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.

Sunday, November 8, 2009

China has offered Africa concessional loans worth US$10 (€6.5) billion as part of a host of new measures aimed at improving the economy of African nations. The announcement was made at the opening of the Forum on China-Africa Cooperation (FOCAC) in Sharm el-Sheikh, Egypt. Leaders of nearly 50 African countries are attending the two-day conference.

China had already stated today at the 3rd Conference of Chinese and African Entrepreneurs, held immediately before the FOCAC, that Chinese firms would be encouraged to invest in Africa, while both sides would work together to improve the tourism, telecommunications and finance industries. China also said that governments should work with businesses to ensure co-operation between China and Africa.

As well as the loans, made over three years, China will write off the debt of Africa’s poorest countries, build 100 African green energy facilities and systematically lower import duties on 95% of all African products exported to China. Another promise is a loan of one billion dollars aimed at small and medium sized businesses in Africa. There will also be efforts to promote each other’s culture and increased medical assistance to Africa. Medical assistance comes in the form of 500 million yuan (US$73.2 million) of goods for the 60 hospitals and malaria centers China has already built, as well as 3,000 doctors and nurses. Roads will also be improved.

China also plans to assist with satellite weather monitoring, to help combat desertification and work within the urban environment, all aimed at reducing global warming. The new energy facilities will focus on solar, biogas and small-scale hydroelectrical installations. Another new measure is a promise to aid African farmers to ensure the continent is fed, increasing the number of demonstrations of agricultural technology in Africa to 20 and sending 50 teams of agricultural technology experts to the continent. Training in agricultural technology will be provided to 2,000 people.

“The Chinese people cherish sincere friendship toward the African people, and China’s support to Africa’s development is concrete and real,” said co-chair Chinese Premier Wen Jiabao as the FOCAC opened up, adding “Whatever change that may take place in the world, our friendship with African people will not change.” He described this friendship as ‘unbreakable’. Two years ago China pledged US$5 (€3.37) billion at the last FOCAC in Beijing and now, according to Jiabao, “China is ready to deepen practical cooperation in Africa.”

China has fulfilled its 2006 pledge, investing a total of US$7.8 (€5.26) billion in Africa last year alone. 49 African countries are represented at the FOCAC, which was created in 2000, although Jiabao noted that relations between China and Africa go back fifty years. China had already forgiven or reduced the debt for thirty nations at that FOCAC summit.

According to Chinese state-owned paper China Daily, trade between China and Africa increased by 45% last year, to give a total value of US$107 (€72.1) billion, a tenfold increase since 2001 and up from US$491 (€331) million in 2003. The Chinese have a 9.8% market share, the largest of any nation, according to the U.S. Commerce Department. China has paid for schools, hospitals, malaria clinics and Chinese scholarships for African students. 50 more schools are to be built and 1,500 people trained to staff them.

Since 2006 Chinese energy firms have committed to spend at least US$16 (€10.8) billion securing African oil and gas. China’s Sinopec Group, an oil giant, bought up Addax Petroleum Corporation from its Swiss owners that year, gaining control of oilfields in Nigeria, Cameroon and Gabon. China promised earlier this year to spend US$9 (€6) billion on infrastructure in the Congo in exchange for mineral deposits for mining operations.

Jean Ping, leader of the African Union, said the told those at the conference that the money is coming at an opportune time, because African growth was “totally compromised” by the global financial crisis. Ping said one of the lessons learned is that the world is paying for “the irresponsible and lax behavior” of large financial companies whose philosophy was to make short-term profits.

Not all Africans are happy with China’s increasing involvement in their continent. Trade practices are a concern for some, with a view that China exploits Africa for raw materials before selling back finished goods. Among these are Egyptian Trade and Industry Minister Rachid Mohamed Rachid. Egypt is the richest nation in the Middle East and is discussing this perceived issue with China. Rachid told Bloomberg “What is a worry for me is if competition is unfair. That is where we are unhappy.” Jiabao described the trade as being based on “win-win programmes… and transparency.”

Others in Africa are delighted with the situation. “We want more investment from China,” Tanzanian President Jakaya Mrisho Kikwete told the forum. Egypt’s own President Hosni Mubarak talked of “peace, security and growth,” and of “boosting cooperation between China and Africa.”

