Showing posts with label U.S.. Show all posts
Showing posts with label U.S.. Show all posts

Wednesday, 14 September 2011

Republicans Win NY Race

Is this a sign of things to come in 2012?  I am thinking it may be if, and I do mean if the GOP pick the right preson to run up against Obama.  The results from two special elections last night makes it look like the people are really starting to tire of Obama's handling of the economy.  The election is going to be about jobs and if the U.S. continues to tred water or even lose more jobs before now and then I think a one term president is what Obama will be.  I believe I heard last night that this seat has been in Democrat hands since 1923, shows you what kind of shift is happening to the south of us.

Republican Wins House Race in New York, Seen as Obama Rebuke

Published September 14, 2011
| Associated Press
Republicans have scored an upset victory in a House race that became a referendum on President Barack Obama's economic policies.
Retired media executive and political novice Bob Turner defeated Democratic state Assemblyman David Weprin in a special election Tuesday to succeed Rep. Anthony Weiner, a seven-term Democrat who resigned in June after a sexting scandal.

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Victories for Republicans in New York, Nevada
With more than 80 percent of precincts reporting, Turner had 54 percent of the vote to Weprin's 46 percent in unofficial results.
"We've been asked by the people of this district to send a message to Washington," Turner told supporters after the landmark win. "I hope they hear it loud and clear. We've been told this is a referendum. Mr. President, we are on the wrong track. We have had it with an irresponsible fiscal policy which endangers the entire economy."
Weprin did not immediately concede.
The heavily Democratic district, which spans parts of Queens and Brooklyn, had never sent a Republican to the House. But frustration with the continued weak national economy gave Republicans the edge.
Turner has vowed to bring business practicality to Washington and push back on spending and taxes.
The race was supposed to be an easy win for Democrats, who have a 3-1 ratio registration advantage in the district.
Weprin, a 56-year-old Orthodox Jew and member of a prominent Queens political family, seemed a good fit for the largely white, working-class district, which is nearly 40 percent Jewish.
But voter frustration with Obama put Weprin in the unlikely spot of playing defense. A Siena Poll released Friday found just 43 percent of likely voters approved of the president's job performance, while 54 percent said they disapproved. Among independents, just 29 percent said they approved of Obama's job performance.
Turner, a 70-year-old Catholic, vowed to push back on Obama's policies if elected. He received help from prominent Republicans including former Mayor Rudy Giuliani, whose much-praised stewardship of the city after the Sept. 11, 2001, terror attacks was recalled during the 10th anniversary of the attacks last weekend.
Weprin became embroiled in New York-centric disputes over Israel and gay marriage, which cost him some support among Jewish voters.
Orthodox Jews, who tend to be conservative on social issues, expressed anger over Weprin's vote in the Assembly to legalize gay marriage. In July, New York became one of six states to recognize same-sex nuptials.
Former Mayor Ed Koch, a Democrat, endorsed Turner in July as a way to "send a message" to Obama on his policies toward Israel. And Weprin was challenged on his support of a proposed Islamic center and mosque near the World Trade Center site, in lower Manhattan.
The Democratic Party enlisted two of its biggest guns, former President Bill Clinton and Gov. Andrew Cuomo, to record phone calls for Weprin. And Democrats relied on organized labor and other affiliated groups to bring voters to the polls.
The House seat opened up when Weiner was pushed by party leaders to resign after sending sexually provocative tweets and text messages to women he met online.
The trouble for Weiner, who served seven terms, began when a photo of a man's crotch surfaced on his Twitter feed. He initially denied the photo was of him but later admitted it was.
Weiner, who's married, resigned June 16 after two weeks of fighting off pressure to step aside. He apologized for "the embarrassment that I have caused" and said he hoped to continue to fight for the causes dear to his constituents.
In a special election in May, Democrat Kathy Hochul won a heavily Republican upstate district after pledging to protect Medicare, the popular government health care plan for seniors.
The state replaced outdated lever-operated voting machines last year in favor of paper ballots and optical scanners, which take more time to close and process. Polls closed at 9 p.m. Tuesday, and results trickled in slowly, but a Board of Elections spokeswoman said the vote-tallying system was running smoothly and there were no problems to report.


