Saturday, June 5, 2010

WEAKLY HUMERUS NEWS 06-05-10 AIMED AT YOUR FUNNY BONE

WEAKLY HUMERUS NEWS 06-05-10
AIMED AT YOUR FUNNY BONE

TOP QUOTES OF THE WEEK

The sports world is still buzzing about Jim Joyce's mistake at first base
last night. It might be the most famous blown call in history. Or at least
since when Bill Clinton was talking on the phone in the Oval Office while
being serviced by Monica. (Janice Hough)

A New York judge dismissed a lawsuit against Tom Brady and Gisele Bundchen
that accused their bodyguards of shooting at some photographers during their
nuptials. Hmm. I didn't know they had a shotgun wedding. (RJ Currie)

No need for a big investigation into the gulf oil leak. From what I've read,
the whole system is rigged. (Marc Ragovin)

Signaling the end of PM Gordon Brown's authoritarian rule, Britain's new
government canceled a proposed plan that would have required Brits to carry
an ID card. Critics condemned the plan as too close to totalitarian regimes
like Nazi Germany… Soviet Russia… Arizona... (Bob Mills)

French and Dutch speaking Belgians are considering splitting the country
over their differences. People who are neutral on the subject are called
Belgian wafflers. (Jim Barach)

Rapper Snoop Dogg says he likes to wear a Toronto Maple Leafs jersey because
the hockey team's logo reminds him of a marijuana leaf. And in a related story,
the Snooper just awarded himself the Lady Bong Trophy. (Dwight Perry)

Souvenir-crazed fans snapped up 3,000 unused tickets from Roy Halladay's
perfect game — at face value — within four hours of the Florida Marlins
putting them up for sale. "All in a day's work," said the Marlins' GM,
P.T. Barnum. (Dwight Perry)

L. A. Angels' first baseman Kendry Morales is out for the season after teammates
celebrating his walk-away, game-winning home run, rushed from the dugout to greet
him at home plate and broke his leg. A pro-athlete hasn't been injured that badly
at home since Tiger Woods. (Bob Mills)

John Wooden passed away tonight at the age of 99. Or as Larry King said
"So tragically young!" (Janice Hough)

Jose Canseco says that he could've been a professional bowler. I don't know about
that--he's always had trouble staying out of the gutter. (Bill Littlejohn)

THE OIL SPILL

Why is BP taking so long to mop up the gulf oil spill? They've sent
the same people who clean the restrooms. (Alan Ray)

The gulf oil spill, now officially the worst in U. S. history. In fact, they're
calling this the biggest environmental disaster since the State of New Jersey,
(Jay Leno)

So now they're dumping golf balls into the Gulf of Mexico to plug up BP's leak.
And to think that all this time I've been preventing oil spills at golf courses
across the country. (Terry Etter)

The saddest part is the spill. But close is BP's choice of public-relations
theme song: "Fuels Rush in Where Anglers Fear to Tread." (Barry Henderson)

Filmmaker James Cameron, who made "Titanic" and "Avatar, " has joined in the
effort to find a way to plug the leak in the Gulf. He has no idea how to fix
the leak, but he thinks Leonardo DiCaprio will cause the rig to blow up in
the movie. (Jerry Perisho)

The good news is BP is going to give Louisiana fisherman 100% compensation
for their lost wages based on their tax returns. The bad news is Louisiana
fishermen haven't paid their taxes since the Civil War. (Jake Novak)

Computer models are showing the the Gulf oil spill reaching the U. S. east coast
and eventually making it to Europe. British Petroleum has now taken the Sherwin
Williams motto "We cover the earth". (Jim Barach)

Employees at a California medical marijuana facility have joined a union.
And management thought those people were listless, unmotivated and
unproductive before. (Jim Barach)

In a new video that is light on his usual threats but heavy on admiration,
Osama bin Laden admits that he is "professionally envious" of oil giant BP's
massive oil spill, saying that it puts his efforts to create destruction
and chaos to shame. (Andy Borowitz)

The weirdest thing about the BP spill is hearing all the Republican cries
for government intervention. Hey Alice, how do we get out of this rabbit
hole? (Will Durst)

The Department of Commerce said the economic damage to the Gulf of Mexico
will not likely be cleaned up by the end of the year. Novelty toymakers
are ready. This Christmas the singing plastic fish Billy Bass will perform
selections from Grease. (Argus Hamilton)


AL & TIPPER GORE

Bad news for Al Gore. Tipper's divorce attorney called Google to find out
how much half of the Internet is worth. (Paul Seaburn)

Al and Tipper Gore have split up after 40 years of marriage. He’ll no doubt
notice the environmental natural of the divorce trial. In court she is
expected to ask for a lot of green. (Alan Ray)

Al and Tipper Gore are splitting up after 40 years of marriage. Mrs. Gore
said: "Oh, I was aware of those accusations that Al was a 'tree hugger.'
I saw the smirks on people's faces, and I heard the snickering behind my
back. For the longest time I refused to believe it, but eventually the
evidence became overwhelming: the bark burns on his chest, the sap on his
hands, the leaves and twigs in his hair. I knew it was more than 'just
bringing in some firewood." (Bill Mihalic)

