Posts Tagged ‘arctic’
[NEWS] Five sci-tech links: ponds, Arctic kelp, black holes, starbursts, inverted world
- The Conversation notes that ponds on farmers’ fields in the Prairies can serve as useful carbon sinks.
- Karen Filbee-Dexter at The Conversation notes that, with climate change, kelp forests in the Arctic Ocean are on the verge of great expansion.
- Evan Gough at Universe Today notes that including a space telescope or two would make images of black holes that much sharper.
- Phys.org notes a new study suggesting that there was a major burst of massive star formation in our galaxy three billion years ago.
- Reddit’s mapporn shares a map imagining what climate would look like on a world where land took the place of sea and vice versa.
[BLOG] Some Friday links
- blogTO looks at a condo of 22 Wellesley Street East.
- Centauri Dreams considers if Enceladus may have been recently shaped by a massive asteroid impact.
- Dangerous Minds shares photos from a Florida alligator farm where children could ride the reptiles.
- D-Brief reports on the craters left by methane blowouts on the bottom of the Barents Sea.
- Language Hat notes the apparently declining diversity of English dialects in England.
- Marginal Revolution shares a nice passage arguing that reading is a cumulative progress, the reader progressing the more they read.
- Spacing Toronto shares John Lorinc’s thoughts on the politics of the minimum wage.
- Torontoist notes that the Lower Don Trail is nearing completion.
[BRIEF NOTE] On the possible adoption of the Canadian dollar by Iceland
Barrie McKenna’s Globe and Mail article discussing what seems to be growing discussion in Iceland about replacing the Icelandic króna with the Canadian dollar has gone viral across my Facebook feed.
For many Canadians who read this, learning that any country–even one as small as Iceland–wants to unite in some fashion with Canada on grounds of our economic strength is a massive ego boost. McKenna does highlight the importance that the extension of Canadian money elsewhere in the Arctic might have on Canadian heft, at least the perceived importance. As far as I can tell, the Icelanders are still debating the question (to put it mildly), while very few people in Canada have been thinking about Iceland at all since the stabilization of the economy.
One note: Adoption of the Canadian dollar would also Iceland’s emergent relationship with the European Union. How would it work for a European Union member-state that adopted the currency of a non-member, indeed, the currency of a non-European country? (I’ve joked in the past that maybe Canada should join the European Union since someone has to pay for Romania, but seeing what’s going on with Greece takes the fun out of that joke.) ?
[T]iny Iceland, still reeling from the aftershocks of the devastating collapse of its banks in 2008, is looking longingly to the loonie as the salvation from wild economic gyrations and suffocating capital controls.
And for the first time, the Canadian government says it’s open to discussing the idea.
In brief remarks to be delivered Saturday in Reykjavik, Canadian ambassador Alan Bones will tell Icelanders that if they truly want the Canadian dollar, Canada is ready to talk.
But he will warn Icelanders that unilaterally adopting the loonie comes with significant risk, including complete loss of control over their monetary policy because the Bank of Canada makes decisions only for Canadians and the Canadian economy. He’ll caution, for example, that giving up the krona in favour of the Canadian dollar (CAD/USD-I1.01-0.004-0.36%) will leave the country with few levers, short of layoffs, to counter financial shocks and fluctuations in the loonie.
[. . .]
There’s a compelling economic case why Iceland would want to adopt the Canadian dollar. It offers the tantalizing prospect of a stable, liquid currency that roughly tracks global commodity prices, nicely matching Iceland’s own economy, which is dependent on fish and aluminum exports.
There’s also a more sentimental reason.
“The average person looks at it this way: Canada is a younger version of the U.S. Canada has more natural resources than the U.S., it’s less developed, has more land, lots of water,” explained Heidar Gudjonsson, an economist and chairman of the Research Center for Social and Economic Studies, Iceland’s largest think tank.
“And Canada thinks about the Arctic.”
In a recent Gallup poll, seven out of 10 Icelanders said they would happily dump their volatile and fragile krona for another currency. And their favoured alternative is the Canadian dollar, easily outscoring the U.S. dollar, the euro and the Norwegian krona.
Iceland is also in a bind. The country imposed strict currency controls after its spectacular banking collapse in 2008. Foreign-exchange transactions are capped 350,000 kronas (about $3,000). A major downside of those controls is that foreign investors can’t repatriate their profits, making Iceland an unattractive place to do business.
Those capital controls are slated to come off next year. And many experts fear a return to the wild swings of the past — in inflation, lending rates and the currency itself. Iceland is the smallest country in the world still clinging to its own currency and monetary policy. The krona soared nearly 90 per cent between 2001 and 2007, only to crash 92 per cent after the financial crisis in 2008.
The official government plan is to go to the euro. Iceland has applied to join the European Union and eventually the euro zone. But that’s not looking like a very attractive option these days. And formal entry could take a decade, experts said.
The other options are to peg the krona to another currency, such as the yen, greenback or euro.
[BRIEF NOTE] On the possible adoption of the Canadian dollar by Iceland
Barrie McKenna’s Globe and Mail article discussing what seems to be growing discussion in Iceland about replacing the Icelandic króna with the Canadian dollar has gone viral across my Facebook feed.
For many Canadians who read this, learning that any country–even one as small as Iceland–wants to unite in some fashion with Canada on grounds of our economic strength is a massive ego boost. McKenna does highlight the importance that the extension of Canadian money elsewhere in the Arctic might have on Canadian heft, at least the perceived importance. As far as I can tell, the Icelanders are still debating the question (to put it mildly), while very few people in Canada have been thinking about Iceland at all since the stabilization of the economy.
