Bis financial crisis scenario becomes reality for russia

The collapsing fortunes of commodity exporters are putting increasing prere on companies from the emerging markets, which have borrowed more than a trillion dollars in dollars, euros and yen since 2009

The bank for international settlements (bis), has for years acted as perhaps the most important reminder of the financial markets. For years, she has also been increasingly harsh in her criticism of the expansionary monetary policy of the leading central banks, emphasizing in particular the consequences for the emerging markets. In this way, the dollars, euros and yen available in abundance were preferentially channelled to the emerging economies, where they led to exaggerations, misinvestment and, above all, excessive indebtedness, which would have disastrous consequences as soon as the international willingness to finance declined. Specifically, the bis has been warning for years about a phenomenon known in financial economists as the "original sin" (erbsunde) – the debt in a different currency than the one in which the revenue is generated.

554 billion dollars in foreign-held bonds

As the bis notes in its latest quarterly report, in the current financial cycle, it was mainly large, internationally active emerging market corporates that took advantage of cheap funding opportunities, iing $554 billion in international debt in foreign currency between 2009 and 2013. Add to this cross-border bank lending, of which $1.1 trillion had flowed to china, $311 billion to brazil, and just over $200 billion each to india and korea at the end of june 2014. The statistics also reflect only a small part of the obligations, since large companies often borrow through subsidiaries in offshore financial centers that do not appear in them.

Ford shows kuga with individual package in paris

Ford shows kuga with individual package in paris

Paris (france), 5. October 2008 – those who find the standard look of their ford fiesta, galaxy, mondeo or s-max too ode will find a remedy in the manufacturer’s individual program. In the first half of next year, ford also plans to launch a corresponding offer for the kuga. How an individualized compact suv could look, the kolner show at the paris motor show (4. To 19. October 2008).

Other colors and materials

Inside, there are new colors and higher-quality materials. Two particularly fine leather qualities are used for the seats. Particularly soft nappa in the color ebony adorns the strongly contoured seat surfaces and backrests. An individual logo is embossed on the latter. The seat sides are more strongly contoured than in the standard model and are covered with a grained leather. Light quilted stitching provides additional contrast. Matching the white paint of the paris study, the center console trim and the boomerang-shaped door handles are finished in glossy white.

Optional body kit

Another special feature of the kuga individual on display in paris is a distinctive body kit. This modifies the upper radiator grille. The lower air vent with its chrome-plated inserts also sets the individual model apart from the standard version. In addition, there are flared wheel arch extensions painted in body color, modified side skirts and a redesigned front apron, which has been extended downward by five centimeters. The front and rear underride guards are also set correspondingly lower. Like the tower panels, they are painted in a contrasting silver tone and include the exhaust pipes at the rear. Other striking features include the rear spoiler, which is extended by a good ten centimeters, and 20-inch aluminum wheels with a special spoke surface. Tires of dimension 255 are fitted.

New york photographer cornelia wilhelm: “i love everyone i photographed.”

Cornelia wilhelm, born in 1965 in lucerne, worked for her teaching to the photo labant as a photo assistant in new york. She lives and works today as an artist and photographer in forest in switzerland with her husband, the artist andre wilhelm. Dr. Thomas hafen met her for lakes.By to interview:

How did you get the idea of making a book from your pictures of coney island – almost 30 years after the photos have arisen?

Cornelia wilhelm: i wanted to bring the book forever, but life always came in between. Meanwhile, i find it really great that it took so long. So not just a photo book was created, but a time document.

Pastranas war

After the breakdown of talks with the eln, the pastrana government sets the war machine in motion

Those who have believed the u.S. Government’s declarations so far are "plan colombia" the government, which believes that the farc is fighting drugs and not the opposition, has been disabused of this notion in recent weeks. A little more than a year after the u.S. Congress approved $1 billion in military aid, colombia is well on its way to open civil war. Since the government of conservative president andres pastrana took office on 7 december, the. After pastranas declared an end to talks with the eln guerrillas on august 8, the colombian army launched an offensive throughout the country in which, according to army sources, several hundred people were killed. Not only eln-controlled areas in departments such as bolivar and arauca, but also regions under the influence of the farc guerrillas, who are still negotiating with the government, are attacked by elite units several thousand strong.

Vor drei jahren war der amtsantritt von prasident pastrana noch als auftakt eines neuen friedensprozesses gefeiert worden. The editor-in-chief of the "le monde diplomatique", ignacio ramonet, described pastrana in the summer of 1998 as a great hope for colombia, which had been ravaged by war for more than 50 years. In fact, immediately after taking power, the new president fulfilled several important conditions for the start of peace negotiations. For example, he left the farc guerrillas, who were considered to be close to the cp, a 40.The new president established a security zone of about 1,000 square kilometers in the south of the country, suspended arrest warrants for leading guerrilla commanders, and traveled to the area now controlled by the farc in january 1999 to kick off the talks.

