Danish Central Bank Nationalizes Roskilde Bank After Efforts to Find Buyer Failed

August 25th, 2008

Via: Bloomberg:

The Danish Central Bank will lead a buyout of Roskilde Bank A/S after a slumping property market drove the lender into insolvency and a private purchaser couldn’t be found.

Roskilde will receive 4.5 billion kroner ($890 million) in cash from the central bank and Danish lenders. The purchasers will also assume 37.3 billion kroner of debt, Roskilde said in a statement yesterday. The shares were suspended in Copenhagen trading today, after falling 75 percent this year.

Writedowns on real estate loans led to a pretax loss of at least 1 billion kroner in the first half, double an estimate the bank published on July 14, Roskilde said yesterday. Denmark became the first European economy to enter a recession since the global credit crisis began, as declining property values prompted consumers to spend less. The bailout is the first by the Danish central bank in 15 years.

“The central bank views this matter with great seriousness,” Nationalbanken, as the central bank is known, said in the statement. “This acquisition will contribute to limiting the negative effect on Denmark’s financial system” of Roskilde’s failure.

Roskilde, based in the Danish city of the same name, received “unlimited liquidity” from the central bank on July 10 and the Danish Bankers Association agreed to cover as much as 750 million kroner of losses. The central bank said at the time the backing was conditional on Roskilde finding a buyer within six months.


Russian Parliament Votes to Recognize South Ossetia and Abkhazia

August 25th, 2008

Via: Bloomberg:

Both houses of the Russian parliament called on President Dmitry Medvedev to recognize the independence of two breakaway Georgian regions that sparked Russia’s first foreign military incursion since the Soviet era.

“Today we are faced with, I’m not afraid to say, a historic decision, to call upon the president of the Russian Federation to recognize the independence of South Ossetia and Abkhazia,” Sergei Mironov, the speaker of the upper house, said in an address to lawmakers in Moscow today.

South Ossetia and Abkhazia, which broke away from Georgia in wars in the early 1990s, have cited Kosovo’s Feb. 17 declaration of independence from Serbia as a precedent for their aspirations. Medvedev — who alone can decide on whether to recognize the territories — has said previously that Russia supports the regions’ decisions on their future status, while stopping short of formally recognizing them. President George W. Bush has insisted the regions remain a part of Georgia.

Both the lower chamber, the state Duma, and the upper house, the Federation Council, voted unanimously in support of independence.

“Medvedev will recognize both regions,” said Alexander Rahr, a Russia expert at the German Council on Foreign Relations in Berlin. “There’s no way out,” he said. “This is a consequence of the recognition of Kosovo by the West and Western policy in the Balkans.”

Russian Troops

The vote “is yet another escalation of the geo-political tensions in central and eastern Europe and is likely to further worsen the relationship between Russia and the West,” said Lars Christensen, head of emerging markets research at Danske Bank in Copenhagen.


Uncle Sam Wants Your Brain

August 25th, 2008

Via: Wired:

Drugs that make soldiers want to fight. Robots linked directly to their controllers’ brains. Lie-detecting scans administered to terrorist suspects as they cross U.S. borders.

These are just a few of the military uses imagined for cognitive science — and if it’s not yet certain whether the technologies will work, the military is certainly taking them very seriously.

“It’s way too early to know which — if any — of these technologies is going to be practical,” said Jonathan Moreno, a Center for American Progress bioethicist and author of Mind Wars: Brain Research and National Defense. “But it’s important for us to get ahead of the curve. Soldiers are always on the cutting edge of new technologies.”

Moreno is part of a National Research Council committee convened by the Department of Defense to evaluate the military potential of brain science. Their report, “Emerging Cognitive Neuroscience and Related Technologies,” was released today. It charts a range of cognitive technologies that are potentially powerful — and, perhaps, powerfully troubling.

Research Credit: PD


Wealthy Mexicans, Worried About Kidnapping, Are Buying Personal Satellite Tracking Systems

August 25th, 2008

From what I’ve been able to tell from this, the implanted chip has nothing to do with tracking the person. It’s probably for postmortem identification purposes.

There’s an external box that the person must carry with them (a GPS receiver that’s probably tied into the mobile phone network). As soon as the kidnap victim is separated from that external box, he or she can’t be tracked anymore.

Failed state follies in the so-called information age.

Via: Reuters:

Affluent Mexicans, terrified of soaring kidnapping rates, are spending thousands of dollars to implant tiny transmitters under their skin so satellites can help find them tied up in a safe house or stuffed in the trunk of a car.

Kidnapping jumped almost 40 percent between 2004 and 2007 in Mexico, according to official statistics. Mexico ranks with conflict zones like Iraq and Colombia as among the worst countries for abductions.

