A couple of days ago I wrote about what Gallup calls 'The Big Lie': official unemployment statistics. Here's Gallup's CEO expanding on those remarks. It's well worth watching.
Word.
Peter
The idle musings of a former military man, former computer geek, medically retired pastor and now full-time writer. Contents guaranteed to offend the politically correct and anal-retentive from time to time. My approach to life is that it should be taken with a large helping of laughter, and sufficient firepower to keep it tamed!
The world is awash with more debt than before the global financial crisis erupted in 2007, with China’s debt relative to its economic size now exceeding US levels, according to a report.
Global debt has increased by $57tn since 2007 to almost $200tn — far outpacing economic growth, calculates McKinsey & Co, the consultancy. As a share of gross domestic product, debt has risen from 270 per cent to 286 per cent.
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The report is likely to fuel debates among economists about what is an appropriate level of debt in an economy. McKinsey argues much of the expansion in developing countries has reflected the healthy development of financial markets, but in advanced economies high debt could constrain growth and create fresh financial vulnerabilities.
High debt levels could make it harder for central banks to “normalise” monetary policy without disrupting the real economy — the US Federal Reserve plans to raise interest rates this year for the first time since 2006. “High debt levels are an outward sign of structural problems,” says Charles Dumas, chairman of Lombard Street Research.
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McKinsey’s conclusions echo warnings by the Bank for International Settlements in Basel, which acts as a think-tank for central bankers. BIS research had found that “when private sector credit-to-GDP ratios are significantly above their long-term trend, banking strains are likely to follow within three years”, Jaime Caruana, BIS general manager, said in a speech late last year.
Last week the world woke up to the fact that Greece’s new government holds a geopolitical trump card: it can hold the EU ransom by threatening to break the fragile consensus on Russia.
The renewal of sanctions against Russia requires the unanimous support of EU members… which means Obama’s alliance against Russia needs Greek cooperation. What’s more, Greece has veto power over whether NATO can retaliate for an attack on any of its members. Article V, which states, “[A]n armed attack against one or more of them in Europe or North America shall be considered an attack against them all,” may only be invoked with unanimous agreement among NATO members.
Greece and Russia have close cultural and religious ties, and Russia is Greece’s largest trading partner. Russia’s ambassador to Athens didn’t waste any time congratulating Greece’s new prime minister, Alexis Tsipras, on his victory.
So it’s no surprise that Putin is using Greece as leverage. Russia has hinted that it will open its market to Greek food exports if Greece leaves the eurozone, and also that it would consider giving Greece financial aid. One can imagine other carrots being dangled, like an offer to hook up Greece to the Turkish Stream pipeline.
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Syriza, which has close connections with Russia, admires Putin’s defiance of Western institutions. The new Greek foreign minister, Nikos Kotzias, has a relationship with Aleksandr Dugin, a Russian nationalist philosopher with close ties to Putin. As neo-eurasianists, they aim to pry a weak and divided Europe away from US influence. Syriza has openly campaigned for Greece to leave NATO, though they’ve toned down their hostility on that issue recently—presumbably to preserve it as a useful bargaining chip for the future.
Kotzias, who says he’ll work to prevent a rift between the EU and Russia, has already recognized the legitimacy of the Donetsk People’s Republic in eastern Ukraine and dismisses the Ukrainian government as a neo-Nazi junta.
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The euro and the Ukraine crises are converging, and Putin is watching closely.
Right now, we're hearing much celebrating from the media, the White House and Wall Street about how unemployment is "down" to 5.6%. The cheerleading for this number is deafening. The media loves a comeback story, the White House wants to score political points and Wall Street would like you to stay in the market.
None of them will tell you this: If you, a family member or anyone is unemployed and has subsequently given up on finding a job -- if you are so hopelessly out of work that you've stopped looking over the past four weeks -- the Department of Labor doesn't count you as unemployed. That's right. While you are as unemployed as one can possibly be, and tragically may never find work again, you are not counted in the figure we see relentlessly in the news -- currently 5.6%. Right now, as many as 30 million Americans are either out of work or severely underemployed. Trust me, the vast majority of them aren't throwing parties to toast "falling" unemployment.
