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Bremer Freimarkt, oldest fair in Germany, reaches its climax

Monday, October 29, 2012

The Bremer Freimarkt (Free Fair) — historically one of the oldest fairs in Germany — has its greatest event with the Free Fair Procession “Freimarktsumzug”; this year’s Freimarktsumzug took place Saturday.

The procession started Saturday morning on the opposite side of the river Weser in the “Neustadt” and passed the city hall about one hour later. 146 colorfully decorated groups were taking part, some of them dancing to their own music, and were watched by about 200.000 people in the streets during more than four hours of the whole performance. The event could also be viewed on television and on livestream on the web.

The Free Fair opened on the place behind the main station of the city of Bremen a week ago. The origin of this popular event can be traced back to the year 1035. Nowadays it has been called the “biggest Fairground Festival in northern Germany”.

For a few years, an historical spectacle involving actors of the theatre group Shakespeare Company has been part of the opening performance of the fair. With a replica of an old cog an ambassador enters the banks of the river Weser close to the city and walks with his companions to the market place in front of the city hall of Bremen where the Kleiner Freimarkt (Small Free Fair) is opened. Members of the Chimney Sweep Guild hang up a big heart at the statue of Roland as a sign of the opened market. The traditional opening takes place in the Bavarian tent on the Bürgerweide behind the main station of Bremen with the tapping of the first keg by the incumbent Senator of the Interior of the Free Hansetown of Bremen. This is followed by the dance with Miss Free Market on the stage. Late at night, also fireworks are lighted over the place Bürgerweide and can be admired by people. The exclamation Ischa Freimaak (It’s Free Fair) is meant to spread a relaxed and unreserved atmosphere among the guests.

The fair is a major source of revenue for showmen, carousels and food stalls, some of which arrived nearly two weeks before the opening from all over Germany. This year the Freimarkt is to last until Sunday November 4. The subsequent disassembly, especially the technically complex rides, should then take about ten days.

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UK Chancellor of the Exchequer makes 2005 Budget speech

Wednesday, March 16, 2005

The United Kingdom Chancellor of the Exchequer, the Right Honourable Gordon Brown PC MP, in a speech to the British House of Commons today presented his ninth Budget, what is very likely to be his last Budget before the next UK General Election. This opened the parliamentary debate on the 2005 Finance Bill, and was followed by responses from the opposition parties.

In a 48 minute long speech, the Chancellor presented a Budget of “tax cuts that are reasonable, spending that is affordable, and [economic] stability that is paramount”, that was “the prudent course for Britain”. There were few surprises that had not already been indicated in his 2004 pre-Budget report. The increase in the threshold on stamp duty was greater than that forecast by commentators, as was the amount of the Council Tax rebate to households with pensioners.

Contents

  • 1 The Budget in detail
    • 1.1 Duty
    • 1.2 Taxes
    • 1.3 Benefits
    • 1.4 Business
    • 1.5 Employment
    • 1.6 Savings
    • 1.7 Spending
    • 1.8 Memorials
  • 2 Responses from opposition parties
    • 2.1 Conservative
    • 2.2 Liberal Democrat
  • 3 Sources
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News briefs:July 15, 2008

Audio Wikinews News Brief for July 15, 2008

Recorded by: DavumayaProblems listening to the file? See media help.

RSS

Contents

  • 1 Media reports: Israeli warplanes training in Iraq
  • 2 Three hostages return home to Florida
  • 3 IndyMac Bank placed into conservatorship by US Government
  • 4 Sixteen killed in Pakistan during Taliban ambush
  • 5 Bronis?aw Geremek, former Polish Foreign Affairs Minister, dies at age 76
  • 6 Details emerge on Norway Rock Festival deaths as Motörhead hold minute’s silence

[edit]

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UN calls on international community to increase aid for Iraqi refugees

Sunday, July 8, 2007

The United Nations High Commissioner for Refugees (UNHCR) called on the international community to increase aid and assistance to the two countries shouldering the bulk of displaced Iraqis. Syria and Jordan have received the largest number of Iraqi refugees and are having difficulty coping with the numbers.

The appeal was made by UNHCR spokesman Ron Redmond at a press conference on Friday at the Palais des Nations in Geneva, Switzerland. He criticized governments for earlier expressing concern and pledging support for the refugees but not following through on promises. “Syria and Jordan have still received next to nothing in bilateral help from the world community,” said Redmond.

