Thursday, August 26, 2010
Vast solar system found 127 light years away
A vast solar system of seven planets orbiting a sun-like star has been discovered 127 light years from Earth.
''We have found what is most likely the system with the most planets yet discovered,'' said Dr Christophe Lovis, who led the European southern Observatory (ESO) scientists.
''This remarkable discovery also highlights the fact that we are now entering a new era in exoplanet research: the study of complex planetary systems and not just of individual planets.
''Studies of planetary motions in the new system reveal complex gravitational interactions between the planets and give us insights into the long-term evolution of the system.''
The parent star, known as HD 10180, lies in the southern constellation of Hydrus 127 light years away.
Astronomers patiently studied it for six years using a planet-finding instrument called the HARPS spectrograph, attached to ESO's 3.6 metre (11.8ft) telescope at La Silla, Chile.
From 190 individual HARPS measurements, they were able to detect tiny wobbles in the star's motion caused by the gravitational tugs of its planets.
The five strongest signals corresponded to planets with Neptune-like masses, between 13 and 25 times that of the Earth.
These planets, with orbit periods ranging from six to 600 days, are separated from their star at 0.06 to 1.4 times the distance between the Earth and sun.
Dr Lovis added: ''We also have good reasons to believe that two other planets are present. One would be a Saturn-like planet (with a minimum mass of 65 Earth masses) orbiting in 2,200 days. The other would be the least massive exoplanet ever discovered, with a mass of about 1.4 times that of the Earth.
''It is very close to its host star, at just 2 per cent of the Earth-sun distance. One 'year' on this planet would last only 1.18 Earth days.''
The planet would be rocky, like the Earth, but probably far too hot to sustain life.
With at least five Neptune-sized planets circling inside an orbit equivalent to that of Mars, the HD 10180 system has a more populated inner region than our solar system.
So far astronomers have found 15 systems containing at least three planets.
The last record holder was 55 Cancri, which has a total of five planets including two gas giants.
An artist's impression of the HD 10180 planetary system in the southern constellation of Hydrus 127 light years away
A close up of the region around the star HD 10180
The planetary system is believed to be the largest ever detected beyond the sun.
Astronomers have confirmed the presence of five planets and have tantalising evidence of two more.
''We have found what is most likely the system with the most planets yet discovered,'' said Dr Christophe Lovis, who led the European southern Observatory (ESO) scientists.
''This remarkable discovery also highlights the fact that we are now entering a new era in exoplanet research: the study of complex planetary systems and not just of individual planets.
''Studies of planetary motions in the new system reveal complex gravitational interactions between the planets and give us insights into the long-term evolution of the system.''
The parent star, known as HD 10180, lies in the southern constellation of Hydrus 127 light years away.
Astronomers patiently studied it for six years using a planet-finding instrument called the HARPS spectrograph, attached to ESO's 3.6 metre (11.8ft) telescope at La Silla, Chile.
From 190 individual HARPS measurements, they were able to detect tiny wobbles in the star's motion caused by the gravitational tugs of its planets.
The five strongest signals corresponded to planets with Neptune-like masses, between 13 and 25 times that of the Earth.
These planets, with orbit periods ranging from six to 600 days, are separated from their star at 0.06 to 1.4 times the distance between the Earth and sun.
Dr Lovis added: ''We also have good reasons to believe that two other planets are present. One would be a Saturn-like planet (with a minimum mass of 65 Earth masses) orbiting in 2,200 days. The other would be the least massive exoplanet ever discovered, with a mass of about 1.4 times that of the Earth.
''It is very close to its host star, at just 2 per cent of the Earth-sun distance. One 'year' on this planet would last only 1.18 Earth days.''
The planet would be rocky, like the Earth, but probably far too hot to sustain life.
With at least five Neptune-sized planets circling inside an orbit equivalent to that of Mars, the HD 10180 system has a more populated inner region than our solar system.
