Weekday NEWS to Comfort the Disturbed and Disturb the Comfortable.
Imploding America by Jack D. Douglas - LewRockwell.com he wild-eyed, in-and-out "Health Care" burger BO and his henchmen and women cooked up at yesterday's spending and tax orgy on the Hill front-loads the freebies for the least productive parts of society and back-loads the trillions in new taxes, regulations, radical changes, and costly cuts for the more productive Americans. The vastly contorted garbage ingredients of this messy burger are such vast pies in the skies that no honest and intelligent person who has watched governments at work in the U.S. for a half-century or more believes a word of it until it happens. The non-partisan, judicious mock-up of the mess and the impossibility of containing the costs by the Concord Coalition is a good summary of where it is today. As the Coalition knows, no one knows where this burger mess will be tomorrow because it still has vast hurdles to jump and will have to make all kinds of new "miracle compromises" and payoffs to get to wherever they wind up.
IMF warns of acute debt challenges for West By James Quinn - Telegraph.co.uk The International Monetary Fund has warned that advanced economies such as the UK and US are facing an 'acute' challenge in reducing debt loads following the financial crisis which could in turn hamper economic growth. The International Monetary Fund has warned that advanced economies such as the UK and US are facing an 'acute' challenge in reducing debt loads following the financial crisis, a problem which could in turn hamper economic growth. John Lipsky, the IMF's first deputy managing director, said that high levels of government debt and fiscal deficits have already led to increased risks for a number of countries.
Greece accuses Germany of 'squalid game' in debt crisis By Ambrose Evans-Pritchard - Telegraph.co.uk Greece has further complicated its chances of an EU rescue package this week, accusing Germany of exploiting the debt crisis to enrich its banks and drive down the euro for global export advantage. "By speculating on Greek bonds and allowing credit institutions to participate in this squalid game, some people are making money," said deputy premier Theodoros Pangalos. "As long as southern Europe is under fire and the euro is falling , they (the Germans) can win massive exports in the rest of the world," he said. It is the second time in a month that Mr Pangalos has lashed out at Germany. In February he said Berlin had no right to lecture Greece because the Nazis had stolen his country’s gold reserves and caused the death of 300,000 people during the Axis occupation.
Greek Stalemate Deepens as Trichet Rejects Loan ‘Subsidy’ Call By Andrew Davis and James G. Neuger -- March 23 (Bloomberg) -- Europe’s stalemate over possible aid for debt-encumbered Greece deepened as European Central Bank President Jean-Claude Trichet spoke out against offering low- interest loans for which the Greek government has pressed. Trichet’s demand for stringent terms and German Chancellor Angela Merkel’s push for sanctions against nations that breach deficit limits heightened the chance that Greece will leave a March 25-26 summit empty-handed. That could force Prime Minister George Papandreou to decide whether he’s ready to fulfill his threat and turn instead to the International Monetary Fund.
Marc Faber - on Greece, Fed policies in USA and moral hazard. Bailouts are a form of regulating markets; gold and dollar / euro and monetization process.
700% Higher Gold by Warren Bevan - FinancialSense.com Gold has much further to run in the years to come and silver even more-so. There is no other possible outcome as world fiat currencies continue to be devalued. It is that simple. Read on to find out why 700% is the minimum move higher. The CFTC meeting on position limits is finally coming up this Thursday March 25, where invited guests will get the chance to make a five minute presentation before receiving questions from the panel.
Is ObamaCare Good for Gold? By Josh Lipton - Minyanville.com The pending health-care overhaul might be out of favor with many Americans, but it could prove very popular for fans of the yellow metal. The Wall Street Journal is out with a poll today, which shows opinion solidifying around the health-care legislation, with 48% calling it a “bad idea” and 36% viewing it as a “good idea.”
THE UNKNOWN U.S. GOLD COIN & HOW THE DOLLAR IS KILLING THE NATION Peter Souleles B. Com. LLB. WHAT PROPS UP THE DOLLAR - They say that what doesn't kill you makes you strong. Well it now appears that what makes you strong can also kill you. If you are wondering how that can be, then stop and think about what is REALLY propping up the dollar. Is it the fact that it constitutes most of the world's foreign reserves? No. Is it because it is backed by the full faith and credit of the U.S. Government? No. The dollar is being propped up by two major factors. Firstly, it is the military supremacy of the USA which thus far has stopped a successful invasion of the nation whilst simultaneously setting up theatres of war and military bases in every corner of the globe. The second factor is the continued support of the dollar by China.
