February 1, 2010
One of the questions that surprised veteran New York Times journalist, Thomas L. Friedman, at the 2010 World Economic Forum held in Davos, Switzerland was, “Is the ‘Beijing Consensus’ replacing the ‘Washington Consensus?’ (Friedman 2010-01-30).
The Davos World Economic Forum usually offers accurate indicators of the global mood on its political barometer (Friedman 2010-01-30).
‘Washington Consensus’ is a term coined after the cold war for the free-market, pro-trade, globalization policies promoted by America that by 2010 has evolved into an almost hegemonic system of open markets, floating currencies and free elections that is now under scrutiny for its weak performance on political risk analysis. The United States may very well be monitored as a risk investment climate because of its political instability (Friedman 2010-01-30).
The U.S two-party political system was described by developing countries as in danger of political instability at the Davos Forum as the U.S. administration appears to be unable to deal with health care, infrastructure, education and energy issues (Friedman 2010-01-30).
In his book entitled China’s New Confucianism, (2008-05) Daniel A. Bell explained how in China, Confucianism, Communism and Capitalism are blending. Capitalists can now join the CCP. The reformed Chinese legal system is slowly aligning with the Western legal systems (Chinese businesses are insisting on Chinese laws for arbitration). Bell observes that as China increased its openness to capitalist markets, it appears to be retreating from communism. China is also embracing a new form of Confucianism, evident in efforts made to enhance and encourage civil society in China during the Beijing Olympics. This new Confucianism, Bell suggests, may be a compelling alternative to Western liberalism.
Ramo, Joshua Cooper. 2004-05-11. “Beijing Consensus: The Beijing Consensus: Notes on the New Physics of Chinese Power.” The Foreign Policy Centre: London, UK. Ramo compares China’s shifting ideology to Heisenberg among others, explaining how developing countries look to China as an alternative to the Washington Consensus which focused on molding nation-states into similar malleable entities preparing the ground for market interests to flourish and profit globally.
The Foreign Policy Centre “is a prominent UK progressive foreign think-tank founded by Robin Cook under the patronage of Tony Blair in 1998 to develop a vision of a fair and rule-based world order. Through our research, publications and events, we aim to develop innovative policy ideas that promote: effective multilateral solutions to global problems; democratic and well-governed states as the foundation of order and development; partnerships with the private sector and NGOs to deliver public goods; support for progressive policy through effective public diplomacy; inclusive definitions of citizenship to underpin internationalist policies.”
Beijing Consensus According to New York Times journalist Thomas Friedman the “Confucian-Communist-Capitalist” is a “hybrid under the umbrella of a one-party state, with a lot of government guidance, strictly controlled capital markets and an authoritarian decision-making process that is capable of making tough choices and long-term investments, without having to heed daily public polls (Friedman citing Bennhold 2010).” The man who coined the term, Joseph Cooper Ramo “Beijing Consensus”, described it as an alternative to the “Washington Consensus.” According to him, this newer consensus was more attractive to developing countries who wanted recipes for economic growth that did not result in political instability. The Beijing Consensus as dr”: the use of leading-edge high technologies, constant innovation and experimentation, willingness to fail, rejection of a “black hole” GDP indicator, self-determination (as opposed to World Bank/IMF conditions) (Ramo 2004).
1984-06-30 Deng Xiaoping spoke with the Japanese delegation to the second session of the Council of Sino-Chinese Non-Governmental Persons. This excerpt is entitled “Build Socialism with Chinese Characteristics.”
2004 Joseph Cooper Ramo coined the term “Beijing Consensus” to describe an alternative to the “Washington Consensus.” According to him, this newer consensus involved: innovation and constant experimentation; rejection of GDP growth above all in favor of sustainability and equality; self-determination (as opposed to World Bank/IMF conditions) (Ramo 2004).
2008-05 In his book entitled China’s New Confucianism, (2008-05) Daniel A. Bell explained how in China, capitalists can now join the CCP; the reformed Chinese legal system more closely aligns with the West and Chinese businesses are insisting on its use Chinese laws in arbitration. Bell observes that China has increased its openness to capitalist markets, retreated from communism and is embracing a new Confucianism. This new Confucianism, evident in the efforts made to enhance and encourage civil society in China during the Beijing Olympics, may be a compelling alternative to Western liberalism.
2008 Before the Beijing Olympic Games China was still considered to be an emerging economy. China seemed to respond positively to the U.S. and E.U. to lift censorship and to cooperate with the West. Efforts were made to enhance and encourage civil society in China during the Games.
2010 The World Economic Forum was held in Davos, Switzerland.
Webliography and Bibliography
Bell, Daniel A. 2008. “From Communism to Confucianism: Changing Discourses on China’s Political Future.” China’s New Confucianism: Politics and Everyday Life in a Changing Society. Princeton University Press. pp.3-18.
Bennhold, Katrin. 2009-01-27. “Is Europe’s welfare system a model for the 21st century?” New York Times.
Bennhold, Katrin. 2010-01-27. “As China Rises, Conflict With West Rises Too.” New York Times.
Deng Xiaoping. 1984-06-30. “Build Socialism with Chinese Characteristics.”