Read more: http://www.foxnews.com/politics/2011/09/14/republican-wins-house-race-in-new-york-seen-as-obama-rebuke/#ixzz1Xx2CBpZn

Friday, 26 August 2011

Should This Surprise Anyone (Syria/U.N.)

Again, security council being held hostage by China and Russia.  They are fighting more sanctions on Syria's Assad regime because it would make their own crackdowns on civil rights illegitimate in their eyes and may make the world pressure them more for changes.  This is why the security council needs to be disbanded and a general vote on the floor of the main assembly with 50% + 1 vote wins.  It is the only real democratic way to do things and would put more pressure on the non democratic states to reform or be sanctioned themselves.

Russia, China resist U.N. Syria sanctions push: envoys


UNITED NATIONS | Fri Aug 26, 2011 12:48pm EDT

UNITED NATIONS (Reuters) - The U.S. and European push to impose U.N. Security Council sanctions on Syria for its bloody crackdown on pro-democracy demonstrators is meeting fierce resistance from Russia and China, U.N. diplomats said.

The United States, Britain, France, Germany and Portugal circulated a draft resolution that calls for sanctions against Syrian President Bashar al-Assad, influential members of his family and close associates. They said they wanted to put the draft to a vote as soon as possible.

The measures are not as severe as U.S. sanctions in place and a proposed expansion of European Union steps against Damascus that would forbid the import of Syrian oil.

Diplomats said there are no plans for a vote yet.

Russia's U.N. Ambassador Vitaly Churkin has hinted that Moscow would use its veto power to knock down the draft if it was put to a vote at the present time. Western diplomats said that Russia and China were refusing to discuss the draft.

"The Russians say they have no instructions," a diplomat told Reuters on Friday on condition of anonymity.

As a result, Western diplomats in New York said their capitals would have to get involved to persuade Moscow and Beijing to join negotiations on the draft resolution to reach a consensus among the 15 Security Council members.

"Clearly we need this to be unlocked at the capital level because there is very strong resistance from Russia and China," a diplomat said.

Brazil, India and South Africa have also been reluctant to sanction -- or even condemn -- Syria, whose five-month crackdown on demonstrators has killed at 2,200, according to U.N. figures from earlier this week.

But one diplomat said that the three powerful developing countries, all three of which aspire to one day become permanent members of an expanded Security Council, were now "constructively engaging on the text."

EMPTY CHAIRS

The council had scheduled an informal closed-door meeting of ambassadors on the draft sanctions resolution on Thursday afternoon, but the Chinese and Russian envoys boycotted the meeting, diplomats said.

"You see two permanent members of the Security Council who deliberately leave an empty chair," a diplomat said. "We hope that they will engage constructively."

Earlier this week Russian Ambassador Churkin told reporters that it was not the time to sanction Syria. After months of helping block any council action on Syria, Russia and China had backed an August 3 statement by the Security Council that condemned the government's crackdown and called for it to end.

Russia, China, Brazil, India and South Africa have repeatedly complained that the NATO intervention in Libya has gone far beyond the U.N. mandate to protect civilians from violence by the government the council approved in March. They say they do not want the same thing to happen in Syria.

Russia has long had close ties to Syria and is one of its main arms suppliers. One of the proposed sanctions is an arms embargo that would make it illegal for Russian firms to sell weapons to Damascus.

The sanctions would impose a travel ban on 22 of Assad's family and associates and an asset freeze on 23 Syrians, including Assad. Envoys said President Assad was excluded from the travel ban in order to give him an escape route.

"We want him to leave the country," a diplomat said.

The United States and EU have urged Assad to step down.

Thursday, 25 August 2011

Gadhafi Done In Yet?

Libyan rebels ready knockout punch for Gadhafi

 
 
 
 
 
A Libyan rebel fighter helps his comrade who was injured by a sniper's bullet while fighting for the final push to flush out Maammar Gadhafi's forces in the Abu Slim area in Tripoli August 25, 2011.
 
 

A Libyan rebel fighter helps his comrade who was injured by a sniper's bullet while fighting for the final push to flush out Maammar Gadhafi's forces in the Abu Slim area in Tripoli August 25, 2011.

