1 TRILLION BAILLOUT FOR EU NATIONS

HELENS HATE RANT AGAINST ISRAEL
http://www.youtube.com/watch?v=447ekAh8AOo&feature=player_embedded

WE SEE THAT THE LEBANESE ISRAEL HATER HELEN THOMAS GOT DESTROYED OF HER JOB FOR HATING ISRAEL.GOD WON'T SETTLE FOR GODLESS ISRAEL HATERS TELLING ISRAEL WERE THEY SHOULD GO,WHEN GOD (KING JESUS)PUT THEM IN ISRAEL FOREVER TO BE A LIGHT TO THE NATIONS.LIKE THE BIBLE SAYS IF YOU BLESS ISRAEL YOU WILL BE BLESSED,IF YOU HATE ISRAEL YOU WILL BE DESTROYED.OVIOUSLY A 60 YEAR CAREER IS SHOT TO HELL AND A COVERUP AS A RETIREMENT FOR BEING FIRED FOR HER ANTISEMETIC REMARKS AGAINST ISRAEL.

OBAMA DECEPTION
http://www.youtube.com/watch?v=eAaQNACwaLw
FALL OF THE REPUBLIC MOVIE
http://www.youtube.com/watch?v=F8LPNRI_6T8&feature=player_embedded
ENDGAME GLOBAL ENSLAVEMENT
http://video.google.com/videoplay?docid=1070329053600562261
POLICE SATE 4-THE RISE OF FEMA MOVIE
http://www.youtube.com/watch?v=Klqv9t1zVww&feature=player_embedded
INVISIBLE EMPIRE MOVIE
http://www.youtube.com/watch?v=NO24XmP1c5E&feature=player_embedded
BOHEMIAN GROVE NWO OCCULTISTS
http://video.google.com/videoplay?docid=-82095917705734983
WITCHCRAFT IN THE WHITE HOUSE
http://www.youtube.com/watch?v=AmaiX86sUoc&feature=related
http://www.youtube.com/watch?v=IF2eILED00s&feature=related
http://www.youtube.com/watch?v=ZARWvlz_yKI&feature=channel_page
http://www.youtube.com/watch?v=Sbh7KrUwawI&feature=channel
http://www.youtube.com/watch?v=4IG0tmvCozU&feature=channel
http://www.youtube.com/watch?v=NgP-SyrooKI&feature=channel
OBAMA SCAM
http://www.youtube.com/watch?v=9V1nmn2zRMc&feature=player_embedded
PHIL BERG - OBAMA CRIMES
http://obamacrimes.com/
LAURIE ROTH SHOW
http://therothshow.com/
DOUG HAGMANN
http://homelandsecurityus.com/
CANADA FREE PRESS-JUDI MCLEOD
http://www.canadafreepress.com/

JUNE 29TH ELLIGABILITY CASE
http://www.wnd.com/index.php?fa=PAGE.view&pageId=137773

AND THE OTHER ISSUE WE MUST KEEP ON THE TABLE AND IN PEOPLES MEMORY IS THAT BARRY SOETORO IS REALLY BARACK OBAMAS REAL NAME AND HE WAS BORN IN KENYA NOT AMERICA.BARRY SOETORO AKA BARACK OBAMA IS NOT ELLIGABLE TO BE THE PRESIDENT OF THE USA GOVERNMENT.EVERYTHING HE SIGNS IN BARACK OBAMA IS ILLEGEL,BECAUCE HIS REAL NAME IS BARRY SOETORO.AMERICAS CONSTITUTION WILL BE IN SHAMBLES ONCE THIS SCAM IS FINALLY REVEALED TO THE WORLD.

BY THE TIMELINE IN OBAMAS OWN BOOKS-OBAMA WENT TO PAKISTAN ON HIS INDONESIAN PASSPORT.ANOTHER ISSUE OUT OF 400 PEOPLE AT COLUMBIA THAT GRADUATED THE YEAR OBAMA OR BARRY SOETORO DID,NO ONE COMES FORWARD TO SAY THEY KNEW HIM.HOW COME AT HAWAII HOSPITAL WERE OBAMA CLAIMS HE WAS BORN,NO NURSES OR ANYBODY CAME FORWARD TO SAY THEY WITNESSED OR TOOK PART IN THE BIRTH.THIS BARRY SOETORO OR AKA BARACK OBAMAS LIFE IS A COMPLETE FRAUD.AND AMERICA IS CONNED TO BELIEVE THE LIE.WHY WOULD SOETORO AKA OBAMA SPEND 2 MILLION DOLLARS TO STOP ALL THESE LAWSUITS IF THERES NO COVERUP.HE WOULD JUST SHOW THE PROOF OF EACH EVENT-PLACE OF BIRTH,CERTIFICATE AND REAL NAME BARRY SOETORO INDONESIAN PASSPORT.

