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A Comet May Have Destroyed This Paleolithic Village 12,800 Years Ago

Fragments of a comet likely hit Earth 12,800 years ago, and a little Paleolithic village in Syria might have suffered the impact




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Donald Trump instructs US Navy to shoot and destroy Iranian gunboats 'if they harass our ships'

Donald Trump has instructed the US Navy to shoot down and destroy Iranian gunboats "if they harass our ships at sea".




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Prince Charles says humans are 'rapidly destroying' biodiversity as he urges care on Earth Day

Prince Charles has warned we are "rapidly destroying" biodiversity across the planet.




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Brad Pitt destroys Trump with Dr Anthony Fauci impersonation on Saturday Night Live

Fauci has been a leading member of Trump's coronavirus task force




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'No way' Liverpool's Istanbul heroes could beat Jurgen Klopp's Premier League destroyers, says Guillem Balague

Liverpool's 2005 Champions League winners would have no chance of beating the current Reds crop, according to football journalist Guillem Balague.




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Atletico Madrid star Thomas Partey warned Arsenal move could 'destroy' career

Atletico Madrid midfielder Thomas Partey has been advised against a move to Arsenal or another Premier League club as it could "destroy" his career.




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YouTuber CarryMinati’s Roast Destroys TikToker Amir Siddiqui & Desi Twitter Says ‘Boht Hard’




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Justin Amash Wants to Destroy the System that Created Trump

But critics fear his third-party White House bid will only serve to reelect the president.




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If It Wanted To, The FDA Could Destroy E-Cigarette Makers

Past experience says that when the FDA has the will to use its regulatory power, it can shake whole industries. Companies like Juul should tread extremely carefully.




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Lobbyist Sentenced for Destroying Evidence in Public Corruption Investigation

A partner in a Pennsylvania-based lobbying firm was sentenced today by U.S. District Judge Henry H. Kennedy Jr., to five months of home detention for destroying evidence in connection with a public corruption investigation, Acting Assistant Attorney General Rita M. Glavin of the Criminal Division, U.S. Attorney Jeffrey A. Taylor for the District of Columbia, Assistant Director of the FBI’s Washington Field Office Joseph Persichini Jr., and Special Agent in Charge C. André Martin of Internal Revenue Service (IRS) Criminal Investigation announced.



  • OPA Press Releases

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Nigerian National Charged with Attempting to Destroy Northwest Airlines Aircraft

A 23-year-old Nigerian man was charged in a federal criminal complaint today with attempting to destroy a Northwest Airlines aircraft on its final approach to Detroit Metropolitan Airport on Christmas Day, and with placing a destructive device on the aircraft.



  • OPA Press Releases

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Create more, destroy less

I’ve recently read that we should consume less and create more, and it’s a very worthwhile read that much more elaborately expands on what I wrote about Gadget Zombies couple years ago. I wrote my original post 7 years ago, but it’s one of the few things I’ve written that aged surprisingly well, and it’s […]

The post Create more, destroy less appeared first on Paul Bakaus' blog.



  • Food for thought

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Destroying trust in the media, science, and government has left America vulnerable to disaster

For America to minimize the damage from the current pandemic, the media must inform, science must innovate, and our government must administer like never before. Yet decades of politically-motivated attacks discrediting all three institutions, taken to a new level by President Trump, leave the American public in a vulnerable position. Trump has consistently vilified the…

       




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Destroying trust in the media, science, and government has left America vulnerable to disaster

For America to minimize the damage from the current pandemic, the media must inform, science must innovate, and our government must administer like never before. Yet decades of politically-motivated attacks discrediting all three institutions, taken to a new level by President Trump, leave the American public in a vulnerable position. Trump has consistently vilified the…

       




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Destroying trust in the media, science, and government has left America vulnerable to disaster

For America to minimize the damage from the current pandemic, the media must inform, science must innovate, and our government must administer like never before. Yet decades of politically-motivated attacks discrediting all three institutions, taken to a new level by President Trump, leave the American public in a vulnerable position. Trump has consistently vilified the…

       




destroy

Destroying trust in the media, science, and government has left America vulnerable to disaster

For America to minimize the damage from the current pandemic, the media must inform, science must innovate, and our government must administer like never before. Yet decades of politically-motivated attacks discrediting all three institutions, taken to a new level by President Trump, leave the American public in a vulnerable position. Trump has consistently vilified the…

