EU WANT STRESS TESTS PUBLIC

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)

Nato starts soul-searching process
VALENTINA POP Today JULY 8,09 @ 08:19 CET

EUOBSERVER/BRUSSELS – Nato on Tuesday (7 July) launched a public consultation process aimed at clarifying the alliance's role in fighting the new range of threats that have emerged in recent years.The current strategic concept dating back to 1999 clearly belongs to the last century,although the ground principle of collective defence still remains valid, outgoing Nato secretary general Jaap de Hoop Scheffer said in his opening remarks.Among his 400-strong audience was former US secretary general Madeleine Albright, the UN's anti-nuclear chief, Mohammed El Baradei, and Anders Fogh Rasmussen, due to take over Mr Scheffer's post on 1 August.Apart from globalised terrorism networks, other new threats have emerged, such as cyber attacks, energy disruptions, pirates attacks on UN and commercial cargoes, as well as the race for resources and strategic influence in the Arctic.However, he warned against transforming Nato into a second United Nations trying to tackle too many problems on too many fronts.The question is not what Nato can do, but what Nato should do,Mr Scheffer said.Let's not eat more than we can swallow.The new concept would also have to emphasize the EU-Nato relationship more, Mr Scheffer said, conceding his disappointment that a true strategic partnership between the two side had still not come about.The main sticking point in EU-Nato relations is a dispute over the Mediterranean island of Cyprus, an EU member state. Only Ankara, a Nato member, recognises the northern part of the island as an independent entity. The long-running dispute has seen institutional cooperation between Nato and the EU put on hold.

Surviving the Cold War

Set up 60 years ago to protect Western Europe from a potential Soviet invasion, Nato's raison d'etre changed considerably after the break-up of the USSR and the re-integration of Eastern Europe into the transatlantic community. Ms Albright, 72 years old and one of the architects of the first strategic concept, said that Nato was still in the process of adjusting after the fall of the Soviet Union. The Cold War was bitter, but also fairly stable – with relations kept in place by an Iron Curtain and a concrete wall,the former US secretary of state said. Today, political dynamics are more fluid – and so are the dangers. Serious threats emanate from viral ideologies, failed states, irresponsible leaders, dangerous technologies, and environmental neglect.Younger experts pointed out that young people do not know or care about Nato, and that its new concept should be simple enough to be put on a bumper sticker and involve social networks such as Facebook where people are asked what security means to them.Elder academics scoffed that the only way to get attention is to have a disagreement and that being considered boring was a sign the institution was on the right track.

Russia as threat and partner

Relations with Russia featured strongly in the debate.Ms Albright strongly rejected the Russian-floated theory that the West took advantage of its weakness following the break-up of the USSR and enlarged Nato.I don't buy this theory, that we didn't respect Russia. We spent a lot of time trying to respect Russia, believe me,the former US diplomat said.Yet to Moscow, Nato membership of its close neighbours and former Soviet republics was a red line the West should not have crossed, Moscow-based Dmitri Trenin from the international think-tank Carnegie said.In his view, Nato newcomers whose capitals were east from Berlin" saw their membership as being only about Russia.Former Czech minister for EU affairs Alexander Vondra also echoed these concerns, noting that the alliance has no defence planning for its new members. He cautioned against a total revolution within Nato that would scrap the old principle of defending any member state against foreign aggression in exchange for broader concepts.Mr Scheffer said the new strategic concept should reassure new members that the alliance takes the traditional defence commitment seriously.NATO cannot function in the long run with two types of membership: those who feel secure and willing to transform and those who feel less secure and are less willing,he said.

Daniel Korski from the European council on foreign relations, a London-based think tank, saw three categories of Nato members – a group fretting about Russia's aggressive behaviour; a second wanting to change the set-up to include expeditionary forces, quickly deployable in remote countries and a third group that wants to do as little as possible.They want to fight neither Russia nor the Taliban,Mr Korski said.
The next step in drafting the strategic concept will take place in August under Mr Rasmussen. A drafting panel will be set up with experts put forward from each member state.The new concept is to be adopted by Nato leaders at a summit scheduled to take place in Lisbon at the end of 2010 or early 2011.

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.

Something rotten in EU pharmaceutical sector, says Kroes
ANDREW WILLIS Today JULY 8,09 @ 14:00 CET

EUOBSERVER / BRUSSELS – European competition commissioner Neelie Kroes turned to Shakespeare on Wednesday (8 July) to describe anti-competition practices being widely used by pharmaceutical companies throughout the European union.Overall it is indeed a conclusion that there is something rotten in the state,she said, paraphrasing comments made by the character Marcellus in Act I of the British playwright's famous work, Hamlet.Ms Kroes made the statement following the publication of a final inquiry report on Europe's pharmaceutical sector – a document that points to widespread collusion between drug companies producing original products and others producing generic copies.According to the report, a considerable number of generic drug producers have accepted payments to delay the release of medicines that are on average 40 percent cheaper than the original product two years after its initial release.Sending a clear signal that it means to crack down on the practice that results in European citizens paying more for their medicines, the commission has opened a formal antitrust investigation against French company Les Laboratoires Servier and a number of generic drug producers suspected of collusion. When it comes to generic entry, every week and month of delay costs money to patients and taxpayers. We will not hesitate to apply the antitrust rules where such delays result from anticompetitive practices,said Ms Kroes. The case, the first of its kind, surrounds the production of a generic form of perindopril, a cardiovascular medicine used to prevent heart disease and lower blood pressure originally developed by Servier.The commission says it has evidence of a least a further 200 incidences of illegal agreements between European drug companies, all of which could lead to fines if sufficient evidence is found.We hoped to get out a case that is really damaging, said Ms Kroes when asked why the commission had concentrated its first case on Servier and not on other suspected companies, some of which are considerably bigger.

The debate over artificially inflated drug prices is particularly relevant at present as Europe's population grows older and the prospects for both private and public pensions look shakier due to the financial crisis.With the ageing population we are going to need more medicine,said Ms Kroes.European citizens currently spend €214 billion per year on pharmaceuticals, equivalent to 2 percent of the bloc's total GDP or €430 per year per citizen.The commission report also calls on member states to introduce legislation to facilitate the uptake of generic drugs and says a community patent and specialised patent litigation system in Europe is now more necessary than ever.At present 30 percent of patent court cases are conducted in parallel in several member states, and in 11 percent of cases national courts reach conflicting judgements.

FAKE GLOBAL WARMING SCAM
http://www.prisonplanet.com/its-not-just-that-global-warming-is-fake-what-matters-is-why-this-fakery-is-being-promoted.html
OBAMA BIRTH MYSTERY MORE HAN 1 HOSPITAL
http://wnd.com/index.php?fa=PAGE.view&pageId=103306
NEA GENERAL SAYS GOODBYE (HATES RIGHTEES)(OFFENSIVE LANGUAGE)
http://www.youtube.com/watch?v=bqn1rvv7Fis&feature=player_embedded
http://wnd.com/index.php?fa=PAGE.view&pageId=103381
JOHN BOLTON ON IRAN BEING BOMBED BY ISRAEL
http://live.radioamerica.org/loudwater/player.pl?name=wnd&url=http://feeds.radioamerica.org/podcast/DWP/audio/000007_010716.mp3
WORLDS OLDEST BIBLE
http://www.reuters.com/news/video?videoId=107371&feedType=VideoRSS&feedName=Technology&rpc=23&videoChannel=6&sp=true

Ireland announces Lisbon referendum date
HONOR MAHONY Today JULY 8,09 @ 16:52 CET

EUOBSERVER / BRUSSELS - Just over a year after Ireland's shock rejection of the Lisbon Treaty, Dublin has announced that a second referendum on the charter will take place on 2 October.The move comes after the Irish government last month secured agreement from other member states on a package of guarantees on interpretation of the treaty in the areas of neutrality, tax sovereignty and social and ethical issues.
These areas had been identified as ones where there was confusion among Irish voters about the implications of the treaty.Irish prime minister Brian Cowen made the date public in the Irish parliament on Wednesday (8 July.) He said the concerns of the Irish voters had been addressed by the legal guarantees.On that basis, I recommended to the government that we return to the people to seek their approval for Ireland to ratify the treaty and that referendum will take place on 2 October.Ireland was the only country that put the treaty to referendum last year. A vociferous no-campaign suggested the treaty would see the EU set tax rates, legalise abortion and make the Irish army take part in EU peacekeeping operations.The government was wrong-footed by the anti-treaty camp and the June vote saw 53.4 come out against the treaty, causing shock in Brussels and some grumbling about ungratefulness as the country has been a major beneficiary of EU funds.

Dublin indicated early on that it would put the treaty back to a vote but only after it was seen to be winning concessions first.As part of the general Lisbon guarantees package, it also secured agreement that the number of commissioners would remain at one per member state even after the entry into force of the Lisbon Treaty, which foresees a reduction in commission size.The national backdrop has changed dramatically since last year with the country having been severely affected by the global economic downturn. Polls suggest, and analysts have widely predicted, that this will lead to a yes vote in October.The government is also hoping to make the treaty - not known for being easy reading - more accessible to voters. It has set up a website explaining it and is sending postcards to all households outlining the legal guarantees on the treaty.In addition, the referendum bill is designed to ease any voter fears that EU decision-making can be taken without national scrutiny by increasing parliamentary oversight.All other countries have ratified the treaty in their parliaments. But Germany, the Czech Republic and Poland have yet to finish the ratification process which still needs the signatures of the countries' presidents.