Why gold is the easiest commodity to trade By Howard S Katz - CommodityOnline.com This is directed toward those readers who have heeded the siren song of the establishment and have put their assets into the stock market. I say to you: NO STOCKS, NO STOCKS, NO STOCKS, not at this time. The basic reason is that we are in the second upswing of the commodity pendulum. First, what is the commodity pendulum? And second, why should this affect your decision to put your assets into stocks?
Gold not willing to close below $1,100 FXstreet.com (Barcelona) – Gold price attempted to move south today bottoming at 1,191.50 area in European session. However, US investors were unconvinced to extends gold losses and detected today's low as an inflection line to instead drift price back up beyond 1,100 again. The precious metal currently holds steadily around 1,102.00 zone.
Gold recovers on bargain hunting SINGAPORE (Commodity Online) : Gold prices recovered in Asian trade Tuesday, after fell to a month-low figure as the euro extended losses versus the dollar. Gold for immediate delivery was seen trading at $ 1104.02 an ounce at 11.30 a.m Singapore time while US gold futures for April delivery was at 1104.8 an ounce at the same time. Analysts said bargain hunting lifted the precious yellow metal while a steadier euro helped ease worries about tighter monetary policy.
Inflation and the Asian Consumer Boom By Bill Bonner - DailyReckoning.com 03/22/10 Paris, France – The Dow fell on Friday. It was down 37 points. Another day older. Another day not wiser. We don’t know any more than we did the day before. Oil fell $1. Gold dropped $19. Hmmm… Inflation? Deflation? Analysts and pundits are trying to look into the future. What’s coming? Higher prices…or lower ones? Forget looking into the future. It’s hard enough to tell what is going on right now. Our prediction, years ago, was that we would see BOTH inflation and deflation. But even we didn’t foresee such a mix of inflation and deflation AT THE SAME TIME.
Should Obama Confront China? Mackie Jimbo - TheAtlantic.com President Obama's troubles with China are rapidly accumulating. Right now, there's the pressing matter of Iran: Obama needs China to endorse sanctions, which China seems loath to do. China's intransigence on revaluing its currency and agreeing to climate change initiatives are also plaguing the administration and fueling anti-China sentiments in Congress. The foreign policy cognoscenti in Washington are calling for action. So, with tension between the two countries rising, is it time for Obama to get tough on China?
U.S., China May Have Bilateral Forex Talks, Zhou Says By Ye Xie March 22 (Bloomberg) -- People’s Bank of China Governor Zhou Xiaochuan said his government and the U.S. may engage in bilateral discussions about currency values, adding that too much political “noise” isn’t “helpful.” U.S. policy makers are under pressure as they try to reduce unemployment by boosting exports, Zhou told reporters at the Inter-American Development Bank’s annual meeting today in Cancun, Mexico.
China’s Wen Urges Ford, Rio Chiefs to Help Avoid Currency War By Bloomberg News -- March 23 (Bloomberg) -- Chinese Premier Wen Jiabao appealed to chief executive officers gathered in Beijing to help the world avoid a trade and currency war as lawmakers in the U.S. call for stronger measures to compel China to revalue the yuan. “I would like to make another appeal to all responsible countries and all the world’s entrepreneurs with a conscience,” Wen told CEOs including Ford Motor Co.’s Alan Mulally and Rio Tinto Plc’s Thomas Albanese yesterday. “They must not fight a trade war or a currency war because this will not help us in meeting the current difficulties.”
Yuan’s Gradual Gain to Have Little G-10 Effect, JPMorgan Says By Anchalee Worrachate -- March 22 (Bloomberg) -- The Chinese yuan’s appreciation is likely to be incremental and have a limited effect on the world’s principal developed-market currencies, including the U.S. dollar and the euro, according to JPMorgan Chase & Co. China will return to “gradual appreciation” by mid-year rather than announce a one-time revaluation, and allow a 5 percent cumulative move by the end of 2010 as the global economy strengthens, said John Normand, head currency strategist at JPMorgan in London. The strength of the yuan, also known as the renminbi, will be more keenly felt in Asian nations such as South Korea and Malaysia, since their exports are more focused on China, he said.
