Sadly, that is not the case at all. Right now, the US economy is exhibiting all of the classic symptoms of a bubble economy. You can see this when you step back and take a longer-term view of things. Over the past decade, we have added more than 10 trillion dollars to the national debt. But most Americans have shown very little concern as the balance on our national credit card has soared from 6 trillion dollars to nearly 17 trillion dollars. Meanwhile, Wall Street has been transformed into the biggest casino on the planet, and much of the new money that the Federal Reserve has been recklessly printing up has gone into stocks.

But the Dow does not keep setting new records because the underlying economic fundamentals are good. Rather, the reckless euphoria that we are seeing in the financial markets right now reminds me very much of 1929. Margin debt is absolutely soaring, and every time that happens a crash rapidly follows. But this time when a crash happens it could very well be unlike anything that we have ever seen before. The top 25 US banks have more than 212 trillion dollars of exposure to derivatives combined, and when that house of cards comes crashing down there is no way that anyone will be able to prop it back up. After all, US GDP for an entire year is only a bit more than 15 trillion dollars.

But most Americans are only focused on the short-term because the mainstream media is only focused on the short-term. Things are good this week and things were good last week, so there is nothing to worry about, right?

If food stamps and other welfare programs get cut, that is going to make a lot of people very, very angry. And that anger and frustration will get even worse when the next economic downturn strikes and millions of people start losing their jobs and their homes. What we are witnessing right now is the calm before the storm. Let us hope that it lasts for as long as possible so that we can have more time to prepare. Unfortunately, this bubble of false hope will not last forever. At some point it will end, and then the pain will begin.

In frank comments on the eve of a visit to the Holy Land by William Hague, the Foreign Secretary, Yuval Steinitz, Israel's intelligence and strategic affairs minister and a confidant of Benjamin Netanyahu, voiced fears about British "animosities" towards his country.

Speaking exclusively to The Daily Telegraph, Mr Steinitz suggested that there was growing antagonism – taking the form of hostile media coverage, "incitement" and boycott campaigns – and intimated that a less friendly attitude may be being reflected in official British policy. He also issued a coded warning to Mr Hague and other Western statesman against lecturing Israel about Jewish settlement building in the West Bank, which the Foreign Secretary has repeatedly condemned.

“The problem is not from the Swedish government or from the Swedish people,” the editor in chief of Dispatch International said. “The last 20 years or so, we have seen so many immigrants coming to Sweden that really don’t like Sweden. They do not want to integrate, they do not want to live in [Swedish] society: Working, paying taxes and so on. The people come here now because they know that Sweden will give them money for nothing.

They don’t have to work, they don’t have to pay taxes – they can just stay here and get a lot of money. That is really a problem,” Carlqvist added. Young Muslims who enjoy tolerance, social institutions and welfare while living in Sweden nevertheless refuse to integrate into the West, Gerolf Annemans told RT. Annemans is the parliamentary leader of Vlaams Belang (‘Flemish Interest’), a Belgian far-right nationalist political party.

“They [Muslim youths] have always sought excuse to show that they are not agreeing with the basic values of Western society,” Annemans said, pointing to the recent cases of the Boston Marathon bombing in the US and yesterday’s beheading of a British soldier in the UK. “It’s always the same problem. There is a massive refusal by Muslim youngsters of the basics of Western society... and they take any excuse whatsoever to show that with violence – that is where the problem is,” he said.

Civil disorder in Stockholm started on Sunday, when police shot and killed a 69-old-man in his apartment after he confronted officers with a machete; the unrest has since continued throughout week.

A mile-wide twister lashed a 22-mile strip with 200mph winds, destroying homes, schools and hospitals in the Oklahoma City suburb of Moore, a community of 56,000 people that was left in ruins.

At least two dozen people were killed with more bodies expected to be found by search-and-rescue teams from Oklahoma, Texas, Nebraska and Tennessee.

The storm savaged Moore in 40 minutes after touching down just before 3pm local time on Monday. It was described by Todd Lamb, Oklahoma's lieutenant governor, as like a "two-mile wide lawnmower blade going through the community", while Mary Fallin, the state's governor, said after an aerial tour: "There's just sticks and bricks basically."

Smiling broadly, the Pope initially shook the man's hand, but the South American pontiff's expression changed dramatically after a priest from the Legionaries of Christ, a conservative order, leaned in close and spoke a few words to him. With a more serious expression on his face, Francis placed both hands on the man's head for 15 seconds.

The pilgrim, said to be a 43-year old married man from Mexico called Angelo, then convulsed briefly and emitted a long sigh. His body went limp and his mouth dropped open. "Exorcists who have seen the footage have no doubt – this was a prayer for liberation from Evil, an actual exorcism," said TV2000, which is owned by the Italian Bishops Conference.

If you have been following the news lately you’ll notice there are 3 government scandals that the media is focusing on 1) The DOJ spying on the AP reporters 2) Benghazi gate 3) IRS targeting of activist groups. While each of these are truly a damning indictment of the widespread corruption in our now gone rogue federal government, combing these three stories reveals an even bigger story which is recurring open admission by the media that the news they report is being controlled by government.

These three scandals have led the media to rebel against the Obama administration in a way that it has not done in the past while at the same time forcing the media to admit some damning facts about the way news is truly originated in America. The media’s reporting on the scandals has provided the public with insights into the operations of the incestuous relationship between the press and the government.