The proof is everywhere from statements and affidavits from Government parliament sources and Obama’s own Grandmother who says she saw him born in a hospital in Mombassa Kenya. The former ambassador to Kenya says Obama was born in Mombassa Kenya, so do others. Check out the affidavits at www.obamacrimes.com and join Phil Berg and other concerned citizens for a huge eligibility protest march May 29th 12-4pm.

POISONED WATERS

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

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

Oblivious to Oil in Mississippi, Possible Troops in Louisiana
Kurt Nimmo Infowars.com June 7, 2010

Mississippi’s governor Haley Barbour is not about to let oil washing up on the state’s beaches ruin the tourism industry. The truth is we have had virtually no oil,Barbour told Fox News Sunday.We’ve had a few tar balls but we have a few every year because of natural seepage in the Gulf of Mexico.It’s all the fault of the damn media, Barbour insists. The biggest negative impact for us has been the news coverage,he grumbled.A sign warning beach-goers on Petit Bois Island, Mississippi.On June 1, however, the media reported that oil from the BP gusher had indeed washed up on Mississippi’s beaches. Oil from the BP Gulf of Mexico gusher hit beaches in Alabama and Mississippi for the first time Tuesday. It’s definitely not the kind of news the states wanted to deliver with the start of the summer beach season newly underway,NPR reported last week.Or rather it is not the sort of news Barbour wants to accept even though he admitted last week Petit Bois Island, a barrier island near the Mississippi-Alabama border, had been hit by the oil. Barbour has compared the slick to the thin sheen of oil commonly found around ski boats. Meanwhile, also on Sunday, the Intel Hub website reported rumors of a federal troop deployment in Louisiana. Shepard Ambellas, who reported on a mass grave site at the U.S. Department of Veterans Affairs Cemetery in Phoenix, Arizona, in 2009, reports possible battle hardened troops or National Guard outfitted in full battle gear and body armor have been seen moving into Grand Isle, Louisiana.

Ambellas writes: As of 12:00 PM CST, possible battle hardened troops or National Guard, in full battle gear and body armor with have been seen moving into the area. Fully armored HUMVEES with 50 Cal active gun turrets are reportedly arriving on scene as well. All troops and vehicles are in woodland patterns. Black trucks with red letters displaying Disaster Relief Team have also arrived. FEMA contractors and mobile facilities are present. The Crisis Management Corp. is reportedly present as well. Our reporters see no visible sign that the troops are National Guard at this time. They reported the troops looked battle hardened. Ambellas and the Intel Hub believe the deployment is the first step in a massive coastal evacuation that could potentially disperse 40-50 million people.Rumors concerning a massive evacuation have persisted since the beginning of the oil leak in late April. U.S. Army National Guard B Company 711 receiving instructions for putting Hesco containers along the beaches of Dauphin Island, Alabama, Sunday, May 2, 2010. Maryann Tobin, writing for the the Albuquerque Examiner on May 9, stated FEMA and other government agencies have prepared to evacuate the Tampa Bay area ahead of a controlled burn of surface oil in the Gulf of Mexico.Tobin did not cite sources. On May 4, up to 17,500 U.S. Army National Guard troops were mobilized by the Pentagon to help various states with the oil spill,according to the Associated Press. Defense Secretary Robert Gates has granted requests to send troops of up to 6,000 by Louisiana, 3,000 by Alabama, 2,500 by Florida and 6,000 by Mississippi.It is interesting to note the large number of troops deployed to Mississippi. As noted above, Mississippi’s governor Haley Barbour states oil is not a problem in the state.

1 worker dead in natural gas line blast in Texas By ANGELA K. BROWN, Associated Press Writer - JUNE 7,10

CLEBURNE, Texas – An emergency management official says a utility worker's body has been found several hours after a natural gas line exploded in Texas.Authorities searched for the worker by helicopter Monday afternoon following the massive explosion near Cleburne, about 50 miles southwest of Dallas. They couldn't walk through the entire area until making sure the fire was out and there was no danger.

Hood County Emergency Management Coordinator Brian Fine says the worker's body was found Monday night some distance from the blast site. The man's name was not immediately released.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

CLEBURNE, Texas (AP) — A large natural gas line in north Texas erupted Monday after utility workers accidentally hit the line, sending a massive fireball into the air and leaving one worker missing hours after the blast, officials said.Johnson County Emergency Coordinator Jack Snow said searchers were scouring the charred area around the damaged line looking for the missing person. Thirteen other workers who were also at the site were accounted for, and there were no known fatalities, he said.The missing worker had just gotten down from a machine drilling utility pole holes when the line suddenly exploded. Other workers lost sight of him in the intense smoke, said Roger Harmon, Johnson County's top elected official. Several workers drove themselves to the hospital before emergency crews arrived, so it's possible that the missing man left the scene on his own, Harmon said.I really hope he is at home safe, but we're still searching, he said.Laura Harlin, a resident of nearby Granbury, said around the time of the blast she heard a huge rumbling that initially sounded like thunder and then like a tornado because it lasted so long.For about 10 minutes, it was so loud that it was like there was an 18-wheeler rumbling in your driveway, she said.The explosion caused confusion among officials in its immediate aftermath, with one city official saying three people had been killed. The official, Cleburne City Manager Chester Nolen, later said that after fire officials and the gas line operator extinguished the fire, he was unsure if anyone was killed.Heat from the blast forced firefighters to stay about a half-mile away until the gas flow was shut off.This could have been way worse, said Brian Fine, the Hood County emergency management coordinator who was assisting with the explosion.