Friedman, Thomas. 2010-01-30. “Never Heard That Before.” New York Times. Davos, Switzerland.
Gibney, Frank B.; Lin, Paul T. K. et al. 1979-11-26. “We can develop a market economy under socialism.”
Jessica Li, Jessica; Madsen, Jean. 2009-04. “Chinese workers’ work ethic in reformed state-owned enterprises: implications for HRD.” Human Resource Development International, 12:2:171-188.
“Work ethic, as the construct of work-related values and attitudes, directly affects employees’ job performance. Work ethic subjects to the influence of business and social practices. China is in the mix of major economical and political transformation, although little is known about how work ethic has changed for Chinese workers since the economic reform first initiated in 1979. This study is designed to examine work ethic currently held by workers of Chinese state-owned enterprises (SOEs). Findings revealed work ethic perceptions based on the multidimensional work ethic profile (MWEP), a Western work ethic profile, and the Confucian work ethic (CWE), an Eastern work ethic profile, resulted in similarities but often lived different life styles. Differences: perceptions of hard work, self-reliance, centrality of work, education, use of time, delay of graduation. Other MWEP concepts were very similar to Chinese workers’ work perceptions.”
Ramo, Joshua Cooper. 2004-05-11. “The Beijing Consensus: Notes on the New Physics of Chinese Power.” The Foreign Policy Centre: London, UK.
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Tags: Beijing Consensus, Davos, political instability, political risk analysis, Thomas L. Friedman, Washington Consensus, World Economic Forum
April 24, 2009
The Public Sector Equitable Compensation Act, a non-budgetary amendment to an act of Parliament, was introduced in the 550+ pages of the 2009 Budget Bill C-10 as part of a fast track process intended to boost the flailing economy. Most of the document dealt with issues not directly related to economic stimulus measures. In effect these proposed amendments involve 42 acts of Parliament that have no connection to the budget at all. The move has been called “legislation by stealth” (CFUW 2009-02-26) since there could be no parliamentary debate on the Public Sector Equitable Compensation Act as a new law independent of the Budget. It was hoped the Senate could stall passage of these amendments such as the proposed the Public Sector Equitable Compensation Act which would effectively dismantle decades of work towards ensuring pay equity. On March 12, 2009 Bill C-10, the Budget Implementation Act, 2009, received Royal Assent.
“The new legislated criteria for evaluating “equitable compensation” will reintroduce sex discrimination into pay practices, rather than eliminate it. Under the Canadian Human Rights Act, it is a discriminatory practice for an employer to establish or maintain differences in wages between male and female employees employed in the same establishment who are performing work of equal value. In assessing the value of work performed by employees, the criterion to be applied is the composite of the skill, effort and responsibility required in the performance of the work and the conditions under which the work is performed (section 11). The new legislation adopts these criteria, but adds new ones that completely undermine the commitment to equal pay for work of equal value for women. Section 4(2)(b) of Public Sector Equitable Compensation Act adds that the value of the work performed is also to be assessed according to “the employer’s recruitment and retention needs in respect of employees in that job group or job class, taking into account the qualifications required to perform the work and the market forces operating in respect of employees with those qualifications.” This permits any evaluation to take into account that male-dominated jobs are valued more highly in the market, requiring the employer to pay more to attract new employees or retain current ones, even if the value of the work when it is assessed based on skill, effort and responsibility is no greater than that of female-dominated jobs. [T]he new legislation defines a female dominated group as one in which 70% of the workers are women; only these groups can seek “equitable compensation.” This is too rigid a definition as it simply puts outside the boundaries of the legislation those job groups in which women are 51 – 69% of the workers, no matter what the context is. [F]urther, unionized women cannot have the assistance of their unions to make pay equity complaints. Indeed, unions will be fined $50,000 if they assist any woman to make a complaint. We point out that this legal imposition of a fine violates international human rights norms, since it contravenes Article 9(3)(c) of the Declaration on the Rights of Human Rights Defenders. Article 9(3)(c) states that “everyone has the right, individually and in association with others, … [T]o offer and provide professionally qualified legal assistance or other relevant advice and assistance in defending human rights and fundamental freedoms.” ((CFUW 2009-02-26) ”
In the Senate in early March 2009, Senators cautioned that only 27 of the 550-plus pages of the budget bill actually relate to the budget and economic stimulus measures. The rest involves making amendments to 42 acts of Parliament, many of which have no connection to the budget (PSAC. 2009-03-09).
1977 The right to equal pay for work of equal value was introduced in Canadian federal human rights legislation to expunge sex discrimination inherent in market pay practices from assessment of value of work.
2009-03-12. Bill C-10, the Budget Implementation Act, 2009 was passed in the Senate and received Royal Assent. This includes the amendment: Public Sector Equitable Compensation Act: Enactment of Act: 394. The Public Sector Equitable Compensation Act
2009-03-23. Proceedings of the Standing Senate Committee on Human Rights: Issue 2 – Evidence. Ottawa, ON.
Senator Nancy Ruth: If the bill [Bill C-10, the Budget Implementation Act, 2009] was passed in the Senate and has received Royal Assent [March 12, 2009], why are we studying anything in it?
