. Opponents call it the cram-down.This year, with Obama in the White House and Democrats enjoying a broader majority, a rift has emerged in the industry. One major player, Citigroup Inc., has bowed to the new political reality and moved to grab a seat at the negotiating table.It cut a deal last month with Democrats to back the plan, as long as it applied only to existing loans made before enactment and was limited to homeowners who try working with their lender to adjust their loans before seeking relief in bankruptcy.Other banks have changed their strategy, but not their position. They are continuing efforts to squash the legislation, but also have stepped up their bid to gut key provisions. Among their goals: restrict the measure to certain kinds or sizes of home loans, certain borrowers, or situations where the mortgage holder — known as the loan servicer — agrees to the changes.

I don't see a scenario where we can ever support this, but we're trying to make it the least-worst way to do the wrong thing, said Scott Talbott, a lobbyist for the Financial Services Roundtable, a trade group representing large banks. The group spent $7.8 million last year lobbying on this and other issues. There are efforts being made to change the bill right now, Talbott said Wednesday, as Democratic leaders were putting the last touches on the measure to be voted on Thursday.That legislation, sponsored by Rep. John Conyers, D-Mich., the Judiciary Committee chairman, is part of a broader housing plan. It includes a boost in the Federal Deposit Insurance Corporation's borrowing authority and other steps to prevent foreclosures. In the Senate, Sen. Dick Durbin of Illinois, the No. 2 Democrat, has teamed with the Banking Committee chairman, Chris Dodd, D-Conn., and Sen. Charles E. Schumer, D-N.Y., on the bankruptcy measure. A vote could come in a few weeks.The change in tactics has paid off for the banks, now actively bargaining with top Democrats on the details of the legislation.We continue to be opposed to the bill and that hasn't changed, but we do live in the real world, and we do understand that this is very likely to happen, and we owe it to our members to recognize that reality and to limit the damage as much as possible, said Francis Creighton, a lobbyist for the Mortgage Bankers Association, which spent $4.2 million on lobbying last year. We're encouraged by the fact that the bill is moving to limit the damage of cram-down rather than make it worse.Aside from Citigroup, two other large banks, JPMorgan Chase & Co. and Bank of America Corp., have been in discussions with top Democrats. Neither has signed onto the bill, however.Industry players are pushing to limit the measure to home loans originated in the last several years and to strengthen the requirement that borrowers prove they tried other ways of modifying their mortgages before resorting to bankruptcy.The bank opposition has had a profound impact on the bill as it stands today. They're very powerful special interests. They're a force in Washington, said Michael Calhoun of the Center for Responsible Lending, a consumer group.Look at the concessions they extracted from the bill and are still extracting.

Lobbyists and congressional aides close to the negotiations say the banking industry has recognized that some sort of action on the bankruptcy measure is virtually certain, and is actively seeking a deal on the issue that will limit its cost.In an internal research report last month, Credit Suisse said it expected the legislation to be enacted and projected it could lead to a 20 percent reduction in foreclosures.

Citigroup had an interest in showing a willingness to cooperate with the new administration in getting the foreclosure crisis under control. It has taken $45 billion from the government's financial bailout program already and is in discussions about getting even more federal assistance. The government is guaranteeing billions in risky Citigroup assets, meaning taxpayers are essentially on the hook for losses it could incur through the bankruptcy change.

Stocks end down as week's back-and-forth continues By MADLEN READ and SARA LEPRO, AP Business Writers – Wed Feb 25, 6:04 pm ET

NEW YORK – Wall Street showed a little resilience as investors got answers to some of their questions about banks.The major indexes closed down about 1 percent Wednesday but recovered from much steeper losses early in the day, continuing the volatile trading that has buffeted the market this week.Stocks initially fell on growing pessimism about the banking industry and a home sales report that came in weaker than the market expected. But as the day wore on, some of the uncertainty about the troubled banking system lifted when the Treasury Department said it's beginning to stress test the banks. The test will use two economic scenarios to measure banks' health, and the process is expected to be done by the end of April.

