| 1. Where is the United States in Prophecy? 55 Trends Now Shaping the Future of Terrorism
A major terrorist attack on the United States, probably featuring a weapon of mass destruction, is inevitable during the next four to five years, says Marvin J. Cetron, the futurist who predicted 9/11 with alarming insight. Forecasting International Inc. which produced “55 Trends” has conducted an ongoing study of the forces changing our world for almost half a century in support of clients ranging from General Motors to the YMCA, and from the Central Intelligence Agency to the White House. “Terror 2000,” another FI project that was done for the Department of Defense in 1994, warned that terrorists were planning to use commercial aircraft as guided bombs to strike against a major landmark in the New York City area. It also warned that terrorists could hijack a commercial airliner, fly it down the Potomac, and crash it into the Pentagon. Tragically, the report was filed and forgotten. Cetron hopes this will not be the case with “55 Trends,” a 252-page treatise that is very short on any good news and includes the disturbing conclusion that worldwide terror networks are stronger today than at the time of 9/11. As to where such zealots are coming from, Cetron notes, “Only 7 percent of the Muslim population agreed with what al-Qaida is doing, but if you take a look at 7 percent of 1.1 billion people, you are talking about over 1 million people running around here. That’s a heck of a lot of people who will be sympathizers.” ................ read more Expert Reveals Possible Prime Targets of Terrorism
This analysis of several possible prime targets of terrorism is based on a new study that Cetron’s Forecasting International carried out for the Pentagon. Although the oft-mentioned threat of a “suitcase” nuclear weapon or a dirty bomb has been discussed widely, and is a possibility, the consequences of attacking lesser, non-nuclear threats can be dire. This report outlines ten possible scenarios including the probability, impact, consequences and casualties of attacks involving: attacks on U.S. oil refineries, electrical grid disruptions, Coordinated suicide shootings at major tourist attractions, Attacks on Dams, Chemical & Biological, & EMP............... read more Pakistan: From ally to possible enemy - US arms sales may come back to haunt us
The United States is suddenly faced with the uncomfortable scenario of confronting the very same weapons and military hardware, including F-16 fighter jets, it has armed Pakistan with for decades. The unsavoury prospect of having to take a crack at the its one-time ally has surfaced most starkly in the skies over the Afghan-Pakistan border this weekend after the Pakistan Air Force deployed its US-supplied F-16s to challenge the violation of its airspace by US drones, and in one case, an airborne assault that landed US Navy Seals inside Pakistani territory. The turnaround of Pakistan from an ally to a potential enemy has alarmed lawmakers, some of whom are now questioning the continued supply of arms to Islamabad. On Tuesday, a Democrat-controlled House Foreign Relations panel has scheduled a hearing whose snarky title -- ''Defeating al-Qaida's Air Force: Pakistan's F-16 Program in the Fight Against Terrorism'' == betrays the unease over the Bush Administration’s relentless arming of Pakistan. Al-Qaida has no known air force. Pakistan’s army chief Pervez Kiyani has vowed to defend the country against US incursions ''at all costs.''............. read more The White Men of Waziristan
In a Frankfurt courtroom last week, authorities charged three German citizens with a plot to kill Americans, accusing them of targeting a dance club in Giessen favored by U.S. service members. The authorities said the plot had the potential to kill hundreds of people and that the men were inspired by the December 2002 attack on two discos in Bali, Indonesia, that left more than 200 dead. For Western intelligence officials, the plot was not a run-of-the-mill conspiracy by disaffected young men wanting to join the jihad. The reason was twofold: Two of the three were ethnic Germans, and all three had been trained at jihadi training camps in Waziristan, the tribal area of Pakistan where al-Qaida and Taliban training camps are located. More than anything else, it’s what one counterterrorism official calls “the white men of Waziristan” that worries officials — the increasing possibility that the next attacks in Europe or North America will be carried out not by those with Arab or South Asian passports, but by young Caucasian men from Germany, Great Britain, Australia, Canada or even the United States. “There is no bigger worry for the U.S. counterterrorism community than young Caucasian men who have turned to al-Qaida,” said Roger Cressey, former National Security Council official in the Clinton and Bush administrations and now an NBC News consultant.............. read more Is the US economic crisis leading to a New Global Monetary Order?