Senate Update on Audit the Fed legislation
Dan Prentice Campaign for Liberty July 7, 2009

Dear Friend of Liberty,

Earlier today, the first shot in our battle to pass Audit the Fed through the U.S. Senate was fired on the Senate floor by Senator Jim DeMint of South Carolina.Senator Jim DeMint of South Carolina. Senator DeMint, who has a well-deserved reputation for taking the battle to the other side in the Senate, once again proved why he is such a valuable ally in our fight to bring transparency and accountability to the Federal Reserve.A little while ago, the Senate voted to pass HR 2918, the Legislative Branch Appropriations Act. This $3 billion bill contains, among many other things, provisions for GAO audits on certain agencies.Seizing on a chance to take quick action to bring Audit the Fed up for a vote, and with the GAO provisions in mind, Senator DeMint attached the full text of S 604, the Senate version of Ron Paul’s Audit the Fed bill, to HR 2918 as Senate Amendment 1367 before it was considered for final passage.However, Senate Democrats refused to even allow a vote on the amendment!That’s right. The internationalist, Fed-loving elite in the Senate used a parliamentary tactic to shut down DeMint’s amendment.After Senator DeMint brought Audit the Fed to the floor, Senator Ben Nelson of Nebraska raised a point of order to prevent a vote, claiming that the amendment violated Senate Rule 16 by legislating on an appropriations bill. The Senate president agreed, and the amendment was shot down.

Senator DeMint did not back down, though, and directly challenged Senate leadership by pointing out the other GAO audits contained in the bill. As Senator DeMint listed them off, the Senate president was forced to agree with Senator DeMint that each one he described, all of which would be left in for final passage, also violated Senate Rule 16.Which tells us at least one thing: the problem wasn’t with legislating on the bill or violating Senate Rules (which is commonly done). Shooting down the amendment was about preventing a thorough audit of the Federal Reserve for the first time in its history! Senate leadership is hoping this issue will just fade away so they can get on to what they deem to be more important business, like dictating what kind of healthcare plan you and I can carry or passing destructive Cap-and-Tax legislation.

But the American people deserve answers on what the Fed has done with trillions of our tax dollars and what they are committing us and future generations to as part of their secret deals with foreign central banks and governments.The leadership decided today to turn their backs on transparency, but our fight is just beginning.As Senator DeMint made clear on the floor, the Audit the Fed bill has wide bipartisan support. He rightly warned the Senate that even if they delay today, they WILL have to deal with the issue on the floor.It is up to you and me to back up Senator DeMint’s words by making sure the momentum continues to build and the bill comes up for a final vote.

The rejection of the Audit amendment is just the first battle in our war. Now is the time to really put the pressure on the U.S. Senate to Audit the Fed!Senator DeMint fired the opening salvo and showcased the hypocrisy of the Senate for allowing other GAO audits to be included in the bill while refusing to even allow a vote on Fed transparency.Again, we’re just getting started. Senator DeMint will keep fighting to pass Audit the Fed on its own or as an amendment, and we need to continue putting pressure on our senators to do everything in their power to achieve a floor vote!

Phony Liberal Websites Portray DeMint As Wacky For Wanting To Audit Fed
Larry Simons Real Truth Online Tuesday, July 7, 2009

A Senate amendment based on Congressman Ron Paul’s successful House bill to audit the Federal Reserve was blocked by the Senate yesterday evening on procedural grounds, as Jim DeMint slammed the Fed for refusing to disclose where trillions in bailout funds had gone, while a top Obama administration advisor called for a second stimulus package to be prepared.Meanwhile, liberal websites such as Crooks and Liars paint Jim DeMint as wacky. Why? Because he understands how the Federal Reserve operates and the Obama-loving left-wing yo-yo’s either do not understand the Fed, or they simply don’t care about the profound impact these criminals have on the lives of the American taxpayer.According to writer Susie Madrak at C & L, if people are being put to work because of the stimulus, then it matters not that the printing of money itself leads to more inflation and the continued devaluation of our dollar, hence devaluing the quality of life for Americans. Who cares, right? Move on, move on…nothing to see here.

Oh, and by the way, the so-called jobs she claims the stimulus creates, as she puts it (quoting Economic Collapse accomplice Barney Frank),Among the projects supported by members of Congress that have been funded: $116 million for a federal courthouse in Austin; $35 million to $60 million for toxic waste cleanups in Massachusetts and Colorado; and $5 million for the removal of pine trees killed by bark beetles in Colorado, records show.In other words, temporary jobs! What happens when the courthouse is built, the toxic waste is cleaned up and the pine trees are removed? That’s right, back to the unemployment line. Meanwhile the $181 million used on the above projects has been added to the money supply and further obliterating the value of the dollar. But who gives a ----, right? It put hundreds of people to work for a few months! Whoopdity--------do! Who cares about accountability? Who cares where 2 trillion of stimulus money has gone, and who cares if they’ve never told us? All unimportant to Obama-loving liberals. Just details, who cares? And because Jim DeMint wants to find out where 2 trillion has gone and wants accountability, he’s a kook to liberals! What kind of sick and twisted mind does it require to be so in love with your political party, that you turn traitor and completely ignore the Constitution, common sense and sanity? Bush had his base of zombies, and so does Obama. When will this left/right paradigm end? We won’t have our country back until it does.

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.

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.

Three moderate quakes strike near the Geysers Bay City News Service
Posted: 07/07/2009 07:39:43 AM PDT

The U.S. Geological Survey is reporting a series of moderate earthquakes struck Monday night in close proximity in Sonoma County.An earthquake with a preliminary magnitude of 3.6 struck at about 10 p.m., according to the USGS, at a depth of 1.9 miles.The quake was centered 3 miles north-northeast of The Geysers and 12 miles east of Cloverdale, according to the USGS.Another earthquake with a preliminary magnitude of 2.0 followed at about 10:45 p.m., according to the USGS, and had a depth of 1.7 miles.It was centered 2 miles north-northeast of The Geysers and 12 miles east of Cloverdale, according to the USGS.Earlier Monday, an earthquake with a preliminary magnitude of 3.8 struck at about 5:30 p.m., according to the USGS, and had a depth of 1.5 miles.This quake was centered 2 miles north of The Geysers and 12 miles east of Cloverdale.2009 by Bay City News, Inc.

OZONE DEPLETION

ISAIAH 30:26-27
26 Moreover the light of the moon shall be as the light of the sun, and the light of the sun shall be sevenfold, as the light of seven days, in the day that the LORD bindeth up the breach of his people, and healeth the stroke of their wound.
27 Behold, the name of the LORD cometh from far, burning with his anger, and the burden thereof is heavy: his lips are full of indignation, and his tongue as a devouring fire:

MATTHEW 24:21-22,29
21 For then shall be great tribulation, such as was not since the beginning of the world to this time, no, nor ever shall be.
22 And except those days should be shortened, there should no flesh be saved: but for the elect’s sake those days shall be shortened (Daylight hours shortened)
29 Immediately after the tribulation of those days shall the sun be darkened, and the moon shall not give her light, and the stars shall fall from heaven, and the powers of the heavens shall be shaken:

REVELATION 16:7-9
7 And I heard another out of the altar say, Even so, Lord God Almighty, true and righteous are thy judgments.
8 And the fourth angel poured out his vial upon the sun; and power was given unto him to scorch men with fire.
9 And men were scorched with great heat, and blasphemed the name of God, which hath power over these plagues: and they repented not to give him glory.

The Sun Has Spots, Finally By Robert Roy Britt Editorial Director
posted: 06 July 2009 10:08 am ET

After one of the longest sunspot droughts in modern times, solar activity picked up quickly over the weekend.A new group of sunspots developed, and while not dramatic by historic standards, the spots were the most significant in many months.This is the best sunspot I've seen in two years,observer Michael Buxton of Ocean Beach, Calif., said on Spaceweather.com.Solar activity goes in a roughly 11-year cycle. Sunspots are the visible signs of that activity, and they are the sites from which massive solar storms lift off. The past two years have marked the lowest low in the cycle since 1913, and for a while scientists were wondering if activity would ever pick back up.

During 2009 so far, the sun has been completely free of spots about 77 percent of the time. NASA researchers last month said quiet jet streams inside the sun were responsible, and that activity would soon return to normal.The new set of spots, named 1024, is kicking up modest solar flares.Sunspots are cool regions on the sun where magnetic energy builds up. They serve as a cap on material welling up from below. Often, that material is released in spectacular light shows called solar flares and discharges of charged particles known as coronal mass ejections. The ejections can travel as space storms to Earth within a day or so, and major storms can knock out satellites and trip power grids on the surface.Prior to the low-activity period, astronomers had been predicting that the next peak in solar activity, expected in 2013, might be one of the most active in many decades. That forecast was recently revised, however, and scientists now expect the next peak to be modest.All this matters because, as laid out in a report earlier this year by the National Academy of Sciences, a major solar storm nowadays could cause up to $2 trillion in initial damages by crippling communications on Earth and fueling chaos among residents and even governments in a scenario that would require four to 10 years for recovery. Such a storm struck in 1859, knocking out telegraph communications and causing those lines to erupt in flames. The world then was not so dependent on electronic communication systems, however.

G-8 SUMMIT UNDERWAY
http://www.cnbc.com/id/15840232?video=1175186132&play=1
http://www.cnbc.com/id/15840232?video=1175162676&play=1
http://www.cnbc.com/id/15840232?video=1175132958&play=1
http://www.cnbc.com/id/15840232?video=1175129436&play=1
http://www.cnbc.com/id/15840232?video=1175237104&play=1
http://www.cnbc.com/id/15840232?video=1175317197&play=1
http://www.youtube.com/watch?v=p6D3XNWcAAo&feature=player_embedded
RUSSIA-OBAMA SUMMIT
http://www.youtube.com/watch?v=PdtDtsPoBU8&feature=player_embedded
IMF GLOBAL STABILITY REPORT
http://www.cnbc.com/id/15840232?video=1175250212&play=1
IS THE DOLLAR IN DANGER
http://www.cnbc.com/id/15840232?video=1175334186&play=1

Merkel says G-8 is no longer enough July 7, 7:36 PM

There was a time in the not so distant past that the resources of the G-8 were deemed sufficient enough to deal with the world’s problems. But in a recent address to the German Parliament German Chancellor Angela Merkel calls for broader participation in solving the world’s problems than the G-8 can provide.by Buffy Naillon

The stronghold of Globalization has changed the way the countries of the world deal with one another; that fact was driven home in an address this week to the German Parliament by Angela Merkel. Merkel expressed a belief that the world’s problems would be better solved by the G-20 than the G-8.The world has grown closer together, the Chancellor said,and the problems before which we stand, cannot be solved by the industrialized countries alone.The Chancellor’s address comes a week before the G-8 Summit, which meets July 8th-10th in L'Aquila, Italy.The larger group, the G-20 has already met once this year in London in April and will meet again in Pittsburg on September 24th and 25th. For both groups the global financial crisis will play a key role in discussions as will Iran and climate change. In particular, Merkel wants to send a strong message to Iran.The first day of the summit is limited to G-8 member states France, Germany, Italy, Japan, United Kingdom, the United States and Canada and Russia. Later in a nod to the strength of the emerging economies of India, China, Brazil, Mexico and South Africa discussions will open to a wider group of participants.Merkel is calling for stricter regulatory structures in order to prevent future financial crises, a theme which the Chancellor discussed in her weekly podcast last week.

