Panel Calls for Steep Cuts in US Nukes – ABC News

An influential panel is calling for an 80 percent reduction of U.S. nuclear weapons and an elimination of all nuclear armed intercontinental ballistic missiles.

In a report for the advocacy group Global Zero, retired Gen. James Cartwright and others argue that the U.S. needs no more than 900 total nuclear weapons for its security in a post-Cold War world. The report chaired by Cartwright, a former vice chairman of the Joint Chiefs of Staff known to be close to President Barack Obama, comes at a time that the president is weighing a range of sharp nuclear reductions.

The Obama administration is reportedly considering at least three options for lower total numbers of deployed strategic nuclear weapons: reducing their numbers to 1,000 to 1,100; 700 to 800; or 300 [continue reading in new window...]

 

Greece on brink of collapse – Telegraph

As leaders in Athens accepted the need for a new general election to end a national stalemate, the International Monetary Fund said Europe’s leaders should prepare for the possibility of a Greek departure from the single currency.

 Christine Lagarde, head of the IMF, warned she was “technically prepared for anything” and said the utmost effort must be made to ensure any Greek exit was orderly. The effect was likely to be “quite messy” with risks to growth, trade and financial markets. “It is something that would be extremely expensive and would pose great risks but it is part of options that we must technically consider,” she said.

Raising tensions still further, Germany warned Greek voters that the wrong result in next month’s election will force their country out of the single currency.

Greece’s president warned, perhaps most alarmingly, that its banks risk [continue reading in new window...]

 

Putin Snubs G-8 to Punish Obama for Criticism, Official Says

May 15 (Bloomberg) — President Vladimir Putin is showing U.S. President Barack Obama his displeasure over the criticism of Russian elections and the lack of progress on a planned missile shield by skipping the Group of Eight summit for the first time as president, said Alexei Pushkov, a senior lawmaker.

The U.S. has “nothing to propose” to Putin at this week’s meeting, while “strong handshakes and smiles” are probably not a priority for him as Russia forms a new government, Pushkov, the head of the foreign-affairs committee in the lower house of parliament, said in a telephone interview yesterday.

Russia’s relations with the U.S. are showing strains as [continue reading in new window...]

 

China In Much More Trouble Than Data Suggests – CNBC

In an unguarded moment in 2007, the man anointed to take over next year as the helmsman of the world’s second-largest economy revealed his doubts about China’s economic growth statistics.

The country’s official gross domestic product figures are “man-made” and therefore unreliable, Li Keqiang told the U.S. ambassador at the time, adding with a smile that he regarded them as being “for reference only.”

When evaluating the speed of economic growth Mr. Li, who is expected formally to replace Wen Jiabao as China’s Premier next March, said he focused instead on three sets of data — electricity consumption, rail cargo volumes, and disbursement of bank loans.

If Mr. Li’s assessment is correct, the Chinese economy is in a lot more trouble than headline [continue reading in new window...]

US-Russian crew blasts off on trip to International Space Station | Fox News

ALMATY, Kazakhstan – A three-man crew blasted off from a space center in southern Kazakhstan Tuesday morning on board a Russian-made Soyuz craft for a four-and-half-month stay at the International Space Station.

NASA astronaut Joseph Acaba and Russian cosmonauts Gennady Padalka and Sergei Revin set off from the [continue reading in new window...]

 

Talking Surveillance Cameras Coming to U.S. Streets – Infowars.com

Talking surveillance cameras that bark orders at passers-by and can also record conversations are heading for U.S. streets, with manufacturer Illuminating Concepts announcing the progress of its ‘Intellistreets’ system.

As we first reported last year, high tech street lights with “homeland security applications” are now being installed in major U.S. cities.

The street lights also have loudspeakers that can give audible warnings to individuals, mimicking the talking surveillance cameras in the UK that shout out orders through microphones telling people to pick up litter or leave the area.

A recent press release put out by Amerlux announces the company’s partnership with Illuminating Concepts to further advance the rollout of ‘Intellistreets’. The announcement confirms that the street lights will have a number of “homeland security features” including a loudspeaker system that will be used to “engage captive audiences”.

“The built-in speaker can broadcast [continue reading in new window...]

Merkel tells Greece to back cuts or face euro exit – Telegraph

Merkel tells Greece to back cuts or face euro exit

Greece may be forced to leave the euro if the country refuses to implement spending cuts agreed with the European Union, Angela Merkel warned.

Raising the spectre of a Greek exit, the German chancellor said “solidarity   for the euro” was threatened by the ongoing political crisis in Athens.

Stock markets around the world fell sharply with fears mounting that a euro   break-up could lead to renewed financial turmoil. The FTSE-100 index of   Britain’s major companies fell by two per cent to 5465, with bank shares hit   particularly hard.

The cost of Spanish government borrowing also hit a record high since the   single currency was [continue reading in new window...]

 

Niall Ferguson: Will Europe Act to Avoid an Economic Cataclysm? – The Daily Beast

With the sap rising and the governments falling, all the European powers are merrily acting in national character.

In the midst of a severe financial crisis, the French have just elected a champagne socialist on promises of a 75 percent top tax rate and a lower retirement age. The Greeks also had an election in which the established parties lost to a ragbag of splinter groups. The outcome of the election was that they need to have another election. (Cue Zorba the Greek theme music.) Meanwhile, the wailing gloom of the flamenco emanates from Spain, where youth unemployment is now around 50 percent.

Within a few hours of arriving in [continue reading in new window...]

 

Highest & Cheapest Gas Prices by Country: Global Pain at the Pump – Bloomberg

Global Pain at the Pump

The cost of a gallon of gasoline ranks with bad weather as one of the most universal complaints. In the U.S., the price of gas is getting even more attention than usual this year as presidential contenders battle over energy policy. What’s lost in the debate is how much the U.S. and other countries actually pay for gas, relative to one another and to their citizens’ wages. The following ranking sorts 55 countries by average price at the pump and by “pain at the pump,” which is measured by the percentage of average daily income needed to buy a gallon of fuel [continue to full slideshow in new window...]