In 1851, Leon Foucault demonstrated the Earth’s rotation to the world with a magnificent pendulum in the Paris Pantheon. In 2010, that pendulum crashed to the Musée des Arts et Métiers’ marble floor. The damage, as they say, is irreparable. More »
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So technically Germany isn’t banning short-selling in various financials — it’s only banning naked short-selling.
And because of this, many are wondering what the big deal is. After all, naked short-selling (shorting a stock without having borrowed it) is already against the rules in the United State. If anything, it seems, the country is just catching up to reasonable rules that exist elsewhere.
If this were just about catching up with world rules it wouldn’t have been rushed in with just a few hours notice, it wouldn’t be temporary (well, kind of temporary, the regulation is due to expire at the end of March 2011) and it wouldn’t apply to just a handful of banks (at first).
It’s just very hard to take this seriously as anything but a panic move.
And if the government is panicking, the market shall as well.
The Telegraph’s Ambrose Evans-Prtichard writes about instant, post-regulation capital flight to Switzerland.
The short ban set off instant capital flight to Switzerland. BNP Paribas said €9.5bn flowed into Swiss franc deposits in a matter of hours on Wednesday morning.
The Swiss central bank intervened to hold down the franc. This caused the euro to shoot back up against the US dollar after an early plunge. The euro had already bounced off “make-or-break” technical support at $1.2135, the 50pc “retracement” of its entire rise since 2000, but any rally is likely to be short-lived.
And the line of the day…
“As a German citizen, I wish to apologise for the stupidity of my government,” said Hans Redeker, currency chief at BNP Paribas. He said the CDS ban deprives reserve managers of a crucial hedging tool for non-securitised loans and will scare away global investors needed to soak up Club Med bonds.
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The PlayStation Network as we know it might be changing in a big way by the time E3 rolls around.
Rumors have been circulating across the web for quite some time that Sony might, at some point, offer a premium version of the PSN. If reports are to believed, that may just be the case. According to VG247, a “highly placed source” (from where is not defined) informed them of Sony’s plans to leverage the PSN to increase revenue. Here are the highlights:
Cost of the service to be less than $61 dollars US
1 free PSN game a month from a selection two to four
A streaming music application (similar to Spotify) that may allow in game music
No changes for PSN users who do not wish to upgrade
At this point it us unknown exactly what we can expect, or how much of the above will turn out to be accurate. With E3 right around the corner, expect more news on this as it develops. In the meantime, we will reach out to Sony and attempt to get some sort of confirmation. But if this is going to be a big reveal, we may be sitting on the sidelines with you when the game starts.
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Bill Fleckenstein was on Bloomberg today talking about the big issues of the moment: deflation, inflation, gold, Greece, and the US dollar.
It’s a great interview that shines light on some important ideas, most notably the false dichotomy between deflation and inflation.
While the CPI shows deflation, this is essentially a green light for the Fed to print money like there’s no tomorrow, and it’s that money printing (not price inflation, per se) that he’s looking to make money. Gold is just one way of doing that. And as long as we have deflationary scares, the Fed will keep printing money.
As for the US dollar, he’s not a fan, and notes the only difference between the US and Greece is that we have a printing press. (Via PragCap)
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BerryWeather is a great application designed by BellShare, and we’ve got great news for existing BerryWeather users. From now until Friday (May 21st) exsiting users of BerryWeather will be able to upgrade for a small fee of $1.99. Usually BerryWeather costs $9.95, and doesn’t provide free upgrades for major versions, but you can follow the link below and grab the update today.
Head into the BBSync Store and Upgrade your BerryWeather for $1.99
* It doesn’t matter where you’ve bought your previous copy of BerryWeather, however you must login with the email address previously used to purchase the app.
