(CNSNews.com) – The Republican-controlled House of Representatives, which took office in January 2011, has enacted federal spending bills under which the national debt has increased more in less than one term of Congress than in the first 97 Congresses combined

n the fifteen months that the Republican-controlled House of Representatives–led by Speaker John Boehner–has effectively enjoyed a constitutional veto over federal spending, the federal government’s debt has increased by about $1.59 trillion.

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President Barack Obama told campaign donors in Chicago and Minnesota that Europe’s sovereign debt crisis is largely to blame for the slowest month of U.S. employment growth in a year, seeking to counter an issue weighing on his re-election bid.

“We’re not where we need to be; we’re not there yet; you saw that in today’s jobs report,” the president said at a Chicago fundraiser, the fourth of six yesterday in the Midwest. “A lot of that’s attributable to Europe and the cloud that’s coming over from the Atlantic. The whole world economy has been weakened by it, and it’s having an impact on us.”

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China’s non-manufacturing industries grew at a slower pace for a second month, as export demand moderated and new orders in construction and real estate contracted, an official survey indicated.

The purchasing managers’ index fell to 55.2 in May from 56.1 in April, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in a statement today in Beijing. A reading above 50 indicates expansion.

Today’s data adds to evidence that growth in the world’s second-biggest economy is slowing after a government manufacturing report showed the weakest reading since December. Brent crude tumbled below $100 a barrel on June 1 for the first time in almost eight months on concern that China’s industrial expansion is moderating and unemployment in the U.S. is rising.

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The European Union is targeting July 9 as the start date for its permanent euro-area rescue fund, the 500 billion-euro ($620 billion) European Stability Mechanism, an EU official said.

Parliaments across the 17-nation currency union must ratify the fund before it becomes available to counter the financial crisis spawned in Greece. Until it receives 90 percent of its expected capital allotment, officials must turn to the temporary European Financial Stability Facility, a 440 billion-euro fund with 240 billion euros available.

JPMorgan Chase & Co. (JPM) trader Bruno Iksil, known as the London Whale because his bets this year were so large, has been a leviathan of a risk-taker since at least 2010, a person with knowledge of the matter said.

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This is big, down 10% on Monday, unless of course they say something else tomorrow.

German Chancellor Angela Merkel hardened her opposition to joint debt sharing in the euro region as President Barack Obama singled out Europe’s leaders for not doing enough to arrest the financial crisis.

With Europe’s debt crisis cited last week for canceled IPOs, weaker-than-expected Chinese manufacturing figures and a rise in the U.S. jobless rate, Merkel rejected joint debt issuance in the 17-nation euro area as a solution, saying “under no circumstances” would she agree to Germany-backed euro bonds.

Now, some “come along and ask for euro bonds, saying all we need are equal interest rates and everything will turn out all right,” Merkel said in a speech to members of her Christian Democratic Union in Berlin yesterday. Instead, what’s needed is an economic overhaul to tackle the lack of competitiveness in Europe, she said.

Merkel, the head of Europe’s biggest economy and the largest contributor to bailouts for Greece, Portugal and Ireland, is the pivotal player in efforts to resolve the crisis now in its third year. As Spain struggles to avoid becoming the next country to call for a rescue and the euro slides near a three-year low against the dollar, Obama added to pressure from the European Central Bank, France and Italy to do more to halt the spread of contagion.

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Read it all here, it’s not looking like a good day tomorrow, even if the job’s numbers are good.

This is another place were the Zuck Fuck has screwed people over. There is an influx of wealth, almost a dot-com 2.0 if you will. Especially check out the slideshow at the bottom.

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WHAT THE FUCK

A U.S. cage fighter ripped out the heart of his training partner while he was still alive after becoming convinced he was possessed by the devil, it was alleged today.

Jarrod Wyatt also cut out Taylor Powell’s tongue and ripped off most of his face in a brutal assault that police said looked like a scene from a horror film, officers said.

They claim they found the 26-year-old standing naked over his friend’s body with parts, including an eyeball, strewn around the blood splattered room in Klamath, California.

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The yen gained against its major peers as turmoil in the Spanish banking sector added to signsEurope’s debt crisis is spreading to the region’s larger economies, boosting demand for safer assets.

The yen reached a more than three-month high versus the greenback as Japan’s benchmark bond yield fell to the lowest level since 2003 amid losses in global shares. The euro slid for an eighth-straight day against the yen, the longest losing streak in almost two years, before data tomorrow forecast to show the jobless rate rose to a record and manufacturing contracted across the 17 nations that share the currency.

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Australia’s bonds rose and the nation’s currency touched its lowest level in six months as concern that Spain will struggle to rescue its banks curbed demand for assets linked to growth.

Yields on all government debt maturing in two years or longer fell to records before a report that may show growth in building permits slowed in April, giving the Reserve Bank more scope to lower borrowing costs. New Zealand’s currency, nicknamed the kiwi, headed for its worst monthly loss since September against the U.S. dollar as Asian stocks retreated.

“Spain is becoming a huge problem,” said Derek Mumford, a director in Sydney at Rochford Capital, a currency risk management company. “A lot of money is going to be needed to bail them out. The Aussie will inevitably be dragged down to a very important support area at 94.50 to 95 cents.” Support is an area on a chart where orders to buy may be clustered.

