Ahhh, but what happens??!
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"Credit crunch for dummies ... [translated from the article by Cameron England July 30, 2008, www.news.com.au] Australian average, there are about a year, had probably never heard of "sub- prime, credit crunch or U.S. firms answering the picturesque name of "Fannie Mae" and "Freddie Mac". Twelve months after , they have become part of the discourse of commentators trying to predict if the economic gloom that swept the United States and continues to cause damage here and there, resulting in problems in Australia. Fannie Mae and Freddie Mac are the names of the two largest mortgage companies in the U.S., guaranteeing themselves a more than U.S. $ 5.3 billiards (1 billiard = 1000 billion ... in English, 1 trillion), or 40% of loans . The U.S. central bank, the Federal Reserve Bank this month announced it would lend the money the two, ensuring that they do not run - a scenario that could trigger a total collapse of financial system American. That's Fed may need to intervene is a sign that the crisis "subprime" which started on the U.S. in the middle of last year, is indeed still with us. When the crisis began, many experts have predicted that Australia does not strongly Souffir a U.S. slowdown given that our economy is "decoupled" from that of the U.S., for the economies of emerging countries Asians. asssure In spite of this, the Australian stock market has fallen below the American stock market over the past year. Last week, the NAB (National Australian Bank, Australia's second largest bank) has admitted it would make an allowance of more than AUS $ 830 million to cover the "bad debt" in connection with the U.S. credit market, amount to adding to AUS $ 181 million already set aside. The ANZ (Australian and New Zealand bank, the 4th largest bank in Australia, the last of the four financial pillars Australians ) has warned it would set aside $ AUS 1.2 billion to cover its exposure to real estate and investment firms brokers, among others. crisis "subprime" has emerged over the last year and quickly triggered what is now called the "credit crunch" overall. "sub-prime" refers to these loans available in the U.S. which require little or no initial capital, which were attributed to people with bad credit history and in some cases, no work. Some of these loans had low initial interest rates that allowed people to take them, thinking they could refinance later before the real interest rate is established. There was also the belief among borrowers they could rely on the value of their property while home prices increased. House prices in the United States has dropped in 2006-2007, making refinancing more difficult. delinquencies and foreclosures began to increase considerably and credit agencies have begun to hit the wall. And what relationship with Australia? The problem lies partly in the manner in which the risk of lending money to these "high-risk borrowers" was managed. As is often the case, rather than assuming all the risks themselves, banks and credit brokers will "assemble" many credits together, then "secure". This simply means they create shares in the overall package, which can be sold to other investors on the basis of a fixed return on investment. These types of investments are generally relatively "safe" and are Market as such. As more and more people can not pay their credit - Seizures increased from 79% to reach 1.3 million in 2007 - investors worldwide, including some firms Australia, have begun to feel their pain. Others went bankrupt. The venerable U.S. investment bank Bear Stearns was bought by its competitor JP Morgan Chase for U.S. $ 10 per share compared to its value of U.S. $ 160 the previous year. heads of Merrill Lynch and Citigroup in the U.S. have resigned in response to the massive "writedowns" related to subprime. The problems have had a domino effect throughout the financial community. This resulted in a significant loss of confidence in the assurance that so-called investment "little risk" can be as "safe" than they seem. Firms that previously were willing to lend money have begun to reduce their loans or increase their interest rates. The companies that been exposed to the credit market, such as credit card companies or real estate investment firms with high levels of credit, suddenly found themselves unable to refinance their debts. Centro Properties Group (ASX: CNP), the second largest Australian owner of shopping centers, saw its share plunge after it announces the end of last year he had trouble refinancing $ 3.9 AUS billion debt. Another side effect of the rising cost of credit was the fact that Australian banks have increased their interest rates on home loans faster than the RBA (Reserve Bank of Australia), provoking the wrath of consumers. In September, Britain saw its first banking debacle since 1866, says The Economist, when the 5th largest credit agency, Northern Rock, said to have problems raising funds. The International