There are an estimated 2 million Iraqi refugees total in Syria and Jordan with the numbers increasing daily. Each day, Syria receives approximately 2,000 Iraqis and, of those, about 1,000 will stay for an extended time. There are a further 2 million displaced Iraqis who move and settle in safer areas within Iraq.

The large numbers of refugees is putting pressure on the infrastructure of the host countries, resulting in difficult living conditions for the inhabitants. Ron Redmond acknowledges that some US$70 million in donations have been received by the UNHCR, and a further $10 million promised since the Iraq displacement conference in April, 2007. He points out, however, that much more is required. “We stressed then and we say it again, donors must provide direct bilateral support to these host countries whose schools, hospitals, public services and infrastructure are seriously overstretched because of the presence of millions of Iraqis they have so generously welcomed,” said Redmond.

It is unconscionable that generous host countries be left on their own to deal with such a huge crisis. We strongly urge governments to step forward now to support them in dealing with this situation…

Schools are particularly difficult to set up and staff in a refugee situation. Syria has currently hundreds of thousands of Iraqi refugee children, but only has resources for 32,000 students. Syria offers free access to public schools for refugees, but doesn’t have the infrastructure to cope. Some 14,000 Iraqi refugee children in Jordan attend school, out of the possible 250,000. The refugee children in Jordan don’t have access to public schools and instead go to private schools. UNHCR is partnering with UNICEF to provide 150,000 classroom spots in Syria, Jordan and Lebanon, but the coordination of the required resources, such as buildings, teachers, and school supplies is proving difficult.

Health issues for the refugees is also a concern. UNHCR has set up three primary care medical facilities in Syria, with two more in the works. But approximately 10,000 Iraqis per month require a doctor’s attention, 3,000 of which require serious medical treatment.

Refugee situation in numbers
  • 2,000,000 in Jordan and Syria
  • 2,000,000 internally displaced
  • 750 in the United States
  • 14,000 out of 250,000 children in Jordan attend school

“It is unconscionable that generous host countries be left on their own to deal with such a huge crisis,” said Ron Redmond at the press conference. “We strongly urge governments to step forward now to support them in dealing with this situation and renew our call for international solidarity and burden sharing.”

The president of Refugees International, Ken Bacon, agrees that a more comprehensive approach to the situation is required and believes that it would be good investment for the United States to increase its aid to the region. “The United States ought to be pumping money into Jordan and Syria,” Bacon suggests. He feels that the sheer numbers of refugees can have a destabilizing influence in the Middle East. However, the complicated diplomatic relationship between the U.S. and Syria has resulted in slow progress, according to Bacon, as bilateral discussions have not taken place and the UN is forced to mediate.

Both Jordan and Syria have put in place new entry and residency conditions, which has resulted in thousands of refugees being stranded on Iraq’s borders. Families have been separated based on a person’s age and type of passport held. Jordan and Syria have not signed on to the UN Convention Relating to the Status of Refugees.

The non-governmental organization Human Rights Watch has been critical of Jordan and Syria on their policy of returning refugees, saying they “are violating on a daily basis the most fundamental principle of refugee protection – nonrefoulement, which prohibits the return of refugees to persecution or serious harm.”

To gain access to Jordan, Iraqi refugees must be over 40 or under 20, and must prove they have sufficient funds to support themselves in the country. They must also be in possession of a new generation passport.

Nasser Hikmat Jaafar drove 900 km from Baghdad with his family to reach Jordan in mid-June, 2007. Half of his family was refused entry to Jordan. “They allowed entry just for my wife and two daughters and denied me and my three sons. They didn’t tell us the reasons, but just said they are fed up with men of such ages [between 20 and 40 years old],” said Jaafar. He changed plans and traveled with all his family to the Syrian border, a distance of approximately 500 km from Iraq’s Jordanian border.

Syria has less restrictions on gaining entry, but has imposed residency conditions. Refugees can only stay up to three months and must then leave Syria and re-enter to be eligible to stay for another period.

The United States government has a program set up for Iraqi asylum seekers in Jordan who meet specific criteria. If they meet the requirements, listed below, they may be eligible for resettlement under the United States Refugee Admissions Program (USRAP).

Interested asylum seekers are encouraged to apply directly with the U.S. Overseas Processing Entity (OPE) in Amman, Jordan, which is operated by the International Organization for Migration (IOM). Individual Iraqis and their immediate family that meet one of the conditions below may seek access through the direct program:

  • Individuals who worked on a full-time basis as interpreters/translators for the U.S. Government or Multi-National Forces (MNF-I);
  • Locally Employed Staff (LES) engaged by the U.S. Government under the authority of the Chief of Mission or the Coalition Provisional Authority (CPA); or
  • Surviving immediate family members of interpreters/translators or LES.