Photograph by: Zohra Bensemra, Reuters

TRIPOLI - Hardened fighters streamed Thursday into Tripoli as Libya's rebels sought to deliver a knockout punch to Moammar Gadhafi's diehards and, backed by NATO, to flush out the elusive strongman.
Rebel commanders said they were also readying fresh attempts to advance against Gadhafi's forces defending his hometown Sirte, 360 kilometres east of Tripoli and to break a siege of Zuwarah, a town to the west.
They were being supported in their hunt for the wily Gadhafi by NATO, which according to Britain's Defence Minister Liam Fox is contributing intelligence and reconnaissance equipment.
An AFP reporter, meanwhile, discovered that French and British operatives are working with Libyan rebels as they press towards Sirte, amid reports British special forces SAS members were sent to Libya several weeks ago.
Leading the army of reinforcements into Tripoli were seasoned combatants from the city of Misrata, whose fellow fighters spearheaded the weekend assault that saw the Libyan capital swiftly overrun and Gadhafi's Bab al-Aziziya compound captured by Tuesday.
Rebel commanders said that while they control most of Tripoli, hot spots remain where sniper fire, rocket explosions and heavy weaponry make life dangerous.
The rebels are also hellbent on finding Gadhafi, so they can proclaim final victory in an uprising that began six months ago and was all but crushed by Gadhafi's forces before NATO warplanes gave crucial air support to the rebels.
Rebel leaders say they want to put Gadhafi on trial in Libya even though he also faces charges of crimes against humanity along with his son Seif al-Islam and spymaster Abdullah al-Senussi at the International Criminal Court.
The rebel National Transitional Council (NTC) on Wednesday offered a $1.7 million reward for the capture of the elusive strongman, dead or alive.
"The NTC supports the initiative of businessmen who are offering two million dinars for the capture of Moamer Gadhafi, dead or alive," NTC chief Mustafa Abdel Jalil said in the rebel capital Benghazi.
Jalil also offered amnesty to "members of (Gadhafi's) close circle who kill him or capture him."
The 69-year-old Gadhafi has not been seen in public for weeks and despite losing control of the oil-rich North African country he ruled with an iron first for 42 years is still managing to broadcast messages urging Libyans to drive out the "rats" — as he disparagingly calls the rebels.
He also claimed on Wednesday to have walked incognito on the streets of Tripoli without being recognized.
In the oil refinery town of Zuwaytina, the new eastern front about 150 kilometres southwest of the opposition's capital Benghazi, an AFP reporter saw French and British operatives working with Libyan rebels .
They are equipped with telecommunications equipment and housed in two shipping containers, within walking distance of the headquarters of Fawzi Bukatif, commander of the eastern front.
Britain's Defence Minister Liam Fox told Sky news on Thursday that NATO is providing "intelligence and reconnaissance assets to the NTC to help them track down Colonel Gadhafi and other remnants of the regime."
Fox however declined to comment on reports that Britain's SAS special forces were working with the Libyan rebels to track down Gadhafi.
The Daily Telegraph newspaper, quoting defence sources, said SAS members were sent to Libya several weeks ago and played a key role in co-ordinating the battle for Tripoli, which fell into rebel hands on Sunday.
In Tripoli's souk Al-Jumaa, the arrival of at least 60 Misrata rebels on Wednesday sparked joy among residents.
"We are very happy. Misrata's soldiers can win anything," said Taha Abu Zeid. "They could even win Afghanistan."
They were joined by rebels from as far west as the Nafusa mountains and as far east as Benghazi, as field commanders vowed to bring the capital under full rebel control.
Fighting is concentrated along the perimeters of Bab al-Aziziya and the neighbouring Abu Slim district, where Gadhafi reportedly released, armed and paid former prisoners to fight for his regime, although the streets were quiet Thursday after heavy fighting in the area the previous day.
Rebel commanders said Gadhafi forces were pounding insurgents holding the centre of Zuwarah, west of Tripoli, adding that they needed reinforcements to help them break the siege.
Rebels advancing towards Sirte were also blocked Wednesday in the town of Bin Jawad as loyalists kept up stiff resistance.
"Gadhafi's forces are still fighting, we are surprised. We thought they would surrender with the fall of Tripoli," rebel commander Fawzi Bukatif said.
Four Italian journalists kidnapped in Libya on Wednesday by forces loyal to Moamer Gadhafi, have been freed, the foreign ministry said in Rome.
The four were liberated around 9:30 a.m. GMT on Thursday, according to a ministry spokesman, who said the journalists "are now in a hotel with other Italian journalists" and "are well."
The NTC's number two leader, Mahmud Jibril, meanwhile called for "urgent" financial help at a press conference with Italian Prime Minister Silvio Berlusconi in Milan on Thursday.
"This is an urgent call upon our friends," Jibril said , adding the "biggest disabling element" for the NTC "would be the failure to deliver services and salaries" in the post-Gadhafi period.
The NTC had in Doha on Wednesday sought five billion dollars in emergency aid from frozen assets at a meeting with foreign representatives from the Libya contact group.
The sum was twice that announced on Tuesday by Jibril.
But at the United Nations South Africa refused to lift a block on the United States unfreezing $1.5 billion of Libyan assets to buy humanitarian aid, setting up a diplomatic showdown at the Security Council.
South Africa insisted the council wait for the African Union to decide whether to recognize the NTC at a summit Thursday before approving the move.