       




destroy

Destroying trust in the media, science, and government has left America vulnerable to disaster

For America to minimize the damage from the current pandemic, the media must inform, science must innovate, and our government must administer like never before. Yet decades of politically-motivated attacks discrediting all three institutions, taken to a new level by President Trump, leave the American public in a vulnerable position. Trump has consistently vilified the…

       




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Stop worrying. The finance sector isn’t destroying the economy


A major oil spill will result in cleanup spending that boosts GDP, but no one thinks oil spills are good. Oil spills and other forms of pollution are examples of negative externalities — harm caused to others by the economic activity of a firm or industry. These externalities represent a failure of the market, and unless there is corrective action, their presence means that there is too much production of something that causes negative spillovers.

That criticism can be applied to the financial services industry. Many say that it grew too large, triggered a financial crisis and damaged the rest of the economy. Is that still the case, and is financialization spoiling the economy? Despite the alarmist rhetoric around today’s finance sector, the answer is generally “no” because of changes made to financial regulation.

First, a check on the facts: How large is the industry and how much has it grown? The broad definition of the financial sector includes finance, insurance and real estate, known by the acronym “FIRE.” It was 17.5 percent of gross domestic product in 1990 and rose to 20.0 percent in 2014, but that figure is misleading as it includes office and apartment rents and leases — stuff that has little to do with Wall Street.

Finance and insurance separately peaked well before the financial crisis at 7.7 percent of GDP, which was up from 5.8 percent in 1990. In 2014, it was 7.0 percent of GDP. Employment in finance and insurance has been on a downtrend since 2003 and is currently 4.25 percent of total nonfarm payrolls. Most of those jobs are in offices and bank branches around the country. (The output data given here are drawn from the Bureau of Economic Analysis, GDP by Industry data. The employment data are from the Bureau of Labor Statistics, Payroll Employment data. Author’s calculations.)

Still, salaries and bonuses at the top are extremely attractive, so perhaps the externality plays out by drawing the best and brightest away from other more productive activities. The Harvard Crimson reported that in 2007, 23 percent of graduating Harvard seniors said they planned to enter finance. That is an impressive number, but things turned around sharply, with the 23 percent figure falling to 11.5 percent in 2009 after the financial crisis. At this point, the financial industry really isn’t large enough to crowd out other parts of the economy.

Meanwhile, the insurance industry serves an important social purpose providing life, property, and casualty insurance. AIG got into trouble in the crisis because it strayed into providing very risky financial services, not because of its main insurance business. Likewise, the core value of banks is financial intermediation between savers and investors, giving savers relatively secure and liquid assets while also funding investment.

There are critics of how well our banking industry serves this core purpose, a quality that is hard to determine. My judgment is that it does the job pretty well compared to most other countries. As the IMF reported in September 2015, the non-performing loan problem among European banks remains severe, whereas most U.S. banks now have strong balance sheets. Good financial intermediation means that most of the savings dollars are transferred to investors and are not lost through inefficient bank operations. A 2002 study that I participated in found bank productivity higher in the United States than in France or Germany.

The parts of the financial sector that give rise to the most concern are market-making, deal-making and the creation and trading of derivatives on Wall Street. The volume of market trading has increased exponentially because of the increased speed of computers and communications. Up to a certain point, the increased volume is helpful because it adds to the liquidity of markets, but the advent of high-frequency trading has taken us over the top. As Michael Lewis describes in his book Flash Boys, the high speed traders are finding ways to shave milliseconds off the time needed to make trades. That is thoroughly wasteful. As for deal-making, it has been going on for a long time — indeed the go-go years for deals were in the 1980s — so it is hard to blame the recent slowing of economic growth on this activity.

Still, the explosion of derivatives and other overly-complex instruments was problematic, and it is crystal clear that the mortgage market became too opaque and removed accountability from the system. The layering of complex derivatives on top of lousy mortgages (and other shaky assets) distorted the economy, resulted in the overbuilding of houses, and caused the financial crisis. There are plenty of people at fault besides the bankers, but the smart people on Wall Street were driving the process, and they should have known better. The excessive financialization obscured the reality of loans that depended upon ever-rising home prices and thus were never going to be paid back. There was an externality because the private calculations of potential profit ignored the risks being imposed on society.

