Word: europeanizer
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...ever, off about 22%. On Friday, the market swung wildly, dropping 500 points on three occasions, then vaulting into positive territory before coughing up its gains in the last half-hour of trading to finish the day down 128 at 8,451. The NASDAQ managed a small gain. But European and Asian markets were pummeled again...
Lastly, the G-20 central banks need to unveil another coordinated rate cut to increase liquidity. The European Central Bank, for instance, has been resistant to cuts because it focuses on inflation. Nouriel Roubini, an economics professor at New York University and one of the few who predicted the extent of the current crisis, called yesterday for "at least 150 basis points (1.5 percentage points) on average globally." Roubini also backed the idea of deposit guarantees, guaranteeing interbank lending and other measures. "At this point, anything short of these radical and coordinated actions may lead to a market crash...
...event of a bank collapse, then?" wondered Michael Fallon, the Conservative MP who chairs the committee. "I am satisfied that the law exists to guarantee them, yes," replied Ussher. Fallon persisted: "You are satisfied that the law exists to guarantee them?" "Yes," Ussher replied, "under a combination of European and British law." "So they will get all their money back?" Fallon asked. "That is the legal situation," said Ussher...
...Market-watchers credited the relative market calm to Wednesday's coordinated rate cuts by the U.S. Federal Reserve and five European central banks. China, South Korea, Hong Kong and Taiwan also reduced benchmark lending rates. Ting Lu, an economist with Merrill Lynch in Hong Kong, called local market reaction to the cuts "generally positive, but cautious...
...Pope when the then young German first became a priest. Like those who have actively campaigned for his beatification, the Pope said that Pius used a few pointed public - but mostly private - acts of diplomacy to try to prevent what turned into the slaughter of 6 million European Jews. He cited Pius' 1942 Christmas radio message. "With a voice broken with emotion, he deplored the situation of 'hundreds of thousands of persons who, for no fault of their own, only for reason of nationality or ethnic roots, were destined for death or for steady deterioration,' " Benedict said...