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Saturday, October 11, 2008

In the midst of the intensifying global financial crisis, finance ministers and central bankers of the G7 nations – Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom – met in Washington, D.C. and released a joint statement.

With failures of large financial institutions in the United States, the crisis rapidly evolved into a global crisis resulting in bank failures in Europe and the Americas, and sharp reductions in the value of stocks and commodities worldwide. The crisis further lead to a liquidity problem and the de-leveraging of world assets, which further accelerated the problem. The crisis has roots in the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.

After the meeting, a joint statement was released with a commitment to “stabilize financial markets and restore the flow of credit.” The statement outlined five steps to achieve these goals:

1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.

“Central banks from around the world have acted together to provide additional liquidity for financial institutions, taking the necessary steps to support the global economy,” said US Secretary of the Treasury Henry Paulson in a statement after the meeting.

“We have taken a lot of actions,” said European Central Bank President Jean-Claude Trichet. “My experience of markets is that it always takes a little time to capture the elements [of the decisions taken].”

The Governor of the Bank of England Mervyn King said: “Central banks will work together as we demonstrated this week, to ensure sufficient short term liquidity is provided to stabilise banking systems. But it is also vital that governments work together to ensure their banking systems are recapitalised to enable them to lend to finance spending in the real economy.”

Sunday, February 18, 2018

On Thursday, Phil Scott of Vermont became the fourth governor in the United States to sign an executive order requiring all companies providing Internet access to state agencies to abide by net neutrality for all customers in his state. He said he did this because Vermonters rely on Internet access without blocking, throttling and paid prioritization, threatened by the December 14 decision of the US Federal Communications Commission (FCC) in the matter of “Restoring Internet freedom”. The first state governor to challenge the FCC in this way was Steve Bulllock of Montana, who did so on January 22. Andrew Cuomo of New York followed two days later. Philip Murphy of New Jersey signed a similar executive order on February 5. These four executive orders differ in details, but all require that state agencies purchase Internet access services only from companies with an enforceable commitment to net neutrality for all customers in their state.

This is part of a flurry of state-level net neutrality actions. The New York State Assembly introduced bill A01958 on January 17, 2017, three days before the inauguration of Donald Trump as President of the United States, anticipating action by him to overturn the 2015 “Title II Order” that made net neutrality enforceable in the US. Two other bills were introduced into the Washington House of Representatives in the ten days before the official decision of Trump’s FCC on this issue. In addition to these, 63 other state-level responses by net neutrality supporters were documented by Fight for the Future (FFTF) by February 16, 2018, including at least 27 bills introduced into the legislatures of 17 states with others reportedly under consideration.

These bills are in addition to the lawsuit filed on January 16 by the Attorney General of New York on behalf of 21 states and the District of Columbia claiming this FCC decision was “arbitrary, capricious, and an abuse of discretion within the meaning of the Administrative Procedure Act” (APA) of 1946 and other grounds. These states were New York, California, Connecticut, Delaware, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington state. New Jersey reportedly later committed to join the suit.

These four executive orders are the only actions on FFTF’s list of actions by net neutrality supporters that seem immediately enforceable. All others require approval by democratic bodies. The four executive orders might be challenged in courts as conflicting with “Preemption authority” claimed by the US Federal Communications Commission’s “Declaratory ruling, report and order” adopted December 14 and released January 4. The FCC order was described by dissenting Commissioner Clyburn as “Destroying Internet Freedom” rather than “Restoring Internet Freedom” as the order is titled. She wrote that this order “will put profits and shareholder returns above what is best for” consumers.

Wednesday, June 29, 2005

Speaking before an audience of 750 soldiers and airmen on Tuesday night at Fort Bragg, North Carolina, US President Bush began an effort to shore up waning support for military actions in Iraq.

The president again attempted to link the September 11, 2001 attacks with his decision to invade and occupy Iraq(The U.S. official 9/11 Commission report concluded that Saddam and Iraq were not involved in 9/11 in any way). Right from the opening of his speech, he mentioned the 9/11 attacks and also did it on four additional occasions. During the speech, Bush did not refer to the now-relinquished hunt for weapons of mass destruction (WMDs) in Iraq. The U.S. has failed to provide any convincing evidence for the existence of a WMD, even though this was one of the chief reasons President Bush cited to justify the invasion of Iraq.

Democrats criticized the president for trying to link 9/11 with the war in Iraq;”The president’s frequent references to the terrorist attacks of September 11 show the weakness of his arguments,” Nancy Pelosi, House Democratic leader, said. “He is willing to exploit the sacred ground of 9/11, knowing that there is no connection between 9/11 and the war in Iraq.”

Opinion polling conducted this week by USA Today, CNN and Gallup found for the first time that a majority of Americans, 50% to 47%, see the Iraqi war as something separate from what Bush is calling the “global war against terrorism.”