U.S. Stocks Halt Global Drop, Dollar Falls; Commodities Recover By Michael P. Regan and Rita Nazareth -- March 22 (Bloomberg) -- U.S. stocks rose and the dollar erased gains, helping commodities reverse losses, as a rally in drug and technology shares overshadowed concern higher interest rates and swelling public debt will stifle the global recovery. The Standard & Poor’s 500 Index climbed 0.5 percent to 1,165.81 at 4:32 p.m. in New York, as health-care shares climbed after the U.S. House passed legislation to allow uninsured Americans to get medical coverage and chipmakers gained on an analyst upgrade. The MSCI World Index of global stocks rose 0.2 percent. The Dollar Index slipped 0.1 percent, and the S&P/GSCI Index of commodities advanced 0.2 percent.
Bernanke Running Amuck by Martin D. Weiss, Ph.D. - MoneyAndMarkets.com Fed Chairman Bernanke is running amuck, and for the first time since the birth of the U.S. dollar, our government is egregiously abusing its power to print money. Specifically, from September 10, 2008 to March 10 of this year, he has increased the nation’s monetary base from $850 billion to $2.1 trillion — an irresponsible, irrational and insane increase of 2.5 times in just 18 months. It is, by far, the greatest monetary expansion in U.S. history. And you must not underestimate its sweeping historical significance.
Judge Napolitano Interview March 9, 2010 Campaign for Liberty's Kevin Brett interviews Judge Andrew Napolitano at CPAC 2010.
Senate panel backs financial reform bill Kevin Drawbaugh and Rachelle Younglai (Reuters) - The U.S. Senate Banking Committee on Monday, approved landmark financial regulatory reform legislation, pushing the fight over the issue to the full Senate in April. The committee voted 13-10 along party lines to pass a 1,336-page bill, which will need more than a simple majority to move ahead on the Senate floor -- arithmetic that was key to Republicans' acquiescence to a quick committee decision. The bill would set up a council of regulators to oversee financial risk, create a process for liquidating distressed financial firms, crack down on derivatives markets, and take other steps meant to avert another financial crisis.
States Cracking Down on Mortgage “Net Branches” Implode-O-Meter If you’re “net branching” with a company that plays in the grey area with some of HUD’s regulations, now may be the time to make a change. Net branching peaked during the boom, and for the most part crashed with the meltdown, but it has survived. While the term “net branch” is on its way out, branches will always be around. Branches are valuable to mortgage lenders because branch managers use their own money to secure office space, pay for marketing, processing, employees, computers, and phones etc. With the help of the lenders’ resources and support, branch managers operate as a banker/broker, in charge of everything doing business in multiple states without costly surety bonds or a broker license, collecting 75-90% of yield spread premiums and origination fees. It can be a profitable venture for both parties.
Community bank opens despite odds By RICHARD M. BARRON - News-Record.com GREENSBORO — In a world where banks are folding like $100 bills, a group of Greensboro bankers has found a creative way to slip around the economy’s obstacles and open a new community bank. The founders of The Gate City’s Community Bank needed to raise $12 million to open the bank, but the bad economy slowed them down. At the $9 million mark, when fundraising slowed, the bank’s local startup team decided to take a different approach. Gate City found another startup bank, Albemarle Bank & Trust in Greenville, that was facing similar challenges. Together, they found a strong, small savings bank, West Town Savings Bank in Cicero, Ill., that needed money. Gate City and Albemarle pooled some of the capital they raised and bought stock in West Town. They are now independent divisions of that bank.
Reshaping Fannie Mae and Freddie Mac WASHINGTON, March 22 (Reuters) - Treasury Secretary Timothy Geithner is expected to lay out the Obama administration's broad vision for restructuring mortgage finance giants Fannie Mae and Freddie Mac on Tuesday in congressional testimony. Geithner has said that any specific legislative proposals will not come until 2011 at the earliest. His testimony before the House Financial Services Committee on Tuesday is expected to be the first step in a long journey to make changes to the existing housing finance system. The government seized Fannie and Freddie at the height of the financial crisis, in what at the time was said to be a temporary measure to ensure credit remained available for homebuyers.