The Chair: Can you discuss that question with the leadership? We are not studying the bill. We were asked to study the subject matter.
2009-03-31 the Standing Committee on the Status of Women (Members of the Committee present: Sylvie Boucher, Patricia Davidson, Nicole Demers, Johanne Deschamps, Hon. Hedy Fry, Candice Hoeppner, Irene Mathyssen, Cathy McLeod, Hon. Anita Neville, Tilly O’Neill-Gordon and Lise Zarac) planned to hold four extra meetings to examine the Public Sector Equitable Compensation Act and invite Minister Vic Toews, the Public Sector Labour Relations Board, Public Service Alliance of Canada, Professional Institute of the Public Sector of Canada, Communications Energy and Paperworkers, Canadian Labour Congress and Marie-Thérèse Chicha, Pay Equity Task Force Member and any other witnesses that the Committee agrees upon.
1. PART 11: Public Sector Equitable Compensation Act: Enactment of Act: 394. The Public Sector Equitable Compensation Act is enacted as follows:
An Act respecting the provision of equitable compensation in the public sector of Canada
Whereas Parliament affirms that women in the public sector of Canada should receive equal pay for work of equal value;
Whereas Parliament affirms that it is desirable to accomplish that goal through proactive means;
And whereas employers in the public sector of Canada operate in a market-driven economy;
Now, therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Webliography and Bibliography
Canadian Federation of University Women (CFUW). 2009-02-26. “Pay Equity Emptied of Meaning.”
GC. 2009-03-12. Public Sector Equitable Compensation Act: Enactment of Act: 394. The Public Sector Equitable Compensation Act
PSAC. 2009-03-09. “Senators on the right track with budget bill.”
July 12, 2008
Flynn-Burhoe, Maureen. 2007. “Nanuq of the North II: Animal Rights vs Human Rights.” Speechless. Uploaded January 3, 2007.
The Bush administration took advantage of the way in which all eyes turn towards Santa’s North Pole, where big-eyed talking polar bears, reindeer and seals live in harmony, to announce that they would save these creatures from Nanook of the North. See story.
For a divergent point of view read Nunatsiak News article.
Nanook (nanuq Inuktitut for polar bear) was the name of the Eskimo hunter captured on film in the first documentary ever produced, Robert Flaherty’s (1922) Nanook of the North , — still shown in film studies survey courses. Nanook the Stone Age-20the century hunter became an international legend as a lively, humourous and skillful hunter of polar bears, seals and white fox who tried to bite into the vinyl record Flaherty had brought with him. (The real “Nanook” died of tuberculosis (Stern 2004:23) as did countless Inuit from small communities ravaged by one of the worst epidemic’s of tuberculosis on the planet.)
On August 13, 1942 in Walt Disney studios’ canonical animated film Bambi it was revealed that many animals with cute eyes could actually talk and therefore shared human values. Nanook and his kind became the arch enemy of three generations of urban North Americans and Europeans. Hunters were bad. Cute-eyed animals that could talk were good. Today many animals’ lives have been saved from these allegedly cruel hunters by the billion dollar cute-eyed-talking-animals-industry.
The White House has once again come to the rescue of these vulnerable at-risk animals. (There was an entire West Wing episode in which a gift of moose meat was rejected by all staff since it came from a big-eyed-talking-animal. See Ejesiak and Flynn-Burhoe (2005) for more on how the urban debates pitting animal rights against human rights impacted on the Inuit.) Who would ever have suspected that the Bush administration cared so much about the environment that they would urge an end to the polar bear hunt, already a rare phenomenon to many Inuit since their own quotas protected them?
When I lived in the north the danger for polar bears did not reside in the hearts of hunters. Nanuq the polar bear who could not talk was starving. He hung out around hamlets like Churchill, Baker Lake or Iqaluit, looking for garbage since this natural habitat was unpredictable as the climate changed. Some people even insisted that there was no danger from the polar bear who had wandered into town since he was ’skinny.’ That did not reassure me! I would have preferred to know that he was fat, fluffy and well-fed. Polar bears die from exhaustion trying to swim along their regular hunting routes as ice floes they used to be able to depend on melted into thin air literally. They die, not because there are not enough seals but because they need platform ice in the right seasons. That platform ice is disappearing. They die with ugly massive tumours in them developed from eating char, seals and other Arctic prey whose bodies are riddled with southern toxins that have invaded the pristine, vulnerable northern ecosystem. Nanuq is dying a slow painful death. Nanuq is drowning. Although he doesn’t sing he is a canary for us all.
Climate change and southern industrial toxins affect the fragile ecosystem of the Arctic first. The Inuit claimed in 2003,“Global warming is killing us too, say Inuit .”This is why Sheila Watt-Cloutier laid a law suit against the administration of the United States of America. Now the handful of Job-like Inuit who managed to survive the seal hunt fiasco of the 1980s and are still able hunt polar bear, will have yet another barrier put between them and the ecosystem they managed and protected for millennia. When I see Baroque art and read of the Enlightenment, I think Hudson’s Bay and the whalers in the north. It wasn’t the Inuit who caused the mighty leviathan to become endangered. Just how enlightened are we, the great grandchildren of the settlers today? Who is taking care of our Other grandparents?