The Moscow Times Riccardo De Luca / AP Dvorkovich Downplays Dollar Focus for G-8 08 July 2009 By Nadia Popova / The Moscow Times

Russia’s agenda at the Group of Eight summit will include international disaster relief, North Korea and the Middle East, but President Dmitry Medvedev will make little mention of new reserve currencies, his economic aide Arkady Dvorkovich said Tuesday.Speaking at a news conference dedicated to the three-day G8 summit starting Wednesday in L’Aquila, Italy, Dvorkovich said Russia would not discuss the creation of new reserve currencies as an alternative to the dollar an issue that has long been a Kremlin pet topic and that has recently won a measure of support from India and China.

The currency debate will not be discussed at the G8,Dvorkovich said.China and Russia, however,will state that the creation of any reserve currencies is a gradual process that needs evolutionary development,Dvorkovich said. This is connected with the creation of several regional reserve currencies, which may then become international.
China, the world’s largest holder of U.S. government debt, is slated to discuss proposals for a currency to replace the dollar on Thursday, during a meeting of the G14, a group that combines the G8 with developing countries such as Brazil and India.

The issue has lately gained some traction beyond Russia and China. India said Monday that the world financial system was too dependent on the dollar, while France hinted Sunday that the currency’s future could be discussed in the near term.The debate, however, has so far largely been theoretical, with most G8 members going out of their way to note that the dollar’s future as a reserve currency was assured for years to come.Dvorkovich described the summit agenda as packed, even in the absence of a discussion on global currencies.One of Russia’s proposals will be a treaty on cooperation in international disaster relief, Dvorkovich said.Russia has significant experience in this, and we want to share it,he said.Dvorkovich said Russia was helping Italy tackle the aftermath of an earthquake that took place in April in L’Aquila, where the summit will be held. The quake killed around 300 people and left some 65,000 homeless.Medvedev will place special emphasis on discussing the Middle East and North Korea, Dvorkovich said.Medvedev will meet with South Korean President Lee Myung-Bak in addition to other leaders, Kremlin spokesman Alexei Pavlov said Tuesday.

A meeting with Japanese Prime Minister Taro in particular may be thorny.

On Friday, Japan’s parliament unanimously passed a law asserting sovereignty over the Kuril Islands, which both Japan and Russia claim as their territory.The Federation Council on Monday called the move an insult.Food security was also on the president’s agenda, Dvorkovich said.President Medvedev will share the conclusions he made when he traveled around Africa with his colleagues,Dvorkovich said.When asked about a different food issue meat imports to Russia from the U.S. Dvorkovich said the problems had not been resolved during President Barack Obama’s visit.There is a strong meat lobby in the U.S., and it restrains our cooperation in many other spheres,Dvorkovich said.

G8 Schedule WEDNESDAY

The first day will involve G8 leaders plus European Commission President Jose Manuel Barroso and current EU president Sweden.
1 p.m. G8 convenes with working lunch on world economy. To discuss signs of end of recession, financial regulation, Doha trade round.
3 p.m. Family photo of G8 leaders.
3:30 p.m. G8 holds working session on global issues. Will discuss climate change, aid and development.
5:30 p.m. Italian Prime Minister Silvio Berlusconi and U.S. President Barack Obama are due to tour the earthquake stricken town of L’Aquila.
7:00 p.m. Berlusconi holds news conference. Bilateral meetings.
8:30 p.m. G8 has working dinner on international issues, expected to focus on the Middle East, Iran, North Korea, piracy off Somalia, terrorism and nuclear proliferation.

THURSDAY Bilateral meetings

10 a.m. G8 leaders to meet with heads of the G5 — Brazil, China, India, Mexico, South Africa — and Egypt. Talks will focus on global issues and development policies.
12 p.m. Family photograph of G8, G5 and Egypt.
12:30 p.m. Working lunch of the G14 plus heads of international organizations including United Nations, World Trade Organization, World Bank, International Monetary Fund and the International Energy Association. To discuss future sources of growth.At the request of China, the G14 may discuss proposals for a new global reserve currency.
2:30 p.m. G14 leaders will meet with young representatives from their countries for a session of question and answers.
3:00 p.m. Working session of the 17-member Major Economies Forum and the head of the WTO to discuss progress toward the Doha round trade deal.
4:15 p.m. Working session of the MEF with UN and Denmark to discuss global warming. Press conference afterward.
8:30 p.m. Dinner at the invitation of Italian President Giorgio Napolitano.

FRIDAY, JULY 10

8:30 a.m. Working breakfast with G8 and leaders from Algeria, Angola, Egypt, Ethiopia, Libya, Nigeria, Senegal, South Africa and the African Union Commission to discuss the impact of the global economic crisis on Africa. To include the heads of international organizations.
10:30 a.m. Working session on food security grouping the G8 and G5, African nations, Australia, South Korea, Indonesia, Denmark, Netherlands, Spain, Turkey, and international organizations. There will be a statement on food security and the start of a new initiative to fund farming and tackle global hunger.
12:30 p.m. Heads of state will meet 100 relatives of victims of April’s earthquake in L’Aquila and will unveil a memorial plaque.
1 p.m. The Italian G8 presidency will give a final news conference. Other national leaders may also hold individual news briefings.
2 p.m. President Obama is due to hold a news conference in L’Aquila.
3:30 p.m. Obama is due to have an audience with Pope Benedict.— Reuters

POPE ON CRISIS
http://www.youtube.com/watch?v=lBGo35zDFZg&feature=player_embedded

Pope blasts capitalism ahead of G-8 meeting-Highlights,Pope Benedict XVI says world needs new economic understanding .Pontiff's remarks come on eve of G-8 summit in Italy.Global economic crisis likely to be high on summit agenda JULY 8,09

ROME, Italy (CNN) -- Pope Benedict XVI, on the eve of a global economic summit, lashed out at modern capitalism for being shortsighted and short on ethics.Pope Benedict XVI says modern capitalism is failing.Today's international economic scene, marked by grave deviations and failures, requires a profoundly new way of understanding business enterprise,the pontiff said in his third encyclical letter, Charity in Truth,which was released Tuesday.The papal letter was released as the heads of leading industrialized nations started gathering in central Italy for the Group of Eight economic summit, which begins Wednesday.U.S. President Barack Obama is expected to speak about the economic outlook. The leaders of the other G-8 nations -- Japan, Britain, France, Italy, Germany, Canada and Russia -- also are scheduled to speak.Pope Benedict will meet Obama on Friday at the close of the three-day summit, which is being held near the central Italian city of L'Aquila. A magnitude-6.3 earthquake hit the city on April 6, killing about 300 people and leaving some 45,000 homeless.In his letter, Benedict challenged bankers to turn away from the practices blamed for bringing about the global economic crisis and instead use their power to help the world create wealth and economic development.Above all, the intention to do good must not be considered incompatible with the effective capacity to produce goods,Benedict said. Financiers must rediscover the genuinely ethical foundation of their activity, so as not to abuse the sophisticated instruments which can serve to betray the interests of savers.The world financial crisis and the downturn in markets took a big chunk out of the retirement savings of millions of people.

JULY 8, 2009, 10:36 A.M. ET G-8 May Drop Numerical Emissions Targets from Climate Statement By JONATHAN WEISMAN

L'AQUILA, Italy -- The leaders of the Major Economies Forum on Energy and Climate are likely to drop numerical targets for global warming emissions from a statement to be released here Thursday, pledging to reach agreement on hard caps at a December climate change conference in Copenhagen, according to European negotiators and a person close to the talks.

Associated Press

President Obama on Wednesday greeted European Commission President Jose Manuel Barroso, left, as world leaders looked on at the G-8 Summit in L'Aquila, Italy.
Instead of set targets, the 17-nations in the forum, which is chaired by U.S. President Barack Obama, will acknowledge the broad scientific view that global warming must not be allowed to exceed two degrees centigrade, these officials said.A draft climate change statement had promised a global, 50% reduction in the emissions that cause global warming by 2050, with the developed nations promising an 80% cut by then. But developing countries such as India and China appear to have balked, worrying that Europe, North America and Japan are not serious about meeting its commitment, these officials added.That worry was fueled by continuing disagreement over how much developed economies will pledge in aid to help poorer countries transition from polluting energy sources, such as coal. The draft statement promises $400 million to the effort, but it still does not have sign-off, a day before the forum is to meet here.The Major Economies Forum is one of a series of meetings planned at the G-8 summit of the eight largest industrial economies.Michael Froman, the U.S. sherpa, or aide, at the G-8 summit, said the Major Economies Forum would deal with climate change targets, mitigation of global warming, adaptation for poor countries, and financing.The statement is a significant step forward in terms of adding political momentum going into Copenhagen, where global leaders hope to reach agreement on a follow-on treaty to the Kyoto Accords. But there is a lot of work to be done.Write to Jonathan Weisman at jonathan.weisman@wsj.com

JULY 8, 2009, 8:21 A.M. ET G8: Germany Merkel: G8 Consensus Crucial For Common G20 View

L'AQUILA, Italy (Dow Jones)--A signal of unity from the Group of Eight industrialized nations will be crucial to ensure a consensus at the next meeting of the Group of 20 countries, German Chancellor Angela Merkel said Wednesday. Speaking ahead of the G8 summit from July 8-10 in L'Aquila, Italy, where leaders are expected to take stock of the economic landscape before they convene again at the G20 summit in Pittsburgh in September, Merkel said it's important to find consensus because otherwise the G20 countries won't find and agreement. We, who have caused so much damage to nature, have of course the duty to be the frontrunners as far as climate protection is concerned,Merkel said during a visit to the village of Onna, which has been hit hard by the earthquake in April. We are those who as industrial nations, via financial markets, have helped cause the world economic crisis,she said.That's why the world is right to expect from us to make our first contribution here. Therefore, it is good that we consult here today, that we will meet tomorrow with the emerging economies and then with many countries when we talk about climate protection and nutrition around the world. In this respect, this G8 Meeting is an important meeting.The climate talks are intended to help drive global agreement on a new U.N.-led climate deal to be negotiated in Copenhagen in December, to replace the Kyoto Protocol, which expires in 2012.

