There is a notable double standard that exists between what Republicans and Democrats are allowed to say. The same words can be construed as racist or sexist when coming from a Republican, but entirely admissible when coming from a Democrat. Rep. Allen West recently wrote a strongly-worded letter targeting Rep. Debbie Wasserman Schultz for berating him behind his back on the House floor. He received a number of complaints calling him sexist, while Wasserman Schultz, who has made a number of similar, potentially offensive comments, received none of the same flak. Do you think the overt push for political correctness has led to this double standard?
Continue reading …In October 25, 2007, a U.S. Army specialist in Afghanistan braved enemy fire in an attempt to save a fellow soldier who had been wounded in an ambush. An insurgent bullet struck his armored chest plate, knocking him down. He got up and rushed back into enemy fire to retrieve his fallen comrade. He threw several hand grenades toward the enemy, and was able to grab his colleague and immediately begin first aid. Though the man he'd risked his life for later died from the wounds, his heroic actions didn't go unnoticed. Army Staff Sgt. Salvatore Giunta, received the medal of honor on November 16, 2010 from the White House for his valiant actions in attempting to save his fellow soldier. But you won't hear much about this real life hero in the media or in Hollywood. Chances are, you didn't even know his name. But you probably do know the names John Gotti, Whitey Bulger, D.B. Cooper, Julian Assange. You've no doubt heard of the “Barefoot Bandit.” Those are the anti-heroes whose stories the media chooses to tell. Murderous mob bosses on the run for years, bank-robbing skyjackers, mysterious international computer hackers and whimsical thieves are called “notorious legends,” celebrated for their daring, Hollywood movie-like crimes. Meanwhile, those who suffered bullet wounds and amputations for protecting our freedoms are mentioned in passing, maybe called “heroes,” before the media skips to the next story. While it's true that people have always been fascinated with crime and have a tendency to romanticize outlaws, but there wasn't a shortage of tales about conventional heroes to balance things out – especially during war time. In the 1940s, for every film about gangsters there was one (or more) about the heroism of the U.S. armed forces. But since the 1960s, anti-hero stories have been standard Hollywood fare. And we can expect more of the same. The FBI has what it calls a “promising” lead in the case of D.B. Cooper, the man suspected of skyjacking a plane in 1971, demanding $200,000, and parachuting out of the plane with the cash, never to be heard from again. According to recent reports, a man unrelated to the case, has come forward with an item that could prove to be a promising link to the 40 year case. 'A forensics lab in Quantico, Virginia is testing the unnamed item, an NBC news report read. “DNA from it will be compared to a tie clip left behind on the hijacked plane.” The D.B. Cooper case sounds like a Hollywood movie (and it was made into one, 1981's “The Pursuit of D.B. Cooper,” starring Treat Williams and Robert Duvall), as does the case of missing mobster Whitey Bulger, who inspired Jack Nicholson's character in “The Departed,” a 2006 Hollywood blockbuster. A famous New England mob boss, Whitey Bulger is wanted for 19 counts of murder and has been on the run from federal authorities for 16 years. That is, until June 22, 2011 when authorities found and captured Bulger in Southern California. But these exciting stories and the media coverage that ensues only serves to make these criminals into heroic rebels. And it isn't just the 30 and 40 year old cases that fascinate the media, but recent crime sprees as well. The “barefoot bandit” was another example of media fascination with a criminal on the run. The 20-year-old shoe-less thief was on the run for nearly two years and wanted in nine states for a series of burglaries. Colton Harris-Moore was caught and pleaded guilty for several crimes on June 18, 2011. Harris-Moore was featured in more than 80 network news shows since October 2009, with many describing him as “notorious” and “famous” as the police “hunt for a legend.” The AP called the 'barefoot bandit' a man of “international notoriety.” On the July 25, 2010 “Good Morning America” broadcast, ABC's Bill Weir called the chase a “fascinating saga.” Another recent case, and one that provides a profound contrast with the story of Sgt. Giunta, is that of Wikileaks founder Julian Assange. Assange attained hero status among his left-wing, anti-American supporters, and the media fawned as well. Assange, who published thousands of leaked U.S. Military war documents, has been called “mysterious” and “eccentric” by CBS's reporter Steve Kroft, who also repeated that Assange has been called a “hero” and “martyr.” Richard Stengel, a Time magazine editor called him “idealist” and “information anarchist.” The most egregious examples come from the left wing sites that hailed the international villain. Salon.com suggested he was a hybrid of a Bond villain or Jason Bourne character. Amnesty International called him a “new-media innovator” and Australian newspapers called him an “outlaw folk hero.” DreamWorks has bought the rights to the WikiLeaks story, according to a March ABC news story that dutifully referred to Assange as “the international man of mystery himself” and speculated on which Hollywood star would play the America-hating Australian. As for the “Barefoot Bandit,” Variety reported last year that Fox bought the feature rights. But don't hold your breath for bio-pics about heroes like Army Staff Sgt. Giunta and Medal of Honor winner Sgt. 1st Class Leroy Petry. U.S. Army Sergeant 1st Class Leroy Petry received the medal of honor from the White house last month and was recognized for his actions in May 2008 in Afghanistan when he (after being shot in both legs) picked up a live grenade that had been thrown at his platoon of Army Rangers, and threw it in order to save his fellow soldiers. Petry's hand was blown off from the grenade's explosion, but he somehow applied a tourniquet and continued to fight until all his men had been evacuated. It's the stuff movies are made of – or, at least, used to be made of.
Continue reading …Judge orders investigation into controversial decision made by new IMF chief in 2007 when she was French finance minister A French court has ordered a formal investigation into whether the IMF head Christine Lagarde abused her position when she was finance minister in allowing a huge state settlement to a businessman friend of President Nicolas Sarkozy. The court of justice of the republic, a special tribunal qualified to judge ministers, ruled there were grounds to examine Lagarde’s role in arbitrating in favour of the controversial tycoon Bernard Tapie in 2008. Tapie, the former owner of the football club Olympic Marseille and Socialist minister, served a seven-month jail term in 1997 for match-fixing and has a tax fraud conviction. In recent years he has made a remarkable public comeback as an actor, singer, chatshow host – and prominent supporter of the president. The Largarde investigation concerns a decades-long legal dispute Tapie had with a former state-owned bank which he claimed cheated him when handling the 1993 sale of his Adidas sports empire. In 2007, Lagarde ended the dispute by ordering a special panel of judges to arbitrate an out-of-court settlement. They ruled that Tapie should receive €285m (£247m) in damages from the public purse, a ruling that scandalised opposition politicians. A judicial inquiry will now examine Lagarde’s decision to order arbitration instead of letting the Tapie affair be decided by the courts. It will also consider whether she refused expert advice to appeal against the huge payout, simply allowing Tapie to walk away with his cheque. The French inquiry into Lagarde is likely to drag on for years and could cast a shadow over her leadership of the IMF. At the end of the investigation, judges will decide whether she should face trial. Lagarde has denied any misconduct in the case. Lagarde, a lawyer who was one of Sarkozy’s most popular ministers, took over leadership of the IMF in Washington on 5 July after the former head, Dominique Strauss-Kahn, resigned amid allegations he attempted to rape a New York hotel maid. Lagarde’s lawyer, Yves Repiquet, immediately issued a statement saying the French judicial inquiry would not affect her IMF duties. “This procedure is in no way incompatible with the current functions of the managing director of the IMF,” he said. Christine Lagarde IMF Nicolas Sarkozy France Marseille guardian.co.uk
Continue reading …Judge orders investigation into controversial decision made by new IMF chief in 2007 when she was French finance minister A French court has ordered a formal investigation into whether the IMF head Christine Lagarde abused her position when she was finance minister in allowing a huge state settlement to a businessman friend of President Nicolas Sarkozy. The court of justice of the republic, a special tribunal qualified to judge ministers, ruled there were grounds to examine Lagarde’s role in arbitrating in favour of the controversial tycoon Bernard Tapie in 2008. Tapie, the former owner of the football club Olympic Marseille and Socialist minister, served a seven-month jail term in 1997 for match-fixing and has a tax fraud conviction. In recent years he has made a remarkable public comeback as an actor, singer, chatshow host – and prominent supporter of the president. The Largarde investigation concerns a decades-long legal dispute Tapie had with a former state-owned bank which he claimed cheated him when handling the 1993 sale of