Tag Archives: beijing

Foreigners Are Fleeing From Treasury Bonds, But It’s Probably Not Trump’s Fault

Mother Jones

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Bloomberg reports that foreigners are tripping over themselves to unload their holdings of US treasuries:

In the age of Trump, America’s biggest foreign creditors are suddenly having second thoughts about financing the U.S. government.

….From Tokyo to Beijing and London, the consensus is clear: few overseas investors want to step into the $13.9 trillion U.S. Treasury market right now. Whether it’s the prospect of bigger deficits and more inflation under President Donald Trump or higher interest rates from the Federal Reserve, the world’s safest debt market seems less of a sure thing — particularly after the upswing in yields since November. And then there is Trump’s penchant for saber rattling, which has made staying home that much easier.

….Combined with the unpredictability of Trump’s tweet storms, interest-rate increases in the U.S. could further sap overseas demand….Right now, it’s just “much easier to stay home than go abroad,” said Shyam Rajan, Bank of America’s head of U.S. rates strategy.

Hmmm. The age of Trump? According to the Treasury Department, the selloff started in June:

Preliminary figures from Japan suggest that December will be much the same as November, which means foreigners will have sold off nearly a half-trillion dollars worth of treasuries in six months. That’s 7 percent of their total holdings. The only other time there’s been a selloff this sustained was at the tail end of the dotcom boom.

But is it Trump’s fault? Nobody thought he had a chance of winning until November, so it’s hard to see how he could have caused uneasiness with federal debt back in June. I don’t imagine Trump has done the US debt market any favors, but on this score, at least, I suspect he’s getting more blame than he deserves.

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Foreigners Are Fleeing From Treasury Bonds, But It’s Probably Not Trump’s Fault

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What happens to Rio’s stadiums after the Olympics end?

What happens to Rio’s stadiums after the Olympics end?

By on Aug 19, 2016Share

Long after the athletes have packed up their Speedos and the torch has gone out, the structures that house the 2016 Olympics will remain. While Rio de Janeiro used its existing national soccer stadium for the opening and closing ceremonies, it also built a number of other stadiums and venues for the games — and displaced 80,000 residents in the process. So what’s to come of all those buildings once everyone has taken their balls and gone home?

The Rio games were billed as a model for sustainability, but they failed in many respects — from polluted waterways to nightmarish congestion to the construction of a golf course on a nature preserve. But one of the more important indicators of an event’s sustainability is what happens to the infrastructure after the games are over — and on that front, Rio has ambitious plans.

Future Arena, the handball venue, will be taken apart and the pieces used to build four schools around the city, each serving 500 students. Architect Manuel Nogueira said the Future Arena was built with “nomadic architecture,” designed to be easily dismantled, transported, and rebuilt. “The way everything gets moved from place to another is a bit like Lego,” Nogueira told CityLab.

In addition to Future Arena, the city will turn the aquatics stadium into two community swimming centers; the media center will become a high school dorm; and the 300 acres of land on which Barra Olympic Park currently sits will go be turned over for public parks and  private development. Repurposing venues like this can be good for both people and the planet: According to architect Jeff Keas, who has worked on seven Olympic games, temporary buildings have half the carbon footprint of conventional buildings, and can cost up to 80 percent less.

That’s assuming, of course, that everything goes to plan. Other cities have tried to repurpose Olympic venues without much luck. The iconic Bird’s Nest stadium in Beijing, for instance, was supposed to house China’s leading soccer club after the 2008 games, but the team later backed out amid reports that they were embarrassed to play in an arena built for 91,000 when they averaged 10,000 spectators per game. Now, Bird’s Nest sits empty but for visiting tourists — and still costs $11 million a year to maintain.

The Beijing National Stadium, or the Bird’s Nest, was home of the 2008 Beijing Olympics. iStockphoto

London, too, has run into trouble with its retired venues. While an aquatic center, a velo dome, and a handball arena left over from 2012 are all open to the public, there has been controversy over the redevelopment of Queen Elizabeth Olympic Park, home of the Olympic Village and several sporting venues during the games.