The G8 is expected to discuss reducing emissions 50% by 2050 and to limit global warming to two degree. The G8 countries are also expected to discuss a food security initiative that will provide billions of dollars for agricultural development over the next three years.Merkel's comments were provided by her press office. She visited the village with Italian Premier Silvio Berlusconi. The G8 comprises the G7 countries U.S., Japan, Germany, the U.K., France, Italy and Canada as well as Russia. -By Andrea Thomas, Dow Jones Newswires; +49-170-2215013; andrea.thomas@dowjones.com

Prepare Exit Strategy Once Recovery Assured (Update2)
By Helene Fouquet and Roger Runningen

July 8 (Bloomberg) -- Group of Eight leaders said they will delay reversing stimulus measures until an economic recovery is assured and will each decide on their own exit strategies.We agreed on the need to prepare the appropriate strategies for unwinding the extra policy measures taken to respond to the crisis, once the recovery is assured,according to a draft statement today during their summit in L’Aquila, Italy. The strategies will vary from country to country depending on domestic economic conditions and public finances.While some policy makers have expressed optimism that the global recession may be easing, reports indicate any recovery is likely to be slow. The International Monetary Fund today said this year’s 1.4 percent global economic contraction will be worse than its 1.3 percent April forecast, while 2010 growth of 2.5 percent will be stronger than it previously estimated. In mid-June, G-8 finance ministers concluded that it was time to begin drafting contingency plans for rolling back budget deficits and bank bailouts as the economy showed signs of recovery. They also said it was premature to rein in more than $2 trillion in stimulus packages.

Economy Unstable

An aide to President Barack Obama said earlier today that the global economy remained unstable and that it was too soon to begin withdrawing the stimulus. There is still uncertainty and risk in the system,Mike Froman, deputy National Security Adviser, told reporters at a briefing in L’Aquila.Obama arrived in Italy today from Russia where he met President Dmitry Medvedev and Prime Minister Vladimir Putin. He met Italian President Giorgio Napolitano in Rome before traveling to L’Aquila.

More U.S. Stimulus

Obama has left the door open to a second stimulus package after the first one for $787billion was signed into law in February.Obama has underscored the dilemma of either boosting an already record budget deficit or letting unemployment climb. In an interview with ABC News yesterday, he said unemployment approaching 10 percent is something we wrestle with constantly.He added that spending more borrowed money is potentially counterproductive.The G-8 leaders also agreed on the need for enhanced financial regulation, including coordinating accounting and oversight standards as well comprehensive oversight of all systemically significant entities and activities.
And they called for the rapid conclusion of global trade talks and the rejection of protectionism of any kind.The members of the G-8 -- Canada, France, Germany, Italy, Japan, Russia, the U.K. and the U.S -- comprise 880 million people with combined gross domestic product of $32 trillion.Other participants at this week’s meetings include Brazil, China, India, Mexico, South Africa, Egypt and several other nations from Asia, Africa and Europe. The summit concludes July 10.To contact the reporter on this story: Roger Runningen in L’Aquila, Italy, at rrunningen@bloomberg.net; Helene Fouquet in L’Aquila, Italy at hfouquet1@bloomberg.net

G8 sees economy still in peril, falters on climate By Darren Ennis and Krittivas Mukherjee JULY 8,09

L'AQUILA, Italy (Reuters) – G8 leaders believe the world economy still faces significant risks and may need further help, according to summit draft documents that also suggest failure to agree climate change goals for 2050.Progress on the environment was impeded by Chinese President Hu Jintao returning home due to unrest in northwestern China in which 156 people have died. Before he left, summit host Silvio Berlusconi spoke of Chinese resistance on climate goals.Documents seen by Reuters before the G8 summit began on Wednesday cautioned that significant risks remain to economic and financial stability while exit strategies from pro-growth packages should be unwound only once recovery is assured.Before there is talk of additional stimulus, I would urge all leaders to focus first on making sure the stimulus that has been announced actually gets delivered,Canadian Prime Minister Stephen Harper said.That chimed with comments from the International Monetary Fund, which said it believed the global economy was starting to pull out of recession but recovery would be sluggish and policies needed to remain supportive.Leaders met in L'Aquila, a mountain town wrecked by April's earthquake and a fitting backdrop to talks on a global economy struggling to overcome the worst recession in living memory.

The Group of Eight -- United States, Germany, Japan, France, Britain, Italy, Canada and Russia -- kicked off with debate on the economic crisis, after what one analyst called a reality check in recent weeks on the prospects for rapid recovery.G8 leaders badly underestimated the economic problems facing them when they met in Japan last year and were expected to focus on what must be done to prevent another meltdown.

Although there have been signs of stability in the economy and the sentiment has improved, the real economy has not recovered yet with job and wage conditions still stagnant," said Takao Hattori, senior strategist at Mitsubishi UFJ Securities.But few big initiatives were expected as the G20, a broader forum that also includes the main emerging economies, is tasked with formulating a regulatory response to the crisis and meets in September in Pittsburgh after an April summit in London.

DOLLAR DEBATE PLAYED DOWN

Not mentioning China's push for a sensitive debate about a long-term alternative to the dollar as global reserve currency, the draft talked only of global imbalances.G8 diplomats had said this might be the only oblique reference to currency.Stable and sustainable long-term growth will require a smooth unwinding of the existing imbalances in current accounts,read the draft prepared for the G8 talks.China complains that dollar domination has exacerbated the global crisis and worries that the bill for U.S. recovery poses an inflation risk for China's dollar assets, an estimated 70 percent of its official currency reserves.Analysts said the decision not to refer to this directly could remove a destabilizing factor on currency markets.

U.S. President Barack Obama was expected to make his mark on his first G8 summit by chairing Thursday's meeting in L'Aquila of the 17-nation Major Economies Forum, whose members account for about 80 percent of global greenhouse gas emissions.MEF ministers holding last-minute preparatory talks failed to close the gap between U.S. and Europe on the one hand and emerging powers like China and India on the other hand on the goal of halving global greenhouse gas emissions by 2050.A draft MEF document dropped any reference to this and aimed instead for agreement on the need to limit the average increase in global temperature to 2 degrees Celsius (3.6 degrees Fahrenheit) since pre-industrial times. Cindy Baxter of Greenpeace said G8 leaders were watering down climate ambitions,a bad omen for December's U.N. climate summit in Copenhagen seeking a successor to the Kyoto pact, since emission cuts are a prerequisite for limiting temperature rises.Developing nations, present in large numbers at the expanded G8 summit with more than 30 world leaders invited, argue that they have to consume more energy to end poverty and that rich nations must make deep emission cuts of their own by 2020.The packed first day was due to wrap up with talks on an array of international issues, including Iran's post-election violence and nuclear program. However, these are unlikely to lead to any immediate action, such as a tightening of sanctions.One area where a breakthrough is possible is trade. A draft communique suggested the G8 and G5 developing nations would agree to conclude the stalled Doha round of trade talks in 2010.Launched in 2001 to help poor nations prosper through trade, the talks have stumbled on proposed tariff and subsidy cuts.Leaders will also discuss a U.S. proposal that rich nations commit $15 billion over several years for agricultural development in poor countries to ensure food supplies. (Additional reporting by Reuters bureaux across the world; writing by Stephen Brown; editing by Janet McBride and Ralph Boulton)

EU DICTATOR (WORLD LEADER)

REVELATION 17:12-13
12 And the ten horns (NATIONS) which thou sawest are ten kings, which have received no kingdom as yet; but receive power as kings one hour with the beast.
13 These have one mind, and shall give their power and strength unto the beast.

REVELATION 6:1-2
1 And I saw when the Lamb opened one of the seals, and I heard, as it were the noise of thunder, one of the four beasts saying, Come and see.
2 And I saw, and behold a white horse:(PEACE) and he that sat on him had a bow;(EU DICTATOR) and a crown was given unto him:(PRESIDENT OF THE EU) and he went forth conquering, and to conquer.(MILITARY GENIUS)

REVELATION 13:1-10
1 And I stood upon the sand of the sea, and saw a beast rise up out of the sea, having seven heads and ten horns, and upon his horns ten crowns, and upon his heads the name of blasphemy.(THE EU AND ITS DICTATOR IS GODLESS)
2 And the beast which I saw was like unto a leopard, and his feet were as the feet of a bear, and his mouth as the mouth of a lion: and the dragon gave him his power, and his seat, and great authority.(DICTATOR COMES FROM NEW AGE OR OCCULT)
3 And I saw one of his heads as it were wounded to death;(MURDERERD) and his deadly wound was healed:(COMES BACK TO LIFE) and all the world wondered after the beast.(THE WORLD THINKS ITS GOD IN THE FLESH, MESSIAH TO ISRAEL)
4 And they worshipped the dragon (SATAN) which gave power unto the beast:(JEWISH EU DICTATOR) and they worshipped the beast, saying, Who is like unto the beast? who is able to make war with him?(FALSE RESURRECTION,SATAN BRINGS HIM TO LIFE)
5 And there was given unto him a mouth speaking great things and blasphemies; and power was given unto him to continue forty and two months.(GIVEN WORLD CONTROL FOR 3 1/2YRS)
6 And he opened his mouth in blasphemy against God,(HES A GOD HATER) to blaspheme his name, and his tabernacle, and them that dwell in heaven.(HES A LIBERAL OR DEMOCRAT,WILL PUT ANYTHING ABOUT GOD DOWN)
7 And it was given unto him to make war with the saints,(BEHEAD THEM) and to overcome them: and power was given him over all kindreds, and tongues, and nations.(WORLD DOMINATION)
8 And all that dwell upon the earth shall worship him, whose names are not written in the book of life of the Lamb slain from the foundation of the world.(WORLD DICTATOR)
9 If any man have an ear, let him hear.
10 He that leadeth into captivity shall go into captivity: he that killeth with the sword must be killed with the sword. Here is the patience and the faith of the saints.(SAVED CHRISTIANS AND JEWS DIE FOR THEIR FAITH AT THIS TIME,NOW WE ARE SAVED BY GRACE BUT DURING THE 7 YEARS OF HELL ON EARTH, PEOPLE WILL BE PUT TO DEATH (BEHEADINGS) FOR THEIR BELIEF IN GOD (JESUS) OR THE BIBLE.