Is that still the situation today? No. Things have changed. Banks and other financial institutions that create risks for the whole economy are now required to hold sufficient capital to cover losses even in periods of economic and financial stress, plus a liquidity buffer (they must pass “stress tests” administered by the Federal Reserve). The screws have been turned pretty tight, and the owners of large financial institutions will bear the costs of future failures — not taxpayers. This brings private incentives in line with the public interest, getting rid of the externality that gave us too much financialization in the first place. But to keep the future safe, we’ll have to make sure no one forgets what happened in the last crisis, and ensure that new risks are not created in other, less-regulated parts of the industry.

Editor's note: This piece originally appeared in the Washington Post.

Publication: Washington Post
Image Source: © Jo Yong hak / Reuters
      
 
 




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Climate Change Will Destroy 5% of Pakistan's GDP

Climate-related disasters and other losses will cost Pakistan $14 billion each year, a former environment has said.




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California Court Overturns Order to Destroy GMO Beets

It seems that GMOs are again steamrolling their way through our legal system. Back in December it seemed there may be a light at the end of the tunnel when a federal judge ordered that 258 acres of genetically modified sugar




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Hungary Destroys All GM Maize Fields - Farmers Claim Ignorance Over Banned Seeds

Hungary already has a ban on genetically modified crops, so this is a bit more complicated than it may seem at first. As PlanetSave reports Hungary has destroyed approximately 1000 acres of maize fields found to




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Jerks destroy iconic natural sandstone formation in Oregon state park

Why do people do this kind of thing?




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Celebration, Florida may be destroyed in order to save it

The fire department demands trees and on-street parking be removed so that they can have 20' clear speedways




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The biggest illegal ivory stockpile in the world will be destroyed by incineration

It is estimated that around 100 elephants are being killed each day by poachers to meet the growing demand for ivory in Asia.




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Are Drugs Destroying the Amazon?

When I wrote about the cocaine industry destroying rainforests, many commenters argued that really it is the prohibition of drugs—not the drugs themselves—that create these negative consequences. That debate will most likely get stirred up




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Why millennials are destroying our infrastructure, and why bike lanes destroy religious freedom

And really, how self driving cars are an attack on freedom.




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Most Popular Articles of June: City of Tulsa Destroys Woman's Edible Garden, Hilarious Prank on Shell, and More

How can a city destroy an edible garden on private property without legal permission? We also have the viral party-gone-wrong prank on Shell, the 12 most toxic fruits and vegetables, and more.




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Are pointless jobs destroying the environment?

Anthropologist David Graeber thinks we could do without half our jobs.




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How 'Rick and Morty' explains why humans keep destroying the environment

The sci-fi show pulls no punches when it comes to humanity's complicated relationship with work and nature.




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Solar roadways destroys crowdfunding goal, raises $1.5m

TreeHugger just keeps on having to eat its hat with these guys.




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Staggering quantities of food are being destroyed due to coronavirus

Markets have shrivelled, storage is full, and redistribution networks are lacking, putting farmers in an awful predicament.




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Banana-destroying fungus has arrived in South America

Colombia has declared a state of emergency following discovery of Panama disease Tropical Race 4.




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'The fabric of America is being destroyed.' Why this ex-Trump official says student debt needs to be canceled

"The fabric of America is being destroyed through this process." Here's why the former Trump administration official in charge of student debt is now calling for most of the debt to be canceled.




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RTX Voice: Noise-destroying tech put to the test

Two noise-cancelling AI systems - Nvidia RTX Voice and Krisp - are put to the test.




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Kangana Ranaut's Thalaivi makers fear their unused sets may be destroyed in the rains

The makers of Kangana Ranaut's Thalaivi are resigned to the fact that the film, like many other Bollywood offerings, will be delayed. However, they have a more pressing problem on their hands — two elaborate sets that were built in Hyderabad and Chennai have been standing unused over the past six weeks, leading to losses. If the lockdown extends to June, the makers fear the sets may be destroyed in the rains.

"We need to wrap up the film before the rains hit. Since they are outdoor set-up, they will be ruined in the monsoon. Reconstructing the set will be an expensive affair," laments producer Shailesh R Singh.


J Jayalalithaa

The shoot of the biopic on J Jayalalithaa, the late chief minister of Tamil Nadu, was running like clockwork until March. With a 45-day shooting stint slated to kick off on March 10, the AL Vijay-led team had constructed a set of the Parliament House at the Ramakrishna Cine Studios in Hyderabad. After the shoot would be wrapped up by the third week of April, their next pit-stop was Chennai.

