Ministers from France, Germany and the UK are calling for the EU to cut its carbon emissions by 30% on 1990 levels by 2020, arguing that failure to reach the goal will have long-term economic consequences. The current target is a 20% reduction from 1990 levels.
The officials say increasing the target will help create jobs in clean energy sectors and help keep the EU competitive with China, Japan and the US, each of which is investing in green technology and sustainable energy. The US has set a goal of reducing 2005 greenhouse gas emissions 17% by 2020. Read more »

Edward Harrison submits:

Gary Shilling talked with Bloomberg about the implications of China’s recent currency move and the European debt crisis. True to form, he is bearish – both on the Chinese move and on the European debt situation. His view is that the Yuan move comes at the wrong time given that the European debt crisis and fiscal austerity is already poised to slow global growth. Read more »

Erwan Mahe submits:

We can only applaud the decision by the Peoples Bank of China this past weekend, given our consistent and regular criticisms of the yuan's undervaluation in these lines (TC 05-10-09: Central Bank Officials Raise the Volume About the Yuan!). Read more »

Shane Lofgren submits:

In a past article, I wrote that stock prices were falling on nothing more than fear. The fundamentals of the global economy were sound, the EU was taking the least bad steps to resolve their sovereign debt issues and soon fear would turn into greed and stock prices would come roaring back. Read more »

Econophile submits:

This article is a look at US recovery, Europe's recovery, the Asia's (China) recovery, and how they all tie together.

Tuesday the ISM manufacturing report came out for the US and showed more positive results. The index was at 59.7 down just a tad from April's 60.4, and showed a continuation in the steady gain in manufacturing since the bottom in November of 2008. Read more »

Erwan Mahe submits:

We have consistently warned for the past two years against the European economy following the terrible example of Japan, as epitomised by economic contraction, deflation and desperation, given the relentless debt deflation process and the utterly inappropriate monetarist attitude of the ECB.

Complete Story »

Econ Grapher submits:

This week we look at the data out over the past week that showed a continued (yet fragile) economic recovery in Japan, higher economic growth rates in Mexico, continued strength in the economy of Taiwan, and relatively subdued inflation pictures in both the EU and US.

1. Japan GDP Growth

Complete Story »

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Art by Alfred Boisseau, 1847

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It's amazing how some taboo topics among the Euro officialdom only a week ago, such as the EMU falling apart or Germany secretly enjoying a devaluing EUR, quickly made it to the surface. There's even one more taboo topic surfacing: EU elites want to take this opportunity to push for a political union. Read more »

Vega submits:

The general themes right now:

-Collapse of the eurozone

-US banking bill that could dramatically reduce financial sector profits

Complete Story »

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Elena Kagan, Solicitor General of the U.S. Image courtesy of Big News Network

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Stock Exchange Image courtesy of Big News Network

Top Story

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Warren Buffett, CEO of Berkshire Hathaway Image provided by Big News Network

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Image provided by Big News Network

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U.S. Senator Carl Levin (D-MI)

Greece rescue talks 'nearing end'

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Euro Symbol Image provided by Big News Network

Dian L. Chu submits:

Gold fell the most in two months as the SEC’s action against Goldman Sachs (GS) spurred investors rushing out of riskier commodities and into perceived safer assets such as the U.S. dollar. Futures for June delivery slid 2% in one day to $1,136.90 an ounce.

Paulson Linked to Goldman’s Case Read more »

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China's President Hu Jintao

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Image provided by Big News Network

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Image provided by Big News Network

Kurt Brouwer submits:

Jim Rogers, the ubiquitous financial pundit, short seller, author and former hedge fund manager, covered lots of ground in an interview with CNBC. He described two tiny bubbles — I’m kidding on the tiny part — one in Chinese real estate and the other in U.S. Treasury bonds. He also touted commodities and gold, which he thinks is on the way to $2,000 an ounce. Read more »

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2007 Honda Element SC Image by Bull-Doser

Honda recalls 410,000 cars in US

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