According to the U.S. government information on the process, those individuals initiating a case with the OPE will not be guaranteed an interview for resettlement in the United States. Applicants would be screened for eligibility as per the requirements listed above and are subject to approval.

In a February 14, 2007 press briefing, U.S. Under Secretary for Democracy and Global Affairs Paula J. Dobriansky addressed the Iraq refugee crisis. “Our key immediate objectives are to assist internally displaced Iraqis and Iraqi refugees by building up the capacities of UN agencies and NGOs,” said Dobriansky. “This includes increasing opportunities for permanent resettlement for the most vulnerable Iraqis, to establish specialized programs to assist Iraqis who are at risk because of their employment or close association with the United States Government, to work diplomatically with regional governments through bilateral and multilateral channels to uphold the principle of first asylum,” she continued.

In the February press briefing, the U.S. committed to receive 7,000 Iraqi refugees by fiscal year end, September 30, but clarified that perhaps only half that number would be “travel-ready” subsequent to the interview process as described above. The U.S. could accommodate 20,000 to 30,000 Iraqi refugees per year without difficulty, according to Ken Bacon of Refugees International.

To date, the U.S. has allowed 750 Iraqi refugees into the country.

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BC man is selling the boat from old TV series Gilligan’s Island

Tuesday, August 29, 2006

A man named George Schultz in Parksville, British Columbia is selling the boat from old TV series Gilligan’s Island at the cost of $99,000. The cruiser, originally cost about $290,000 in the 1960s.

“There have been a couple of modifications, so it doesn’t look exactly like the original,” said Shultz, a boat broker who’s selling the 36-foot Wheeler Express Cruiser for fellow Parksdale resident Scotty Taylor. “But it’s still the original boat.”

Originally, the boat’s name was The Blue Jacket.

“Just for the show, for a stage name, it was called the S.S. Minnow,” Shultz said. The name was a reference to Newton Minnow, once chairman of the FCC.

“He just liked the boat, he wanted to restore it, it was a nice looking boat, a wooden boat, a classic and he likes classic boats,” said Shultz. “The hole in the hull was actually the least of the repairs – the interior needed a lot more work”.

Someone later stole the plaque on the boat, but the 46-year-old boat still has the round life preserver with S.S. Minnow emblazoned on it and the skipper’s chair.

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NTSB releases updates on status of 3 major US investigations

Sunday, June 17, 2007

The National Transportation Safety Board (NTSB), the agency responsible for investigating transportation accidents in the United States, released updates on three major investigations on June 14.

The NTSB, well known publicly for its involvement in the investigation of aviation incidents which involve harm or loss of human life, is also an agency that oversees the transportation of refined petroleum and gas products, chemicals and minerals.

The agency determined the cause of a natural gas pipeline explosion that killed six. It also detailed the cause of an accidental release of 204,000 gallons of anhydrous ammonia from a pipeline in an environmentally sensitive area, and released preliminary information involving two commercial aircraft coming within 30-50 feet of each other on a runway.

In the gas explosion disaster, the towing vessel Miss Megan, which was of specifications that did not require inspection by the United States Coast Guard, was being operated in the West Cote Blanche Bay oil field in Louisiana by Central Boat Rentals on behalf of Athena Construction on October 12, 2006. The Miss Megan was pushing barge IBR 234, which was tied along the starboard side of barge Athena 106, en route to a pile-driving location. Athena Construction did not require its crews to pin mooring spuds (vertical steel shafts extending through wells in the bottom of the boat and used for mooring) securely in place on its barges and consequently this had not been done. During the journey, the aft spud on the Athena 106 released from its fully raised position. The spud dropped into the water and struck a submerged, high-pressure natural gas pipeline. The resulting gas released ignited and created a fireball that engulfed the towing vessel and both barges. The master of the towing vessel and four barge workers were killed. The Miss Megan deckhand and one barge worker survived. One barge worker is officially listed as missing.

The NTSB blames Athena Construction for the disaster, citing in the final report that Athena Construction’s manual contained no procedures mandating the use of the safety devices on the spud winch except during electrical work. It was found that if the Athena 106 crew had used the steel pins to secure the retracted spuds during their transit, a pin would have prevented the aft spud from accidentally deploying. Furthermore, the spud would have remained locked in its lifted position regardless of whether the winch brake mechanism, the spud’s supporting cable, or a piece of connecting hardware had failed.