DANIEL 9:26-27
26 And after threescore and two weeks shall Messiah be cut off, but not for himself: and the people of the prince that shall come (ROMANS IN AD 70) shall destroy the city and the sanctuary;(ROMANS DESTROYED THE 2ND TEMPLE) and the end thereof shall be with a flood, and unto the end of the war desolations are determined.
27 And he( EU ROMAN, JEWISH DICTATOR) shall confirm the covenant with many for one week:( 7 YEARS) and in the midst of the week he shall cause the sacrifice and the oblation to cease,( 3 1/2 YRS) and for the overspreading of abominations he shall make it desolate, even until the consummation, and that determined shall be poured upon the desolate.

We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent.James Paul Warburg appearing before the Senate on 7th February 1950

Like a famous WWII Belgian General,Paul Henry Spock said in 1957:We need no commission, we have already too many. What we need is a man who is great enough to be able to keep all the people in subjection to himself and to lift us out of the economic bog into which we threaten to sink. Send us such a man. Be he a god or a devil, we will accept him.And today, sadly, the world is indeed ready for such a man.

DANIEL 7:23-24
23 Thus he said, The fourth beast(THE 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.(TRADE BLOCKS)
24 And the ten horns out of this kingdom are ten kings that shall arise:(10 NATIONS) 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 KINGS OR NATIONS).

Watson set to pull out of EP presidency race
HONOR MAHONY Today JULY 8,09 @ 08:37 CET

EUOBSERVER / BRUSSELS - Graham Watson, the liberal challenger for post of European Parliament president, is set to pull out of the race after the job was split between the two biggest groups in the assembly.Rumours flew around the parliament on Tuesday evening (7 July) that he had already formally withdrawn his candidacy after the head of the centre-right EPP, Joseph Daul, told a meeting of his group that Mr Watson was no longer in the running.However, his cabinet and spokespeople immediately denied the rumour, and insisted Mr Watson still intends to take part in an organised debate later on Wednesday between himself and the other declared candidate for the job, the centre-right Pole Jerzy Buzek.Mr Watson's attempt at getting the presidency - largely a ceremonial role - was scuppered by the traditional carve-up of power between the EPP and the Socialists, confirmed on Tuesday.Under this deal, Mr Buzek will get the post for the first two and half years followed by Martin Schulz, head of the socialists, for the second half.

Mr Watson, a UK liberal MEP who was head of his group until last week, first started campaigning for the post early this year. He began canvassing on a transparency ticket saying the consensus of power between the two biggest groups in the parliament was too secretive, although he later indicated that he would not be adverse to a similar set-up among right-wing groups in return for the presidency post.Under a deal agreed between the EPP, Socialists and Liberals, Mr Watson may now get to chair a temporary committee on the financial crisis as a consolation prize. Liberal leader Guy Verhofstadt, elected last week, has repeatedly criticised lack of initiative by the European Commission and member states on dealing with the financial crisis.For his part, Mr Buzek said he would look to form a broad consensus in the European Parliament.He also said strengthening regional co-operation was important, as well as energy independence and tackling climate change. In addition, he said would be "perfectly willing" to travel to Ireland to support pro-treaty campaigners ahead of the country's October referendum on the Lisbon Treaty.The European parliament will vote on its next president on 14 July, replacing its current chief, German Christian Democrat Hans-Gert Poettering.

Rotating leaders JULY 1,09
http://www.youtube.com/watch?v=-I8M1T-GgRU&feature=player_embedded

The passing of the six-month rotating presidency system into the annals of EU history come the Lisbon Treaty will mark the end of one interesting tradition – the raising of hitherto-unknown-beyond-their-own-borders EU leader to political celebrity status. Albeit temporarily.Take the current Czech PM Jan Fischer. Until yesterday, journalists hung on his every word. Today, I imagine, he could roll all of the Czech presidency’s gaffes into one long EU-torpedoing sentence and he might get a line in the Czech news agency.Now prime minister Fredrik Reinfeldt is in the hot seat. Every word he utters will be treated as the EU’s approach to that issue. His predictions on the economic crisis and a climate change deal will be headlines in themselves.That is the trade off for the half-year running of the union, which requires massive resources, political, diplomatic, organisational and monetary. The leader of the moment gets to opine on all sorts of issues (no particular expertise is required) and he or she gets to hobnob with the Obamas and the Putins of this world.And each presidency brings with it its own particular traditions – the Swedes are pushy on transparency and have relatively good green credentials.

The Lisbon Treaty, which ostensibly puts an end to the EU’s external relations circus, turns the presidency into a trio-run thing over a period of 18 months. It is not the leader of the country holding the presidency that will hold forth on all things EU but the new EU president.So for the presidency country it looks like it will be all grind and no shine.I am curious to see how this plays out in practice. Assuming the Lisbon Treaty is ratified in autumn and goes into place on 1 January next year, Spain will be the first country holding the presidency but without the starring role.Much has been made of the Czechs somewhat haphazard presidency where both the message and the messenger at times teetered on the brink of the farcical.But I am not yet convinced that the new system won’t throw up the same range of absurdities and grandstanding as the present one. Is there enough room on the European stage for a European president, an EU foreign minister and an EU commission president - all to some degree externally representing the EU? And what of the presidency trio exactly?

TIME's Interview with Sarah Palin: It's All for Alaska By Jay Newton-Small / Dillingham, Alaska Tuesday, Jul. 07, 2009

The Palins were staying with Sarah's in-laws Bob and Blanche Kallstrom when the soon-to-be-ex-governor of Alaska sat down for an interview. The Kallstroms are two of the 2,500 full-time residents of Dillingham, Alaska, and owners of the Bristol Bay Inn and a hardware store. The town's population swells to 7,000 in the summer, as it's a magnet for sport fishermen. Todd Palin grew up in a house across the street from the hardware store — a building that has since been moved,Blanche says, to make way for another building.About 10 years ago, the Kallstroms moved into a two-story wooden house with a bright orange garage door. The house is modern with two octagonal windows (Blanche says the carpenter who built the place was some hippie who put in all the windows). They have two cottages — both also with bright orange doors — at the end of the driveway. One is a type of sauna with a wood-burning stove. The other is a smoke shack for fish. Their catch of the day is hanging from a clothing line strung from the shack to a tree. The driveway is littered with boots, gray-and-red-tipped fishing socks, waders, scooters, tricycles and a green yoga ball with bunny ears for kids to bounce on. On an opposite line, fishing gear is being hung out to dry. Two cars bear McCain/Palin stickers and faded Palin for Governor stickers.Sarah Palin is in a long-sleeved blue T shirt that reads Go Slam a Salmon, Peter Pan Seafood" on the back, brown drawstring Capri cargo pants and sneakers, with a ponytail and a beautiful French manicure. She looks tired under her TV makeup. Todd and their daughter Piper are both there, wearing T shirts. Todd is outside chopping wood and feeding it into the stove. Piper is in the driveway holding the Palins' youngest son, Trig. She will later bring him inside to put him to bed, on her mother's instructions.Sarah Palin gives me a tour of the two shacks, starting with the sauna.Usually you stay out there until the fish aren't hitting anymore, and then you come in,she says.And here, especially in Native Alaskan culture, you come in and take a seat, and you sweat everything out.She asks Todd how hot it usually gets.220 [degrees Fahrenheit] is too hot,he says.190's good.Too hot for me,she says.But these guys do it. So, everybody comes in after fishing and gets buckets of water, and the steam lets you sweat everything out, and it's all guys and it's all gals. That's the tradition.

Then she shows me the smoke shack. This is usually the subsistence catch,she says, gesturing to the gutted, smoked fish drying in the 10:45 p.m. sun, which means it's just going to be for personal use.Todd hands me a frozen pack of smoked salmon from a freezer.And it's the best-tasting stuff in the world after a couple of weeks of drying. People then store it away and eat it through the winter. But they smoke it there and dry it here.For the interview, Sarah Palin sits down on a curved cement wall next to the shacks, moving some red rubber gloves to make room.TIME: I wanted to start out somewhat philosophically: Did you feel that the institution of government was no longer the best way to bring change about?