Jiabao also used his speech to respond to criticisms that China worked with nations regardless of their human rights record, such as Sudan, whose President Omar al-Beahir is wanted on a warrant issued by the International Criminal Court for war crimes. “Africa is fully capable of solving its own problems, in an African way,” he said, adding that “China has never attached any political strings […] to assistance to Africa.”

Beshir thanked China in a speech for diplomatic work in Sudan, including working to defuse the Darfur conflict, which the United Nations says has left 300,000 dead. “We express our deep appreciation for China’s efforts in backing the comprehensive peace agreement in Sudan and its peace efforts in Darfur,” he said, referring to a peace deal between the northern and southern parts of his country. “We thank China particularly for backing efforts by our countries to achieve peace and stability in Africa’s zones of conflict.” Jiabao said China was willing to work towards “the settlement of issues of peace and security,” in Africa.

A further criticism has been that China has brought in Chinese workers and used their own knowledge, instead of training locals. Jiabao’s speech indicated an intention to co-operate better in the fields of science and technology, as well as improve training for African students on technical courses.

“Why do some only criticise China?” asked Jiabao. “Is this a view representing African countries, or rather the view of Western countries?”

[edit]

Saturday, September 12, 2009

The Calabasas, California private elementary school New Village Leadership Academy (NVLA) opened its 2009–10 school year this week amid controversy over its connections to Scientology. The school was founded by celebrity couple Will Smith and Jada Pinkett-Smith, who paid about US$1 million to lease the facility in 2008. Former head of school Jacqueline Olivier was removed from her job in July, and replaced by Piano Foster, an individual who has taken Scientology courses at the organization’s Celebrity Centre.

Smith and Pinkett-Smith are good friends with Scientologists Katie Holmes and her husband Tom Cruise. In 2006, Smith acknowledged to World Entertainment News Network that he had discussed Scientology with Cruise: “I’ve talked to Tom about it. [There’s] lots of incredible, wonderful concepts but Jada and I don’t necessarily believe in organized religion.” ABC News reported that 2008 tax returns for the Smiths show they gave $122,500 to organizations with ties to the Church of Scientology.

In an interview with Ebony, Pinkett-Smith denied the school was affiliated with Scientology: “All I can say is it is not a Scientology school. Now, If you don’t trust me, and you are questioning my integrity, that’s a whole different matter. That is straight evil to think I would bring families into that educational institution and then try to get them to convert into some religion,” she said. According to New York Daily News, the school is registered with the government of California as “non-religious”.

The school utilizes a teaching methodology called Study Technology, which was developed by Scientology founder L. Ron Hubbard. Study Technology is promoted through Applied Scholastics, a Scientology-associated organization founded in 1972. “Study Technology is a secular methodology intended to help students better understand what is being studied and apply it to real life,” said Pinkett-Smith in an email to ABCnews.com. Karin Pouw, an official with the Church of Scientology, was contacted by ABC News but did not comment on a possible affiliation between NVLA and Scientology, instead referring questions back to the school itself.

New York Daily News cited Radar Online in reporting that former head of school Olivier was fired from her position because she had issues with the Study Tech teaching methodology used in the school. According to The Sydney Morning Herald, Olivier was removed from her $200,000 position with the school because she reportedly did not agree with portions of the school’s curriculum which were developed by L. Ron Hubbard.

Carnegie Mellon University computer science Professor David S. Touretzky, described by ABC News as “the most ardent critic of Study Technology”, spoke with ABCNews.com about his thoughts on Scientology connections with the school: “What they seem to have is some sort of a hybrid. Scientology repackaged for the Hollywood crowd. It’s hitting all the politically correct elements … but snuck in there is this Scientology stuff.” Professor Touretzky operates a web site which analyzes Study Tech and argues that it is actually a form of Scientology masked as an educational method. In a February 2008 interview with Wikinews, Professor Touretzky mused that recent criticism of Scientology on the Internet might prove to “warn off Hollywood celebs from cozying up to the cult”, including Will Smith.

Executive director of the California Association of Independent Schools, Jim McManus, was also critical of L. Ron Hubbard’s methodology, stating: “I look at the Study Tech ideas and it doesn’t seem sound educationally.” University of Virginia psychology professor Dan Willingham, author of Why Don’t Students Like School, asserted to ABC News that the methodology is flawed: “It’s perfectly possible that the methodology is based on ridiculous principles and that something effective is happening in the classroom, but ridiculous principles certainly lowers that possibility.”