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Graff Diamonds Corp. (1306) shelved a $1 billion initial public offering in Hong Kong as Europe’s debt turmoil drives first-time stock sales to the lowest level since the collapse of Lehman Brothers Holdings Inc.

Graff, which depends on just 20 customers for almost half its revenue, cited “consistently declining stock markets” in an e-mailed statement. It had sought a valuation of as much as 24 times estimated full-year earnings, a higher multiple than those of luxury-goods companies including Harry Winston Diamond Corp. (HWD) and PPR SA.

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Police Use Facebook To Put End To Gang’s Crime Spree In Crown Heights

NEW YORK (CBSNewYork) – Fourteen suspected members of a Crown Heights gang dubbed the “Brower Boys” have been indicted in connection with a year-long crime spree after talking about their alleged exploits onFacebook, authorities said Wednesday.

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Hollande only wants to impose austerity on the rich. I’m not a genius, but economies tend not to do well without an upper class, and people willing to invest.

France’s new socialist government has launched a crackdown on excessive corporate pay by promising to slash the wages of chief executives at companies in which it owns a controlling stake, including EDF, the nuclear power group.

In a departure from the more boardroom-friendly approach of the previous right-of-centre administration, newly elected president François Hollande wants to cap the salary of company leaders at 20 times that of their lowest-paid worker.

…..

France is unusual in that it still owns large stakes in many of its biggest global companies, ranging from GDF Suez, the gas utility; to Renault, the carmaker; and EADS, parent group of passenger jet maker Airbus.

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Maybe this is why they can’t work things out? Do the French not know how to use “Google Translate?”

The Brussels-based French-language press corps reacted with fury Wednesday to the release in English of the EU’s annual report cards on the bloc’s 27 economies.

In an angry open e-mail to the European Commission, the correspondent for the daily Liberation newspaper Jean Quatremersaid — in French: “Once again, all the documents published today are available only in English. This is unacceptable.”

The Commission released 1,500 pages of hotly-awaited reports on the state of the bloc’s economies along with proposals to redress public finances as Europe fights the debt crisis threatening some of its biggest economies.

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May 30 (Reuters) – Moody’s Investors Service on W ednesday downgraded nine Danish financial institutions, pointing to sluggish economic growth, risks from the euro zone debt crisis and structural changes to the covered bond market, a reliable source of cash.

The Moody’s cut comes the same day that Standard & Poor’s lowered Danske Bank, Denmark’s biggest financial institution, one notch to A-minus/A-2 from A/A-1.

However, Moody’s cut Danske Bank’s long-term rating two notches, to Baa1 from A2, with a stable outlook – still within investment grade. Moody’s rating is now one step below S&P’s rating.

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Seriously though, there has been a lot of this stuff lately.

Police launched a hunt Wednesday for a male porn star after a human hand was found in the mail at an Ottawa post office, and a decomposing foot was sent to Canada’s ruling Conservative Party.

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The gruesome discoveries, described by Canadian Public Safety Minister Vic Toews as “very disturbing,” were made hours after a severed torso was also discovered by a janitor in Montreal early Tuesday in a suitcase in a pile of garbage.

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These idiots need to be drug through the town square

Gorman said the malfunctions caused “unprecedented confusion and disarray” in the opening hours of trading in Facebook.

At the meeting, Gorman supported top bankers and equity capital markets executives who worked closely on the offering, including Michael Grimes, co-head of global technology banking at Morgan Stanley, as well as Daniel Simkowitz, chairman of the firm’s global capital markets business.

In the discussion, Gorman went so far as to recount a phone call he received from Facebook’s chief operating officer, Sheryl Sandberg, last Friday evening. Gorman said Sandberg praised the company and offered Morgan Stanley a professional reference for its work on the deal.

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Hopefully this doesn’t slap the price of crude sideways.

Iran’s government has repeatedly used commercial aircraft to smuggle weapons and explosives to Syria and Lebanon, the German broadcaster ZDF reported Wednesday.

ZDF, citing Western security sources and unspecified information it said it had obtained, reported that  Iran Air and Yas Air, both based in Iran, have repeatedly used aircraft designated as passenger planes to transport weapons to Damascus and Beirut.  It was not clear from the report what type of weaponry was involved.

ZDF, a content partner of NBC News, said the weapons were supposedly ordered by Iran’s Revolutionary Guard, which supports the regime of Syrian dictator Bashar al-Assad and the terrorist group Hezbollah in Lebanon.

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This could be a serious investment opportunity if big pharma didn’t have their monies in the govt’s pockets.

According to Maariv, Tikkun Olam sought to neutralise the effect of the THC and to increase the effect of another substance called CBD, or cannabidiol, which has been shown to help diabetics and to ease various psychiatric disorders.

Not only does it leave users stone-cold sober, it also doesn’t induce the munchies, the hunger pangs that the drug’s smokers generally suffer.

Despite the innovation, it is unlikely to have any impact on Israeli law, which outlaws the use of marijuana as illegal except for medical purposes.

According to figures published earlier this year by Sheba Medical Centre and the Israel Cancer Association, medical marijuana has been approved for use by about 6,000 Israelis suffering from various illnesses.

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