Sarah Palin: There certainly needs to be reform of government on a national level. On a state level, we've been successful in reforming our level. This being my third year, heading into my final year in office, though, knowing that my agenda to reform state government, to rein in the rate of government growth that our state had been on — it was a trajectory that was going to put our state in dire straits if we couldn't rein it in. So we did that. We adopted an agenda that would responsibly develop our resources so that our state would be on good economic grounds but also in a position to more fully contribute toward energy independence for America. We have done that. We've reformed on a state-level government with ethics reform. My first year in office, we worked with the lawmakers to usher through ethics legislation that would disallow any of the previously accepted unethical practices in state government. So we did that. Now, heading into my final year in office, though, it's quite apparent that I will not be the one to effect more fully that continued reform on a state level. But Sean Parnell, our lieutenant governor, will be.Is that because you feel you don't have a mandate anymore? It's not that. It's that our administration is so stymied and paralyzed because of a political game that has been chosen to be played by critics who have discovered loopholes in the ethics reform that I championed that allows them to continually, continually bombard the state with frivolous ethics-violation charges, with lawsuits, with these fishing expeditions. We win the lawsuits, we win the ethics charges, we win all that — but it comes at such great cost. The distraction, the waste of time and money, the public's time and money — it's insane to continue down this road. And Alaskans who have paid attention to what's going on, they understand that. Now, there's been some frustration with some in the media not fully reporting what's been going on, so this may come as a shock to some Alaskans. We have sat down with reporters, showed them proof of the frivolity, the wastefulness — you know, millions of dollars this is costing our state to fight frivolous charges. And countless, countless hours from my staff, our department of law, from me every single day just trying to set the record straight. And it doesn't cost the adversaries a dime in this game. It costs our state so much in time and in resources. Alaskans that have paid attention to that, despite the media choosing not to fully report on the circumstances today, Alaskans understand why there had to be a shift here. There has to be a change of direction, and it makes sense for Alaska, my final year in office, to not only be honest with them and tell them that I'm not going to run again, knowing that we've accomplished what we wanted to accomplish, but taking it one step further, saying I'm not going to put them through a lame-duck session where there will be, obviously, more wasted time and money because of the political game being played right now.

When you resigned from the AOGCC [Alaska Oil and Gas Conservation Commission], that was a huge catapult for you. Do you think this might catapult you as well? Or do you see it as kind of a selfless move, more for the state than for you? It's all for the state. For me personally, it's extremely tough to make a decision and an announcement like this because I love my job and I love Alaska. This is who I am. This is what I am. And serving the people of Alaska is the greatest honor. But when you know that you come to a point when you cannot effect the change because of circumstances that have so greatly changed, and that happened on Aug. 29, the day that I was tapped to run for VP. Circumstances have so drastically changed, I just have to be realistic about it and I have to be honest about it and say Alaska — certainly, Alaska, our state's fine without me at the governor's desk — but Alaska's going to be even better off in terms of progressing and reaching our potential and our destiny with Sean Parnell coming in, taking over the reins. Same agenda, same staff, but it turns down the volume on the distractions that had been ramped up on Aug. 29. Why make the announcement on July 3? Because I think that date more than anything set people off — right before the three-day weekend. People assume scandal.Yeah, that's amazing to me. That hit me like a ton of bricks there, this assumption that there must be something more to it than the altruistic, sincere and articulated reasons why I know that this is best for Alaska, that there was speculation that there must be scandal. July 3 is the eve of Independence Day. It is meaningful to be able to say, Look, there needs to be freedom all the way around here to progress. Alaska, we're going to continue to waste resources and time if this political game continues, and it will only continue, because it's a game of political, personal destruction is what the attempt is. But for me personally, it doesn't affect me like the way some people would assume, personally. Anybody growing up in Alaska is pretty tough and rugged. And, you know, I've been in politics since 1992. Local politics is really tough too, so on a local level, on the state, jumping on an international stage, I've got those years under my belt and I expect and even invite the constructive criticism and those things that hold a public servant accountable, and I invite that. But the circumstances have changed, where we have seen this allowance of critics who lie, who stymie progress and who try to paralyze an administration. That hurts a state. That's not fair to the people of the state. And that's why I said circumstances — my choice is to react to the circumstances, maybe unconventionally, but wisely and fairly to Alaskans. At one point during the campaign you said Hillary Clinton whines a little bit too much about being in the public eye. Do you now sort of sympathize with her? What I said was, it doesn't do her or anybody else any good to whine about the criticism. And that's why I'm trying to make it clear that the criticism, I invite that. But freedom of speech and that invitation to constructively criticize a public servant is a lot different than the allowance to lie, to continually falsely accuse a public servant when they have proven over and over again that they have not done what the accuser is saying they did. It doesn't cost them a dime to continue to accuse. That's a whole different situation. But that's why when I talk about the political potshots that I take or my family takes, we can handle that. I can handle that. I expect it. But there has to be opportunity provided for truth to get out there, and truth isn't getting out there when the political game that's being played right now is going to continue, and it is. When you realize that it doesn't cost them a dime and it's a fun sport for some, you know it's going to continue. I love Alaska too much to put her through this in a lame-duck session.

Now that you've thought about Alaska, what do you think might interest you moving forward? I will work extremely hard for Alaska, continuing to work for Alaska, but helping other people who can effect this change, whether they're in office or out of office. I don't need a title to do that. I don't need to be sitting in front of a governor's desk. In fact, my intention is to go out and to campaign for people who can effect change all across our nation. I can't do that from the governor's desk no matter how careful I were to be, because we've got lots of double standards hitting us. Other governors probably could travel around and campaign for others and speak candidly, using their First Amendment rights to express what they feel about a person, a candidate, a position. I get hit with ethics-violation charges if I do that. I mean, literally, I do. The first day back from the campaign trail, I met with reporters in my office who kind of bombarded me there in the lobby of the office. I answered their questions and I got hit with an ethics complaint, and it cost a lot of money to fight things like that, and that's ridiculous. But I'd like to work for other people who'd like to effect change, and Alaska's going to play a big part in the effectiveness of America. As our country progresses with energy independence and Alaska's role in national security and Alaska's part, too, in ratcheting down this government overgrowth that President Obama is ushering in.

You sound a lot like someone, campaigning for other candidates, perhaps fundraising for them, who's going to run in 2012. Is that an interest? I honestly [pausing to brush Piper's cheeks, who has come back in the room] don't know. I cannot predict what's going to happen. I don't know what doors will be open or closed by then. I was telling Todd today, I was saying, Man, I wish we could predict the next fish run so that we know when to be out on the water.We can't predict the next fish run, much less what's going to happen in 2012.

So you wouldn't rule it out?
Todd and I, our family's always believed in keeping all options on the table and seeing in this case still what is best for the family and what is best for Alaska.

What do you think is particularly wrong with what Obama is doing now?
President Obama is growing government outrageously, and it's immoral and it's uneconomic, his plan that he tries to sell America. His plan to put America on the right track" economically, incurring the debt that our nation is incurring, trillions of dollars that we're passing on to our kids, expecting them to pay off for us, is immoral and doesn't even make economic sense. So his growth of government agenda needs to be ratcheted back, and it's going to take good people who have the guts to stand up to him, stand up to him and debate policy, not personalities, not partisan politics, but policy to effect the change that we need there. And allow free enterprise and the industrious Americans who run our small businesses and want to raise a family, allowing our families to grow and prosper and thrive, Americans who still believe in those ideals to get in there and effect change. I want to work for people who believe in that. Two of his big platform issues now are universal health care and your favorite issue, energy, his global-warming plan. What do you think of his positions on both? His cap-and-trade agenda is a cap-and-tax agenda, and it's going to drive the cost of consumer goods and the cost of energy so extremely high that our nation is going to start exporting even more jobs to China and to other countries that do not have the corporate tax or the equivalent of the corporate tax that the cap-and-trade — I call it cap-and-tax — agenda is going to usher in. What he needs to be understanding is, we have the domestic supplies of energy in America. It's conventional sources — oil, gas, coal, it's nuclear — and we have the renewable sources here in America. But if we're not allowed to drill and develop those conventional sources in this transition period between now and when we can rely more on alternative sources, we're going to become more and more reliant on foreign sources of energy and importing more and more goods because they're going to be cheaper over there to produce, and our country is going to be in a world of hurt. And that, of course, has so much to do with his economic policy in thinking that it's O.K. to borrow money from other countries to fund this government largesse that he's believing in. It doesn't make any sense. We need to develop responsibly our natural resources of energy here. This will provide the jobs here, the true economic stimulus is developing our domestic, safe supplies of energy here, and Alaska is the place to look to contribute.

And health care?
And health care too. I remember certainly on the campaign trail, John McCain and his ideas — basically, bottom line, allowing businesses to afford to pay for health care, to provide health care and to give employees options, and Obama scoffed at that. His campaign thought that that was ridiculous. It's funny now to hear him kind of go to some of John McCain's ideas. John McCain had some good ideas about bolstering the economy through businesses so that families could afford to pay for health care and making sure that no one was falling through the cracks and not receiving health care. One way you do that is to reduce the corporate tax on our small businesses especially in America. You're going to see Obama increase those taxes on small businesses — whether he admits it today or not, he's going to. One thing reporters aren't asking the Administration is — it's such a simple question and people around here in the real world, outside of Washington, D.C., want reporters to ask — President Obama, how are you going to pay for this $1 [trillion] or $2 [trillion] or $3 trillion health-care plan? How are you going to pay off the stimulus package, those borrowed dollars? How are you going to pay for so many things that you are proposing and you are implementing? Americans deserve to know what the plan is to fund these things, health care included.

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/

HALF HOUR DOW RESULTS WED JULY 08,2009

09:30 AM +2.12
10:00 AM +14.13
10:30 AM +37.41
11:00 AM +6.27
11:30 AM -32.20
12:00 PM -37.03
12:30 PM -56.31
01:00 PM -28.80
01:30 PM -19.95
02:00 PM -27.06
02:30 PM -74.72
03:00 PM -30.01
03:30 PM -7.86
04:00 PM +14.81 8178.41

S&P 500 879.56 -1.47

NASDAQ 1747.17 +1.00

GOLD 908.50 -20.60

OIL 60.23 -2.70

TSE 300 9659.11 -185.24

CDNX 1034.02 -35.54

S&P/TSX/60 585.54 -10.56

MORNING,NEWS,STATS

YEAR TO DATE PERFORMANCE
Dow -6.98%
S&P -2.46%
Nasdaq +10.73%
TSX Advances 478,declines 1,034,unchanged 255,Volume 2,033,312,410.
TSX Venture Exchange Advances 261,Declines 508,Unchanged 341,Volume 190,423,415.