At least seven of the workers went to the hospital following the explosion. Gary Marks, CEO of Glen Rose Medical Center, said two people were treated and released, and four others were in stable condition. One patient was taken to Texas Health Harris Methodist Hospital Fort Worth. Spokeswoman Whitney Jodry did not have person's condition.The gas line is owned by Houston-based Enterprise Products Partners LP. Spokesman Rick Rainey said Enterprise's control room immediately identified a break in the line near Cleburne, about 50 miles southwest of Dallas. Te 36-inch line was equipped with valves that automatically shut down gas to that section of pipe, and the fire was out about two hours after the explosion.The pipeline helps carry gas from West Texas across the state to utilities, distribution companies and commercial users on the eastern end of the state. Rainey said the company would work with customers to avoid any disruption to their service from the fire.The injured workers were digging for a subcontractor hired by Waco-based Brazos Electric Cooperative, Snow said. A message seeking comment from that company was not immediately returned. A spokesman for the subcontractor, Oklahoma-based C&H Power Line Construction Services, did not immediately respond to a call for comment either.

Snow said officials were investigating whether the gas line was marked. The federal Occupational Safety and Health Administration were also at the scene. The Texas natural gas blast followed one in West Virginia earlier Monday. Seven workers were burned when a drilling crew hit a pocket of methane gas, triggering an explosion in a rural area about 55 miles southwest of Pittsburgh.Associated Press Writers Jeff Carlton, Schuyler Dixon and Jamie Stengle in Dallas and Mark Williams in Columbus, Ohio, contributed to this report.

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,(WORLD SOCIALISM) 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/
CNBC VIDEOS
http://www.cnbc.com/id/15839263/site/14081545/?tabid=15839796&tabheader=false

HALF HOUR DOW RESULTS TUE JUNE 08,2010

09:30 AM +2.85
10:00 AM -12.11
10:30 AM -9.90
11:00 AM -27.17
11:30 AM +17.08
12:00 PM +67.80
12:30 PM +38.93
01:00 PM +68.10
01:30 PM +27.36
02:00 PM -24.03
02:30 PM +55.40
03:00 PM +35.07
03:30 PM +54.27
04:00 PM +123.49 9,939.98

S&P 500 1062.00 +11.53

NASDAQ 2170.57 -3.33

GOLD 1,238.50 -2.30

OIL 72.12 +0.68

TSE 300 11,517.20 +12.40

CDNX 1450.49 -2.83

S&P/TSX/60 676.54 +0.29

MORNING,NEWS,STATS

YEAR TO DATE PERFORMANCE
Dow +5 points at 4 minutes of trading today.
Dow -14 points at low today.
Dow +40 points at high today so far.
GOLD opens at $1,244.70.OIL opens at $71.75 today.
GOLD HIT ALLTIME HIGH THIS MORNING $1,254.20

AFTERNOON,NEWS,STATS
Dow -55 points at low today so far.
Dow +85 points at high today so far.

WRAPUP,NEWS,STATS
Dow -55 points at low today.
Dow +130 points at high today.

GOLD ALLTIME HIGH $1,254.20 (TODAY NOT AT CLOSE)

EU SPAIN #11

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).

Eurozone nations set up $1 trillion bailout fund By AOIFE WHITE, AP Business Writer –Mon Jun 7, 3:42 pm ET

LUXEMBOURG – Eurozone nations on Monday started setting up a massive bailout fund that could rescue any member of Europe's currency union from default, aiming to soothe market jitters that have sent the euro to a new four-month low against the dollar.The shock and awe financial rescue package from the European Union and the International Monetary Fund will total euro750 billion ($1 trillion) — money that can be lent to any indebted eurozone nation risking default, and intended to counter investor fears that Spain, Portugal or others could follow Greece in requiring a bailout to meet debt repayments.The special purpose vehicle to borrow up to euro440 billion ($526 billion) will be ready this month, when countries formalize debt guarantees for some 90 percent of the package, said Luxembourg Prime Minister Jean-Claude Juncker, who led Monday's talks between eurozone finance ministers.Another euro60 billion managed by the EU's executive commission is available to cover urgent financial needs were it to arise in the mean time, he said, while the International Monetary Fund will provide another euro250 billion.Germany, which will provide the largest chunk of the EU fund, has pressed other eurozone countries to make big budget cuts to reduce the chances of them needing a bailout.Markets want to see not only actions but deeds to shore up the currency, German Finance Minister Wolfgang Schaeuble told reporters.