Read more:http://www.leaderpost.com/news/Libyan+rebels+ready+knockout+punch+Gadhafi/5304563/story.html#ixzz1W3Wo7JvA

Wednesday, 10 August 2011

Just What is Going On In The World?

We have riots in the streets of London, Al Shabaab fighting to keep western aid from reaching millions of starving people in Africa, stock markets around the world on a roller coaster ride from hell, mass killing going on in Syria and an American president who has failed his people on the economy, just to name a few.

It is a world in turmoil, the likes we probably have not seen since the second world war and it doesn't look like it will get better any time soon.  Which begs the question, what can we do to fix things?  My common sense solutions below.

Our world for the most part has been living life like socialists for far too long. Even the right side of the political spectrum has been giving free hand outs far too often.  We need to get back to our roots, where people were not afraid to put in an honest days work, raise a family, and expect nothing from government unless it is an unforeseen circumstance such as drought, hurricanes, earthquakes and the like.  Far too often we look to government to step in when times are tough, instead of rolling up our sleeves and getting to work like our forefathers did.  If we truly want change we have to look inside ourselves and decide that change has to start from within.  We are the ones who need to change, we need to stop with the handouts, dig deep and get things done!

Solution for anarchy in London and everywhere else.  Make the people pay for their actions!  Too long have we allowed this kind of stuff to go on without serious consequences.  Sure, have your peaceful demonstrations but if you get out of line you are going to jail, it is that simple.  How many of these people would be out doing what they do if they knew that they would get much, much more than a slap on the wrist?  If the justice system actually enforced the law these people would be looking at years in jail.  It is time to make the justice system work the way it is supposed too and stop pandering to the far left.  This will bring people back down to earth and make them accountable for their actions.  The use of rubber bullets, tear gas, and other methods should be allowed as soon as the police see actions like this ongoing.  These anarchists will soon fall in line, or at least learn how to have a peaceful demonstration.

Starvation in Africa.  This can be called a man made disaster, yes the drought is out of our hands but the price of food has also played a very large roll in this.  The price of food is being driven by the countries such as China and India as well as others.  But also adding to this is the use of food products being used to produce fuels.  This action, especially in the U.S. and Canada has made grains much more expensive which in turn boosts costs of feeding livestock and other meats.  What needs to be done, especially in the States is a move to a more efficient product such as switchgrass.  This stuff can be grown anywhere and does not consume as much energy to produce biofuels.  The energy needs of the U.S. can also be alleviated by drilling for fuels at home.  There has been too much of this "not in my backyard" B.S. and for generations the U.S. has not allowed energy companies to drill some very large economical areas that would dramatically decrease the country's dependence on Middle Eastern oil.  This would mean jobs, taxes and much much more for the U.S. economy, something they dearly need.  But first the left need to get the hell out of the way and let the people who actually want to help the country do their job!  There is enough natural gas in the U.S. to last generations, which will buy them enough time to develop other means of energy that are currently under development.  It is a band aid on the problem but one that could tie them over until these new energy strategies come to fruition.

