Gunmen abducted an American after breaking into his house in the eastern Pakistani city of Lahore today, officials said, an unusually brazen raid that illustrated the threat to foreigners living in the militancy-wracked country. The US Embassy identified the victim as Warren Weinstein. A man by that name serves as…
Continue reading …Rick Perry is to join former Massachusetts governor Mitt Romney in seeking the nomination to take on Barack Obama The Republican White House race is shaping up as a contest between two of the party’s heavyweights, Texas governor Rick Perry and former Massachusetts governor Mitt Romney. Perry, who has been labelled “Bush on steroids”, is to formally announce he is standing on Saturday at a conservative conference in Charleston, while Romney emerged unscathed from a debate of the presidential candidates in Iowa on Thursday night. The two are likely to leave the rest of the crowded field behind. The debate, which was lacklustre apart from a series of personal jibes early on, confirmed the status as stragglers of candidates such as businessman Herman Cain, former senator Rick Santorum, and former governor of Utah Jon Huntsman. Perry’s announcement comes in the middle of the busiest four days in the Republican calendar so far, with all the candidates concentrated in Iowa, where the first of the party caucuses is scheduled for February. The eight declared candidates, plus Perry, are seeking the Republican nomination to take on Barack Obama as he looks for a second White House term next November. Perry did not take part in the debate in Ames, Iowa, on Thursday because he is not yet officially a candidate, but he is scheduled to visit the state on Sunday. With the skirmishing almost over and the contest becoming serious, the only major question left is whether former vice-presidential candidate Sarah Palin will join the race. Palin kept speculation alive with an email to supporters saying she would put in an appearance at the Iowa state fair, an agricultural show where the candidates were scheduled to make stump speeches throughout Friday. Republicans in Iowa expressed resentment about the timing of Perry’s announcement, which threatens to overshadow party events in the state this weekend. A straw poll of candidates, described by the organisers as the most important event in the Republican nomination calendar outside of an election year, is to be held on Saturday night. But Perry supporters in Iowa insisted the timing was not deliberately disruptive and that Saturday was the earliest he could have made the announcement. Bob Schuman, a Perry supporter speaking on his behalf in the spin room after the debate, said Perry had said he would not make his announcement until after an evangelical prayer rally in Houston last Saturday and had stuck to that promise. Although Perry was not in the debate, Schuman, in the spin room under a placard “Americans for Rick Perry”, attracted as much media attention as representatives of the other candidates and even some of the candidates themselves. Asked how Perry, who makes much of a record of job growth in Texas compared with the national unemployment rate of 9.1%, would campaign against Obama if he won the Republican nomination, he said: “Jobs versus no jobs.” But Obama’s campaign adviser, David Axelrod, interviewed by ABC, challenged Perry’s performance as governor. “When you examine the entire record, what’s happened to education in that state, what’s happened to health care in that state, it’s a record of decimation not of progress,” Axelrod said. Reviewing the debate, Schuman said: “No one really jumped out. Romney has made a decision to play safe but he can’t keep doing that.” He looked forward to the next debate, in California in September, when Perry will be on the stage with the other candidates. “It will be very different next time,” Schuman said. Robert Haus, a veteran political campaigner in Iowa, who helped run the failed campaign of actor and Republican Fred Thompson in 2008, has to remain neutral until after this weekend because he is organising the straw poll. But, asked about Perry, he was enthusiastic. “Perry is a candidate that can bridge the differences in the Republican party. He has a strong record on jobs in Texas and is deeply religious,” Haus