BIS warns global economy risks crisis ‘relapse’

© AFP/File | BIS chief economist said central banks around the world had been administering “powerful medicine” to counter the effects of the 2008 crisis, with “unusually and persistently low interest rates,” which came with some “inevitable” side effects

 

ZURICH (AFP) – The Bank of International Settlements said Sunday the global economy risked a “relapse” of the crisis that rocked it a decade ago, warning there was little “medicine” left to treat the patient a second time.

“Things look rather fragile,” BIS chief economist Claudio Borio told reporters in a conference call.

“There is little left in the medicine chest to nurse the patient back to health or care for him in case of a relapse,” he warned. Continue reading

Former BIS Chief Economist Warns “More Dangers Now Than In 2007”

Bloomberg

 

Having warned in the past that “the system is dangerously unacnhored,” former chief economist of the Bank for International Settlements, William White, told Bloomberg TV overnight that the current situation “looks very similar to 2008,” adding that OECD sees “more dangers” today than in 2007. Continue reading

Obama’s Subtle Undercutting of Israeli Self-Defense

This is precisely why Israel has been told to forget America and prepare for Armageddon.

The Obama administration has turned the United States into an unreliable nation for even its strongest of traditional allies.

 

The mullahs learned well the lesson that Saddam Hussein learned in 1981 when Israel bombed the nascent Iraqi reactor at Osirak. Days after that attack, then-prime minister Menachem Begin announced the Begin Doctrine – that Israel viewed the development of weapons of mass destruction as an existential threat regardless of the stage of development and would preemptively attack as a means of counter-proliferation.The Begin Doctrine also led Israel to attack and destroy a Syrian site in Deir ez-Zor in 2007. In his memoir, Decision Points, President George W. Bush wrote that then-prime minister Ehud Olmert asked the United States to bomb the site, but that the evidence was insufficient to warrant U.S. action. So Israel did it. Continue reading

Experts: Iran Housing Nuke Materials in North Korea, Syria

Marie Harf, a spokeswoman for the State Department, dismissed as “bizarre” the reports, which described the transfer of enriched uranium and ballistic missile technology back and forth between the two rogue regimes.

If Iran is not forced to disclose the full extent and nature of its outside nuclear work to the United States, there is virtually no avenue to guarantee that it is living up to its promises made in the negotiating room, according to multiple experts and sources in Europe apprised of the ongoing talks.

Gordon Chang, a North Korea expert who has written in recent days about Iran’s possible “secret program” there, described the State Department’s dismissal of these reports as naïve. Continue reading

Was China behind mystery raids on South African nuclear facilities?

China is believed to be the culprit of a mysterious armed raid that took place at a South African nuclear facility in 2007, which has puzzled security experts for years, according to classified documents leaked to the media. The raid took place on November 8, 2007, at the Pelindaba Nuclear Research Center, located outside Johannesburg. That evening, two groups of armed assailants, later described by authorities as “technically sophisticated criminals”, skillfully deactivated numerous layers of physical security around the facility, including a 10,000-volt electrical perimeter fence. Continue reading

Putin bombshell: He planned invasion, war in Georgia 4 years ago

“There was a plan; it’s no secret in my opinion. It’s within the framework of this plan that the Russian side acted. It was prepared by the General Staff at the end of 2006 or the beginning of 2007,” Putin told reporters.

It was approved by me,” he added.

Full article: Putin bombshell: He planned invasion, war in Georgia 4 years ago (World Tribune)

Georgia to EU: Putin is more ‘dangerous’ than you think

BRUSSELS – Four years after a war which shocked Europe, Georgia’s EU ambassador has said that Russia is becoming “more dangerous.”

The Georgian envoy, Salome Samadashvili, spoke to EUobserver on Thursday (9 August), after Russian President Vladimir Putin endorsed an inflammatory film about the conflict.

Putin on Wednesday confirmed the phone call and told Russian media he drew up plans for the invasion two years in advance.

“It’s within the framework of this plan that the Russian side acted. It was prepared by the general staff at the end of 2006 or the beginning of 2007. It was approved by me, agreed with me,” he said.

For Georgia’s EU envoy, they show the Union should heed Georgia’s warnings that Russia is still a threat.

“The current Russian government is … becoming more and more disdainful of the EU’s opinion and openly shedding any pretence of respect for international law. They are [becoming] even more dangerous to neighbours like us,” Samadashvili told this website.

She noted that Russia is to hold a military exercise – Kavkaz 2012, to take place in North Ossetia, South Ossetia and Abkhazia, another breakaway Georgian region – during Georgian elections in October.

“The statement made by Putin taken in the current context – its ongoing occupation [of Abkhazia and South Ossetia], the military exercise, its continuous attempts to destabilise our country – is a thinly veiled threat, an encouragement for those who committed ethnic cleansing against Georgian citizens,” she said.

“Clearly, after everything else failed to remove a pro-Western government from power, they [Russia] moved to a measure of last resort – full scale invasion,” Samadashvili said.

Full article: Georgia to EU: Putin is more ‘dangerous’ than you think (EUobserver)