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Reverend the Hon. Dr GORDON MOYES [1.20 a.m.]: Conscious of the fact that it is now 1.20 a.m. I want to make some comments about this very significant issue. Because of the difficulties in this new bill I anticipated that tonight the debate would be of the same proportion as the earlier debate of the Mining and Petroleum Legislation Amendment (Land Access) Bill. I felt there were entrenched differing viewpoints and that I had met those entrenched views. I held discussions with people from the National Parks Association, the forestry workers of the area and some of the mill owners. I spoke with clergy and people concerned with unemployment issues.
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I spoke to some members of local councils from the Riverina and to people such as Mr and Mrs Chris Crump, the timber workers to whom a previous speaker referred. I spoke with assistants who work for the Minister for Climate Change and the Environment, and Minister Assisting the Minister for Health (Cancer), Frank Sartor, and the Premier. I also spoke to Neville Atkinson, who is the chairperson of the Yorta Yorta nation.
In one of those real quirks of fate, my parents owned property on the south side of the same area of the Murray River. I frequently spent many delightful occasions, such as weekends, holidays and so on, in an area that was just outside Echuca along the Murray River and in the red gum forest area. As certain members know well, I was interested in taking rootstock and seeds of river gums. I planted them all round the dam on my property because of my love for that type of timber. Red gum timber is beautiful to work with. I was very interested to see what was going to happen. I discovered in Neville Atkinson a direct descendant of one of my closest friends from Cummeragunja, where as a young person I spent many happy times and where people from the Yorta Yorta nation had a close affinity with birds, animals and the red gum forest.
Unfortunately, this bill literally came into the Legislative Assembly and the Legislative Council at the last moment. I expected that a very long debate would ensue. However, at this point I do not think a long debate will be necessary. I congratulate a number of organisations and people, including some of those I have mentioned by name, together with staff in political departments who have been working towards consensus on this issue. Although not everybody will be happy with the outcome, some real progress has been made.
Probably there has never been a more compelling case for conservation of a forest area than that for the river red gum forests of south-western New South Wales. Over the years they have been extremely heavily cleared, intensively cultivated and greatly despoiled, not only because of the actions of those who cut timber but also because of the devastating drought. The landscape along our iconic Murray River has been more than 80 per cent cleared of native vegetation. There never has been a more compelling case for forest conservation than in the river red gum forests of south-western New South Wales. They are the last remaining refuges in one of the most heavily cleared and intensively cultivated landscapes in Australia. The landscape along the Murray River has been more than 80 per cent cleared of native vegetation. The Riverina bioregion in New South Wales has less than 2 per cent of its land area in reserves.
As I mentioned, the river red gum trees are severely threatened by water stress that is mostly due to the over-allocation of irrigation water and the interruption of natural flooding regimes. River red gums need floods to propagate, to grow strong and to remain capable of overcoming drought stress. With so many of them showing stress by dropping timber and so many of them dying, the species has reached a very important stage in its future. Many river red gum forests are recognised as internationally significant wetlands. They provide habitat for approximately 69 threatened species. They include the New South Wales portion of the two largest red gum forests that remain in the world—the Millewa, which adjoins Barmah in Victoria, and the Koondrook-Perricoota, which adjoins Gunbower in Victoria.
However, these iconic wetlands currently are being logged and patch clear-felled at a dramatically unsustainable rate. For the information of members who do not understand the difference between logged and patch clear-felled, which is an important difference, I asked the timber cutters to explain their procedures to me. Naturally, they indicated their concerns with over-felling of the area, with its enormous environmental impacts on other parts of the community. The New South Wales Government admits that the forests have been cut at least twice as fast as they can regrow. The logging that is occurring does not have valid legal approval under Federal environmental laws.