German Chancellor Angela Merkel vowed to set an example Monday by laying out plans to save euro80 billion through 2014 by reducing handouts to parents, cutting 15,000 government jobs and delaying projects such as construction of a replica of a Prussian palace in Berlin.Juncker said eurozone finance ministers wanted Spain and Portugal to build on current significant and courageous spending cuts with further efforts needed beyond 2011 together with further progress on structural reforms, such as changes to pensions, welfare or labor systems.EU Economy Commissioner Olli Rehn warned that they and others may need to prepare more budget reductions. He did not name which other countries should take action.Eurozone nations said in a joint statement that they would draft bigger cuts and tax increases if they have to and would pursue structural reforms to slim state running costs — such as raising retirement ages to curb pension costs.The International Monetary Fund called in a Monday report for eurozone countries facing market pressure to shun delayed or half-hearted budget cuts and draft more in case they can't make current targets to reduce budget deficits — the gap between government spending and income.Juncker dismissed market volatility in recent days triggered by concern that Hungary — which does not use the euro — could be the next European government to follow Greece by risking a default.Hungarian officials last week warned that the country's deficit is growing and the country is close to default, two years after it received a bailout from the EU and the IMF..Hungary's government has downplayed those comments, which nevertheless kept the euro trading near the four-year lows it hit Friday, when it went below $1.19 for the first time since March 2006.

There is intense pressure on all eurozone countries to make cuts.However, trade unions warn that budget cuts could be going too far and could choke a fragile recovery that so far relies more on exports than domestic demand in European countries where people are still slow to spend and companies are reluctant to hire new workers.Unemployment in the eurozone reached a 10-year high of 10.1 percent in April — adding extra welfare costs to governments struggling with higher outgoings, lower tax revenue and debt that has soared since they paid out hundreds of billions to shore up the region's banking system.Monday's talks between eurozone finance ministers will be followed by a meeting of most EU finance ministers and EU officials who will thrash out plans for long-term ways to avoid a new economic crisis, including a proposal for more EU oversight of national budgets. Associated Press writers Emma Vandore in Luxembourg, Geir Moulson in Berlin and Andrea Federer in Budapest contributed to this story.

Euro ministers add final stitch to debt safety net By Jan Strupczewski and Brian Love – Mon Jun 7, 6:47 pm ET

LUXEMBOURG (Reuters) – Finance ministers from the debt-stricken euro zone sought to restore financial markets' confidence on Monday by agreeing how to deploy a vast anti-contagion program if needed by struggling members.Germany's coalition government agreed in parallel to budget cuts and taxes worth 11.2 billion euros next year -- and more than 80 billion euros by the end of 2014 -- in the latest of a series of austerity plans being hatched across the euro zone.Ministers from the 16 countries that use the euro finalized arrangements for a Special Purpose Vehicle (SPV) to raise up to 440 billion euros ($525.4 billion) to lend to euro zone countries that run into Greek-style payments problems.There is no uncertainty left about the euro zone's capacity to provide conditional aid to countries in fiscal trouble,European Economic and Monetary Affairs Commissioner Olli Rehn told a news conference after talks in Luxembourg.Jean-Claude Juncker, who chaired the meeting, said the SPV would be operational this month.A statement issued by the ministers said governments would make bigger commitments than first planned to ensure smooth operation and to justify a top credit rating.The SPV is essentially a company that will be able to raise money on markets by issuing bonds thanks to loan guarantees provided by governments of the euro zone. Member states hope it will never be mobilized but that its existence will convince markets that default fears are unfounded.Juncker and Rehn also welcomed additional austerity measures announced in mid-May by Spain and Portugal, which markets see as potential trouble spots after Greece, the first country in the euro zone's 11-year history to require a financial rescue.International Monetary Fund chief Dominique Strauss-Kahn, who joined the ministers, said the anti-contagion plan -- a safety net worth up to 750 billion euros once an IMF commitment of 250 billion euros is included -- was a good step forward.

WARNING BY BRITISH PM

British Prime Minister David Cameron said the scale of his country's budget problems was worse than he had anticipated and cited Greece as an example of what happens when countries lose credibility or pretend difficult decisions can be avoided.
Hungary's new center-right rulers, who alarmed markets last week by suggesting the country could face a Greek-style crisis, tried to reassure investors on Monday by pledging to stick to deficit-cutting targets their predecessors agreed with the IMF.

Britain and Hungary are not in the euro zone, but the risk of financial turmoil in wider EU countries is a factor weighing on confidence in the euro and in euro zone banks which have substantial exposure to central and eastern Europe.Juncker said he saw no problem at all with Hungary, adding: I only see the problem that politicians from Hungary talk too much.The finance ministers also discussed ways of tightening surveillance of national budgets and applying earlier and tougher sanctions against countries that breach EU deficit limits or misrepresent their statistics, as Greece did.EU President Herman Van Rompuy said they agreed in principle on the need to subject national budget strategy to greater peer scrutiny and to find more effective penalties for countries with wayward or potentially wayward public finances.