So far astronomers have found 15 systems containing at least three planets.
The last record holder was 55 Cancri, which has a total of five planets including two gas giants.
Credit Card Debt Drops to Lowest Level in 8 Years
NEW YORK — The amount consumers owed on their credit cards in this year's second quarter dropped to the lowest level in more than eight years as cardholders continued to pay off balances in the uncertain economy.
The average combined debt for bank-issued credit cards – like those with a MasterCard or Visa logo – fell to $4,951 in the three months ended June 30, down more than 13 percent from $5,719 in the same period a year ago, according to TransUnion.
The credit reporting agency said it was the first three-month period during which card debt fell below $5,000 since the first quarter of 2002.
Credit card debt remained the highest in Alaska, but slid 7 percent there to $7,148. A total of 22 states recorded debt higher than the national average.
Residents of Alabama paid off the most debt, dropping their average balance by 27 percent to $4,753.
More borrowers also made payments on time. The rate of cardholders past due by 90 days or more fell to 0.92 percent in the second quarter, from 1.17 percent last year.
That's the first time the delinquency rate has been below 1 percent since the second quarter of 2007, before the recession, said Ezra Becker, director of consulting and strategy in TransUnion's financial services unit. The rate fluctuates during the year, he said, but the improvement is more evidence that consumers are working to make sure their credit cards remain in good standing.
That concern reflects several economic factors, from the fear of unemployment to the fact that the collapsed housing market means it's harder to cash in on home equity when money gets tight.
"You can't buy groceries with your house anymore," Becker said.
Reflecting the weak economies in the states hardest hit by the housing crisis, the delinquency rate was highest in Nevada, at 1.5 percent of cardholders, followed by Florida, 1.24 percent, Arizona, 1.11 percent and California, 1.08 percent. In all, 16 states fared worse than the national average for delinquencies.
The lowest delinquency rates remained in North Dakota, at 0.54 percent, and South Dakota, at 0.55 percent.
In a twist, Becker said the foreclosure crisis could be helping to improve the timeliness of credit card payments and lower balances. When people don't make mortgage payments, he suggested, they have a short-term cash boost.
"That can provide extra money to pay down credit cards," he said.
Besides paying down debt, consumers are getting fewer new cards. Nationwide, the number of new accounts opened dropped almost 6.5 percent from last year.
TransUnion predicts that the national delinquency rate will remain below 1 percent for the rest of the year. However, on the high end, the Nevada rate is forecast to edge up to 1.6 percent.
The average combined debt for bank-issued credit cards – like those with a MasterCard or Visa logo – fell to $4,951 in the three months ended June 30, down more than 13 percent from $5,719 in the same period a year ago, according to TransUnion.
The credit reporting agency said it was the first three-month period during which card debt fell below $5,000 since the first quarter of 2002.
Credit card debt remained the highest in Alaska, but slid 7 percent there to $7,148. A total of 22 states recorded debt higher than the national average.
Residents of Alabama paid off the most debt, dropping their average balance by 27 percent to $4,753.
More borrowers also made payments on time. The rate of cardholders past due by 90 days or more fell to 0.92 percent in the second quarter, from 1.17 percent last year.
That's the first time the delinquency rate has been below 1 percent since the second quarter of 2007, before the recession, said Ezra Becker, director of consulting and strategy in TransUnion's financial services unit. The rate fluctuates during the year, he said, but the improvement is more evidence that consumers are working to make sure their credit cards remain in good standing.
That concern reflects several economic factors, from the fear of unemployment to the fact that the collapsed housing market means it's harder to cash in on home equity when money gets tight.
"You can't buy groceries with your house anymore," Becker said.
Reflecting the weak economies in the states hardest hit by the housing crisis, the delinquency rate was highest in Nevada, at 1.5 percent of cardholders, followed by Florida, 1.24 percent, Arizona, 1.11 percent and California, 1.08 percent. In all, 16 states fared worse than the national average for delinquencies.
