The bills, the Stop Online Piracy Act in the House and the Protect IP Act in the Senate, are backed by major media companies and are mostly intended to curtail the illegal downloading and streaming of TV shows and movies online. But the tech industry fears that, among other things, they will give media companies too much power to shut down sites that they say are abusing copyrights. The legislation has jolted technology leaders, venture capitalists and entrepreneurs, who are not accustomed to having their free-wheeling online world come under attack.

One response is Wednesday's protest, which will direct anyone visiting Google and many other Web sites to pages detailing the tech industry's opposition to the bills. Wikipedia, run by a nonprofit organization, is going further than most sites by actually taking material offline - no doubt causing panic among countless students who have a paper due. It said the move was meant to spark greater public opposition to the bills, which could restrict its freedom to publish.

"Escalation of the crisis would spare no-one," the report's author warned. Referring to the eurozone crisis and its potential to impact growth in rich and poor countries, Andrew Burns said: "Developed and developing-country growth rates could fall by as much or more than in 2008/09. Developing world needs to prepare for global economic slowdown says World Bank. The importance of contingency planning cannot be stressed enough."

Andrew Walker, BBC World Service Economics correspondent comments: "The World Bank has a warning for the developing world: prepare for the worst. In its Global Economic Prospects, the bank does forecast continued growth, but warns there is a risk of a worse outcome: of another crisis as bad as what followed Lehman in 2008. So could the developing countries cope? After all, they weathered the previous global recession relatively well. The Bank's view is that they, for the most part, are in better in shape than the rich nations.

Some have scope to boost government spending and should identify now what would most help development and the poor. But others don't have that room for manoeuvre and will need to make cuts if there is a prolonged downturn."

Some policymakers worry that a recent spike in credit card usage could mean that people, many of whom are struggling on incomes that have lagged inflation, are taking out new debt just to meet the costs of day-to-day living. American households "have been spending recently in a way that did not seem in line with income growth. So somehow they've been doing that through perhaps additional credit card usage," Chicago Federal Reserve President Charles Evans said on Friday. "If they saw future income and employment increasing strongly then that would be reasonable. But I don't see that. So I've been puzzled by this," he said.

After a few years of relative frugality, the amount of money that Americans are saving has fallen back to its lowest level since December 2007 when the recession began. The personal saving rate dipped in November to 3.5 percent, down from 5.1 percent a year earlier, according to the US Commerce Department. Jeff Fielkow, an executive vice president at a recycling company in Milwaukee, Wisconsin, contributed less to retirement savings and significantly cut back on dining in restaurants and taking vacations in order to keep college savings on track for his two children. "We would love to save more," he said, "but we're doing the best we can."

"Americans are still coming to terms with fact they're not going to earn as much income as they once thought and they are not going to have as much wealth," said Vitner at Wells Fargo. "They are now trying to work out how they are going to have to adjust their lifestyle to fit that."

There has been a great deal of cover up and secrecy regarding the ongoing bee deaths, enraging environmentalists and activists alike. About one year ago I reported on how the USDA and EPA knew why a series of 'mysterious' downfalls were occurring with crops, birds, and bees. Although technological products like cell phone towers and cell phones are hurting the bee population, it was actually the pesticide brought to you by Bayer which was causing the damage, and the USDA knew of it all along. In my article, I reported:

Just as many potential explanations arose over the mysterious bird deaths, many different theories have been proposed to explain the bee decline. Electromagnetic radiation, malnutrition, and climate have all taken the heat of critics looking for answers. Recently, however, a document was leaked revealing that a bee-killing pesticide put in use by the EPA may be to blame. Adding to the controversy, more records have emerged showing that the USDA was fully aware of the pesticide's threat to not only bees, but humans... Neonicotinoids, the particular type of pesticides used, are absorbed systemically into plants, including the pollen and nectar. Once the bees begin to pollinate, they also absorb the insecticide, and die.

Dr Jeffrey Pettis is a US government researcher and leader at the Beltville, Maryland bee lab. Pettis' completed his research on how Bayer's pesticide is contributing to the bee decline was completed 2 years ago, though it was never able to be published. He finally received an opportunity to share his research when he was interviewed for the film "the Strange Disappearance of the Bees". Pettis states: [It] was completed almost two years ago but it has been too long in getting out. I have submitted my manuscript to a new journal but cannot give a publication date or share more of this with you at this time.