EURO DOWN

Investors fled peripheral euro zone government stocks and bonds last week because of doubts about how the euro rescue mechanism would work and worries about the solvency of European banks exposed to the sovereign debt crisis. World share prices dipped further on Monday. U.S. stocks closed lower in thin volume, and the euro fell below $1.20 for the first time in more than four years. Concern about political stability in Spain, one of the troubled euro zone economies, fed market anxiety. Juncker and Rehn said they were more concerned by the pace of the euro's decline than by the lower exchange rate, and the IMF said a currency long seen by many as too strong was now closer to what economic fundamentals justified. But rigidities, especially in labor and financial markets in some countries, are limiting the necessary restructuring in the aftermath of the global crisis,it said in a report. Germany needs less than others to slow spending but, keen to set an example, will pursue savings of 30 billion euros over four years in welfare, mainly from unemployment benefits, and will cut thousands of federal government jobs. The new savings are unlikely to please some of Germany's partners, including the United States, which pressured Berlin at a G20 meeting in South Korea to stimulate domestic demand. Despite the efforts in Luxembourg to reassure markets, German Chancellor Angela Merkel postponed talks with French President Nicolas Sarkozy on reforming governance of the euro zone. Officials cited diary problems. The two had been due to patch up their differences over the euro zone and financial regulation, 10 days before an EU summit. The meeting will take place next Monday, German officials said. (Additional reporting by Marcin Grajewski, Sudip Kar-gupta and Brian Rohan in Luxembourg, Krisztina Than in Budapest, Matthias Sobolewski and Dave Graham in Berlin, George Matlock in London; writing by Brian Love and Paul Taylor; Editing by Noah Barkin and Timothy Heritage)

Bernanke says Europe committed to euro's survival
JUNE 7,10

WASHINGTON (Reuters) – European leaders are committed to ensuring the survival of the euro and have enough money to meet obligations of heavily indebted member countries, Federal Reserve Chairman Ben Bernanke said on Monday.In remarks to the Woodrow Wilson Center in Washington, Bernanke said a euro stabilization package of nearly $1 trillion was a lot of money and enough to protect Greece, Portugal and Spain from volatile credit markets for a number of years.But he acknowledged that investors were not yet convinced Europe's debt problems would be resolved, and said more European rescue money may be needed.European leadership is strongly committed to doing whatever is necessary to preserve the euro, preserve the euro zone, preserve the European project, and avoid financial problems that would certainly arise, Bernanke said.In a wide-ranging question-and-answer session, Bernanke said a regulatory reform bill which Congress is finalizing contained strong measures to address the problem of financial firms being too big to fail.The acid test of the reform will be, will it control too big to fail? he said, pointing to measures including tougher bank capital rules, resolution authority to safely close failing firms, and living wills that require companies to plan for their own unwinding.

When asked whether he thought the bill was more helpful than harmful, Bernanke replied, Oh yes, I do.He also said the U.S. economy appeared to have enough momentum to avoid a double-dip recession, citing strengthening consumer and business spending.
There are some signs the private sector is picking up the baton, he said.However, Bernanke noted that the pace of recovery was moderate considering the depth of the recession, and unemployment would probably decline only slowly.On China, Bernanke said he was probably the only U.S. official who had attended every Strategic and Economic Dialogue since the enhanced program was started by former Treasury Secretary Henry Paulson during the financial crisis.He said the new format was particularly useful because it broadened discussions beyond traditional sticking points such as the value of China's currency.He said China recognized that it has a codependency with the United States. China is the largest foreign buyer of U.S. government debt, while the United States is a vital trading partner for China.There is a real desire on both sides to engage,Bernanke said.For me, that is a very important achievement to have those lines of communication be open.(Reporting by Mark Felsenthal, Pedro da Costa and Emily Kaiser; Editing by Gary Hill)

EU agrees controversial peer review of national budgets-Member states could now end up looking at each others' revenue and expenditure plans (Photo: ansik)ANDREW WILLIS Today JUNE 8,10 @ 09:28 CET

EUOBSERVER / BRUSSELS - EU finance ministers have reached broad agreement on a controversial plan to review each others' national budgets, together with earlier sanctions for member states that break the bloc's fiscal rules. Also meeting in Luxembourg on Monday (7 June), an earlier gathering of euro area finance ministers approved the principle component of the zone's unprecedented €750 billion rescue mechanism.Speaking to journalists after chairing his second taskforce meeting on economic governance with EU27 finance officials, most of them ministers, European Council President Herman Van Rompuy said governments had agreed to show their national budgets to each other and to the European Commission before seeking national parliamentary approval. Originally put forward by the commission in May, the pre-vetting of national budgets by Brussels had previously met with stern opposition from a number of capitals including Berlin, London and Stockholm. Under the new system, which still needs final approval from EU leaders, each government will present its broad estimates for growth, inflation, revenue and expenditure levels in the spring, roughly six months before national budgets go through parliaments.Any government planning to run a deficit will have to justify itself to its peers on why this should be allowed, said Mr Van Rompuy, adding that members with debt levels above 60 percent of GDP would come in for even tougher scrutiny.