his Adidas sports empire. In 2007, Lagarde ended the dispute by ordering a special panel of judges to arbitrate an out-of-court settlement. They ruled that Tapie should receive €285m (£247m) in damages from the public purse, a ruling that scandalised opposition politicians. A judicial inquiry will now examine Lagarde’s decision to order arbitration instead of letting the Tapie affair be decided by the courts. It will also consider whether she refused expert advice to appeal against the huge payout, simply allowing Tapie to walk away with his cheque. The French inquiry into Lagarde is likely to drag on for years and could cast a shadow over her leadership of the IMF. At the end of the investigation, judges will decide whether she should face trial. Lagarde has denied any misconduct in the case. Lagarde, a lawyer who was one of Sarkozy’s most popular ministers, took over leadership of the IMF in Washington on 5 July after the former head, Dominique Strauss-Kahn, resigned amid allegations he attempted to rape a New York hotel maid. Lagarde’s lawyer, Yves Repiquet, immediately issued a statement saying the French judicial inquiry would not affect her IMF duties. “This procedure is in no way incompatible with the current functions of the managing director of the IMF,” he said. Christine Lagarde IMF Nicolas Sarkozy France Marseille guardian.co.uk
Continue reading …A succession of oil spills by Shell and other companies over half a century will cost $1bn to clean up, according to a major report • Read the UN’s Ogoniland report here Cleaning up a succession of oil spills in the Niger delta that have occurred over five decades will cost $1bn and take up to 30 years, according to a major UN report into oil contamination in the region. The United Nations Environment Programme (Unep) will announce on Thursday that Shell and other oil companies have for half a century systematically contaminated and failed to clean up a 1,000 square kilometre area of the Niger delta with devastating consequences for human health and wildlife. A leaked summary of Unep’s Ogoniland study – the first major scientific study of pollution in the oil rich area – has been seen by the Guardian. It calls for a $1bn clean-up fund and says it will take 25-30 years to restore the environment. Much of the funding for the clean-up would need to come from the oil companies. The three-year-long investigation records heavy contamination of land and underground water courses more than 40 years after oil was spilled; communities’ drinking water with dangerous concentrations of benzene and other pollutants; and soil contamination reaching more than five metres deep in many areas studied. It recommends that emergency measures be taken to warn communities and immediately remediate drinking water wells, and that Shell and other companies working throughout the delta should completely overhaul the way they operate. The Unep team of more than 50 international pollution experts collected more than 4,000 samples of soil, fish and air and investigated in-depth 69 out of many hundreds of historical oil spills that have taken place in Ogoniland in the past 50 years. The team studied 5,000 medical records and held 260 meetings with communities. It is expected that the report will act as a baseline study for a massive clean-up operation that the UN wants to see. Other findings include: • Most of the oil spill sites that the companies claim to have cleaned up are still highly contaminated; • Oil companies have dumped contaminated soil in unlined pits; • Bodies of water are coated with hydrocarbons more than 1,000 times the level allowed by Nigerian drinking water standards; • Shell and other companies have not met minimum Nigerian requirements or their own standards. Oil drilling in Ogoniland ceased in 1994 after Shell was ejected from the communities for widespread pollution and failing to help development in the area. More than £30bn of oil has been extracted from the area but the vast majority of people are worse off than before the companies arrived. “Even though oil operations have ceased in Ogoniland, oil spills continue to occur in alarming regularity. Since life expectancy in Nigeria is less than 50 years it is a fair assumption that most people in Ogoniland have lived with chronic oil pollution throughout their lives,” the report says. “Ogoniland has a tragic history of pollution but systematic scientific information has been absent about the ensuing contamination,” says the report. Because oil company records and investigations of spills in the delta are heavily disputed and politically sensitive, the UN has been careful not to apportion blame for any particular spill. But because Shell subsidiary Shell Petroleum Development Corporation which works in partnership with the Nigerian government, has been by far the largest operator in the region, the report will be seen as effectively an investigation of