The U.S. economy and it's affect on the world as a whole.  The powers that be in Washington need to start working for the people and not for their own political agendas.  There needs to be serious cuts to spending, not this piece of junk that they tabled last week which does nothing to cut their debt.  It in fact allows the debt to grow to 20 trillion dollars by the year 2020.  20 Trillion Bucks!!!  You think things are bad now, just think what their debt rating will be like by 2020!  Everything needs to be cut, the people just need to wake up and realize that they will have to do with less.  Less government handouts, less entitlement spending, less government employment opportunities and yes, less unions and their constant drag on a nations ability to compete on the international stage.  But this goes back to the change we need to find within ourselves, it starts at home and then you can hold your politicians accountable.  The Nancy Pelosi's of the world need to be run out of politics and vote in someone who will make the tough decisions, not the easy ones that will garner a lot of votes.  It is this way of thinking that has gotten us into this mess and it needs to change or the mess will just keep piling up.  The people in the U.S. need to also get over the "I don't pay tax" way of thinking.  In order to get this debt paid down a national tax on consumption is a must.  Everyone pays it on goods and services, not just the rich, and middle class.  The nice thing about a consumption tax is that it is a fair system that will tax the rich way more because they obviously would consume much more than the lower classes.  The national consumption tax would bring in un-foretold amounts of income to the federal government and help them get their great country back on track.  Tea Party, GOP, DEMS, it doesn't matter who you are, get your act together and do what is right for the country!

The Middle East uprising has been a missed opportunity for the west to show that we are behind our fellow brothers and sisters.  Our politicians are too slow to react and typically the reaction is not strong enough to prove solidarity.  We need actions, not just words.  Add in the U.N. which is being run like a kangaroo court and needs to make wholesale changes in order for it to be legit once again.  The security council laws need to change to make it majority rule instead of giving the permanent members the ability to quash anything that they disagree with.  It is either that or do away with the security council and let the vote happen between all member nations of the U.N. where 50% plus one means action.  This ability by Russia and China to hand tie the security council from recommending action is ridiculous and has made the U.N. the laughing stock of the world.  It no longer is legitimate and unless changes happen it will remain this way.  For far too long the U.S. and it's allies have had to police the world at it's expense.  If any action is needed in the world it should be international law that all expenses are shared by those who are part of the U.N. and then all money recouped by the country that has needed the help.  Then the trillions of dollars the U.S. spends in taking action would come back the the U.S. people, sounds fair doesn't it?  It has cost the U.S. a trillion dollars or more going into Iraq and Iran to liberate them, should this money not be paid back over time?

These are just some common sense solutions to a few of the world's problems, there are many more problems of course but these are the major ones right now and if these changes are made the world's economy would have a chance at stabilizing and the markets would return to normal.  Again, it is time to hold our politicians accountable and right the ship before it gets consumed by the wave of socialism.

Monday, 8 August 2011

Brazil-Canada move to strengthen commercial ties

With the global turmoil I think this is a very wise move by Canada.  The next 100 years belong to India, China, Russia and Brazil(BRIC)  The BRIC countries are leading the way economically and for Canada to take full advantage of their booming economies we must strengthen ties politically and economically.



Brazil-Canada move to strengthen commercial ties

 

 
 
 
 
Prime Minister Stephen Harper attends a signing ceremony with Brazil's President Dilma Rousseff at Planalto Palace in Brasilia on August 8, 2011.
 

Prime Minister Stephen Harper attends a signing ceremony with Brazil's President Dilma Rousseff at Planalto Palace in Brasilia on August 8, 2011.

