So Much For The Euro-Greek Bailout

FTSE Drops After Greece Calls Shock Referendum On Cuts Which Threatens To SINK Euro Bailout -- Daily Mail

* FTSE 100 falls 2.6 per cent after opening
* Dax, Nikkei, Dow Jones and Nasdaq also tumble
* 59 per cent of Greeks think deal is ‘negative’
* 'No' vote could prompt country's exit from the Euro
* 228-year-old US brokerage MF Global goes bankrupt due to euro bonds
* First Greek referendum since 1974 when monarchy was abolished
* Hopes of Chinese red knight riding to slay euro debt dragon 'misplaced'
* Experts warn of second global recession and social unrest
* Comes as UK growth figures 'better than expected'

Financial markets around the world have tumbled in reaction to the shock announcement that Greece is to hold a referendum on the latest aid package to solve its debt crisis.

The FTSE was down 2.6 per cent , Germany's Dax fell by 4 per cent, the Dow Jones fell 2.3 per cent and France's CAC-40 lost 3.3 per cent.

Markets in Asia have also fallen with Japan's Nikkei closing with a 1.7 per cent drop, Hong Kong's Hang Seng losing 2.5 per cent and Australia's S&P/ASX shedding 1.5 per cent.

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More News On Greece's Decision To Have A Referendum On The EU Debt Agreement

Greek Vote Gamble Stunned Euro Partners, Merkel Allies Say -- Bloomberg Businessweek
Greek leader's referendum bombshell -- The Guardian
Eurozone debt crisis: Markets dive on Greek referendum -- BBC
Fury in Germany after Greek referendum call -- Reuters
Greece’s Referendum Step Leaves Europe Aghast -- Wall Street Journal

My Comment: I guess the Greeks are not satisfied with an agreement that gives them a 50% cut in their debt .... instead .... this call for a referendum is to not only a tactic to give political cover for Greek leaders, but to also position themselves to ask for more. Sighhh .... this is going to be not only a political disaster, but an economic one for Greece and for the EU. I expect the referendum will overwhelmingly reject the EU bailout agreement resulting in the road being paved for Greece to leave the EU and to declare a "defacto state" of bankruptcy.

NATO Will Not Intervene In Syria

NATO Rules Out Syria Intervention -- Al Jazzera

While Rasmussen says military action was out of question, Arab League calls for tanks to be withdrawn from the streets.

NATO has ruled out the possibility of military intervention in Syria while the Arab League revealed its roadmap to end violence in the Arab state.

Speaking during a visit to the Libyan capital Tripoli, NATO Secretary-General Anders Fogh Rasmussen said military action in Syria was out of the question.

"My answer is very short. NATO has no intention (to intervene) whatsoever. I can completely rule that out," he told reporters.

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More News On NATO Not Intervening In the Unrest in Syria

New military phase to Syrian unrest? -- UPI
Syria warns: "Whole region" could burn -- CBS/AP
Syrian President Warns of Military Action -- IBTimes
Assad warns world powers after victory in Libya, stay away from Syria -- Washington Post/AP
Factbox: Syrian opposition want protection, wary of intervention -- Reuters

Picture Of The Day

TURKEY ASSIST
U.S. aircrew perform preflight checks in a C-130J Super Hercules before leaving Ramstein Air Base, Germany, Oct. 29, 2011. The C-130J was taking blankets, cots and tents to victims of a recent earthquake in northeastern Turkey. The U.S. crew is assigned to the 37th Airlift Squadron. U.S. Air Force photo by Staff Sgt. Benjamin Wilson

2011 U.S. Intelligence Budget Was $54.6 Billion

U.S. Intel Spending Nears A High-Water Mark -- Washington Post

The decade-long splurge on intelligence spending in the United States appears to have hit its high-water mark.

The nation spent $54.6 billion on national spy agencies and programs in the fiscal year that ended Sept. 30, excluding spending on military intelligence programs, according to figures released by the nation’s intelligence director.

The Obama administration said in February that it had asked for $55 billion for spy agencies for the upcoming fiscal year. Yet with repeated warnings about pending budget cuts, it appears doubtful that the intelligence community will collect that amount in full.