their practices. The independent report was paid for in part by Shell, and commissioned by the Nigerian government. The UN team was clearly shocked at some of their findings. In one place, Ejama Ebubu, the study found heavy contamination from a spill that took place more than 40 years ago “despite repeated clean up attempts”. In Nisisoken Ogale in Eleme, close to a Nigerian national petroleum company pipeline, researchers found 8cm of refined oil floating on ground water that served community wells. “Pollution of soil is extensive and widespread and severely impacting,” says the report, which will be presented to the president, Goodluck Jonathan, in the Nigerian state capital Abuja on Thursday and will be released on Friday in London. “The widespread pollution of Ogoniland as documented does not come as a surprise because the manifestation is physical and people have been living in that putrid situation of decades now,” said Nnimmo Bassey, chair of Friends of the Earth International and director of Nigeria-based Environment Rights Action . “Now we know that it will take up to 30 years to remediate the impacts, especially on the mangroves of the region. The entire saga smacks of a situation of complete livelihoods decimation of the Ogoni people.” “Unep’s recommendation that an Environmental Restoration Fund for Ogoniland be set up with a take off sum of $1bn is applauded. But we need a larger fund for the entire Niger delta.” On Wednesday the Guardian revealed that Shell had accepted responsibility for two massive oil spills in the region that devastated a community of 69,000 people . Combined, the spills could be larger than the 1989 Exxon Valdez disaster in Alaska and Shell faces a bill of hundreds of millions of dollars in compensation. Oil spills Pollution Oil Oil Energy Fossil fuels Nigeria Africa United Nations Royal Dutch Shell Oil and gas companies Natural resources and development John Vidal guardian.co.uk
Continue reading …A succession of oil spills by Shell and other companies over half a century will cost $1bn to clean up, according to a major report • Read the UN’s Ogoniland report here Cleaning up a succession of oil spills in the Niger delta that have occurred over five decades will cost $1bn and take up to 30 years, according to a major UN report into oil contamination in the region. The United Nations Environment Programme (Unep) will announce on Thursday that Shell and other oil companies have for half a century systematically contaminated and failed to clean up a 1,000 square kilometre area of the Niger delta with devastating consequences for human health and wildlife. A leaked summary of Unep’s Ogoniland study – the first major scientific study of pollution in the oil rich area – has been seen by the Guardian. It calls for a $1bn clean-up fund and says it will take 25-30 years to restore the environment. Much of the funding for the clean-up would need to come from the oil companies. The three-year-long investigation records heavy contamination of land and underground water courses more than 40 years after oil was spilled; communities’ drinking water with dangerous concentrations of benzene and other pollutants; and soil contamination reaching more than five metres deep in many areas studied. It recommends that emergency measures be taken to warn communities and immediately remediate drinking water wells, and that Shell and other companies working throughout the delta should completely overhaul the way they operate. The Unep team of more than 50 international pollution experts collected more than 4,000 samples of soil, fish and air and investigated in-depth 69 out of many hundreds of historical oil spills that have taken place in Ogoniland in the past 50 years. The team studied 5,000 medical records and held 260 meetings with communities. It is expected that the report will act as a baseline study for a massive clean-up operation that the UN wants to see. Other findings include: • Most of the oil spill sites that the companies claim to have cleaned up are still highly contaminated; • Oil companies have dumped contaminated soil in unlined pits; • Bodies of water are coated with hydrocarbons more than 1,000 times the level allowed by Nigerian drinking water standards; • Shell and other companies have not met minimum Nigerian requirements or their own standards. Oil drilling in Ogoniland ceased in 1994 after Shell was ejected from the communities for widespread pollution and failing to help development in the area. More than £30bn of oil has been extracted from the area but the vast majority of people are worse off than before the companies arrived. “Even though oil operations have ceased in Ogoniland, oil spills continue to occur in alarming regularity. Since life expectancy in Nigeria is less than 50 years it is a fair assumption that most people in Ogoniland have lived with chronic oil pollution throughout their lives,” the report