Photograph by: Ueslei Marcelino, Reuters

BRASILIA — A group of senior Canadian and Brazilian business leaders has been established to provide governments in both countries strategic advice on how to strengthen commercial ties.
The announcement was made Monday after a meeting of Prime Minister Stephen Harper and Brazilian President Dilma Rousseff.
"We have both been successfully weathering the headwinds of the global economy due to strong fundamentals," Harper said in a prepared statement he delivered while Rousseff stood nearby. "And while we compete, we also understand that trade is a vital tool for our mutual goals of greater security, expanded wealth and more jobs."
Harper said he and Rousseff had "cordial, productive discussions on Brazil-Canada relations and global concerns."
He said that included in-depth discussions of the global economic and financial situation that is currently drawing concerns worldwide. He said they will work together as members of the G20 to "push forward global stability and the global economic recovery."
In her own statement Rousseff was critical of the report issued last Friday by Standard & Poor's which downgraded the United States credit rating from its traditional triple-A status. That move has caused jitters in stock markets around the world, leading to a sudden decline in stock values as the markets opened in New York on Monday morning.
Rousseff said she thought the Standard & Poor's report was rushed and was based on inaccurate information.
For his part, Harper made no immediate comment on the economic problems faced by the United States or the European Union, although he was expected to provide his own observations at a news conference later Monday afternoon.
Harper is in Brazil at the start of a week-long trip to Latin America to boost trade, promote democracy, and fight against the security threats posed by organized crime in the region.
His main priority in Brazil is to boost trade with the country which is already the seventh largest economy in the world and is viewed as a burgeoning economic player.
"Your remarkable emergence as a global economic power and your embrace of democratic freedoms after many years of autocratic rule are an inspiration to struggling peoples everywhere," Harper told Rousseff in his statement, delivered in front of journalists.
He promised that while this is his first visit to Brazil, it won't be his last — as he continues to push forward with a strategy to improve relations in Central and South America.
"Brazil, with all its vitality and its enterprising spirit, is a tremendously important part of our plans. We share the fundamental values of democracy, diversity and human rights. We both strive for peace and prosperity at home while accepting global responsibilities."
Harper and Rousseff announced the launch of the Canada-Brazil CEO Forum, which they said is designed to "strengthen the economic and commercial relationship" between their two countries.
"Our government recognizes Brazil as an important economic and strategic partner and is committed to opening up new opportunities for Canadians and their business," said Harper. "The creation of the CEO Forum will expand our commercial ties, create more jobs, and ensure our long-term prosperity."
According to a background paper provided by the Canadian government, the forum will bring together influential business leaders from both countries who will "provide input into the policymaking process of both governments."
Its members will meet "on the margins" of high-level political meetings between Canada and Brazil. The group will be co-chaired by "highly respected and forward-looking Canadians and Brazilian leaders who understand the imperative of working in a world connected by global commerce, opportunity and shared values," according to a Canadian statement.
Two co-chairs appointed by the governments will then be responsible for identifying other CEOs to participate in the forum, which will be tasked with providing "joint recommendations on strategic priorities" for how Canada and Brazil can strengthen their "international competitiveness."
Also Monday, Canada and Brazil signed a bilateral Air Transport Agreement to provide tourists and businesses more choice in airline services, destinations and lower prices, and inked a deal on social security which will bring benefits to Canadians and Brazilians by co-ordinating pension benefits between both countries.
As well, the two nations signed a memorandum of understanding that will involve Canada sharing its "recent experience" in hosting the 2010 Winter Olympics. Brazil will be hosting the summer Olympic games in 2016 and is seeking helping on how to organize the event.
mkennedy@postmedia.com


Read more:http://www.canada.com/business/Brazil+Canada+move+strengthen+commercial+ties/5222663/story.html#ixzz1UTFo5Zfc

Friday, 5 August 2011

Is Socialism Dying a Slow Death? let's Keep Our Fingers Crossed!

I think it is starting to sink in, that socialism does not work and has led to what we are seeing the world over.  Economies in distress because of a few countries who have for generations lived off the government.  This needs to be corrected by all, especially in the U.S. where things are looking really bad.  Here in Canada, we must find a way for Quebec and the Maritimes to stand on their own.  Live within their means, balance budgets and stop looking for handouts from Ottawa and the rest of the country.  It should be law that every government in our dominion has to put forward a balanced budget, no matter what the economy is doing.  Just like families, when things are tough you tighten the purse strings, we should expect no less from our governments!



