In this week’s recap, Marcello talks about a financial Crisis to come due to several economic events that had occurred lately, including hyperinflation. A Hole in the Ozone is now a threat.
European power prices have risen to multi-year highs on a variety of factors in recent weeks, coming from extremely strong commodity & carbon emission prices, to lower wind output. What’s worse, the record run in energy prices is not expected to end soon, instead analysts are warning, it is likely to persist throughout winter. The present situation will stymie economic growth & add to inflationary pressures.
Sea-level rise appears to be a problem for residential neighborhoods up to 20 miles inland, as the ocean’s higher elevation makes it harder for drainage canals to keep them dry. One region dealing with this problem is South Florida. Constructed largely in the 1940s & 1950s, South Florida’s drainage system has been an efficient system, until just recently. Higher tides & rising water levels are overwhelming the system.
South Korea’s Financial Services Commission regulatory agency is toughening rules for cryptocurrency exchanges, & the move could cost traders $2.6B or more, as requirements related to a Sept. 24 deadline to register their businesses with the government looms. Roughly 40 of South Korea’s 60 cryptocurrency services providers are likely to close.
Taiwan proposed on Thursday extra defense spending of T$240 billion ($8.69B) over the next 5 years, including on new missiles, as it warned of an urgent need to upgrade weapons in the face of a severe threat from mainland China. Taiwan President Tsai Ing-wen has made modernizing the armed forces & increasing defense spending a priority, especially as China ramps up its military & diplomatic pressure against the island, which it claims as Chinese territory.
Firefighters wrap sequoias in fire-resistant blanket to prevent fires; AMC Entertainment to accept cryptocurrencies as a means of payment for tickets; MIT researchers create 20-tesla magnetic field with superconducting electromagnet.