In the midst of the intensifying global financial crisis, finance ministers and central bankers of the G7 nations – Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom – met in Washington, D.C. and released a joint statement.
With failures of large financial institutions in the United States, the crisis rapidly evolved into a global crisis resulting in bank failures in Europe and the Americas, and sharp reductions in the value of stocks and commodities worldwide. The crisis further lead to a liquidity problem and the de-leveraging of world assets, which further accelerated the problem. The crisis has roots in the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.
After the meeting, a joint statement was released with a commitment to “stabilize financial markets and restore the flow of credit.” The statement outlined five steps to achieve these goals:
Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.
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“Central banks from around the world have acted together to provide additional liquidity for financial institutions, taking the necessary steps to support the global economy,” said US Secretary of the TreasuryHenry Paulson in a statement after the meeting.
“We have taken a lot of actions,” said European Central Bank President Jean-Claude Trichet. “My experience of markets is that it always takes a little time to capture the elements [of the decisions taken].”
The Governor of the Bank of EnglandMervyn King said: “Central banks will work together as we demonstrated this week, to ensure sufficient short term liquidity is provided to stabilise banking systems. But it is also vital that governments work together to ensure their banking systems are recapitalised to enable them to lend to finance spending in the real economy.”
Yao Jiaxin, a 21-year-old student at the Xi’an Conservatory of Music, was sentenced to death on Friday. Yao, from Xi’an in China’s Shaanxi province, was convicted of homicide after stabbing a cyclist to death.
On the night of October 20, 2010, Yao ran into 26-year-old cyclist and mother of a two-year-old, Zhang Miao, while driving his car. After he saw her writing down his vehicle’s license plate number following the accident, he feared she would report him, and proceeded to murder her by stabbing her six times. Prior to her murder, Zhang had suffered only minor injuries in the accident, according to police.
On October 23, after being accused of murdering her, Yao went to the local police station with his parents and confessed to the crime. He said he killed Zhang because she had seen his license plate number, and he feared that the “peasant woman would be hard to deal with.”
During a three-hour trial on March 23, 2011, Yao’s lawyer pleaded for a lenient sentence, saying it was a “crime of passion.” Yao tearfully described how he had been forced to play the piano, leading him to thoughts of suicide. But prosecutors and judges said Yao did not deserve leniency, as he had not attempted to help the woman after the accident but instead murdered her.
Public passions were raised and some thought Yao would get off through the influence of his family. The case triggered a public debate over the death penalty.
“The motive is extremely despicable … the measures are extremely cruel … and the consequence is extremely serious,” said the court in its judgment.
This mosaic was created from two high-resolution images that were captured by the narrow-angle camera when NASA’s Cassini spacecraft flew past Enceladus and through the jets on Nov. 21, 2009. Image: NASA/JPL/SSI.
NASA’s Cassini–Huygens spacecraft has discovered evidence for a large-scale saltwater reservoir beneath the icy crust of Saturn’s moon Enceladus. The data came from the spacecraft’s direct analysis of salt-rich ice grains close to the jets ejected from the moon. The study has been published in this week’s edition of the journal Nature.
Data from Cassini’s cosmic dust analyzer show the grains expelled from fissures, known as tiger stripes, are relatively small and usually low in salt far away from the moon. Closer to the moon’s surface, Cassini found that relatively large grains rich with sodium and potassium dominate the plumes. The salt-rich particles have an “ocean-like” composition and indicate that most, if not all, of the expelled ice and water vapor comes from the evaporation of liquid salt-water. When water freezes, the salt is squeezed out, leaving pure water ice behind.
Cassini’s ultraviolet imaging spectrograph also recently obtained complementary results that support the presence of a subsurface ocean. A team of Cassini researchers led by Candice Hansen of the Planetary Science Institute in Tucson, Arizona, measured gas shooting out of distinct jets originating in the moon’s south polar region at five to eight times the speed of sound, several times faster than previously measured. These observations of distinct jets, from a 2010 flyby, are consistent with results showing a difference in composition of ice grains close to the moon’s surface and those that made it out to the E ring, the outermost ring that gets its material primarily from Enceladean jets. If the plumes emanated from ice, they should have very little salt in them.
“There currently is no plausible way to produce a steady outflow of salt-rich grains from solid ice across all the tiger stripes other than salt water under Enceladus’s icy surface,” said Frank Postberg, a Cassini team scientist at the University of Heidelberg in Germany.