said, after a meeting of the right-wing Heritage group in Ames. “He can calm any angry room inside the Republican party.” Iowa, though a small state whose demographics, mainly white, are not typical of the US as a whole, plays a pivotal role in US politics as traditionally the first state to vote in either caucuses or primaries. A good showing can sink a campaign or propel a candidate from obscurity to frontrunner status. The straw poll tonight, though invested with huge importance by some of the candidates, has with hindsight proved to be a poor indicator of the eventual result in Iowa. The liveliest parts of the two-hour debate in Ames were feisty exchanges between Congresswoman Michele Bachmann, who is close to the Tea Party movement, and the former governor of Minnesota, Tim Pawlenty, a dull campaigner who has so far failed to make much of an impression. Needing to win or at least achieve a second or third place in the straw poll, Pawlenty denigrated the record in Congress of Bachmann, who is the frontrunner in polls in Iowa. Adopting a patronising tone, he said Bachmann had done little in her five years in Congress. “She has done some wonderful things in her life but it is an indisputable fact that her record of accomplishment and results is non-existent,” he said. But he picked on the wrong candidate. Bachmann came back recalling his record in office as governor on health, energy and trade. “That sounds a lot more like Barack Obama’s record,” she said. Although Bachmann appeared flustered and at one point even disappeared briefly from the stage, with the television anchor telling viewers that one of the debate candidates was missing, Pawlenty repeatedly fluffed his prepared lines. Afterwards, in the spin-room, Nick Ayers, Pawlenty’s campaign manager, accused Bachmann of starting the fight, claiming she had gone along to the debate with “a pre-planned assault full of misstatements and factual inaccuracies”. Former governor of Utah Huntsman made his debate debut. He has struggled in the polls, too close to the centre for many conservatives and also, unforgivable for many Republicans, he worked in the Obama administration as ambassador to China. But his opening answer was poor. Asked for a detailed plan for tackling the economy, he said limply: “It is coming.” Rick Perry Mitt Romney Republican presidential nomination 2012 United States Republicans Ewen MacAskill guardian.co.uk
Continue reading …Jay Carney, meet Jay Carney. In 2001, the then-Time magazine reporter wrote a snarky piece criticizing President George W. Bush's month-long vacation that was billed as a “Home to the Heartland” tour. But almost exactly 10 years later Carney, now the Obama White House's press secretary is defending President Barack Obama's Midwest job-creation tour and vacation at Martha's Vineyard. “I don't think Americans out there would begrudge that notion that the President would spend some time with his family,” claimed Carney at a recent press briefing. But that's exactly what he, as a private citizen working for Time, did in 2001 with a Republican in the White House, even though the unemployment rate the month before Obama's vacation (9.1 percent) was almost double what it was the month before Bush's (4.6 percent.) Referring to one stop in the tour where Bush assisted in building a trail at the Rocky Mountain National Park, Carney chided: “Bush didn't actually help build that trail so much as he posed for the cameras as he simulated the act of helping build the trail.” Fast forward to August 2011, when Carney complained “the air of cynicism is quite thick” in the briefing room after reporters questioned Obama's upcoming road trip, adding, “The idea that the President of the United States should not venture forth into the country is ridiculous.” Never mind that years earlier the former Time reporter lamented Bush's “cynical attempt” to shape public opinion with a cross-country bus tour. Obama recently promised he “will not rest” until the jobs issue is solved – right before announcing his month-long vacation to Martha's Vineyard. Tisk tisk, Mr. President. 2001 Jay Carney would not be pleased. (H/T Mark Levin Show) –Alex Fitzsimmons is a News Analysis intern at the Media Research Center. Click here to follow him on Twitter.