Members of the Internet-based group critical of Scientology, Project Chanology, were present at the school’s 2009 opening to protest what they called a “front” of the Church of Scientology. A 2008 press release by Project Chanology was critical of what it referred to as the revenue the Church of Scientology receives from licensing fees schools pay the organization for utilizing the Study Tech teaching methodology. “This revenue stream is one of the many sources of income which the Church of Scientology uses for such tactics as invoking frivolous lawsuits and hiring private investigators to intimidate critics,” said the press release.

According to the web site TruthAboutScientology.com, which publishes data compiled from Scientology magazines Freewinds, Celebrity and Auditor, multiple individuals in management roles at NVLA have attended Scientology classes. In addition to the newly installed head of school, Piano Foster, the school’s director of learning Tasia Jones and its artistic director Sisu Raiken have both received Scientology course training. “I officially took over on July 1, 2009, and I’m looking forward to the challenge. I’ve been working in education for the past 20 years at various public and charter schools so I feel I’m ready for the job,” said Foster of her new position at NVLA.

Monday, December 21, 2009

A recent blizzard that paralyzed parts of the U.S. East Coast Sunday has left many areas buried under feet of snow. When all was said and done, the storm, a severe nor’easter, had affected everywhere from North Carolina to New England and Nova Scotia in Canada. Among its effects were at least five fatalities, as well as large-scale traffic delays.

The storm originated in the Gulf of Mexico, as nor’easters usually do, and grew to be a powerful cyclone as it moved northeastward. Often described as the worst winter storm to strike the area in years, Long Island bore the brunt of the blizzard. There, crippling snow, amounting to as much as 24 inches, heavily disrupted travel. Cities like Philadelphia had one of their worst storms in recorded history.

Hundreds of thousands of residents were without power as the storm swept across the region. Some areas declared snow emergencies, and strongly encouraged people not to travel and to remain at home. In Virginia, the National Guard rescued several hundred motorists who became stranded due to the heavy snows. A twenty-mile traffic backup on Interstate 81 was also reported.

Monday, October 12, 2015

Wikinews interviewed Australian painter Pricasso on his unique artwork created using his penis, and how his art relates to freedom of expression and issues of censorship. He is to be featured at the upcoming adult entertainment event Sexpo Australia in Melbourne this November 5 to November 8.

Tuesday, October 10, 2006

The upcoming 2006 Brampton municipal election, to be held November 13, features an array of candidates looking to represent their wards in city council or the council of the Peel Region.

Wikinews contributor Nick Moreau contacted many of the candidates, including Derek Begley, asking them to answer common questions sent in an email. This ward’s incumbent is John Sprovieri; also challenging Sprovieri is Sherdaljit Dhillon, Mahen Gupta, Satpaul Johal, Dalbir S. Kathuria, and Vahid Saadati-Khanshir.

Wednesday, April 3, 2013

Last Tuesday early morning, a sea lion walked from the beach into Pantai Inn in La Jolla, California. The animal was rescued by local animal rescue authorities. Wikinews took an interview from Shane Pappas, a General Manager of the inn.

((Wikinews)) At what time of day did the sea lion enter the Inn?

Shane Pappas: Surveillance footage shows that our sea lion friend made her way onto our property at approximately 5:45am on Tuesday morning. She waddled through our courtyard and climbed up onto one of our lounge chairs.

((WN)) How long did he stay in the Inn before he was moved out of the building?

Shane Pappas: The sea lion was not seen by our staff until about 6:30am. At that point my front desk agent Veronica made frantic calls to the authorities to find someone to come rescue the sea lion. By the time we got a hold of Sea World they were able to come and rescue her at around 9:45am. All told the sea lion was here for about four hours.

((WN)) What do you think attracted the animal? Was it the radio sound? Was it heard as far as the beach?

Shane Pappas: We’re not sure what attracted the sea lion. We like to think that it was the beauty and relaxation of our courtyard. In regards to the radio sound I’m not sure what you are referring to.

((WN)) Who and how transported the animal out of the building?

Shane Pappas: A gentleman named Bill who is a rescue worker with Sea World came out to rescue the pup. He asked if I would assist in the rescue which I was more than happy to do. It’s not every day that you get to rescue a sea lion.

((WN)) Where was the animal transported to?

Shane Pappas: The sea lion was loaded into a crate on a truck and transported back to Sea World. She will be kept there for six weeks so that she can be nursed back to health and returned to the wild.