Al and Tipper Gore are separating after 40 years of marriage. Maybe they'll
work it out. Otherwise, Al, you'll have to polish your Nobel Prize yourself.
-- Assuming you get custody of it. -- It just won't seem right. Big Al Gore
without his faithful companion, Tipper. -- "Look! Up in the woods! It's a
moose... it's a bear... No, it's the Lone Tree Hugger!" (Joe Hickman)


PRESIDENT OBAMA

Today, President Obama flew to Louisiana to see the gulf cleanup effort
firsthand. And it was just like President Bush's trip to Louisiana, except
Obama actually landed. (Jimmy Fallon)

President Barack Obama enjoyed a long Memorial Day holiday weekend a the
family home in Chicago. It was the First Family's first sleepover at their
red-brick home in more than a year. That's all we know about it since
Republicans were not able to get Michelle to wear a wire. (Joe Hickman)


CONGRESS

House Minority Leader John Boehner wants Paul McCartney to apologize for his
comment upon receiving a Library of Congress award – "After the last eight
years, it's great to have a president who knows what a library is. " And to
be fair, I am sure Laura has told W. what a library is, he just hasn't been
in one. (Janice Hough)


THE COURTS

The Supreme Court decided in a 5-4 decision on Monday that criminal suspects
must tell police if they're invoking the right to remain silent. You can no
longer invoke your right to remain silent by remaining silent; you have to
talk to the police to protect your right to silence. Isn't that a little
like celebrating your right to be a vegetarian by eating a steak?
(Frank King)


THE STATES & LOCAL NEWS

Former Illinois Gov. Rod Blagojevich began his corruption trial in Chicago.
Several of the jurors, all registered voters, were actually still living.
(Jerry Perisho)

The Los Angeles City Council passed a resolution calling for the city to
boycott Arizona. They also ordered Universal Studios to destroy all prints
of "Raising Arizona" and "Flight of the Phoenix." Not to be outdone, the
Honolulu City Council will vote on whether to blow up the USS Arizona.
(Bob Mills)

An Ohio woman was surprised when she discovered a groundhog that had been making
noise under the hood of her car. When mechanics pulled it out, the groundhog saw
its shadow; that means 6 more weeks of accelerator pedal problems. (Jerry Perisho)



U.S. POLITICIANS

Sarah Palin has earned 12 million dollars in book and appearance fees since
quitting as governor of Alaska. She’s got her audience in the palm of her
hand. No, wait a minute, that’s her speech. (Alan Ray)

Sarah Palin built a 14-foot high wooden fence around her Alaska home because
an author who is writing a book about her moved in next door. But, rest easy,
because the wood had a knothole and she can still keep an eye on the Russians.
(Jerry Perisho)

The George W. book "Deciderisions" is now in correctorations. The book starts
when he's really drunk and ends when he'd really like to be. (Michael Feldman)

Hey, all you ladies out there who like to hang your laundry on the line,
Al Gore's available. (Bill Williams)


BUSINESS & LABOR

The Brooklyn Bridge is about to undergo a $500 million renovation.
Well, that should make it easier to sell. (Bill Mihalic)

General Motors announced Monday it is developing a much longer-running Chevy Volt.
The competition is fierce in clean-car technology. Ford announced they just invented
the world's first water-powered car, but it only runs on water from the Gulf of
Mexico. (Argus Hamilton)

A food investment firm has purchased Pabst Blue Ribbon beer for $250 million.
It would have only cost $150 million. But the new owners bought it at an AM/PM.
(Alan Ray)

BP says if "top kill" fails, they'll try something called the "junk shot."
Hey, worked last night for the Lakers. (Jay Leno)

A 36-year-old woman is suing United Airlines for leaving her asleep in her seat
for over three hours. I'm not sure why she's so upset; it doesn't seem to bother
Toronto Maple Leafs fans. (RJ Currie)

Plans are now underway to construct a 270-mile express line to ferry high-rollers
between Los Angeles and Las Vegas. The high-speed party train will feature a
special open-air "tanning car" that will cater to passengers making the return
trip without a shirt. (Bob Mills)


GREAT BRITAIN

Dogs in Britain are being trained to sniff out diabetes when their owners'
blood sugar drops. They're great at it, but only when diabetes is in your
crotch. (Jimmy Fallon)



EUROPE

An American adventurist strapped himself to a bunch of helium balloons and
floated from England to France. Immediately afterward, people in Mexico asked,
"Exactly how many balloons?" (Jimmy Fallon)



SCIENCE

A 60-year-old woman in China just gave birth to twins. She says she's going to
use cloth diapers because she finds the disposable ones a little uncomfortable.
(Jimmy Fallon)


SPORTS

The Los Angeles Lakers won the right on Saturday to play the Boston Celtics in
the NBA Finals. What a dream match-up. It's one of the great rivalries, like
the Yankees vs. Dodgers, Oklahoma vs. Texas and the State of Louisiana vs.
British Petroleum. (Argus Hamilton)

The offensively-challenged San Francisco Giants scored one run tonight in
11 innings, while the Philadelphia Phillies have been shut out five times
in the last ten games. What do they think this is, the World Cup? - The Giants
and Phillies have also actually both won 1-0 games in the past week. If these
two teams played each other, it might have to be decided by penalty kicks.
(Janice Hough)