Continue reading …Sarah Palin and Rick Perry still not formally seeking presidential nomination, so Romney and Bachmann will vie for spotlight • In pictures: Republican contenders in Iowa The Republican race for the White House heats up over the next three days, beginning on Thursday night with a nationally televised debate where some contestants will be vying to become the frontrunner and others trying to avoid being knocked out. With eight declared candidates on stage, it is already a crowded field. But a lot of the focus in the hall will be on two absent Republicans: Texas governor Rick Perry, who is expected to announce on Saturday that he is planning to join the race, which is likely to see him move into first position; and Sarah Palin, who has not declared but will continue her tease of supporters with a visit to Iowa. The event at Iowa state university in Ames is the biggest of the presidential debates so far as Republicans battle it out to take on Barack Obama for the White House in 2012. Mitt Romney, who lost out to John McCain for the Republican nomination in 2008, is the current frontrunner nationwide, while congresswoman Michele Bachmann is, according to polls, the frontrunner in Iowa, where the first caucus is scheduled to be held in February. For other candidates such as businessman Herman Cain, former House speaker Newt Gingrich and former senator Rick Santorum, the debate may be a last chance to prevent their campaigns running out of financial backers and volunteers. The debate, sponsored by Fox News and the Washington Examiner, will see the debut of Jon Huntsman, former US ambassador to Beijing in the Obama administration. Huntsman has positioned himself more to the centre than others on the stage. He has failed to make any impression so far on the campaign. The debate comes two days before the Iowa straw poll. A good performance could help push a candidate into the top spot. “It puts so much pressure on these candidates to perform well,” Chuck Laudner, a former executive director of the Republican party of Iowa, told the Des Moines Register. “A bad performance has the real chance of sinking their straw poll numbers.” Romney failed to connect with voters in Iowa in 2008. He is not officially standing in the straw poll on Saturday, mainly because he knows he would lose it. Huntsman is not standing either for the same reason. It is a traditionally important election event in which campaign teams invest lots of money and energy; a piece of old-fashioned theatre in which candidates occupy tent space and are available for most of the day to the electorate. As an added attraction Bachmann is offering live music, provided by a country and western band. Laudner told the Des Moines Register the best strategy for those taking part in the debate would be to ignore Romney. “They’re speaking to the straw poll crowd and they’ve got him beat at the straw poll already,” he said. “If anybody they’d probably take a shot or two at Rick Perry.” The candidate under the most pressure in the debate is Tim Pawlenty, the former governor of Minnesota, who is basing his campaign on winning Iowa but has seen Bachmann pull ahead after a strong performance in the last debate in New Hampshire. Pawlenty was widely viewed as being too cautious in that debate, unwilling to take on Romney on issues such as health. Ron Paul, an outsider, commands a fervant band of supporters and is good at fundraising, both of which should ensure he does well in the straw poll. Although much time is devoted to the poll, past results have proved to be a poor indicator of the eventual winner in Iowa, never mind the eventual Republican nominee. Perry is scheduled to visit Iowa on Sunday after trips on Saturday to South Carolina and New Hampshire, other early voting states in the Republican nomination battle. Palin’s supporters in Iowa say they expect her to make an appearance on Friday at the Iowa state fair. She sent an email out on Wednesday that she would be heading to Iowa with her bus tour, which began on the East Coast in May. The next big debate is scheduled for September, in California, and Perry is likely to be in the race by then. Republican presidential nomination 2012 United States Republicans US elections 2012 US politics Sarah Palin Rick Perry Mitt Romney Ron Paul Michele Bachmann Tim Pawlenty Jon Huntsman Ewen MacAskill guardian.co.uk