The lowest delinquency rates remained in North Dakota, at 0.54 percent, and South Dakota, at 0.55 percent.
In a twist, Becker said the foreclosure crisis could be helping to improve the timeliness of credit card payments and lower balances. When people don't make mortgage payments, he suggested, they have a short-term cash boost.
"That can provide extra money to pay down credit cards," he said.
Besides paying down debt, consumers are getting fewer new cards. Nationwide, the number of new accounts opened dropped almost 6.5 percent from last year.
TransUnion predicts that the national delinquency rate will remain below 1 percent for the rest of the year. However, on the high end, the Nevada rate is forecast to edge up to 1.6 percent.
Snitker Congratulates, Warns Rubio and Meek
BROOKSVILLE, FLORIDA – Libertarian U.S. Senate candidate Alex Snitker had words of congratulations — and words of warning — for tonight’s Republican and Democrat Senate primary election winners. “I’d like to congratulate both Marco Rubio and Kendrick Meek for winning their respective primaries,” said Snitker.
As expected, Republican U.S. Senate candidate Marco Rubio has apparently won in a landslide over a handful of lesser know GOP challengers, while Democrat Kendrick Meek prevailed in a relatively close battle with billionaire Jeff Greene.
In addition to congratulations, Snitker also was quick to issue a challenge to his competition. “I look forward to open debates between me, Rubio, Meek and Crist,” said Snitker. “You’ve enjoyed the luxury of avoiding me during your primary battles; however, all bets are now off. Gentlemen, this is now officially a four-way race, and I am in it to win.”
The outspoken Libertarian says that he is the true tea party candidate, and has accused Rubio being “afraid” to debate him on the issues. In a recent press release, the Snitker campaign accused Rubio of cancelling several speaking engagements after learning that Snitker would also be there, most recently on August 21st at the U.S. Constitution Freedom Rally in Fort Walton Beach.
While many pundits continue to call Florida’s Senate race a three-way contest, Snitker has been busy pulling votes from all three of the better known candidates. Snitker has only received a fraction of the media coverage of the major party Senate hopefuls, but his poll numbers may turn out to be a big factor in the November 2nd general election.
Snitker is showing support at 3-5% depending on the poll. According to a poll released today by Public Policy Polling, Snitker is in a statistical dead heat with Kendrick Meek among 18-29 year old voters.
What most surprising is that he has achieved this with a war chest of only $35,000, compared to the millions of dollars spent by his rivals.
“This is a race between three career politicians who are tainted with corruption, and a one regular man who will uphold and defend the Constitution,” said Adrian Wyllie, Snitker’s media director. “Alex believes that it is our duty to restore our Republic to what our Founders envisioned.”
Snitker is considered by many to be the most consistent Constitutional conservative in the race. But he also enjoys considerable Democrat support due to his non-interventionist foreign policy and belief that the federal government should stay out of the personal lives of individuals.
Ron Paul Calls for Audit of US Gold Reserves : Kitco News Exclusive
Editor's Note: Catch Dr. Ron Paul at the upcoming Kitco Metals eConference September 12-13, 2010. A not-to-be missed event featuring Marc Faber, James Dines and other industry heavyweights. The eConference is free with Pre- Registration www.kitcoeconf.com.
Texas (Kitco News) -- U.S. Rep. Ron Paul , R-Tex., plans to introduce a new bill next year that will allow for an audit of US gold reserves, he told Kitco News in an exclusive interview.
Paul dropped the news in the interview, indicating that the bill still does not have an official name yet but will be unveiled at the start of the new U.S. Congress.
“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said of the Federal Reserve.
This is not the first time the congressman has made his pitch. “In the early 1980s when I was on the gold commission, I asked them to recommend to the Congress that they audit the gold reserves – we had 17 members of the commission and 15 voted not to the audit,” said Paul. “I think there was only one decent audit done 50 years ago,” he said.