National solutions have been enough to stem the financial-sector crisis so far, ECB Governing Council member Mario Draghi said in a Berlin speech Thursday, but they may not be enough if things get worse. “Policies are taking a variety of shapes that can be grouped within two broad categories: emergency and structural responses,” said Mr. Draghi, who also heads Italy’s central bank. “Until now, the first remained typically national since each crisis was unique to the financial structure of the country and so were the remedies. However, if the crisis were to become systemic - and the past weekend has shown just how sudden and dramatic the turn of events can be — I believe that an internationally coordinated effort will be necessary.” Mr. Draghi’s words have international heft, since he chairs the Financial Stability Forum — a group of global regulators and central bankers working on solutions for preventing the next blowup. He indicated the framework of the global financial system is undergoing a gut check: “A resilient infrastructure is one that is capable of withstanding the effects of the failure of a large financial institution. As we speak, this objective is being tested by reality.” Overall, he said, the global banking system has enough capital to meet its needs “under reasonable scenarios.” He offered no prediction about whether market conditions would continue to be “reasonable” but did say banks will need to raise “at least once again the amount of capital raised since the crisis began.” Mr. Draghi’s estimate of that amount, according to a person familiar with the matter, is $350 billion.............. read more
2. Israel - God's Timepiece Livni’s limited mandate
More people will arrive at the Yarkon Park to see Paul McCartney perform than the number of people who bothered to show up at poling stations in order to elect the person who may become Israel’s next prime minister. This is the bothersome fact that emerged from the Kadima primaries, which ended up culminating in a tight race. A total of 0.5% percent of the public – this is the mandate received by a leader during one of the most fateful and complex periods in the State of Israel’s history. And still, a new Kadima chairwoman was elected Wednesday, thereby averting a political earthquake and possibly also a ruling party split. Kadima has become the first party in many years to elect a woman as its premiership candidate, and in the process chose a civilian without defense experience over a general who delivered results in the past. But make no mistake about it: This victory does not guarantee that Livni will become prime minister. She now faces a difficult period. Following the justified euphoria, Livni will have to decide between two intricate alternatives: Whether to take advantage of the momentum and ride the wave of success to general elections, or else, exploit the priceless opportunity she now has to form an alternative government.................. read more Olmert offers PA 98.1% of West Bank, proclaims an end to "Greater Israel"
Prime Minister Ehud Olmert has discussed with the Palestinians transferring to them 98.1 percent of the West Bank, Channel 2 has reported. Earlier in the day, during what will be his last cabinet meeting before he becomes the head of a transitional government, Olmert addressed Israel's relationship to the West Bank when he spoke of a voluntary evacuation bill to help relocate settlers living east of the security barrier. "The vision of a greater Israel no longer exists. Those who speak of it are delusional," the prime minister said. According to Channel 2, however, Olmert is considering concessions far beyond land east of the barrier and could transfer 98.1% of the West Bank to the PA. That is significantly more than the 94% to 96% that had been discussed in previous negotiations. The report states that Abbas has asked that Israel cede the Jerusalem area settlements of Ma'aleh Adumim and Givat Ze'ev, but is willing to negotiate the status of the Jerusalem neighborhoods of Gilo and French Hill, which are over the Green Line. Olmert has also agreed that 5,000 Palestinian refugees would return to Israel - a thousand refugees every year for five years, according to the report. Abbas allegedly rejected the proposal and was demanding the return of many more refugees. According to the report, the Palestinians were also interested in access not only to the Dead Sea but also to the Kinneret, as they claimed they deserved some rights over the water flowing into the lake because the Jordan River runs through Palestinian territory. ............... read more Israel slated to buy US smart bombs for possible attack on Iran
The US Department of Defense has notified Congress of a potential sale to Israel of 1,000 smart bombs capable of penetrating underground bunkers, which would likely be used in the event of a military strike on Iran's nuclear facilities. The deal is valued at $77 million and the principal contractor would be Boeing Integrated Defense Systems. The bomb Israel wants is the GBU-39, developed in recent years by the US as a small-diameter bomb for low-cost, high-precision and low-collateral damage strikes. Israel has also asked for 150 mounting carriages, 30 guided test vehicles and two instructors to train the air force in loading the bombs on its aircraft. The GPS-guided GBU-39 is said to be one of the most accurate bombs in the world. The 113 kg. bomb has the same penetration capabilities as a normal 900 kg. bomb, although it has only 22.7 kg. of explosives. At just 1.75 meters long, its small size increases the number of bombs an aircraft can carry and the number of targets it can attack in a sortie. Tests conducted in the US have proven that the bomb is capable of penetrating at least 90 cm. of steel-reinforced concrete. The GBU-39 can be used in adverse weather conditions and has a standoff range of more than 110 km. due to pop-out wings.................. read more Iran, Hizbullah, and the bomb
