But a growing chorus of traders and legislators believe the flash crash is symptomatic of a larger problem with high-frequency trading and a market that lacks visibility and is susceptible to similar events in the future. "We have a global economy and a global trading system, but we don't have a global framework to deal with it yet," says Doug Roberts, chief investment strategist at Channel Capital Research. "Until you do, you're going to be prone to this. With the average investor, they're going to want to be a little bit more conservative." The problem could be even more serious when it comes to investor confidence.

While market volume always thins out in the summer, some think the flash-crash also is playing a role and could be a long-term deterrent to participation if regulators don't come up with preventive measures soon. "People are voting with their feet," says Senator Ted Kaufman (Democrat for Delaware), who has been pressing the Securities and Exchange Commission and Congress to address the underlying causes that led to the flash crash. "Why would they not be concerned? We are playing with dynamite here."

Thus far, the main reaction has been the implementation of circuit breakers that stop trading on individual stocks should they rise or fall more than 10 percent in a five-minute span. The rule, implemented for a six-month test period, got its first workout last week when Washington Post [WPO 456.09 -1.81 (-0.4%)] shares doubled inside of a second Wednesday, from nearly $460 to $929.18. The circuit breakers essentially did their job, halting trading in the company after the surge. But the mystery remains over why such events happen in the first place.

The WaPo jump was the second flash-crash since the initial event. Tech services company Diebold [DBD 29.31 -0.36 (-1.21%)] saw its shares plunge 35 percent then recover in a period of a few minutes on June 2, before the circuit-breakers kicked in. The non-transparency that stems from high-frequency trades, which can happen in milliseconds, makes tracking the trades virtually impossible. Some estimates have high-frequency trading accounting for about 70 percent of all market activity. A congressional panel looking into the issue has made little headway.

In a taunting, 24 minute message that dwelled on Obama's setbacks, including the loss of Massachusetts Senate seat to the Republicans, Adam Gadahn set out al-Qaida's conditions for peace with the US, including cutting support for Israel and withdrawal of troops from Afghanistan. Gadahn said that if you compared the number of dead Muslims "with the relatively small number of Americans we have killed so far, it becomes crystal-clear that we haven't even begun to even the score," he said, dressed in a white robe and turban.

"That's why next time, we might not show the restraint and self-control we have shown up until now," he said. Even if al-Qaida was defeated, "hundreds of millions of Muslims" would still fight the US, he added. Gadahn is wanted by the FBI since 2004 with a $1 million reward for information leading to his arrest or conviction. He is also known as Azzam al-Amriki, Arabic for 'the American'.

Fathers are our first teachers and coaches, mentors and role models. They push us to succeed, encourage us when we are struggling, and offer unconditional care and support. Children and adults alike look up to them and learn from their example and perspective. The journey of fatherhood is both exhilarating and humbling - it is an opportunity to model who we want our sons and daughters to become, and to build the foundation upon which they can achieve their dreams.

From the first moments of life, the bond forged between a father and a child is sacred. Whether patching scraped knees or helping with homework, dads bring joy, instill values, and introduce wonders into the lives of their children. Father's Day is a special time to honor the men who raised us, and to thank them for their selfless dedication and love.

Fatherhood also carries enormous responsibilities. An active, committed father makes a lasting difference in the life of a child. When fathers are not present, their children and families cope with an absence government cannot fill. Across America, foster and adoptive fathers respond to this need, providing safe and loving homes for children facing hardships. Men are also making compassionate commitments outside the home by serving as mentors, tutors, or big brothers to young people in their community. Together, we can support the guiding presence of male role models in the lives of countless young people who stand to gain from it.

NURTURING FAMILIES COME IN MANY FORMS, and children may be raised by a father and mother, a single father, TWO FATHERS, a step father, a grandfather, or caring guardian. We owe a special debt of gratitude for those parents serving in the United States Armed Forces and their families, whose sacrifices protect the lives and liberties of all American children. For the character they build, the doors they open, and the love they provide over our lifetimes, all our fathers deserve our unending appreciation and admiration.

