history

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The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy.

The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures. The NBER said that the deterioration in the labor market throughout 2008 was one key reason why it decided to state that the recession began last year.

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The inhabitants of the world's largest island turned out yesterday in midwinter darkness to vote for what many believe is the first step towards independence. The people of Greenland voted overwhelmingly for increased autonomy from Denmark - a move that will see the 56,000-strong population take greater control over the island's potentially huge natural resources and mean Greenlandic becomes the official language.

According to the island's election commission, 76% of voters supported the proposal, which outlined a system for sharing future oil revenues with Denmark and gave locals control over the courts, the police and the coastguard. Denmark would retain responsibility for security and foreign relations. The referendum was supported by the Danish government.

Around 72% of the island's 40,000 registered voters cast their ballots at voting stations in 18 municipalities. The high turnout came despite the small number of daylight hours and sub-zero temperatures in many parts of the island, 80% of which is covered by ice. The system is likely to come into effect from June 21 next year, the island's national day. It is almost certain to be rubber-stamped by the Danish and Greenlandic parliaments.  read more »

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You may have missed it, but one of the great inspirational figures of the last century celebrated his 80th birthday a few days ago. Born in Los Angeles in 1928, he has surely brought more pleasure to more people than anyone of his generation. His features are recognizable in almost every city on earth, and he has probably raised a smile from almost everyone whose life he has touched.

And while his name has become a metaphor for anything gimcrack, cheap or childish, he remains the supreme symbol of American optimism, fun and sheer zest for life. He is, of course, Mickey Mouse.

Oddly, the Disney corporation is not making a big deal of Mickey's birthday, perhaps because it is worried that mentioning his great age will damage his reputation among his youngest fans. So it is up to the rest of us to celebrate for him - and celebrate we should. For while Mickey's first 80 years coincided with some of the darkest moments in history, and while Disney has become a byword for commercialism, the great Mouse reminds us of the best in humanity. Sure, he may not have the muscles of Michelangelo's David, but he has a much better sense of humor.

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Germany has become the first of the G7 powers to declare an official recession. After Germany and Italy officially declared recession status, it was the turn of the entire 15-nation euro zone to make a similar declaration on Friday, November 14, 2008.

Gross domestic product in the Eurozone fell by 0.2 percent for a second consecutive quarter in the third quarter, according to figures from Eurostat, satisfying the technical definition for a recession. The contraction means that two of the world's three major economies, Japan and the Europe's euro zone, are now in recession.

Germany and Italy logged third quarter declines on their gross domestic products by 0.5 percent for July to September and 0.4 percent for the second quarter. France narrowly missed joining the recession club because it had a 0.1 percent GDP growth rate in the third quarter after it had a minus 0.3 percent growth in the previous quarter.

Like the UK, the group of 15 countries has been hit hard as the crisis that started in the US banking sector feeds through into the wider economy. The worst affected has been Germany, Europe's biggest economy, where GDP fell by 0.5pc in the third quarter after a 0.4pc in the second. Italy suffered falls of the same proportion in both quarters.  read more »

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Western nations began to cede some control as countries including Brazil, India and China – which with Russia form the so-called BRIC nations – managed to guarantee a greater presence on the international stage.

All three will now join the board of the Financial Stability Forum – the global economic policy powerhouse that to date has been the bastion of the G8.

Each is likely to play a stronger role in the reform of major institutions such as the International Monetary Fund than might previously have been witnessed under the old economic order.

The final summit communiqué also gave particular reference to emerging and developing economies, urging them to undertake commitments consistent with their capacities and roles in the global economy – a clear admission of their increased importance.  read more »

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The French do not lack for creativity, and some of it has been expended over the years to develop sports events. The French were the driving force behind the modern revival of the Olympics. They played a vital role in starting soccer’s World Cup and European Cup, which is now better known as the Champions League, and in Alpine skiing’s World Cup. They also dreamed up the Tour de France and the Vendée Globe yacht race.

That last event is surely the most obscure. But in France, the Vendée Globe is a major happening - a quadrennial opportunity for Gallic sea dogs and landlubbers alike to reacquaint themselves with the iceberg-infested dangers of the southern oceans and man’s (and woman’s) capacity for salt-stained, sleep-starved solitude. The concept is brutal if attractively simple: competitors race alone around the South Pole and back in 60-foot monohulls without stopping. There are strict limits on outside assistance once the sailors leave Les Sables d’Olonne on the west coast of France.

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The United States was not the only country to name a new leader last week. In Bhutan, an insular nation of about 600,000 people located high in the Himalayas, a new king was crowned. 28-year-old Jigme Khesar Namgyel Wangchuck, an Oxford-educated bachelor, was crowned as Bhutan's fifth king - now the world's youngest reigning monarch. Bhutan also has the distinction of being the world's youngest democracy - having held parliamentary elections last March for the first time ever. The young ruler vows to maintain a stance of protection against the worst aspects of globalization, maintaining the "Gross National Happiness", a measurement of national progress that places a high value on spiritual development. Gross National Happiness is a term invented by, and proudly embraced by Bhutanese since 1972.

Above: Bhutan's fourth King Jigme Singye Wangchuck (right) crowns his son Jigme Khesar Namgyel Wangchuck as the fifth King of Bhutan, in the Throne room of the Tashichhodzong Palace during the coronation ceremony in Thimphu, Bhutan on November 6, 2008. With medieval tradition and Buddhist spirituality, a 28-year-old with an Oxford education assumed the Raven Crown of Bhutan on Thursday, to guide the world's newest democracy as it emerges into the modern world.

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