Not only do India’s state-run banks have bulky exposure to IL&FS, they have also lent to some of the same projects that put it in trouble. Nomura reckons that IL&FS Transport Network’s road assets are being carried as standard on the balance sheets of many banks. That’s laughable, given that IL&FS Transport’s own one-year default probability is approaching 10 percent, according to a proprietary Bloomberg model. Asking banks to reclassify these advances as nonperforming and make provisions at a time when they have no profits and $200 billion in stressed assets would be a stab to the heart of India’s financial system.
The dollar’s special status is to U.S. hegemony what Samson’s hair was to his super strength. If the dollar were to be replaced as the international reserve currency, the U.S. could no longer pay its bills simply by printing more money. The result, for a country that is no longer the world’s dominant exporter on the international market, could cause the economy to freeze up, and possibly produce apocalyptic shortages of fuel and food.
Technically, the index formed a Bearish Belt Hold pattern and there is a higher chance of a short coverings rally as we inch closer to expiry.
So is it nature not nurture after all? (Jesper A.)
Someone who defended the data in that book but took exception to its conclusions is the American psychologist and geneticist Robert Plomin, a pioneer of what’s sometimes called “hereditarian” science. In his new book, Blueprint: How DNA Makes Us Who We Are, Plomin takes recent genetic research and draws some provocative conclusions, but they are about individuals rather than groups.
Venezuela's Socialism…And Ours (Matt H.)
We know socialism does not work. It is an economic system based on the use of force rather than economic freedom of choice. But while many Americans seem to be in a panic over the failures of socialism in Venezuela, they don’t seem all that concerned that right here at home President Trump just signed a massive $1.3 trillion dollar spending bill that delivers socialism on a scale that Venezuelans couldn’t even imagine. In fact this one spending bill is three times Venezuela’s entire gross domestic product!
In the Heart of a Dying Empire (Paul D.)
In his book, Woodward describes a National Security Council meeting in August 2017, in which the adolts in the room saved the president from his worst impulses. He describes how an impatient Donald Trump “exploded, most particularly at his generals. You guys have created this situation. It’s been a disaster. You’re the architects of this mess in Afghanistan… You’re smart guys, but I have to tell you, you’re part of the problem. And you haven’t been able to fix it, and you’re making it worse… I was against this from the beginning. He folded his arms. ‘I want to get out… and you’re telling me the answer is to get deeper in.’”
Cats are finicky when it comes to their bathrooms. If the box isn’t clean, they will try to hold it in. The longer you delay the cleaning, the longer they try to avoid using the bathroom. This may eventually lead to a myriad of urinary tract diseases, the most common of which are UTI, bladder inflammation, and kidney blockage and failure. We have previously published a blog post explaining these feline diseases, which you can read here.
European Natural Gas Prices Are Set To Rise Further (Michael S.)
Extraordinarily high temperatures last summer and a tighter LNG market have driven gas prices in Europe higher in September, and prices are likely to continue rising in the next couple of months
The IPCC has often been accused of ignoring population as a driver of climate change and global warming. Population projections are very much a part of the calculations for future scenarios on emission, mitigation and adaptation—but some would like a more explicit mention of the impact of population reduction on greenhouse gas emissions.
"We have a huge problem on our hands," said Walsh, who also runs a research institute to look into conservation and protection of sharks. "There's no doubt that the decline is anything less than a disaster. I blame humans for it – over-fishing, nets and poachers."
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