Though Paul did not say whether there is any truth to claims that there is no gold in Fort Knox or the New York Federal Reserve, he said, “I think it is a possibility.”
“If we ever get around to deciding we should use gold in relationship to our currency we ought to know how much is there,” said Paul. “Our Federal Reserve admits to nothing and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit?” he said.
The gold audit follows his crusade last year looking to audit the Federal Reserve, which he says is the chief culprit behind the economic crisis.
“I don’t think the Federal Reserve should exist – it would be best for congress to exert their responsibilities and that is find out what they are doing”' said Paul. "It is an ominous amount of power they have to create money out of thin air and being the reserve currency of the world and be able to finance runaway spending whether it is for welfare or warfare; it seems so strange that we have been so complacent not to even look at the books. If we knew exactly what they were doing, who they were taking care of, there would be a growing momentum to reassess the whole system,” he told Kitco News.
Before the creation of the Federal Reserve however, the US saw 16 recessions from 1850 to 1910; they averaged 22 months long. During this time, the U.S. was in recession 60 out of 91 months. Many would argue that the severity of these recessions led to the creation of the Federal Reserve System.
“I think they would be exaggerating what happened before 1913,” Paul responds. “We had some panics …they were usually short and there were no long depressions,” he said. “The Fed creates the bubbles and they are much worse since 1913, if you think of the size of the government and the valuation of the dollar, we are down to about a 2 cent dollar from the 1913 dollar.”
Paul said everyone accuses him of wanting the gold standard but he said he doesn't accept that. “I accept the idea of a gold coin standard and I think we can do much better than what we had," he said. "There was a lot that they did pre-Fed that was not exactly right but we never had a disastrous loss of purchasing power long-term, we didn’t have a great depression, we didn’t have the 1970s with stagflation and we wouldn’t have what we have right now.”
Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar said Paul.
Paul’s solution is to not replace the Fed with anything. “It would make the dollar strong… who wants money to be devalued? I want a strong dollar and if it were equivalent to gold it would remain strong.”
Paul also said he wants to legalize the freedom for people to choose. “My proposal for now is to legalize the constitution to use gold and silver as legal tender in a parallel standard and have it compete with paper money. If people get tired of using the paper standard they can deal in gold or silver,” he said.
On the topic of gold price manipulation, Paul said, “I think it is probably true.”
“I am not the one to lay out proof of this, others have done a lot of investigation. One of the reasons I don’t dwell on that is they are not going to listen to us" he said. "But I think it is very important somebody talks about it and emphasizes it just as a warning to be careful; you don’t have to only anticipate what the markets are doing, but you have to anticipate what the government is doing.”
The best example of manipulating the ratio of gold to paper would have been from the late 1950s to 1971, said Paul. “We printed money like currency, we printed too many dollars against the gold, so they said, ‘we will take your gold.’ …if they are capable of that they are capable of doing this as well, because they don’t want their cover blown, ” said Paul. If the markets are saying not to trust paper money, they have to do everything they can to “destroy gold,” said Paul.
Recounting a visit with Paul Volcker, former Chairman of the Fed Reserve, Rep. Paul said the Chairman walked straight into the room, went immediately to his staffer and asked what the price of gold was. “They know gold is important. I think they are quite willing to manipulate it. That is the only way they can maintain this false illusion about gold.”
“If they are involved isn’t it pretty amazing what has happened in past year? What will happen if they throw in the towel?” said Paul.
The current economic situation is very healthy for gold, said Paul. “You see people rushing just to put their money in any place …they don’t even care about making money.”
New Regulations
When asked what regulations the Congressman is currently worried about, he said, “All of them.” However, Paul specifically points to the 1099 provision, a portion of the health-care act, passed earlier in the year. “For every transaction of over $600, gold dealers have to fill out a form, it is a lot of paperwork,” said the congressman. Entities must file a Form 1099 with the Internal Revenue Service whenever they make transactions paying out $600 a year to another party.