The logging produces mostly firewood and railway sleepers. I am desperately saddened that such beautiful fine timber, which can be made into lovely furniture, is burnt or stuck under rail lines. We should have only concrete railway sleepers. Victorian timber cutters basically have decimated the entire area south of the Murray River because they are have cut timber for railway sleepers—and are still doing so—that eventually are destroyed by termites. The timber is so tough that it blunts the termites attack. The timber is very resistant, which is why timber is sourced from river red gum forests. In my younger days when I lived in rural Victoria I would take a trailer and load it with old red gum railway sleepers that the Victorian Railways in those days just did not want and left lying along the banks of railway culverts, et cetera. I would use a Canadian wood splitter to make woodchips. In the area in which I lived the only form of heating for our hot water, the house and the laundry was from a wood-fire stove. The large red gum chips would provide us with brilliant heat.
In latter years I have wondered why on earth we put fine timber under rail lines and burnt it for charcoal, among other wasteful practices. Logging has produced firewood and railway sleepers, which I must admit are sold in Victoria. More than 85 per cent of river red gum ends up in what might be described as bottom-of-the-barrel low-value products. The logging does not even pay its own way. I was surprised to learn during discussions with mill owners that the logging of native forests in New South Wales runs at a loss and must be subsidised by revenue from other areas. River red gum wetlands are the traditional country of a number of indigenous nations. I had the good fortune to speak with some representatives of those nations, particularly the Yorta Yorta people, the Wamba Wamba people, the Mutti Mutti people, the Wadi Wadi people, the Barapa Barapa people and the Wiradjuri people. The traditional owners have never ceded the rights to their land or country to those who clear their forests.
We all remember that in November 2009 the then Premier, Nathan Rees, committed in Parliament to the full and immediate protection of the Millewa forest as a national park, along with protection of other small areas along the upper Murray, Murrumbidgee and Lachlan rivers. I remember that he said it was one of his proudest achievements. In December 2009 the final report of the Natural Resources Commission fully vindicated his decision by recommending the immediate protection of Millewa as part of a world class, cross-border Barmah-Millewa national park. I understand that the national parks decision announced by the Government—I received a copy of the Government’s press release in just the last few minutes—indicates that the decision fully implements the findings of the Natural Resources Commission, which comprises very distinguished people from the environmental, forestry and scientific communities.
That decision protects approximately 107,000 hectares in new reserves immediately, with almost 20,000 hectares earmarked for later transfer to traditional owners in protected indigenous areas. It fully protects the Millewa forest immediately. The Millewa forest and the Barmah National Park in Victoria form the largest red gum forest that remains in the world. It is a living Murray icon—an internationally significant wetland and the heart of the whole Murray floodplain. Millewa contains known habitat for 13 threatened species and three endangered ecological communities. This area has been recognised as the most drought resistant and important environmental refuge in the region. The Natural Resources Commission’s modelling shows that this area most readily can have environmental water delivered and has the best chance of surviving in a water-scarce future.
Millewa forest is in better ecological condition than are many other red gum forests growing in the Riverina and along the Murrumbidgee and Murray rivers because the forests have been saved from destructive patch clear-felling. Tree fellers told me that, out of their concern for the long-term future of the area, they did not clear-fell all the areas they could have.
<61>
I learnt later that much of this was prevented from happening by the National Parks Association, which kept up a running legal battle with mill owners and tree fellers. The decision also protects vital areas along the Murray and Murrumbidgee rivers, building a corridor that runs from Kosciuszko to the Coorong. When I chaired a parliamentary select committee inquiry into the Snowy Hydro we heard evidence about the river flows of the Murrumbidgee and the Murray. I listened carefully as the scientists explained the importance of water released from the upper reaches down the Murrumbidgee and Murray rivers in order to sustain the ecological forests in the south-west of the State.
I commend the Government for the important social outcomes arising from this bill. I met with various individuals and representative groups, including concerned citizens, staff working in the employment industry, clergy concerned about the future of members of their congregation, and those concerned with land rights, reconciliation and self-determination for indigenous people. The previous speaker spoke about the sadness that will be felt by people in the area who do not agree with this decision. I believe there are some good outcomes from this bill. The Government’s announcement that it would develop a joint management agreement with the Yorta Yorta traditional owners over the Millewa forest gave the indigenous people a tremendous boost.