Continue reading …After a long stand off between President Obama and Congress over the debt ceiling, even reaching a compromise before the deadline couldn’t stop Standard & Poor’s from downgrading America’s credit rating from AAA to AA+. On Monday night’s “Daily Show,” Jon Stewart reacted to the news not by attacking the President or Republicans, but by expressing his disappointment in Standard & Poor’s. “Who’s going to listen to a company whose name translates to ‘average and below average’?” Stewart joked, before showing his usual slew of clips demonstrating just how dire the situation is. On Monday stocks plunged, leading analysts to believe the downgrade is wrecking consumer confidence and raising fears of a second recession. Calling the downgrade “A slap in the face” several times, Stewart noted that many smaller countries (including the Isle of Man) still have AAA ratings. He also pointed out that even though S&P miscalculated our projected deficit by $2 trillion, they are still sticking with their decision to downgrade. Watch the full, eight-minute segment below to hear Stewart examine exactly why we were downgraded, including speculation over the Tea Party’s rigid stance on revenue increases, our immature negotiation practices and “The world’s most misguided tangerine” Speaker of the House John Boehner. WATCH: International users click here to watch
Continue reading …Britain’s fragile recovery is being plagued by high inflation, low interest rates and mayhem in the world’s financial markets Sir Mervyn King warned that the headwinds facing Britain’s fragile economic recovery were becoming “stronger by the day”, as the Bank of England cut its growth forecasts. City analysts predicted that interest rates would remain at their record low of 0.5% until 2013, after the governor used his quarterly inflation report briefing to warn that the UK could not be isolated from the turmoil in the global economy. As George Osborne, the chancellor, prepared to address the House of Commons on Thursday on the risks for the UK from the mayhem in world financial markets, the Bank’s nine-member monetary policy committee (MPC) downgraded its growth forecast to about 1.5% this year. That was down from 1.8% in its last report three months ago, and weaker than the 1.7% pencilled in by the Office for Budget Responsibility. King warned that the Bank’s number-crunchers had not included in their forecasts what he called “the unimaginable and the unmentionable” – risks impossible to quantify, such as a full-blown sovereign debt crisis in the eurozone. “It is very important that we do not see the development of a sovereign debt crisis.” For 2012, the Bank is now projecting growth of about 2%, against the OBR’s 2.5%. It expects cash-strapped consumers, hit by tax rises and rapid increases in the cost of living, to continue tightening their belts. “The squeeze in households’ real incomes is likely to continue to weigh on domestic demand, especially over the next year or so,” the MPC said in the report. “But expansionary monetary policy, prospective growth in global demand and the current level of sterling should mean that, after some near-term weakness, GDP growth picks up.” King said that the drama in the markets reflected the fact that the imbalances built up in the global economy during the boom years had still not been resolved, and the Bank would be unable to cushion the UK from the fallout. “There’s a limit to what monetary policy can do,” he said. “There are significant adjustments that need to be made.” The governor made clear that a fresh round of “quantitative easing” – the injection of electronically created money into the economy – remains an option if the situation deteriorated further. Peter Dixon, UK economist at Commerzbank, said, “unsurprisingly, Sir Mervyn King maintained his long-standing view that the BoE still had some shots in its locker, including more asset purchases if necessary.” The governor rejected the idea that the Bank could follow the US Federal Reserve and make a long-term commitment to keep interest rates at current levels, however. In a bid to calm chaotic financial markets, the Fed suggested on Tuesday that borrowing costs would remain at their current exceptionally low levels until 2013. But King argued: “I think it’s very dangerous to try to make a commitment. To lock in monetary policy now for two years does not seem to me to be particularly sensible.” He added that financial markets in Britain already expected interest rates to be held for the foreseeable future. George Buckley, chief UK economist at Deutsche Bank, noted that the Bank’s forecasts suggested that without fresh monetary stimulus, such as a new round of quantitative easing, inflation would be below the MPC’s 2% target in two years. “The Bank’s signalling may be less obvious than that of the Fed, but in its own way it is telling us that rates are likely to remain low for a long period,” added Buckley. After King’s bearish assessment, RBS joined other City banks in forecasting that there would be no rise in interest rates until 2013 at the earliest. The MPC expects inflation to peak later this year at about 5%, driven by soaring utilities bills, but to fall rapidly in 2012, as the effect of oil price rises and the VAT increase wear off. The MPC’s analysis suggested the deep recession that followed the credit crunch has left lasting scars on the economy. “Output is likely