In Iceland, as in other modern market economies, the central bank controls the creation of banknotes and coins but not the creation of all money, which occurs as soon as a commercial bank offers a line of credit.
The central bank can only try to influence the money supply with its monetary policy tools.
This Is What The AIIB Is About (pinecarr)
Until March 31 countries could submit for membership of the Asian Investment Infrastructure Bank (AIIB), a financial institution proposed by China, which has the purpose of being a multilateral framework to finance infrastructure projects in the wide Eurasian region.
In recent weeks many Western countries have submitted for membership, the US rejected application as it fears strong cooperation between Asia and Europe will weaken the US dollar hegemony. On April 15 the final list of the founding members will be disclosed. In October 2013 the initial idea for the AIIB was first put forward by Chinese President Xi Jingping “on constructing a 21st Century Maritime Silk Road to promote maritime cooperation”. The project has currently developed into the New Silk Road Economic Belt.
After two years of secret diplomacy, then gradually accelerating engagement, then eight straight days and several all-nighters of negotiations this week in Lausanne, Switzerland — so intense that officials showed up at breakfast looking like they had just wandered off a 20-hour flight — the accord reached here on Thursday was filled with provisions like that.
For-Profit Colleges: Here to Stay (jdargis)
Is the end near for the University of Phoenix and its for-profit brethren? Likely not. Even though for-profit colleges across the country have seen a slight drop in students in the past few years, enrollment at these schools is still quite high relative to what it was decades ago. Consider that, according to the National Center for Education Statistics, undergraduate enrollment at private for-profit colleges increased by 634 percent between 1990 and 2012. In contrast, according to the National Student Clearinghouse Research Center, enrollment at for-profit four-year programs dropped by 9.7 percent from 2012 to 2013, and by just 0.4 percent from 2013 to 2014.
The American West Dries Up (jdargis)
Yesterday, California Governor Jerry Brown stood on a dry, bare hillside in the Sierra Nevada mountains, which would normally be deep under snow at this time of year, and announced an executive order aimed at dramatically reducing water usage statewide. The severity of the drought, now entering its fourth year, has already reached record levels in many places in California and across the West. Lake Powell, a reservoir on the Utah-Arizona border, is currently at 45 percent of capacity and is at risk of reaching the lowest level on record by September. California’s snowpack, which generally provides about a third of the state’s water, is already at its lowest level on record. Getty Images photographer Justin Sullivan traveled to lakes and reservoirs in California, Utah, and Arizona to capture the following scenes of an increasingly waterless West.
Kent “Bear” Farr, a union negotiator for workers at the LyondellBasell site said that while talks are scheduled for April 7, the company “is inflexible and the union intractable” on proposed changes in overtime pay policy. Workers met most recently with the company on March 31.
As long as you keep injecting wastewater along that fault zone, according to my calculations, you’re going to continue to have earthquakes,” said Arthur F. McGarr, the chief of the induced seismicity project at the federal Earthquake Science Center in Menlo Park, Calif., who has researched the Prague quakes. “I’d be a little worried if I lived there. In fact, I’d be very worried.”
Gold & Silver
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