On the possibility of freezing temperatures when the Meadowlands, N.J.,
hosts the 2014 Super Bowl: The halftime show will be performed by
Vanilla Ice. (Bill Littlejohn)

The Dodgers won a weird one at Chavez Ravine on Monday night when the
winning run scored in the bottom of the ninth — on a balk committed by
Arizona pitcher Esmerling Vasquez. The Diamondbacks didn't dispute the
call, thus saving second-base ump Tim Tschida the ignominy of being
labeled a balk-off homer. (Dwight Perry)

Three things I would go with if I had my choice as a tennis player:
3. Roger Federer's backhand;
2. Rafa Nadal's forehand; and
1. Maria Sharapova.
(RJ Currie)

It's only been 49 years since the Blackhawks last hoisted the NHL trophy.
It just seems longer. When my team last won the Stanley Cup, players didn't
wear helmets, goalies didn't wear masks. I think the puck was still made out
of wood." (Chicago native David Jacobson, the U. S. ambassador to Canada)

New York Knicks forward Wilson Chandler was in possession of a bag of
marijuana when cops stopped his car in New York. Chandler explained he
has a chronic problem that requires medical marijuana; he plays for
the Knicks. (Alex Kaseberg)

Germany, in case you missed it, staged its first national strip-poker
tournament in Hamburg last month. Flummoxed competitors couldn't decide
whether to go all-in or all-off. (Dwight Perry)

Diego Maradona's vowed to run nude through the streets of Buenos Aires
if Argentina wins the World Cup. If coaches are going to start running
naked, it's just as well Stan Van Gundy didn't get an NBA title.
(Brad Dickson)

Argentine soccer legend and coach Diego Maradonna reportedly ran over
a reporters leg with his car. Apparently he blamed it on the handbrake
of God. (RJ Currie)


ATHLETES

Kendry Morales of the Angels broke his leg at home plate celebrating
his game-winning grand slam against Seattle. Is that still considered
a walk-off home run? (RJ Currie)

The MVPs who have reigned the last two seasons in the National League,
NFL, NBA and NHL — Albert Pujols, Peyton Manning, LeBron James and
Alex Ovechkin — have one other thing in common, No championships won
in that time. (Jerry Crowe)

No offense to LeBron James, but isn't Simon Cowell the free agent
most in demand right now? (Bob Molinaro)

The Phillies’ Roy Halladay threw a perfect game against the Marlins.
Florida’s performance was like a date with Lady Gaga. No men reached
first base. (Alan Ray)

Phillies pitcher Roy Halladay pitched a perfect game against the
Florida Marlins. His next goal is to throw one against a Major
League team. (Jim Barach)

Perception is everything. Jason Heyward, with nine home runs and 35 RBI,
is having an amazing rookie season in Atlanta. Albert Pujols, with nine
home runs and 34 RBI, is having a horrible season in St. Louis.
(Steve Simmons)

Jose Canseco says that he could've been a professional bowler. I don't
know about that–he's always had trouble staying out of the gutter.
(Bill Littlejohn)

Giants pitcher Barry Zito was enjoying a drink at an upscale bar last week,
when a long-haired young man in scruffy attire approached and a restaurant
staffer interceded, telling the suspected interloper, "I'm sorry, please
don't bother Mr. Zito. No autographs tonight." Tim Lincecum must have
been floored. (Jerry Crowe)

Reliever George Sherrill says he injured his back — earning himself a spot
on the 15-day disabled list — while awkwardly climbing into bed so as to
avoid disturbing his wife. And he calls himself a Dodger? (Dwight Perry)

That faux see-through corset Venus Williams wore during her French Open
opener? Just think of it as a teddy bare. (Dwight Perry)

Some news sources called Flyer Chris Pronger a thief and even a burglar
for taking the puck after games one and two in Chicago. Personally,
I'd call him a puckpocket. (RJ Currie)

Lebron James told Larry King he is leaning toward Cleveland.
Most experts are inclined to disagree. (RJ Currie)

Umpire Jim Joyce blew a call and took away a perfect game from
Armando Galarraga. Oh well, nobody's prefect. (RJ Currie)

There was plenty of kerfuffle over umpire Joe West tossing White Soxs'
pitcher Mark Buehrle for arguing a balk. In the end, it was just a lot
hurler Buehrle hurly-burly. (RJ Currie)

New York Yankee Nick Swisher told reporters he is engaged to Gossip Girl
star Joanna Garcia. You'd have to score that a fielder's choice!
(RJ Currie)


ENTERTAINMENT

“Twilight Saga: Eclipse” premieres this month. High school senior Bella
must choose between a vampire and a werewolf. It used to be so simple
when it was just jocks and geeks. (Alan Ray)

ENTERTAINERS

Singer-actress Jennifer Hudson dieted her way from a size 16 to a 6,
the most amazing loss of useless flab since the Raiders cut JaMarcus
Russell. (Janice Hough)

Sir Paul McCartney played at the White House last night. He dedicated
the Beatles song "Michelle" to the First Lady. Isn't that lovely? And
then for Joe Biden, he played "Fool on the Hill." (Craig Ferguson)

