U.S. Government to Buy Toxic Bonds

The Dalai Lama was refused a visa to enter South Africa. He had planned to attend an international peace conference in Johannesburg, which was meeting to highlight South Africa’s advances on human rights issues in advance of South Africa hosting the World Cup in 2010.  A South African official said that the attendance of the Dalai Lama would shift world focus away from the World Cup and onto the problems of Tibet and China. Archbishop Desmond Tutu and former South African President F. W. deKirk have said they will boycott the event if South Africa does not relent, CNN.

Mexico has offered informants 30 million pesos ($2 million USD) for information lending to the arrest of any of the 24 leaders of drug cartels. Mexico has seen drug-related violence skyrocket in response to tougher drug enforcement strategies under current President Felipe Calderón, BBC News.

The stock market soared today after Treasury Secretary Geithner met with Congress to discuss his new economic plan. The increase was the highest one day jump since November, with almost 500 points added to the Dow, CNN.

And the #1 World News Story: U.S. federal government announces plan to buy troubled (popularly known as “toxic”). Washington plans to inject up to $1 trillion into the economy by buying non-performing loans and securities, including the now essentially worthless mortgage-backed securities that started the financial crisis.  The Obama administration hopes to create a market that will bring value back to the assets, CBC News.