At this point a lot of German politicians are talking as if a Greek default is a foregone conclusion. For example, Michael Fuchs, the deputy leader of Angela Merkel's political party, recently made the following statement: "I don't think that Greece, in its current condition, can be saved." But that is not entirely accurate. Greece could be saved, but the Germans don't want to make the deep financial sacrifices necessary to save Greece. So instead they are going to let Greece default.

Many prominent voices in the financial world that have been watching all of this play out are now openly declaring that Greece is about to default. Moritz Kraemer, the head of S&P's European sovereign ratings unit, made the following statement on Bloomberg Television on Monday: "Greece will default very shortly. Whether there will be a solution at the end of the current rocky negotiations I cannot say."

You might want to go back and read that again.

One of the top officials at one of the top credit rating agencies in the world publicly declared on television that "Greece will default very shortly." That should chill you to your bones. If the EU allows Greece to default, that would be a signal to investors that the EU would allow Italy, Spain and Portugal to all default someday too. Confidence in the bonds of those countries would disintegrate and bond yields would go through the roof.

Once again, it is important to emphasize the role that confidence plays in our financial system. The entire global financial system runs on credit. Banks and investors lend out money because they have confidence that they will be paid back. When you take that confidence away, the system does not work. Let us hope that the folks over in Europe understand this, because right now we are steamrolling toward a credit crunch that could potentially make 2008 look tame by comparison.

Eshel, whose remarks were made at a press briefing in Jerusalem, warned that a nuclear-armed Iran would set off a regional nuclear arms race resulting in "a global nuclear jungle." His warning was in reference to statements by former Saudi intelligence chief Prince Turki al Faisal that, should Tehran aquire nuclear weapons, Riyadh would follow suit. Israel has warned for years that Iran's drive for nuclear weapons must be stopped.

Last week, Prime Minister Binyamin Netanyahu said Iran's economy is "wobbling" and called for Western nations to impose tough sanctions on Iran. On Tuesday, Israel's minister of strategic affairs Moshe Yaalon slammed the Obama administration saying "election-season considerations" were stopping the White House from taking decisive action vis-a-vis Tehran. Obama, Yaalon indicated, is concerned that an armed conflict with Iran could cost him a second term in the White House.

At question time, he said Britain wanted to see a "strong and dynamic" eurozone and European economy. But he stressed it was for the eurozone countries to "take the lead in supporting the euro as a currency". Lord Sassoon also indicated that Britain would be prepared to stump up more cash to tackle the crisis if the IMF requested it. "The Government sees the role of the IMF to support individual countries and not to support currencies."

"If the IMF puts forward a case, as it may well do, for an increase in its resources, if there is a strong case the UK will, as it has always done in the past, support the IMF in increasing resources as required," he said. Tory former chancellor Lord Lawson of Blaby said: "There is only one thing as worrying as the collapse of the eurozone and that's the continuation of the eurozone." He said it has been shown to be "fundamentally flawed and the cause of all these problems".

Lord Lawson said ministers needed to look at the risk of a banking meltdown, adding: "If it should prove necessary for the UK Government to rescue any British banks, they should do so on much tougher terms than the ludicrously soft terms which the previous administration used."

One refugee got 170,000 pounds while two others had 150,000 pounds each. In 2009, one was awarded 200,000 pounds. Over the three years, 20 claims were settled for more than 100,000 pounds for incidents such as being detained too long or being hurt in custody. In some cases the money is given to failed asylum seekers after they have left Britain. Tory MP Priti Patel, who uncovered the figures, said: "Many of those receiving compensation will be illegal immigrants who should not even be in Britain."

Amid fresh warnings of Greek default, Charles Dallara, director of the Institute of International Finance (IIF), flew from Washington to Athens on Tuesday night to try to agree a deal before the European finance minister's summit on Monday. Sources close to the bondholders told The Daily Telegraph there was "enough movement" from officials representing Greece, the International Monetary Fund (IMF), European Central Bank (ECB) and the European Union (EU) to persuade Mr Dallara to meet with them.

