AS THE WORLD TURNS News Weekly
, July 23, 2011
Fourth largest economy in Europe falters
Italy… is the fourth largest economy inEuropeand has among the highest standard of living in the world. Yet the telltale signs of a potential financial crisis have been in place for a number of years.
PresentlyItalyhas a debt-to-GDP ratio of 120 per cent, the highest inEurope. However, the country has been able to handle such a high debt as its economy was relatively stable and so were revenues to the government. That is until 2009. At that point the government began to run high budget deficits and unemployment sky-rocketed….
WhileItalyis not in the same boat withGreece… the massive size of the Italian economy and the amount of euros needed to help that country would demolish the reserves of the Euro Zone and cause a potentially catastrophic financial crisis.
Extract from Morgan Taylor, “Fourth largest economy in Europe falters”, American Thinker, July 12, 2011.
Black America vs. Obama?
“The disappearing black middle class” ran the headline over the Chicago Sun-Times story. And the statistics from the Economic Policy Institute were indeed sobering.
In 2007, best year of the Bush era, white households had a median net worth of $134,280, compared with $13,450 for black households.
By 2009, the median net worth for white households had fallen 24 per cent to $97,860. For black households, it had plummeted 83 per cent to $2,170, a near wipe-out.
As Algernon Austin of EPI’s Program on Race, Ethnicity and the Economy put it, “In 2009, for every dollar of wealth the average white household had, black households had two cents.”
One explanation for this surely is the wave of foreclosures on subprime mortgages, a large share of which were held by African-Americans.
Though 10 per cent of theU.S.civilian labour force, African-Americans are 18 per cent ofU.S.government workers. … These jobs are the backbone of the black middle class.
But … those days are over. And as blackAmericabenefited immensely from the Great Society, so it is likely to hurt most as the cuts come.
Already, black voices are beginning to blame the black president whom fate has chosen to preside over the downsizing.
Obama, saysPrincetonprofessor Cornell West, “lacks backbone.” He is a “black mascot of Wall Street and a black puppet of corporate plutocrats. ... I don’t think in good conscience I could tell anybody to vote for Barack Obama”.
Extract from Patrick J. Buchanan, “Black America vs. Obama?”, The American Cause, July 12, 2011.
UK Chief Rabbi: Equality laws leading to new Mayflower exodus
Britain’s Orthodox Jewish leader, Chief Rabbi Lord Jonathan Sacks, claimed that anti-discrimination policies had fuelled an “erosion of religious liberty” inBritainthat was leading to a new “Mayflower”, a reference to the flight of the persecuted Pilgrim Fathers toAmericain the 17th century.
Speaking to the House of Commons public administration select committee, Lord Sacks said there was “no doubt’’ numbers of religious believers inBritainwere “extraordinarily’’ low.
He continued: “I share a real concern that the attempt to impose the current prevailing template of equality and discrimination on religious organisations is an erosion of religious liberty.
“We are beginning to move back to where we came in the 17th century — a whole lot of people on the Mayflower leaving to find religious freedom elsewhere.”
Extract from Tim Ross, “Chief Rabbi: Equality laws leading to new Mayflower exodus”, The Telegraph (UK), June 30, 2011.