says. “Ogoniland has a tragic history of pollution but systematic scientific information has been absent about the ensuing contamination,” says the report. Because oil company records and investigations of spills in the delta are heavily disputed and politically sensitive, the UN has been careful not to apportion blame for any particular spill. But because Shell subsidiary Shell Petroleum Development Corporation which works in partnership with the Nigerian government, has been by far the largest operator in the region, the report will be seen as effectively an investigation of their practices. The independent report was paid for in part by Shell, and commissioned by the Nigerian government. The UN team was clearly shocked at some of their findings. In one place, Ejama Ebubu, the study found heavy contamination from a spill that took place more than 40 years ago “despite repeated clean up attempts”. In Nisisoken Ogale in Eleme, close to a Nigerian national petroleum company pipeline, researchers found 8cm of refined oil floating on ground water that served community wells. “Pollution of soil is extensive and widespread and severely impacting,” says the report, which will be presented to the president, Goodluck Jonathan, in the Nigerian state capital Abuja on Thursday and will be released on Friday in London. “The widespread pollution of Ogoniland as documented does not come as a surprise because the manifestation is physical and people have been living in that putrid situation of decades now,” said Nnimmo Bassey, chair of Friends of the Earth International and director of Nigeria-based Environment Rights Action . “Now we know that it will take up to 30 years to remediate the impacts, especially on the mangroves of the region. The entire saga smacks of a situation of complete livelihoods decimation of the Ogoni people.” “Unep’s recommendation that an Environmental Restoration Fund for Ogoniland be set up with a take off sum of $1bn is applauded. But we need a larger fund for the entire Niger delta.” On Wednesday the Guardian revealed that Shell had accepted responsibility for two massive oil spills in the region that devastated a community of 69,000 people . Combined, the spills could be larger than the 1989 Exxon Valdez disaster in Alaska and Shell faces a bill of hundreds of millions of dollars in compensation. Oil spills Pollution Oil Oil Energy Fossil fuels Nigeria Africa United Nations Royal Dutch Shell Oil and gas companies Natural resources and development John Vidal guardian.co.uk
Continue reading …Look at that insidious, evil liberal Spongebob Squarepants. Teaching impressionable children that global warming and unregulated and unrestrained capitalistic greed are bad things. How dare they? Fox News has a new enemy. Today’s Fox and Friends devoted multiple segments to attacking SpongeBob SquarePants for telling kids the truth about global warming.[..] After a SpongeBob clip, hatchet man Steve Doocy went to work, “Ok, so what happened July 20, the Department of Education invited a bunch of DC kids in and they had this festivity and they handed out these particular Nickelodeon books where clearly Nickelodeon is pushing a global warming agenda, and while there’s no disputing the fact that the Earth is getting a little warmer the big question is, is it man-made or is it just one of those gigantic climactic phases you know phases that were going? For a while we’re cold and then we get warmer and then we colder and then we get warmer. Which one is it? The science on both sides, there are a lot of scientists who say it’s this, others say it’s that.”[..] What Fox News showed viewers was a 6 year old short which debuted on TBS in 2005, but what they were really talking about was a book SpongeBob Goes Green: An Earth Friendly Adventure which came out in 2009. Even though the Fox and Friends crew was discussing a book, they never mentioned the fact that the SpongeBob short isn’t part of the television show. FNC was sending the message that their viewers shouldn’t let their kids watch that liberal propagandist SpongeBob, who also happens to be ratings juggernaut that has more viewers per episode than any Fox News program. Scientists aren’t divided on whether or global warming is manmade. A 2009 poll of earth scientists found that 82% of them believe that human activity has been a significant factor in changing mean global temperatures. 97% of climatologists agreed that human activity is a significant factor in global temperatures, but only 47% of petroleum geologists believed that human activity was a large factor. Well, it’s not hard to see that they have a financial incentive to remain ignorant of the causations of climate change. Gretchen Carlson and Steve Doocy? I genuinely believe that they are actually that ignorant. Watch and weep: But going after Spongebob for a six year old video and a two year old booklet? They have nothing better to do? Lame.