Ronen Bergman is clearly irritated when he addresses the “intolerable chatter” of Israeli politicians on the prospects of an Iran strike. “You know the famous quote: ‘If you’re gonna shoot, shoot! Don’t talk!’” he says. “I think this approach we adopted of having to convince the world that it must ‘hold us back’ so we don’t attack Iran is delusional. The world knows we can do it, especially after the bombing of the Syrian site. We don’t need to prove it to anyone.”Bergman, one of Israel’s foremost security and terrorism experts, has been following Iran for many years and is passionate about the subject. Last year he published a book about Israel’s struggle against the Iranian threat that topped the local bestseller list for long weeks. The book has now been published in English under the title The Secret War with Iran, prompting an interview with Ynetnews on some of today’s burning questions. Let’s start with the million dollar question: Is Israel capable of striking Iran’s nuclear sites? .............. read more Hamas chief: West Bank is ours
Members of the Hamas terror group are the rightful representatives of the Palestinian people and should control the entire West Bank just as they rule the Gaza Strip, Mahmoud Al-Zahar, the Hamas chief in Gaza, told WND in an exclusive interview. "According to our rights, we are the elected majority, and a majority in a democracy should control all the Palestinian areas, whether in the West Bank or in the Gaza Strip. This is not an extraordinary issue," said Al-Zahar, who is considered the second most powerful Hamas leader following the group's overall chief, Khaled Meshaal, who resides in exile in Damascus. "Do you respect democracy? If you respect democracy, the elections in January 06 indicated Hamas is the majority and it should run the administration in Gaza and the West Bank," said al-Zahar, speaking from Gaza. Al-Zahar was referring to Palestinian legislative elections in 2006 in which Hamas was victorious by a large margin. Palestinian Authority President Mahmoud Abbas unilaterally disbanded the Hamas-led Palestinian government after Hamas seized control of Gaza last summer. The Hamas chief's comments to WND come amid fears in the Israeli intelligence community Hamas eventually may attempt to take over the strategic West Bank just as it seized Gaza, particularly if Israel withdraws from the territory................. read more
4. The Gog/Magog War Russia to sell Iran missiles for defense of nuke sites
Russia snubbed its nose at the United States today by announcing plans to sell military equipment to both Iran and Venezuela. The head of the state arms exporter said that Russia was negotiating to sell new anti-aircraft systems to Iran despite American objections. Reports have circulated for some time that Russia is preparing to sell its S-300 surface-to-air missile system to Iran, offering greater protection against a possible US or Israeli attack on the Islamic republic's nuclear facilities. The missiles have a range of more than 150 kilometres and can intercept jets approaching at low altitudes. Ruslan Pukhov, director of the Centre for Analysis of Strategies and Technologies in Moscow, said that it was logical to conclude a lucrative contract with Iran "in the current situation, when the US and the West in general are stubbornly gearing toward a confrontation with Russia". Russia has already delivered 29 Tor-M1 missile systems under a $700 million deal with Iran in 2005. ................. read more
5. Apostate Christianity Anglican church mocks Biblical Creationism with apology to Charles Darwin
A senior cleric of the Church of England wants his church to apologize to Charles Darwin in time for the observance of the 200th anniversary of Darwin's birth next year. The Rev. Dr. Malcolm Brown, Director of Mission and Public Affairs for the church, made his case in an article entitled, "Good Religion Needs Good Science," published in a special new section of the Church of England's official Web site. "Charles Darwin: 200 years from your birth, the Church of England owes you an apology for misunderstanding you and, by getting our first reaction wrong, encouraging others to misunderstand you still," Brown wrote. "We try to practice the old virtues of 'faith seeking understanding' and hope that makes some amends." Apologize to Charles Darwin? The Church of England may well need to apologize, but not to Charles Darwin. If anything, the church needs to apologize for its rightful embarrassment in considering an apology to Darwin. But, it seems, this church is not embarrassed. Dr. Brown apparently is a big believer in Darwin's theory of natural selection. "Subsequent generations have built on Darwin’s work but have not significantly undermined his fundamental theory of natural selection," he insists. "There is nothing here that contradicts Christian teaching." Well, Charles Darwin sure thought that the theory of natural selection contradicted Christian teaching. But, then again, he may have had a better understanding of Christian teaching than Dr. Brown. To the end of his life, Darwin identified himself as a "nominal" Anglican, but by that time he had long abandoned theism and any belief in a personal God. The relationship between Darwin's changing religious beliefs and his developing scientific theory can be read either of two ways, and even Darwin appeared to have been unclear in his own mind how the two were related. The two options are these: Either Darwin's theory of natural selection undermined his belief in a personal God who directed creation, or his abandonment of his belief in a personal God as the agent of creation led to his development of the theory of natural selection. Either way, Darwin himself was clear that the belief that God is Creator and the belief that life is evidence of natural selection are incompatible beliefs................ read more
