Can this happen to your country currency? In case of Icelandic krona it all started in October 2008, when the effects of the GFC brought a huge disruption to the Icelandic banking sector. The value of the krona plummeted, and on 7 October 2008 the Icelandic Central Bank attempted to peg the krona at 130 against the euro. This plan did not work. The krona later fell to
340 against the euro before trade in the currency was suspended. After a period of tentative, very low-volume international trading in the krona, activity had been expected to pick up again throughout November 2008, albeit still with low liquidity, as Iceland secured an IMF loan. However as of January 2009 the krona was still not being traded regularly, with the exchange rate being set only intermittently, as of December 3, 2008 at 290 ISK per euro. The previously high costs for foreign tourists have been drastically reduced, which Iceland's tourism industry hopes to exploit.
Labels: banking, currency, Iceland, IMF
According to Charles Robert Darwin natural selection favors the most fit and adoptable organisms around. However those species which survive may not always be optimal form of life. The researchers from The University of Texas at Austin, led by evolutionary biologist Dr. Matthew Cowperthwaite have shown that what may be good in the short run, may hinder evolution in the long run. Cowperthwaite explains "Some traits are easy to evolve - formed by many different combinations of mutations. Others are hard to evolve - made from an unlikely genetic recipe. Evolution gives us the easy ones, even when they are not the best." This research has been conducted using computer models of RNA molecules evolving by mutation and natural selection.
Labels: Charles Darwin, evolution, natural selection
Bank of America has the biggest fleet of corporate jets with eight planes each worth $US45-50 million and costing $US10,000 per hour to fly. Thay have put three corporate planes and a helicopter up for sale in a bid to save money. There will be many more of them for sale rather sooner than later. If they can not sell them at reasonable price there is still planty of space in a desert. I think the aircraft storage business should be good.
Labels: aircraft storage, bankers, corporate jet
I just picked up an old magazine from June 2008 and found the article there with the title: Speculators blamed for rise in oil price. Now that the crude oil went down by more than $100 per barrel, we know exactly how much pure speculation we had there. Back then, some analysts believed that record oil prices are a result of speculation and are certain to head lower. I hope they all made a trade on futures market and having some big party now.
Labels: futures market, oil price, speculation
How many properties have been foreclosed in USA in last 12 months? It is hard to find national number but I looked at some states. Just in California 28,795 properties were foreclosed in July 2008. The figures from other states are also very sobering. Typical story has been reported on BBC in October - "Poverty and the blues in Memphis". Elvis used to live in there. But there is not much joy in Memphis any more. However I was struck by lack of details in this story. The reporter was saying: "Take Denisa. She bought her home four years ago. Two years ago, her mortgage payments started rising, as interest rates went up. Her monthly bill is now $200 more than it was when she took out the loan. She cannot afford it. Her bank has begun foreclosure proceedings. She is close to losing her home." And that was it. No information about how much the house was bought for, or how much is it worth now. There was also no information about her past or current income. It is very disappointing that the journalist left more questions than answers. Doing a quick research on a $100,000 property, monthly payment is $598 per month - considering 30 yr. fixed mortgage at 6.1% which is a current rate.
Labels: California, foreclosure, Memphis, mortgage, property, USA
Hollywood has been promoting itself as being environmentally friendly. But in reality it is just another show since as we might have expected the
energy consumed by
film production is mind boggling. Recent study released by the University of California at Los Angeles concluded that special effects explosions, lighting and cooling systems, idling vehicles and diesel generators make the entertainment industry a major Southern California polluter, second only to the
oil industry.
There is a great need to start measuring carbon footprint, then reducing it, whether through using alternative fuels, reducing
electricity consumption or combining trips as it was pointed out by Shelley Billick, vice president of environmental initiatives at Warner Bros Entertainment.
Labels: energy, environmentally friendly, Hollywood, oil, pollution
Recently more countries support laws in extending stem cell research. It is worthwile to note that supporters are often using phrase:
therapeutic stem cells, when they refer to
embryonic stem cells. Unfortuantly after 20 years of research, there are no approved treatments or human trials using embryonic stem cells. They tend to produce tumors and malignant carcinomas, cause transplant rejection, and other undesired effects.
Labels: embryonic, stem cell, therapeutic