Continue reading …Look at that insidious, evil liberal Spongebob Squarepants. Teaching impressionable children that global warming and unregulated and unrestrained capitalistic greed are bad things. How dare they? Fox News has a new enemy. Today’s Fox and Friends devoted multiple segments to attacking SpongeBob SquarePants for telling kids the truth about global warming.[..] After a SpongeBob clip, hatchet man Steve Doocy went to work, “Ok, so what happened July 20, the Department of Education invited a bunch of DC kids in and they had this festivity and they handed out these particular Nickelodeon books where clearly Nickelodeon is pushing a global warming agenda, and while there’s no disputing the fact that the Earth is getting a little warmer the big question is, is it man-made or is it just one of those gigantic climactic phases you know phases that were going? For a while we’re cold and then we get warmer and then we colder and then we get warmer. Which one is it? The science on both sides, there are a lot of scientists who say it’s this, others say it’s that.”[..] What Fox News showed viewers was a 6 year old short which debuted on TBS in 2005, but what they were really talking about was a book SpongeBob Goes Green: An Earth Friendly Adventure which came out in 2009. Even though the Fox and Friends crew was discussing a book, they never mentioned the fact that the SpongeBob short isn’t part of the television show. FNC was sending the message that their viewers shouldn’t let their kids watch that liberal propagandist SpongeBob, who also happens to be ratings juggernaut that has more viewers per episode than any Fox News program. Scientists aren’t divided on whether or global warming is manmade. A 2009 poll of earth scientists found that 82% of them believe that human activity has been a significant factor in changing mean global temperatures. 97% of climatologists agreed that human activity is a significant factor in global temperatures, but only 47% of petroleum geologists believed that human activity was a large factor. Well, it’s not hard to see that they have a financial incentive to remain ignorant of the causations of climate change. Gretchen Carlson and Steve Doocy? I genuinely believe that they are actually that ignorant. Watch and weep: But going after Spongebob for a six year old video and a two year old booklet? They have nothing better to do? Lame.
Continue reading …New site struggles as users flock to sign petitions including one demanding return of capital punishment The government’s new e-petitions website crashed as the public tried to sign a range of petitions including ones calling for a return to capital punishment and withdrawal from the European Union. The Direct Gov website went live with a list of e-petititons on Thursday morning, but repeatedly crashed through sheer weight of numbers as it opened for business with the publication of the first tranche of e-petitions. Calls for the restoration of capital punishment were made, along with calls for the legalisation of cannabis. The leader of the House, Sir George Young, has given an assurance that he hopes petitions with more than 100,000 signatures will get the chance to be debated and voted on in the Commons. Strongly supported e-petitions will be handed to the backbench business committee in the hope that time can be allocated for the issues be voted upon and not just debated. The chair of the committee, Natascha Engel, said she welcomed the attempt to reconnect parliament with public but added she “was worried the government is creating a demand and an expectation that cannot be met”. She pointed out that the committee had been promised time to stage one debate a week, but was in practice being given less than one day a month. “It is a real concern that we do not have the time as a backbench committee as it is to stage the existing backbench demand for debates, and so hold government to account,” she said. She added that she would be calling on the government to speed up its pledge to set up an elected House business committee by 2013, responsible for overseeing all parliamentary time in the Commons. The government appears to be giving less backtime time than it promised because its legislative programme is taking longer than expected to complete. But there is also a suspicion that the government does not like the difficult debates sometimes arranged by the backbench committee, including recent examples on Afghanistan, circus animals and prisoner voting. The committee holds public hearings in which MPs lobby the committee to allocate time for a debate on their chosen topic. Engel is concerned that, with a threshold as low as 100,000 for e-petitions, the committee will be flooded with demands for debates that it cannot meet. Some issues can be debated or aired in Westminster