Fannie, Freddie messy government tie tough to cut Lynn Adler and Richard Leong (Reuters) - With the housing sector still on the ropes, the Obama administration on Tuesday will begin to sketch out plans for the market's two biggest financing pillars, Fannie Mae and Freddie Mac. After hitting its worse slump since the Great Depression, the housing market is being very slowly resuscitated by the government with massive dollops of cash and the help of Fannie Mae and Freddie Mac. The government has relied on the companies, which combined guarantee nearly half of all outstanding mortgages, to mop up bad loans in a bid to help struggling homeowners. Along the way, the government was forced to take control of the two firms, at a cost to taxpayers that has reached $125 billion so far.
Pressure grows to overhaul Fannie Mae, Freddie Mac By Jim Puzzanghera - LATimes.com Lawmakers plan to push the Obama administration to come up with an exit strategy for the troubled housing finance agencies, which have been propped up by bailout money. Reporting from Washington -- It is the forgotten bailout: $125.9 billion spent by taxpayers so far to rescue housing giants Fannie Mae and Freddie Mac -- nearly twice what's been pumped into American International Group Inc. -- and with no end in sight. But in a hearing Tuesday, lawmakers will start pressing the Obama administration for an exit strategy as the government faces an unlimited commitment for the next three years to the housing finance agencies, which are almost single-handedly keeping the fragile real estate market afloat.
Lenny Dykstra suing chase over bad mortgages thetruthaboutmortgage.com Former Philadelphia Phillie (and Met) Lenny Dykstra, also known simply as “Nails,” has sued JPMorgan Chase for $100 million over mortgages he obtained during the housing boom. Dykstra claims he was “fraudulently induced into borrowing more money than he could afford,” leading to his eventual bankruptcy. The lawsuit involves $20.5 million in mortgage loans, $12 million of which came from former lending giant WaMu, now owned by Chase, and another $8.5 million in the form of a second mortgage.
Lennar Looks to Distressed Debt as Slump Persists By John Gittelsohn March 22 (Bloomberg) -- Lennar Corp., the third-largest U.S. homebuilder, is investing in failed bank loans and distressed real estate assets to boost revenue as demand for new houses shows few signs of revival. The Miami-based company’s purchase last month of a share of $3.05 billion of delinquent loans seized by the Federal Deposit Insurance Corp. from failed lenders takes the builder into territory so far dominated by private equity firms such as Thomas J. Barrack’s Colony Capital LLC and Barry Sternlicht’sStarwood Capital Group LLC.
Three Reasons Housing Market Will Head Lower By Andrew Mickey - GoldSeek.com It’s one of the most pressing questions facing investors today. Is the housing market about to recover? With the housing market at the center of the credit crunch, any recovery in the housing market could quickly turn the Wall Street recovery into a Main Street recovery. Consumers would start shopping again. Employment would rebound. And stocks would likely make the next move higher. But we’re coming out of a genuine bubble decades in the making. And decades of overinvestment creating oversupply are rarely worked off in a couple of years.
Pimco Bets on Asian Bonds as U.S., Europe Risk ‘Policy Mistake’ By Shelley Smith -- March 23 (Bloomberg) -- Investors should buy Asia-Pacific bonds rather than Europe and U.S. debt because of faster growth in the region and less risk of government policy that would damp the economic recovery, according to Pacific Investment Management Co. “Politics are going to play a very important role in how an investor looks at asset classes over at least the next 12 months,” Brian Baker, chief executive officer of Pimco Asia Ltd., said in an interview in Hong Kong. “As policy makers withdraw from their fiscal stimulus, and as regulations are put in place in the financial system in the developed world, we run the risk of a policy mistake” that may weigh on markets, he said.
FDA warns about pig virus in GSK rotavirus vaccine Rotarix Triangle Business Journal The U.S. Food and Drug Administration is advising doctors to temporarily avoid using GlaxoSmithKline’s vaccine for rotavirus after the drug maker found traces of a pig virus in the vaccine. GSK (NYSE: GSK) said that the virus, called PCV-1, does not multiply in humans and is not known to cause illness in people. The company discovered trace amounts of the virus in the vaccine Rotarix while working on the development of a new virus-discovery method.
Gerald Celente on Dori Monson Show 18 Mar 2010
5 next steps for health care By David Ewing Dunca (Fortune) -- Those of us alive last night will one day retell the story of how mere mortals in Congress and the White House defeated a combined army of Harpies, Gorgons and Minotaurs that for decades have thwarted all efforts to reform the American health-care system. So maybe most of America last night was riveted not by Parliamentary antics in Congress, but by college basketball. Nonetheless the House of Representatives did the deed when they passed the Senate's health reform bill at 10:44 pm. A package of changes to the bill still needs to be approved by the Senate, but the basic health-care bill will become law when President Obama signs it.