Charlie Sheen will spend 30 days in jail on domestic assault charges.
He'll find life in the slammer is different from Hollywood. Someone's
big break usually involves bloodhounds. (Alan Ray)

Sarah Ferguson told "Inside Edition" she would love to appear on
"Dancing With the Stars. " And she said, if the price is right,
Prince Andrew can come along. (Jay Leno)

Reality TV star Heidi Montag said she had to split from her husband Spencer
Pratt just to have a chance to "get away from the lies". Heidi is absolutely
distraught; she sobbed so hard her forehead nearly moved. (Jerry Perisho)



OTHER CELEBRITIES

Lindsay Lohan was ordered to quit drinking by Judge Marsha Revel Tuesday.
Talk about a Hollywood ending. Lindsay's going to Texas to play a porn star
and make a fortune while the judge is going to lose her pension because
California is bankrupt. (Argus Hamilton)

Lindsay Lohan is concerned that the alcohol-monitoring bracelet on her
ankle can ruin the filming of her upcoming movie. Especially considering
she'll be playing a porn star and she's worried that the ankle bracelet
will keep getting caught on her earrings. (Pedro Bartes)

Maybe it's just me, but I don't remember asking Jesse James to come forward
and tell me his side of the story. That said, turns out he cheated on his
beautiful, Oscar winning, movie star wife, because he was abused as a kid.
And suffered brain damage? (Frank King)


THE MEDIA

Rush Limbaugh is getting married for the fourth time. This is shocking.
There are four women in American stupid enough to consider marrying Limbaugh?
- And with this fourth wife, it now means Limbaugh has had more wives than
our last three Democratic presidents COMBINED. (Janice Hough)

May brought lower ratings for Larry King at CNN. Apparently that 9:00 show time
is just way too late for his audience. (Jim Barach)

CNN news-thrush Campbell Brown, whose ratings this season have plummeted
40% from a year ago, has requested a release from her contract. Network
insiders say she was pushed over the edge when the CNN Promo Department
came up with a new theme for her that went "Um-um good, um-um good,
that's what Campbell Brown is... " (Bob Mills)


RELIGION

We have as a guest tonight, Archbishop Desmond Tutu. I'm going to ask the
question that's on everyone's mind: "As a bishop, do you always have to
move diagonally?" (Craig Ferguson)


HISTORY

Archaeologists have found the tomb of a 3300 year old mayor of Memphis, Egypt.
Campaign signage reveals the political ideology of the times. "Right to Bear
Spears. " (Alan Ray)


CULTURE & SEXUAL MORES

A growing number of teenage girls say they are using the rhythm method for
birth control. That's why there is also a growing number of teenage mothers.
(Jim Barach)

A Reader's Digest survey in Germany found that only 5% of Germans would choose
having sex over watching a German World Cup final game. Germans take soccer
over sex, food, laughter and every other human pleasure with the exception
of invading France. (Jerry Perisho)

Miss Ellie, a bug-eyed Chinese Crested Hairless dog whose pimples and
lolling tongue helped her win the 2009 World's Ugliest Dog title, has
died at age 17. The only thing uglier in the news this week was the
Blue Jays bullpen. (RJ Currie)


POLLS & SURVEYS

A study says that 40% of all teenagers have had sex at least once.
The other 60% just say they have. (Jim Barach)

According to the latest census survey, the number of people without
health insurance has dropped by two million. Duh, they're dead because
they didn't have health insurance. (Jay Leno)





Compiled by Stan Kegel
skegel@socal.rr.com

Credit cards reward the smartest users - Pay your bill monthly and gain more than a free loan

Credit cards reward the smartest users - Pay your bill monthly and gain more than a free loan
By Jim Gallagher, McClatchy
Copyright © 2010, Chicago Tribune
June 6, 2010
http://www.chicagotribune.com/news/sc-cons-money-0603-credit-card-20100603-15,0,1012730.story


A few months back, I got airline tickets for $50. Here's how I did it.

Several banks and airlines were offering airline credit cards with a $50 annual fee. Sign up, spend $700 on the card, and they would give you 30,000 frequent-flier miles. That's more than enough for a one-way ticket anywhere in the United States, and a round trip if you plan far enough ahead.

I'll use my free flights, then I'll cancel the card before the next annual fee comes due.

Credit cards remain the best way to rob a bank, if you pay the bill in full every month. Do that, and the bank gives you an interest-free loan until the due date. To top that, many cards will throw in extra goodies or cold cash. They will pay you for the privilege of lending you money for free.

There are hundreds of rewards credit cards on the market. They're a fine deal, so long as you pay the bill in full every month.

If you carry a balance month to month, the freebies are much less important than landing a card with a low interest rate. The average card now charges 14 percent interest.

"The rewards you get will be eaten up by the APR (annual percentage rate)," said Bill Hardekopf of LowCards.com, a Web site that tracks credit card offers.

Cash-back cards

Some cards are generous, others aren't. The simplest way to sort it out is to opt for cold cash.

A decent cash-back card has no annual fee. It will rebate at least 1 percent of what you spend, plus more for specified purchases. The Chase Freedom card, for instance, gives 1 percent on all purchases, plus 5 percent on a list of other items that rotate by season.