"We have recreated Mount Road at the AVM Studio in Chennai, and had planned a patchwork shoot there. Almost 40 per cent of the movie is left to be filmed," says producer Vishnu Vardhan Induri, adding that they pre-emptively cancelled the Hyderabad shoot in the wake of the pandemic.

Sources say that the makers, who are bearing the maintenance cost of the sets and the studio rent, have incurred losses of R5 crore so far due to the lockdown. While Singh is unwilling to put a number to the damages, he adds, "Our team's safety is our priority. We had paid [the studio] for March, but were unable to shoot for a single day in Hyderabad. It's uncertain when the lockdown will be lifted. Even if we get a 10-day window, we will finish shooting the outdoor portions."

Catch up on all the latest entertainment news and gossip here. Also, download the new mid-day Android and iOS apps.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news




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Stress Destroys Our Plans By Disrupting Memory

Stress slows our ability to develop plans by preventing us from being able to make decisions based on memory. "We draw on memory not just to project




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The Oil and Coal Market Is Bogus. It's a Setup, That is Destroying The Macro Consumer Market

The Oil and Coal Energy Market Is Bogus. It’s a Setup, That Is Destroying the Macro Consumer Market.

November 21,...




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Austerity, not the populists, destroyed Europe’s centre ground

From Brexit to fiscal policy, the EU’s largest member states have seen the mainstream wrongfooted




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Video shows Ryan Lochte and swimmers after destroying gas station bathroom

Brazillian police have released footage of Ryan Lochte and three US swimmers at the Rio de Janeiro gas station where they claimed to have been robbed as swimmers say claims were fabricated.




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Crohn's disease nearly destroyed Tom Speight's career just as it was taking off 

Singer-songwriter Tom Speight, 33, is one of 115,000 Britons who have Crohn's disease, a condition in which the lining of the digestive system becomes inflamed and often ulcerated.




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Is your manicure destroying your nails?

Nail obsessives have been seduced by a new type of manicure that research suggests leaves nails thin, brittle and peeling.




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Low North Carolina bridge destroys a truck a month¿and there¿s nothing to stop it, says Department of Transportation

North Carolina man Jurgen Henn, who works in a nearby retail complex, said he heard so many crunches and metal grinding crashed over the years.




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Dozens of homes are destroyed and officials predict a grim night ahead for NSW bushfires

The Gospers Mountain mega blaze is moving rapidly at Bells Line of Road, northwest of Sydney, with the Rural Fire Service predicting a grim night for Saturday.




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Selena Gomez thinks Instagram is 'destroying' people's lives and makes everyone want to be the same

She may be the fourth most followed star on Instagram, but Selena Gomez wishes the app didn't exist and encourages younger generations to abandon their own identities.




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North Korean dictator Kim Jong-un wants to destroy luxury hotel that once floated off coast of QLD

Kim Jong-un reportedly isn't happy with the state of the Hotel Haegumgang - formally known as the Four Season Barrier Reef Resort, which used to float off the coast of Queensland.




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JACK DOYLE: Civil war could destroy Corbyn as Labour's Brexit battle is just beginning 

JACK DOYLE: While the Tories realise that if they fail to deliver Brexit, they will be electorally dead, Labour is convinced that it must champion Remain voters to survive.




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Notre Dame fire: Paris cathedral destroyed by inferno

French President Emmanuel Macron vowed to rebuild Notre Dame with help from the international community after a devastating fire gutted the famous Catholic cathedral last night.




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House in Leeds destroyed by mystery explosion

West Yorkshire Police confirmed two men were taken to hospital after they were injured in the blast which tore through a house and sent debris flying into a street in Silk Milk Drive, Leeds.




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Alex Jones playfully scolds Paddy McGuinness after he accidentally destroys The One Show set

The comedian, 46, was on Wednesday's The One Show to promote Top Gear but his interview was quickly scuppered when he kicked the table, causing a piece of curved perspex to snap off.




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Turkey shoots down two Syrian war planes and destroys 100 tanks as it launches military offensive

Turkey shot down two Syrian army planes and rendered its Nayrab airbase, outside Aleppo, unusable in attacks today that escalated tensions between Ankara and Damascus.