The speech comes as more bad news regarding the Iraq War, amid rising IraqI War casualties (1,740 killed, 13,000 wounded), and damaging testimony to the U.S. Congress about Halliburton fraud in Iraq, and the Downing Street Memo. In addition, vice-president Dick Cheney‘s claim that the Iraqi insurgency was in its “last throes” was contradicted in Senate testimony by General John Abizaid, who said “In terms of comparison from six months ago, in terms of foreign fighters, I believe there are more foreign fighters coming into Iraq than there were six months ago.”

In his speech, Bush discussed the question of setting a timeline for withdrawal of troops, or sending more troops. “Some Americans ask me, if completing the mission is so important, why don’t you send more troops? If our commanders on the ground say we need more troops, I will send them. But our commanders tell me they have the number of troops they need to do their job,” Bush said. US Commanders have previously commented on the problems caused by lack of coverage at the Syrian border.

The president said the war effort is a two-pronged strategy using military and political pressure to install, “a free, representative government [in Iraq] that is an ally in the war on terror.” The U.S. and multi-national Iraqi military coalition goal is an offensive campaign to take the fight to terrorists and insurgents in the region. The elimination of Saddam Hussien was a necessary step to build, “institutions of a free society, a society based on freedom of speech, freedom of assembly, freedom of religion, and equal justice under law.” Bush cited the free national elections held in January and the establishment of a Transitional National Assembly as progress on the political front, and now calls for the drafting of a constitution with the involvement of Shia, Kurds and Sunni groups.

The speech was received by the usually spirited troops in an atmosphere of quiet that only once interrupted his speech with polite applause near the end when Bush said: “So we’ll fight them there, we’ll fight them across the world, and we will stay in the fight until the fight is won.”

Tuesday, March 29, 2005A team of Australian surgeons yesterday reattached both hands and one foot to 10-year-old Perth boy, Terry Vo, after a brick wall which collapsed during a game of basketball fell on him, severing the limbs. The wall gave way while Terry performed a slam-dunk, during a game at a friend’s birthday party.

The boy was today awake and smiling, still in some pain but in good spirits and expected to make a full recovery, according to plastic surgeon, Mr Robert Love.

“What we have is parts that are very much alive so the reattached limbs are certainly pink, well perfused and are indeed moving,” Mr Love told reporters today.

“The fact that he is moving his fingers, and of course when he wakes up he will move both fingers and toes, is not a surprise,” Mr Love had said yesterday.

“The question is more the sensory return that he will get in the hand itself and the fine movements he will have in the fingers and the toes, and that will come with time, hopefully. We will assess that over the next 18 months to two years.

“I’m sure that he’ll enjoy a game of basketball in the future.”

The weight and force of the collapse, and the sharp brick edges, resulted in the three limbs being cut through about 7cm above the wrists and ankle.

Terry’s father Tan said of his only child, the injuries were terrible, “I was scared to look at him, a horrible thing.”

The hands and foot were placed in an ice-filled Esky and rushed to hospital with the boy, where three teams of medical experts were assembled, and he was given a blood transfusion after experiencing massive blood loss. Eight hours of complex micro-surgery on Saturday night were followed by a further two hours of skin grafts yesterday.

“What he will lose because it was such a large zone of traumatised skin and muscle and so on, he will lose some of the skin so he’ll certainly require lots of further surgery regardless of whether the skin survives,” said Mr Love said today.

The boy was kept unconscious under anaesthetic between the two procedures. In an interview yesterday, Mr Love explained why:

“He could have actually been woken up the next day. Because we were intending to take him back to theatre for a second look, to look at the traumatised skin flaps, to close more of his wounds and to do split skin grafting, it was felt the best thing to do would be to keep him stable and to keep him anaesthetised.”

Professor Wayne Morrison, director of the respected Bernard O’Brien Institute of Microsurgery and head of plastic and hand surgery at Melbourne’s St Vincent’s Hospital, said he believed the operation to be a world first.

Friday, November 29, 2013

With the US retail tradition of ‘Black Friday’ already underway early Thursday evening, some shoppers began gathering outside retail stores as much as 53 hours prior to these special sales events. This, according to a Texas man who told Wikinews that he and his companions had started gathering at their local Best Buy store at 1:00pm on Tuesday, awaiting the 6:00pm Thursday opening. Target retail stores opened across the country at 8pm (local time) on Thursday evening. At 8:45pm Thursday evening, approximately 500 cars were parked at the Target store in Tyler, Texas.

At least four camping tents were set up outside the Best Buy store in the Dallas, Texas area, during pre-dawn hours on Thanksgiving morning. Years ago, it was seen as something special for retail stores to open at 6am on the so-called ‘Black Friday’ following Thanksgiving Day; that time would be considered “late” by modern standards. Many retailers use barricades to organize those who gather at their storefronts. For the first time ever, a shopping mall in Las Cruces, New Mexico will open at 8pm on Thanksgiving Day and will remain open for 25 consecutive hours, closing at 9pm Friday evening.

In recent years, several significant injuries have occurred during the melee that often ensued when stores opened their doors for Black Friday events. In 2011, a woman shot pepper spray at 20 people who were waiting to purchase the newest Xbox system.