One note: Adoption of the Canadian dollar would also complicate Iceland’s emergent relationship with the European Union. How would it work for a European Union member-state that adopted the currency of a non-member, indeed, the currency of a non-European country? (I’ve joked in the past that maybe Canada should join the European Union since someone has to pay for Romania, but seeing what’s going on with Greece takes the fun out of that joke.) nwhyte?
[T]iny Iceland, still reeling from the aftershocks of the devastating collapse of its banks in 2008, is looking longingly to the loonie as the salvation from wild economic gyrations and suffocating capital controls.
And for the first time, the Canadian government says it’s open to discussing the idea.
In brief remarks to be delivered Saturday in Reykjavik, Canadian ambassador Alan Bones will tell Icelanders that if they truly want the Canadian dollar, Canada is ready to talk.
But he will warn Icelanders that unilaterally adopting the loonie comes with significant risk, including complete loss of control over their monetary policy because the Bank of Canada makes decisions only for Canadians and the Canadian economy. He’ll caution, for example, that giving up the krona in favour of the Canadian dollar (CAD/USD-I1.01-0.004-0.36%) will leave the country with few levers, short of layoffs, to counter financial shocks and fluctuations in the loonie.
[. . .]
There’s a compelling economic case why Iceland would want to adopt the Canadian dollar. It offers the tantalizing prospect of a stable, liquid currency that roughly tracks global commodity prices, nicely matching Iceland’s own economy, which is dependent on fish and aluminum exports.
There’s also a more sentimental reason.
“The average person looks at it this way: Canada is a younger version of the U.S. Canada has more natural resources than the U.S., it’s less developed, has more land, lots of water,” explained Heidar Gudjonsson, an economist and chairman of the Research Center for Social and Economic Studies, Iceland’s largest think tank.
“And Canada thinks about the Arctic.”
In a recent Gallup poll, seven out of 10 Icelanders said they would happily dump their volatile and fragile krona for another currency. And their favoured alternative is the Canadian dollar, easily outscoring the U.S. dollar, the euro and the Norwegian krona.
Iceland is also in a bind. The country imposed strict currency controls after its spectacular banking collapse in 2008. Foreign-exchange transactions are capped 350,000 kronas (about $3,000). A major downside of those controls is that foreign investors can’t repatriate their profits, making Iceland an unattractive place to do business.
Those capital controls are slated to come off next year. And many experts fear a return to the wild swings of the past — in inflation, lending rates and the currency itself. Iceland is the smallest country in the world still clinging to its own currency and monetary policy. The krona soared nearly 90 per cent between 2001 and 2007, only to crash 92 per cent after the financial crisis in 2008.
The official government plan is to go to the euro. Iceland has applied to join the European Union and eventually the euro zone. But that’s not looking like a very attractive option these days. And formal entry could take a decade, experts said.
The other options are to peg the krona to another currency, such as the yen, greenback or euro.
[LINK] “The Oddities and Anomalies of Svalbard”
This Geocurrents post outlines the interesting situation of the peculiar Arctic archipelago of Svalbard. Briefly, the islands can be described as almost Norwegian.
Svalbard, about the size of Sri Lanka or Tasmania, is [. . .] notable for its geopolitical anomalies. The coal-rich archipelago came to Norway through the Svalbard Treaty of 1920. The treaty, signed* by the United States, Denmark, France, Italy, Japan, the Netherlands, Norway, and Sweden, ostensibly granted Norway “full and absolute sovereignty” over the entire landmass. Svalbard, the Wikipedia stresses, is not a dependency of Norway, but is fully part of the kingdom. In actuality, the situation is more complicated. Norway’s sovereignty over Svalbard is limited and the islands remain legally distinct from the mainland. Norwegian tax laws, for example, do not apply to Svalbard, and immigration rules compromise Norwegian dominion. The 1920 treaty stipulates that residents of all countries are entitled to residency in Svalbard and are granted the right to establish commercial enterprises. In terms of residency potential, the archipelago is something of a global commons.
Several foreign communities have taken advantage of Svalbard’s open borders. The islands have long supported a significant Russian population. A Russian state-owned coal company maintains Svalbard’s second largest settlement, Barentsburg, population 500 or so. Coal mining is no longer very profitable, however, and thus requires heavy subsidies from Moscow. Oddly, Thais form the second largest foreign group. In the 1970s, evidently, a number of local miners took a tropical vacation, several returning with Thai wives. Other citizens of Thailand followed, attracted by Svalbard’s relatively high wages. According to a recent story, the local supermarket “now has an ‘Asian corner’ with rice, chilies, soy and fish sauce and other Thai condiments.”
Despite its open-door policy, Svalbard does not present an easy migration option. Bitter winter cold and months of darkness, as well as an average July high temperature of 45 degrees F (7 degrees C), deter would-be immigrants. So too does official policy; welfare is not provided, and anyone without a job and a place to stay can be summarily deported. Svalbard also lacks local democracy. The governor of the archipelago, who also acts as police chief, is appointed by Oslo. Building regulations are extremely strict, and most land is devoted to nature reserves. Other oddities abound, as summarized on a libertarian website whose enthusiasts were eyeing Svalbard as a potential “European Freestate.” According to commentator Joffeloff, “outside the settlements it’s illegal to not carry a gun; inside the settlements you had better get it away quickly because then you are suddenly an unaccountable madman, guilty until proven innocent just like on the mainland.” (Guns are to be carried outside of the settlements for protection against bears.)