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Digital Dollar Risk Local Currencies In Poorer Countries: Raghuram Rajan

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Raghuram Rajan has served as the IMF's chief economist.
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The introduction of a digital U.S. dollar could help democratize banking in poorer countries, but it also poses a risk to local currencies if it were readily accessible, according to former Indian central bank Governor Raghuram Rajan.
An easy-to-use electronic version of the greenback could spur people in lower-income nations to use the dollar for day-to-day transactions, something that's difficult today thanks to the need for physical bills. That could effectively crowd out the local currency in countries where there's low levels of confidence in macroeconomic policy, according to Rajan's argument.
"That means that that country no longer has monetary sovereignty," Rajan, who also previously served as the IMF's chief economist, said in a Bloomberg TV interview Wednesday with David Westin. "It has fewer tools to deal with economic growth."
Rajan's comments come as the Federal Reserve prepares to release a paper on digital currencies soon. The U.S. central bank hasn't made a decision about issuing a digital dollar, but Chair Jerome Powell has favored a go-slow approach, in contrast with China, which is already testing the use of a digital yuan. 
Rajan, who's now a professor at the University of Chicago Booth School of Business, signaled support for the Fed's caution. He said that it's not the central bank's place to be the key innovator, over private-sector actors.
He also played down any risk to the reserve status for the dollar from others moving to introduce a digital currency ahead of the U.S. There are other reasons for the dollar's ingrained status, he said, including the U.S.'s deep financial markets and rule of law.
 
 
source <a href="https://www.ndtv.com/world-news/digital-dollar-risk-local-currencies-in-poorer-countries-raghuram-rajan-2582606">https://www.ndtv.com/world-news/digital-dollar-risk-local-currencies-in-poorer-countries-raghuram-rajan-2582606</a>

news world Digital Dollar Risk Local Currencies In Poorer Countries: Raghuram Rajan

Raghuram Rajan has served as the IMF's chief economist. The introduction of a digital U.S. dollar could help democratize banking in ...

Covid Recovery Poses Dire Climate, Health Risks: Report

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The Lancet Countdown is the largest annual study of the impacts of climate change on human health. (File)
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Paris:
Countries' fossil fuel-powered Covid-19 recoveries will have long-lasting consequences on human health and risk worsening the food and water insecurity, heatwaves and infectious diseases already threatening billions globally, a major assessment warned Thursday.
The Lancet Countdown is the largest annual study of the impacts of climate change on human health.
It found that up to 19 percent of Earth's land mass was affected by extreme drought in 2020 and warned that climate change posed a major threat to food security, which already affects more than two billion people.
Compared with the historic average, the global population of over-65s lived through 3.1 billion additional extreme heat days last year, it found.
Populations of 134 countries are now at greater threat from wildfires than at any time previously, and millions of farmers and construction workers are losing income because of the rising number of extremely hot days.
And climate change is creating ideal conditions for infectious diseases such as dengue fever, Zika virus, cholera and malaria across a far larger span of the globe than just a few decades ago and including Europe, it said.
"Climate change is here and we're already seeing it damaging human health across the world," said Anthony Costello, executive director of the Lancet Countdown.
"As the Covid-19 crisis continues, every country is facing some aspect of the climate crisis too."
'Bleak Outlook'
The assessment found that the five years with the most areas affected by extreme drought have all occurred since 2015.
Disruption to the water cycle due to global heating shortens the time in which plants reach maturity, resulting in small yields putting ever-greater stress on food production.
The Lancet said that yield potential for maize -- a global staple -- had already declined 6 percent compared with 1981-2010 levels.
Wheat has seen a 3-percent yield potential fall, and rice a 1.8-percent fall, it found.
And the marine food upon which 3.3. billion people depend on for either sustinence or income is under "increasing threat", with average sea temperature rising in nearly 70 percent of territorial waters compared with just 15 years ago.
The report also warned that nearly three quarters of countries surveyed said they believed they could not afford an integrated national health and climate strategy.
"This year we saw people suffering intense heatwaves, deadly floods and wildfires," said lead author Maria Romanello.
"These are grim warnings that, for every day that we delay our response to climate change, the situation gets more critical.
"It's time to realise that no one is safe from the effects of climate change."
In an editorial, the Lancet called on world leaders at the forthcoming COP26 summit to divert some of the trillions they are spending on Covid-19 recovery to reduce inequality and safeguard health.
"This year's indicators give a bleak outlook: global inequities are increasing, and the direction of travel is worsening in all health outcomes."
AFP in June obtained a draft of an assessment on the impacts of climate change from the Intergovernmental Panel on Climate Change.
It warned that rising temperatures would expose tens of millions more to disease, drought and disease as soon as 2050.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
 