The data suggests a layer of water between the moon’s rocky core and its icy mantle, possibly as deep as about 50 miles (80 kilometers) beneath the surface. As this water washes against the rocks, it dissolves salt compounds and rises through fractures in the overlying ice to form reserves nearer the surface. If the outermost layer cracks open, the decrease in pressure from these reserves to space causes a plume to shoot out. Roughly 400 pounds (200 kilograms) of water vapor is lost every second in the plumes, with smaller amounts being lost as ice grains. The team calculates the water reserves must have large evaporating surfaces, or they would freeze easily and stop the plumes.
“We imagine that between the ice and the ice core there is an ocean of depth and this is somehow connected to the surface reservoir,” added Postberg.
The Cassini mission discovered Enceladus’ water-vapor and ice jets in 2005. In 2009, scientists working with the cosmic dust analyzer examined some sodium salts found in ice grains of Saturn’s E ring but the link to subsurface salt water was not definitive. The new paper analyzes three Enceladus flybys in 2008 and 2009 with the same instrument, focusing on the composition of freshly ejected plume grains. In 2008, Cassini discovered a high “density of volatile gases, water vapor, carbon dioxide and carbon monoxide, as well as organic materials, some 20 times denser than expected” in geysers erupting from the moon. The icy particles hit the detector target at speeds between 15,000 and 39,000 MPH (23,000 and 63,000 KPH), vaporizing instantly. Electrical fields inside the cosmic dust analyzer separated the various constituents of the impact cloud.
“Enceladus has got warmth, water and organic chemicals, some of the essential building blocks needed for life,” said Dennis Matson in 2008, Cassini project scientist at NASA’s Jet Propulsion Laboratory in Pasadena, California.
“This finding is a crucial new piece of evidence showing that environmental conditions favorable to the emergence of life can be sustained on icy bodies orbiting gas giant planets,” said Nicolas Altobelli, the European Space Agency’s project scientist for Cassini.
“If there is water in such an unexpected place, it leaves possibility for the rest of the universe,” said Postberg.
A 19 year old from South Tyneside, England has been banned from looking after animals after stealing a cat and forcing it to inhale cannabis.
Mark Kane, from South Shields, England, was banned from looking after animals for 10 years after causing “unnecessary suffering” to a tabby cat in January 2009. Kane was originally sentenced to three months in jail which was suspended two years. Kane also has to pay £100 (US$167) in fines.
Kane had stolen the cat from a friend of his girlfriend. A mobile phone camera recorded the incident and showed Kane putting the cat into a bag, inhaling some cannabis and blowing it into the bag. He then swung the bag around his head in a similar fashion to a lasso. The cat survived the attack but it ran off afterwards and has yet to have been found. During the video Kane is quoted as saying “This cat is getting stoned off its head” and “Get it stoned to fuck”.
This was a vile offence.
Kane was prosecuted by the Royal Society for the Prevention of Cruelty to Animals in a court in South Shields. He was found guilty and sentenced to twelve weeks in prison, two years suspension and a ten year ban from looking after animals as well as being ordered to pay £100 costs. In a previous court hearing, Kane had also admitted two counts of cruelty to animals.
Chairman of the Bench Ken Buck said, “We do think the charges of animal cruelty are appalling in nature and caused real stress and unnecessary suffering to a domestic pet which was in your care.” Clive McKeag, who was prosecuting Kane on behalf of the RSPCA described the attack as “sadistic and wicked” and stated: “This was a vile offence.”
In regards to the case, RSPCA inspector Claire Hunt said, “He thought it was a funny thing to do to a defenseless animal.” Claire also stated that she was happy with Kane’s sentencing saying, “It deters people from doing the same thing.”
Today, United States Senator Ted Kennedy underwent surgery for a brain tumor at Duke University Medical Center. Kennedy, 76, was diagnosed with malignant glioma, a common but dangerous form of cancer, after suffering a seizure on May 17.
Kennedy has met repeatedly with friend and medical advisor Dr. Lawrence C. Horowitz to plan a course of treatment. The first, of the major phases of that treatment has now been completed, and it is expected that chemotherapy and radiotherapy will follow.
“I am pleased to report that Senator Kennedy’s surgery was successful and accomplished our goals,” said Dr. Allan Friedman, the chief of neurosurgery at Duke, who performed the surgery. “After a brief recuperation, he will begin targeted radiation at Massachusetts General Hospital and chemotherapy treatment,” Friedman added.
In talks with the press, the senator has focused on his future beyond surgery. In a prepared statement issued by his office, Kennedy stated, “after completing treatment, I look forward to returning to the United States Senate and to doing everything I can to help elect Barack Obama as our next president.”
