Current Events


Gold in Europe
On a radio program originating in Denver, Colorado, it was mentioned that England was selling gold (the final in a series of planned sales). In the report it was stated that Germany is now the number 2 holder of gold reserves in the world! It is staggering to see these behind the scenes events that will eventually prop up the EU as the only remaining world super power.

Frictions Between the US and Europe over Tarifs on Steel Imports
President Bush signed a measure this week that will impose tariffs for three years of up to 30% on imports of foreign steel. This bedrock commodity is most important in the scheme of the WTO–World Trade Organization. The European Union has warned that it will have no choice but to “react”. Britain’s Prime Minister Tony Blair called the U.S. decision “unacceptable and wrong,” stating that the United States “have broken the rules.” Germany’s Chancellor Gerhard Schroeder sent a letter of protest to President Bush. The EU announced that they will launch a formal protest with the WTO. If this results in a veto from the WTO, the EU would be free to issue trade sanctions against the US. European newspapers are asking whether we are beginning to see a new tradewar between the U.S. and Europe. Clearly, there is now an emerging sense of estrangement between the United States and its European allies.

(Reports summarized from Yahoo!News; Bild; and Der Spiegel, all as of March 6,2002).

Middle East
U.S. news coverage of this week’s hostilities in the Middle East have begun describing the situation as “WAR”. One commentator said that officials in Washington had run out of words to respond to these out of control events.

All this comes on the heels of last week’s proposed peace initiative for the region. The “Jerusalem Post” for March 6, 2002, quoted foreign Minister Shimon Peres as saying, “We will pay a heavy price for scorning international opinion.”

That telling observation comes on the heels of Israel’s escalation of reprisals that now involve a full range of their military might.

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