to remain significantly below its pre-recession trend,” it said, warning that even by 2014, GDP growth is only, “a little more likely to be above its historical average than below it”. Brendan Barber, TUC general secretary, said: “This recovery is already the slowest on record, and the Bank’s assessment that it may take another three years for us just to recover lost ground shows that the pain is set to continue for some time.” King said it was far too soon to say whether there was any connection between economic weakness and the riots. He stressed that the private sector had created many more jobs than had been lost through public-sector cuts over the past 12 months. ‘The unimaginable and the unmentionable’ The risks too scary for the Bank of England to calculate: Eurozone break-up As the continued sell-off in European markets makes clear, the future of the single currency looks alarmingly uncertain. Perhaps hard-hit Greece will decide it’s had enough and leave – or maybe the entire 17-member bloc will be blown apart. Middle East conflagration A worst-case scenario has the stand-off in Libya and the Syrian unrest spiral into a much wider conflict, sending world oil prices rocketing. 1930s-style protectionism As Mervyn King said, creditors and debtors – east and west, China and the US – still have to work out how to share losses from the financial crisis. The pain could be evenly shared or end in a tit-for-tat trade war, with everyone worse off. Military conflict The world economy is already perilously weak, and confidence is in tatters. Any sabre-rattling, from North Korea to the Caucasus, could be shattering. Bank of England Mervyn King Economic growth (GDP) Economics Interest rates US Interest rates Inflation Global economy Stock markets Euro Heather Stewart guardian.co.uk
Continue reading …Britain’s fragile recovery is being plagued by high inflation, low interest rates and mayhem in the world’s financial markets Sir Mervyn King warned that the headwinds facing Britain’s fragile economic recovery were becoming “stronger by the day”, as the Bank of England cut its growth forecasts. City analysts predicted that interest rates would remain at their record low of 0.5% until 2013, after the governor used his quarterly inflation report briefing to warn that the UK could not be isolated from the turmoil in the global economy. As George Osborne, the chancellor, prepared to address the House of Commons on Thursday on the risks for the UK from the mayhem in world financial markets, the Bank’s nine-member monetary policy committee (MPC) downgraded its growth forecast to about 1.5% this year. That was down from 1.8% in its last report three months ago, and weaker than the 1.7% pencilled in by the Office for Budget Responsibility. King warned that the Bank’s number-crunchers had not included in their forecasts what he called “the unimaginable and the unmentionable” – risks impossible to quantify, such as a full-blown sovereign debt crisis in the eurozone. “It is very important that we do not see the development of a sovereign debt crisis.” For 2012, the Bank is now projecting growth of about 2%, against the OBR’s 2.5%. It expects cash-strapped consumers, hit by tax rises and rapid increases in the cost of living, to continue tightening their belts. “The squeeze in households’ real incomes is likely to continue to weigh on domestic demand, especially over the next year or so,” the MPC said in the report. “But expansionary monetary policy, prospective growth in global demand and the current level of sterling should mean that, after some near-term weakness, GDP growth picks up.” King said that the drama in the markets reflected the fact that the imbalances built up in the global economy during the boom years had still not been resolved, and the Bank would be unable to cushion the UK from the fallout. “There’s a limit to what monetary policy can do,” he said. “There are significant adjustments that need to be made.” The governor made clear that a fresh round of “quantitative easing” – the injection of electronically created money into the economy – remains an option if the situation deteriorated further. Peter Dixon, UK economist at Commerzbank, said, “unsurprisingly, Sir Mervyn King maintained his long-standing view that the BoE still had some shots in its locker, including more asset purchases if necessary.” The governor rejected the idea that the Bank could follow the US Federal Reserve and make a long-term commitment to keep interest rates at current levels, however. In a bid to calm chaotic financial markets, the Fed suggested on Tuesday that borrowing costs would remain at their current exceptionally low levels until 2013. But King argued: “I think it’s very dangerous to try to make a commitment. To lock in monetary policy now for two years does not seem to me to be particularly sensible.” He added that financial markets in Britain already