The recent kidnapping and murder of Fernando Marti, 14, the son of a well-known businessman, sparked an outcry in a country already hardened to crime.

More people, including a growing number of middle-class Mexicans, are seeking out the tiny chip designed by Xega, a Mexican security firm whose sales jumped 13 percent this year. The company said it had more than 2,000 clients.

Detractors say the chip is little more than a gadget that serves no real security purpose.

The company injects the crystal-encased chip, the size and shape of a grain of rice, into clients’ bodies with a syringe. A transmitter in the chip then sends radio signals to a larger device carried by the client with a global positioning system in it, Xega says. A satellite can then pinpoint the location of a person in distress.

Cristina, 28, who did not want to give her last name, was implanted along with seven other members of her family last year as a “preventive measure.”

“It’s not like we are wealthy people, but they’ll kidnap you for a watch. … Everyone is living in fear,” she said.

The chips cost $4,000 plus an annual fee of $2,200.

Most kidnappings in Mexico go unreported, many of them cases of “express kidnapping” where the victim is grabbed and forced to withdraw money from automatic cash machines.

GROWTH INDUSTRY

Official statistics show 751 kidnappings in Mexico last year, but the independent crime research institute ICESI says the number could have exceeded 7,000.

Xega, based in the central Mexican city of Quererato, designed global positioning systems to track stolen vehicles until a company owner was kidnapped in broad daylight in 2001. Frustrated by his powerlessness to call for help, the company adapted the technology to track stolen people.

Most people get the chips injected into their arms between the skin and muscle where they cannot be seen. Customers who fear they are being kidnapped press a panic button on an external device to alert Xega, which then calls the police.

“Before, they only kidnapped key, well-known economically successful people like industrialists and landowners. Now they are kidnapping people from the middle class,” said Sergio Galvan, Xega’s commercial director.

Katherine Albrecht, a U.S. consumer privacy activist, says the chip is a flashy, overpriced gadget that only identifies a person and cannot locate someone without another, bigger GPS device that kidnappers can easily find and destroy.

She said fear of kidnapping was driving well-off Mexicans to buy a technology that had yet to prove useful.

“They are a prime target because they’ve got money and they’ve got a worry and you can combine those two and offer them a false sense of security which is exactly what this is,” she said.

President Felipe Calderon has come under heavy pressure to stamp out violent crime. He hosted a meeting on Thursday of security chiefs and state governors.

Outside of Mexico, U.S. company VeriChip Corp uses similar radio-wave technology to identify patients in critical condition at hospitals or find elderly people who wander away from their homes.

Xega sees kidnapping as a growth industry and is planning to expand its services next year to Brazil, Colombia and Venezuela.


Satire: 6-Year-Old Stares Down Bottomless Abyss of Formal Schooling

August 24th, 2008

It might be The Onion, but it’s not funny.

Via: The Onion:

Local first-grader Connor Bolduc, 6, experienced the first inkling of a coming lifetime of existential dread Monday upon recognizing his cruel destiny to participate in compulsory education for the better part of the next two decades, sources reported.

“I don’t want to go to school,” Bolduc told his parents, the crushing reality of his situation having yet to fully dawn on his naïve consciousness. “I want to play outside with my friends.”

While Bolduc stood waiting for the bus to pick him up on his first day of elementary school, his parents reportedly were able to “see the wheels turning in his little brain” as the child, for the first time in his life, began to understand how dire and hopeless his situation had actually become.

Basic math—which the child has blissfully yet to learn—clearly demonstrates that the number of years before he will be released from the horrifying prison of formal schooling, is more than twice the length of time he has yet existed. According to a conservative estimate of six hours of school five days a week for nine months of the year, Bolduc faces an estimated 14,400 hours trapped in an endless succession of nearly identical, suffocating classrooms.

This nightmarish but undeniably real scenario does not take into account additional time spent on homework, extracurricular responsibilities, or college, sources said.

“I can’t wait until school is over,” said the 3-foot-tall tragic figure, who would not have been able, if asked, to contemplate the amount of time between now and summer, let alone the years and years of tedium to follow.

The concept of wasting a majority of daylight hours sitting still in a classroom when he could be riding his bicycle, playing in his tree fort, or lying in the grass looking at bugs—especially considering that he had already wasted two years of his life attending preschool and kindergarten—seemed impossibly unfair to Bolduc. Moreover, sources said, he had no idea how much worse the inescapable truth will turn out to be.

Related: The Underground History of American Education


U.S. Military Wants Solar Powered UAV that Can Orbit an Area for Five Years

August 24th, 2008

Via: BBC:

A UK-built solar-powered plane has set an unofficial world endurance record for a flight by an unmanned aircraft.