The NTSB also found that contributing to the accident was the failure of Central Boat Rentals to require, and the Miss Megan master to ensure, that the barge spuds were securely pinned before getting under way. The Board noted that investigators found no evidence that the Miss Megan master or deckhand checked whether the spuds had been properly secured before the tow began. While Central Boat Rentals had a health and safety manual and trained its crews, the written procedures did not specifically warn masters about the need to secure spuds or other barge equipment before navigating. The NTSB stated that the company’s crew should have been trained to identify potential safety hazards on vessels under their control.

NTSB Chairman Mark Rosenker said of the investigation’s results, “Having more rigorous requirements in place could have prevented this accident from occurring. Not only do these regulations need to be put in place but it is imperative that they are enforced and adhered to.”

The NTSB has made a number of safety recommendations as a result of this accident and the subsequent investigation. Recommendations were made to Athena Construction and Central Boat Rentals to develop procedures and train the employees of its barges to use the securing pins to hold spuds safely in place before transiting from one site to another.

The most major of the other recommendations are:

To the Occupational Safety and Health Administration:

  • Direct the Maritime Advisory Committee for Occupational Safety and Health to issue the following documents document to the maritime industry: (1) a fact sheet regarding the accident, and (2) a guidance document regarding the need to secure the gear on barges, including spud pins, before the barges are moved, and detailing any changes to your memorandum of understanding with the Coast Guard.

To the U. S. Coast Guard

  • Finalize and implement the new towing vessel inspection regulations and require the establishment of safety management systems appropriate for the characteristics, methods of operation, and nature of service of towing vessels.
  • Review and update your memorandum of understanding with the Occupational Safety and Health Administration to specifically address your respective oversight roles on vessels that are not subject to Coast Guard inspection.

The NTSB also released the result of its investigation into an environmental disaster in Kansas on October 27, 2004 in which 204,000 gallons (4,858 barrels) of anhydrous ammonia was spilled from a ruptured pipeline in Kingman into an environmentally sensitive area. Chemicals from the pipeline entered a nearby stream and killed more than 25,000 fish, including some fish from threatened species.

The incident reached the scale that it did due to operator error after the initial rupture. The 8 5/8-inch diameter steel pipeline, which was operated by Enterprise Products Operating L.P., burst at 11:15 a.m. in an agricultural area about 6 miles east of Kingman, Kansas. A drop in pipeline pressure, indicating abnormal conditions or a possible compromise in pipeline integrity, set off alarms displayed on the computerized pipeline monitoring system. Shortly after the first alarm the pipeline controller, in an attempt to remedy the low pressure, increased the flow of anhydrous ammonia into the affected section of pipeline. A total of 33 minutes elapsed between the time when the first alarm indicated a problem with the pipeline and the initiation of a shutdown.

In its initial report to the National Response Center (NRC), the pipeline operator’s accident reporting contractor reported a release of at least 20 gallons of ammonia, telling the NRC that an updated estimate of material released would be reported at a later time. No such report was ever made. Because of the inaccurate report, the arrival of representatives from the Environmental Protection Agency was delayed by a full day, affecting the oversight of the environmental damage mitigation efforts.

The cause of the rupture itself was determined to be a pipe gouge created by heavy equipment damage to the pipeline during construction in 1973 or subsequent excavation activity at an unknown time that initiated metal fatigue cracking and led to the eventual rupture of the pipeline.

“We are very fortunate that such highly toxic chemicals of the size and scope involved in this accident were not released in a populated area,” commented Rosenker. “Had this same quantity of ammonia been released near a town or city, the results could have been catastrophic.”

As a result of this accident, the NTSB made the following safety recommendations:

To the Pipeline and Hazardous Materials Safety Administration:

  • Require that a pipeline operator must have a procedure to calculate and provide a reasonable initial estimate of released product in the telephonic report to the National Response Center.
  • Require that a pipeline operator must provide an additional telephonic report to the National Response Center if significant new information becomes available during the emergency response.
  • Require an operator to revise its pipeline risk assessment plan whenever it has failed to consider one of more risk factors that can affect pipeline integrity.

To Enterprise Products Operating L.P.:

  • Provide initial and recurrent training for all controllers that includes simulator or noncomputerized simulations of abnormal operating conditions that indicate pipeline leaks.