After the meeting, British officials underlined the primary role of national parliaments however, in an indication that precise details still need to be worked out.

Sanctions

The taskforce, set up by EU leaders in March, also agreed on the need for earlier and more graduated sanctions for states that break the bloc's budgetary rules - known as the Stability and Growth Pact. The pact sets out maximum deficit and debt thresholds of three and 60 percent of GDP, respectively, with possible fines for overspending member states of up to 0.5 percent of GDP, although in practice the fines have never been levied.In future, governments could get into trouble with their peers even before their deficits reached the three percent threshold, said Mr Van Rompuy. Up to now, you only got fined for driving through the red light of the three percent,the former Belgian prime minister told journalists.From now on, you could also be in trouble for crossing the orange light.Recently floated sanctions ideas have ranged from reduced EU funding to a loss of voting rights for ministers attending EU meetings in Brussels. Monday's talks primarily concentrated on financial sanctions, said Mr Van Rompuy, as non-financial sanctions would involve changing the EU treaty. A number of EU states have raised objections to a withdrawal of EU structural funds as a form of punishment, however.We think that if there are to be sanctions, they should be of a universal character. It can't be, for example, taking away structural funds, because these are reserved only for some [of the poorest] EU countries, Poland's Europe minister, Mikolaj Dowgielewicz, told the Polish press agency, PAP, in an exclusive interview.

Eurozone bail-out

Earlier on Monday evening, euro area finance ministers reached an agreement on a €440 billion special purpose vehicle (SPV) - the main component of a massive eurozone support mechanism hastily agreed by EU leaders last month as Greece's debt crisis threatened to spread to other members of the single currency. The SPV will be based in Luxembourg and will issue debt on capital markets, backed by individual guarantees provided by all 16 members of the eurozone. The money raised in this way can then be lent to struggling eurozone administrations, but only after a restructuring programme is agreed. There is no uncertainty left  ... about the ability to provide support, EU economy commissioner Olli Rehn said after the meeting, just hours after the euro currency touched another four-year low versus the dollar before gradually recovering.

Germany sets EU example with €80bn austerity package
VALENTINA POP Today JUNE 8,10 @ 09:25 CET

German chancellor Angela Merkel on Monday (7 June) announced spending cuts to the tune of €80 billion in the coming four years, in an example to other European economies struggling with deficits.Around €80 billion must be saved until 2014 in order to put our financial future on a solid footing, Ms Merkel told journalists at a press conference in Berlin, after lengthy coalition talks which forced her to postpone a previously scheduled meeting with French President Nicolas Sarkozy.The two leaders were due to co-ordinate their positions ahead of an EU summit on 17 June and to show that the Franco-German EU motor is still working, after a series of disagreements over the multi-billion-euro bailout packages for Greece and the eurozone itself.But in the end, the signal of fiscal discipline was more important for Ms Merkel than the show of Franco-German entente. Germany, as the biggest economy, has the outstanding task of setting a good example. I think recent months have shown, in the case of Greece and other eurozone countries, how extraordinarily important sound finances are, Ms Merkel said.

Germany's budget deficit reached 3.1 percent of GDP last year and is expected to reach five percent by the end of 2010.The cuts proposed by Ms Merkel are based on a constitutional clause capping the country's deficit at 0.35 percent of GDP by 2016, a mechanism she would like to see replicated in all euro-countries.Mr Sarkozy last month announced a similar clause, but without binding targets.The bulk of Germany's planned cuts are taken from social benefits, such as long-term unemployment entitlements and business subsidies, and from the public sector, including axing 10,000 government jobs in the next four years. Military spending will also be reviewed and could see cutbacks of 40,000 posts.Ms Merkel's junior coalition partner, the Liberal Free Democrats (FDP), had pushed against any increases in income tax or VAT. But new levies on nuclear power companies and air passenger taxes may be put in place. The only spending areas left untouched are education and research.These are serious and difficult times,the German chancellor said. We can't afford everything we would like if we want to be able to shape our future.The German opposition has slammed the package as proof of failure. According to Social-Democratic leader Sigmar Gabriel, Ms Merkel's government has been too weak towards its business contacts, failed to tax the rich and is now running austerity measures at the expense of families and the unemployed.Green leader Claudia Roth also criticised the program as being characterised by active protection of wealth.