Since the first wave of Inuit activists flooded the Canadian research landscape fueled by their frustrations with academic Fawlty Towers they morphed intergenerational keen observation of details, habits of memory, oral traditions and determination with astute use of artefacts and archives to produce focused and forceful research. When Sheila Watt-Cloutier representing the Inuit Circumpolar Conference (ICC) was acknowledged with two awards in one year for work done to protect the environment, I wondered how many cheered her on.
I don’t cheer so much anymore. I am too overwhelmed, too hopeless to speak. I myself feel toxic, perhaps another pollutant from the south — my name is despair. I don’t want to dampen the enthusiasm of those activists who still have courage to continue. For myself, I feel like the last light of the whale-oil-lit kudlik is Flicktering and there is a blizzard outside.
From wikipedia entry Sheila Watt-Cloutier
In 2002, Watt-Cloutier was elected International Chair of ICC, a position she would hold until 2006. Most recently, her work has emphasized the human face of the impacts of global climate change in the Arctic. In addition to maintaining an active speaking and media outreach schedule, she has launched the world’s first international legal action on climate change. On December 7, 2005, based on the findings of the Arctic Climate Impact Assessment, which projects that Inuit hunting culture may not survive the loss of sea ice and other changes projected over the coming decades, she filed a petition, along with 62 Inuit Hunters and Elders from communities across Canada and Alaska, to the Inter-American Commission on Human Rights, alleging that unchecked emissions of greenhouse gases from the United States have violated Inuit cultural and environmental human rights as guaranteed by the 1948 American Declaration of the Rights and Duties of Man.
2. See also David Ewing Duncan’s “Bush’s Polar-Bear Problem” Technology Review: The Authority on the Future of Technology. From MIT. Information on Emerging Technologies. March 09, 2007. Duncan claims “The administration tells scientists attending international meetings not to discuss polar bears, climate change, or sea ice.”
See We Feel Fine for innovative use of this image in an upcoming publication.
Caspar David Friedrich’s (1824) The Sea of Ice
Tujjaat Resolution Island, abandoned, DEW line station DINA Northern Contaminated Sites Program (CSP) web site
My photo of ice floes in Charlottetown harbour, March 2000
A section of my acrylic painting entitled Nukara (2000)
Eilperin, Juliet. (2006). ““U.S. Wants Polar Bears Listed as Threatened.” Washington Post Staff Writer. Wednesday, December 27, 2006; Page A01
Fekete, Jason. 2008. “Nunavut opposes anti-polar bear hunt movement in U.S.” Calgary Herald. May 29, 2008
Gertz, Emily. 2005. The Snow Must Go On. Inuit fight climate change with human-rights claim against U.S. Grist: Environmental News and Commentary. 26 Jul 2005.
The Guardian. 2003. ““Inuit to launch human rights case against the Bush Administration.”
Stern, Pamela R. 2004. Historical Dictionary of the Inuit. Lanham, MD:Scarecrow Press.
DEW line contaminated sites in Nunavut.
This will be updated from EndNote. If you require a specific reference please leave a comment on this page.
Creative Commons Canadian Copyright 2.5 BY-NC-SA.
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Tags: aflicktion, animal rights versus human rights, animal rights vs human rights, benign colonialism, critical Inuit studies, environment, Faulty Ivory Towers, flickr, Flicktion, ICC, Inuit, Inuit Circumpolar Conference (ICC), Inuit social histories, Inuit social history, nanuq, Nunavut, polar bears, Risk Management
Ross Levin, a NYC hedge fund analyst with Arbiter Partners, who calls himself a “passive speculator in securities” met Lionel Lepine, a member of the Athabaskan Chipewyan First Nation whose family and friends living on the contaminated watershed upriver from the oil sands’ effluence are suffering from unprecedented numbers of cancerous tumours.
A number of recent stories intersect here: Harper’s apology for past treatment of Canada’s First Nations, the pollution of the Athabaskan River north of the oil sands, the impatient development of nonrenewable resources, the meteoric rise of oil commodities market directly caused by irresponsible speculators playing with volatile, unpredictable hedge funds that play havoc with the market making a fortune for some while destroying economic, social and ecological environments all around them.
In a rapid visit to the local library yesterday I grabbed Jake Bernstein’s How the Futures Markets Work. Although it is quite old for the fast-paced risk management industry, there are certain fundamentals that ring true. He briefly traced the history futures contracts leading to the volatile environment where agricultural futures were replaced by the less predictable currency markets. Of course, his book was written long before the meteoric rise of private equity funds.
My concern remains with the absent ethical component on trading floors. Ethical responsibilities are as elastic as the regulations that govern the centuries old practice of hedging. In the period of late capitalism and the emergence of risk society, the cost of destructive unintended byproducts have created havoc in ways that far exceed the commodities/service value. The road to profits and impatient money, is paved with casualties.