 
source <a href="https://www.ndtv.com/world-news/covid-recovery-poses-dire-climate-health-risks-report-2582563">https://www.ndtv.com/world-news/covid-recovery-poses-dire-climate-health-risks-report-2582563</a>

news world Covid Recovery Poses Dire Climate, Health Risks: Report

The Lancet Countdown is the largest annual study of the impacts of climate change on human health. (File) Paris: Countries' fossil ...

China Has Been Aggressor Along Himalayan Border, Says US Diplomat

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China has been an aggressor against India along the Himalayan border, a top American diplomat nominated by President Joe Biden as his next envoy to Beijing has told lawmakers, stating that the US must hold the Chinese government accountable for failing to play by the rules.
Nicholas Burns told members of the Senate Foreign Relations Committee during his confirmation hearing on Wednesday that the US will challenge China where it must, including when Beijing takes actions that run counter to America's values and interests; threaten the security of the United States or its allies and partners; or undermine the rules-based international order.
"Beijing has been an aggressor against India along their Himalayan border; against Vietnam, the Philippines, and others in the South China Sea; against Japan in the East China Sea; and has launched an intimidation campaign against Australia and Lithuania," Burns said.
China claims sovereignty over all of the South China Sea. Vietnam, Malaysia, the Philippines, Brunei and Taiwan have counter claims.
Beijing is engaged in hotly contested territorial disputes in both the South China Sea and the East China Sea. It has built up and militarised many of the islands and reefs it controls in the region. Both areas are stated to be rich in minerals, oil and other natural resources and are also vital to global trade.
Burns said that the "Chinese genocide in Xinjiang and abuses in Tibet, its smothering of Hong Kong's autonomy and freedoms, and its bullying of Taiwan are unjust, and must stop”.
Beijing's recent actions against Taiwan are especially objectionable and the US is right to continue to adhere to its one-China policy, he said.
“We are also right to support the peaceful resolution of disputes, and to oppose unilateral actions that undermine the status quo and stability in the Indo-Pacific,” he said.
Taiwan considers itself a sovereign state - but China views the self-ruled island as a breakaway province. Beijing has not ruled out the possible use of force to achieve unification.
Burns told lawmakers that the US will compete and compete vigorously with China where it should, including on jobs and the economy, critical infrastructure and emerging technologies.
It will cooperate with China where it is in its interest, including on climate change, counternarcotics, global health and non-proliferation, he told members of the Senate Foreign Relations Committee.
China, he said, seeks to become the most powerful military, economic, and political actor in the Indo Pacific.
"We must stand with our allies and partners to uphold a free and open Indo-Pacific, including by maintaining America's commercial and military superiority in 21st century technologies.
"We also must hold the PRC (People's Republic of China) accountable for failing to play by the rules on trade and investment, including its thefts of intellectual property, use of state subsidies, dumping of goods and unfair labour practices.
"These actions harm American workers and businesses," Burns added.
The border standoff between the Indian and Chinese militaries erupted on May 5 last year following a violent clash in the Pangong lake areas and both sides gradually enhanced their deployment by rushing in tens of thousands of soldiers as well as heavy weaponry.
As a result of a series of military and diplomatic talks, the two sides completed the disengagement process in the Gogra area in August and in the north and south banks of the Pangong lake in February.
 
 
source <a href="https://www.ndtv.com/india-news/chinas-been-aggressor-against-india-must-be-held-accountable-for-failing-to-play-by-rules-us-diplomat-nicholas-burns-2582561">https://www.ndtv.com/india-news/chinas-been-aggressor-against-india-must-be-held-accountable-for-failing-to-play-by-rules-us-diplomat-nicholas-burns-2582561</a>

news world China Has Been Aggressor Along Himalayan Border, Says US Diplomat

China has been an aggressor against India along the Himalayan border, a top American diplomat nominated by President Joe Biden as his nex...

