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Monday, April 6, 2009

Leaders and central banks in Russia, China, Malaysia, Indonesia, Thailand, and Kazakhstan have called for an international currency system.

Speaking on April 1 in advance of the G-20 summit in London, Russian president Dmitry Medvedev argued that the international finance system needed a “new construction” including “new currency systems”, saying that such a new system could be the purpose of a revamped IMF and World Bank. The IMF was originally founded in 1946 as the overseer of the Bretton Woods system, which from its founding until the 1970s tied the western world’s currencies to the US Dollar, which was in turn backed by gold. Russia’s proposal was for the new currency to serve as a reserve currency, one which would take the place of the dollar, euro, and other heavily-traded currencies as an international standard of exchange.

Medvedev’s comments are a reversal of Russian position from a lukewarm response following a looser outline for a worldwide currency by Kazakhstani president Nursultan Nazarbayev. On March 11, Nazarbayev suggested the establishment of the “acmetal”, a portmanteau of “acme” and “capital“, as a reserve currency replacing the ruble in international transactions, first for Central Asia and then worldwide. 1999 Economics Nobel laureate Robert Mundell, speaking to the Daily Telegraph, endorsed the idea, saying “It would be a very good idea if the G-20 took that idea up in London”.

2001 Nobel economics prize winner Joseph Stiglitz, meanwhile, said the new currency could come about quickly if it was based on an expansion of the IMF’s already established system of Special Drawing Rights, units of exchange used by the IMF which already have some of the features of currency. Stiglitz argued that, as the US dollar has become the standard global reserve currency, it has inadvertently created a system which hurts the world economy. “It’s a net transfer, in a sense, to the United States of foreign aid,” he argued, reasoning that when other countries purchase US dollars in order to use them on international markets (such as for the buying and selling of petroleum), they effectively give the US a zero-interest loan — sometimes at times when they can least afford it. Stiglitz made his comments as head of a United Nations panel of economists giving recommendations to address the global financial crisis.

In the weeks leading up to the G-20 conference, the People’s Republic of China also began discussing a new system for reserve currencies. In a March 23 speech, Zhou Xiaochuan, governor of the People’s Bank of China, endorsed a new reserve currency, saying “the desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.” Zhou went on to endorse the expansion of the SDR system in the long-term creation of a reserve currency government by the IMF. While Zhou did not mention the US dollar specifically, analysis by Qu Hongbin, chief China economist for HSBC, for the Financial Times said that the speech “is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money”.

China holds $740 billion as assets; inflation in the US economy, which has been low in recent years, would directly cause those assets to lose value.

While the Chinese government has engaged in currency swaps with several other growing economies, such as South Korea, Argentina, Malaysia and Indonesia, the Chinese Yuan cannot be used itself as a reserve currency as it cannot be freely traded on the global market.

The Chinese-Russian proposal was not entered onto the agenda at the G-20 meeting itself. Nonetheless, British Prime Minister Gordon Brown said that the G-20 was open to considering the proposal if and when a detailed one is presented. United States President Barack Obama, meanwhile, endorsed the continuation of dollar supremacy, saying that the US dollar is “extraordinarily strong” and arguing that its strength was the result of the intrinsic stability of the United States economic and political system; US treasury secretary Timothy Geithner had, the week before, made comments that while he supported an expansion in the SDR mechanism he rejected the idea of a global currency. Rather than change the role of SDRs, the G-20 meeting instead added $250 billion in support to the fund backing SDRs.

After the G-20 conference ended on Thursday, Malaysia’s The Star BizWeek reported that the central banks of Indonesia, Malaysia and Thailand had endorsed the Chinese proposal. All three countries have close economic ties with China and suffered heavily from the collapse of their currencies in the 1997 Asian Financial Crisis; the sudden growth in the value of the US dollar relative to those countries’ native currencies sharply increased debt in Southeast Asia’s economies, leading to a wave of bankruptcies.

International reaction from other economies has been mixed and guarded. Luiz Inacio Lula da Silva, President of Brazil, said that the currency proposal was important to discuss but did not give extensive comment. And while UPI reports that India supported the SDR proposal at the G-20 conference, the Indian Press Trust quotes Indian Prime Minister Manmohan Singh as saying last month, “It is too early to talk about common currency.”