What health care reform means for your business By Neil deMause - CNNMoney.com NEW YORK (CNNMoney.com) -- The sweeping health-care bill passed by the House of Representatives Sunday, and now headed for President Obama's desk, promises a sea change in the way that small business owners purchase and provide health insurance for themselves and their employees. But many of the provisions won't kick in until 2014 -- and the final rules could still be changed by amendments that will now be considered by the Senate.
Republicans mobilize healthcare opposition By Janet Hook and James Oliphant - LATimes.com Conservatives plan procedural maneuvers to drag out the debate before the final bill is cleared in the Senate. A dozen states pledge to fight the bill in court. Following their decisive healthcare defeat in the House, Republicans on Monday prepared a three-pronged effort to wage a continuing fight against the bill -- beginning with a drive this week to stall follow-up legislation in the Senate. And even before the healthcare bill has become law, Republicans are backing an effort by a dozen state attorneys general to challenge the bill's constitutionally in court, and they are making it a 2010 campaign priority to call for the law's repeal.
Health-Care Overhaul Fight Moves to States, Agencies By Alex Nussbaum March 22 (Bloomberg) -- Health legislation passed yesterday by the U.S. House changes some rules immediately on insurance coverage while leaving much of the fight over how to remake the medical system to federal regulators, states and courts. Insurers led by UnitedHealth Group Inc. and WellPoint Inc. must cover children with pre-existing health problems within the first year of the legislation and let parents keep children on their insurance plans through age 26. The insurers will also be banned from revoking coverage because of severe illness and from limiting lifetime or annual benefits.
10 states line up to sue over health bill, Florida AG says (CNN) -- Ten states plan to file a federal lawsuit challenging the constitutionality of the new health care reform bill, Florida's attorney general announced Monday. Bill McCollum, the Republican attorney general under fellow Republican Gov. Charlie Crist, told a news conference that the lawsuit would be filed once President Obama signs the health care bill into law. He said he'll be joined by his counterparts in Alabama, Nebraska, North Dakota, Pennsylvania, South Carolina, South Dakota, Texas, Utah and Washington. All of the attorneys general in the 10 states mentioned by McCollum are Republican, but McCollum said the lawsuit would be about the law and not politics.
16,500 New IRS Agents by Ron Paul - LewRockwell.com Healthcare Reform Passes Following months of heated public debate and aggressive closed-door negotiations, Congress finally cast a historic vote on healthcare late Sunday evening. It was truly a sad weekend on the House floor as we witnessed further dismantling of the Constitution, disregard of the will of the people, explosive expansion of the reach of government, unprecedented corporate favoritism, and the impending end of quality healthcare as we know it. Those in favor of this bill touted their good intentions of ensuring quality healthcare for all Americans, as if those of us against the bill are against good medical care. They cite fanciful statistics of deficit reduction, while simultaneously planning to expand the already struggling medical welfare programs we currently have.
Health reform leaves Americans split, confused Michelle Nichols (Reuters) - The overhaul of the healthcare system is being hailed in political circles as the biggest health policy change in four decades, but President Barack Obama's landmark reform has left some Americans divided and confused. "I don't know about it," Kathy Ivcich, 53-year-old Chicago real estate agent, while showing clients a home in Chicago. "That's why I have to watch the news tonight to get the low-down, because I have no idea whether, or how, it will affect me, as an independent contractor," she said.
Florida says several states to file healthcare lawsuit by Michael Connor MIAMI, March 22 (Reuters) - Florida's attorney general will file a lawsuit with nine other state attorneys general opposing the healthcare legislation passed by Congress, a spokeswoman said on Monday. "The health care reform legislation passed by the U.S. House of Representatives last night clearly violates the U.S. Constitution and infringes on each state's sovereignty," Florida Attorney General Bill McCollum, a Republican, said in a prepared statement announcing a news conference.
Virginia to sue U.S. over healthcare reform NEW YORK, March 22 (Reuters) - Virginia's attorney general said he plans to sue the federal government over the healthcare reform legislation, saying Congress lacks authority to force people to buy health insurance. Attorney General Kenneth Cuccinelli, a Republican, said on Monday that Congress lacks authority under its constitutional power to regulate interstate commerce to force people to buy insurance. He said the bill also conflicts with a state law that says Virginians cannot be required to buy insurance.