The park is located in London’s East End, a historically low-income area burdened by tracts of toxic land from centuries of exposure to industrial waste. The city (and taxpayers) cleaned up the land for the Olympics, and the plan was for the park to be redeveloped with an emphasis on affordable housing. Instead, London’s erstwhile mayor and Brexiteer Boris Johnson announced in 2014 that available housing would be reduced in favor of more commercial development. Now that the land was detoxified for the games, the East End is rapidly gentrifying and lower income residents are being pushed out.

Elsewhere, former Olympic venues have simply been left to rot. Hitler’s Olympic Village in Berlin housed a hospital for German soldiers during World War II, but today, it’s a ruin. The same is true of former venues in Turin, Sarajevo, Athens, Munich, and beyond. You can visit these sites — maybe stand on abandoned podiums and run on Olympic tracks — but that’s about all you can do.

Perhaps Rio will not meet such a fortune. But even if the city’s arenas are successfully repurposed, the new buildings are not likely to bring solace to the 80,000 residents — most of them poor — who lost their homes to the Olympics. The games may be a two-week-long show for the rest of us, but for the displaced, the disruption they cause could last a lifetime. A new pool to swim in won’t change that.


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What happens to Rio’s stadiums after the Olympics end?

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Paris bans cars that remember when Leonardo DiCaprio was hot

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Paris bans cars that remember when Leonardo DiCaprio was hot

By on Jul 8, 2016Share

In the latest effort to cut down on smog, Paris has banned vehicles made before the time of the Hanson brothers, Heaven’s Gate, and Leonardo DiCaprio declared himself king of the world. This week, Paris officials said that any pre-1997 must be off the roads during weekday daylight hours.

The ban gained public favor last March, when pollution levels in Paris were higher than those in Beijing. City officials temporarily restricted what days cars with even and odd license plates could be used when pollution spiked.

“Sixty-six percent of nitrogen dioxide and fine particles come from road traffic,” Deputy Mayor Christophe Najdovsky told NPR. “And we know it’s old cars that spew out the most toxic fumes. That’s why we are progressively going to get rid of them.”

As a bike-friendly city with expansive public transit, Paris has long been on the forefront of smog-fighting measures. But some residents protested the ban by parking their old vehicles near the National Assembly, noting the fines unfairly disadvantage the poor. And those fines could add up: Motorists who flout the new law will face fines of €35 or nearly $40.

The Guardian reports that the ban is expected to impact about a half million drivers.

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Paris bans cars that remember when Leonardo DiCaprio was hot

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China Has a Whole Lot of Intellectual Property Authorities

Mother Jones

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From the Wall Street Journal:

Beijing: Apple iPhone Violated Chinese Patent

A dispute between Apple Inc. and Chinese regulators broke into the open after Beijing’s intellectual property authority said the design of the iPhone 6 and iPhone 6 Plus violated a patent held by a Chinese company.

Yawn. Yet another cell phone patent dispute. Except for one thing: “Beijing” is not being used here as a metonym for “the Chinese government.” It means Beijing. The city of Beijing, which apparently has its own intellectual property authority. Do other cities also have their own IP authorities? Yes indeed:

Civil enforcement of IPR in China is a two-track system. The first is the administrative track….Set up in the provinces and some cities, these local government offices operate as a quasi-judicial authority and are staffed with people who specialize in their respective areas of IP law. If they are satisfied with an IPR holder’s complaint, they investigate. The authorities can issue injunctions to bring a halt to the infringement, and they can even enlist the police to assist in enforcing their orders.

How about that? Cities can’t award monetary damages, but they can order your product off the shelves. And that’s not all these local IP offices do. They also celebrate IP:

China Intellectual Property Week 2016, which ran from April 20 to 26, held a range of activities to help increase the public’s IP awareness….Local authorities across China have, since 2009, organized a series of activities in late April — collectively known as IP Week — to celebrate World IP Day on April 26….Yantai, Shandong province….Huzhou, Zhejiang province….Zhuzhou, Hunan province….Nantong, Jiangsu province….Harbin, Heilongjiang province.