Calls for an independent global reserve currency are not new. In 1944, John Maynard Keynes proposed the “bancor“, a unit like the SDR supported by a basket of commodities. Keynes’ idea was rejected and the US dollar took the equivalent role under the Bretton Woods system. Keynes proposed that the bancor system would be reinforced by a tax on participating countries’ current accounts, the difference between their exports and their imports, in order to encourage balanced trade. Meanwhile, monetary unions have become more popular since the end of the gold standard, with most of the European Union now trading the euro, and several countries outside the EU using it as a de facto currency; five West African countries adopting the eco at the end of this year; and the African Union planning to introduce the afro in 2028. Proposals for a North American currency union based around the so-called “amero” have been frequently discussed as the focus of conspiracy theories in the United States, but none of the US, Canada or Mexico have actively pursued the establishment of any such monetary union, however the dollar is the currency of several Latin American countries.

Wednesday, March 1, 2006

The Sizzler Restaurant franchise in Australia has closed the salad bars in all of its 29 restaurants across the country, after rat poison was discovered in food at two of the chain’s outlets in Brisbane. Self-serve salad bars at the restaurants have been closed in response to a sabotage scare. Sizzler Australia Managing Director Bo Ryan said customer safety was always the restaurant chain’s first priority.

A media release on the Sizzler website states: “As a precautionary measure and because customer health and safety is our number one priority, we have temporarily closed salad bars in all Sizzler Restaurants. We sincerely apologise for this major inconvenience.”

Police said green pellets were found in pasta sauce at a Sizzler restaurant in Brisbane’s inner-west on January 20. A regular customer at the Toowong restaurant told Sizzler staff she had found something odd in her bolognese pasta sauce. Similar pellets were found in a vegetable soup at Sizzler’s Myer Centre outlet in the city about 5pm on Saturday.

Bo Ryan said the decision to close all of its Australian salad bars was made after laboratory tests confirmed that the substance in the pasta sauce was indeed rat poison. He said trainees who tasted the poisoned soup had been been taken to hospital by ambulance as a precaution, but had suffered no ill effects.

Queensland Police Inspector Bob Hytch said no one had been reported ill as a result of eating the poisoned food and there had been no extortion threats. Sarah Kenny, a university student, said she and two friends had eaten spaghetti bolognese that “tasted really weird”.

“The inconvenience to customers and the economic impact on the company and its 1600 employees will be severe, but as a family restaurant our first priority is the welfare of our diners,” said Bo Ryan. “Steak and seafood and a limited range of salads would continue to be available.” He hopes that customers will understand the action was taken in their best interests, and that “they can be patient while temporary product security procedures are developed and implemented in all restaurants.”

The 29 Australian Sizzler Restaurants, along with 107 Kentucky Fried Chicken outlets are operated by the Collins Foods Group, a wholly owned subsidiary of Worldwide Restaurant Concepts Inc. Mr Ryan said Sizzler was assessing measures which could be taken to prevent a recurrence of the sabotage. “As soon as new measures are introduced, over and above existing strict protocols, we will reassess the situation,” he said.

The time is 18:00 (UTC) on August 17th, 2006, and this is Audio Wikinews News Briefs.

Thursday, July 13, 2006

As many as eight people have been injured after two cable cars collided at the Nevis Range near Fort William in Scotland.

Two RAF helicopters, an air ambulance, four ambulance crews, police, fire brigade and a mountain rescue team are among those present. Police have confirmed that three people have been injured, including one child. Injuries include broken legs, head and chest injuries. The Scottish Ambulance Service have reported that up to seven people had been thrown on to the hillside. A reporter at the scene said one car near the top of the mountain had slid down a cable, hitting another and then one of the cars fell to the ground.

Northern Constabulary have stated “It’s understood that two gondolas would appeared to have collided and a number of casualties have been reported. The local mountain rescue team, Inverness helimed and other air support are in attendance to remove casualties”.

The Doppelmayr gondola system is made up of eighty six-seat closed cabins running on a continuous 4.6km steel cable.

Saturday, May 12, 2007

An object that fell through the roof of a New Jersey home in January was not a meteorite, according to Jeremy Delaney, a geologist at Rutgers University. Instead, it appears the object was space junk or orbital debris.