The government also gave the market some reassurance by confirming that it will buy preferred shares from banks that can be converted into common shares. And investors found solace when Federal Reserve Chairman Ben Bernanke rejected for the second straight day the notion that banks could be nationalized.Still, Wall Street remains worried about the recession deepening, dividends disappearing and how the government will get toxic assets off banks' books.We're seeing a lot of nervousness, and that's breeding volatility, said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. We're definitely in a bottoming process of the market, but it's not coming as quickly as some people would like.Investors appeared disappointed that a late-afternoon speech by President Barack Obama after he met with Treasury Secretary Timothy Geithner revealed few additional details about their plan for dealing with the toxic assets that have hobbled many of the nation's biggest banks.And the bad news about the housing market left some traders nervous about hanging onto stocks snapped up a day earlier. The National Association of Realtors said sales of existing homes fell 5.3 percent to an annual rate of 4.49 million last month — the worst showing since July 1997. Wall Street had expected sales would rise.The Dow Jones industrial average ended down 80.05, or 1.1 percent, at 7,270.89 after rising 236 points on Tuesday and falling 251 on Monday. The average tumbled by as many as 194 points in early trading Wednesday and later was up 54 before retreating again.

Broader stock indicators also recovered from earlier lows but finished down. The Standard & Poor's 500 index fell 8.24, or 1.1 percent, to 764.90, and the Nasdaq composite index fell 16.40, or 1.1 percent, to 1,425.43.The Russell 2000 index of smaller companies fell 11.04, or 2.7 percent, to 401.44.Losing issues narrowly outnumbered gainers on the New York Stock Exchange, where consolidated volume came to 7.29 billion shares, up from Tuesday's 7.09 billion.The S&P 500 index's ability to hold above its November lows despite the market's severe volatility this week shows the potential for a stock recovery, said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. We really just need more clarity.On the whole, investors were neither disappointed nor galvanized by Obama's Tuesday night speech that touched on the need to create jobs and stabilize the credit system. He told a joint session of Congress that specifics on these and other goals would follow but that billions more may be needed to stabilize the banking system.

Until it is apparent how potential ownership structure of major U.S. banks will look after the government completes stress tests and determines specific plans to help the struggling sector, investors are likely to remain wary about buying financial shares, said Brett D'Arcy, chief investment officer, CBIZ Financial Solutions.A handful of bank shares rebounded in afternoon trading, including those Bank of America Corp. — a company that has gotten a double-dose of government funding, and that investors fear might need more. Bank of America rose 53 cents, or 11 percent, to $5.26, after the CEO made optimistic remarks about the company's stability in a television interview.Other industries are being dragged down unfairly by the gloom surrounding the market, such as health care and technology, D'Arcy said. Eventually, he said, these sectors will begin to rebound as investors recognize the value in them — but it's uncertain when that might occur.Among tech stocks, IBM Corp. fell 50 cents to $85.90. Microsoft Corp. shed 21 cents to $16.96, and Yahoo Inc. fell 27 cents, or 2 percent, to $12.48.Government bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.93 percent from 2.80 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, was unchanged at 0.29 percent. The dollar rose against other major currencies, and gold prices fell. Light, sweet crude rose $2.54 to settle at $42.50 a barrel on the New York Mercantile Exchange. Overseas, Britain's FTSE 100 rose 0.85 percent, Germany's DAX index fell 1.27 percent, and France's CAC-40 fell 0.41 percent. Earlier, Japan's Nikkei stock average rose 2.65 percent.On the Net: New York Stock Exchange: http://www.nyse.com Nasdaq Stock Market: http://www.nasdaq.com

Germany business confidence hits all-time low
ANDREW WILLIS 25.02.2009 @ 09:27 CET

German business confidence has hit a record low according to a survey published Tuesday (24 February) by the Ifo Institute for Economic Research at the University of Munich.The institute says its business climate index for February fell from 83 to 82.6, worse than the previous record low of 82.7 recorded in December of last year.