Such revelations clearly suggest the corporate media is telegraphing to the public the American government has just gone way too far out of control.

Merkel spoke privately for 45 minutes with the pope at the Apostolic Palace, after exchanging cordial greetings in German. Her Christian Democrat party depends heavily on support from Protestant and Catholic voters, and the chat and photo opportunity could be a welcome campaign boost for a leader largely identified by Europe's economically suffering citizens as a champion of debt reduction, including painful austerity across much of the continent.

For its part, the Vatican is eager for allies in its campaign to win over more Catholics. Francis was leading a sort of pep rally for the faith in St Peter's Square Saturday evening, attended by about 150,000 people. Most were from Europe but many came from the pope's native South America. They sang and prayed during an hours-long gathering ahead of the pope's appearance.

On Thursday, Francis blasted what he called a "cult of money" in a global financial system that ends up tyrannizing, not helping, the world's poor. Francis, who is Argentine, has picked up on campaigns by the two previous popes, the Polish John Paul II and German Benedict XVI, to reinvigorate what the Catholic church sees as flagging religious enthusiasm on a continent with Christian roots, including dwindling numbers of churchgoers in much of Western Europe.

"I see continuity in the missionary aspect, in becoming aware of the importance of Christianity for our Christian roots," said Merkel, adding that the "simple and touching words" of Francis, who was elected pontiff two months ago, are already reaching people. The Vatican also uses papal visits with major leaders to seek allies in lobbying on behalf of Christians who face discrimination and in some cases physical violence in parts of the world.

"Jolie has had a very difficult personal history with a number of partners, including a lesbian relationship, estrangement from her father, adopting as a single parent, global fame as the world's most beautiful woman, and intense scrutiny of her personal life by the media. Her case is obviously unique. While it is clear that she is brave and determined, it is far from clear that other women should take her as a role model."

Money should be made to “serve” people, not to “rule” them, he said, calling for a more ethical financial system and curbs on financial speculation. Countries should impose more control over their economies and not allow “absolute autonomy”, in order to provide “for the common good”. The gap between rich and poor was growing and the “joy of life” was diminishing in many developed countries, the Argentinian Pope said, two months after he was elected as the successor to Benedict XVI.

“While the income of a minority is increasing exponentially, that of the majority is crumbling,” said Francis, who as archbishop of Buenos Aires visited slums, opted to live in a modest flat rather than an opulent Church residence and went to work by bus. In poorer countries, people’s lives were becoming “undignified” and marked by violence and desperation, he said. Francis made the strongly-worded remarks in his first major speech on finance and the economy, during an address to foreign ambassadors in the Vatican.

It underlined a reputation he has established in the last two months for showing deep concern for the plight of the poor and vulnerable. “The worship of the golden calf of old has found a new and heartless image in the cult of money and the dictatorship of an economy which is faceless and lacking any truly human goal,” Francis told the ambassadors.

It seems we were not the only ones who read this justification somewhat skeptically: so did Russia. And in a historic event, the Russian Pacific fleet, for the first time in decades, crossed the Suez Canal and entered the Mediterranean, direction Cyprus' port of Limasol (hi Cyprus - Russia will be arriving shortly) in what is now the loudest implied warning to the US and Israel amassing military units across Syria's border that Russia will not stand idly by as Syria is used by the Israeli "Defense" Forces for target practice.

“The task force has successfully passed through the Suez Channel and entered the Mediterranean. It is the first time in decades that Pacific Fleet warships enter this region,” Captain First Rank Roman Martov said. This is what is also known as dropping hints, loud and clear.

A new analysis of the 2011 census shows that a decade of mass immigration helped mask the scale of decline in Christian affiliation among the British-born population – while driving a dramatic increase in Islam, particularly among the young. It suggests that only a minority of people will describe themselves as Christians within the next decade, for the first time.

Meanwhile almost one in 10 under 25s in Britain is now a Muslim. The proportion of young people who describe themselves as even nominal Christians has dropped below half for the first time. Initial results from the 2011 census published last year showed that the total number of people in England and Wales who described themselves as Christian fell by 4.1 million – a decline of 10 per cent.

But new analysis from the Office for National Statistics shows that that figure was bolstered by 1.2 million foreign-born Christians, including Polish Catholics and evangelicals from countries such as Nigeria. They disclosed that there were in fact 5.3 million fewer British-born people describing themselves as Christians, a decline of 15 per cent in just a decade.

Keith Porteous Wood, executive director of the National Secular Society, said the long-term reduction of Christianity, particularly among young people, was now “unstoppable”. “The time has now come that institutional Christianity is no longer justified, the number has dropped below critical mass for which there is no longer any justification for the established Church, for example, or the monarch going through a religious ceremony at coronation. The expressions of optimism by the church are just completely misplaced.”

While the official line from US elite such as Bernanke remains that 'gold is not money' it appears that increasingly other nations would disagree, as Cohen admitted, "in large measure what we're seeing is private Iranian citizens buying gold as a protection against the falling value of Iran's currency." It would seem somewhat self-evident that the US is admitting, by attempting to embargo this gold flow, that outside the US, the Dollar is becoming increasingly irrelevant; and that for many countries the petrodollar no longer exists, having been replaced by 'Petrogold'.