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1519 - Ferdinand Magellan's five ships set sail from Seville to circumnavigate the globe. Featured Articles France Economy Is France's Socialist Fairytale Unravelling? By: QFinance    |   Date: 10 Aug 2012 French President François Hollande may have achieved a remarkable series of political victories - at home and in Europe - since his election in May, but his pre-election promises are now threatening to destroy Europe's second-largest economy. Under Hollande, France is now headed for a 400 percent debt to GDP ratio; and even if it were somehow, incredibly, manages to reverse course and embrace the most stringent austerity, it would still hit 200 percent debt to GDP by 2040.   Read more ▶ About The Author: QFinance The Ultimate Financial Resource. Could Rising Food Prices Lead to Another Crisis? As we mark the fifth-year of the global financial crisis today, experts from the United Nation'

1956 - Egyptian leader Gamal Abdel Nasser nationalises the Suez Canal, sparking the Suez Crisis. Featured Articles UK Economy London 2012: Has Money Killed The Olympic Spirit? By: David Smith    |   Date: 26 July 2012 The Olympics is no longer all about sport, but rather a corporate jamboree for the elite super-rich. The same pattern repeats itself every time as host nations are forced to follow the International Olympic Committee's rulebook.   Read more ▶ About The Author: David Smith EW investigative journalist who explores the social consequences of political actions. Chinese Companies Investing in US at Record Pace China's direct investment in the United States is expected to reach a new high of at least $8 billion this year, mostly on the back of large-scale investments in the energy and banking sectors.  Read more ▶ Palestine's Economy Not Ready For Independence, Says World Ban

  1994 - Israel and Jordan sign the Washington Declaration, which formally ends the state of war that had existed between the nations since 1948. Featured Articles World Economy Fiscal Fallacies - How Developed Economies Got Stuck In A Policy Trap By: Jeffrey Frankel    |   Date: 25 July 2012 Over the years, politicians in advanced economies have tended to favour fiscal expansion during economic booms and austerity during recessions. But while a pro-cyclical policy is understandable from a political perspective, it also explains why these economies are rarely prepared for a crisis and why they eventually face so much difficulty recovering.   Read more ▶ About The Author: Jeffrey Frankel James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government in Harvard University. Director of Program in International Finance and Macroeconomics at the National Bureau of Economic Research.

1965 - The Mont Blanc Tunnel linking France and Italy opens. Featured Articles World Economy Why Merely Addressing Inequality Will Not Restore Growth By: Raghuram Rajan    |   Date: 16 July 2012 As a reformed Europe starts growing, parts of it might experience US-style inequality. But Europe would be far worse off if it were to avoid serious reform and lapse, Japan-like, into egalitarian and genteel decline.   Read more ▶ About The Author: Raghuram Rajan Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF's Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize. Key Economic News to Watch This Week: July 16 After the slew of negative reports from China last week, investors will be looking towards the United States for some better news this week. Fed Chairman Ben Bernanke will prese