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More News On U.S. Intelligence Spending

Slight decline in funding for US intelligence -- AFP
U.S. spends billions on intelligence in past year -- Xinhuanet
Pentagon bears brunt of US intelligence spending cuts, as wars wind down, CIA heats up -- Washington Post/AP
Fiscal 2011 U.S. intelligence budget was $54.6 bln -- Reuters
Intelligence Agency Funding $54.6 Billion in 2011, Up 2.8% -- Bloomberg Businessweek
IT Budget Savings Outlined for Intel Agencies -- Defense News

Closing Arguments In The 'Merchant Of Death' Trial

Suspected Russian arms dealer Viktor Bout (C) is escorted by Drug Enforcement Administration (DEA) officers after arriving at Westchester County Airport in White Plains, New York November 16, 2010. Photo: Reuters

Closing Arguments in Bout Trial Under Way -- Voice of America

The trial in New York of an accused Russian arms dealer, Viktor Bout, entered its final phase on Monday as the jury heard closing arguments from prosecution and defense attorneys.

Prosecuting attorney Anjan Sahni told jurors they should reach a "simple and inescapable conclusion", that Viktor Bout is guilty of all of the charges against him. The U.S. government says Bout, a former Soviet military officer, is an international arms trafficker. The government charges that he conspired to supply weapons to the Revolutionary Armed Forces of Colombia, or FARC, to kill Americans. The United States has listed FARC as a terrorist organization.

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More News On The Trial Of Viktor Bout

Viktor Bout Was Willing to Sell Terrorists Guns, Prosecutor Says at Trial -- Bloomberg
Viktor Bout and arms-smuggling airplanes -- CNN
Closing Arguments Begin in Ex-Soviet Officer Trial -- ABC News/AP
US prosecutor wraps up arms case against Bout -- AFP
Prosecutors wrap up case against Russian ‘Merchant of Death’ -- National Post/Reuters
Case closed? Final arguments heard in ‘Merchant of Death’ trial -- RT
Deliberations in Bout trial to start on Tuesday -- RIA Novosti
Intentions at Heart of Arms-Trafficking Case -- New York Times

As Economies Falter World Social Unrest Increases

World Faces Years Of Social Unrest As Economies Falter -- The Independent

The international economy is on the brink of a deep new economic crisis that could cost millions of jobs around the globe and trigger mass social unrest, the world's most powerful nations were warned yesterday.

As the leaders of the G20 countries prepare for emergency talks on averting a return to worldwide recession, the United Nations' International Labour Organisation (ILO) issued a grim forecast of the social effects of the continuing economic crisis.

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My Comment: Lack of jobs. High prices. Unable to meet one's needs. Yup .... a prescription for unrest.

As US Forces Make Plans To Leave Afghanistan, Taliban Attacks Surge

U.S. Army Pfc. Trillis calls in a description of a person of interest to headquarters during Operation Moose Kill II in Qalat, Afghanistan, Oct. 22, 2011. Trillis is assigned to Company C, 1st Battaltion, 24 Infantry Regiment. Afghanistan police partnered with Company C soldiers to search the villages of Musa Khely and Nowrak to disrupt a recent string of improvised bomb attacks. U.S. Army photo by Sgt. 1st Class James Fidel

As Obama Cuts And Runs, Taliban Attacks Surge -- IBD Editorial

War On Terror: Have the president's swift military pullouts from Afghanistan and Iraq served U.S. interests? All we see is a "surge" on U.S. targets by our enemies, while our secretary of state pleads with them not to meddle.

Pakistani-backed Taliban fighters on Saturday set off a 1,500-pound bomb on an armored vehicle full of American troops and allies, killing 18. It was their biggest armed attack on a U.S. target since they downed a helicopter carrying elite SEALs shortly after the unit took out Osama bin Laden. It was also the biggest attack ever against a U.S. target within the perimeters of Kabul.

Three other attacks on allied targets — one on an Australian unit in the south, one a suicide attack on an Afghan unit and another on a United Nations aid office in Kandahar have followed, taking even more casualties.

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My Comment: Taliban attacks have been increasing since the killing of Osama Bin laden in May .... are Taliban attacks correlated with his death? U.S. forces are withdrawing .... are Taliban attacks correlated with that? Bottom line .... I do not think the Taliban care. The sad fact is that more and more Afghans are now starting to turn against the U.S./NATO presence in the country .... hence the increase in attacks.

