economy

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WHISTLER, B.C. - Vancouver 2010 Olympic organizers are considering canceling the evening award ceremonies and giving the medals out at sport venues to save money.

Gary Lunn, the minister of state for sport, said that in tough economic times the Vancouver Organizing Committee has to look at its bottom line.

"They are looking at all of their options and that is the right thing to do in today's economic climate . . . They have to prepare for the unknown," he said.

But Whistler Mayor Ken Melamed said residents do not support the cancellation.

"We know there are challenges but this would be a huge blow to Whistler," he said.

Whistler is planning to throw a $18.5-million party, slated to run 24 hours a day for the duration of the Olympics, which will include concerts, shows and celebrations.

The party will be held at Whistler Village and at the Celebration Plaza Olympic venue, the construction of which is due to be completed in September.  read more »

“Development” or destruction of the planet? The value of a standing forest could be more than the value of a forest burned and logged in the name of development. How many more trees would be cut, forests burned down in the name of development in days not far behind us, and time ahead?

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RIO DE JANEIRO — Twenty years ago, a Brazilian environmental activist and rubber tapper was shot to death at his home in Acre State by ranchers opposed to his efforts to save the Amazon rain forest. After his death at age 44, Francisco Alves Mendes, better known as Chico, became a martyr for a concept that is only now gaining mainstream support here: that the value of a standing forest could be more than the value of a forest burned and logged in the name of development.

This month, Brazil took what environmentalists hope will be a big step forward in realizing Mr. Mendes’s vision. The government of President Luiz Inácio Lula da Silva introduced ambitious targets for reducing deforestation and carbon dioxide emissions in a nation that is one of the world’s top emitters of this heat-trapping gas.

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Images courtesy of John Klossner, Mike Peters / Dayton Daily News / King Features Syndicate, P.C. Vey, humor-in-photos-and-pictures.blogspot.com, Nick Anderson / Houston Chronicle, Hajo / CWS, and Riber / Cagle Cartoons

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CEO -- Chief Embezzlement Officer.

CFO -- Corporate Fraud Officer.

BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.

VALUE INVESTING -- The art of buying low and selling lower.

P/E RATIO -- The percentage of investors wetting their pants as the
market keeps crashing.

BROKER -- What my broker has made me.

STANDARD & POOR -- Your life in a nutshell.

STOCK ANALYST -- Idiot who just downgraded your stock.

STOCK SPLIT -- When your ex-wife and her lawyer split your assets
equally between themselves.

FINANCIAL PLANNER -- A guy whose phone has been disconnected.

MARKET CORRECTION -- The day after you buy stocks.

CASH FLOW-- The movement your money makes as it disappears down the toilet.

YAHOO -- What you yell after selling it to some poor sucker for $240 per share.

WINDOWS -- What you jump out of when you're the sucker who bought
Yahoo @ $240 per share.

INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.

PROFIT -- An archaic word no longer in use.

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“Bailout” fever runs beyond the US, to affect Europe, to affect Asia… Market economy and private ownership - upon such economy systems democracy stands. The bailout tosses out dumb questions - don’t bailouts challenge the fundamentals of market economy? Impact on the ownership of the very top firms, the key performers in world’s major economies? Should market economy adjust itself or can it be rescued by bailouts? How many trillions would be enough in a global financial crisis? Who should not be bailed out?

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Has anyone bothered to ask: Why $700 billion? Why not $800 billion to bail out the economy? Or a trillion? Jeez, as long as the dam has burst, why not make it a cool $7 trillion?

Okay, $7 trillion it is, and if you think that's an exaggeration, you're wrong. In this year alone, we have committed an amount that is more than half of our entire annual gross national product to assorted bailouts and guarantees. No, that doesn't mean that we have diverted half our GNP for bailouts; it means that we have created half our gross national product virtually out of nothing.

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The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy.

The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures. The NBER said that the deterioration in the labor market throughout 2008 was one key reason why it decided to state that the recession began last year.

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Troubled waters & age-old problem renewed: pirates inspired by Johnny Depp’s antics or by oil - the new treasure?

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Three escape pirate-hijacked tanker

NAIROBI, Kenya (CNN) -- Three British guards jumped overboard and were rescued from the water after battling in vain to prevent pirates hijacking a chemical tanker off the coast of Somalia. The Liberian-flagged Biscaglia came under "sustained and heavy attack" early Friday morning, Nick Davis, Director of Anti-Piracy Maritime Security Solutions (APMSS), said in a statement. The three APMSS-employed security guards -- all former British servicemen -- mounted "sustained non-lethal resistance" but were unable to stop the attackers seizing control of the ship, Davis said.

The trio were airlifted to safety by a German naval helicopter and flown to a French frigate after the vessel summoned assistance from coalition warships. They were later transferred to a British Royal Navy ship. All three were unhurt, Davis said. "I have spoken with my team leader on the phone and he informs me that the level of violence was significant and forced them reluctantly to leave the vessel after every effort was made to ensure the safety of the ships crew," Davis said. Pirates continued to shoot at the three in the water, Davis said. "The hijacked vessel with pirates in control then attempted to run them down."  read more »

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The inhabitants of the world's largest island turned out yesterday in midwinter darkness to vote for what many believe is the first step towards independence. The people of Greenland voted overwhelmingly for increased autonomy from Denmark - a move that will see the 56,000-strong population take greater control over the island's potentially huge natural resources and mean Greenlandic becomes the official language.