expected interest rates to be held for the foreseeable future. George Buckley, chief UK economist at Deutsche Bank, noted that the Bank’s forecasts suggested that without fresh monetary stimulus, such as a new round of quantitative easing, inflation would be below the MPC’s 2% target in two years. “The Bank’s signalling may be less obvious than that of the Fed, but in its own way it is telling us that rates are likely to remain low for a long period,” added Buckley. After King’s bearish assessment, RBS joined other City banks in forecasting that there would be no rise in interest rates until 2013 at the earliest. The MPC expects inflation to peak later this year at about 5%, driven by soaring utilities bills, but to fall rapidly in 2012, as the effect of oil price rises and the VAT increase wear off. The MPC’s analysis suggested the deep recession that followed the credit crunch has left lasting scars on the economy. “Output is likely to remain significantly below its pre-recession trend,” it said, warning that even by 2014, GDP growth is only, “a little more likely to be above its historical average than below it”. Brendan Barber, TUC general secretary, said: “This recovery is already the slowest on record, and the Bank’s assessment that it may take another three years for us just to recover lost ground shows that the pain is set to continue for some time.” King said it was far too soon to say whether there was any connection between economic weakness and the riots. He stressed that the private sector had created many more jobs than had been lost through public-sector cuts over the past 12 months. ‘The unimaginable and the unmentionable’ The risks too scary for the Bank of England to calculate: Eurozone break-up As the continued sell-off in European markets makes clear, the future of the single currency looks alarmingly uncertain. Perhaps hard-hit Greece will decide it’s had enough and leave – or maybe the entire 17-member bloc will be blown apart. Middle East conflagration A worst-case scenario has the stand-off in Libya and the Syrian unrest spiral into a much wider conflict, sending world oil prices rocketing. 1930s-style protectionism As Mervyn King said, creditors and debtors – east and west, China and the US – still have to work out how to share losses from the financial crisis. The pain could be evenly shared or end in a tit-for-tat trade war, with everyone worse off. Military conflict The world economy is already perilously weak, and confidence is in tatters. Any sabre-rattling, from North Korea to the Caucasus, could be shattering. Bank of England Mervyn King Economic growth (GDP) Economics Interest rates US Interest rates Inflation Global economy Stock markets Euro Heather Stewart guardian.co.uk
Continue reading …Britain’s fragile recovery is being plagued by high inflation, low interest rates and mayhem in the world’s financial markets Sir Mervyn King warned that the headwinds facing Britain’s fragile economic recovery were becoming “stronger by the day”, as the Bank of England cut its growth forecasts. City analysts predicted that interest rates would remain at their record low of 0.5% until 2013, after the governor used his quarterly inflation report briefing to warn that the UK could not be isolated from the turmoil in the global economy. As George Osborne, the chancellor, prepared to address the House of Commons on Thursday on the risks for the UK from the mayhem in world financial markets, the Bank’s nine-member monetary policy committee (MPC) downgraded its growth forecast to about 1.5% this year. That was down from 1.8% in its last report three months ago, and weaker than the 1.7% pencilled in by the Office for Budget Responsibility. King warned that the Bank’s number-crunchers had not included in their forecasts what he called “the unimaginable and the unmentionable” – risks impossible to quantify, such as a full-blown sovereign debt crisis in the eurozone. “It is very important that we do not see the development of a sovereign debt crisis.” For 2012, the Bank is now projecting growth of about 2%, against the OBR’s 2.5%. It expects cash-strapped consumers, hit by tax rises and rapid increases in the cost of living, to continue tightening their belts. “The squeeze in households’ real incomes is likely to continue to weigh on domestic demand, especially over the next year or so,” the MPC said in the report. “But expansionary monetary policy, prospective growth in global demand and the current level of sterling should mean that, after some near-term weakness, GDP growth picks up.” King said that the drama in the markets reflected the fact that the imbalances built up in the global economy during the boom years had still not been resolved, and the Bank would be unable to cushion the UK from the fallout. “There’s a limit to what monetary policy can do,” he said. “There are significant adjustments that need to