Italy speeds up austerity to calm financial nerves
ROME — Italy will speed up a package of austerity measures approved last month to achieve budget balance by 2013, Prime Minister Silvio Berlusconi said Friday in a fightback against a wave of financial market panic.
"We believe it is opportune to accelerate the measures... to reach a budget balance early -- in 2013 instead of 2014," Berlusconi said at a news conference.
"We are responding to the demands of markets that are governed by no-one, not even speculators, and operate independently from economic reality," he said.
"We have to recognise that the world has entered a global financial crisis that concerns all countries," he added.
Italy's main centre-left opposition Democratic Party warned that the speeding up of austerity cuts was "irresponsible." Berlusconi's critics say the measures hit Italy's poorest hardest by reducing social welfare payments.
Berlusconi said lawmakers would be called back early from summer recess to start working "immediately" on measures including a constitutional amendment that would force Italian governments to keep balanced budgets.
The amendment -- similar to one in force in Germany -- was announced by Berlusconi after emergency talks with trade unions and big business on Thursday.
"International speculators are paying particular attention to us and we have to put a stop to it," he said on Friday.
Economy Minister Giulio Tremonti meanwhile said the government would also present some major labour market reforms to trade unions and big business.
"The labour market is fundamental for development and investments," he said, adding that there would be a crackdown on a variety of tax exemptions.
Italy has been badly hit on the stock and bond markets in recent weeks by investors concerned about its high public debt, anaemic economic growth, as well as signs of tensions within Berlusconi's centre-right coalition.
Italian shares plunged 13.12 percent this past week, although market rumours that the European Central Bank was intervening to support the highly vulnerable markets for Italian and Spanish bonds helped stem the slide on Friday.
Italy's parliament last month adopted a four-year 48-billion-euro ($68-billion) austerity budget aimed at cutting the public deficit from 4.6 percent of output last year to just 0.2 percent by 2014.
The plan, which included deep cuts to regional subsidies, family tax benefits and top-tier pensions, was heavily criticised by many commentators for delaying by far the most painful cuts until 2013 and 2014.
The mandate of Berlusconi's centre-right government runs out in 2013.
The 74-year-old prime minister's motorcade was met by around 100 protesters outside government offices in central Rome as he arrived for the news conference.
"Clown!" one man shouted. Another said: "You are the ruin of Italy, go home!"
Berlusconi also told reporters he had agreed with French President Nicolas Sarkozy on holding an emergency meeting of G7 finance ministers of leading world economies in a few days to discuss the debt crisis ahead of a possible G8 summit.
France holds the presidency of the G7, G8 and G20 economic powers.
A spokesman for Berlusconi, Paolo Bonaiuti, later said that the prime minister's comments were part of an "ongoing reflection" and did not mean that "a decision has been taken" on the international meeting.

Thursday, 4 August 2011

U.S. Debt Reaches 100 Percent of Country's GDP


U.S. Debt Reaches 100 Percent of Country's GDP

Published August 04, 2011
| FoxNews.com
The U.S. debt surpassed 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed Wednesday, according to AFP. 
The debt, which had been in somewhat of a holding pattern over the past several weeks, rose $238 billion after President Obama signed the debt-ceiling deal into law Tuesday to avoid the country's first-ever default. 
The package is designed to carve $2.4 trillion from the deficit over the next decade. But in the near term, it granted Washington an increase in its borrowing authority worth the same amount. 
With that authority, the public debt has climbed to $14.58 trillion, putting it just over the $14.53 trillion size of the country's economy in 2010. 
As the country moves into a league with deep-in-the-red nations like Italy and Belgium, fiscal conservatives say the fight to cut spending is far from over. 
Senate Minority Leader Mitch McConnell warned Tuesday that Washington will have another fierce debate over spending the next time the debt ceiling is reached -- expected to be in early 2013. McConnell said Washington should welcome, not fear, that debate. 
Bipartisan lawmakers are also expected to get to work soon on a joint committee formed by the newly signed debt-ceiling deal. That committee is tasked with finding about $1.5 trillion in deficit savings, to complement the $900 billion in cuts enacted by the first phase of the bill. 
The last time the debt topped the size of its annual economy was in 1947 during World War II, according to AFP. But the deficit at the time was driven by war spending -- a degree of spending that ebbed once the war ended. The nation's current deficits were exacerbated by the wars in Iraq and Afghanistan, but are also driven in large part by entitlement programs that will not shrink without fundamental changes to their structure -- officials point as well to lost revenue from the recession, tax breaks and increased domestic spending as contributors to the current deficit hole. 
Raising the debt ceiling came hours before Treasury would face the risk of defaulting on the country's loans. 
The contentious debate on Capitol Hill rattled Wall Street for more than a week, as the Dow slid for eight straight days before finishing up 29 points Wednesday.


Read more: http://www.foxnews.com/politics/2011/08/04/us-debt-reaches-100-percent-countrys-gdp/#ixzz1U4dxex1Y