Melbourne Prepares To Exit World's Longest Covid Lockdown

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Despite the Delta wave, Australia has recorded only about 152,000 Covid cases (File)
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Sydney:
Millions in Melbourne are readying to come out of the world's longest COVID-19 lockdown on Thursday night after Victoria state hit a key vaccination target, with pubs, restaurants and cafes racing to reopen their doors to fully vaccinated customers.
Melbourne's residents have been enduring their sixth pandemic lockdown since early August to quell an outbreak fuelled by the Delta strain. Authorities ramped up the state's immunisation drive before easing curbs, even as daily cases continue to hover near record levels.
By Friday, the city of five million would have spent a cumulative 262 days, or nearly nine months, under stay-home orders since March 2020 - the world's longest, exceeding a 234-day lockdown in Buenos Aires, according to Australian media.
Officials had promised to lift lockdowns once double-dose vaccinations for people aged above 16 exceeded 70% in Victoria. Prime Minister Scott Morrison on Thursday confirmed reaching that target, and more restrictions will ease as inoculations hit 80% and 90%.
"The longest road has been journeyed in Victoria and that long road really starts to open up tonight," Morrison told Seven News on Thursday.
From 11:59 pm (1359 GMT) Thursday, pubs and cafes can have 20 fully vaccinated patrons indoors and 50 outdoors, while hairdressers can allow entry for five customers.
As businesses prepare to welcome customers, daily infections rose to 2,232 in Victoria on Thursday, the second highest in the pandemic and the majority in state capital Melbourne, not far from the 2,297 hit a week ago.
Australia has ditched its COVID-zero approach and is gradually moving towards normality as vaccinations surged after being rocked by a third wave of infections since mid-June from the Delta variant.
Sydney and Canberra, the national capital, exited lockdowns last week after speeding through their vaccination targets. Other states are COVID-free or have very few cases.
Cases in New South Wales, home to Sydney, rose for the third straight day on Thursday to 372 from 283 a day earlier.
Despite the Delta wave, Australia has recorded only about 152,000 cases and 1,590 deaths, far lower than many comparable countries.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
 
 
source <a href="https://www.ndtv.com/world-news/australias-melbourne-prepares-to-exit-worlds-longest-covid-lockdown-2582553">https://www.ndtv.com/world-news/australias-melbourne-prepares-to-exit-worlds-longest-covid-lockdown-2582553</a>

news world Melbourne Prepares To Exit World's Longest Covid Lockdown

Despite the Delta wave, Australia has recorded only about 152,000 Covid cases (File) Sydney: Millions in Melbourne are readying to come...

"Stand Up To Tyranny Of Big Tech": Trump To Launch His Own Social Network

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Donald Trump announced plans to launch his own social networking platform.
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Washington, United States:
Former US president Donald Trump announced plans Wednesday to launch his own social networking platform called "TRUTH Social," which is expected to begin its beta launch for "invited guests" next month.
The long-awaited platform will be owned by Trump Media & Technology Group (TMTG), which also intends to launch a subscription video on-demand service that will feature "non-woke" entertainment programming, the group said in a statement.
"I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech," Trump, who was banned from Twitter and Facebook in the wake of the Capitol insurrection carried out by his supporters on January 6 this year, was quoted as saying in the statement.  
"We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable," he continued. 
The Trump Media & Technology Group will merge with blank check company Digital Acquisition Corp to make TMTG a publicly-listed company, the statement said. 
"The transaction values Trump Media & Technology Group at an initial enterprise value of $875 Million, with a potential additional earnout of $825 Million in additional shares (at the valuation they are granted) for a cumulative valuation of up to $1.7 Billion depending on the performance of the stock price post-business combination," it stated.
Ever since he was banned from the world's dominant social networks as punishment for stirring up the mob that ransacked Congress on January 6, Trump has been looking for ways to reclaim his internet platform. 
In May he launched a blog called "From the Desk of Donald J. Trump," which was touted as a a major new outlet.
But Trump, who was also banned from Instagram, YouTube and Snapchat in the wake of the Capitol mayhem, canceled the blog just a month later. 
Former Trump aide Jason Miller launched a social network called Gettr earlier this year, but the former president has not yet joined it.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
 
 
source <a href="https://www.ndtv.com/world-news/donald-trump-announces-plans-to-launch-new-social-network-truth-social-2582551">https://www.ndtv.com/world-news/donald-trump-announces-plans-to-launch-new-social-network-truth-social-2582551</a>

news world "Stand Up To Tyranny Of Big Tech": Trump To Launch His Own Social Network

Donald Trump announced plans to launch his own social networking platform. Washington, United States: Former US president Donald Trump ...