US economy
It is going to continue to go downhill said Paul on the US economy. “I don’t believe in a double dip, I believe we have single-dip and it has been continuous.”
“The only reason it doesn’t look so bad is if you spend $2 trillion dollars and you have a $5 hundred billion increase in some GDP figures, you didn’t get much for your trillion dollars but it might improve your statistics, so it was a fake recovery.”
As for another presidency run, Paul says it is too early to tell.
By Daniela Cambone dcambone@kitco.com
Tuesday, August 24, 2010
World's Richest Government
We know the world's richest man is Carlos Slim Helu of Mexico, followed by Bill Gates and Warren Buffet of USA .
How about governments?
Which countries’ government is the richest (having most money that is, in US$)
If you are expecting North American and European nations, you might be disappointed.
While the countries look rich, wealthy European nations can't withstand a prolonged major financial crisis, just like Greece .
The USA might have the biggest economy, but the American government is not at all rich; in fact, it can't even take out $150bn if asked to now without resorting to borrowing.
To date the US government has borrowed $14 trillion!
The UK , likewise, while the country/people are rich, the government isn't.
The UK government’s debt stands at $9 trillion now.
World’s Richest Government
Richest governments after 2008-2009 financial crisis:
1. China
National reserves: $2,454,300,000,000
2. Japan
National reserves: $1,019,000,000,000
3. Russia
National reserves: $458,020,000,000
4. Saudi Arabia
National reserves: $395,467,000,000
5. Taiwan
National reserves: $362,380,000,000
6. India
National reserves: $279,422,000,000
7. South Korea
National reserves: $274,220,000,000
8. Switzerland
National reserves: $262,000,000,000
9. Hong Kong , China
National reserves: $256,000,000,000
10. Brazil
National reserves: $255,000,000,000
Here are the rest, in million US $:
11 Singapore / 203,436
12 Germany / 189,100
13 Thailand / 150,000
14 Algeria / 149,000
15 France / 140,848
16 Italy / 133,104
17 United States / 124,176
18 Mexico / 100,096
19 Iran / 96,560
20 Malaysia / 96,100
21 Poland / 85,232
22 Libya / 79,000
23 Denmark / 76,315
24 Turkey / 71,859
25 Indonesia / 69,730
26 United Kingdom / 69,091
27 Israel / 62,490
28 Canada / 57,392
29 Norway / 49,223
30 Iraq / 48,779
31 Argentina / 48,778
32 Philippines / 47,650
33 Sweden / 46,631
34 United Arab Emirates / 45,000
35 Hungary / 44,591
36 Romania / 44,056
37 Nigeria / 40,480
38 Czech Republic / 40,151
39 Australia / 39,454
40 Lebanon / 38,600
41 Netherlands / 38,372
42 South Africa / 38,283
43 Peru / 37,108
44 Egypt / 35,223
45 Venezuela / 31,925
46 Ukraine / 28,837
47 Spain / 28,195
48 Colombia / 25,141
49 Chile / 24,921
50 Belgium / 24,130
51 Brunei / 22,000
52 Morocco / 21,873
53 Vietnam / 17,500
54 Macau / 18,730
55 Kazakhstan / 27,549
56 Kuwait / 19,420
57 Angola / 19,400
58 Austria / 18,079
59 Serbia / 17,357
60 Pakistan / 16,770
61 New Zealand / 16,570
62 Bulgaria / 16,497
63 Ireland / 16,229
63 Portugal / 16,254
64 Croatia / 13,720
65 Jordan / 12,180
66 Finland / 11,085
