100 countries declare end to racism

From VOA News...

More than 100 countries with delegates at a global conference on racism have agreed on a declaration calling for an end to intolerance and xenophobia.

WOO! Racism's officially over!

...

That's what this means, right?

The declaration, adopted Tuesday in Geneva, reaffirms a 2001 statement issued at the first United Nations conference on racism in Durban, South Africa.

The decision Tuesday by consensus came a day after Iranian President Mahmoud Ahmadinejad stirred controversy with an address in which he described Israel as "cruel, repressive and racist." Mr. Ahmadinejad's address sparked a walkout by delegates from 23 European Union nations.

The United States and eight other Western countries boycotted the conference over fears that it would become a forum for anti-Semitism.

...

...speaking of racism...

Republicans devour book criticizing New Deal

From Politico...

There aren’t any sex scenes or vampires, and it won’t help you lose weight.

But House Republicans are tearing through the pages of Amity Shlaes’ “The Forgotten Man” like soccer moms before book club night.

Shlaes’ 2007 take on the Great Depression questions the success of the New Deal and takes issue with the value of government intervention in a major economic crisis — red meat for a party hungry for empirical evidence that the Democrats’ spending plans won’t end the current recession.

That's the thing...there's no way of telling if the New Deal really worked because WWII came along and ended the Depression. And of course the Democrats' economic policy is GD dirty socialism - but in these times it's worth a shot. Or even better...let's start World War Three!

Iran convicts American journalist of espionage

From Politico...

Secretary of State Hillary Clinton on Monday called for the immediate release of Iranian-American journalist Roxana Saberi — convicted two days ago of spying by a court in Tehran — saying “the charges against her are baseless.”

“We hope that the actions will be taken as soon as possible by the authorities in Iran, including the judiciary, to bring about the speedy release of Ms. Saberi and her return home,” Clinton told reporters, adding that her trial was “nontransparent, unpredictable and arbitrary.”

Saberi, a 31-year-old freelancer who has worked for several news organizations, including National Public Radio and the BBC, was convicted of espionage on Saturday and sentenced to eight years in prison during a one-day, closed-door trial. She was initially detained about three months ago for working as a journalist without proper credentials.

Gotta have one of these.

Otherwise you're no journalist...you're just a damn spy.

Obama to visit CIA amid criticism

(CNN) -- President Obama on Monday will visit CIA headquarters amid criticism from an ex-CIA chief that he compromised national security last week by releasing Bush-era memos on interrogation tactics.

What was in that memo that people didn't already know about? Do we interrogate suspected terrorists by peeing on their faces?

Clinton: US policy towards Cuba failed

Eh! Ooh! Damn commies![/old man]

US Secretary of State Hillary Clinton has said that US policy towards Cuba has failed, welcoming an offer to talk from the Cuban president.

She said the US was "taking a serious look" at how to respond to President Raul Castro's comments, which she called an "overture".

Mr Castro had said he was ready for discussions covering human rights, political prisoners and press freedom.

The US passed a law this week easing restrictions on Cuban Americans.

The move will allow Cuban Americans to visit relatives in Cuba and send money home more easily.

Thailand revokes passport of former premier

Another blow for anti-government protesters in Thailand.

BANGKOK (AFP) — Thailand revoked the passport of Thaksin Shinawatra on Wednesday, escalating a campaign against the fugitive former premier and his allies for allegedly inciting deadly anti-government protests.

Police said they were also hunting the main organisers of the demonstrations that left two people dead and 123 injured this week, after a court issued arrest warrants for Thaksin and 12 top supporters.

Prime Minister Abhisit Vejjajiva has vowed to prosecute all leaders of the rallies, which broke up on Tuesday after troops threatened to use force against thousands of demonstrators camped outside his offices.

Government spokesman Panitan Wattanayagorn said Thaksin's passport was withdrawn for inciting protests that forced the cancellation of a summit of Asian leaders on the Thai coast on Saturday.

"The ministry can cancel or recall a passport if it can prove that a person has caused damage to the country," he told AFP.

Thaksin was ousted in a military coup in 2006 and lives in exile to avoid a two-year jail term for corruption. He has made a series of speeches to his supporters in Thailand in recent weeks calling for a "revolution".

In a television interview filmed in Dubai before the passport announcement, the billionaire tycoon denied the official charges that he had incited violence.

"I feel very tragic on what is happening among the Thai people. But I am not instigating it," he told Al-Jazeera English. "I keep telling them every day, the message is peaceful, peaceful, peaceful."

The 59-year-old added that he would be prepared to return to Thailand to face justice if numerous cases against him, which also include previous charges of graft, were investigated by a "neutral body".

