There have been a lot of sighs of relief in Europe lately, where countries like Britain and Spain, long in recession, have finally started to grow. Not by much, nor for long. But such is the political imperative to suggest that all the misery of fiscally tight economic policies was worth the pain that there are tentative claims the worst is now over and, ipso facto, austerity worked.
Pope Benedict on Sunday expressed "shame and horror" over the wartime suffering caused by his German homeland and said he was moved to mark the 70th anniversary of a key air victory with Britons.
(Photo: Pope Benedict at a beatification Mass for Cardinal John Henry Newman in Birmingham, September 19, 2010/Darren Staples)
Pope Benedict declared the 19th century English Cardinal John Henry Newman blessed -- the first step on the road to sainthood in the Roman Catholic Church -- at a ceremony in Birmingham on Sunday.
Markets are getting used to volatile swings in economic data since the financial crisis set in three years ago. But UK GDP figures for Q2 were so eye-poppingly strong they caused confusion on trading floors.
It is fairly commonplace at the moment for U.S. and UK financial analysts -- what continental Europeans call the Anglo-Saxons -- to predict the collapse of the euro zone, a project they were mostly sceptical about in the first place. MacroScope touched on this on two occasions in March.
from Reuters Soccer Blog:
England coach Fabio Capello would do well to take a transcript copy of Germany coach Joachim Loew’s post-match press conference – because in it he would find all the simple reasons why his side were trounced 4-1 and sent packing from the World Cup on Sunday.
from The Great Debate UK:
-John Reid, formerly the UK Defence Secretary and Home Secretary, is MP for Airdrie and Shotts, and Chairman of the Institute for Security and Resilience Studies at University College, London. The opinions expressed are his own. -
The fall of the Berlin Wall, on November 9, 1989, was one of history’s truly epochal moments. During what became a revolutionary wave sweeping across the former Eastern Bloc countries, the announcement by the then-East German Government that its citizens could visit West Germany set in train a series of events that led, ultimately, to the demise of the Soviet Union itself.
from Global News Journal:
Has German Finance Minister Peer Steinbrueck finally said what many world leaders think but are afraid to say? That the British government won't sign up to meaningful reform of financial markets because it is too worried about what it would mean for the country’s most famous cash cow, the City of London.
Be careful this week about buying wholeheartedy into any G20-related spin about supposedly savvy, free-spending Britain and America doing more to combat the world economic crisis than supposedly stubborn, overly cautious Germany and France. The actual figures show it is much more complex than that.