6. The Rise of Islam Sharia courts operating in Britain
Five sharia courts have been set up in London, Birmingham, Bradford and Manchester and Nuneaton, Warwickshire. The government has quietly sanctioned that their rulings are enforceable with the full power of the judicial system. Previously, the rulings were not binding and depended on voluntary compliance among Muslims. Lawyers have issued grave warnings about the dangers of a dual legal system and the disclosure drew criticism from Opposition leaders. Dominic Grieve, the shadow home secretary, said: "If it is true that these tribunals are passing binding decisions in the areas of family and criminal law, I would like to know which courts are enforcing them because I would consider such action unlawful. British law is absolute and must remain so."Muslim tribunal courts started passing sharia judgments in August 2007. They have dealt with more than 100 cases that range from Muslim divorce and inheritance to nuisance neighbours. It has also emerged that tribunal courts have settled six cases of domestic violence between married couples, working in tandem with the police investigations. There are concerns for women suffering under the Islamic laws, which favours men. Mr Siddiqi said that in a recent inheritance dispute handled by the court in Nuneaton, the estate of a Midlands man was divided between three daughters and two sons. The judges on the panel gave the sons twice as much as the daughters, in accordance with sharia. Had the family gone to a normal British court, the daughters would have got equal amounts. In the six cases of domestic violence, Mr Siddiqi said the judges ordered the husbands to take anger management classes and mentoring from community elders. There was no further punishment................ read more Saudi Arabia's top judiciary official: OK to kill owners of 'immoral' TV networks
Saudi Arabia's top judiciary official has issued a religious decree saying it is permissible to kill the owners of satellite TV networks that broadcast immoral content. The 79-year-old Sheik Saleh al-Lihedan said Thursday that satellite channels cause the "deviance of thousands of people." Many of the most popular Arab satellite networks -- which include channels showing music videos often denounced as obscene by Muslim conservatives -- are owned by Saudi princes and well-connected Saudi businessmen. Al-Lihedan is chief of the kingdom's highest tribunal, the Supreme Judiciary Council. Saudi Arabia's judiciary is made up of Islamic clerics whose decrees, or fatwas, on everyday issues are widely respected. Their fatwas do not have the weight of law. In the courts, cleric-judges rule according to Islamic law, but interpretations can vary................. read more
7. Increase in Knowledge/New Technologies Scientists developing small robotic drones to become part of Air Force's arsenal
It may look like a futuristic arcade game, but it's a scene from an official Air Force animated video: Bad guys of indiscernible origin being shadowed, from a careful distance, by small robotic drones designed to resemble birds and insects. When one of the bad guys opens his apartment door, a tiny robo-bug, looking like a garage door opener with wings, sneaks in to spy. In another scene, a bug - the Air Force calls them Micro Air Vehicles, or MAVs - creeps into a sniper's roost and delivers a deadly shot to the back of his head. It might sound far-fetched. But top Air Force officials believe that MAVs could be a significant part of the Defense Department's arsenal in the not-so-distant future. Civilian researchers and airmen at the Air Force Research Laboratory, based at this installation just outside Dayton, have set a 2015 deadline to roll out the first generation of MAVs. This first group, they hope, will be the size of birds and be able to operate several days without recharging. "These are one of the assets that in the future could be a game-changer," said Mark Lewis, chief scientist of the U.S. Air Force. U.S. forces and their allies have already used some small vehicles in the field, but nothing that compares in size and stealth to what scientists at the Air Force lab are looking to develop in coming years........................ read more Viewing the entire World Wide Web in 3D