The worsening of the business situation that has been going on for months has continued in February, Hans-Werner Sinn, President of the Ifo Institute, said in a statement.On the whole the survey results do not signal a cyclical turning point.

Despite the perception of a more difficult business environment however, the 7,000 executives questioned in the study were less pessimistic regarding the business outlook for the coming six months.This may be partially due to the German stimulus plan, currently the largest in the EU. Last week German lawmakers decided to double the government's stimulus package to €80 billion in order to boost the shrinking economy, which the IMF predicts will contract by 2.5 percent this year. Until relatively recently, hopes remained that the German economy would avoid the worst of the downturn seen in other EU states.Those hopes disappeared earlier this month when figures showing a huge decline in industrial orders in December were published.

Germany is the world's largest exporter and is heavily reliant on a buoyant global economy. Export business will continue to contract in their [survey participants'] estimation. Personnel plans continue to point to staff reductions, said Mr Sinn in the statement.New figures released by the European statistics office, Eurostat, on Tuesday (24 February) showed December industrial orders for the EU27 down 6.4 percent on the month before.

Latvia downgraded

The good health of its neighbouring economies is important for a German upturn. But on Tuesday, ratings agency Standard & Poor's (S&P) cut the Latvian economy's rating to BB+ or junk status. Latvia is now the second EU state to receive junk status along with Romania. S&P also put neighbouring Lithuania and Estonia on negative credit watch. Last month saw Greece, Spain and Portugal have their credit ratings cut as market concerns over spiralling budget deficits increased.The latest S&P move reflects market fears that Latvia may not be able to implement deficit-cutting procedures stipulated under the country's €7.5 billion IMF-led rescue deal. The move will further heighten anxieties of western banks that have invested heavily in the area. Austrian banks alone are estimated to have invested sums in central and eastern Europe equivalent to 70 percent of Austrian GDP. However, it is Swedish banks that are particularly exposed to downturns in the Baltic states. Many western banks poured money into Latvia's booming economy in recent years. However, that funding has now dried up as governments put pressure on their national banks to lend at home rather than abroad. The downgrade by S&P comes just days after the Latvian prime minister handed in his resignation over the financial crisis and current recession.

Sarkozy calls on EU to protect own industry
ELITSA VUCHEVA 25.02.2009 @ 09:27 CET

French president Nicolas Sarkozy on Tuesday (24 February) called on the EU to protect its industry in the face of US protectionism, and said France and Italy would insist on this during a meeting of EU leaders in Brussels on Sunday.There must be competition, but competition to build big European groups, not to make the totalities of our industries delocalise. France and Italy will as soon as Sunday [at an emergency EU summit] speak with one voice to ask Europe to take decisions, strong decisions, Mr Sarkozy told the press following a meeting with Italian prime minister Silvio Berlusconi in Rome.You know how much I cherish the friendship with the United States, but if the United States defends its farmers as it does, maybe we can do the same in Europe. If the United States defends its industry, as it does - and they are right - maybe in Europe we can do the same,he added.The French president's comments come as the US earlier this month adopted a $787 billion (€617 billion) package to boost its economy. The bill contains Buy American provisions prohibiting foreign steel companies bidding for US infrastructure contracts financed by the plan. The European Commission has already raised concerns about the clause.France itself has been accused of protectionism after earlier this month unblocking €6.5 billion for its car industry, and Mr Sarkozy speaking out against delocalistion of French factories, notably to eastern Europe.