“The severity of this release of dangerous chemicals into the community could have been prevented,” said Rosenker. “The safety recommendations that we have made, if acted upon, will reduce the likelihood of this type of accident happening again.”

As well as concluding their investigation of the above accidents, the NTSB also released preliminary information regarding a serious runway incursion at San Francisco International Airport between two commercial aircraft on May 26, 2007.

At about 1:30 p.m. the tower air traffic controller cleared SkyWest Airlines flight 5741, an Embraer 120 arriving from Modesto, California, to land on runway 28R. Forgetting about the arrival airplane, the same controller then cleared Republic Airlines flight 4912, an Embraer 170 departing for Los Angeles, to take off from runway 1L, which intersects runway 28R.

After the SkyWest airliner touched down, the Airport Movement Area Safety System (AMASS) alerted and the air traffic controller transmitted “Hold, Hold, Hold” to the SkyWest flight crew in an attempt to stop the aircraft short of runway 1L. The SkyWest crew applied maximum braking that resulted in the airplane stopping in the middle of runway 1L. As this was occurring, the captain of Republic Airlines flight 4912 took control of the aircraft from the first officer, realized the aircraft was traveling too fast to stop, and initiated an immediate takeoff. According to the crew of SkyWest 5741, the Republic Airlines aircraft overflew theirs by 30 to 50 feet. The Federal Aviation Administration has categorized the incident as an operational error.

The NTSB sent an investigator to San Francisco, who collected radar data, recorded air traffic control communications, and flight crew statements, and interviewed air traffic control personnel prior to the NTSB making the preliminary release.

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At least four dead and hundreds of homes destroyed after week of wildfires rage throughout Texas

Friday, September 9, 2011

Parts of Texas have been scorched by sweeping wildfires this week. Officials state that a wildfire which swept much of central Texas this week destroyed at least 1,400 homes and forced about 5,000 people to evacuate to safety. An official with the Texas Forestry Services told news sources on Thursday that much of that fire has been contained.

Officials have speculated that this fire alone has destroyed more homes than any other wildfire on record in the state. Officials are welcoming dropping temperatures, stating this will increase their ability to fight the fires effectively. A converted DC-10 aircraft was recently made available to fire authorities, but cannot be used until Friday as workers still need to time to prepare on-board equipment.

One of the two fatalities in the central part of the state has been identified as Michael Troy Farr, 49, who died at his home. Earlier in the week, a woman and her infant died in a related blaze that quickly engulfed their home located near the city of Gladewater, located in the eastern part of the state. On Thursday, officials warned that East Texas has become the center of wildfire activity in the state.

At least 170 wildfires have ravaged much of the state over the past week. On Tuesday, a thick haze of smoke enveloped the city of Tyler for several hours, forcing school officials to cancel all outdoor sports activities. Since late 2010 the overall devastation of wildfires in the state is estimated to cost at least US$216 million (£136 million,€157.5 million) in firefighting expenses. The state’s Lieutenant Governor, David Dewhurst, who is the acting governor in Governor Perry’s absence, indicated he will ask the federal government to declare Texas a major disaster area. President Obama has also promised to provide needed assistance to local officials.

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Canada’s Don Valley West (Ward 25) city council candidates speak

Friday, November 3, 2006

On November 13, Torontonians will be heading to the polls to vote for their ward’s councillor and for mayor. Among Toronto’s ridings is Don Valley West (Ward 25). Three candidates responded to Wikinews’ requests for an interview. This ward’s candidates include John Blair, Robertson Boyle, Tony Dickins, Cliff Jenkins (incumbent), and Peter Kapsalis.

For more information on the election, read Toronto municipal election, 2006.

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Asian countries call for global currency

Monday, April 6, 2009

Leaders and central banks in Russia, China, Malaysia, Indonesia, Thailand, and Kazakhstan have called for an international currency system.

Speaking on April 1 in advance of the G-20 summit in London, Russian president Dmitry Medvedev argued that the international finance system needed a “new construction” including “new currency systems”, saying that such a new system could be the purpose of a revamped IMF and World Bank. The IMF was originally founded in 1946 as the overseer of the Bretton Woods system, which from its founding until the 1970s tied the western world’s currencies to the US Dollar, which was in turn backed by gold. Russia’s proposal was for the new currency to serve as a reserve currency, one which would take the place of the dollar, euro, and other heavily-traded currencies as an international standard of exchange.

