September 10, 2009

A year after financial crisis, a new world order emerges One year after the near collapse of the global financial system, this much is clear: The financial world as we knew it is over, and something new is rising from its ashes. Historians will look to September 2008 as a watershed for the U.S. economy. On Sept. 7, the government seized mortgage titans Fannie Mae and Freddie Mac. Eight days later, investment bank Lehman Brothers filed for bankruptcy, sparking a global financial panic that threatened to topple blue-chip financial institutions around the world. In the several months that followed, governments from Washington to Beijing responded with unprecedented intervention into financial markets and across their economies, seeking to stop the wreckage and stem the damage. One year later, the easy-money system that financed the boom era from the 1980s until a year ago is smashed. Once-ravenous U.S. consumers are saving money and paying down debt. Banks are building reserves and hoarding cash. And governments are fashioning a new global financial order. Congress and the Obama administration have lost faith in self-regulated markets. Together, they're writing the most sweeping new regulations over finance since the Great Depression. And in this ever-more-connected global economy, Washington is working with its partners through the G-20 group of nations to develop worldwide rules to govern finance. "Our objective is to design an economic framework where we're going to have a more balanced pattern of growth globally, less reliant on a buildup of unsustainable borrowing... and not just here, but around the world," said Treasury Secretary Timothy Geithner.
Growing ties between Israeli, PA police forces Away from the media spotlight on efforts to kick-start diplomatic talks between Israel and the Palestinian Authority, the two parties' police forces together with the IDF's civil administration are increasing their cooperation, and have implemented a series of confidence-building measures over the past two years. The cooperation has taken a number of surprising forms. One example is the payment of an estimated NIS 4 million in traffic fines paid to Judea and Samaria Police by PA residents. The police transfer the money to the civil administration, which in turn invests the money in Palestinian infrastructure in the West Bank. "The PCP [Palestinian Civil Police]'s enforcement is improving. In traffic enforcement, the PCP has begun cracking down on drivers who talk on cellphones and who fail to buckle up. This is partly due to a political will by the Palestinians, to show that they are a future country," Israel said. "The enforcement is being assisted by the European Union in the form of the EUCOPPS [European Union Coordinating Office for Palestinian Police Support] program, which provides training courses, vehicles and equipment on a large scale, and facilitates the opening of new Palestinian police stations in rural areas," he added. "It is also being assisted by cooperation with us. In November we will hold a joint five-day joint training course with our Palestinian counterparts to study drug enforcement, traffic enforcement, and proper crime scene investigation conduct and evidence collection," he said.


I'm a watchman for Christ, looking on the horizon in expectation for the fulfillment of God's Word.

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