NOW, THEREFORE, I, BARACK OBAMA, President of the United States of America, in accordance with a joint resolution of the Congress approved April 24, 1972, as amended (36 U.S.C. 109), do hereby proclaim June 20, 2010, as Father's Day. I direct the appropriate officials of the Government to display the flag of the United States on all Government buildings on this day, and I call upon all citizens to observe this day with appropriate programs, ceremonies, and activities. Let us honor our fathers, living and deceased, with all the love and gratitude they deserve.

IN WITNESS WHEREOF, I have hereunto set my hand this eighteenth day of June, in the year of our Lord two thousand ten, and of the Independence of the United States of America the two hundred and thirty-fourth.

BARACK OBAMA

One day prior to the report on Saturday, Voice of Israel government radio reported that the Egyptian government denied an Israeli request not to allow the Iranian flotilla to use the Suez Canal to reach Gaza, in violation of the Israeli sea embargo on the Hamas-controlled area.

International agreements require Egypt to keep the Suez open even for warships, but the armada, led by the USS Truman with 5,000 sailors and marines, was the largest in years. Egypt closed the canal to fishing and other boats as the armada moved through the strategic passageway that connects the Red and Mediterranean Seas.

Despite Egypt's reported refusal to block the canal to Iranian boats, the clearance for the American-Israeli fleet may be a warning to Iran it may face military opposition if the Iranian Red Crescent ship continues on course to Gaza.

The spores arrived from Kenya on dried, infected leaves ensconced in layers of envelopes. Working inside a bio-secure greenhouse outfitted with motion detectors and surveillance cameras, government scientists at the Cereal Disease Laboratory in St Paul, Minnesota, suspended the fungal spores in a light mineral oil and sprayed them onto thousands of healthy wheat plants. After two weeks, the stalks were covered with deadly reddish blisters characteristic of the scourge known as Ug99. Nearly all the plants were goners.

Crop scientists fear the Ug99 fungus could wipe out more than 80% of worldwide wheat crops as it spreads from eastern Africa. It has already jumped the Red Sea and traveled as far as Iran. Experts say it is poised to enter the breadbasket of northern India and Pakistan, and the wind will inevitably carry it to Russia, China and even North America - if it doesn't hitch a ride with people first.

"It's a time bomb," said Jim Peterson, a professor of wheat breeding and genetics at Oregon State University in Corvallis. "It moves in the air, it can move in clothing on an airplane. We know it's going to be here. It's a matter of how long it's going to take."

The International Maize and Wheat Improvement Center in Mexico estimates that 19% of the world's wheat, which provides food for 1 billion people in Asia and Africa, is in imminent danger. American plant breeders say $10 billion worth of wheat would be destroyed if the fungus suddenly made its way to US fields.

Fear that the fungus will cause widespread damage has caused short-term price spikes on world wheat markets. Famine has been averted thus far, but experts say it's only a matter of time. "A significant humanitarian crisis is inevitable," said Rick Ward, the coordinator of the Durable Rust Resistance in Wheat project at Cornell University in Ithaca, New York.

"Here it is," Medvedev told reporters today in L'Aquila, Italy, after a summit of the Group of Eight nations. "You can see it and touch it." The question of a supranational currency "concerns everyone now, even the mints," Medvedev said. The test coin "means they're getting ready. I think it's a good sign that we understand how interdependent we are."

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the US dollar's future as a global reserve currency. Russia's proposals for the G20 meeting in London in April included the creation of a supranational currency.

Good question, because such measures wouldn't do a thing to clean up the oil or fix the problems that led to the leak.

The answer can be found in Obama Chief of Staff Rahm Emanuel's now-famous words, "You never want a serious crisis to go to waste - and what I mean by that is it's an opportunity to do things that you think you could not do before."

That sure was true of global-warming policy, and especially the cap-and-trade bill. Many observers thought the measure, introduced last year in the House by Representatives Henry Waxman (Democrat for California) and Edward Markey (Democrat for Massachusetts), was dead. The American people didn't seem to think that the so-called global-warming crisis justified a price-hiking, job-killing, economy-crushing redesign of our energy supply amid a fragile recovery. Passing another major piece of legislation, one every bit as unpopular as ObamaCare, appeared unlikely in an election year.

