Euro News: France, Turkey in a Row Over French Genocide Law. ECB Lends €489 Billion to 523 European Banks in Massive Effort

BBC News – Turkey recalls envoy from France over ‘genocide’ bill.

The proposed law makes it a crime in France to deny genocide when it has occurred. Turkey on the other hand, has the official position of denying the genocide of 1.5 million Armenians by its precursor, the Ottoman Empire, during WWI.

Turkey also resents French opposition to its entrance in the European Union. French president Nicholas Sarkozy has blatantly said that Turkey does not belong in Europe.

The massive offer is initially at rate of 1% and the rate may be lowered within days. The banks will borrow and it is expected that they will put the money to two main uses:

1. Purchasing sovereign bonds which are offering a much higher interest so the banks are enticed by pocketing the difference but in the process they increase the demand for sovereign bonds of the troubled PIIGS and that will lower the interest those nations have to offer to sell their bonds. This is like the ECB buying sovereign debt (something that Germany opposes) by proxy.

2. Increasing the money supply may loosen lending to the private sector thus spurring the continental economies, most of which are almost in recession.


U.S. ranks 28 out of 31 OECD members in poverty

Bertelsmann Stiftung | Press releases.

Perhaps OWS is telling us something that most of us do not want to admit. The Organization for Economic Cooperation and Development has 34 nation members and it has found the U.S. almost at the bottom of the social balance ladder.

Of the 31 surveyed, only Turkey, Mexico, and Chile scored worse that the U.S.

In terms of children affected by poverty, Denmark scored the best with just 3.7% of children living in poverty. We scored an eye-popping 21.6% of children living in poverty.

The OECD had its origins in 1948 but was officially created in 1961.