Bondholders are resisting pressure to take losses of more than 50 per cent on their bonds. They are also pushing for higher coupons on fresh Greek paper. The IIF, which has been representing private sector bondholders during the tortuous talks, said it was committed to "seeking an agreement on a voluntary debt exchange for Greece" and appealed to officials to "work in good faith toward this end with a sense of urgency".

Greece must reach a deal with bondholders to secure the 130 billion euros bail-out it needs before Athens runs out of money in March.

However, the country is likely to default anyway, a director of Fitch has warned. Edward Parker, head of the credit rating's sovereign group, told reporters: "It is going to happen. Greece is insolvent so it will default."

The "Iranian threat" stands beyond the logic of traditional policy. It is similar to "classical Greek tragedies," which "as a rule, end in a slaughter." Berlin should not refuse participating in the military campaign and must prepare the population for possible consequences, such as terror attacks on European targets or higher costs of gasoline.

These demands are explicitly directed against a second tendency in Berlin's foreign policy, which sees Germany's interests better served by using cooperative means to gain influence (change through rapprochement). This viewpoint is primarily held by business circles interested in expanding, and do not appreciate having to forgo this business with Iran. As the circles promoting military engagement in the media are going on the offensive, tensions are rising at the Persian Gulf. "The crisis over the Iranian nuclear program" according to a recent article in the specialized journal "Internationale Politik," could "possibly be approaching its decisive stage." The "storming of the British Embassy" in Teheran as well as the "news of Israel's military preparations" point clearly toward escalation.

"The truth of the matter is," according to the journal, the conflict has already become openly violent. The author reminds of the "conspicuous frequency of explosions in Iranian military installations" over the past few months as well as the "attempts on the lives of leading representatives of the Iranian nuclear weapons and missile programs. Whoever is responsible for the planning and execution of these attacks - whether secret services or Iranian oppositional forces, or even a coalition of the two - is parting from the assumption that these programs can be interrupted, retarded or stopped with force." It is not out of the question that western countries will resort to "forms of official intervention using military means" most probably using "limited aerial attacks" or a "maritime blockade."

"The 'Iranian threat'," writes the current edition of Internationale Politik, "has little in common with the Soviet threat; it resembles more the classical Greek tragedies. They begin with the protagonist's selfish activities and usually end in a slaughter." The approaching weeks and months will be "marked by appeals for tougher sanctions and deployment of military force." But it must be "verified, whether the inherent risks of escalation can be controlled." It is "certain" that "such considerations preoccupy the US chiefs of staff and those of the other countries." Berlin should, under no circumstances, "break ranks from the international" - meaning Western - "consensus." The author predicts "hard times."

The agreement seeks to establish a legal framework to strengthen scientific, technological and economic cooperation between Riyadh and Beijing, while the two sides reaffirmed their desire to place the highest priority on nuclear safety and environmental protection, the Arab News reported quoting officials. Another agreement to expand cooperation in the field of academics and library affairs was signed by the Riyadh-based King Abdulaziz Public Library (KAPL) and Beijing University. The pact will broaden the scope of cooperation between the two premier institutions and allow KAPL to open its branch in the Chinese capital.

Asked about details of the talks Wen had with King Abdullah, Chinese Embassy spokesman Li Lianghua said the talks with the monarch was preceded by Wen's meetings with Gulf Cooperation Council (GCC) Secretary-General Abdullatif al-Zayani and Organization of Islamic Conference (OIC) Secretary-General Ekmeleddin Ihsanoglu. The talks with King Abdullah covered the whole gamut of bilateral issues and regional development, said another Chinese official. He said the two countries pledged to work together to promote political and commercial relations as well as boost links in energy, trade, infrastructure, culture, press and security fields.

The Hong Kong Monetary Authority (HKMA) and the UK Treasury on Monday agreed to launch a private-sector forum to strengthen links between Hong Kong and London in such areas as clearing and settlement, market liquidity and the development of new yuan-denominated products, the HKMA said in a news release. The forum will have representatives from financial institutions in Hong Kong and London, including HSBC Holdings PLC, Standard Chartered PLC, Bank of China Ltd, Deutsche Bank AG and Barclays PLC. It will meet twice a year, and the first meeting will be held in Hong Kong in May, it said.