"Anytime you can get 5 percent back, it's nothing to sneeze at," said Hardekopf.

If you have a Fidelity investment account, the no-annual-fee Fidelity American Express Card will add $100 to your account for every $5,000 you spend on the card, a pretty good offer.

Less generous cards use a tiered system for rebates. The Discover More card, for instance, pays only 0.25 percent until you've spent $1,500, then 0.5 percent until you hit $3,000 and 1 percent after that.

Non-cash rewards

Things get more complicated when you opt for a card with goodies other than cash.

Look at the payout ratio, said Greg McBride, a senior financial analyst at Bankrate.com, which tracks both bank lending and deposit rates. How many points do you get for a $1 purchase, and how many will you need for that official NASCAR Jeff Gordon jacket? (13,700 points on the NASCAR Racepoints Web site.)

Look at your spending pattern, said McBride. If you're driving a gas guzzler on a 50-mile daily commute, a gasoline credit card might look sweet. The no-annual-fee Exxon Mobil MasterCard, for instance, gives you a 15-cent-per-gallon rebate at Exxon and Mobil stations, plus between 0.5 and 2 percent on other eligible purchases.

Credit score impact

My tactic of taking the airline miles, then canceling the card? Hardekopf and McBride note that I might do some damage to my credit score.

When I cancel the card, I'll be lowering my available credit. Credit scores are based, in part, on the percent of available credit I'm using. Less credit can mean a lower score. Scores also count the amount of time I've held my accounts, and canceling a card counts against me.

Don't do it if you plan to borrow money in the next six to 12 months, said McBride. I don't, so I'm happy to be flying cheap.

German businesses could steer the country out of the eurozone

German businesses could steer the country out of the eurozone
By Howard Schneider
Copyright by The Washington Post
Saturday, June 5, 2010
http://www.washingtonpost.com/wp-dyn/content/article/2010/06/04/AR2010060404815.html?hpid=topnews


FRANKFURT -- Must Mattheus Schneider's ice cream shop bear responsibility for the future of Greece?

With the euro fighting a crisis that continues to push its value lower, that question about the willingness of German taxpayers and businesses to stand behind economically weaker nations with which they share the euro as a currency could determine whether the continent's decade-old monetary union survives its recent shock or begins to tatter.

Germany's political leadership has pledged the country's credit to back a bailout of Greece as well as a separate nearly trillion-dollar fund to help other countries, but the larger issue of shared responsibility within the eurozone remains to be joined -- and will be central to the future of an area considered one of the pillars of the global economy.

Sharing a currency with Greece is one thing. But sharing a future is another, and Germany's expanding commitment to the eurozone has many here wondering how their own financial plans -- Schneider hopes to turn his Dulce store into a franchised chain -- could be damaged if Europe's problems become too draining and drag down the local economy.

"Even if they ruin [the euro], Germany runs a stable country," said the young German entrepreneur, who said Germany has benefited from the euro so far but should be ready to pull out and reinstate the Deutschmark. "We'll always be able to get loans."

Approval of the bailout programs, coordinated with the International Monetary Fund, has given Greece breathing room to restructure its economy, but the euro had already dropped sharply over concerns that several eurozone governments had accumulated unsustainable levels of debt. Despite the rescue programs, the euro on Friday fell below 1.20 for the first time in four years amid continued concern about government debt and mistrust that eurozone countries will address the region's problems.

The currency union

A more foundational debate lies ahead over the structure of the currency union -- the degree to which the countries are responsible for one another, and the power that central institutions like the European Commission have to enforce common rules. The crisis over the euro began when Greece revealed that it had accumulated debts far beyond the level eurozone countries agree to meet when joining the currency group, a fact that prompted Germany in particular to argue that any bailout needed to be followed by more rigorous rules and better enforcement.

German Chancellor Angela Merkel and French President Nicolas Sarkozy, heads of the two largest and most influential eurozone nations, are set to meet next week to continue talks that could see eurozone countries asked to cede some powers, face investigative oversight by a central statistics agency, and encounter financial and political sanctions if they fail to meet spending and budget limits.

Angelos Pangratis, acting head of the European Union's delegation to the United States, said in a recent presentation that it was "naive" to think that countries like Greece and Germany could not co-exist in a common currency area and that there is broad confidence in the currency zone's survival. But he acknowledged that over the euro's first decade there had not been the "convergence of competitiveness" that eurozone architects thought would even out wages, growth rates and other key variables across the countries involved and help prevent problems like the one that occurred in Greece.

"When we created the euro, we knew there were two conditions," Pangratis said. "You need fiscal responsibility . . . and we must have a convergence of competitiveness."

Instead, the first years of the euro were marked by divergence. Some countries, particularly in the south of Europe, enjoyed lowered interest rates that fueled an economic boom, pushed up wages and contributed to asset and price bubbles that are now being painfully corrected. Some governments borrowed well beyond their means.

It was a risk identified early on.

"The euro is a currency without a foundation in a state," then-IMF managing director and future German president Horst Kohler said in 2001, two years after the euro's inception. That, he said, left a "question mark" over the future of the currency unless it could be "underpinned by greater political cohesion among member states."