Jim Reeves is running for the Green Party of Ontario in the Ontario provincial election, in the York-Simcoe riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.
Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.
Fears of contaminated bone and skin grafts are being felt by unsuspecting patients following the revelation that funeral homes may have been looting corpses.
Janet Evans of Marion, Ohio was told by her surgeon, “The bone grafts you got might have been contaminated”. She reacted with shock, “I was flabbergasted because I didn’t even know what he was talking about. I didn’t know I got a bone graft until I got this call. I just thought they put in screws and rods.”
The body of Alistair Cooke, the former host of Masterpiece Theatre, was supposedly looted along with more than 1,000 others, according to two law enforcement officials close to the case. The tissue taken was typically skin, bone and tendon, which was then sold for use in procedures such as dental implants and hip replacements. According to authorities, millions of dollars were made by selling the body parts to companies for use in operations done at hospitals and clinics in the United States and Canada.
A New Jersey company, Biomedical Tissue Services, has reportedly been taking body parts from funeral homes across Brooklyn, New York. According to ABC News, they set up rooms like a “surgical suite.” After they took the bones, they replaced them with PVC pipe. This was purportedly done by stealth, without approval of the deceased person or the next of kin. 1,077 bodies were involved, say prosecutors.
Investagators say a former dentist, Michael Mastromarino, is behind the operation. Biomedical was considered one of the “hottest procurement companies in the country,” raking in close to $5 million. Eventually, people became worried: “Can the donors be trusted?” A tissue processing company called LifeCell answered no, and issued a recall on all their tissue.
Cooke’s daughter, Susan Cooke Kittredge, said, “To know his bones were sold was one thing, but to see him standing truncated before me is another entirely.” Now thousands of people around the country are receiving letters warning that they should be tested for infectious diseases like HIV or hepatitis. On February 23, the Brooklyn District Attorney indicted Mastromarino and three others. They are charged with 122 felony counts, including forgery and bodysnatching.
Alan Greenspan, Chairman of the Federal Reserve has suggested that there will be more of the same in coming months from the Fed. In his speech during testimony before the U.S. Senate Banking Committee on Wednesday, Mr. Greenspan noted that the economic fundamentals of the U.S. appeared to be stable. On Thursday, Greenspan spoke before the U.S. House Committee on Financial Services and when faced with questions regarding Social Security reform issues, he hinted that he was in favour of partial privatization of Social Security – but the general consensus on Wall Street is to expect more of the same.
However, economic advisors were somewhat disappointed that most of the testimony in both speechs was focused on the upcoming Social Security reform and did not address monetary policy as broadly as they’d hoped. Mike Moran, chief economist at Daiwa Securities America Inc, is quoted in the Investors Business Daily as saying “Chairman Greenspan provided few explicit insights into his plans for monetary policy.”
Greenspan reiterated his concerns about market reactions to the burgeoning federal deficit. “We are not sure to what extent and how much the market will respond,” he said.
Parsing Greenspan’s reports to Congress is a Wall Street obsession, but the general consensus from his recent testimony is to expect little change in the current Fed policy. Economists expect “measured” hikes to the central bank’s short-term interest rates from the next few meetings of Fed policy-makers.
“In my view the bottom line is that we are in for more of the same,” said Steve Stanley, chief economist at RBS Greenwich Capital to the Associated Press.
Controversy has arisen over the reported presence of blue asbestos on the MVFreewinds, a cruise ship owned by the Church of Scientology. According to the Saint Martin newspaper The Daily Herald and the shipping news journal Lloyd’s List, the Freewinds was sealed in April and local public health officials on the Caribbean island of Curaçao where the ship is docked began an investigation into the presence of asbestos dust on the ship. Former Scientologist Lawrence Woodcraft supervised work on the ship in 1987, and attested to the presence of blue asbestos on the Freewinds in an affidavit posted to the Internet in 2001. Woodcraft, a licensed architect by profession, gave a statement to Wikinews and commented on the recent events.
According to The Daily Herald, the Freewinds was in the process of being renovated by the Curaçao Drydock Company. The article states that samples taken from paneling in the ship were sent to the Netherlands, where an analysis revealed that they “contained significant levels of blue asbestos”. An employee of the Curaçao Drydock Company told Radar Online in an April 30 article that the Freewinds has been docked and sealed, and confirmed that an article about asbestos ran in the local paper.
