Australia/2005

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Tuesday, May 9, 2006The Australian Budget (Appropriation Bill No. 1) for 2006-2007 was released by the Australian Liberal Party–Australian National Party coalition government treasurer, Peter Costello (Higgins, Liberal).

Costello noted the resilience of the economy against natural disasters and terrorism, and through “disciplined and prudent management” the Government was able to “repay Labor’s debt” of quoted 96 billion dollars of net debt and the Government was now “debt-free”.

Costello noted that the Government budget was in “surplus for the ninth time” with a forecast surplus of 10.8 billion.

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.

Monday, February 25, 2008

Parts of a body belonging to a child have been discovered at the Haut de la Garenne in Saint Martin, Jersey, a United Kingdom Crown dependency off the coast of Normandy, France.

The Victorian building, which was originally built as a children’s care home and is now a youth hostel, has been under investigation recently as part of an inquiry into child abuse which occurred during the 1960s. The investigation has now been refocused with the aim to excavate further the grounds of the building, under the command of a specialist team from the UK who will use ground scanners and sniffer dogs to detect any other possible remains.

The body is believed to date from the early 1980s though further information about the identity of the child has not yet been released. The remains were found buried underneath a concrete floor inside the building. Today, the Guardian newspaper revealed that there are fears of a possible six further bodies buried on the site.

“There could be six, but it could be higher than that,” according to lead investigator Lenny Harper, who further said, “Allegations range from physical assaults right through to rape. It is difficult to envisage more horrific crimes than some of those that are alleged to have been carried out here.”

A helpline set up to find more information about alleged child abuse at the Haut de la Garenne and Jersey Sea Scouts has garnered a total of 140 contacts, made up of those claiming to be witnesses or victims to the crimes. The information gathered from the telephone inquiry triggered the search of the grounds.

Friday, August 24, 2007

Just before midnight Wednesday, four-year-old Taylor Bailey, nicknamed Bucky, was attacked by a neighbor’s dog. The Staffordshire Bull Terrier mix named Money chased the boy after he stepped out of his mother’s car, eventually knocking the boy to the ground and latching onto his leg.

The same dog had bitten the boy’s father the week before, according to the family, although this has not been confirmed by police. He recognized the dog and alerted his mother to the dogs presence just moments before the attack. She urged her son to come to her, but the one-year-old, 85-pound (~39 kg) male broke free from his restraints and attacked the screaming boy.

The struggle lasted several minutes before the boy’s mother, Melinda Walters, was able to fight off the dog, leaving her knees scraped and thigh scratched. The boy’s legs were punctured, scratched and bruised with bits of flesh missing. “It didn’t go away. It was just trying to grab me … trying to kill me,” the boy said. Walters was carrying her three-year-old son Jason on her hip during much of the fight.

The dog’s owner, Marquita Mooney, 23, was ticketed along with a relative who was watching the dog. She said that rather than register the dog as a potentially dangerous animal—which involves an insurance bond, fees, kennel requirements and more—she would have the dog put down. Police reports indicate that the dog bit two other dogs about two weeks ago. Mooney has been ticketed for both incidents.

This is the second such incident in Minneapolis this month—seven-year-old Zach King Jr. was attacked and killed in his home last week by his family’s pit bull—fueling the debate over banning pit bulls and other “dangerous breeds” in some communities. Since 1966, there have been four other deaths from dog attacks in Minnesota, all but one of which were of children seven-years-old or younger.

Sunday, September 11, 2005

The retail price of gasoline has risen higher than ever in the wake of Hurricane Katrina. The losses from the deadly hurricane include the destruction of oil refineries all around the Mexican Gulf area, and resulted in a cut of nearly 11 percent of U.S. refining capacity.

It is estimated that 897,605 barrels of oil production has been curtailed, an amount which accounts for nearly 59.8% percent of the Gulf of Mexico’s total daily output. Since Katrina, 17.1 million barrels have not been produced. There were 122 oil platforms shut down, out of 819 platforms in the Gulf.

The national average retail price for gas was $3.04 on Sunday. This exceeds the previous inflation-adjusted record of $3.03, set in March of 1981.

The survey was published by Trilby Lundberg, who publishes such surveys semi-monthly.

These prices are all “thanks to Katrina,” said Lundberg.

Lundberg also says that prices could drop in the next few weeks, as the hurricane damaged areas are repaired, and less gas is being purchased nationwide because of lowered demand due to higher prices.

Thursday, May 24, 2007

At least 38 miners are dead after methane exploded in an underground coal mine in Russia. 180 people made it out of the mine, and at least 7 of those were seriously injured. At least 217 miners were inside when the explosion occurred.

“Up to 45 people could have been at the epicenter of the blast. One hundred and eighty people have been brought out. Of these, five have life-threatening injuries. The fate of the other [trapped] miners is unknown. According to the (mining) company’s information, there were 194 workers and 23 engineering inspectors underground [when the mine exploded],” said a spokesman for Russia’s Emergency Ministry.

The explosion occurred at the Yubileynaya (Jubilee) Mine located in Novokuznetsk, Russia in the Kemerovo Oblast at approximately 7:40 a.m. local time on Thursday [11:40 p.m. eastern time on Wednesday]. Yuzhkuzbassugol currently owns the mining facility.

The mine has already received several violations, and according to Russia’s industrial safety agency the mine would likely lose its license to operate. “Such a decision could be taken after an inquiry into all the circumstances of the accident at the Yubileinaya mine. Particularly since we have already found violations at Yuzhkuzbassugol mines.”

Saturday, November 26, 2005

Despite heavy snowing, tens of thousands of workers and supporters marched today in Ljubljana, Slovenia in the largest demonstration since the country’s independence in 1991 to protest against the government programme of economic reforms, including privatisation of public services, tax cuts for businessmen and the abolition of the lower value added tax rate for items like food and books.

The protests, jointly organized by several trade union federations and attended by representatives of almost all Slovenian trade unions, began with an hour-long march from Ljubljana’s Tivoli park to the Congress Square (Kongresni trg). Workers and trade unionists were joined by supporters from Croatia, Italy and Austria, as well as students, anarchist groups, and general population. Several politicians from the opposition Liberal democracy and Social democrats were seen in the crowd. Noisy protesters armed with whistles, rattles and even some flares, marched through the snow waving trade union flags and carrying banners denouncing government policies. There were even a couple of old socialist flags with red stars. Riot police were seen on side streets and guarding accessess to government buildings, but they did not intervene.

The protest continued at the Congress Square with speeches of the representatives of trade unions and student organizations who denounced the government policy as leading into greater inequality and decreased standard of living for ordinary people. The loudest boos of the audience were drawn by the remarks about blaming the unemployed for being unemployed, introduction of university fees, and government’s waiving of taxes and health and pension fund contributions for church officials. The speeches were followed by a musical program, but the crowd soon started dispersing to escape the weather. Trade unions organized transport for 40,000 people to attend, but many buses were stuck in traffic jams on snowy roads and arrived too late for the protest. The police estimated the number of protesters to 25,000.