China and Britain agreed in September to cooperate on the development of the offshore yuan business and develop London into an offshore yuan market. UK Chancellor of the Exchequer George Osborne said in Hong Kong on Monday that the intention was to "establish London as a new hub" for the yuan. "It's clear that there is scope for a substantial expansion of the yuan market in the coming years," he told a meeting of Asian finance officials and executives.

He added that London was perfectly placed to be a gateway for Asian investment and banking to Europe and as a bridge to the United States. Mr Osborne said establishing London as an offshore center for yuan-denominated settlements will benefit China's economic development as well as Britain's.

The Social Democrat said that in addition to representing European Parliament in public, he would strengthen parliament by actively communicating the concerns of MEPs to the European Commission, the Council of Ministers - comprised of government officials from member states - as well as national leaders themselves.

As president of the European Parliament, Schulz will preside over plenary sessions and set the daily agenda in consultation with the leaders of the parliamentary factions. He will also sign regulations and directives together with the chairman of the Council of the European Union while overseeing the parliament's administration and budget.

Schulz has vowed to defend the powers of the parliament and reduce the union's "democratic deficit". "The European Parliament is the only directly elected institution in the European Union," he said in a recent newspaper interview. "From this I derive a broad responsibility for policy in the EU - even in those areas that national leaders claim for themselves." He added that he was planning on joining the 27 heads of state and government at the next EU Summit - whether he was invited or not.

Schulz shot to prominence in 2003, when he started asking questions about alleged conflicts of interest surrounding then-Italian president Silvio Berlusconi and his multi-billion euro media empire. Berlusconi told parliamentarians the bearded, bespectacled German politician would be perfect in the film role of a "kapo" - a prisoner who worked for the Nazis in concentration camps. "Mr Schulz has Lenin's face and speaks like Hitler," French far-right leader Jean-Marie Le Pen said after Schulz successfully blocked him from presiding over the parliament's inaugural session in July 2009 as the assembly's oldest member.

At first glance, it would appear that Germany emerged unscathed from Standard & Poor's blanket downgrades of nine euro-zone member states on Friday. Germany's triple-A rating was left intact and the country was even taken off the watch list, with its outlook upgraded from "negative" to "stable."

But a closer look reveals that one of the biggest losers is Chancellor Angela Merkel herself. S&P, after all, cited Europe's debt-crisis management as a significant factor in the downgrades. It is, the ratings agency wrote, "our view that the effectiveness, stability, and predictability of European policymaking and political institutions have not been as strong as we believe are called for by the severity of a broadening and deepening financial crisis in the euro zone."

Economy Minister Philipp Rosler, who is head of Merkel's junior coalition partner, the Free Democratic Party, complained that "the euro is under attack." Senior CDU parliamentarian Michael Fuchs said that the ratings agencies use different criteria in Europe than they do in the US and Britain. Elmar Brok, a leading CDU politician in European Parliament, said the downgrades "are almost the equivalent of a currency war."

The implosion in 2008 of the financial system in the US and Europe and last year's European sovereign debt crisis have accelerated the shift of economic momentum to Asia. In 2012, the US and Europe are likely to be flirting with recession for much of the time. Barring a hard landing in China, Asia-ex Japan should continue to clip along nicely at around 7 per cent, according to most economists.

The dramatic change in fortunes has spawned a degree of triumphalism among some Asians. "There's no crisis of capitalism," says Meghnad Desai, emeritus professor at the London School of Economics. "There's a crisis of western capitalism, which has gone geriatric. The dynamic capitalism, with its energy, innovation and sheer greed for growth has moved east."

In the absence of anything better, Asian governments that want to raise their people's income will have to fall back on some flavour of capitalism. "If you look at China, this really shows the power of capitalism, the power of market mechanisms and incentives," says Mr Rhee. "Some elements of capitalism are clearly necessary."

Certainly, within the broad definition of capitalism, the state can be bigger or smaller, it can intervene more or plan less. These policy alternatives are up for discussion in many Asian countries. But when push comes to shove, most are convinced by capitalism. For them it remains the worst possible economic system - except for all the others.