Dow +27 points at 4 minutes of trading today.
Dow -32 points at low today.
Dow +62 points at high today so far.
GOLD opens at $918.70.OIL opens at $62.12 today.

AFTERNOON,NEWS,STATS
Dow -56 points at low today so far.
Dow +62 points at high today so far.

DAY TODAY PERFORMANCE - 12:30PM STATS
NYSE Advances 860,declines 2,649,unchanged 94,New Highs 11,New Lows 40.
Volume 2,603,631,647.
NASDAQ Advances 664,declines 1,831,unchanged 131,New highs 7,New Lows 25.
Volume 1,516,126,913.
TSX Advances 252,declines 1,077,unchanged 261,Volume 1,135,342,151.
TSX Venture Exchange Advances 207,Declines 416,Unchanged 284,Volume 118,149,287.

INVENTORIES
Crude Oil -2.9 million barrels.
Gasoline +1.9 million barrels.
Distillate Inventories +3.7 million barrels.
Refinery Utilization -0.2% to 86.8%

OIL LOWER FOR 6TH CONSECUTIVE SESSION DESPITE DROP IN WEEKLY INVENTORY REPORT.

WRAPUP,NEWS,STATS
Dow -70 points at low today.
Dow +62 points at high today.
Dow +0.18% today Volume 324,559,296.
Nasdaq +0.06% today Volume 2,346,644,940.
S&P 500 -0.17% today Volume N/A

FINAL TUESDAYS OIL TRADES
http://www.cnbc.com/id/15840232?video=1174410002&play=1
G-8 SUMMIT PREVIEW
http://www.cnbc.com/id/15840232?video=1174330286&play=1
BANKS STALLING ECONOMY
http://www.cnbc.com/id/15840232?video=1174200247&play=1
OIL UNDER ATTACK
http://www.cnbc.com/id/15840232?video=1175217085&play=1
GREENBERG ON AIG
http://www.cnbc.com/id/15840232?video=1175211981&play=1
CLIMATE BILL STORIES
http://topics.politico.com/index.cfm/topic/ClimateChangeBill
KEEPING UP WITH REGULATION
http://www.cnbc.com/id/15840232?video=1175148030&play=1
IMF GLOBAL STABILITY REPORT
http://www.cnbc.com/id/15840232?video=1175250212&play=1
http://www.imf.org/external/pubs/ft/GFSR/index.htm

Pitfalls dot recovery road, IMF warns ,Group raises economic outlook for Canada but says global rebound will be elusive JULY 8,09Ottawa — Globe and Mail Update Last updated on Wednesday, Jul. 08, 2009 09:28AM EDT

The global recession is coming to an end, but the return to economic health is a long way off, and the route to recovery is laced with major risks, the International Monetary Fund says.The global economy is beginning to pull out of a recession unprecedented in the post-World War II era, but stabilization is uneven and the recovery is expected to be sluggish,the IMF says in an update to its World Economic Outlook, released just before leaders of the Group of Eight countries meet for a summit in Italy.Developed countries have another year of dismal times ahead, the IMF projected. While recent data suggest the collapse of the global economy is over, and declines in economic activity are letting up, there are persistent deep problems that will prevent any kind of sustainable growth until the second half of next year, the IMF said.Despite these positive signs, the global recession is not over, and the recovery is still expected to be slow, as financial systems remain impaired, support from public policies will gradually diminish, and households in countries that suffered asset price busts will rebuild savings,the update stated.The global economy will contract by 1.4 per cent in 2009, but show 2.5 per cent growth in 2010. That kind of growth is still considered recessionary, but is better than the IMF's April projection for just 1.9 per cent growth next year.Advanced economies are forecast to contract 3.8 per cent this year, but inch ahead with 0.6 per cent growth in 2010. Previously, the IMF had said there would be no growth next year.As for Canada, it is expected to suffer a 2.3 per cent decline in economic activity in 2009, followed by a tepid 1.6 per cent expansion next year. Both numbers were revised slightly higher from the IMF's April forecast.

Generally, advanced countries are nearing the end of recession because the effects of financial shock, the freezing up of global trade and the widespread uncertainty plaguing investors have become far less problematic.In the United States and Japan, in particular, industrial production and inventory corrections have probably turned the corner, and confidence is improving.But some of the world's housing markets have not yet reached bottom, the IMF warned, and bank balance sheets still need significant cleansing before the economy can return to normal.And even though the steep declines have let up, there does not seem to be any major engine in the world economy that will be able to drive global demand any time soon. China and India are still growing, but their expansion is likely to peter out unless advanced countries recover soon.For now, the IMF warned, the only things supporting global growth are temporary: fiscal stimulus and inventory adjustments.As for the debate within the G8 over whether advanced countries should be adopting new stimulus packages, the IMF chose its words carefully.Although fiscal policy should stay supportive through 2010, plans should be made for rebuilding fiscal balances and ensuring sustainable debt paths after growth is firmly reestablished,the report said.The policy priority should be on restoring financial sector health, the IMF stressed. Central banks should also make sure their rates are as low as possible, and unconventional methods of fuelling credit flows should be kept in place for now.In Canada and the United States, interest rates are already at rock bottom, and various methods of unconventional easing are in place, but the European Union still has room to move, analysts say.

Authorities need to do a better job defining and communicating exit strategies, the IMF advised, so that inflation fears don't get out of hand.And in what is probably a message meant for China, the IMF said countries with large current account surpluses need to adopt policies that boost demand, so that other struggling countries such as the United States have someone to sell their exports to.In a companion report that assesses global financial stability, the IMF said the world's financial conditions have improved, and the risk of a total collapse has receded, but the financial sector remains on shaky ground.The financial sector continues to be dependent on significant public support, resulting in an unparalleled transfer of risk from the private to the public sector,the report said. It stressed the need to start work on exit strategies to address market uncertainty.Recently, investors in bond markets have expressed their lack of confidence in authorities' ability to control their spending and service their debts. Market interest rates have risen as a result, driving up the cost of mortgages at a delicate time.

IMF Raises Canada’s Economic Growth Outlook to 1.6% in 2010
By Alexandre Deslongchamps

July 8 (Bloomberg) -- Canada’s economy will shrink less than previously predicted in 2009 and grow more in 2010, helped by commodity prices that have rebounded ahead of a global recovery, the International Monetary Fund said in an update to its World Economic Outlook report.The world’s eighth-largest economy will contract 2.3 percent in 2009 and grow 1.6 percent in 2010, the IMF said today. The IMF had predicted in April the Canadian economy would shrink 2.5 percent this year before rebounding to 1.2percent in 2010.The recent rally in commodity prices has been strong and broad-based, reflecting improved market sentiment, U.S. dollar depreciation, and commodity-specific factors,the report said. Canada exports oil, natural gas, metals and other commodities.The IMF’s forecast for 2009 is more optimistic than the Bank of Canada’s April projection for a 3 percent contraction. The central bank in April cut its benchmark lending rate to a record 0.25 percent to spur growth and will revise its forecast on July 23.The IMF said the U.S., Canada’s biggest trading partner, will also do better than previously thought, predicting a contraction of 2.6 percent in 2009 compared with the 2.8 percent decline forecast in April, and a gain of 0.8 percent in 2010.To contact the reporters on this story: Alexandre Deslongchamps in Ottawa at adeslongcham@bloomberg.net.

CRAMER OIL MANIPULATION SCAM
http://www.cnbc.com/id/31781232

OPEC Sees Prolonged Weakness in Demand for Oil By: Reuters | 08 Jul 2009 | 10:31 AM

World demand for OPEC's oil may take years to recover from the slump in 2009 because of economic weakness and demand destruction, the group said on Wednesday, justifying its slower spending on new supplies.In its 2009 World Oil Outlook, the Organization of the Petroleum Exporting Countries said consumption of its crude would not return to 31 million barrels per day (bpd), the level it averaged in 2008, until 2013.We have this recession and the financial crisis going on so this has really affected demand,OPEC Secretary General Abdullah al-Badri told a news conference at the group's Vienna headquarters.I hope this will bottom out in 2009, he said,and then the demand will pick up afterward.The 12-member exporter group joins other forecasters, such as the International Energy Agency, in predicting lower long-term demand.OPEC also said it needed to spend less on developing new supplies, a prospect that may dismay oil consumers.Oil hit a record high near $150 a barrel in July 2008, the day after OPEC issued its last report. It collapsed to $32.40 by December and is now trading around $62, boosted from its low in part by OPEC supply cuts agreed last year.In its 277-page report, OPEC predicted world oil demand would rise much more slowly than previously expected over the medium and longer term, although supplies would also be lower.By 2030, OPEC expects world consumption to reach 105.6 million bpd, a reduction of 7.7 million bpd — roughly equal to current demand in China, the second-largest oil consumer.

In the medium term, consumption will fall to 84.2 million bpd this year from 85.6 million bpd last year, and rise to 87.9 million bpd by 2013. The 2013 figure is 5.7 million bpd less than previously expected.The high prices observed in 2008 led undoubtedly to some demand destruction, and this has been factored into short-term figures,the report said.This year's reference scenario is based on the assumption the economy will have hit the bottom by the end of 2009 and begin to recover next year.
Growth would gain momentum in 2011 and by 2012 would be back to trend values,OPEC said.Oil traded lower on Wednesday. U.S. crude was trading below $62 a barrel.