Full-body scanner at german airport: “turn around please!”

Aviation security checks with metal detector gates will soon be a thing of the past. Depending on the computing power of the devices, people could even be checked unnoticed

The german electronics company rohde black arms german airport with 300 more body scanners and accessories. According to a press release from the company, the procurement office in the federal ministry of the interior has signed a framework agreement to this effect. For example, the federal police want to detect whether people being checked are carrying potentially threatening objects under their clothing or on their bodies during airline passenger screening.

Rohde schwarz advertises that the new devices of the type "quick personal scanner 200" recognize metallic and non-metallic objects, "no matter if hard, flexible, fluffy". In aviation security, new threats include foil explosives or self-printed weapons. These can also be found in shoes, headgear or medical dressings. Possibly the scanners will be used elsewhere, rohde schwarz mentions security gates in ministries.

What “wags” in baden-baden “tipple”

England’s players’ wives reportedly let it rip in baden-baden

Because their better halves have so far been rather lackluster in the world cup, england’s players’ wives and girlfriends have long been the talk of the british media. On monday, zdf also devoted large parts of its morning show to the "wives and girlfriends" (wags for short) of beckham and co.

The worst job at brenner’s park hotel is currently held by an employee who has to get dozens of british tabloids every morning from a newspaper store, the daily mirror reported in its monday edition. Customers of the special press service are said to be players’ wives and girlfriends of the english world cup team, eagerly awaiting "exclusive" reports and "secret" photos of their stay in baden-baden.

London court wants to keep assange in custody

London court wants to keep assange in custody

Judge raised the ie of bail in a surprise move – and promptly rejected the option

Wikileaks founder julian assange will probably have to remain in prison in the uk even after the end of his minimum prison term. This was reported recently by the london-based evening standard newspaper. Assange had been told that he could not hope to be released from prison when his current sentence expires on 22 december. September could be suspended on bail for the first time. The publicist was arrested in the rooms of the ecuadorian embassy in london on april 11. April for violating the conditions of preservation in custody.

The 48-year-old was sentenced to 50 weeks in prison following his arrest in may after spending seven years in the ecuadorian embassy in london. In april, the police had dragged him out of the rooms in london’s posh knightsbridge district in a spectacular action. The reason for this was a decision by the ecuadorian government: unlike his predecessor rafael correa, the new president lenin moreno wanted to get rid of assange after he surprisingly changed to a pro-western and neoliberal course.

The variable geometry of the new world order

The u.S. Has failed as the sole international leader of the world. But who will succeed them?

In 1992, three years after the fall of the iron curtain, all was still well with the world for american presidents. George bush had no doubts that "with god’s help" he had won the cold war and could now reap the global fruits of a grueling labor.

A world once divided into two armed camps now recognizes a single and preeminent power, the united states of america. They appreciate this and are not afraid. Because the world trusts us with all its strength – and rightly so. She trusts us to be fair and full of mab. She trusts that we are on the side of honor. She trusts us to do the right thing.

Comment: bye-bye m-system

The german traditional manufacturer leica once was considered innovative and technically leading to the camerabau, but that’s a long time ago. At least since the 1960s, the japanese leica had stopped mercilessly. Technical innovations were – when convinced decades after the competition. With the leica sl everything will now be different. The sl is a modern camera and that is almost revolutionary for leica ratios.

How to tick the watches as soon as you can see on the m system. The m-system came first three years (!) after the importation of the time authority to the enjoyment of the same. The sputnikschock of the camera industry had completely cropped the product portfolios of all coarse manufacturers in a short time. But not at leica, there was the topic of autofocus snacked. In the m-system you are still focused by hand. After all, with the m-system, you had made the leap into the digital age, the r system is just about it.

Other achievements of the modern age were fermented in ranged, because one shied away from fundamental changes. Zoom lenses and optical mescher, that’s hard together. Instead, are retained with ulcious constructs such as a three-stage fixed focal length. Over an electronic commander, one could at least adapt a zoom from the set r system. That too is certainly no elegant solution. Not even for a handle it has reached, even the must be bolted to threater.

Venezuela: 1.85 million signatures for the impeachment of the president

Venezuela: 1.85 million signatures for impeachment of president

Guri hydropower plant. Image: fadi. License: cc by-sa 2.0

Maduro hopes for start of rainy season

In venezuela, the electoral alliance mesa de la unidad democratica (mud), which since december has had almost a two-thirds majority in parliament but does not form the government of the prasidial republic, yesterday handed over to the electoral authority consejo nacional electoral (cne) 80 boxes which, according to its own information, contain 1.85 million signatures for a referendum to remove president nicolas maduro from office. According to the mud secretary general jesús torrealba, two and a half million signatures have been collected. The electoral authority must now verify the signatures submitted.