There's another reason why the official rate is misleading. Say you're an out-of-work engineer or healthcare worker or construction worker or retail manager: If you perform a minimum of one hour of work in a week and are paid at least $20 -- maybe someone pays you to mow their lawn -- you're not officially counted as unemployed in the much-reported 5.6%. Few Americans know this.
Yet another figure of importance that doesn't get much press: those working part time but wanting full-time work. If you have a degree in chemistry or math and are working 10 hours part time because it is all you can find -- in other words, you are severely underemployed -- the government doesn't count you in the 5.6%. Few Americans know this.
There's no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.
Photographer Levi Bettweiser is the man behind the Rescued Film Project, an effort to find and rescue old and undeveloped rolls of film from the far corners of the world.
He recently came across one of his biggest finds so far: 31 undeveloped rolls of film shot by a single soldier during World War II.
Bettweiser tells us he found the film rolls in late 2014 at an auction in Ohio. About half the rolls were labeled with various location names (i.e. Boston Harbor, Lucky Strike Beach, LaHavre Harbor). “I know nothing about who shot the film or who it belonged to,” he says.
Bettweiser says he gets nervous when developing the first roll in any batch of film, since the results with that one often indicate how fruitful the rest of the batch will be.
Luckily, in the case of these 31 WWII rolls from over 70 years ago, wonderful images emerged from the developing tank.
Rangiroa offers some of the best dives in the world in and around the Tiputa Pass, which lies at one end of the one main road and runs 3.5 km to the Avatoru Pass. Sedentary common bottlenose dolphins ... regularly play group in the Pass. They can be viewed from the mainland but it is also one of the few places where they can be approached in scuba diving. Because of its large size and the existence of only two passes, each high tide creates a strong incoming current while each low tide creates a strong outgoing current in those two passes. When the current is flowing inward through Tiputa Pass, about 200 shark specimens gather at the entrance to the Tiputa Pass, at fifty meters deep. Led by the strong current, sharks can remain motionless and allow divers to observe them without any difficulty. Large manta rays, green sea turtles, and humphead wrasses can also be seen. Occasionally, tiger sharks and hammerhead sharks can also be spotted. In January, large number of stingrays gather in the Tiputa Pass, as well as hammerhead sharks that feed on them.
As he climbed to the top of the church belfry in Bolimow, west of Warsaw, General Max Hoffman of Germany's Ninth Army was expecting a bird's-eye view of a military breakthrough - and a new chapter in warfare.
The date was 31 January 1915, and he was about to witness the first major gas attack in history.
Gen Hoffman watched as 18,000 gas shells rained down on the Russian lines, each one filled with the chemical xylyl bromide, an early form of tear gas. But the results left him disappointed.
"I had expected much greater results from the employment of this ammunition in - as we then imagined - such large quantities. That the chief effect of the gas was destroyed by great cold was not known at that time."
But the failure at Bolimow proved to be only a temporary setback.
By April, German chemists had tested a method of releasing chlorine gas from pressurised cylinders and thousands of French Algerian troops were smothered in a ghostly green cloud of chlorine at the second Battle of Ypres. With no protection, many died from the agonies of suffocation.
Within a few days, the Daily Mail published an editorial lambasting "the cold-blooded deployment of every device of modern science" by the Germans.
The commander of the British Expeditionary Force, Sir John French, called the use of gas "a cynical and barbarous disregard of the well-known usages of civilised war".
But four months later Britain itself attacked the German trenches with gas, at the Battle of Loos.
"Owing to the repeated use by the enemy of asphyxiating gases in their attacks on our positions, I have been compelled to resort to similar methods," Sir John explained.
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The standard-issue gas mask in 1917 - the "small box respirator" - provided good protection against chlorine and phosgene.
But soon all sides had turned to gases which maimed even soldiers wearing a mask - blistering agents, or "vesicants".