I didn’t know that China has IP authorities scattered around in cities all over the country. Nor did I know there was a World IP Day. Truly, the world is more wondrous than I ever imagined.

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China Has a Whole Lot of Intellectual Property Authorities

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Breathing Air Shouldn’t Be This Dangerous

Mother Jones

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Looking at China’s recent surge of toxic smog, it’s clear the nation’s air pollution crisis isn’t going away any time soon. Now we have some fresh statistics that reveal the extent of the problem.

New rankings released today by Greenpeace reveal that 90 percent of Chinese cities that report their air pollution levels are failing to meet China’s own national standards—the latest indication of the monumental challenges facing the Chinese government in cleaning up the air breathed by tens of millions of people. It’s a worry that has become a political thorn in the side of the Communist Party, intent on maintaining its power in the face of growing public restlessness over environmental degradation.

The analysis comes at a time when large swaths of the country suffer under thick layers of toxic smog—usually worse in winter, as demand for central heating increases coal-fired power production. The smog persists despite the government’s self-declared “war on pollution” in 2014, which includes measures to curtail coal use in big cities like Beijing, and limit heavy industries.

The statistics, derived from China’s Ministry of Environmental Protection, measure a city’s yearly average concentration of PM2.5, shorthand for the toxic airborne particles from coal burning and industrial exhaust. In 2014, just 18 cities out of a total 190 met what’s known as China’s “Class II” standard of 35 micrograms per cubic meter of air, considered within the healthy range. (The US standard is about half that number). A quarter of the cities recorded levels more than double the national standard.

The most polluted places are among the most populous. Of the 10 cities with the worst PM2.5 air pollution, seven of them were in Hebei, the coal belt province neighboring Beijing. In the top five worst offenders is heavy industry hub Baoding (ironically home to the world’s largest solar manufacturing plant, which is trying to wean the country off coal) and the notoriously polluted Shijiazhuang, where, last year a local man attempted to sue the local government over air pollution. Both cities recorded average levels more than 3.6 times China’s limit, which came into effect in 2012. Life spans in China’s north, where coal plants are ubiquitous, are thought to be five years shorter than those in the south of the country, according to a 2013 study.

Average rates of pollution, of course, don’t provide a clear picture of the off-the-charts spikes experienced regularly across major cities, such as in mid-January this year, when concentration of PM2.5 exceeded 500, according to the US Embassy in Beijing, or in 2013, when some instruments recorded levels of over 1000 in the northern city of Harbin.

Greenpeace’s latest campaign is accompanied by the release of a short film by famous Chinese filmmaker Jia Zhangke, the critically acclaimed director of 2013’s “A Touch of Sin“. The film shows scenes from daily life in China, under the pall of smog:

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Breathing Air Shouldn’t Be This Dangerous

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Forget the Oil Industry’s Methane. Obama Should Crack Down on Cows Instead.

The president shouldn’t have started his war on methane with the fossil fuels sector. tarczas/Thinkstock In the latest climate change executive action, the White House unveiled a plan on Wednesday to regulate methane for the first time, aiming to reduce emissions from the oil and gas industry by 40-45 percent on 2012 levels by 2025. On its face, that sounds like a big deal. And it will certainly get a mention in the State of the Union address on Tuesday. But like President Obama’s previously touted actions on climate change, the new methane regulations don’t pass the smell test. (Sorry, I couldn’t help myself.) Methane is a big driver of global warming, second only to carbon dioxide. But the thing is, in the short term—and when talking about climate change, the short term is increasingly important as we blow through the carbon budget—methane is vastly more efficient at warming the planet. On a 20-year timescale, methane (which is the principal component of natural gas) has 86 times the global warming potential of CO2. That’s important, because on our current global emissions pathway, we only have about 27 years left before we lock in levels of warming that scientists and governments classify as “dangerous.” Simply put, cutting methane immediately is the biggest bang for our apocalypse-prevention buck. But Obama shouldn’t have started his war on methane with the oil and gas sector. Read the rest at Slate. Original post – Forget the Oil Industry’s Methane. Obama Should Crack Down on Cows Instead.