Berstein’s facts of market life are telling. He encourages simple methods and systems which require few decisions and little mental conflict. Too much thought is not conducive to successful trading. Too much analysis costs lost opportunities. Keep systems simple. Control your emotions. Practice caring less so that you remain more objective. Don’t ask why. Knowing why may hinder you more than it will help you. Patterns are the best indicators available (What feeds into a “pattern” however is not a science). Timing is what makes money in the futures market (Bernstein 2000:282-3).
In other words, futures’ gurus encourage young hedge fund analysts to not think too much about factors such as displacement of peoples, the degradation of living conditions and the way in which they unwittingly contribute to making vulnerable ecologies and peoples even more vulnerable. Their gurus tell them to not think about the impact of their actions. They are told to not ask why the prices of essential commodities like fuel and food that they are playing with, are pushing certain groups into unimaginable levels of social exclusion. In the end groups at-risk to health degradation are always those least able to protect themselves. How convenient that the gurus do not factor in these social issues. They are entirely absent from finance reports.
But then a lot of information is purposely not included in financial and business reports. Bernstein argues that the simpler systems that take fewer things into consideration will lead to more profits. Yet when he lists off all the potential factors in operation in even a simple fundamental analysis, it is not at all simple. It begins with the highly complex. The algorithms involved may appear to be simplified through the use of databases that seem to generate accurate, objective hard facts. In reality, the accuracy of any query depends on what was fed into it.
Futures trading, also known as commodities trading, the final frontier of capitalism, became a popular speculative and investment vehicle in the US in the 1960s (Bernstein 2000:1). These financial instruments offer unlimited profit potential with relatively little capital. Speculators are drawn to the possibility of quick money or what I like to call impatient money. The great wealth accumulated from speculative financial instruments has spawned careers in brokerage, market analysis, computerized trading, computer software and hardware, accounting, law, advertising which themselves subdivide into more recent opportunities such as those related to risk-management.
While gurus such as Bernstein argue that gambling is for anyone but speculation is for professionals, the chaos and unpredictability of the current global economy have been linked to a growing culture of gambling in futures trading rather than level-headed professionalism. Gamblers create risk simply by placing a bet; professional speculators “transfer risk from the hedgers to the speculators” and it therefore called risk management instead of gambling.
“It rained last night so the price of soy beans will be down today.” Although the basis of fundamental analysis in economics is supply and demand, the actual fundamental analysis of specific markets that might generate accurate price predictions are complicated as numbers of factors overlap and massive quantities of data need to be considered. The simple equation involves how much of a commodity or service are buyers willing to pay at a given time and place. There used to be a correlation between price and consumption. Factors that impact on price of commodities include the state of the economy (local, regional, national and international – inflationary, recessionary with rising or falling employment), availability of alternate products or services, storage possibilities, weather, seasonality, price cycles, price trends, government subsidies, political influences, protectionist attitudes, international tensions, fear of war, hoarding, stockpiling, demand for raw materials (sugar, petroleum, copper, platinum, coffee, cocoa), currency fluctuations, health of the economy, level of unemployment, housing starts. Most technical systems are not effective in making traders money.
In spite of this there is still a persistent belief that there is an invisible hand that guides market correcting imbalances like a living organism or finely-tuned machine.
“Markets work perfectly as they respond to the multiplicity of forces that act upon them. It is our inability to find, parse, and correctly weight the impact of these factors that limits our results and success of our fundamentally based forecasts (Bernstein 2000:162).”
The bottom line is that wealth disparities continue to intensify and that these inordinate extremes of wealth and poverty destabilizes society. These distorted economic relationships deprive us of any sense of control over economic forces that threaten to disrupt the foundations of our existence. National governments have been either unwilling or unable to deal effectively with this situation in which we live where the deplorable superfluity of great wealth exists alongside the acute suffering of those living in miserable, demoralizing and degrading abject poverty even in countries like Canada.
Social equality is an entirely impracticable chimera. Even if equality could be achieved it could not be sustained. Wages and income should be unequal and should correspond to different efforts, skills and capacities. However, equal justice for all is not only necessary but urgently needed.
As long as those involved in the financial and energy industries remain in denial of their role by hiding behind economic and ideological polemics and simply dismissing concerns from others there can be no productive change. A fresh look at the problem should involve people like Lionel Lepine who are directly involved with decisions, along with experts from a wide spectrum of disciplines. There will not be a voluntary ethical turn so for now we desperately need public policies that will regulate industries.
Selected Timeline of Critical Events
1710 The first modern organized futures exchange began with the Dojima Rice Exchange in Osaka, Japan. The Japanese feudal landowners began to use certificates of receipt against future rice crops. As these futures certificates became financial instruments in the general economy the value of the certificates would rise and fall as the price of rice fluctuated. The Dojima Rice Exchange emerged as the world’s first futures market where speculators traded contracts for the future delivery of rice or “certificates of receipt.” The Japanese government outlawed the practice when futures contracts (where delivery never took place) began to have no relationship to the underlying cash value of the commodity leading to wild and unpredictable fluctuations (Bernstein 2000:30).
