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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.

A compilation of brief news reports for Sunday, December 7, 2008.

Officials say that progress is being made in a deal to bail out three United States carmakers. The U.S. government will be holding weekend talks on the plan after two days of Congressional hearings.

Dana Perino, the White House press secretary, stated that discussions with both parties had been “constructive”.

Executives from the three companies – General Motors, Ford, and Chrysler – have pleaded before two Congressional committees, asking for $34 billion in order to stop collapse.

“I’m convinced that by Sunday we will have an agreement that people can understand on this bill,” said Barney Frank, a representative from the state of Massachusetts.

Sources

• “‘Progress’ in US auto bail-out” — BBC News, December 6, 2008
• “Bailout Progress: Accord by Sunday?” — ABC News, December 6, 2008

The people of Ghana, a country often shown of as an example of a good democracy in Africa, will vote for a new president and parliament.

The current president, John Kufuor, will resign after serving the maximum of two terms in office. The elections are expected to be close.

The three main contenders for the presidency are: the Nana Akufo Addo from New Patriotic Party, who was the foreign minister under the current president, John Atta Mills running for the National Democratic Congress, and the Convention People’s Party’s candidate, one Paa Kwesi Nduom.

Sources

• Douglas Mpuga. “Ghanaians Enthusiastic About Sunday Poll” — VOA News, December 6, 2008
• Will Ross. “Ghana to vote for new president” — BBC News Online, December 6, 2008

The Archbishop of York, Dr John Sentamu, said that Zimbabwe’s president Robert Mugabe must be forced out of office and face trial for his crimes against humanity.

“The time has come for Robert Mugabe to answer for his crimes against humanity, against his countrymen and women and for justice to be done. The winds of change that once brought hope to Zimbabwe and its neighbours have become a hurricane of destruction, with the outbreak of cholera, destitution, starvation and systemic abuse of power by the state,” said Sentamu.

Sentamu that the power-sharing deal that was signed by Mugabe and the Zimbabwean opposition in September was “now dead”.

Dr Sentamu’s statement comes after a severe cholera outbreak spread in Zimbabwe, and saw 12,545 cases reported and 565 people dead.

Sources

• “Archbishop urges Mugabe overthrow” — BBC News Online, December 6, 2008
• “Mugabe must be toppled now – Archbishop of York” — guardian.co.uk, December 6, 2008

Republicans experienced another victory late Saturday, as the Associated Press called the race in Louisiana’s 2nd district at 22:35 CST in favor of Anh “Joseph” Cao, heralding the first Vietnamese-American member of Congress and sending the incumbent scandal-ridden Louisiana Congressman William Jefferson home after nine terms.

Sources

• “Beleaguered congressman trails in Louisiana vote” — CNN, December 6, 2008
• “APNewsShort” — Associated Press, December 6, 2008

Tuesday, June 6, 2006

Google has launched an online spreadsheet site, in a private beta.

The site will allow spreadsheets to be shared between up to 10 users, which is aimed to be useful to teams and small businesses. “Many people already organise information into spreadsheets. Where they are struggling is to share it” said the product manager, Jonathan Rochelle.

Google recently bought the online word-processor Writely, launched a calendar product, as well as a desktop search tool. Many see this as them straying into Microsoft‘s markets.

Google Spreadsheets uses very advanced AJAX (Asynchronous Javascript And Xml) and Client Side Scripting to mimic very effectively it’s desktop counterparts’ functions.

It is surprisingly fast, has very good formatting and advanced formula support, but best of all it has complete support for Microsoft Excel .xls files, and very good collaboration: just enter the e-mail address and you can share easily.

Saturday, January 21, 2006

Rescue teams are attempting to save the life of the whale which has been swimming in the London Thames river over the past few days. The northern bottle-nosed whale, which had gotten weaker and weaker, became beached this afternoon. Rescue teams quickly moved the whale onto an inflatable pontoon, keeping the whale in water but with its blowhole above the surface.

Experts then tried to evaluate the condition of the whale by performing ultrasound checks to see how much blubber and blood the whale has, and by taking some blood tests. The breathing rate of the whale was around four inhalations per minute.

The pontoon is currently being towed by a barge slowly downstream.

The British Divers Marine Life Rescue team lead the rescue effort. They hope to be able to release the whale in as deep water as possible, but only if it is in good enough health. If the whale is considered to be in too weak a condition to survive, it may be euthanised, experts have said.

The rescue mission is being filmed by television crews, including from helicopters, and broadcast live onto rolling news channels. Mark Stevens, a member of the British Divers Marine Life Rescue team reported on the situation live on TV using a mobile phone, direct from the scene where he was standing in the water. At one point he asked the BBC to tell their helicopter to fly higher, as the noise made the whale’s breathing rate temporarily go up.