The government cancelled Thaksin's diplomatic passport in December.

Thai police said earlier they were searching for the other protest leaders named in arrest warrants. Three have been charged and are in detention while the others remain at large.

The warrants accuse them of breaching the emergency measures put in place in Bangkok on Sunday, threatening acts of violence and inciting others to break the law.

"An investigation team is looking for them and checking their home towns to present warrants," said Bangkok police commander Lieutenant General Worapong Shewpreecha.

"Police have checked with immigration and found that there are no records of them leaving the country," he said.

Troops and police on Wednesday manned security checkpoints around the capital but Panitan said Abhisit wanted to lift the state of emergency "as soon as he can" to help local businesses.

Bangkok residents celebrated the end of the protests with the traditional pastime of soaking each other with water on final day of Buddhist New Year celebrations Wednesday.

Demonstrators loyal to Thaksin, known as "Red Shirts" because of their trademark attire, surrounded Abhisit's offices three weeks ago to demand his resignation before moving to the resort of Pattaya to disrupt the Asian summit.

They accuse British-born Abhisit of being a stooge of Thailand's military and of coming to power illegally after Thaksin's allies were removed from government by a court in December.

New investigation into Easter jam

Governor Deval Patrick and Transportation Secretary James Aloisi are calling for an investigation into Sunday night's huge traffic jam on the Mass Turnpike. Traffic was bumper to bumper at the Weston tolls, backing up for five to seven miles at times.

Some suggest the backups were caused by a toll-collector sickout, but the Turnpike Authority says it was more likely caused by a change in policy combined with heavy holiday traffic.

Obama names "border czar"

A former federal prosecutor will oversee issues on the US-Mexico border, including drug violence and illegal immigration through the Southwest.

An anonymous Obama administration official says Alan Bersin will be named the so-called border czar today. Homeland Security secretary Janet Napolitano is expected to announce his appointment.

The Obama administration has promised to crack down on border violence and drugs and arms trafficking.

Bay State faces more budget cuts

More tough times are ahead for the Bay State.

Governor Deval Patrick says the state is facing a budget deficit of $156 million - costing the state more than 750 jobs. It may even grow by another $400 million before June.

During a news conference Tuesday, the governor said he would close the current gap with federal recovery funds, budget cuts, and spending controls. Included are mandatory unpaid furloughs, and Patrick will take a five day leave himself.

This marks the third round of budget cuts in Massachusetts.

China staying calm after Korean launch

China on Tuesday repeated its call for calm after North Korea's latest test of a multistage rocket, attempting to defuse anger in the U.S. and elsewhere at a time when its own economic interest in the neighboring state is soaring.

Buyout?

Kim Jong-Il launches rocket, is crazy

North Korea's state-run media reported Tuesday that Kim Jong-Il shed tears of regret during the country's controversial rocket launch because he could not use the launch funds to provide aid to his people, the AFP reported.

And you used that money on a rocket instead of people because...

The country on Tuesday also released footage of the weekend launch, along with the first video of Kim since his reported stroke in August, according to South Korean media.

Kim "felt regret for not being able to spend more money on the people's livelihoods and was choked with sobs," AFP quoted ruling communist party paper Rodong Sinmun as saying.

"Chants of jubilation are reverberating throughout the country on the news that our satellite is beaming back the 'Song of General Kim Il-Sung' and the 'Song of General Kim Jong-Il,'" the paper said, according to AFP.

Because a satellite radio channel of two songs about you and your father is WAY more important than providing for a financially struggling country.

G20 leaders work to reach agreement

From BBC NEWS...

World leaders will strive to reach an agreement on how to confront the worst global financial crisis since the 1930s at the G20 summit in London.

So far they only agree that they should listen to what fiscally conservative authorities or pundits say should be done about the economy, and then do the opposite.

Second day of G20 protests expected

From BBC NEWS...

A second day of protests are expected as world leaders gather for the G20 summit at the ExCel Centre in London.

Because governments should stay out of private enterprise's business! Wait...that's why they're protesting, right?

From 0700 BST there are plans to disrupt traders at the London Stock Exchange, and from 1100 BST anti-war protests are planned near the summit.

Or not.

President Obama Faces Busy Schedule in London

President Barack Obama will have a busy day in London. He has already made a joint appearance with Prime Minister Gordon Brown.

In that conference, the morning before the G-20 economic crisis summit, Obama urged world leaders to take action for the economy, saying, "We can only meet this challenge together."

"I came here to put forward ideas," Obama said, "but I also came here to listen, not to lecture. Having said that, we must not miss an opportunity to lead."