Medvedev’s comments are a reversal of Russian position from a lukewarm response following a looser outline for a worldwide currency by Kazakhstani president Nursultan Nazarbayev. On March 11, Nazarbayev suggested the establishment of the “acmetal”, a portmanteau of “acme” and “capital“, as a reserve currency replacing the ruble in international transactions, first for Central Asia and then worldwide. 1999 Economics Nobel laureate Robert Mundell, speaking to the Daily Telegraph, endorsed the idea, saying “It would be a very good idea if the G-20 took that idea up in London”.

2001 Nobel economics prize winner Joseph Stiglitz, meanwhile, said the new currency could come about quickly if it was based on an expansion of the IMF’s already established system of Special Drawing Rights, units of exchange used by the IMF which already have some of the features of currency. Stiglitz argued that, as the US dollar has become the standard global reserve currency, it has inadvertently created a system which hurts the world economy. “It’s a net transfer, in a sense, to the United States of foreign aid,” he argued, reasoning that when other countries purchase US dollars in order to use them on international markets (such as for the buying and selling of petroleum), they effectively give the US a zero-interest loan — sometimes at times when they can least afford it. Stiglitz made his comments as head of a United Nations panel of economists giving recommendations to address the global financial crisis.

In the weeks leading up to the G-20 conference, the People’s Republic of China also began discussing a new system for reserve currencies. In a March 23 speech, Zhou Xiaochuan, governor of the People’s Bank of China, endorsed a new reserve currency, saying “the desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.” Zhou went on to endorse the expansion of the SDR system in the long-term creation of a reserve currency government by the IMF. While Zhou did not mention the US dollar specifically, analysis by Qu Hongbin, chief China economist for HSBC, for the Financial Times said that the speech “is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money”.

China holds $740 billion as assets; inflation in the US economy, which has been low in recent years, would directly cause those assets to lose value.

While the Chinese government has engaged in currency swaps with several other growing economies, such as South Korea, Argentina, Malaysia and Indonesia, the Chinese Yuan cannot be used itself as a reserve currency as it cannot be freely traded on the global market.

The Chinese-Russian proposal was not entered onto the agenda at the G-20 meeting itself. Nonetheless, British Prime Minister Gordon Brown said that the G-20 was open to considering the proposal if and when a detailed one is presented. United States President Barack Obama, meanwhile, endorsed the continuation of dollar supremacy, saying that the US dollar is “extraordinarily strong” and arguing that its strength was the result of the intrinsic stability of the United States economic and political system; US treasury secretary Timothy Geithner had, the week before, made comments that while he supported an expansion in the SDR mechanism he rejected the idea of a global currency. Rather than change the role of SDRs, the G-20 meeting instead added $250 billion in support to the fund backing SDRs.

After the G-20 conference ended on Thursday, Malaysia’s The Star BizWeek reported that the central banks of Indonesia, Malaysia and Thailand had endorsed the Chinese proposal. All three countries have close economic ties with China and suffered heavily from the collapse of their currencies in the 1997 Asian Financial Crisis; the sudden growth in the value of the US dollar relative to those countries’ native currencies sharply increased debt in Southeast Asia’s economies, leading to a wave of bankruptcies.

International reaction from other economies has been mixed and guarded. Luiz Inacio Lula da Silva, President of Brazil, said that the currency proposal was important to discuss but did not give extensive comment. And while UPI reports that India supported the SDR proposal at the G-20 conference, the Indian Press Trust quotes Indian Prime Minister Manmohan Singh as saying last month, “It is too early to talk about common currency.”

Calls for an independent global reserve currency are not new. In 1944, John Maynard Keynes proposed the “bancor“, a unit like the SDR supported by a basket of commodities. Keynes’ idea was rejected and the US dollar took the equivalent role under the Bretton Woods system. Keynes proposed that the bancor system would be reinforced by a tax on participating countries’ current accounts, the difference between their exports and their imports, in order to encourage balanced trade. Meanwhile, monetary unions have become more popular since the end of the gold standard, with most of the European Union now trading the euro, and several countries outside the EU using it as a de facto currency; five West African countries adopting the eco at the end of this year; and the African Union planning to introduce the afro in 2028. Proposals for a North American currency union based around the so-called “amero” have been frequently discussed as the focus of conspiracy theories in the United States, but none of the US, Canada or Mexico have actively pursued the establishment of any such monetary union, however the dollar is the currency of several Latin American countries.