Investment Cutbacks

Slower growth in demand and the steep collapse in oil prices from last year's record meant OPEC needed to spend less on developing new oilfields, the report said.AP
Members have delayed or postponed more than 35 projects, representing about 5 million bpd of oil capacity, until after 2013.OPEC said it needed to invest $110 billion to $120 billion versus $165 billion previously thought.It is understandable that any country or investor would be unwilling to invest in capacity that is not needed, especially when they are affected by the global financial and economic crisis,the report said.The IEA, which represents 28 industrialized countries, has repeatedly said inadequate investment could lead to a shortfall in energy supplies, which could force energy prices higher and damage any economic recovery.Last month, the IEA said in its own Medium-Term Oil Market Report looking out to 2014 that the threat of a supply crunch had only been delayed, not averted, by the collapse in demand.OPEC in its report also lowered its forecast for supplies from producers outside the group, partly because of lower prices and credit difficulties. It expects non-OPEC crude plus natural gas liquids supplies to stay flat to 2013, when they will reach 45.1 million bpd.The report said 2013 non-OPEC crude and NGL supply will be more than 3 million bpd less than expected last year.Under all scenarios, OPEC predicts rising energy use, led by developing countries, where consumption will increase by 23 million bpd over the period 2008-2030 to reach 56 million bpd.

Per capita use will still lag that in the developed world, where energy use is stagnant.Oil consumption by countries of the Organisation of Economic Cooperation and Development will fall from 47.5 million bpd in 2008 to 45.5 million bpd in 2010 and will remain at that level to 2013.Renewables are expected to grow fast but from a low base and nuclear is seen expanding more quickly than in the previous outlook. Fossil fuels are still seen contributing 80 percent of the global energy mix and oil will continue to play the leading role until 2030.

Blue and White Gas: Israel to be Self-Sufficient for 20 Years
by Tzvi Ben Gedalyahu JULY 8,09

(IsraelNN.com)
New estimates of natural gas reserves recently discovered off the Mediterranean Coast near Haifa will allow Israel to be self-sufficient in energy for two decades, according to Yitzchak Tshuva, one of the investors in the project. Israel today is independent – completely independent with blue and white [Israeli-made] energy,said Tshuva, chief executive office of Delek Energy.The Tamar 2 drilling, 3.5 miles north of the Tamar 1 site that was discovered in April, indicates the reserves are 26 percent larger than previously estimated. Noble Energy, the largest participant in the project, said that appraisals confirmed the quality of the gas and have reduced the uncertainty in previous resource estimates.The gas reserves are in addition to the Dalit gas field discovered off the Hadera coast, south of Haifa, earlier this year.With drilling at Tamar and Dalit, we have already confirmed a very substantial amount of natural gas resources, perhaps over two decades of future supply based on projected needs,said Charles D. Davidson, Noble's chairman and chief executive officer.We are moving forward with development plans focused on bringing the first phase of production to the Israeli shores by 2012.Income from the gas might reach as much as $30 billion instead of the $20 billion that was estimated in April. Development costs for bringing the gas online are projected at $1.5-$3 billion.

Self-sufficiency would significantly strengthen the shekel as well as create jobs.

Noble Energy has a 36 percent working interest in the project. Other participants are Isramco Negev 2 with 28.75 percent, Delek Drilling and Avner Oil Exploration with 15.625 percent each, and Dor Gas Exploration with the remaining four percent.

TOXIC ASSET PLAN MAY BE TO LATE FOR BANKS
http://www.cnbc.com/id/31798415

Finance ministers tackle effects of boom and bust
ANDREW WILLIS Today JULY 8,09 @ 09:12 CET

EU finance ministers meeting in Brussels on Tuesday (7 July) agreed on the need for new measures to lessen the effects that leaner economic periods can have on the financial system.We are clearly indicating that we need a more robust financial system in Europe with increasing abilities to build buffers against financial instability,said Swedish finance minister Anders Borg whose country recently took over the helm of the EU presidency.New measures would see a change to banking and accounting rules, including an obligation on banks to store away more profits during boom times to pay off expected loses on loan portfolios in the future. Ministers would also like to see banks build up greater capital buffers to protect against fluctuations in the value of financial assets, with the European commission now likely to come forward with more concrete proposals in October.However there appeared to be little support for a proposal by German finance minister Peer Steinbruck to allow a temporary relaxation in bank capital rules to help promote a return to normal lending levels by banks.With an election in September and an export-led economy suffering from a shortage of credit, the German government has become increasingly critical of its banks for failing to lend.

In a deft move however, the Swedish presidency managed to divert the issue to an informal meeting on 2 October where ministers will have a chance to discuss rules on bank capital requirements – known as the Basel II framework – with EU central bankers.Attending the meeting will be Dutch central banker Nout Wellink who is currently the chairman of the Basel committee that sets the rules. Peer Steinbruck made a very strong case for the specific German problems,said Mr Borg, but added that a very broad majority of countries did not have exactly the same view.One official working on the topic described the Swedish compromise to EUobserver as a very skilful bit of diplomatic football.

Stress tests and budget deficits

EU member states are currently conducting stress tests on individual banks, but unlike in the United States, the results of these tests may not be made public. However economy commissioner Joaquin Almunia, who also attended the meeting of finance ministers, appeared to signal that he feels the results should be made known. We consider, as the commission, that transparency is needed. The highest transparency possible is required to regain confidence in the functioning of markets,he said. As well as the national tests, the Committee of European Banking Supervisors (CEBS) is currently analyzing the EU financial sector as a whole, with the results expected in September.The finance ministers also discussed commission reports on five east European member states whose budget deficits in 2008 exceeded the three percent of GDP allowed under the union's Stability and Growth Pact.Hungary, Lithuania and Romania were set a target date of 2011 to bring their deficit back into line, while Latvia and Poland were set a date of 2012.The timetable reflects the different economic positions in the countries and is also an indication that many in the bloc consider a rapid return to budget consolidation could be counterproductive.

BRUSSELS, July 7, 2009 Some EU Nations Want Stress Tests Public,Confidential Tests Assess How European Banking System, Not Individual Banks, Would Handle Economic Hardships

(AP)Some European Union nations want to publish confidential stress tests that assess how well European banks could cope with a worse economic climate, the top EU economy official said Tuesday.Banking supervisors from the EU's 27 countries will wrap up a test of the entire EU-wide banking sector in September to check how resilient it is to new shocks. The test does not assess individual banks.They said they have no plans to publish the results of that or a similar test they ran in May.Some nations are also separately testing how well each bank could cope with problems and trying to identify which might need new cash injections to counter risks.EU Economic and Monetary Affairs Commissioner Joaquin Almunia told reporters Tuesday that some EU governments want to see tests on individual banks run across the EU.Some countries consider that the stress testing ... should be better harmonized at the European level and should even be made public, as the Americans did,he said.In the United States, the Federal Reserve tested the country's 19 biggest banks and told 10 of them including Bank of America, Citigroup and Wells Fargo to boost capital by a total of $75 billion to cover potential losses.Britain has also conducted tests but released little detail, while Germany has argued that going public could undermine fragile economic confidence.Almunia said the EU's executive commission could not call on national supervisors to make changes, but favored the highest transparency possible to regain confidence in the banking sector.He called on banks in trouble to draw on liquidity offered by governments last October to help them overcome a credit freeze that has triggered a deep economic downturn.The capital pledges ... (have) not been used 100 percent. In some member states (they have) not been used at all,he said.

EU bank supervisors draft tougher liquidity rules
07.07.09, 09:41 AM EDT By Huw Jones

LONDON, July 7 (Reuters) - Banks should hold enough cash to ride out a market storm for a month, European Union banking supervisors said on Tuesday in new guidelines that will force the sector to tie up more capital.Regulators across the world are tightening rules to avoid a repeat of the huge government-backed bailouts of banks. In recent years, banks have been holding less cash or cash-like assets, known as liquidity, as cheap money was easily available on the wholesale markets. But when this abruptly dried up in the credit crunch, some banks were left high and dry with Northern Rock ( NHRKF.PK - news - people ) in Britain having to be nationalised.The Committee of European Banking Supervisors (CEBS) published draft guidelines on beefing up liquidity buffers, based on tests banks' business model should undergo.A survival period of at least one month should be applied to determine the overall size of the liquidity buffer under the chosen stress scenarios,CEBS said.Within this period, a shorter time horizon of at least one week should also be considered to reflect the need for a higher degree of confidence over the very short term,' the committee added.CEBS also laid out the type of assets that could be accepted in a liquidity buffer it must be cash or assets that can be turned into cash quickly with a predictable value.Over-reliance on one type of asset whose rapid sale to raise cash could disrupt the broader market and trigger problems for other banks, should also be avoided, CEBS said.

The committee stopped short of spelling out an absolute figure for liquity buffers as this will vary from bank to bank.Banks will find it hard to avoid tougher liquidity requirements as the G20 group of industrialised and emerging market countries agreed in April on beefing up rules.The Basel Committee on Banking Supervision, a global body, is also set to come out with proposals that will increase liquidity requirements from 2010 or later.Britain is rolling out its own tougher liquidity rules for banks from October, and a draft EU law to increase liquidity is also expected in the autumn.CEBS will hold a public hearing on Sept. 22 before final adoption of the guidelines it will apply across the EU.(Reporting by Huw Jones, editing by Chris Pizzey)

EU commission issues economic stimulus warning JULY 6,09

BRUSSELS (AFP) — The European Commission warned EU nations Monday against constantly introducing new measures to try to bolster their economies given the size of their deficits.Asked whether new measures were still needed to confront the economic crisis, EU Economic and Monetary Affairs Commissioner Joaquin Almunia said: No. It's not about the stimulus, stimulus has been implemented.It's about fixing the financial system, it's about regaining confidence, it's about consolidating imbalances,he told reporters head of talks with finance ministers from the 16 nations using the euro single currency.Earlier Monday, at a press conference, the president of the European Union's executive arm, Jose Manuel Barroso, took a similar line.I think the solution is not to go on forever with expansionary policies,he said.The solution is to come back as soon as possible to normal public finances and to build a policy with sustainability in mind,he said.

European nations agree it is important, in time, to reduce their deficits, blowing out under the weight of the worst economic crisis the continent has known since 1945, but they have not said how the debt should be tackled.Sweden, which took over the EU's rotating presidency for six months on July 1, is among a group of countries wanting a rapid return to budgetary discipline to revive confidence, through spending cuts or tax hikes or both.Nations like France, which is preparing a national loan to emerge from the crisis, feel that such rigour could do more harm to fragile economies.
Germany is currently considering tax breaks.