“Basically, it’s a piece of stainless steel. There’s huge amounts of material that have been left by the various space programs of the world,” said Delaney.

The meteorite shaped object was not from a naturally occurring substance and had a silver like reflection. It weighed about the same as a small can of soup, 13 ounces (about 370 grams), but was no bigger than a golf ball.

Earlier during the incident, scientists from Rutgers examined the object visually along with police who were at the scene, and determined it was a meteorite. But further tests by geologists confirmed that it was not a meteorite, but probably a metal piece from a rocket or satellite. They had earlier thought it was made of iron.

“That’s the nature of science. If the conclusion from the test says it’s not a meteorite, then it’s not a meteorite. We have to move forward,” said Srinivasan Nageswaran, a member of the family that found the object.

Thursday, July 14, 2005

First Active has become the first financial institution to offer 100% mortgages in the Republic of Ireland. The bank previously offered 100% financing to professionals in finance and medicine, but is now to offer this product to anyone who can afford to meet the repayments.

The development is a huge boost for first time home buyers who have been struggling to get on the Irish property market in recent years due to the rapid increase in house prices. A typical first time buyer in Dublin with 92% financing would normally have to put down a deposit of €20,000-€30,000 in cash, but now have the option to produce no deposit.

First Active has said that 100% mortgages will be available across its entire range of mortgage products.

Note however that this is not necessarily an entirely positive development.

The United States and most of Europe have experienced a housing price bubble in recent years. A bubble occurs when buyers purchase a property not because its price is appropriate for its actual value but because they expect the price to significantly rise in the short term permitting resale with a profit.

In other words, the prices people pay for properties becomes divorced from the real value of the property; the purchase is speculative and depends purely upon the expectation that people will continue to buy properties in this way (e.g. without proper consideration of their real value).

The terrible weakness in this is that when the market corrects itself and prices fall to a level where properties are being priced at their actual realistic value, anyone holding a property loses a great deal of money, since the price they paid does not reflect the actual realistic value of the property.

This kind of shock to the housing market is extremely undesirable. Significant write downs in the value of property often significantly depress the economy as a whole.

Less than 100% mortgages force buyers to invest a significant amount of money in the act of purchasing their house, which tends to discourage purely speculative purchasing, thus helping to mediate house price bubbles.

With 100% financing, anyone who can meet repayments can speculatively purchase a property. This naturally encourages pricing bubbles.

Monday, February 17, 2014

On Friday afternoon, amateur shooters were briefed about a three-year-long trial of hunting in national parks of New South Wales, Australia. The meeting was held in Griffith near Cocopara Nature Reserve, where the first shooting operation of the trial was to occur on Saturday, targeting the feral goats.

The National Parks Wildlife Service (NPWS) has used aerial culls and baiting to reduce Cocoparra’s goat population, but there are said to be thousands of goats at the reserve. The feral animals to be hunted in other reserves may include cats, deer, dogs, and pigs, beside goats — depending on the reserve.

Shooters in the supplementary pest control trial were to be closely supervised by rangers, as the trial was monitored and its effectiveness evaluated. In a partnership of NPWS and the Sporting Shooters Association of Australia (NSW) Inc, qualified volunteers were recruited, under the Sporting Shooters Association’s hunting program. According to Mick O’Flynn, the Acting Director Park Conservation and Heritage with the NPWS, the four shooters selected for the first shooting operation received comprehensive safety and training instruction.

Following announcement of the close partnership of shooters with NWPS staff, the Greens cancelled planned picketing of the first shooting operation. However, State Greens MP (Member of Parliament) David Shoebridge warned, “This needs to be a government-run program, not run by the biggest gun lobby group in Australia”. He called limiting the meeting to members of the Sporting Shooters Association “outrageous”. Another concern raised by the Greens was the danger of armed people, not only to animals, but also to people visiting the national parks, should the shooters be unsupervised after the trial.