Lloyd’s List reported that work on the interior of the Freewinds was suspended on April 27 after health inspectors found traces of blue asbestos on the ship. According to Lloyd’s List, Frank Esser, Curaçao Drydock Company’s interim director, joined Curaçao’s head of the department of labor affairs Christiene van der Biezen along with the head of the local health department Tico Ras and two inspectors in an April 25 inspection of the ship. “We are sending someone so that they can tell us what happened, where it came from, since when it has been there,” said Panama Maritime Authority’s director of merchant marine Alfonso Castillero in a statement to Lloyd’s List.
The Church of Scientology purchased the ship, then known as the Bohème, in 1987, through an organization called Flag Ship Trust. After being renovated and refitted, it was put into service in June 1988. The ship is used by the Church of Scientology for advanced Scientology training in “Operating Thetan” levels, as well as for spiritual retreats for its members. Curaçao has been the ship’s homeport since it was purchased by the Church of Scientology.
According to his 2001 statement, Lawrence Woodcraft had been an architect in London, England since 1975, and joined Scientology’s elite “Sea Organization” (Sea Org) in 1986. He wrote that he was asked by the Sea Org to work on the Freewinds in 1987, and during his work on the ship “noticed a powdery blue fibrous substance approximately 1 ½” thick between the paint and the steel wall,” which he believed to be asbestos. He also discovered what he thought was blue asbestos in other parts of the ship, and reported his findings to Church of Scientology executives. Woodcraft discussed his experiences in a 2001 interview published online by the Lisa McPherson Trust, a now-defunct organization which was critical of the Church of Scientology.
The Freewinds regularly inspects the air quality on board and always meets or exceeds US standards.
Church of Scientology spokeswoman Karin Pouw responded to Radar Online about the asbestos reports, in an email published in an article in Radar on May 1. “The Freewinds regularly inspects the air quality on board and always meets or exceeds US standards,” said Pouw. She stated that two inspections performed in April “confirmed that the air quality is safe,” and asserted that the inspections revealed the Freewinds satisfies standards set by the United States Occupational Safety and Health Administration and the U.S. Clean Air Act.
Pouw told Radar that “The Freewinds will be completing its refit on schedule.” The Church of Scientology-affiliated organization Citizens Commission on Human Rights (CCHR) had been planning a cruise aboard the Freewinds scheduled for May 8, but according to Radar an individual who called the booking number for the cruise received a message that the cruise had been delayed due to ongoing work on the ship. Citing an article in the Netherlands Antilles newspaper Amigoe, Radar reported on May 6 that a team from the United States and supervised by an independent bureau from the Netherlands traveled to Curaçao in order to remove asbestos from the Freewinds.
…if the Church of Scientology claims to have removed the blue asbestos, I just don’t see how, it’s everywhere. You would first have to remove all the pipes, plumbing, a/c ducts, electrical wiring etc. etc. just a maze of stuff.
“I stand by everything I wrote in my 2001 affidavit,” said Lawrence Woodcraft in an exclusive statement given to Wikinews. Woodcraft went on to state: “I would also comment that if the Church of Scientology claims to have removed the blue asbestos, I just don’t see how, it’s everywhere. You would first have to remove all the pipes, plumbing, a/c ducts, electrical wiring etc. etc. just a maze of stuff. Also panelling as well, basically strip the ship back to a steel hull. Also blue asbestos is sprayed onto the outer walls and then covered in paint. It’s in every nook and cranny.”
There is not now and never has been a situation of asbestos exposure on the Freewinds.
In a May 15 statement to the United Kingdom daily newspaper Metro, a representative for the Church of Scientology said that “There is not now and never has been a situation of asbestos exposure on the Freewinds.” The Asbestos and Mesothelioma Center notes that agencies have recommended anyone who has spent time on the Freewinds consult with their physician to determine if possible asbestos exposure may have affected their health.
Raw blue asbestos is the most hazardous form of asbestos, and has been banned in the United Kingdom since 1970. Blue asbestos fibers are very narrow and thus easily inhaled, and are a major cause of mesothelioma. Mesothelioma is a form of cancer which can develop in the lining of the lungs and chest cavity, the lining of the abdominal cavity, or the pericardium sac surrounding the heart. The cancer is incurable, and can manifest over 40 years after the initial exposure to asbestos.
“This is the most dangerous type of asbestos because the fibres are smaller than the white asbestos and can penetrate the lung more easily,” said toxicologist Dr. Chris Coggins in a statement published in OK! Magazine. Dr. Coggins went on to note that “Once diagnosed with mesothelioma, the victim has six months to a year to live. It gradually reduces lung function until the victim is no longer able to breathe and dies.”