The whale sightings have captivated the British public, with spectators lining the banks of the Thames to take photographs and try and spot the whale. However, the inital surprise at seeing the whale soon turned to concern as experts fear for the whale’s long term health. Initial plans to transfer the whale from the barge “Crossness” to a deep-sea ship have been abandoned as the condition of the whale deteriorates, but it is still hoped to release the whale in the Thames estuary.

Wednesday, March 19, 2008

Croatia, Bulgaria and Hungary, all of which border Serbia, announced in a joint statement Wednesday that they will recognize Kosovo as an independent state.

“The decision on the recognition of Kosovo is based on thorough consideration,” the statement said.

Croatia and Hungary later confirmed they had officially recognized Kosovo, while Bulgaria is expected to make an announcement Thursday. Yesterday, Bulgaria’s security council held a meeting regarding Kosovo. Angel Naidenov, spokesman of the Bulgarian Socialist Party, praised Kosovo for their efforts in establishing a “multi-ethnic and democratic country.”

The statement says Kosovo’s declaration of independence was prompted by the international community’s failure to work out a solution between Serbia and Kosovo. “In these circumstances the change of the unsustainable status quo was unavoidable,” the statement said.

The three nations express their interest in helping the European Union with stabilizing the region, and they wish to develop ties with a Kosovo that “maintains good relations with its neighbors, enjoys economic growth, and keeps its European orientation.”

Serbian foreign minister Vuk Jeremi? criticized their decision. “Every country that decides to recognize the illegally declared state of Kosovo breaches international law,” he said, adding that countries who recognize Kosovo “cannot have good ties with Serbia.”

“I call on states, particularly those of the region, not to take this step. Do not injure our country’s territorial integrity and sovereignty,” Jeremi? said.

Boris Tadi?, Serbia’s president, had previously warned Croatia that recognizing Kosovo would have a negative effect on their relations. “We want to have the best possible relations with this country,” Tadi? said. “But recognition of Kosovo is certainly not an act of goodwill between neighbours.”

Croatian Prime Minister Ivo Sanader says he does not expect relations to worsen. “I do understand this is a difficult one for Serbia to swallow. That’s one of the reasons we have waited until now. But I don’t expect a worsening of political and economic relations because there is no alternative to good neighbourly relations.”

Kosovo’s deputy prime minister, Hajredin Kuçi said the decision was “very good for the Serbian perception and the people of Serbia that everybody who is in the neighbourhood is recognizing the new reality.”

Sunday, July 25, 2010

London — The Open Rights Group, a pressure group pursuing reform of intellectual property law in the United Kingdom, held its first “ORGCon” yesterday at City University London. Approximately 100 delegates took part in six hours of panel discussions and workshops on a wide range of topics in intellectual property, discussing such subjects as “How To Talk To Your MP” and “ACTA: A Shady Business”, in what ORG billed as a “crash course in digital rights” designed to inspire campaigning on intellectual property issues.

Cory Doctorow, a fiction author and digital rights activist, led the keynote panel discussion “Thriving in the Real Digital Economy”, which opened the conference. Doctorow called for a “reframing” of the digital rights slogan “information wants to be free”. “The most important thing” about digital rights, he noted, “has nothing to do with art. We are refitting the information network with lots of control.” Digital rights management (DRM) technologies, Doctorow warns, build in limitations on how consumers exchange information and “abuse the market”. John Buckman of Magnatune followed up Doctorow’s comments, noting that DRM is “unsustainable” but that the public needed to “pressure companies into” open-source solutions.

A keynote speech by James Boyle compared the current age to the age just before application of the theories of Adam Smith and other early capitalist economists began breaking down the entrenched monopolies of mercantilism. Boyle called on the audience to come up with a “jaw droppingly simple” idea for a reformed copyright system; he gave his speech in front of a projection of the twitterfall as audience members commented on his words.

Boyle, like most of the conference, took a pro-reform but anti-piracy position, saying “It is a tragedy that an entire generation has lost the notion that breaking the law is wrong”. While several members of the Pirate Party UK, wearing matching t-shirts, attended the conference and held a fringe meeting during the last session, none spoke in the keynote sessions either as panelists or in the discussions.

Among the many workshops which comprised the last three hours of the day, Open Rights Group held a session on student groups and committed itself to establishing Open Rights Group Youth societies at universities across the United Kingdom. Young activists, such as Wikipedian Jdforrester, also dominated the “Your Shout” session in which any and all delegates could give three-minute speeches on any intellectual property subject which interested them.

The organisation hopes to host a second ORGCon in 2011.