1848 The Chicago Board of Trade (CBOT) was formed as a price risk occurred in the grain markets of Chicago.
1865 The Chicago Board of Trade (CBOT) organized trading of futures contracts.
1919 – 1945 The Chicago Mercantile Exchange (CME) traded futures in eggs, butter, apples, poultry and frozen eggs (Bernstein 2000:70).
1960s Futures trading, also known as commodities trading, the final frontier of capitalism, became a popular speculative and investment vehicle in the US in the 1960s (Bernstein 2000:1).
1970s There was increasing volatility in international currency exchange rates as the Bretton Woods agreement began to break down. Business people transferred risk of volatility in international markets by hedging with speculators willing to take the risk. Futures markets began to expand into foreign currencies as fluctuated wildly competing against each other and the US dollar.
1972 The total volume of futures contracts trading was 18 million and the top ten most actively traded future contracts were agricultural futures (Bernstein 2000:71).
1974 The US Congress passed the Commodity Futures Trading Commission Act and established Commodity Futures Trading Commission (CFTC) to protect participants in the futures market from fraud, deceit and abusive practices such as unfair trading practices (price manipulation, prearranged trading, trading ahead of a customer), credit and financial risks, and sales practice abuses (Bernstein 2000:32). Individual nation states have similar regulating bodies.
1982 Futures trading in the US was self-regulating and anyone in the business had to become a member of the National Futures Association (NFA).
1986 The total volume of futures contracts trading was 184 million and the T bonds were among the most actively traded future contracts (Bernstein 2000:71).
1990 The price of crude oil rose dramatically when Hussein invaded Kuwait.
1999 The most actively traded future contracts were interest rates, futures, stock index futures, energy futures, currency futures and agricultural futures (Bernstein 2000:72).
2000 The Chicago Mercantile Exchange (CME) trades futures in livestock futures, currency futures, interest rate futures, stock index futures (Bernstein 2000:70).
2000 More than 90 foreign futures exchanges emerged with the ever-increasing demand for new financial instruments “to hedge against fluctuating interest rates, changing foreign exchange rates and institutional securities portfolios (Bernstein 2000:46).
2008 Calgary has a high percentage of young millionaires with lots of disposable income. There are also c.4000 homeless people in Calgary, the oil capital of Canada. c. 40% of the homeless are working poor who are unable to afford housing.
Webliography and Bibliography
Bernstein, Jake. 2000. How the Futures Markets Work. New York Institute of Finance.
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September 26, 2007
Dramatic images from NASA and the National Snow and Ice Data Center at the University of Colorado in Boulder reveal disturbing changes to the homelands of circumpolar Inuit. Rotten sea ice prevents access to resources. The amount of ice loss this year absolutely stunned CU-Boulder senior cryospheric scientist Mark Serreze of NSIDC.
Sea ice extent continues to decline, and is now at 4.24 million square kilometers (1.63 million square miles), falling yet further below the previous record absolute minimum of 5.32 million square kilometers (2.05 million square miles) that occurred on Se
Key words, tags, folksonomies: environment, science, weather, Nunavut, circumpolar Inuit, Inuit social histories, climate change,
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September 14, 2007
The 192-member nations of the U.N. General Assembly passed the declaration wth 143 votes in favor and 11 abstentions. United States, Canada, Australia and New Zealand claimed it gave excessive property and legal powers.
The UN declaration of rights for indigenous peoples states that “indigenous peoples have the right to the lands, territories and resources which they have traditionally owned, occupied or otherwise used or acquired.”
That could potentially put in question most of the land ownership in countries, such as those that opposed the declaration, whose present population is largely descended from settlers who took over territory from previous inhabitants. A balancing clause inserted at a late stage in the text says nothing in it can authorize or encourage “any action which would dismember or impair, totally or in part, the territorial integrity or political unity” of states. That was not good enough for the four objectors, notably Canada, where the issue has become a political football. Many of Canada’s 1 million aboriginal and Inuit people live in overcrowded, unsanitary housing and suffer high rates of unemployment, substance abuse and suicide (Worsnip 2007).
Worsnip, Patrick. 2007. “U.N. Assembly backs indigenous peoples’ rights.” Reuters. September 13.
Filed in Aboriginal Women in Canada, First Nations, how to be poor in a rich country, human rights, Memory Work, Public Policy, social exclusion, Social Justice, vulnerability to social exclusion
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Instead of providing new water plants for the 89 First Nations communities under a drinking water advisory, Health Canada will make better signs and posters warning people to stop drinking contaminated water. Kashechewan, made headline news in 2005 when 100s evacuated because water was contaminated by E. coli. It is still a community-in-crisis.
Instead of providing new water plants for the 89 First Nations communities under a drinking water advisory, Health Canada will make better signs and posters warning people to stop drinking contaminated water. There are 600 First Nations communities concerned by the issue of clean water. The suicide-plagued community-in-crisis Kashechewan First Nation is one of many that [. . .] continue to struggle with poorly designed water plants or overly modern systems that are considered too costly to staff or maintain.” (Barrett 2007)
“Kashechewan made headlines in October 2005 after hundreds of its residents were evacuated to several Ontario towns and cities because of drinking water contaminated by E. coli bacteria.The evacuation prompted the federal and Ontario governments to scramble for solutions to the issue of dirty drinking water in First Nations communities (Barrett 2007).” “The October 2005 evacuation of the community of Kashechewan, in northern Ontario, brought to national attention concerns about the water in this remote community. The evacuation came close on the heels of a report from the federal Office of the Auditor General that found that residents of First Nations communities did not benefit from a level of drinking water protection comparable to that of people living off reserves (OAG 2005 ).”