The president disputed criticism that the US was feuding with other nations about the need to pump more money into economic stimulus policies, saying any differences are vastly overstated.

"I am absolutely confident that this meeting will reflect enormous consensus about the need to work in concert to deal with these problems," Obama said.

Obama urged nations to spur growth and work together on regulation reform, and not to fall into the protectionism that helped fuel the Great Depression.

"That is a mistake we cannot afford to repeat," Obama said.

He assured reporters that he still believes in the country's economic system.

"I think that there is a vibrancy to our economic model, a durability to our political model, and a set of ideals that has sustained even through the most difficult times."

Brown emphasized unity as well, saying never before has the world come together in this way to deal with an economic crisis.

"We are within a few hours, I think," Brown optimistically added, "of agreeing a global plan for economic recovery and reform."

Obama will also squeeze in talks with Brown's main rival, David Cameron, the leader of Britain's conservative party. The president will also have face-to-face talks with the leaders of China and Russia. Officials in both of those countries have called for a global currency to end the dollar's dominance.

Finally, an Answer on Bank Lending

How are banks using the aid they have received from the federal government? A chief investigator, Neil Barofsky, told Congress in a hearing yesterday that banks are providing new loans to customers, retiring debt, or buying mortgage-backed securities. This answer is the first of its kind since the government launched the $700 billion Troubled Asset Relief Program (TARP). Barofsky dismissed the doubts that banks could disclose such information.

"One thing is clear," he said. "Complaints that it was impractical, impossible, or a waste of time to require banks to detail how they use TARP funds were unfounded."

Barofsky told the Senate Finance Committee that some responses were general, but others provided granular detail on spending, including identification of specific loans made possible with TARP money.

The government has given some $300 billion to the banks so far, and has committed to spending billions more. Barofsky's testimony came as the Government Accountability Office, the investigative arm of Congress, released its own assessment of the bailout and called on the Treasury Department to increase transparency and oversight.

Treasury's Neel Kashkari, manager of the bailout, called these recommendations a thoughtful step forward in a letter to GAO.

But some lawmakers are frustrated with the freedom that TARP has given banks. Barofsky estimated that $2.9 trillion in taxpayer money is at risk.

This is a huge, unprecedented financial commitment, said Sen. Max Baucus, D-Mont., the committee's chair.

"It strains the comprehension of taxpayers and policymakers alike," Baucus said.

Lawmakers showed willingness to increase G.A.O.'s power to follow the money wherever it goes. Baucus and Sen. Chuck Grassley of Iowa, the top Republican on the Finance Committee, have introduced legislation that would give GAO access to financial records and other data of banks participating in the aid program.

"I start with the premise that the public's business ought to be public," Grassley said, "and the expenditure of this money Ive put in the category of public."

Obama's New Strategy for Afghanistan

by Seth Graham and Ben Tan

The President continues his preparations for his first European trip, including a meeting with NATO's secretary-general.

Meanwhile Mr. Obama is readying a new strategy for Afghanistan.

General John Craddock, the Supreme Allied Commander for Europe, says security results in the country are skewed.

Craddock said gunfire in outdoor markets "counts the same as a suicide bomber killing thirty people [...] so we have to get more refined in that."

This follows thousands of new U-S troops who will soon roll into the region to reverse the Taliban gains.

President Obama's Online Meeting

Smoking is very bad for you okay.
President Barack Obama has announced an online, town hall style meeting on the White House's web site this Thursday.

In a new video, Obama says he wants Americans to ask him questions directly.

"One of my priorities as president is opening up the White House to the American people," the President said, "so that folks can understand what we're up to and have a chance to participate themselves."

Obama will take questions on the economy and other topics at WhiteHouse.gov.

Barney Frank: "We own this company"

CNN) -- As the tide of outrage over AIG bonuses continued unabated Wednesday, a congressional committee became the epicenter of the issue as Edward Liddy, CEO and chairman of the troubled insurer, prepared to answer questions about executive bonuses.

On Wednesday's "American Morning," Rep. Barney Frank, who chairs the House Finance Committee, shared what was legally and legislatively within the government's power on recovering the AIG bonuses and reforming the whole financial incentive system.

Kiran Chetry, CNN anchor: When he appears before your committee today, what type of assurances are you guys seeking from Mr. Liddy with regard to these bonuses?

Rep. Barney Frank, D-Massachusetts: Well, I don't have a lot of confidence in Mr. Liddy's view at this point. When he said that first he couldn't get the money back because they had contractual rights but also that he was worried about not retaining them, it left me unconvinced he's really going to be trying.