Monetary Fund estimated this week that the potential loss resulting from the crisis could reach U.S. $ 945 billion. The American government was quick to cut interest rates during the previous year to try to stem the fall. U.S. rates have been reduced from 5.75% to 2.25% between September and March. Bad news keeps coming, with the bailout of Fannie Mae and Freddie Mac: A sign that the worst is yet to come. The crisis has pushed the U.S. to the brink of recession, while home sales and construction plunge, consumers stop consuming and banks lay off en masse - 34 000 in nine months until March, according to Bloomberg . U.S. President George W. Bush announced a package of U.S. $ 168 billion in February, was supposed to help restart the economy. Prices from crude oil and food to the above, however, were anticipated as erasing any potential gain. Glenn Stevens, Governor of our own central bank, the Reserve Bank of Australia, said recently that the fear of a total collapse of the U.S. financial system had somewhat attenuated during recent months. The risk of a crisis in style "sub-Prins" in Australia, at least from similar causes, is low. The RBA said that the closest equivalent of the funds' sub-prime credits in Australia are "non-conforming", which has participated for about 1% of all loans outstanding, compared with 15% share of U.S. sub-prime. Mr Stevens think the danger to the Australian economy lies in the area of inflation - ironically the symptoms of an evolving economy too quickly, rather than too slowly. |
Nuclear power, a necessity [Translated from the article by John Ritch, http://www.world-nuclear . org / ] Today, one after the other, in more and more important, the governments of the world embrace nuclear energy as a fundamental element of their strategy for energy independence and environmental friendly global responsibility. doing so, they respond to an imperative that is gaining ground on all continents. ![]() [...] Today we face a conflict even more frightening in its dangers and its extent, a challenge unlike any that humanity has faced through the ages. And that, in the strictest sense, an existential conflict - between the behavior of humanity and the planetary environment, the same one that has allowed civilization to evolve .[...] Between now and 2050, while the population will increase from 6.6 billion to 9 billion, humanity will consume more than the total combined ernergie uses throughout its history. [...] Even worse, the increasing concentration of greenhouse gas emissions will pass the point of no return as we head towards a climate catastrophe. [...] Today, the world economy produced of greenhouse gas emissions has a speed of 29 billion tonnes per year - some 900 tonnes per second - a rate consistent growth despite the rhetoric and negotiation. The lean and yet demonizes the Kyoto Protocol, even if it was implemented, would a mere scratch in the gigantic task that we face. [...] We must, by the middle of the century, cut emissions of greenhouse gas emissions by 60% - despite the fact that consumption ernergetique world will more than triple. [...] the energy dimension of poverty is fundamental. Poverty is so close correlation to the lack of electricity that access to electricity is the best measure of the level of a person's life. In today's world, about 6.6 billion inhabitants, 2 billion have no electricity and 20 billion more have only one limited access. [...] The International Energy Agency (government) and the World Energy Council (private sector) both consider that nuclear power must play a central role in a revolution "energy-esteem." This view articulated in a similar way by the UN Framework Convention on Climate Change and the Intergovernmental Panel on Climate Change. [...] Indeed, looking at the matter fairly and "not passionate," nuclear energy is indeed nothing less than the quintessential energy resources for sustainable development. His
In dozens of countries [...] of North America, Europe, Russia and even South East Asian countries, led by China and India, the value of nuclear energy was discussed and reaffirmed. Countries without major nuclear energy, such as Vietnam, Turkey, Indonesia, Egypt, Kazakhstan and the Gulf emirates, are about to introduce the atomic energy for the first time. Italy, which is the only country to have closed a small number of nuclear plants, is now the largest importer of electricity in the world, without any doubt will reverse movement in the decade ahead. Even on land with little or no nuclear power, the political context for nuclear energy has changed. The South African government has not only embraces energy nuclear, but also now seeking to have an international role in technological innovation of reactors. And Australia, with its reserves of uranium but leading an anti nuclear long, politicians have begun a serious national debate that will culminate in potentially making the nation not only a user of nuclear energy but also a major player in the cycle nuclear fuel. |