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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.

Monday, February 25, 2008American art director and production designer Robert F. Boyle was honoured last night at the Academy Awards.

Hired as an extra in films during the Great Depression, the young architect became a draftsman at Paramount Studios, moving on to become a sketch artist and assistant art director, before becoming a full-fledged art director in the early 1940s, at Universal Studios.

His credits include Alfred Hitchcock films Saboteur (1942), North by Northwest (1959), and The Birds (1963). Other films to his credit include The Thomas Crown Affair (1968), Gaily, Gaily (1969), Fiddler on the Roof (1971), and The Shootist (1976).

The Oscar-nominated documentary short The Man on Lincoln’s Nose (2000) chronicles his career, which includes the 1997 Art Directors Guild’s Lifetime Achievement Award and four Oscar nominations.

Sunday, January 10, 2010

Chinese officials have said that their country’s exports surged last December to edge out Germany as the world’s biggest exporter.

The official Xinhua news agency reported today that figures from the General Administration for Customs showed that exports jumped 17.7% in December from a year earlier. Over the whole of 2009 total Chinese exports reached US$1.2 trillion, above Germany’s forecast $1.17 trillion.

Huang Guohua, a statistics official with the customs administration, said the December exports rebound was an important turning point for China’s export sector. He commented that the jump was an indication that exporters have emerged from their downslide.

“We can say that China’s export enterprises have completely emerged from their all-time low in exports,” he said.

However, although China overtook Germany in exports, China’s total foreign trade — both exports and imports — fell 13.9% last year.

Saturday, May 7, 2005

Testing began on a chemical reactor at the Newport Chemical Depot near Terre Haute, Indiana on Friday morning. If successful, the reactor will be put to use destroying the large VX nerve gas stockpiles stored at the facility over the course of the next two years. After the disposal project experienced several delays, the facility announced it would begin pumping VX into a completed disposal unit for testing. The unit consists of a chemical reactor in which the VX will be mixed with water and sodium hydroxide, heated to 194°F while mixed with paddles. The resulting chemical, called hydrolysate, is chemically similar to commercial drain cleaners and has similar properties. If the test is successfully completed , the unit will continue processing the VX until the entire stockpile has been neutralized, a process projected to take two years. Administrators expect to complete testing on May 10, 2005.

According to the controversial plan, the finished waste product would be shipped to New Jersey for final reprocessing. The inert chemical would then be emptied into the Delaware River where natural attenuation would occur.

Residents near the proposed river disposal site in New Jersey oppose this idea. The contractor for the final component of this disposal would be the DuPont Corporation.

NCD is a bulk chemical storage and destruction facility in west central Indiana, thirty miles north of Terre Haute. Originally founded during World War II to produce RDX, a conventional explosive, it later became a site for chemical weapons manufacturing during the Cold War. It is now used to securely store and gradually neutralize part of the US stockpile of VX.

VX was manufactured by the U.S. in the 1950s and 60’s as a deterrent to possible Soviet Union use. It was never deployed, and the manufacture was halted in 1969 after an order signed by then-president Richard Nixon.

In 1999, the Army announced it awarded a disposal contract to Parsons Infrastructure & Technology, Inc., a business unit of Parsons Corporation. Some 220 civilian Parsons employees work at the facility, which is supervised by an Army officer reporting to the U.S. Army Chemical Materials Agency, and a board of civilian government overseers called the Indiana Citizens’ Advisory Commission, some of whose members are appointed by the state governor.

Security at the facility is controversial. A private security service, supplemented by a complement of Indiana National Guard soldiers, guarded the facility until April 14, 2005, when the soldiers were withdrawn. An Indianapolis television station has questioned security measures in some of its special reports.

Saturday, May 28, 2011

In Edinburgh, capital of Scotland, part of an underground water piping system has exploded, forcing local residents to be evacuated. The pipe broke around 03:30 BST (0230 UTC) today, within Allan Park Road, causing flooding in the Slateford area of the city.

A spokesperson for Scottish sewerage and water corporation Scottish Water explained: “Early this morning reports were received of flooding in Allan Park Road and Scottish Water operatives attended the scene. A large diameter water main had burst. The water was shut off and re-routed via other pipes to keep supplies flowing to households in the area. Repairs are under way and the customers affected by the flooding are being offered assistance.”

Stating that repairs to resolve this problem had commenced and would take a few hours to conclude, Lothian and Borders Police have advised that the floods may disrupt the supplies of water and other utilities, as well as transportation on roads and railways in the west of Edinburgh. Hospitals and rest homes in the region have been notified of the incident and bottled water is now anticipated to be supplied at these buildings.

According to local residents, Slateford Road (A70), a major throughway, was closed for several hours this morning. Telephony and broadband in the area is disrupted, with local residents and businesses having to rely on cellphones. Further work, such as digging up the road and using temporary traffic lights, will be required to restore these services in the area.

As of 13:15 BST (1215 UTC), Scottish Water has excavated around the burst main, but has not yet begun work on replacing the damaged section of pipe.

Sunday, January 10, 2010

Chinese officials have said that their country’s exports surged last December to edge out Germany as the world’s biggest exporter.

The official Xinhua news agency reported today that figures from the General Administration for Customs showed that exports jumped 17.7% in December from a year earlier. Over the whole of 2009 total Chinese exports reached US$1.2 trillion, above Germany’s forecast $1.17 trillion.

