On Mar 6, 1969.
Gumdrop Meets Spider
NASA – This image, taken on March 6, 1969, shows the Apollo 9 Command and Service Modules docked with the Lunar Module. Apollo 9 astronaut Dave Scott stands in the open hatch of the Command Module, nicknamed “Gumdrop,” docked to the Lunar Module “Spider” in Earth orbit. His crewmate Rusty Schweickart, lunar module pilot, took this photograph from the porch of the lunar module. Inside the lunar module was Apollo 9 commander Jim McDivitt. The crew tested the orbital rendezvous and docking procedures that made the lunar landings possible.
Posted in Science, SPACE WATCH, Technology, Transportation
Tagged Apollo 13, Apollo 9, Apollo Command/Service Module, Apollo Lunar Module, David Scott, Geocentric orbit, NASA, Rusty Schweickart, Space, United States
English: Long-term interest rate statistics for EU Member States. (percentages per annum; period averages; secondary market yields of government bonds with maturities of close to ten years) – Source: http://www.ecb.int/stats/money/long/html/index.en.html
(Photo credit: Wikipedia)
By Kemal Derviş – It is now clear that the eurozone crisis will continue well into 2012. The ECB’s generous provision of liquidity to European banks at only 1% interest for up to three years has prevented a banking crisis from piling on top of the sovereign-debt crisis. But that initiative has not succeeded in reducing the “problem” countries’ longer-term borrowing costs to levels compatible with their projected growth rates.
Beyond the specific problems of the monetary union, there is also a global dimension to Europe’s challenges – the tension, emphasized by authors such as Dani Rodrik, and Jean Michel Severino and Olivier Ray, between national democratic politics and globalization. Trade, communication, and financial linkages have created a degree of interdependence among national economies, which, together with heightened vulnerability to financial-market swings, has restricted national policymakers’ freedom of action everywhere.
Around the world, the stock of financial assets has become so large, relative to national income flows, that financial-market movements can overwhelm most countries. Even the largest economies are vulnerable, particularly if they are highly dependent on debt finance. more> http://is.gd/cHymfk
Posted in Banking, Business, Economic development, Economy
Tagged Capital, Currency, European sovereign debt crisis, Financial crisis, Financial market, Globalization, Government, Industrial economy, International Monetary Fund, Measures of national income and output
By Thomas Cooley and Kim Schoenholtz – The run on U.S. MMMFs in September 2008 was a critical moment in the financial crisis. It underscored the extent to which these funds, an important part of the shadow banking system, created systemic risk that indirectly threatened the financing of even the healthiest U.S. firms. To end the run, the U.S. Government guaranteed MMMF liabilities, sustaining the funds’ promise to pay $1 for every share.
That guarantee stopped the run, but it also created enormous moral hazard. Were a similar threat to arise today, we can safely assume that taxpayers would remain on the hook to rescue the MMMFs. This uncompensated, rainy-day backstop constitutes a subsidy to the MMMF industry — and to its investors and borrowers.
Should taxpayers continue to subsidize the money market mutual fund (MMMF) industry? more> http://is.gd/ikNAVE