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Forget the Oil Industry’s Methane. Obama Should Crack Down on Cows Instead.

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China Is Building a New Silk Road to Europe, And It’s Leaving America Behind

Mother Jones

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This story first appeared on the TomDispatch website.

November 18, 2014: it’s a day that should live forever in history. On that day, in the city of Yiwu in China’s Zhejiang province, 300 kilometers south of Shanghai, the first train carrying 82 containers of export goods weighing more than 1,000 tons left a massive warehouse complex heading for Madrid. It arrived on December 9th.

Welcome to the new trans-Eurasia choo-choo train. At over 13,000 kilometers, it will regularly traverse the longest freight train route in the world, 40% farther than the legendary Trans-Siberian Railway. Its cargo will cross China from East to West, then Kazakhstan, Russia, Belarus, Poland, Germany, France, and finally Spain.

You may not have the faintest idea where Yiwu is, but businessmen plying their trades across Eurasia, especially from the Arab world, are already hooked on the city “where amazing happens!” We’re talking about the largest wholesale center for small-sized consumer goods—from clothes to toys—possibly anywhere on Earth.

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China Is Building a New Silk Road to Europe, And It’s Leaving America Behind

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Ferguson Is Even More Polarizing Than Polls Suggest

Mother Jones

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Georgia expat Ed Kilgore reports on a recent visit to his home state:

I’ve just spent nearly a week back home in exurban Atlanta, and I regret to report that the events in and in reaction to Ferguson have brought back (at least in some of the older white folks I talked with) nasty and openly racist attitudes I haven’t heard expressed in so unguarded a manner since the 1970s. The polling we’ve all seen about divergent perceptions of Ferguson doesn’t even begin to reflect the intensity of the hostility I heard towards “the blacks” (an inhibition against free use of the n-word, at least in semi-public, seems to be the only post-civil-rights taboo left), who have the outrageous temerity to protest an obvious act of self-defense by a police officer.

I’m not sure there’s really anything useful I can say about this. I just thought it was worth passing along.

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Ferguson Is Even More Polarizing Than Polls Suggest

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Friday Cat Blogging – 28 November 2014

Mother Jones

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Today’s theme is cat TV. On the left, Hilbert is camped out in front of the small TV in the dining room, perhaps hoping for a rerun of the squirrel docudrama that aired last week. On the right, Hopper is entranced by the big-screen TV in the study, probably watching the hummingbird reality series that seems to air constantly around here. It never gets old, though.

Have a happy black-and-white Friday. Also, a happy gray-and-white Friday. And be sure to watch lots of cat-approved TV.

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Friday Cat Blogging – 28 November 2014

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Chart of the Day: Oil Prices Are Plunging Thanks to OPEC

Mother Jones

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OPEC finished up its winter meeting yesterday and decided not to cut oil production. This came as a surprise to those who still think of OPEC as the maniacal oil hawks who roiled global petroleum markets in the 70s, but less so to those who know that cartels are notoriously difficult to hold together—especially when it’s a leaky cartel that’s missing some key producers. In any case, OPEC members couldn’t agree on just who would pay the price of cutting production, and the Saudis, for reasons still unclear, were unwilling to shoulder the burden themselves this time around. So OPEC oil production will remain unchanged.

The result? After six months of declining oil prices, we suddenly got plunging oil prices. Why? Not so much because of the shale oil revolution in the US. For all the attention it gets, fracking has increased global oil production by only a few percent and would normally have only a moderate effect on prices. Unfortunately, these aren’t normal times: in addition to a small increase in the oil supply, the global economic slowdown has depressed demand. That’s a bigger factor than fracking, and with European and Asian economies looking increasingly fragile, not one that seems likely to be corrected anytime soon.

How low will oil go? No one knows. When will it turn up again? Probably not until the global economy starts to grow at a decent pace. And no one knows when that will happen either.

For more, check out Brad Plumer, who has a much more detailed explanation of the both the politics and the economics of the oil scene here.

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Chart of the Day: Oil Prices Are Plunging Thanks to OPEC

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