The notion that we want to retain these people, that we want to pay the people who messed it up in the first place so they don't leave, is just backward to me. I think we would probably be better off if they did leave.

We are going to ask him to fully be cooperative in our effort, but I think the federal government has to take the lead on the lawsuits. We own this company in effect, and we're not asking that these bonuses be rescinded because we have lent money to the company.

I'd love to see the government rip AIG a new one.

AIG Executive Faces Grilling on Capitol Hill

AIG chief Edward Liddy will testify on Capitol Hill later this morning about almost $200 million in bonuses at the financial giant.

He will defend the payments that have caused outrage among politicians and taxpayers.

The bonuses went out in an effort to keep employees from fleeing the troubled financial products department. Liddy though still admitted the bonuses are probably distasteful in talks with Treasury Secretary Timothy Geithner

Geithner said he will deduct the cost of the bonuses from the pending $30 billion cash infusion to the insurance giant, bringing the total amount of taxpayer money to AIG to around $200 billion.

Geithner's statement was an attempt to calm the general publics outrage over the bonuses. AIG has beefed up security outside its suburban Connecticut office, amid reports of death threats and irate phone calls to employees, some of whom have submitted resignations.

Meanwhile, NYU finance professor Roy Smith said AIG can't afford to lose the top talent that received those payments.

"To risk having many of those people walk out of you, and have to replace them with people who are postal workers, is probably a foolish thing to do."

Liddy himself did not get a bonus. They range from $1,000 to $6.5 million.

New York Attorney General Andrew Cuomo reported that 73 AIG employees nabbed $1 million or more in bonuses, all of them in the derivatives unit that brought the company down.

Something is deeply wrong with this outcome, Cuomo wrote to U.S. Rep. Barney Frank, chairman of the House Financial Services Committee.

Frank now urges the Obama administration to fight the bonuses, more of which may be owed to AIG executives under various contracts.

Some Congressmen are threatening to slap such bonuses with a 60-100% tax.

President Barack Obama said Monday that the bonuses were an outrage, and has ordered Geithner to take all legal measures to block them.

Other members of Congress have taken shots at the AIG executives. Representative Sam Johnson (R-TX) said they should be "turned over to the marines," and Charles Grassley (R-IA) is raising eyebrows too.

"They need to either do one of two things...resign or go commit suicide."

Grassley also said the corporation is acting irresponsibly by giving bonuses made of taxpayer money in a Fox News interview yesterday.

And he's not the only one. Other lawmakers are working on a bill to tax those bonuses at one hundred percent. Senator Chuck Schumer (D-NY) said if the executives don't give the bonuses back, then they'll take them by force.

Sen. Christopher J. Dodd (D-CT), chair of the Senate Banking Committee is also calling for the repeal of the bonuses.

Connecticut lawmakers said yesterday they hope to change a state law thats being partially blamed by AIG as a reason for the bonuses.

The Wage Act allows employees to sue for twice the full amount of contractually owed wages in this case $330 million as well as attorneys fees if the employer refuses to pay.

One administrative worker said Financial Products has a reputation for paying out huge bonuses.

In her first year after being transferred there from another branch, the woman's annual bonus jumped from $12,000 to $40,000.

Kremlin to Push Global Currency at G-20

The Kremlin will pitch a new currency at an upcoming meeting of the G-20. The Kremlin published its priorities Monday for the meeting, calling for a supranational reserve currency to be issued by international institutions. This is part of a reform of the global financial system.

The International Monetary Fund should investigate the possible creation of a new reserve currency, widening the list of reserve currencies, or using its already existing Special Drawing Rights, or SDRs, as a superreserve currency accepted by the whole of the international community, the Kremlin said in a statement on its web site.

The IMF created SDRs in 1969 to supplement the existing official reserves of member countries.

Russian President Dmitry Medvedev and Prime Minister Vladimir Putin have repeatedly called for the ruble, rather than the dollar, to be used as the regional reserve currency, although the idea has received little support outside Russia. The Kremlin has repeatedly criticized the dollars status as the dominant global reserve currency, and has lowered its dollar holdings in the last few years.

Analysts said the Kremlins proposal will not elicit excitement at the meeting.

This is all in the realm of fantasy, said Sergei Perminov, chief strategist at Rye, Man and Gore. There was a situation that resembled what they are talking about. It was called the gold standard, and it ended very badly.

Alternatives to the dollar are still hard to find, he said.

Recently, there have been other calls for a common currency. Kazakhstan President Nursultan Nazarbayev proposed a global currency at an economic conference in Astana, Kazakhstan.