The proposals still need the approval of the German parliament, likely to come up in the autumn, when some details may change.Several EU countries have announced similar austerity programmes, with Spain agreeing deep cuts last week and Greece having agreed to far-reaching reforms earlier this year when it signed up to an EU-IMF rescue package. In new EU member state Romania, which is also being propped up by an IMF loan, the government slashed 25 percent of wages for state employees and 15 percent of pensions and unemployment benefits.

EU officials distance themselves from Gazprom stunt
VALENTINA POP Today JUNE 8,10 @ 09:23 CET

EUOBSERVER / BRUSSELS – Current and former top EU officials on Monday (7 June) denied that they have any connection with Gazprom in a yachting project which has been flying the EU flag for the past six years but which is now sponsored by the Russian firm. The EU-flagged boat Esimit Europa 2 is to be launched on Thursday (10 June) in Cannes at an event hosted by Gazprom chief Alexei Miller and will take part in eight regattas this year. On its inner sail, the logo of the Russian gas company features prominently under the EU flag and the inscription European energy.Gazprom is Russia's largest energy company and is keen to expand in the EU.It has a shady image, however. Run by Russian Prime Minister Vladimir Putin's circle of friends with links to the KGB, it is widely seen as a tool of Russian foreign policy. Its public profile was badly damaged by the 2006 and 2009 gas supply crises involving Ukraine. On its website the Esimit project is said to be under the patronage of EU commission President Jose Manuel Barroso.A video clip also includes a spoken testimonial by Pat Cox, a recent president of the European Parliament, who says the spirit of Europe is captured at the heart of this project.Both Mr Cox and Mr Barroso were quick to distance themselves from Gazprom when queried by this website, however.Mr Cox said that the footage dates back to a few years ago, before Gazprom became the main sponsor of the project earlier this year. I was not involved in any negotiations on sponsorships and have no commercial interest in the matter,he said.

He explained that his initial endorsement came about in 2004, when he was still Parliament chief, as an act of good will for the boat scheme, which involves flying the EU flag in various regattas and having a multi-national crew. A few years later, during a visit to Ljubljana, the Slovenian team behind the Esimit project asked him to film the video testimonial. I knew they were looking for sponsors, but I wasn't asked about any sponsor and I have nothing to do with Gazprom, Mr Cox said.A spokesman for the EU commission also said that Mr Barroso endorsed the project before Gazprom came on board. He gave his patronage to this project in November 2006. There was no money involved, it was a simple patronage like so many other EU and national dignitaries do, commission spokesman Mark Gray said. Neither Mr Barroso or Mr Cox are considering withdrawing their support for the project over the Gazprom link, however. Nor have they complained about having their faces and names attached to the Gazprom logo, Gorazd Mauri, the public relations manager for the yachting project, told EUobserver.The European Parliament and Commission's patronage is just for the yacht. It's a written support allowing us to fly under the EU flag. They were informed when Gazprom became sponsor and so we haven't had any complaints about it, Mr Mauri said.Aware of the EU-Gazprom controversies in recent years, Mr Mauri said the sponsorship had no political agenda.Gazprom decided to sponsor us because of the vision it promotes – all Europeans on the same boat. We want to win, we are honoured to be have such a distinguished sponsor, he said. Asked who would benefit the most, Gazprom or the EU, if the yacht won any of the competitions it is to take part in, Mr Mauri pointed to the motto of the project all Europeans together on the same boat.The Esimit sponsorship, worth several million euros, is not the only sports-related Gazprom PR project. The Russian firm is also sponsoring German football club FC Schalke, for which it pays €25 million a year.

EU diplomatic service may be ready in December
HONOR MAHONY 07.06.2010 @ 18:04 CET

EUOBSERVER / BRUSSELS - Officials working on the creation of the EU's diplomatic service believe it could be on its feet by 1 December, a symbolic date marking the first anniversary of the entry into force of the Lisbon Treaty, but several months later than the original timetable.The lengthy delay has been due to the difficulties of getting agreement from all the different sides - member states, the European Commission and MEPs - on the new body, which is meant to give coherency to EU foreign policy.The European Parliament is last party still to agree to the blueprint for the corps, first published by EU foreign policy chief Catherine Ashton in March and endorsed by the commission and member states the following month.Sources close to the negotiations, due to continue on Tuesday (8 June), believe that MEPs may be ready to signal their broad agreement on Thursday at a meeting of the EU assembly's political leaders.At this stage, what success would look like is some sort of signal from the conference of presidents [on Thursday] that this is the right ball park and these are the grandes lignes of the eventual deal, said the contact, adding that talks have been going well.This would allow Ms Ashton to start advertising some of the senior jobs that are coming up for grabs.These include 32 heads of delegation to be filled in July and a further 22 such jobs, part of the 2011 rotation of delegation heads, to be decided in November.