What Now? By John LeBoutillier - CapitolHillCoffeeHouse.com Is the passage of the so-called Health Care Reform really a huge political victory for President Obama and the liberal Democrats? Or is it actually the beginning of their political obituary? Here is what will answer these questions…
ACORN disbanding because of money woes, scandal By MICHAEL TARM CHICAGO (AP) -- The once mighty community activist group ACORN announced Monday it is folding amid falling revenues - six months after video footage emerged showing some of its workers giving tax tips to conservative activists posing as a pimp and prostitute. "It's really declining revenue in the face of a series of attacks from partisan operatives and right-wing activists that have taken away our ability to raise the resources we need," ACORN spokesman Kevin Whelan said. Several of its largest affiliates, including ACORN New York and ACORN California, broke away this year and changed their names in a bid to ditch the tarnished image of their parent organization and restore revenue that ran dry in the wake of the video scandal.
In Chinese court, Rio Tinto mining executive admits taking bribes By David Pierson - LATimes.com Stern Hu of the British-Australian mining firm faces up to 20 years in prison. The case comes as the business environment for non-Chinese firms is perceived to be increasingly difficult. Reporting from Beijing -- In a case that has become a flash point for the foreign business climate in China, an Australian mining executive admitted Monday to taking bribes while working as a chief iron-ore negotiator in China. Australian Stern Hu and three Chinese employees of the British-Australian mining giant Rio Tinto Group have been held since July, accused of stealing commercial secrets and accepting millions of dollars in bribes.
Broken China By Paul Smalera - CNNMoney.com The burgeoning superpower keeps sabotaging its relationships with the outside world. Google has long been embarrassed by having to restrict its search results in China and promised to stop the practice as soon as it could. The company agreed to self-censor in 2006 as a devil’s bargain to gain access to the Chinese market. But after last year’s successful and major hacking of its Chinese operations (possibly at the direction of Chinese leaders) CEO Eric Schmidt seems to have had enough. “Something will happen soon,” he said about the company’s China presence, just last week.
Google raises stakes in China censorship row Tania Branigan in Beijing - guardian.co.uk, Search giant moves operation to Hong Kong to avoid Beijing's rules after two-month standoff over internet freedom Google shut down its search service in the Chinese mainland last night after a two-month standoff with Beijing over online freedom and an alleged intrusion by hackers. But Chinese authorities attacked the internet giant as "totally wrong" for its decision to shift its Chinese-language offering to Hong Kong. The move allowed the firm to stop self-censoring the service, although the government's filtering system would still prevent mainland users from seeing the results of many sensitive searches.
Google Stops Censorship, Making Block by China Likely By Brian Womack March 23 (Bloomberg) -- Google Inc., following through on a pledge to stop censoring search results in China, began serving mainland Chinese users via its unfiltered Hong Kong site, a move that could prompt the government to block the service. The company began redirecting traffic from its Google.cn site to Hong Kong, a part of the country that isn’t subject to censorship laws. The move, which escalates a two- month dispute with the government over censorship, was “totally wrong,” the official Xinhua news agency said.
China angry as Google stops censoring search results By Nick Allen in Los Angeles and Peter Foster in Beijing - Telegraph.co.uk Google has stopped censoring its search results in China in defiance of the country's authorities, sparking a furious response from Beijing. The internet giant said yesterday it was closing its China-based search engine and redirecting visitors to an uncensored site based in Hong Kong. The move follows a long stand-off with Chinese regulators over censorship and hacking and sets up a showdown which could see Google turn its back on the world's biggest internet market. Google's announcement came amid heightened diplomatic tensions between China and the United States over a range of issues from internet freedom to the yuan exchange rate, economic sanctions on Iran and US weapons sales to Taiwan.
Iceland Prepares for Second, More Devastating Volcanic Eruption by Roger Boyes - LewRockwell.com -- Iceland is preparing for an even more powerful and potentially destructive volcano after a small eruption at the weekend shot red-hot molten lava high into the sky. About 500 people were safely evacuated from the land close to the Eyjafjallajokull volcano, which is around 120 kilometres (75 miles) southeast of the capital, Reykjavik. The country's two airports were closed for most of the day and transatlantic flights re-routed to avoid the risk of ash blocking visibility and destroying engines.
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