An Australian company on Thursday launched a free tool it says offers web browsers a world-first opportunity to view the Internet in three dimensions. Melbourne-based ExitReality said its application allows users to turn any regular website into a 3D virtual environment, where an avatar representing them can walk around and meet other browsers viewing the same website. Founder Danny Stefanic said that previously only specialised websites such as Second Life and World of Warcraft allowed users to enter a 3D environment. "ExitReality goes far beyond that," he said. "It allows you to view not just one website but the entire World Wide Web in 3D." Browsers can use the tool to turn their social networking pages on sites such as Facebook and MySpace into a virtual apartment, where photographs are displayed on the wall and links to friends are "doors" leading to other apartments. Users can customise their flats by "decorating" with 3D versions of couches from stores such as Ikea or downloading an e-jukebox to play music clips stored on their personal page. Similarly, using ExitReality on video-sharing website YouTube creates a virtual cinema, where the browser's avatar sits next to other users also logged on to watch the clip they have selected. Stefanic said the tool transformed the Web from a solo experience into one that could be shared with friends and other users interested in the same content......................... read more
8. Christian Worldview/Issues Megachurch Growth and Changes
Attendance numbers at America's megachurches continue to grow, and at very fast rates, according to the latest research on the country's largest churches. Protestant congregations that already have at least 2,000 people in a typical weekend had an average rate of growth for five years of around 50 percent. And over 20 percent of megachurches experienced an increase of 100 percent. Slightly more than 10 percent of the churches showed stagnation or decline. The findings come from a study entitled "Changes in American Megachurches: Tracing Eight Years of Growth and Innovation in the Nation's largest-Attendance Congregations". Despite the bigger congregations, megachurches have not expanded their sanctuaries to accommodate the larger flocks. Megachurches are "getting bigger without getting bigger," commented Warren Bird, co-author of the study. The average weekend megachurch attendance in 2008 was 4,142. The average main sanctuary seating, meanwhile, was 1,794. More churches are opting for different strategies when accommodating larger crowds. Some have turned to "overflow rooms" where attendants would typically watch the service on a video screen in a different area of the church. Many are holding multiple services with the average megachurch today conducting five weekend services, up from 2005. But perhaps the newest growth method adopted by megachurches is satellite campuses. Over the last five years, over 30 percent of megachurches adopted the multi-site model compared to only 8 percent 6-10 years ago and 3 percent 11-15 years ago... ............. read more 'Somebody's Daughter' - Christians look to address porn addiction
A special multi-media DVD-CD is set to release this week, addressing a problem that plagues nearly 60 percent of Christian men as well as 35 percent of women. "Somebody's Daughter: A Journey to Freedom from Pornography" will be available Friday and includes a television documentary detailing the lives of three men and one couple active in Christian ministry who struggle with and eventually overcome addiction to pornography. Also included are nine therapeutic songs, four illustrative music videos, eight personal vignettes, and a study guide curriculum for individuals, counselors and churches. “The ‘Somebody's Daughter’ DVD presents a compelling and heart-breaking case against the destructive effect of pornography in our culture,” commented Larry Malone, director of the United Methodist Men Ministries, in a published endorsement. The upcoming DVD-CD comes as recent surveys have found that nearly 60 percent of Christian men, 37 percent of pastors, and 35 percent of women admit to struggling with pornography.. ............. read more Google blinks, allows Christian ads
Internet giant Google has changed its policy and will allow Christian groups to advertise their views on the issue of abortion as the result of a court action in the United Kingdom. The legal action was launched by the Christian Institute because Google Ireland Ltd., described as the "doorway to the Internet," censored its simple ad reading: "UK abortion law – Key views and news on abortion law from the Christian Institute. www.christian.org.uk." Google had explained it refused the ad because of its old policy that disallowed advertising of sites that mixed "abortion and religion-related content." However, the Institute today announced a settlement that included a review of and a change to the Google policy. Google, when the problem arose, said: "We only allow ads that have factual information about abortion." But the Institute's head of communications, Mike Judge, said that revealed a "warped" set of values. "To insinuate that religious groups are not factual on the issue of abortion is a huge insult to religious people across the globe," he said at the time. "This is not a debate about the rights and wrongs of abortion. It is about free speech. You can be pro-abortion and still recognize that Google is acting unfairly." "This is an important issue of free speech and religious liberty and we are pleased with Google's constructive response to this matter," the organization said. Earlier, Judge said the censorship was appalling. "To say that religious sites with material on abortion are 'unacceptable content' while advertising pornography is ridiculous," he said. ............. read more Parents Beware - Anti-bullying agenda becoming back door to promotion of Homosexuality
