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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Nadine Carroll who wrote (49854)	10/6/2002 9:27:20 PM
From: Hawkmoon	Read Replies (2) \| Respond to of 281500

Annan has since become a regular presence at the White House, where Bush has declared, he possesses a "good heart." "[Annan is] a class act, as we say in the state of Texas," Bush announced at a New York reception last month. I don't think Annan is an evil guy. Just ineffective and out of touch with what the responsibilities of the SecGenUN .. I believe he is too "beholden" to those nations who constantly profess that the US "owes" them something.. (US = root of all evil), and not much of a leader who inspires greater goals. Btw, some VERY DISTURBING NEWS OUT OF EUROPE which could make VERY ugly this week in the markets: observer.co.uk Global crash fears as German bank sinks Faisal Islam, economics correspondent and Will Hutton Sunday October 6, 2002 The Observer Stockbrokers around the world are braced for a potentially calamitous week as alarm mounts over a looming, Thirties-style global financial crisis. A leaked email about the credit-worthiness of Commerzbank, Germany's third largest bank, yesterday increased fears of the international stock market malaise exploding into a fully-fledged banking crisis. Commerzbank lost a quarter of its value last week, raising the spectre of Credit-anstalt, the Austrian bank that collapsed in 1931, sparking global depression. US stock markets have fallen for six consecutive weeks, to their lowest levels in five years. European markets have collapsed even further, wiping out nearly half of the value of European corpora tions in this year alone. Japan is struggling to put together a plan to save its banking system, riddled with bad debt after a decade of recession and falling prices. Now the German economy threatens to follow. 'There are strong parallels to the Thirties after an unsustainable "new era" boom,' says Avinash Persaud managing director for economics and research at State Street Bank. 'Then, the stock market decline was not just steep, it was long, taking three years to reach the bottom.' 'Commerzbank being affected is a sign of the severity. But in today's crisis risks have been offloaded from the banks to the markets and ultimately our pensioners, which makes the problem more difficult to deal with,' he says. The leaked email about Commerzbank was in response to an inquiry from a US investment bank about rumours of huge losses on credit derivatives, which aim to spread risk. Hawk