Selected Timeline of water quality problems in First Nations and Inuit communities
1970s In the 1970s project managers of the the Department of Indian and Northern Affairs Canada oversaw all aspects of on-reserve capital projects, largely without the involvement of First Nations communities.
1980s As a result of downsizing in the Department of Indian and Northern Affairs Canada since the mid-1980s, and in keeping with the devolution policy, there has been an increasing transfer of responsibilities to First Nations and tribal councils for capital and maintenance projects having First Nations including planning and implementation of various program activities on reserves. Consequently, there has been a continual transfer of responsibilities to First Nations and tribal councils for capital and maintenance projects, under funding arrangements with the Department (DINA 1995).
1989-90 Information disclosed in government reports inaccurately portrayed the status of conditions on reserves claiming that 92 percent of houses on reserves received adequate water services in 1993-94 (86 percent in 1989-90). However, a survey report released after our audit showed that only half of the water systems in First Nations communities are not experiencing problems and about one fifth of the systems pose potential health and safety concerns (DINA 1995:2390)
1992 the Department of Indian and Northern Affairs Canada started to develop an Environmental Issues Inventory and Remediation Plan in 1992, Over 1,600 environmental issues including soil contamination, were identified on inhabited reserves, and remediation would involve millions of dollars (DINA 1995).
1995 The Department of Indian and Northern Affairs Canada was responsible for providing services to over 800 on-reserve communities, most of which are located in rural and remote areas. Populations were rapidly outgrowing their already inadequate infrastructures.
2000 The contamination of drinking water in Walkerton, Ontario led to widespread illness that resulted in seven deaths and
ongoing illness for hundreds of residents. “A subsequent inquiry by Associate Chief Justice Dennis O’Connor of the Ontario Court of Appeal not only probed the causes, but also set out detailed recommendations on how to prevent a recurrence. This “Report of the Expert Panel on Safe Drinking Water for First Nations.” reflects pressures to increase drinking water safety that all jurisdictions in Canada have felt since the Walkerton tragedy.
2001 Department of Indian and Northern Affairs Canada also “uses funding arrangements with First Nations to define drinking water requirements. However, the wording of the arrangements is general and does not specifically refer to water systems. In 2001, in a submission to the Walkerton Inquiry, the Chiefs of Ontario stated: “First Nations, their consultants and federal officials are left to discern the applicable standards from vague and conflicting language in funding conditions, guidelines and manuals.” This situation had not changed significantly at the time of our audit. (OAG 2005 ).
2003 INAC and Health Canada developed the First Nations Water Management Strategy. The strategy is intended to fix most of the problems identified in the 2001 assessment and substantially improve the quality and safety of drinking water in First Nations communities by 2008. It covers the following seven elements: developing comprehensive guidelines, policies, and standards; educating on-reserve residents about drinking water issues; clarifying roles and responsibilities; building and upgrading water systems to standards; improving operation and maintenance; providing operator training; and expanding water testing. The departments have been trying to address the last five points since 1995 (OAG 2005 ).
2004 World Health Organization published Guidelines for Drinking Water Quality (3rd Edition).
2005 The Auditor General’s Office concluded that Indian and Northern Affairs Canada, Health Canada, and First Nations do not operate under a regulatory regime for drinking water as most provinces do. When it comes to the safety of drinking water, residents of First Nations communities do not benefit from a level of protection comparable with that of people living off reserves.2. There is no statute or regulation requiring the monitoring of the quality and safety of drinking water in First Nations communities. Health Canada relies on its staff and on First Nations to sample and test drinking water quality. Regular tests at the frequency recommended under the Guidelines for Canadian Drinking Water Quality are not carried out in most First Nations. When the results of these tests are reported to Health Canada, they are not properly recorded; nor are they systematically shared with Indian and Northern Affairs Canada. Finally, not all the information identified was collected by the departments in 2003–04 and some critical indicators were missing. Parliament is not yet receiving enough information about the First Nations Water Management Strategy and the quality and safety of drinking water in First Nations communities (OAG 2005 ).
2005 “Kashechewan made headlines in October 2005 after hundreds of its residents were evacuated to several Ontario towns and cities because of drinking water contaminated by E. coli bacteria.The evacuation prompted the federal and Ontario governments to scramble for solutions to the issue of dirty drinking water in First Nations communities (Barrett 2007).” “The October 2005 evacuation of the community of Kashechewan, in northern Ontario, brought to national attention concerns about the water in this remote community. The evacuation came close on the heels of a report from the federal Office of the Auditor General that found that residents of First Nations communities did not benefit from a level of drinking water protection comparable to that of people living off reserves (OAG 2005 ).”