Their people will have operative care, control and management of their own country. It will give them opportunities, which they have dreamed about, to share their culture and provide rewarding jobs for young indigenous people. It is an important step forward to bring the Yorta Yorta into management control of the full 70,000 hectares of the cross-border Barmah-Millewa forests. For the first time in the history of New South Wales the State Government will commit a transfer of a State forest directly to indigenous freehold for management as indigenous protected areas. More than 20,000 hectares, from Werai and Taroo, will be handed back to the traditional owners. It is a dramatic step in social justice for indigenous people in the Riverina area.
The Parliamentary Secretary said in her speech that the Government will invest in the Riverina region a total of $97 million, which includes an increase of $17 million for timber industry restructuring and community development. I congratulate the Government on that investment. Some of the people I spoke with, including the mill owners and the tree fellers, were adamant that they had no future. The businesses they were running were not profitable and they depended upon subsidised services to keep operating. This restructure package of $17 million to the timber industry will help them survive a difficult future, a future that would have been much more difficult if nothing had happened. The timber industry, as explained to me by the mill owners and the timber cutters, had been in decline for a long time. Some mills closed in recent years and at least half the mills would have closed in the near future because they were not sustainable. This package will assist the industry in the future. Without it, there would be no financial support for these changes. This decision turns an economically negative situation into a positive one.
The managers of the tourist industry in the area told me that there was a possibility for alternative enterprises. The diversifying of the regional economy will attract new tourists and more jobs. That information came from the people who are running the local tourist industry, not from the Government. When Victoria announced the River Red Gum National Park last year 55 jobs were lost. I am happy to say that since that time 66 full-time jobs have been created. I hope that also occurs on our side of the river. It is an acceptable result from an extremely complex and difficult situation. As late as a week ago, it seemed there would be no harmonious consensus on this issue, no win-win situation. This bill is the best possible outcome.
END
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It felt at first as though the moderate losses in the US market might signal some end to the bleeding, but actually no.
Japan is off 1% in the early hours of trading.
The euro, which had briefly broken $1.24 has fallen back to $1.23.
Other than that, it seems quiet. We have a hard time imagining that that will last.
For a recap of what happened during the US trading day, see here.
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The iPhone OS 4.0 Beta 4 comes with some gorgeous new wallpapers and many of you have been asking how to download them without having access to the beta. Well, here you go: More »
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Reverend the Hon. Dr GORDON MOYES: On this day when former Prime Minister Gough Whitlam entered a nursing home, I ask the Hon. Eric Roozendaal, on behalf of the Hon. Linda Burney, Minister for the State Plan, and Minister for Community Services, the following question without notice. Is the Minister aware that the number of people over the age of 65 will double in the next 40 years and that there are twice as many women as men in the over 85-year-old population, meaning that public environments need to be planned ahead of time for the known needs of elderly women? Is the Minister aware of the aspects of planning that can make an environment age friendly, including appropriate infrastructure to support mobility, enough seats in public places to offer rest, enough public restrooms, sufficient transport, and being encouraged to age at home near established friends, doctors and shops— [Time expired.]
The Hon. ERIC ROOZENDAAL: I have always been a firm admirer of Gough Whitlam. I have met with him on many occasions and we have had a number of discussions over the years. I am always pleased to see he is still around, contributing to society and he remains forthright in expressing his views to the world. He is one of the great political icons of Australia and, of course, one of the great political heroes of the Australian Labor Party. It should be acknowledged that his contribution to the Australian community has been important and valuable. In relation to the rest of the member’s question, which was long and detailed, I will take that on notice and get a response from the Minister.
Reverend the Hon. Dr GORDON MOYES: I ask a supplementary question. What action is the Government taking to plan for the provision of all aspects of age friendly environments in this State?
The Hon. ERIC ROOZENDAAL: I will take that question on notice also.