Short of 'optimal'

On some fronts, the euro remains short of what economists would regard as an "optimal currency zone." In the United States for example, wide differences in wage and growth rates among states would prompt people to migrate from less prosperous areas, a fluid movement of labor aided by a common language and culture. The movement of labor is not as dynamic among the nations of the eurozone. Where the United States' large federal budget and common federal regulations can help even out economic differences among the states -- areas with large numbers of children from poor families, for example, would receive more in federal school lunch subsidies -- the European Union's central budget is tiny by comparison and not used in the same way.

It has taken a decade, but the implications of that design weakness are now on full display, from the budget cuts and possibility for social turbulence in Athens and Madrid, to the skepticism often encountered among Germans.

There is still a conviction here, for example, in a nation preoccupied with the dangers of inflation, that the original conversion from the Deutschmark to the euro led to a rise in price, a point that economic studies have refuted but that remains a point of anecdotal faith for people quick to recount how a candy bar that cost one and a half marks suddenly cost the equivalent of two marks after the euro was introduced.

In Athens, the focus is on outside powers -- a hazy cabal of the IMF, international bankers and the government in Berlin -- clamping down on the Greek government for what are perceived to be their own purposes. In Madrid, powerful labor groups have threatened a showdown over recent public wage cuts.

Few think the currency union will break up over such tensions. But it does mean that some long-standing issues may finally have to be addressed.

"Everybody knew the situation. Everybody participated. Everybody made money," Vassilis D. Kaskarelis, Greek ambassador to the United States, said in a recent talk to the Greater Washington Board of Trade. "Now it is time to pay the bills."

G20 drops support for fiscal stimulus

G20 drops support for fiscal stimulus
By Chris Giles and Christian Oliver in Busan
Copyright The Financial Times Limited 2010
Published: June 5 2010 11:54 | Last updated: June 5 2010 11:54
http://www.ft.com/cms/s/0/786776b4-708f-11df-96ab-00144feabdc0.html


Finance ministers from the world’s leading economies ripped up their support for fiscal stimulus on Saturday, recognising that financial market concerns over sovereign debt had forced a much greater focus on deficit reduction.

The meeting of the Group of 20 finance ministers and central bank governors in Busan, South Korea, also dropped proposals for a global banking levy, instead giving countries leeway to do what they thought best for their domestic circumstances.

The communiqué of the meeting made it clear that the G20 no longer thought that expansionary fiscal policy was sustainable or effective in fostering an economic recovery because investors were no longer confident about some countries’ public finances. “The recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, growth-friendly measures, to deliver fiscal sustainability,” the communiqué stated.

“Those countries with serious fiscal challenges need to accelerate the pace of consolidation,” it added. “We welcome the recent announcements by some countries to reduce their deficits in 2010 and strengthen their fiscal frameworks and institutions”.

These words were in marked contrast to the G20’s previous communiqué from late April, which called for fiscal support to “be maintained until the recovery is firmly driven by the private sector and becomes more entrenched”.

After the meeting, finance ministers acknowledged that the landscape had changed. George Osborne, British chancellor, claimed credit for the change. The new words were a “significant success in getting endorsement from the G20 for … a significant change in tone in the language on fiscal sustainability”.

Many other finance ministers accepted market realities had changed the G20’s policy, Christine Lagarde, French finance minister, said: “There’s a large majority for whom redressing the public finances is priority number one. For a minority, it’s supporting growth”.

Even Dominique Strauss Kahn, managing director of the International Monetary Fund who championed fiscal stimulus since January 2008, recognised the world was suddenly different. Asked whether he felt comfortable with the change in tone from the G20, he replied: “Totally comfortable. I am not the champion of fiscal stimulus, but the champion of right fiscal policy”.

But there were concerns around the G20 that the rush to reduce budget deficits, necessary though officials now thought it was, would undermine the recovery in the near term.

In a letter to the rest of the G20, Tim Geithner, US Treasury secretary, argued: “Concerns about growth as Europe makes needed policy adjustments threaten to undercut the momentum of the recovery”.

Ministers from many countries stressed the need for structural reforms to boost the potential for private sector growth

In private, G20 officials said that the US had been the country most concerned about the new austerity drive and feared for the momentum for global growth. In the meetings it had been frank in the meeting in calling for China to revalue the renminbi and for Germany to boost domestic demand, officials said.

Mr Geithner, himself, was open about his fears in his letter to the G20. “Concerns about growth as Europe makes needed policy adjustments threaten to undercut the momentum of the recovery,” he wrote, adding that fiscal tightening won’t “succeed unless we are able to strengthen confidence in the global recovery.”

When discussing reforms to the financial system, the G20 found there was no consensus for a global levy on banks. The decision to allow countries to pursue their own domestic agendas on new taxes on banks was particularly pleasing for Canada, which has long opposed the idea.

Jim Flaherty, Canadian finance minister, said: “The debate on … bank levies has been a distraction form the core issues and it has been apparent again from out meetings that most of the G20 members do not support the concept of a universal levy”.

Instead, the G20 “recognis[ed] there is a range of policy approaches” and that countries could develop their own thinking, “taking into account individual country’s circumstances and options”.