2006 United Nations Draft Declaration on the Rights of Indigenous Peoples, Article 3 and 31. On June 29, 2006 the Human Rights Council adopted by a roll-call vote of 30 in favour to 2 against and 12 abstentions a resolution on the Declaration on the Rights of Indigenous Peoples. The Declaration was forwarded to the UN General Assembly for approval in 2006. Canada has so far decided not to support this Declaration. Nonetheless, were a Canadian government to decide to support the Declaration, this would be a further indication of the policy direction Canada intended to pursue, and would be consistent with the general movement towards recognizing aboriginal self-government rights “GC Vol 2. 2006.
2006 The most recent Guidelines for Canadian Drinking Water Quality published in March, 2006 and last updated in September (HC 2006) did not provide an explicit definition of “safe drinking water” in Canada. There is no explicit definition in any provincial or territorial legislation (GN 2006).
2006 Kashechewan was under a precautionary Drinking Water Advisory, but Indian and Northern Affairs Canada claimed they had completed upgrades to the water systems and the system was closely monitored by a certified operator (DINA 2006 ).
2006 Indian and Northern Affairs Minister Jim Prentice launched a plan of action in March to address drinking water problems in First Nation communities. (CBC 2007)
2006 Indian and Northern Affairs Canada issued a priority list of communities identified as high risk drinking water systems with drinking water advisories in effect (DINA 2006 ). These high priority list in July 2006 included: New Brunswick: Woodstock, Pabineau; Quebec: Kitigan Zibi; Ontario: Constance Lake, Shoal Lake No. 40, Moose Deer Point, Northwest Angle, Ochiichagwe’babigo-ining, Kingfisher, Muskrat Dam Lake, Wabigoon Lake Ojibway; Alberta: Dene Tha’, Driftpile, Frog Lake; British Columbia: Shuswap, Toosey, Toquaht, Lake Babine (Fort Babine), Canoe Creek, Semiahmoo, Taku River Tlingit.”
2006 The Government of Canada’s panel of experts produced this report “Report of the Expert Panel on Safe Drinking Water for First Nations.” Vol. 1. November.
2007 Assembly of First Nations National Chief Phil Fontaine called for Ottawa’s immediate attention to the suicide-plagued community-in-crisis Kashechewan First Nation “Kashechewan and many other aboriginal communities in Ontario continue to struggle with poorly designed water plants or overly modern systems that are considered too costly to staff or maintain” [. . .] A report released in November by federal government adviser Alan Pope made a series of recommendations for Kashechewan, including moving the reserve to within the city limits of Timmins, Ont. – 450 kilometres from its current location on the shores of James Bay. Pope said the move would improve the lives of the community residents, particularly young people, by giving them access to high schools and post-secondary education, as well as economic opportunities and employment. But in a speech on [February 8, 2007] to the International Congress on Ethics in Gatineau, Que., Fontaine spoke out against such a move, saying that First Nations have been subject for too long to policy that amounts to “social engineering.” (Barrett 2007)
2007 Instead of providing new water plants for the 89 First Nations communities under a drinking water advisory, Health Canada will make better signs and posters warning people to stop drinking contaminated water. There are 600 First Nations communities concerned by the issue of clean water. Chief David General of Six Nations, ON knows his community members become ill from drinking tap water. “They would rather have a new water plant instead of a new communications strategy” (CBC 2007).
Kirkey, Sharon. 2011-06-10. “Despite billions spent, conditions on reserves have worsened: AG.” Postmedia News.
Barrett, Michael. 2007. Kashechewan ‘Community in Crisis’. Red Lake Net News. February 8.
CBC News. 2007. “Message about bad water on reserves not getting through: study.” May 11
DINA. 2006. “Priority List of First Nation Communities With High Risk Water Systems and Drinking Water Advisories.” Last Updated 2006-07-20
Government of Canada. 2006. “Report of the Expert Panel on Safe Drinking Water for First Nations.” Vol. 1. November 15.
Government of Canada. 2006. “Report of the Expert Panel on Safe Drinking Water for First Nations: Legal Analysis.” Vol. 2. November 15.
Government of Canada. 2006. Report, Presentations and Written Submissions to the Expert Panel on Safe Drinking Water for First Nations.
Health Canada. 2006. “Canadian Drinking Water Guidelines.” >> Environmental & Workplace Health. Last Updated: 2006-09-19.
Health Canada. 2007. “Drinking Water Advisories.” in First Nations & Inuit Health. May 10.
Office of the Auditor General (OAG). 2005. “Drinking Water in First Nations Communities.” Last Updated: 2005-09-29.
2011-05-25 Former auditor general Sheila Fraser gave her final news conference in which she deplored the fact that First Nations’ access to the basics of life — education, child welfare, clean drinking water and adequate housing — are persistently and dramatically substandard, and in some cases deteriorating.
Kirkey, Sharon. 2011-06-10. “Despite billions spent, conditions on reserves have worsened: AG.” Postmedia News.
Department of Indian and Northern Affairs Canada (DINA). 1995. “On-Reserve Capital Facilities and Maintenance.”
WHO. 2004. Guidelines for Drinking Water Quality (3rd Edition). World Health Organization, Geneva. Website accessed September
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