A decision also has to be taken on the EU's 11 special representatives (EUSRs) to regions such as central Asia and countries such as Sudan. The group's mandate, already extended once, runs out at the end of August. Ms Ashton is keen to rejig the system, keeping some special envoys and creating new ones, but scrapping others where the job could equally be done by the heads of the EU embassies. On a best-case scenario, we would be making senior appointments in September some time and that means ... that you're looking at trying to get a service up and running in some form by the anniversary of the entry into force of the [Lisbon] treaty,the source close to the EU talks said. Three main areas still need to be settled with MEPs before the deal can be put to bed.The questions are who should deputise the busy Ms Ashton in her absence, whether the service should be part of the commission or a stand-alone institution and the wording of a declaration on political accountability.MEPs have won some important concessions in recent months, using their threat of a veto on the legal changes to EU budget and staff rules needed to set up the service. At their behest, the service will no longer have an all-powerful secretary general; more MEPs will have access to secret documents and there will be clearer guarantees on budget accountability.So far MEPs have said they will only agree to the service blueprint as part of a package, including amending the rules on staff, finances and the institutional link to the commission. But beyond the parliament, others imply that MEPs have little political credit left.

EU summit pressure

The pressure is on to have the parliament show its hand and sign up to an agreement even if all elements of the package have not be finally agreed.We do have a European Council coming up [on 17-18 June]. It will have important issues on its agenda and I would think this is not an issue it wants on its agenda. It would want to know that this is still on track, the contact close to the negotiations said.If you get into agreeing a package in autumn, well how long is a piece of string? Then you are in a position which is not good for the European Union as a whole.An European Parliament official close to the talks expressed irritation that parliament is being portrayed as dragging its feet.We only got the 10-point political declaration [on accountability] from [Ms Ashton] three weeks ago when we asked for for it three months ago, said the official.He also noted that while there have been several of these talks at technical level, the EU foreign policy chief has only herself been present once. There are several issues that are important to us still open, he added.
The service, once fully up and running, is expected to have between 6,000 and 7,000 personnel. Between now and 2013, some 850 jobs will be open for applications.

Canada grilled over half-baked fake lake at G20
Mon Jun 7, 6:01 pm ET

OTTAWA (Reuters) – Canada's government found itself in hot water on Monday after it emerged that the media centre for two international summits this month will feature a C$1.9 million (1.2 million pound) artificial lake, complete with canoes and a bar.

Opposition legislators, already unhappy with the C$1 billion security tab for the Group of Eight and Group of 20 meetings, ridiculed the government's explanation that the lake would impress foreign media.The government's half-baked fake lake takes the cake. What a mistake, Rodger Cuzner of the Liberals told the House of Commons, prompting loud laughter.The official Atlas of Canada says there are 31,752 lakes larger than 3 square km (1.2 sq. mi.) in the country.The Toronto press centre lake is supposed to be a copy of those in the picturesque Huntsville region north of the city where leaders are set to meet for the G8 summit.Tight security means most of the 3,000 accredited reporters will get nowhere near the area. The G20 summit will be held in Toronto -- on the shores of Lake Ontario -- right after the G8 gathering.

We have a government here that has to create an artificial lake when Canada has more lakes than just about any other country in the world. It is the taxpayers who are going to end up at the bottom of the fake lake, said Jack Layton, leader of the left-leaning New Democrats.Federal Transport Minister John Baird said the summits would be an amazing opportunity to market Canada.We want to showcase the very best that this country has to offer, he told the House of Commons.(Reporting by David Ljunggren; editing by Rob Wilson)

Israel unearths 3,500-year-old religious artifacts By MARIA R. HOWELL, Associated Press Writer – Mon Jun 7, 4:36 pm ET

JERUSALEM – Archaeologists have unearthed a cache of rare, 35-century-old religious artifacts once used in pagan rituals, Israeli officials said Monday.The items were found during an excavation ordered by the Israel Antiquities Authority along the route of a new gas line in the country's north. Excavating a rock hollow, archeologists found more than 100 intact artifacts, including a vessel for burning incense and the sculpted face of a woman that was part of a cup used in a pagan religious ceremony.This is my 42nd excavation in 15 years and the first time I've found more than shards, said Edwin van den Brink, the archaeologist who directed the excavation. He said he expected to find artifacts, but not the amount or quality they uncovered.Some of the small vessels were used to carry precious liquids from Cyprus and Mycenae, Greece, 3,500 years ago. These vessels were replicated by people in those areas, illustrating a link between the regions, van den Brink said.Van den Brink said they might have been used in a nearby temple. They were deposited in the hole either to be preserved from a fire that swept through the region at the end of the Late Bronze Age, or they were buried because they were no longer in use.Yossi Garfinkel, a professor of archaeology at The Hebrew University of Jerusalem who was not involved in the dig, said holy articles could not be thrown out and were buried instead.It is quite possible that these artifacts were used in the cultic area and in the temple and they accumulated, and when they ran out of space or they became old, a pit was made to bury them, Garfinkel said.The Antiquities Authority plans to exhibit the artifacts in the coming year.