The trial was announced in the second half of 2013, though the plan has been significantly modified over time and has come to be regulated under the National Parks and Wildlife Act, in contrast with the original proposal of recreational hunting in national parks, as it was announced in May 2012 by New South Wales Premier Barry O’Farrell. This amendment of the Game and Feral Animal Control Act was part of a deal with the Shooters and Fishers Party. The government needed at least one vote from a Shooters and Fishers Party MP to pass electricity privatisation legislation, as both Labor and Greens opposed it. O’Farrell’s plans to allow pest control by licensed individuals called for licencing by the Game Council of New South Wales.

Following a report sharply criticizing the Game Council, the government dissolved it in mid-2013, suspended hunting on public lands, and reconsidered the plan to allow amateur hunters into national parks — thus breaking the earlier promise to the Shooters and Fishers Party.

Friday, March 9, 2007

Imagine coming back from a camping trip in the desert. Then a few months later you notice in your photos from the trip that you camped inside a giant impact crater so big that no one documented it before. Could it happen?

During several trips to the Black Rock Desert, mostly while supporting the Stratofox Aerospace Tracking Team for suborbital space rocket launch efforts, Ian Kluft KO6YQ noticed some oddities in rock formations. He had a little experience with volcanoes, and some rocks in the area looked unusual. There seemed to be some lava here and there – but where was the volcano? He observed that even a large caldera should have mostly volcanic rocks. He then noticed some curved geographic structures in satellite imagery which made him curious if it might be an impact crater.

A TV documentary about meteor impacts mentioned some characteristics of impact craters. He went to the Internet to learn more. He noticed some of his own pictures of the area had cone shaped structures which might be “shatter cones” due to an impact shock wave that passed through the rocks. Discussion with others produced suggestions and volunteers who joined the effort. More circular features in satellite photographs were found. Igneous dikes through white layers of rock had been described and were visible in many photos.

The possible impact crater is 30 miles (48 km) wide east-to-west and 40 miles (64 km) north-to-south centered around 40.984045 N, 118.916016 W. That is in northwestern Nevada halfway between Reno and the Oregon border. The apparent ancient geological structure is so old that much of it is eroded away. The forces that eroded the Black Rock Desert itself, whether glacier or stream, have apparently cut through the crater rims and floor to do it.

Following an expedition to the area in late January, more possible shatter cones were observed in one of the rock samples collected. These are only formed by the shock wave of an impact event or nuclear explosion. The nearest nuclear test was underground at Sand Springs Range in central Nevada. Atmospheric tests at the Nevada Test Site were at the southern, and opposite, end of the state. So that points toward an impact if confirmed. But professional geologists will want to have the final word on confirming them.

In addition to shatter cones, rock samples were thought to contain shocked quartz because the criss-cross fractures looked like examples in online documents. But this group of volunteers doesn’t have equipment for proper photography of shocked quartz. If found, that would be another way to prove the impact origin of the rocks.

Columnar jointed columns hundreds of feet tall appear on some bluffs in locations that appeared consistent with part of a slowly cooling crater floor. But that alone only helps as part of a bigger picture, because volcanoes can have lava cool in columnar joints as well.

They also found local geological studies which described oddities which could be explained by an impact event. Layers of rocks in the mining district called Sulphur left geologists with a mystery about the cause of chemical alterations since 1980. The group compared it with information in online geological texts like “Traces of Catastrophe” by Dr Bevan M French of the Smithsonian Institution. Layers of impact ejecta seemed to explain the rock layers better than the previous theory about acid uniformly cooking the rocks across the region, and only in one layer of rocks. A separate 1980 study 40 miles away identified an immense air-fall tuff layer in the Soldier Meadows area as having been deposited in a single unit, yet couldn’t locate the volcano which produced this enormous volume. Fault diagrams published online by a mining operation at Sulphur on the edge of the circular structure from the satellite photo also look like curved terraced faults in the wall of a crater.

The mining geologists who wrote papers from 1980 to 2002 had not mentioned the possibility of a crater. But they were each gathering single puzzling pieces of information. A larger image seemed to be forming when putting the pieces together. The group hopes the information will be helpful to geologists who do further work in the region.

The theory hasn’t been put to any test by professionals yet. Some responses point out that the elliptical region reported as the possible impact crater could also be the volcanic caldera that the 1980 study was looking for. If so, such a large volcanic caldera would still be a significant discovery for the region.

This will remain officially a mystery for a while until the professional geologists get to study it. There is a lot of information available online for those who are interested.