be made.” The governor made clear that a fresh round of “quantitative easing” – the injection of electronically created money into the economy – remains an option if the situation deteriorated further. Peter Dixon, UK economist at Commerzbank, said, “unsurprisingly, Sir Mervyn King maintained his long-standing view that the BoE still had some shots in its locker, including more asset purchases if necessary.” The governor rejected the idea that the Bank could follow the US Federal Reserve and make a long-term commitment to keep interest rates at current levels, however. In a bid to calm chaotic financial markets, the Fed suggested on Tuesday that borrowing costs would remain at their current exceptionally low levels until 2013. But King argued: “I think it’s very dangerous to try to make a commitment. To lock in monetary policy now for two years does not seem to me to be particularly sensible.” He added that financial markets in Britain already expected interest rates to be held for the foreseeable future. George Buckley, chief UK economist at Deutsche Bank, noted that the Bank’s forecasts suggested that without fresh monetary stimulus, such as a new round of quantitative easing, inflation would be below the MPC’s 2% target in two years. “The Bank’s signalling may be less obvious than that of the Fed, but in its own way it is telling us that rates are likely to remain low for a long period,” added Buckley. After King’s bearish assessment, RBS joined other City banks in forecasting that there would be no rise in interest rates until 2013 at the earliest. The MPC expects inflation to peak later this year at about 5%, driven by soaring utilities bills, but to fall rapidly in 2012, as the effect of oil price rises and the VAT increase wear off. The MPC’s analysis suggested the deep recession that followed the credit crunch has left lasting scars on the economy. “Output is likely to remain significantly below its pre-recession trend,” it said, warning that even by 2014, GDP growth is only, “a little more likely to be above its historical average than below it”. Brendan Barber, TUC general secretary, said: “This recovery is already the slowest on record, and the Bank’s assessment that it may take another three years for us just to recover lost ground shows that the pain is set to continue for some time.” King said it was far too soon to say whether there was any connection between economic weakness and the riots. He stressed that the private sector had created many more jobs than had been lost through public-sector cuts over the past 12 months. ‘The unimaginable and the unmentionable’ The risks too scary for the Bank of England to calculate: Eurozone break-up As the continued sell-off in European markets makes clear, the future of the single currency looks alarmingly uncertain. Perhaps hard-hit Greece will decide it’s had enough and leave – or maybe the entire 17-member bloc will be blown apart. Middle East conflagration A worst-case scenario has the stand-off in Libya and the Syrian unrest spiral into a much wider conflict, sending world oil prices rocketing. 1930s-style protectionism As Mervyn King said, creditors and debtors – east and west, China and the US – still have to work out how to share losses from the financial crisis. The pain could be evenly shared or end in a tit-for-tat trade war, with everyone worse off. Military conflict The world economy is already perilously weak, and confidence is in tatters. Any sabre-rattling, from North Korea to the Caucasus, could be shattering. Bank of England Mervyn King Economic growth (GDP) Economics Interest rates US Interest rates Inflation Global economy Stock markets Euro Heather Stewart guardian.co.uk
Continue reading …GameFly hasn’t wasted any time jumping into the digital download waters after acquiring IGN’s Direct2Drive platform a little over two months ago. Set to launch September 8th in beta form, its new “Unlimited PC Play” service will offer subscribers access to 100-plus downloadable PC and Mac titles, with hundreds more expected in time for the official end of year launch. Fans of the video game rental outfit’s snail mail subscription service don’t have to worry about a shift to digital only, as the company has no plans to abandon its “unique combination of console and digital PC game offerings.” Interested in getting an early peek at the new platform? If you live in the Los Angeles area, you can look forward to a planned beta launch party next month, where access codes for the new, invite-only service will be distributed. The rest of you PC gaming warriors will just have to settle for a sign-up page at the source. GameFly to launch ‘Unlimited PC Play’ download service, offer less incentive to leave the house originally appeared on Engadget on Wed, 10 Aug 2011 20:48:00 EDT. Please see our terms for use of feeds . Permalink
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