The most widely used, mustard gas, could kill by blistering the lungs and throat if inhaled in large quantities. Its effect on masked soldiers, however, was to produce terrible blisters all over the body as it soaked into their woollen uniforms. Contaminated uniforms had to be stripped off as fast as possible and washed - not exactly easy for men under attack on the front line.
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Other terrible weapons were developed at the same time. The flamethrower appear on the Western Front in 1915, two months before gas. Other weapons, like the machine gun, were honed to new levels of murderous perfection. The biggest killer of all was artillery. Yet it was only the use of all gas that was outlawed by the Geneva Protocol of 1925.
Three years ago Fred Allen was a taxi driver working 12-hour shifts to make ends meet.
Today, he is a gun for hire, having received tens of thousands of dollars from Sydney's metropolitan councils in exchange for crucial evidence that is presented in court to help expose and close underground parlours. In short, Mr Allen has paid sex with prostitutes and ratepayers foot the bill.
"Never in a million years would I have imagined a job like this existed, let alone me doing it," the 60-year-old said, with a hint of a smirk. "It's a strange world for sure."
A private investigator who gets paid by councils to have undercover sex inside illegal brothels has been fired after withholding information about a prostitute whom he met on a job.
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In a letter dated October 23, Brothel Busters head Chris Seage wrote to Mr Allen, and warned: "It is my view you may have breached the code of ethics for private investigators in Australia.
"Let me be clear on this; I hold very seriously the withholding of information from your reports. You said yesterday the sex worker, Sophie, provided you with her phone number so you could contact her outside the establishment to have sex with. You said … you wouldn't mind taking her up on that. Further, you said you didn't want to get her in trouble ... you withheld this information to protect the sex worker who you took a liking to."
Wishing to forward the report onto the Department of Immigration, Mr Seage ordered the investigator to refile his report, adding: "You must agree to be 100 per cent honest." But Mr Allen refused to return phone calls or emails.
When approached for comment, Mr Allen said the girl, Sophie, did hand him her private details so they could meet away from the brothel, but denied seeing her again.
"I did not provide the phone number as I was not aware of who else was involved in having access to this report and was concerned for the safety of both her and myself."
Mr Seage, however, confirms that Mr Allen was hired to make two undercover visits to the premises that week and in his first report, "willingly provided" the private contact details of another illegal sex worker, Amy, with whom he had "engaged" onsite.
NSW Special Minister of State Anthony Roberts said the government was continuing to monitor "this very complex issue".
Ebola is devastating Sierra Leone's health-care system, with a dozen medics and more than a hundred healthcare workers dead so far.
At the Princess Christian Maternity Hospital in Freetown, Ebola’s deadly legacy greets visitors the moment they walk in the doors. Occupying pride of place on the peeling lobby wall, in a spot where a portrait of the hospital’s founder might normally hang, is a picture of staff member, Samuel Batty. A caption above reads: “In loving memory of our beloved brother and colleague.”
Mr Batty died from Ebola on December 2 at the age of 37. He was one of about 110 health-care workers killed by the virus since it hit Sierra Leone last March. Yet when his colleague Amadou Jawara walks past the picture each day, he feels pride as much as sadness.
Like Mr Batty, Mr Jawara is not a doctor but a community health worker, and the pair were on a training programme to teach them how to deal with basic surgical operations and the complications of childbirth. In a country where the health service is patchy at the best of times, it helps for even the most junior health workers to be able to “act up” – and when Ebola hit Sierra Leone, that is just what Mr Batty and Mr Jawara found themselves doing.
“In November, the junior doctors in Sierra Leone went on strike for two weeks, saying it wasn’t safe enough for them to work, and wanting better protective equipment,” said Mr Jawara, 40. “During that time, those of us on the surgical training programme helped fill the gaps, but it was very tough work.”
Too tough, as it turned out, for Mr Batty. Quite how he contracted the virus remains unclear, but his colleagues believe it was on a particularly busy day in late November, when a pregnant woman came in with a mild fever. Mr Batty had no choice but to conduct the usual internal examinations, in the interests of her unborn child. “The woman died shortly afterwards [from Ebola], and by that time it was too late for Samuel,” said Mr Jawara.