Children as young as five should be taught to understand the pleasures of gay sex, according to leaders of a taxpayer-funded education project. Heads of the project have set themselves a goal of 'creating primary classrooms where queer sexualities are affirmed and celebrated'. The ambition was revealed in documents prepared for the No Outsiders project run by researchers from universities and backed with £600,000 of public money provided by the Economic and Social Research Council. The stated purpose of the project - which is operating in 14 primary schools - is to stop bullying and prejudice aimed at homosexuals. However, at a seminar at Exeter University tomorrow, supporters of the group will go beyond the anti-bullying agenda and discuss 'pleasure and desire in educational contexts'. zNo Outsiders is led by researchers from Sunderland University and also involves academics at the Institute of Education and Exeter University. Books, puppet shows and plays are used to teach children about same-sex relationships. During the project, the seminar paper says, its members have 'challenged each other to go beyond imagined possibilities into queer practice'. The discussions provoked a furious reaction from critics of the homosexual rights agenda. Simon Calvert of the Christian Institute said: 'When an adult who is working in a primary school suggests that children should explore their sexuality, that should result in a complaint to the police.'.............. read more
9. Other World Events To Watch UN looks to reform/expand Security Council with new global players
The UN General Assembly has agreed to begin negotiations on expanding the membership of the powerful Security Council no later than next February 28. After hours-long bargaining, the assembly adopted by consensus a resolution on Security Council enlargement on the last day of its 62nd session. The text decides that the inter-governmental negotiations would begin in an informal plenary of the General Assembly during its 63rd session, "but not later than February 28, 2009, based on proposals by member states, in good faith, with mutual respect and in an open, inclusive and transparent manner." The thorny issue of how to enlarge the 15-member Security Council to make it more representative and reflective of today's global realities has for years divided the UN membership. The Council currently has 10 rotating, non-permanent members and five, veto-wielding permanent ones (China, United States, France, Britain and Russia). Its makeup has remained largely unchanged since the establishment of the United Nations in 1945. In 2005, a so-called Group of Four -- Germany, Brazil, India and Japan -- made a strong push to join the council as permanent members, along with two African countries, but without veto rights. But their bid failed to get enough support as it ran into strong opposition from regional rivals such as Italy, Pakistan and Argentina. ............. read more China's military ambition fuels Asian arms race
China's growing military ambition, matched only by its growing military spending, is fuelling a rapid Asian arms race. Beijing deploys the world's biggest army, its defense spending is rising faster than any other power and, to cap it all, its forces will this month carry out their first spacewalk. With India, Japan and Russia also investing heavily in defense, a new Asian arms race is under way. According to official figures, Beijing's military budget this year is 418 billion yuan - £35 billion - a rise of 17.8 per cent on 2007. This already exceeds Britain's defense budget of £34 billion and places China's military spending second only to the US. According to figures from Jane's, the military specialists, it has risen by 178 per cent in the past seven years, even after adjusting for inflation. At this rate, China will spend £180 billion - half of the Pentagon's current budget and five times Britain's - by 2020. But the greatest change is not in how much China is spending, but where the investment is going. Under Chairman Mao, China regarded the army as a massed revolutionary block whose sheer scale would simply absorb any threat, foreign or domestic. Only since the first Gulf War in 1991 has China started focusing on the new generation of military hardware it may face in the event of war. Beijing's military planners know they cannot rely on China's size alone as a deterrent.. .. ............. read more China paper urges new currency order after "financial tsunami"
Threatened by a "financial tsunami," the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday. The commentary in the overseas edition of the People's Daily said the collapse of Lehman Brothers Holdings Inc "may augur an even larger impending global 'financial tsunami'." The People's Daily is the official newspaper of China's ruling Communist Party, and the overseas edition is a smaller circulation offshoot of the main paper. Its pronouncements do not necessarily directly reflect leadership views, but this commentary by a professor at Shanghai's Tongji University suggested considerable official alarm at the strains buckling world financial markets. China's central bank earlier this week cut its lending rate for the first time in six years, a move analysts said was aimed at bolstering the economy and the battered stock market. "The eruption of the U.S. sub-prime crisis has exposed massive loopholes in the United States' financial oversight and supervision," writes the commentator, Shi Jianxun. "The world urgently needs to create a diversified currency and financial system and fair and just financial order that is not dependent on the United States.".............. read more |
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