So Obama and congressional proponents of cap-and-trade spent several months rebranding it - downplaying the global-warming rationale and claiming that it was really a jobs bill (the so-called green jobs were supposed to spring from the new clean-energy economy) and an energy-independence bill (that will somehow stick it to OPEC).

Critics of wind farms have seized on the revelation as evidence of the unsuitability of turbines to meet the UK's energy needs in the future. They claim that the 'intermittent' nature of wind makes such farms unreliable providers of electricity. The National Grid fears that on breezy summer nights, wind farms could actually cause a surge in the electricity supply which is not met by demand from businesses and households.

The electricity cannot be stored, so one solution - known as the 'balancing mechanism' - is to switch off or reduce the power supplied. The system is already used to reduce supply from coal and gas-fired power stations when there is low demand. But shutting down wind farms is likely to cost the National grid - and ultimately consumers - far more. When wind turbines are turned off, owners are being deprived not only of money for the electricity they would have generated but also lucrative 'green' subsidies for that electricity.

The first successful test shut down of wind farms took place three weeks ago. Scottish Power received 13,000 pounds for closing down two farms for a little over an hour on 30 May at about five in the morning. Dr Lee Moroney, planning director of the Renewable Energy Foundation, a think tank opposed to the widespread introduction of wind farms, said: "As more and more wind farms come on stream this will become more and more of an issue. Wind power is not controllable and does not provide a solid supply to keep the national grid manageable. Paying multinational companies large sums of money not to supply electricity seems wrong."

Earlier this year, The Sunday Telegraph revealed that electricity customers are paying more than 1 billion pounds a year to subsidise wind farms and other forms of renewable energy.

Bill Bridwell, a real estate agent in the desert south of Phoenix, is among the thousands of agents hired nationwide by the companies to sell those foreclosures, recouping some of the money that borrowers failed to repay. In a good week, he sells 20 homes and Fannie sends another 20 listings his way. "We're all working for the government now," said Bridwell on a recent sun-baked morning, steering a Hummer through subdivisions laid out like circuit boards on the desert floor.

For all the focus on the historic federal rescue of the banking industry, it is the government's decision to seize Fannie Mae and Freddie Mac in September 2008 that is likely to cost taxpayers the most money. So far the tab stands at $145.9 billion, and it grows with every foreclosure of a three-bedroom home with a two-car garage one hour from Phoenix. The Congressional Budget Office has predicted that the final bill could reach $389 billion.

Fannie and Freddie increased American home ownership over the last half-century by persuading investors to provide money for mortgage loans. The sales pitch amounted to a money-back guarantee: If borrowers defaulted, the companies promised to repay the investors. Rather than actually making loans themselves, the two companies bought loans from banks and other originators, providing money for more lending and helping to hold down interest rates.

As terrorists increasingly recruit US citizens, the government needs to constantly balance Americans' civil rights and privacy with the need to keep people safe, said Homeland Security Secretary Janet Napolitano. But finding that balance has become more complex as homegrown terrorists have used the Internet to reach out to extremists abroad for inspiration and training. Those contacts have spurred a recent rash of US-based terror plots and incidents.

"The First Amendment protects radical opinions, but we need the legal tools to do things like monitor the recruitment of terrorists via the Internet," Napolitano told a gathering of the American Constitution Society for Law and Policy. Napolitano's comments suggest an effort by the Obama administration to reach out to its more liberal, Democratic constituencies to assuage fears that terrorist worries will lead to the erosion of civil rights.

More than 20% of deaths among those assessed were caused by the naturally occurring poisonous element, it found. The World Health Organization said the exposure was "the largest mass poisoning of a population in history". It began after hand-pumped wells were installed in the 1970s to tap groundwater.

Scientists say even small amounts of arsenic over a long period can cause cancer of the bladder, kidney, lung or skin. Bangladesh was chosen for the study because nearly 90% of the population uses groundwater as its primary source of fresh water.

"Our country's outstanding public debt is huge. Our public finances have become the worst of any developed country. We cannot sustain public finance that overly relies on issuing bonds. As we can see from the eurozone confusion that started in Greece, there is a risk of default if growing public debt is neglected and trust lost in the bond market."