The Zephyr-6, as it is known, stayed aloft for more than three days, running through the night on batteries it had recharged in sunlight.

The flight was a demonstration for the US military, which is looking for new types of technology to support its troops on the ground.

Craft like Zephyr might make ideal platforms for reconnaissance.

They could also be used to relay battlefield communications.

Chris Kelleher, from UK defence and research firm QinetiQ, said Unmanned Aerial Vehicles (UAVs) offer advantages over traditional aircraft and even satellites.

“The principal advantage is persistence – that you would be there all the time,” he told BBC News. “A satellite goes over the same part of the Earth twice a day – and one of those is at night – so it’s only really getting a snapshot of activity. Zephyr would be watching all day.”

…

Zephyr has demonstrated that it can cope with extremes of temperature – from the blistering 45C heat found at ground level in Arizona’s Sonoran Desert, to the minus 70C chill experienced at altitudes of more than 18km (60,000ft).

The engineers from the Farnborough-based company are now collaborating with the American aerospace giant Boeing on a defence project codenamed Vulture.

This would see the biggest plane in history take to the sky, powered by the sun and capable of carrying a 450-kilo (1,000lb) payload.

US commanders say the design must be able to maintain its position over a particular spot on the Earth’s surface uninterrupted for five years.

Research Credit: ltcolonelnemo


1992 Biden Speech: “On the Threshold of the New World Order: A Rebirth for the United Nations”

August 24th, 2008

Via: University of Delaware:

In his speech in Clayton Hall, “On the Threshold of the New World Order: A Rebirth for the United Nations,” Biden said the world’s leaders must adopt a new understanding of security. “Collective security today must encompass not only the security of nations,” he said, “but also mankind’s security in a global environment that has proven vulnerable to debilitating changes wrought by man’s own endeavors.

“Thus, in setting an American agenda for a new world order, we must begin with a profound alteration in traditional thought,” he said.


Perks for Drug Pushers

August 23rd, 2008

Via: Guardian:

Drug companies are spending millions of pounds every year on all-expenses-paid trips to conferences around the world for doctors and other hospital staff, in what critics say is a massive marketing exercise dressed up as medical education.

The Guardian can reveal the scale of pharmaceutical company sponsorship following an examination of the registers of gifts and donations to doctors that all hospitals are required to keep. They show considerable largesse – from drug companies regularly picking up hefty bills for travel to international conferences in Europe, Asia and America, to specialist nurses’ salaries, and weekly sandwich lunches for hospital staff training sessions.

All-expenses-paid trips to conferences in the US, Vietnam or Hungary are a regular feature of the registers, costing the companies up to £5,000 per doctor. Many of the declarations by doctors do not put a price on the trip. The total amounts received by staff at individual hospital trusts with complete registers are substantial – Sheffield’s staff received funding of more than £105,000 from pharmaceutical and medical devices companies in the 12 months to last June.


“Big 3” Automakers Beg for $25 Billion Government Bailout

August 23rd, 2008

UPDATE: Make that $50 Billion

HAHA. The free market! The American Soviet Ministry of Automobiles is “free” to double its request for public handouts from $25 billion to $50 billion.

Via: Reuters:

The Big 3 Detroit-based automakers are seeking about $25 billion in federal loans as they struggle to ride out a steep downturn in U.S. auto sales, The Wall Street Journal reported on Friday.

Lobbyists for the U.S. automakers — General Motors Corp, Ford Motor Co and Chrysler LLC — briefed White House officials, as well as U.S. Rep. John Dingell and other Michigan Democrats, on a possible bailout and plan to unveil the proposal after Labor Day, according to the report.

The plan is for the government to lend some $25 billion to the automakers in the first year at an interest rate of 4.5 percent, or about one-third what the companies are currently paying to borrow, the report said.

Under the proposal, the government would have the option of deferring any payment at all for up to five years, the article said.

Representatives at GM, Ford and Chrysler were not immediately available for comment.


U.S.-Led Coalition Air Strikes Left 76 Civilians Dead

August 23rd, 2008

Freedom.

Via: CBC News:

U.S.-led coalition forces killed 76 Afghan civilians, mostly women and children, in a Friday attack in western Afghanistan, said the country’s Interior Ministry.

“Seventy-six civilians, most of them women and children, were martyred today in a coalition forces operation in Herat province,” the Interior Ministry said in a statement.

Nineteen women, seven men and the rest children, all under 15 years of age, were killed, the statement said.

The civilians were killed when coalition forces bombarded the Shindand district in Herat Friday afternoon, the ministry claimed.

Coalition troops denied killing any civilians in the air strike.


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