Later on, Spain and Italy also adopted state aid schemes for their ailing car industries, with Germany also considering a bailout of car maker Opel.The French president defended the moves, arguing that member states were forced to take such measures because of the lack of a common EU policy.An industrial policy is not a swear word, he said.I would have very much preferred if there had been a co-ordinated European policy to support the automobile industry. If we didn't do it, if we had to act bilaterally, it is precisely because that was not being done at a multilateral European level,he added.

Franco-Italian nuclear deal

The Franco-Italian meeting also marked Italy's return to nuclear energy after a 21-year ban, as it signed an agreement with France to build new atomic plants.The countries' energy firms ENEL (Italy) and EDF (France) are to build at least four European pressurised water nuclear reactors (EPRs), with the first of them to be operational by 2020, the BBC reports.We have to wake up, and adapt to a future of renewable energy and nuclear power, Mr Berlusconi said at the joint press conference.

France is making available its know-how and that will allow us to save several years and start the construction of nuclear plants in a limited amount of time, he added.
For his part, Ms Sarkozy called the deal historic and said his country was providing an unlimited partnership with Italy in the development of clean energy.Both Paris and Rome want nuclear power to become a European issue, because it represents the key for development, he added.In November 1987, a year after the Chernobyl nuclear disaster, Italians voted in a referendum to close the nuclear power stations in the country.The unfreeze comes amidst a general tendency in Europe to return to nuclear, with Sweden also lifting a ban on atomic plants earlier this month, and the UK government agreeing in January to build a new generation of nuclear plants in Britain.By 2020, nuclear plants will have to be massively developed, nobody can in any way veto that,the French president said.

Oklahoma House passes sovereignty bill,Path set for other states seeking to reassert constitutional rights February 24, 2009 10:48 pm Eastern By Jerome R. Corsi
2009 WorldNetDaily

Oklahoma Republican state Sen. Randy Brogdon

NEW YORK – Oklahoma's House of Representatives is the first legislative body to pass a state sovereignty resolution this year under the terms of the Tenth Amendment.

The Oklahoma House of Representatives passed House Joint Resolution 1003 Feb. 18 by a wide margin, 83 to 13, resolving, That the State of Oklahoma hereby claims sovereignty under the Tenth Amendment to the Constitution of the United States over all powers not otherwise enumerated and granted to the federal government by the Constitution of the United States.The language of HJR 1003 further serves notice to the federal government to cease and desist, effectively immediately, mandates that are beyond the scope of these constitutionally delegated powers.The sponsor of the resolution, state Rep. Charles Key, told WND the measure was a big step toward addressing the biggest problem we have in this country – the federal government violating the supreme law of the land.The Constitution either means what it says, or it doesn't mean anything at all, Key said. The federal government must honor and obey the Constitution, just like the states and this citizens of this country are obligated to do, or our system of government begins to fall apart.The Ninth Amendment reads, The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people. The Tenth Amendment specifically provides, The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.As WND reported, eight states have introduced resolutions declaring state sovereignty under the Ninth and Tenth Amendments to the Constitution: Arizona, Michigan, Minnesota, Missouri, Montana, New Hampshire, Oklahoma and Washington. Analysts expect 12 additional states may see similar measures introduced this year, including Alaska, Alabama, Arkansas, California, Colorado, Georgia, Idaho, Indiana, Kansas, Nevada, Maine and Pennsylvania. Key argued that whenever we allow the federal government, or any other government entity, to violate the Constitution, we destroy the Constitution one piece at a time.