For countries such as the US and UK still wanting to go ahead with unilateral banking levies, the G20 agreed that they should be devised within a set of principles to minimise the opportunities for banks to pick and choose between different jurisdictions depending on the levies introduced.

Why I should be the Next President of the USA

Why I should be the Next President of the USA
By Carlos T Mock, MD
May 30, 2010


The Tea Party movement things that Sarah Palin should succeed president Obama as the 45th President of the United States. In my opinion my qualifications are superior to hers.

I know that Africa is a continent, not a country.

I read every morning, The Financial Times, The New York Times, The Washington Post, The Chicago Tribune, and The Chicago Sun-Times.

I know the difference between North and South Korea. The Korean War (1950–53) was the first major proxy war in the Cold War (1945–91), the prototype of the following sphere-of-influence wars such as the Vietnam War (1959–75). The Korean War established proxy war as one way that the nuclear superpowers indirectly conducted their rivalry in third-party countries. The NSC-68 Containment Policy extended the cold war from occupied Europe to the rest of the world. Fighting ended at the 38th parallel and the DMZ, a strip of land 248x4 km (155x2.5 mi), now divides the two countries—but neither of the Koreas officially ended the war.

I know that Africa is a continent, not a country.

I know that the Boston Tea Party was a revolt of Americans against the British Empire for taxation without representation—and had nothing to do with the size of our government.

I’ve actually been to Russia, which is better than seeing it from afar.

Ms Palin was elected to office—namely Governor of Alaska—but she abandoned her post as soon as she realized she could become a millionaire. She placed money over her constituency, and that is something I would never do.

There is one big area I can’t compete against her—for at 54, I don’t think I qualify as “hot.” If beauty is a qualification for the presidency of the United State, then I nominate Beyoncé; not only she is much more younger and beautiful than Ms. Palin—she can also sing and act. Besides, Beyoncé was born in Houston, Texas—and you can’t get more American than that.

Finally, I don’t exploit my family for political purposes—and I would NEVER allow my daughter to get pregnant before being married by a priest or minister.

There might be one problem, I was born in Puerto Rico—and in the midst of one of the most precipitous political crashes in the Mountain West, Sarah Palin made a mad dash into Boise on Friday, urging the election of a man who had plagiarized his campaign speech from Barack Obama, had been rebuked by the military for misusing the Marine uniform and had called the American territory of Puerto Rico a separate country.

Dr. Carlos T Mock is a native Puerto Rican who resides in Chicago, IL and Three Oaks, MI. He has published four books and is the GLBT Editor for Floricanto Press in Berkley, CA. He contributes columns regularly to Windy City Times in Chicago, Ambiente Magazine in Miami, Camp Newspaper in Kansas City. He's had several OP-Ed published at the Chicago Tribune. He can be reached at http://www.carlostmock.com/

Israel and the USA, A similar situation like Korea and China

Israel and the USA, A similar situation like Korea and China
By Carlos T Mock, MD
June 2, 2010


The USA is demonstrating to its neighbors, and the world, that being the only superpower is not necessarily to be welcomed. Though it has become undeniable that its ally and client, Israel, raided naval vessels that killed nine people, many of them Turks, on an aid flotilla bound for Gaza, no direct condemnation by US Official has come forth.

When the U.N. Security Council Condemned ‘Acts’ in the Israeli Raid, the wording (influenced heavily by the US) seemed designed to dilute demands for condemnation of Israel, which argues that its soldiers acted in self-defense in response to violent resistance from passengers on board the vessels they intercepted. After the raid, Israel seized hundreds of activists as well as their ships.

Einat Wilf, a Labor Party member of Parliament who sits on the influential Foreign Affairs and Defense Committee, said that she had warned Mr. Barak and others well in advance that the flotilla was a public relations issue and should not be dealt with by military means. “This had nothing to do with security,” she said in an interview. “The armaments for Hamas were not coming from this flotilla.” It is well documented that the arms that are the supposed cause for the blockade are actually flowing freely through tunnels under the Egyptian border.

Israel’s deadly commando raid on Monday complicated President Obama’s efforts to move ahead on Middle East peace negotiations and introduced a new strain into an already tense relationship between the United States and Israel.

Prime Minister Benjamin Netanyahu of Israel canceled plans to travel to Washington on Tuesday to meet with Mr. Obama. The two men spoke by phone within hours of the raid, and the White House later released an account of the conversation, saying Mr. Obama had expressed “deep regret” at the loss of life and recognized “the importance of learning all the facts and circumstances” as soon as possible.

In the short term Israel’s behavior has damaged the United States. Watching the US defend the indefensible probably helped provoke the multiple worldwide demonstrations against the US and Israel.

An end to the crisis in the Middle East will require a more responsible approach by Mr. Obama. Abstaining from a Security Council resolution is not enough; the US must act decisively to restrain Israel from further provocations. The events of the past week are a sign that the US cannot continue to be seen as propping up a criminal client state and also be regarded as benign in its growing power. Sooner rather than later, it will have a choice to make.