According to the island's election commission, 76% of voters supported the proposal, which outlined a system for sharing future oil revenues with Denmark and gave locals control over the courts, the police and the coastguard. Denmark would retain responsibility for security and foreign relations. The referendum was supported by the Danish government.

Around 72% of the island's 40,000 registered voters cast their ballots at voting stations in 18 municipalities. The high turnout came despite the small number of daylight hours and sub-zero temperatures in many parts of the island, 80% of which is covered by ice. The system is likely to come into effect from June 21 next year, the island's national day. It is almost certain to be rubber-stamped by the Danish and Greenlandic parliaments.  read more »

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Germany has become the first of the G7 powers to declare an official recession. After Germany and Italy officially declared recession status, it was the turn of the entire 15-nation euro zone to make a similar declaration on Friday, November 14, 2008.

Gross domestic product in the Eurozone fell by 0.2 percent for a second consecutive quarter in the third quarter, according to figures from Eurostat, satisfying the technical definition for a recession. The contraction means that two of the world's three major economies, Japan and the Europe's euro zone, are now in recession.

Germany and Italy logged third quarter declines on their gross domestic products by 0.5 percent for July to September and 0.4 percent for the second quarter. France narrowly missed joining the recession club because it had a 0.1 percent GDP growth rate in the third quarter after it had a minus 0.3 percent growth in the previous quarter.

Like the UK, the group of 15 countries has been hit hard as the crisis that started in the US banking sector feeds through into the wider economy. The worst affected has been Germany, Europe's biggest economy, where GDP fell by 0.5pc in the third quarter after a 0.4pc in the second. Italy suffered falls of the same proportion in both quarters.  read more »

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Western nations began to cede some control as countries including Brazil, India and China – which with Russia form the so-called BRIC nations – managed to guarantee a greater presence on the international stage.

All three will now join the board of the Financial Stability Forum – the global economic policy powerhouse that to date has been the bastion of the G8.

Each is likely to play a stronger role in the reform of major institutions such as the International Monetary Fund than might previously have been witnessed under the old economic order.

The final summit communiqué also gave particular reference to emerging and developing economies, urging them to undertake commitments consistent with their capacities and roles in the global economy – a clear admission of their increased importance.  read more »

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The United States was not the only country to name a new leader last week. In Bhutan, an insular nation of about 600,000 people located high in the Himalayas, a new king was crowned. 28-year-old Jigme Khesar Namgyel Wangchuck, an Oxford-educated bachelor, was crowned as Bhutan's fifth king - now the world's youngest reigning monarch. Bhutan also has the distinction of being the world's youngest democracy - having held parliamentary elections last March for the first time ever. The young ruler vows to maintain a stance of protection against the worst aspects of globalization, maintaining the "Gross National Happiness", a measurement of national progress that places a high value on spiritual development. Gross National Happiness is a term invented by, and proudly embraced by Bhutanese since 1972.

Above: Bhutan's fourth King Jigme Singye Wangchuck (right) crowns his son Jigme Khesar Namgyel Wangchuck as the fifth King of Bhutan, in the Throne room of the Tashichhodzong Palace during the coronation ceremony in Thimphu, Bhutan on November 6, 2008. With medieval tradition and Buddhist spirituality, a 28-year-old with an Oxford education assumed the Raven Crown of Bhutan on Thursday, to guide the world's newest democracy as it emerges into the modern world.

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Shocking figures about the US National Debt:

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1.
7 Oct 08 - National Debt passes $10 trillion (Huffington Post)
Bush Administration adds $4 trillion to National Debt (CBS News)

2.
The estimated population of the United States is around 305 million.
So each citizen's share of this debt is close to $35k.

3.
The (National Debt has continued to increase an average of
$3.99 billion per day since Sept. 28, 2007!

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Original Source: brillig.com

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The 14th edition of the Chocolate Fair has opened in Paris featuring 400 exhibitors and 140 chocolatiers from around the world, featuring displays and mountains of chocolate, top pastry chefs and sculptures. Visitors will be able to sample treats, creamy truffles and steaming cups of hot chocolate.

"It may be doom and gloom for everybody else, but for us all is well," said Gilles Marchal of luxury French chocolate-maker La Maison du Chocolat, speaking as the annual Paris chocolate show opened Wednesday. "Chocolate is a comfort-food," he added. "There has been no drop in sales."

The French have had a long-standing love affair with chocolate since its introduction to the country by Anne of Austria in 1615. It was presented as a wedding gift upon her marriage to Louis XIII. Anne of Austria only married him on condition that she could bring her own chocolate supplies from Spain. By the mid-1600s, the chocolate drink had gained widespread popularity in France.  read more »