The Bahrain-based US Fifth Fleet says it will not “tolerate” any disruption in the Strait of Hormuz after Iran announced its forces are capable of closing the route if necessary. “[The fleet] maintains a robust presence in the region to deter or counter destabilizing activities,” a spokesperson for the fleet said on Wednesday. “The free flow of goods and services through the... 

As the eurozone teeters on the brink of collapse, the UK Treasury is working on a contingency plan to limit the fallout of a potential full-scale euro meltdown. ­The plan would entail capital controls to restrict the flow of money in and out of the country. Officials fear the departure of a eurozone member might trigger capital flight from weaker members of the economic union to countries like the... 

German Chancellor Angela Merkel Newly released figures in Germany indicate that the European country’s debt exceeded two trillion dollars at the end of this year’s third quarter. According to provisional official data published on Tuesday, Europe’s largest economy had a debt totaling 2.028 trillion euros (USD 2.65 trillion) at the end of the third quarter of this year. A statement... 

If you feel like Congress fat cats can’t relate to their fellow Americans anymore, the truth behind the matter might just be that they can’t. While Americans have seen a recession ravage savings accounts, lawmakers on Capitol Hill have only gotten richer. Between the US Senate and House of Representatives, the median net worth for a member of Congress is around $913,000, reports The New York Times.... 

McDonald’s leaves Bolivia healthier forever! After 14 years of presence in the country, and despite all the existing campaigns and having a network, the chain was forced to close the eight restaurants that remained open in the three main cities: La Paz, Cochabamba and Santa Cruz de la Sierra. It is a question of the first Latin-American country that will remain without any McDonald’s,... 

Israel's Iron Dome system The Unites States will give an additional USD 235 million to Israel for the development of its rocket and missile systems at a time that Americans are experiencing dire economic situation. According to Israeli media, a large part of the money is scheduled to be spent for the development of the David’s Sling system, which is designed to intercept medium- to long-range... 

A picture showing protests against the government austerity measures in Greece. Tens of thousands of Europeans are migrating from their homelands, many heading to the southern hemisphere, as the continent sinks deeper into financial crisis. While official statistics shows that Portugal, Greece and Ireland had the largest stream of immigrants leaving their country’s this year, evidence points... 

Coping with recession: 49.1million Americans come from poor or low-income households, latest census figures estimate. A record number of Americans – nearly one-in-two – have fallen into poverty or are scraping by on earnings that classify them as low-income, according to new figures. The latest census data reveals a middle class that is shrinking as unemployment stays high and the government’s... 

Whereas previously we had heard extensive horror stories about banks being told to prepare for the end of the world in case the European summit (the latest and greatest one from last Friday which was supposed to find a cure for cancer among other things) failed, and even went so far as to read about preparations for trading in the drachma on a when issued basis, once the summit passed (and it was... 

A picture taken on December 13, 2011 shows a Romanian officer of the EULEX mission in Kosovo standing guard in front of a truck carring Russian aid at the border crossing of Jarinje between Serbia and northern Kosovo Russian diplomats have announced that EU officials continue to block a Russian aid convoy on the Serbia-Kosovo border and insist the issue must be solved at a senior political level. Russian... 

Former French President Jacques Chirac A court in France has handed former French President Jacques Chirac a two-year suspended prison sentence after finding him guilty of embezzlement and misuse of public funds. Chirac was tried on Thursday over a party-financing scandal during his 1977-1995 tenure as Paris mayor, AFP reported. Chirac, who did not attend the trial due to doctors’ recommendations,... 

Confusion caused by military drill rattles markets. A rumor that Iran had closed the Strait of Hormuz sent oil prices skyrocketing today, but the story turned out to be inaccurate and was likely a result of confusion surrounding an upcoming Iranian military drill set to take place near the key oil choke point. Yesterday, Parviz Sarvari an Iranian MP went public with the claim that Iran was about to... 

Demonstrators hold a banner reading "We don't pay your bill, change the menu" as they march during a general strike in Italy. Tens of thousands of Italian workers plan a general strike against the imposition of the government’s harsh austerity measures aimed at saving the country from financial ruin. Leaders of Italy’s three biggest unions have called for a three hour strike... 

Americans leaving US in record numbers Ever dream of leaving it all behind and heading out of America? You’re not the only one. A new study shows that more US citizens than ever before are living outside of the country. According to statistics from the US State Department, around 6.4 million Americans are either working or studying overseas, which Gallup says is the largest number ever for such statistic. The... 

Many experts believe that the sold out EU leaders’ failure to address the Block’s deepening financial recession may possibly end in collapse of an EU dream. In the meantime, professionals believe that the EU leaders’ failure to deal with the core issue, which, they say, is the endless rise of unrepeatable debt, is considered the same as, digging the hole still deeper, which may,...