No one knows if he can pull off the mythical trick of reducing government spending while stimulating private sector spending. Kan may be overplaying the similarity to Greece to get people behind fiscal reform, a Credit Suisse Japan analyst tells The Guardian.

We are the next Greece has been the signal phrase for fiscal reform in California, Hungary, and America.

He said Spain's economy was solid and solvent, and the visit by Dominique Strauss-Kahn is a scheduled one. His government has just introduced a package of spending cuts and a reform of the labour market in an attempt to persuade nervous financial markets that Spain's finances are under control. That's a difficult task.

This meeting between Mr Zapatero and Mr Strauss-Kahn was scheduled before rumours of an imminent bail-out for Spain began to circulate. So both the government here, and the IMF, insist it doesn't mean Spain's seeking access to a multi-billion euro credit line for its struggling economy. But after the crisis with Greece the financial markets are nervous.

That means Spain is having to pay record rates to sell its debt now and this week a senior banker revealed that Spanish financial institutions are struggling to get funding on international markets. The country is still reeling from the collapse of the construction sector, with a budget deficit of 11% - one in five workers is unemployed.

The cost of the BP oil spill in environmental and economic damage could hit $100 billion (67.5 billion pounds), according to new predictions as concern mounts over the company's liabilities. Despite an agreement to set aside $20 billion (13.5 billion pounds) in a special compensation fund, investors are worried that the London-based firm's liabilities could stretch well beyond that figure.

Standard and Poors yesterday cut the company's credit rating, and warned that further downgrades may follow as up to 60,000 barrels of oil a day leak from a pipe ruptured in an explosion on the Deepwater Horizon drillling rig. The accident left 11 people dead. BP's costs to date are $1.8 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs. Repeated attempts to cap the leak have failed.

David Wilton, a Partner at restructuring firm BTG Mesirow, predicted BP's liabilities could reach 63 billion pounds, but played down fears that the company could collapse, observing that the payments will be spread over a long period of time. US politicians have shown no signs of letting up an onslaught against the company, following the lead set by Barack Obama who has compared the disaster to the 9/11 terrorist attacks.

On Wednesday BP announced that it had buckled to demands by President Barack Obama's administration to set up a $20 billion escrow account to fund compensation claims from thousands of fishermen and businessmen whose livelihoods have been affected by up to 60,000 barrels of oil leaking into the sea every day. It also agreed to suspend dividend payments to shareholders for the rest of the year, though they account for 1 pound in every 6 pounds paid out in dividends to British pension holders.

Speaking under oath, with the strong possibility of criminal prosecutions further on, Mr Hayward repeatedly said that he had not been present when decisions were made about the construction of the well, prompting accusations of "stonewalling" and obstruction. Mr Hayward remained impassive as committee members spent an hour and a half - about double the normal time - on mostly hostile opening statements, meeting forecasts that the high-profile hearing would be designed more to grab attention than unearth new facts.

The parents at the center of Thursday's drama, followers of Rabbi Shmuel Berzovsky who leads the tiny Slonimer Hasidic sect, chose two weeks in jail rather than sending their daughters to the Beis Yaakov school near their homes in the religious West Bank settlement of Emanuel. Their reason? At the school, the Ashkenazi kids would mingle with religious Mizrahi kids, some of whom come from more secular extended families and therefore, say the Slonimers, could expose their sheltered daughters to unwanted influences from the wider world.

And their imprisonment was the culmination of a two-year battle between the ultra-orthodox sect, which effectively controls the school, and Israel's secular Supreme Court. Before the Beis Yaakov controversy, few people had heard of the Slonimer, named for the town in Belarus where their first rabbi lived 200 years ago, and the sect's internal power struggle between rival leaders in Jerusalem and Bnei Brak. But the fight over the schoolgirls has united the tiny group and transformed it into the latest torchbearers of a festering feud between the ultra-orthodox and the secular establishment.

Thursday's demonstration was the largest in Jerusalem since ultra-orthodox protesters gathered in similar numbers in 1999 in a show of strength against the supposed antireligious bias of Israel's Supreme Court. A decade on, the gap between the two entities is wider than ever, with running debates over such issues as the power of religious courts, state subsidies for religious students, religious exemption from military service and access to public roads on the Sabbath.