Pharmacy Hands Out ‘Blue Pill’ Jellybeans to Reward People For Getting Vaccinated

A pharmacy in New Zealand is handing out ‘blue pills’ in the form of jellybeans to reward people for getting vaccinated.
Yes, really.
“Absolutely losing my shit over the Truly Enormous plastic wrapped single jellybean they gave me for getting my second dose,” posted Twitter user @thefleetislate.
Comparisons to the Matrix movie were quickly forthcoming.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true" readability="3.6302521008403">
life imitates art <a href="https://t.co/EKTjGQV1FH">https://t.co/EKTjGQV1FH</a> <a href="https://t.co/LFU6I2fpkB">pic.twitter.com/LFU6I2fpkB</a>
— Benjamin Loughnane (@Loknayn) <a href="https://twitter.com/Loknayn/status/1450898383997186051?ref_src=twsrc%5Etfw">October 20, 2021</a>
</blockquote>
Others compared the jellybean reward to a human dog treat for good behavior.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true" readability="4.9708737864078">
We are literally being fed like dogs <a href="https://t.co/gWx35CjkN1">https://t.co/gWx35CjkN1</a>
— daniel (@cunt_crusha) <a href="https://twitter.com/cunt_crusha/status/1450910569477787648?ref_src=twsrc%5Etfw">October 20, 2021</a>
</blockquote>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true" readability="7.0229007633588">
I, too, give my dog a treat when he listens to my command <a href="https://t.co/nGxhZz4jTg">https://t.co/nGxhZz4jTg</a>
— dr. zeynep (@zeynepmyenisey) <a href="https://twitter.com/zeynepmyenisey/status/1450894093660393474?ref_src=twsrc%5Etfw">October 20, 2021</a>
</blockquote>
However, most of the responses in the thread were filled with infantalized adults who sounded like children begging to get their hands on the sweet treat.
Proving her woke credentials, in her bio, the woman who celebrated getting the blue pill can’t even bring herself to call New Zealand by its actual name – she calls it by the Maori name of Aotearoa.
Presumably because saying ‘New Zealand’ is racist or something.
Health authorities really know how to take the piss, don’t they?
As we previously <a href="https://summit.news/2021/04/09/cdc-raises-eyebrows-for-using-character-image-almost-identical-to-npc-meme/">highlighted</a>, in an effort to encourage normies to take the shot, the CDC literally used a stylized version of the NPC meme.
The NPC meme, named after non-player characters within video games, is supposed to symbolize unthinking drones who just regurgitate whatever the establishment feeds them.
How appropriate.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true" readability="5.9565217391304">
Getting a COVID-19 vaccine is an important tool to help stop the pandemic. More on how viral vector <a href="https://twitter.com/hashtag/COVID19?src=hash&ref_src=twsrc%5Etfw">#COVID19</a> vaccines work: <a href="https://t.co/DhQ1VfmTNR">https://t.co/DhQ1VfmTNR</a>. <a href="https://t.co/P4JdeRJVct">pic.twitter.com/P4JdeRJVct</a>
— CDC (@CDCgov) <a href="https://twitter.com/CDCgov/status/1379483036979490824?ref_src=twsrc%5Etfw">April 6, 2021</a>
</blockquote>
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source <a href="https://summit.news/2021/10/20/pharmacy-hands-out-blue-pill-jellybeans-to-reward-people-for-getting-vaccinated/">https://summit.news/2021/10/20/pharmacy-hands-out-blue-pill-jellybeans-to-reward-people-for-getting-vaccinated/</a>

revolution summit Pharmacy Hands Out ‘Blue Pill’ Jellybeans to Reward People For Getting Vaccinated

A pharmacy in New Zealand is handing out ‘blue pills’ in the form of jellybeans to reward people for getting vaccinated. Yes, really. “Abs...