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.

Tuesday, March 7, 2006

All across the Canadian province of Ontario, college teachers have gone on strike, leaving more than 150,000 students in 24 colleges without classes.

The Ontario Public Service Employees Union rejected the final offer from college management, after negotiations at the Delta Chelsea Hotel in downtown Toronto.

This strike comes just a month before many student’s scheduled graduations. If courses are extended into the summer, to compensate for lost school time, students’ ability to maintain jobs to pay for their education would be severely limited.

“A prolonged strike would not only affect college students, but also have a ripple affect on the Ontario economy and workforce. Potential employers are expecting 44,000 new graduates and 100,000 returning students to enter the workforce this May, families have made summer plans, and some seasonal businesses may experience a significant loss if the school year does not finish on time,” says Tyler Charlebois, Director of Advocacy for the College Student Alliance. “I hope for the sake of Ontario, the provincial government takes this situation as seriously as we are and takes action as necessary.”

OPSEU was asking for more teachers, smaller classes, and more faculty time for students. A strike vote was 80.4% in favour of action. Humber had the least support for the strike, with only 67.0%, followed by St. Lawrence with 67.7%. St. Clair, Boréal, Centennial, and Sault all had more than 90% support.

Friday, July 1, 2005

Today, Romania introduces its new redenominated currency, the new leu (code: RON), which is valued at 10,000 old lei (code: ROL). The process, which is known as redenomination, started in March 2005 when Romania started dual-currency display and all prices had to be displayed in both the old leu and the new leu. Starting from today, the first notes and coins of the new leu will become legal tender, and the new leu will become the official currency of Romania.

The redenomination (or conversion from the old to the new leu) is simple — 10,000 old lei are replaced by 1 new leu. One US dollar will buy 2.98 new lei, while one euro will buy 3.6 new lei. After the similar redenomination by Turkey the old leu had been the world’s least valued currency unit, with the US dollar buying 29,891 lei and the euro buying 36,050 lei (on 30 June 2005). With the introduction of the new leu, Romania’s currency will be among the most highly-valued in the region.

The new leu notes and coins, introduced into circulation today, will circulate alongside the old lei until 31 December 2006, when the dual-currency period ends and all of the old lei are expected to be withdrawn. However, old lei can be exchanged at banks indefinitely.

The new notes come into denominations of 1, 5, 10, 50, 100 and 500 new lei. The largest note of the old leu was 1,000,000 lei, or 100 new lei. The largest note of the new leu is worth 500 new lei, or approximately US$167 and €139. New leu notes will also have the same dimensions as euro notes of similar value. Additionally, they will use the same colours and design as their corresponding old leu equivalent (for example, the 100 lei note will look similar to the 1,000,000 old lei note).

All notes will be printed on polymer materials. Romania was the first country in Europe to introduce polymer notes, in 1999.

Friday, May 15, 2009

American automobile manufacturer General Motors (GM) announced plans Friday to shut down about 1,100 of its dealerships, in an effort to evade bankruptcy and lower its expenditures.

GM’s move comes a day after Chrysler, another U.S. car maker, released a list of 789 dealerships that it was closing. Unlike Chrylser, GM will not publicly announce the dealerships that it intends to shut down. Instead, dealerships whose franchises won’t be renewed after October of next year will receive a private letter telling them of the decision.

At the moment, GM has 6,246 dealers in the U.S. It intends to reduce that number to 3,605 by the end of 2010. GM said the dealerships that were to be closed are “underperforming and very small sales volume U.S. dealers.”

“They’re dealerships that are in most cases hurting, losing money, and in danger of going out of business anyway,” said GM’s sales, service, and marketing vice president in a telephone conference. “It’s a move that people could argue should have been taken years ago but this leadership team had no choice but to do it today.”

The dealers that are to be closed represent 18% of the firm’s dealership network, but only 7% of GM’s 2008 revenue.

Saturday, April 17, 2010

Journalist, counselor, painter, and US 2012 Presidential candidate Joe Schriner of Cleveland, Ohio took some time to discuss his campaign with Wikinews in an interview.

Schriner previously ran for president in 2000, 2004, and 2008, but failed to gain much traction in the races. He announced his candidacy for the 2012 race immediately following the 2008 election. Schriner refers to himself as the “Average Joe” candidate, and advocates a pro-life and pro-environmentalist platform. He has been the subject of numerous newspaper articles, and has published public policy papers exploring solutions to American issues.