We have gone so far down that path that the Constitution is hanging by a thread right now, he said. Last year, the same resolution introduced by Key passed the Oklahoma House, but the floor leader in the Senate, Democrat Sen. Charles Lassiter, used his authority to block consideration of the measure on the Senate floor. But state Sen. Randy Brogdon has sponsored comparable legislation, and he told WND the "chances are excellent it will be passed in the Senate this session.Brogdon said his bill, SJR 10, has made it out of committee and will be heard on the Senate floor in the next couple of weeks. The lawmaker said he will double-track HJR 1003 to increase the chances one of the sovereignty resolutions gets to the Senate floor. We going to work Rep. Charles Key's bill through the committee, Brogdon said, and our goal in the Senate is to use HCR 1003 as the final bill.Brogdon told WND he feels confident Democrats in the Oklahoma Senate will not be able to block the sovereignty measure this year. Last year, the Democrats in the Senate were able to veto consideration of Rep. Key's bill, he said, but this year the Republicans are in control of the Oklahoma House and the Oklahoma Senate, for the first time in Oklahoma's history.Oklahoma was the only state in the 2008 election in which every county voted for the Republican presidential candidate, Sen. John McCain. The Democratic leadership in the state legislature has been outside the mainstream of the Democratic Party for decades in Oklahoma, Brogdon said. We finally turned the corner in 2008, with Republican majorities in both House and Senate. We still have a Democratic governor in Oklahoma, Brogdon said, but we hope to change that in 2010.

Brogdon is widely being mentioned as a Republican candidate for governor in 2010. Key crafted his resolution so it takes effect once the Oklahoma Senate passes the measure, even without the governor's signature. Asked whether Oklahoma's Democratic Gov. Brad Henry would sign a sovereignty resolution, Brogdon said he was confident the governor would do so. I believe the governor will have to sign the sovereignty resolution the state legislature passes, he said. How do you turn down states rights? If you are the governor, how are you going to stand before the people of Oklahoma and say, I don't want to support your state sovereignty under the Tenth Amendment? Henry's office did not immediately respond to WND's request for comment.

Brogdon was not equally sure Henry would instruct Oklahoma's attorney general to enforce the sovereignty resolution, in what might be interpreted as an act of defiance against the Obama administration. Phase Two will be to get a Republican governor in the state capital that understands the Constitution and respects the rule of law, Brogdon said. We need an attorney general in Oklahoma that will enforce this sovereignty resolution once it is passed.Brogdon explained that Oklahoma is on track to receive about $900 million from the $787 billion economic stimulus deficit-spending bill Obama signed into law last week. Governor Henry has his hand out for the Obama stimulus money, Brogdon said.But there are a lot of us in the Oklahoma legislature that do not want the federal stimulus money because we fear the strings that are certainly going to be attached to the $900 million. We might end up in subsequent years with a $900 million entitlement program hole in our budget for years to come, just because we took the Obama economic stimulus money this time around.

EUROPEAN UNION ARMY

DANIEL 7:23-25
23 Thus he said, The fourth beast (EU,REVIVED ROME) shall be the fourth kingdom upon earth,(7TH WORLD EMPIRE) which shall be diverse from all kingdoms, and shall devour the whole earth, and shall tread it down, and break it in pieces.(TRADING BLOCKS)
24 And the ten horns out of this kingdom are ten kings(10 NATIONS) that shall arise: and another shall rise after them;(#11 SPAIN) and he shall be diverse from the first, and he shall subdue three kings.( BE HEAD OF 3 NATIONS)
25 And he (EU PRESIDENT) shall speak great words against the most High, and shall wear out the saints of the most High, and think to change times and laws: and they shall be given into his hand until a time and times and the dividing of time.(3 1/2 YRS)

DANIEL 8:23-25
23 And in the latter time of their kingdom, when the transgressors are come to the full, a king (EU DICTATOR) of fierce countenance, and understanding dark sentences,(FROM THE OCCULT) shall stand up.
24 And his power shall be mighty, but not by his own power:(SATANS POWER) and he shall destroy wonderfully, and shall prosper, and practise, and shall destroy the mighty and the holy people.
25 And through his policy also he shall cause craft to prosper in his hand; and he shall magnify himself in his heart, and by peace shall destroy many: he shall also stand up against the Prince of princes;(JESUS) but he shall be broken without hand.