Heavy Fighting Reported In Sudan's South Kordofan

South Kordofan Unrest: Sudan 'Kills Hundreds' Of Rebels -- BBC

Hundreds of rebels have been killed in Sudan's South Kordofan state following clashes with the army, governor Ahmed Haroun has said.

He said the SPLM-North rebels were killed when the army repelled an assault on the city of Teludi.

The rebels have not commented on the claims but previously accused the army of "ethnic cleansing" in the oil-rich area.

The state borders South Sudan, which became independent in July.

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More News On Fighting In South Kordofan, Sudan

Hundreds of rebels killed in Kordofan clashes, claims governor -- The Telegraph
Sudan: Hundreds of Rebels Killed in Southern Kordofan -- Voice of America
Hundreds of rebels killed in Kordofan clashes: governor -- AFP
Hundreds of rebels killed in clashes in southern Sudan: governor -- Xinhuanet
Sudan, rebels say fighting in southern oil state -- Swiss Info/Reuters
South Sudan offers oil, money if Khartoum gives up Abyei -- Brecorder
Sudan rules out Abyei swap deal with south -- Sudan Tribune
Either hunger or bombs threaten Sudan -- Sunday Independent
From Sudan, a Glimpse of a New Conflict -- New York Times

Kenya's Military Incursion Into Somalia -- News Updates November 1, 2011

Kenya Military Chief Suggests Somalia Incursion Could Be Long -- L.A. Times

Gen. Julius Karangi declares that his troops will remain in neighboring Somalia until the threat from the militant Islamist militia Shabab is eliminated and Kenyans feel safe.

Reporting from Nairobi, Kenya—The commander of Kenya's defense forces declared Saturday that his troops would remain in neighboring Somalia until the threat from the militant Islamist militia Shabab is eliminated and Kenyans feel safe.

Given the messiness of other countries' incursions in Somalia, the vow by defense forces chief Gen. Julius Karangi suggests that Kenya's first military adventure since independence nearly half a century ago could be a long one.

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More News On Kenya's Military Incursion Into Somalia

Kenya's military chief says army will leave when border is safe -- Africa Review
Kenya to Stay in Somalia Until Safe From Al-Shabab Menace -- Voice of America
Kenya, Somalia Plea for Help Battling al-Shabab -- Voice of America
Kenya, Somalia Request International Help to Fight Al-Shabab -- Voice of America
Somalis fleeing famine killed by Kenyan raid, aid group says -- L.A. Times
Kenyan air strike in Somalia 'kills five and wounds dozens' -- The Guardian
Aid Group Says Airstrike Kills 5 at Somali Camp -- Voice of America
Bombardment of Somali Refugee Camp Is Symbolic of Kenya's Doomed Invasion -- Time
Aid can't get through to many Somalia famine victims, expert says -- L.A. Times
A history of conflict in Somalia -- ABC News (Australia)

Rocket Attacks And Retaliation Resume Between Israel And Gaza

Israeli Leader Warns Gaza Militants: Those Who Attack Israel Are Risking Their Lives -- Washington Post/AP

JERUSALEM — With rockets falling on southern Israel, Prime Minister Benjamin Netanyahu on Monday issued a tough warning to Palestinian militants in the Gaza Strip, saying that those who attack his country are risking their lives.

Netanyahu delivered the threat in a policy speech to Israel’s parliament. He spoke shortly after his foreign minister urged Israel to go even further and topple the Islamic Hamas regime in Gaza, a scenario that would require a lengthy and dangerous military operation.

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More News On The Conflict Between Israel And Gaza

Gaza violence subsides as truce seems to take hold -- Reuters
Residents of the South face renewed rocket attacks -- Jerusalem Post
Rockets from Gaza hit Beersheba, Sderot, Sha'ar Hanegev -- Jerusalem Post
Israel Airstrikes on Gaza Strip Kill 10 in Worst Fighting in Two Months -- Bloomberg
Airstrikes and rockets kill 10 people in the Gaza Strip region -- L.A. Times
Palestinians: Israeli airstrike kills 2 in Gaza -- CNN
Israeli Drone Strike Kills Militants in Southern Gaza -- New York Times
Israeli airstrike kills militant in fresh Gaza violence -- Washington Post