leadership.... with this kind of remarks..... Silvio Berlusconi, Italy's gaffe-prone Prime Minister, today found himself accused of racism after calling Barack Obama "suntanned". Speaking in Moscow at a joint news conference with President Medvedev, Mr Berlusconi said Mr Obama's election had been "hailed by world public opinion as the arrival of a Messiah". He added: "I will try to help relations between Russia and the United States, where a new generation has come to power. I don't see problems for Medvedev in establishing good relations with Obama, who is also handsome, young and suntanned". Mr Berlusconi said he had intended the remark as a compliment and those who failed to understand this were "imbeciles". Right, go back to your nightclub and party all night, that's the best you can do
the meltdown has started Russia's central bank has raised interest rates a full percentage point to 12pc to prevent a collapse of the rouble following a day of mayhem on the Moscow markets, prompting concerns that the financial crisis may be spiralling out of control. The surprise move last night came after the authorities had spent $7bn of foreign reserves in a matter of hours trying to defend the currency, at a lower level. The central bank has now spent $84bn of its reserves over the last month. "If people lose confidence, we could have a massive run on the banks: then the game is up." Expecting trouble, the Kremlin has mobilised the police to crush dissent. "Anti-crisis groups have been set up in the regions to intercept any early indications of destabilisation," said the president.
Latest news, France posted positive growth of 0.14% last quarter!!! How convenient, France is therefore not in recession as technically defined the masters of spin at work, look look into my eyes, there is no recession, there is no recession, 1,2, 3 wake up, you're back now turnaround and lower your pants look into my eyes look into my eyes .....
German business confidence plummets By Ralph Atkins in Frankfurt - FT Published: November 24 2008 10:24 | Last updated: November 24 2008 10:24 German business confidence has plummeted to lows not seen since the early 1990s in the latest evidence that Europeâs industrial powerhouse has suddenly been thrown into reverse. The Munich-based Ifo index reported its business climate index had fallen much more sharply than expected from 90.2 in October to 85.8 in November, the lowest since February 1993. It was the sixth consecutive monthly fall in the index, which is closely watched as an indicator of future trends in activity. Businessesâ expectations about the next six months were the weakest since the pan-German series started in 1991 â and for almost 50 years using data for former West Germany, economists said. The indexâs precipitous fall highlights the dramatic effect that slowing global demand has had on Europeâs largest economy, which had relied largely on exports, and more recently corporate investment, to power growth. In contrast to the UK and US, German consumers have not fared as badly â the country has not seen a house price collapse and lower oil prices have boosted spending power. But Hans-Werner Sinn, Ifo president, warned: âThe economic downturn has hardened and will now also affect the labour market.â The Ifo index peaked at 108.8 in December 2006 and had fallen steadily until the middle of this year, when it took a sudden turn for the worse. Last month, the two components of the index showed different pictures. The part covering businessesâ assessment of current conditions actually rose, while the component covering expectations for the next sixth months dropped sharply. This month, those expectations showed signs of becoming self-fulfilling, with the assessment of current conditions falling to the lowest level since August 2005. The latest results will reinforce expectations that, after already having fallen into recession in the second and third quarters of this year, German gross domestic product will contract further in the fourth quarter â and probably during much of 2009. The crucial test for Germany will be how far the recession affects the countryâs unemployment total and, in turn, consumer spending. To avert a deep and protracted recession, Germany will have to rely on domestic demand.