Wikinews reporter William Saturn? talks with Schriner and discusses his campaign.

Sunday, June 28, 2020

Last month, a study conducted by archæologist Dr. Naomi Martisius and other researchers concluded Neanderthals living in Europe tens of thousands of years ago were more sophisticated than previously thought. The now-extinct species used to carefully select bones from a particular animal species to manufacture their bone tools, the research showed. The research was published on May 8 in Nature’s Scientific Reports journal.

Dr Martisius and her team used five bone tools discovered from Neanderthals’ sites in southwest France for this research. Four of these bone tools were found in a site called Abri Peyrony and the other one was from Pech-de-l’Azé I. These tools were just a few centimetres in size and were about 50 thousand years old, Dr Martisius told Wikinews. Microscopy analysis of these bone tools called lissoirs (smoothers) suggested Neanderthals used these tools for working animal skin to leathers.

The study stated the fauna of the sites were primarily medium-sized ungulates such as reindeer, in one layer nearly 90%. Despite the overabundance of medium-sized ungulates, Neanderthals used ribs of large bovids for making lissoirs. Dr Martisius told Wikinews this was likely due to the physical characteristics of the bovid ribs, which were “thicker” and “stronger” as compared to the “thin and flimsy ribs” of reindeers. In order to check the origins of the bone tools, the researchers used a technology called non-destructive Zooarchæology by Mass Spectrometry (ZooMS).

Instead of damaging the bone artefacts in order to discover its origins, the researchers collected collagen from the plastic containers in which these artefacts were kept. Collagen is a type of protein. These bone artefacts were kept in plastic containers: some were kept for about five years, some for just a few months. During this time, the collagen proteins from bone tools were stuck to the walls of its plastic containers. The collagen samples collected from the walls of the containers are broken into smaller molecules called peptides by using a chemical enzyme called trypsin.

After the trypsin has broken collagen fibres into peptides, it is analysed using a technology called Matrix-assisted laser desorption/ionization (MALDI) Time-of-Flight mass spectrometer (ToF MS). The assisting matrix is a coloured compound. The acidic peptide is combined with the matrix, vapourised, and peptides are released. Some of them are positively-charged particles which travel across a vacuum tube in an electric field. Depending on the weight of the peptides, these molecules reach the end of the vacuum tube at different instances of time, forming a spectrum. These graphs are like unique fingerprints of a species: they are different for different species of animals. Looking at the database of such graphs, taxonomic identifications of the collagen proteins came be made.

All four bone tools from Abri Peyrony gave positive results and showed that the bones were made from large bovids, even though reindeer were more abundant during that time. One of the advantages of using bovid ribs over reindeer’s thin ribs was the bovid ribs would be more resistant to breaking during flexion, Dr Martisius said.

Dr Martisius said such non-destructive ZooMS analysis was previously conducted, but for tools no older than a few centuries. She said such an analysis had never been previously conducted for artefacts so ancient.

Wikinews caught up with Dr Martisius to discuss this research in-depth.

Tuesday, April 20, 2021

Wikinews extended invitations by e-mail on March 23 to multiple candidates running in the Texas’ 6th congressional district special election of May 1 to fill a vacancy left upon the death of Republican congressman Ron Wright. Of them, the office of Democrat Daryl Eddings, Sr. agreed to answer some questions by phone March 30 about their campaigns and policies. The following is the interview with Ms Chatham on behalf of Mr Eddings, Sr.

Eddings is a federal law enforcement officer and senior non-commissioned officer in the US military. His experience as operations officer of an aviation unit in the California National Guard includes working in Los Angeles to control riots sparked by the O. J. Simpson murder case and the police handling of Rodney King, working with drug interdiction teams in Panama and Central America and fighting in the Middle East. He is the founder of Operation Battle Buddy, which has under his leadership kept in touch with over 20 thousand veterans and their families. He was born in California, but moved to Midlothian, Texas. He endeavours to bring “good government, not no government”. Campaign manager Faith Chatham spoke to Wikinews on matters ranging from healthcare to housing.

An Inside Elections poll published on March 18 shows Republican candidate Susan Wright, the widow of Ron Wright, is ahead by 21% followed by Democrat Jana Sanchez with 17% and Republican Jake Ellzey with 8% with a 4.6% margin of error among 450 likely voters. The district is considered “lean Republican” by Inside Elections and voted 51% in favour of Donald Trump in last year’s US presidential election. This is down from 54% for Trump in 2016’s presidential election, the same poll stated.