Dr. Carlos T Mock is a native Puerto Rican who resides in Chicago, IL and Three Oaks, MI. He has published four books and is the GLBT Editor for Floricanto Press in Berkley, CA. He contributes columns regularly to Windy City Times in Chicago, Ambiente Magazine in Miami, Camp Newspaper in Kansas City. He can be reached at http://www.carlostmock.com/

Israeli Military Boards Gaza-Bound Aid Ship

Israeli Military Boards Gaza-Bound Aid Ship
By ISABEL KERSHNER
Copyright by The New York Times
Published: June 5, 2010
http://www.nytimes.com/2010/06/06/world/middleeast/06flotilla.html?hpw


JERUSALEM — Days after a deadly confrontation at sea when Israeli commandos raided a flotilla trying to challenge the naval blockade of Gaza, an Irish-owned vessel carrying humanitarian supplies and a small group of pro-Palestinian activists was seized by Israeli forces off the coast of Gaza early Saturday, Israeli officials said.

The military said that Israeli forces pulled alongside the ship, the Rachel Corrie, just after noon and then boarded it from the sea. There were no resistance or injuries, and the military said the ship’s crew and passengers fully complied with the boarding.

On Friday, the Israeli and Irish governments reached an agreement to unload the vessel’s cargo at the port in Ashdod, in southern Israel, and transport it to Gaza — essentially the same deal Israel offered to the activists in the aid convoy that was attacked on Monday.

But Greta Berlin, a spokeswoman for the Free Gaza Movement, the principal organizer of the earlier flotilla, said that those on board had rejected that approach. “The whole point is to try to break the blockade,” Ms. Berlin said, speaking by telephone from Cyprus.

The rejection left open the possibility of another confrontation, though with only 11 passengers on board, 4 of them over 60 years old, and a crew of 8, there seemed to be less potential for violence. The passengers have said that any resistance will be peaceful.

“If they do come on board, we’ll be nice,” said Faizal Azumu, a passenger who answered a satellite telephone on board the ship on Friday. “We don’t want any problems.”

The director general of Israel’s Foreign Ministry, Yossi Gal, struck a conciliatory tone as well, saying in a statement: “We have no desire for a confrontation. We have no desire to board the ship. If the ship decides to sail to the port of Ashdod, then we will ensure its safe arrival and will not board it.”

The White House issued a statement late on Friday, urging that the ship sail to Ashdod “to ensure the safety of all involved.”

However, Israel’s ultranationalist foreign minister, Avigdor Lieberman, vowed in a television interview that the ship, the Rachel Corrie, named for a young American protester who was crushed to death by an Israeli army bulldozer in Gaza in 2003, would not be allowed to dock in Gaza. “We will stop the ship, and also any other ship that will try to harm Israeli sovereignty,” he told Channel 1. “There is no chance the Rachel Corrie will reach the coast of Gaza.”

Ireland’s foreign minister, Micheal Martin, said he had hoped the deal worked out with Israel would stand as “a useful precedent for future humanitarian shipments, pending the complete lifting of the blockade.”

But he added that he fully respected the passengers’ right to refuse the agreement “and to continue their protest action by seeking to sail to Gaza.”

The resumption of the ship’s voyage followed days of conflicting reports about the ship’s whereabouts and plans.

But organizers said on Friday evening that the 1,200-ton cargo ship was about 110 miles away from Gaza in international waters and was planning on turning toward the coast at dawn on Saturday.

Israel has led a land and sea blockade of the Palestinian enclave since Hamas, the Islamic militant group that Israel, the United States and the European Union view as a terrorist organization, seized full control of the territory three years ago. Under intense pressure on Thursday, the Israeli government said that it would explore new ways of facilitating the entry of civilian goods into Gaza.

Mr. Martin, the Irish foreign minister, said those on board the Rachel Corrie had indicated that they would accept inspection of their cargo at sea, prior to docking in Gaza, but that the Israelis rejected that proposal.

The Rachel Corrie was supposed to make up part of the last flotilla; it fell behind because of mechanical problems before it set out from Ireland. It is said to be loaded with construction materials, tons of paper and other supplies that are hard to come by in Gaza.

Among the passengers are Mairead Maguire, an Irish Nobel Peace laureate; Denis Halliday, a former United Nations assistant secretary general from Ireland; and Mohd Nizar bin Zakaria, a member of the Malaysian Parliament.

Israeli officials have strongly criticized the Free Gaza Movement, a group founded primarily by Palestinian advocates from California. “These people masquerade as human rights activists but they are nothing of the sort,” said Mark Regev, an Israeli government spokesman.

He said that they not only ignored Hamas attacks on Israeli civilians, “but even more conspicuously, they are silent about the Hamas regime’s appalling human rights record.” Last time a Free Gaza boat arrived in Gaza, he said, the activists “received medals from the Hamas government.”

In Gaza, too, there are mixed feelings about such aid missions. “I think they are wasting their time and ours,” said a Palestinian woman who asked not to be identified, fearing retribution from the Hamas authorities. “It won’t make a change in Israeli policy, only in our government’s policy.”

Ms. Berlin of Free Gaza said, “Hamas was democratically elected, whether we like it or not,” referring to the Palestinian legislative elections of 2006, in which Hamas defeated its main rival, Fatah.