Hall, but there is no vote at the end of these debates. Ministers agreed to the new procedure in a bid to reconnect parliament with the people. It is likely that some tabloid papers will now put pressure on MPs to back popular opinion and vote for the restoration of capital punishment in serious cases such as the murder of a policeman. Leading rightwingers believe there is latent support for the proposal amongst MPs. The issue has not been debated by parliament for 13 years, but polls show support capital punishment has fallen to 16% for “normal” murders. David Cameron has voiced his opposition to capital punishment, saying it is not the mark of a civilised nation. Other proposals on the site include “make prison mean prison – bread and water, that is it”. There are also calls to withdraw from the European convention on human rights, lift the smoking bans in prisons, and for an absolute right to self-defence in the home. A large number of petitions relate to aspects of criminal justice, with many favouring a more punitive approach in which the rights of victims are put first. One petition recommends the televising of court proceedings, and another that the price of alcohol be increased. Among a list of 154 rejected petitions, most relate to sport on TV, with the majority of those calling for Formula One to be kept on free-to-air terrestrial stations. House of Commons George Young David Cameron Capital punishment Internet Patrick Wintour guardian.co.uk
Continue reading …FTSE falls below the 5500 mark after European commission president’s crisis warning and fears of new US recession Stock markets took another tumble on Thursday after the European commission president warned that the crisis in the eurozone was threatening to engulf Italy and Spain. Fears over the health of the global economy, and predictions that America could slide back into recession, also helped to drive the latest bout of heavy selling. The FTSE 100 index fell below the 5500 mark, leaving the blue-chip index firmly on track for its lowest closing level in nearly a year . The worst of the selloff came after commission president José Manuel Barroso called for the eurozone rescue fund to be significantly enlarged. Barroso warned the crisis was spreading and that Europe risked losing the faith of the financial markets. “Markets remain to be convinced that we are taking the appropriate steps to resolve the crisis,” Barroso told European leaders, as he urged them to review “all elements” of the €440bn (£382bn) European financial stability facility (EFSF) and its €500bn replacement , the European stability mechanism (ESM). “We are no longer managing a crisis just in the euro-area periphery,” Barroso said. “Euro-area financial stability must be safeguarded.” Analysts have warned that neither the EFSF nor the ESM has sufficient firepower to handle a bailout of either Italy or Spain. With Italian and Spanish 10-year bond yields above the 6% mark, investors are losing their taste for risk. Gold touched yet another record high, hitting $1.678.31, while the FTSE 100 slumped to 117 points to 5466. “We’re back to worrying about the future of the eurozone and the sovereign debt crisis, and the generally stuttering economy,” said Will Hedden, sales trader at IG Index. European markets were also in retreat, with Germany’s DAX down 1.35%. The FTSEurofirst 300, which tracks the top 300 listed companies across Europe, recorded its lowest level in 11 months. The euro fell sharply against other major currencies, losing nearly 1.5 cents against the US dollar to $1.4170. There was frenzied action on the foreign exchanges after the Bank of Japan intervened to drive down the value of the yen . Jean-Claude Trichet, governor of the European Central Bank, appeared to hint that the ECB was buying up bonds issued by the region’s weaker governments. This week has seen a steady flow of disappointing economic data, with few bright spots . Economists have been speculating that America’s economy could contract again since last Friday’s disappointing GDP data . Many traders now accept that the world economy faces a much tougher time. “It is increasingly becoming apparent that this economic recovery will be slower and more difficult because nations and some consumers are overladen with debt,” said Louise Cooper, markets analyst at BGC Partners. “Repaying the loans will take longer and be more painful than we had previously anticipated. We are in a catch-22 situation. We desperately need growth to pay off the debt, but we cannot grow because of the amount of debt we owe.” European debt crisis Economics Global economy Stock markets Currencies European banks Banking Europe European commission European Union Italy Spain European Central Bank US economy Graeme Wearden guardian.co.uk
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