DANIEL 11:36-39
36 And the king (EU DICTATOR) shall do according to his will; and he shall exalt himself, and magnify himself above every god, and shall speak marvellous things against the God of gods, and shall prosper till the indignation be accomplished: for that that is determined shall be done.
37 Neither shall he regard the God of his fathers,(THIS EU DICTATOR IS JEWISH) nor the desire of women, nor regard any god: for he shall magnify himself above all.(CLAIM TO BE GOD)
38 But in his estate shall he honour the God of forces:(WAR) and a god whom his fathers knew not shall he honour with gold, and silver, and with precious stones, and pleasant things.
39 Thus shall he do in the most strong holds with a strange god,(DESTROY TERROR GROUPS) whom he shall acknowledge and increase with glory: and he shall cause them to rule over many,(HIS ARMY LEADERS) and shall divide the land for gain.

REVELATION 19:19
19 And I saw the beast,(EU LEADER) and the kings of the earth, and their armies, gathered together to make war against him that sat on the horse,(JESUS) and against his army.(THE RAPTURED CHRISTIANS)

Ministers set to appoint new head of Europol
VALENTINA POP 25.02.2009 @ 17:44 CET

EUOBSERVER / BRUSSELS - Home affairs ministers meeting on Thursday (25 February) are set to discuss the appointment of a new head for the EU's police co-operation unit, with candidates from UK, Hungary and Spain shortlisted for the job. The British candidate, Bob Wainwright, head of the national agency dealing with organised crime and Europol's contact bureau in the UK, was supported by a majority of member states and had the endorsement of Europol's management board, diplomatic sources from several countries told EUobserver.Europol, based in the Hague, awaits a new director in April (Photo: © European Community, 2005)However, the decision needs unanimity among member states. If no deal is reached on Thursday, EU ministers could agree at their next meeting scheduled for 6-7 April, a week before the mandate of the current director, German police official Max-Peter Ratzel, runs out.French and British diplomats said there was a broad consensus to come up with a decision before mid-April, in order to avoid a situation like the one in 2004, when France, Germany and Italy could not agree on whom to appoint. One of the candidates now shortlisted, Europol's deputy director from Spain, Mariano Carrion, served as interim director between June 2004 and April 2005, until Mr Ratzel could finally take up his office.

Ferenc Banfi from Hungary, currently heading EU's border assistance mission to Moldova and Ukraine, including the non-recognised separatist region of Transnistria, is also in the running.Founded in 1999 to improve cooperation between national police forces, Europol has no executive powers. It handles criminal intelligence and offers support and expertise to member states, especially in cross-border organised crime investigations. Last year, member states, the EU commission and parliament decided to transform the Hague-based Europol into an EU agency starting in 2010, and to submit it to parliamentary control. Currently, Europol only reports to the 27 EU ministers for home affairs.But the efficiency of Europol is open to question. British MPs in November 2008 drew up a report stating that police intelligence across the EU was not shared properly due to lack of trust.Only five countries currently automatically load data on to the European information system and in the UK, for instance, they cannot currently take part in it because the British IT data systems are not compatible with Europol's, British MP Michael Jopling told the BBC.

There is a good deal of lack of trust between the national police forces and Europol because a number of national police forces are not happy that information they may give on a confidential basis will not leak out.

Delays in visa and Schengen systems

Home affairs ministers are also due to discuss different options regarding the upgrade of the Schengen Information System - with Germany and Austria pushing for a decision. They can either repair the new system, which has technical difficulties but which member states already invested in, or they can start from scratch and upgrade the old system which cannot store biometric data and was initially designed for only 20-30 member states. The calendar delays with the Schengen system are likely to be repeated with the so-called Visa Information System (VIS), which should have come into force mid-2009 and is now set to be rescheduled for December 2009.

The system provides interconnects the national visa databases of all member states.

Illegal immigration in the Mediterranean and the proposed establishment of an EU asylum support office are also on the agenda of home affairs ministers but no concrete decisions are expected to be taken.