As ever with Ebola, the tragedy did not end there. Mr Batty’s wife also died, meaning that his son (who also caught the virus but recovered) and four other children are now orphans. Mr Jawara also spent time in quarantine, fearing he had become infected, too. “The whole thing was terrible,” he said. “And Samuel was such a decent, gentle and hardworking man.”
Such tales can be heard these days in nearly any hospital in Sierra Leone. It is now the worst-infected of all the West African nations hit by the Ebola epidemic, with 3,145 of the 8,641 deaths recorded so far since this outbreak began in Guinea in December 2013.
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The deaths of so many health workers – coupled with the ongoing reluctance of many others to return to work – has thrown a health service already crippled by civil war into an all-out crisis. Many of the country’s hospitals and clinics remain shut or are operating at a fraction of their normal capacity, meaning that people seeking routine A&E treatment, be it after a car crash, for malaria or just for severe diarrhoea, may die.
“We estimate there are 3.8 deaths from normally treatable diseases for every Ebola death,” says Adam Forrest, an NHS consultant gynaecologist with Plymouth Hospitals NHS Trust.
Scientists tracking the Ebola outbreak in Guinea say the virus has mutated.
Researchers at the Institut Pasteur in France, which first identified the outbreak last March, are investigating whether it could have become more contagious.
More than 22,000 people have been infected with Ebola and 8,795 have died in Guinea, Sierra Leone and Liberia.
Scientists are starting to analyse hundreds of blood samples from Ebola patients in Guinea.
They are tracking how the virus is changing and trying to establish whether it's able to jump more easily from person to person
"We know the virus is changing quite a lot," said human geneticist Dr Anavaj Sakuntabhai.
"That's important for diagnosing (new cases) and for treatment. We need to know how the virus (is changing) to keep up with our enemy."
It's not unusual for viruses to change over a period time. Ebola is an RNA virus - like HIV and influenza - which have a high rate of mutation. That makes the virus more able to adapt and raises the potential for it to become more contagious.
"We've now seen several cases that don't have any symptoms at all, asymptomatic cases," said Anavaj Sakuntabhai.
"These people may be the people who can spread the virus better, but we still don't know that yet. A virus can change itself to less deadly, but more contagious and that's something we are afraid of."
7. “The financial markets keep us on our toes.”
One way companies protect against unexpected weather is to buy weather futures — essentially financial contracts that pay off in the case of adverse weather like hurricanes or extreme temperatures. These contracts seem to be having a surprising side effect: They are making weather measurements more accurate.
The Chicago Mercantile Exchange, on which many such contracts trade, says they’re used as a hedging mechanism by companies like ski resorts, electric utilities, snow removal firms, and others that depend on certain weather conditions to profit. A company might enter into a contract with a financial institution. One bets that the temperature will be on average over 65 degrees in a certain location next month, while the other bets that it will be less than 65 degrees on average. The difference between the benchmark and reality (based on NWS measurements) determines who gets a payout at the end of the month.
And exchange-traded weather contracts are just one portion of a large base of weather futures, much of which takes place over the counter, says Brown, of Swiss Re.
Amiyatosh Purnanandam, associate professor of finance at the University of Michigan, and doctoral student Daniel Weagley did research on the weather contracts and the accuracy of the NWS’s measurements. Readings from NWS stations in the field can sometimes be off initially, as a result of calibration, maintenance issues, or external interference (the agency later issues corrected temps). But the researchers found that, after a weather futures contract was introduced in a specific city, those errors fell by about 10%.
The National Weather Service doesn’t often make mistakes in its measurements, but the added scrutiny of the financial markets puts pressure on the meteorologists to make measurements more accurate, Purnanandam says. It’s an example of how financial markets can influence behavior.
But while the market may have been one factor in improving weather data accuracy, the weather service says it’s always working to improve.