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So I read about this portable biometric scanner (it’s been around for a while, but the Pentagon just ordered $10 million worth of them) and immediately looked up the first scene from Blade Runner. You know, the one with the Voigt-Kampff machine? Yeah, that’s pretty much this thing. Watch out, replicants.
Actually, the HIIDE (stands for “Handheld Interagency Identity Detection Equipment”) won’t detect whether you’re a synthetic human, only whether you’re you. But it’s very thorough. It checks your iris, your face, and your fingerprints. I hope they’ll settle for two out of three, I can’t imagine it’s got a 100% hit rate on all of them, all of the time.
Here’s the crazy thing, though. This machine, supposedly state of the art, has a grand total of 256MB, that’s megabytes, of internal storage for biometric profiles. But it can store 22,000 profiles. What the hell? That leaves like 100KB for each profile. Yeah… so as it turns out, this thing takes pictures at 640×480.
Now, I’m not megapixel fiend — far from it — but I wouldn’t trust my identity to a thing with such mean data allocation. Seriously, it’s 2010 and our biometric scanners are taking VGA iris scans?
The Simmons camp tonight rolled out the endorsement of Jonathan Bush, brother of former President George H.W. Bush and son of former Connecticut Senator Prescott Bush.
“Rob understands that ‘public office is a public trust.’ He will serve his country with honor and distinction as he has for his entire career – as a soldier, CIA official, teacher, and elected representative. Rob is motivated not by ambition, but by the desire to continue his life of service on behalf of the people and the country he loves,” Jonathan Bush wrote.
In a 261-148 vote that went almost exactly along party lines, the America COMPETES act was defeated. Over $40 billion dollars was designated in that bill to go toward science and technology innovation, and to provide a lot of jobs to meet our nation’s needs for the future.
As I wrote earlier, Representative Ralph Hall (R-TX) added language to the bill basically forcing Democrats to withdraw — by adding a provision that punishes people who used government computers to view pornography. The Democrats backed down, putting the bill back in Committee, which accepted the new language and further compromised with the Republicans by cutting back funding from five years down to three… which was on top of already cutting back spending about 10%. The cutback by two years dropped the funding from about $85B down to $47B, but apparently even that wasn’t enough.
Every Democrat in the House voted for the bill, but only 15 Republicans (fewer than 10%) joined them. The bill got a simple majority, but needed to get a 2/3 majority to pass — that was a gamble by the Democrats; it was the only way to bring it to a vote without having the Republicans change the language yet again. After acquiescing to the demands of the Republicans I imagine it seemed like a fair bet.
It wasn’t. And the Republicans defeated an important and necessary authorization of funding.
Lest you think I’m not being fair, here is a quote from the House Science Committee page:
Over 750 organizations endorsed reauthorization of COMPETES, including the U.S. Chamber of Commerce, the National Association of Manufacturers, the Business Roundtable, the Council on Competitiveness, the Association of American Universities, the Association of Public and Land-grant Universities, the National Venture Capital Association, TechAmerica, the Biotechnology Industry Organization, the American Chemical Society, and others, including nearly 100 universities and colleges.
There is still some hope, though. According to the AP (via Talking Points Memo):
House Majority Leader Steny Hoyer, D-Md., said in a statement that he was “extremely disappointed Republicans continued to play political games, voting against a job-creating measure that had bipartisan support.” He said he planned to bring the bill back to the floor soon under normal rules requiring only a majority for passage.
I am not sure how that can be done once a measure has been voted down, and unfortunately Congressional offices on the east coast are closed as I write this. I’ll see if I can find out more on Thursday (unless someone knows how and can comment below).
I have friends who were (are? I can still hope it’s “are”) depending on this funding to continue to educate the next generation of scientists. I certainly hope the House Democrats find a way to get this bill back to the Floor, get it passed so that funding is reauthorized, and in this way make sure our country has a chance to continue to stand tall in the world when it comes to our scientific capabilities.
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