Huang Guohua, a statistics official with the customs administration, said the December exports rebound was an important turning point for China’s export sector. He commented that the jump was an indication that exporters have emerged from their downslide.

“We can say that China’s export enterprises have completely emerged from their all-time low in exports,” he said.

However, although China overtook Germany in exports, China’s total foreign trade — both exports and imports — fell 13.9% last year.

Sunday, March 23, 2008

Copies of The Profit, a 2001 film blocked from distribution in the United States due to a court injunction won by the Church of Scientology, appeared on the Internet Friday on peer-to-peer file-sharing websites and on the video sharing site YouTube.

Directed by former film executive Peter N. Alexander, the movie has been characterized by critics as a parody of Scientology and of its founder L. Ron Hubbard. Alexander was a Scientologist for twenty years, and left the organization in 1997. The film was funded by Bob Minton, a former critic of Scientology who later signed an agreement with the Church of Scientology and has attempted to stop distribution of the film. Alexander has stated that the movie is based on his research into cults, and when asked by the St. Petersburg Times about parallels to Scientology and L. Ron Hubbard said: “I’ll let you draw that conclusion … I say it’s entirely fictional.”

The film was released in August 2001, and was shown at a movie theatre in Clearwater, Florida and at a premiere at the Cannes Film Festival in France. A Scientology spokesman gave a statement at the time saying “the movie is fiction and has nothing to do with Scientology”. The Church of Scientology later took legal action in an attempt to stop further distribution of the film. The Church of Scientology claimed that the film was intended to influence the jury pool in the wrongful death case of Scientologist Lisa McPherson, who died under Scientology care in Clearwater, Florida.

In April 2002, a Pinellas County, Florida judge issued a court order enjoining The Profit from worldwide distribution for an indefinite period. According to the original court injunction received by Wikinews, the movie was originally banned because the court found that it could be seen as a parody of Scientology. In his April 20, 2002 ruling on the injunction, Judge Robert E. Beach of the Sixth Judicial Circuit Court in Pinellas County, Florida wrote: “…an average person viewing the film entitled The Profit could perceive that it is a parody of the Church of Scientology”.

“To the extent that any person considered as a potential juror in evaluating any issues involving the Church of Scientology, the process of voir dire provides a fair and complete remedy to eliminate any potential juror that may possibly have been influenced to be less than fair and impartial,” added Beach.

Luke Lirot, the attorney for the film’s production company, announced on the film’s website on April 7, 2007 that “We have absolutely no exposure for any repercussions from the court order,” but that the film was still blocked from distribution due to an ongoing legal battle. Lirot wrote: “all that’s stopping the release of the movie is the legal battle with the partner who was compromised by Scientology (Robert Minton) and is currently using his power as partner to stop the release of the film.”

In an October 2007 article, The Times described the film as “banned in the US because of a lawsuit taken out against it by The Church of Scientology,” and Russ Kick’s The Disinformation Book of Lists included the film in his “List of 16 Movies Banned in the U.S.”. An 8-minute teaser segment from The Profit appeared on the film’s website and on the video sharing site YouTube in February 2008, and an attorney representing Bob Minton sent a letter to Luke Lirot requesting that the film clip be taken down. In a response letter, Lirot wrote that “Rather than damage any asset of the LLC, the short clip merely keeps the film in the public eye, and in a positive way.”

On Friday, copies of the film began to circulate on peer-to-peer file-sharing websites and on YouTube. A link related to the film’s appearance on the Internet on the community-based link aggregator website Digg.com had 3,638 “Diggs” – and hit the front page of the site’s Entertainment section on Saturday.

On Saturday, Scientology critic and Emmy award-winning journalist Mark Bunker put a streaming version of the film on his website, www.xenutv.com, and encouraged others to watch and discuss the film on a real-time chat channel. In a video posting to YouTube Saturday, Bunker said “I did not do it. I had nothing to do with it … I had nothing to do with this release at all. But I’m happy it’s out there … people are finally having a chance to see it. A lot of people have been curious over the years and there’s been a lot of interest in seeing the film, so finally you can.”

On the newsgroup alt.religion.scientology, a poster by the username “Alexia Death” commented on the film’s appearance on the Internet in the context of censorship: “It is out! And so it is a WIN if many people review it even if they say it SUCKS! … Being bad is no cause to allow censorship … And being censored is no cause to assume its good”. A post to the blog Blogsreel commented: “We have all wanted to see this movie that scientology kept hidden away from us. We have all wondered just how damning could this story be that we were banned from watching it.”

In a post on Sunday to the message board attached to the official website for the film, attorney Luke Lirot asked that individuals stop distributing copies of The Profit over the Internet. Lirot wrote: “It has been brought to my attention that several unauthorized transmissions and downloads of this protected work have taken place over the last 72 hours. Such actions are copyright violations and are unlawful. I request that any further distribution and/or dissemination of this important work cease immediately and any copies of the work that have been downloaded please be deleted.” In his statement, Lirot recognized the rights of individuals under the First Amendment to the United States Constitution, but also said that unauthorized distribution of the film “will only serve to harm the goal of vast distribution”.

Blog postings have attributed the film’s appearance on the Internet as part of the anti-Scientology movement Project Chanology organized by the Internet-based group Anonymous, but this has not been confirmed. Wikinews previously reported on international protests against Scientology which took place as part of Project Chanology on February 10 and March 15. A third international protest by Anonymous is scheduled for April 12. Titled “Operation Reconnect”, the third international protest will focus on highlighting Scientology’s practice of disconnection.