67 Bangladesh / 10,550
68 Botswana / 10,000
69 Tunisia / 9,709
70 Azerbaijan / 9,316
71 Bolivia / 8,585
72 Trinidad and Tobago / 8,100
73 Yemen / 7,400
74 Uruguay / 8,104
75 Oman / 7,004
76 Latvia / 6,820
77 Lithuania / 6,438
78 Qatar / 6,368
79 Cyprus / 6,176
80 Belarus / 6,074
81 Syria / 6,039
82 Uzbekistan / 5,600
83 Luxembourg / 5,337
84 Guatemala / 5,496
85 Greece / 5,207
86 Bosnia and Herzegovina / 5,151
87 Cuba / 4,247
88 Costa Rica / 4,113
89 Equatorial Guinea / 3,928
90 Ecuador / 3,913
91 Iceland / 3,823
92 Paraguay / 3,731
93 Turkmenistan / 3,644
94 Estonia / 3,583
95 Malta / 3,522
96 Myanmar / 3,500
97 Bahrain / 3,474
98 Kenya / 3,260
99 Ghana / 2,837
100 El Salvador / 2,845
101 Sri Lanka / 2,600
102 Cambodia / 2,522
103 Côte d'Ivoire / 2,500
104 Tanzania / 2,441
105 Cameroon / 2,341
106 Macedonia / 2,243
107 Dominican Republic / 2,223
108 Papua New Guinea / 2,193
109 Honduras / 2,083
110 Armenia / 1,848
111 Slovakia / 1,809
112 Mauritius / 1,772
113 Albania / 1,615
114 Kyrgyzstan / 1,559
115 Jamaica / 1,490
116 Mozambique / 1,470
117 Gabon / 1,459
118 Senegal / 1,350
119 Georgia / 1,300
120 Panama / 1,260
121 Sudan / 1,245
122 Zimbabwe / 1,222
123 Slovenia / 1,105
124 Moldova / 1,102
125 Zambia / 1,100
126 Nicaragua / 1,496
127 Mongolia / 1,000
128 Chad / 997
129 Burkina Faso / 897
130 Lesotho / 889
131 Ethiopia / 840
132 Benin / 825
133 Namibia / 750
134 Madagascar / 745
135 Barbados / 620
136 Laos / 514
137 Rwanda / 511
138 Swaziland / 395
139 Togo / 363
140 Cape Verde / 344
141 Tajikistan / 301
142 Guyana / 292
143 Haiti / 221
144 Belize / 150
145 Vanuatu / 149
146 Malawi / 140
147 Gambia / 120
148 Guinea / 119
149 Burundi / 118
150 Seychelles / 118
151 Samoa / 70
152 Tonga / 55
153 Liberia / 49
154 Congo / 36
155 São Tomé and PrÃncipe / 36
156 Eritrea / 22
Big national reserves doesn't guarantee prosperity however, for instance, the yearly expenses for China 's government is $1.11 trillion, their government must always think of economic growth and making more money.
China’s gov't overspent $110bn last year, much on it towards modernizing their military, if it goes on like this their reserves can only last for 22 yrs.
The Malaysian gov't overspent $13bn last year, if it goes on like this their reserves can only last for 7 yrs.
The Singaporean government overspent $3bn last year, much of it rescuing their banks from financial crisis, if it goes on like this their reserves can last 68 yrs.
The Swiss gov't overspent $1bn last year, if it goes on like this their reserves can last 262 yrs.
A country normally can borrow up to 100% its GDP, a very strong industrial country or very financial stable nation can borrow up to perhaps 200% its GDP, debts over 250% GDP the country is bankrupted.
Greece 's Debts Is 113.40% GDP, In Danger As It Is Not Considered A Strong Industrial Or Financial Country.
Iceland Is 107.60%, Also In Crisis As It Is Not So Strong Industrial Or Financially.
Singapore Debts Is 113.10%, Not In Hot Water Due To Its Global Financial Hub Status, And Also Its Financial Strength. It's Only Dangerous For Singapore When It Reaches 200%
Japan Debts Is 189.30%, Still Under Radar As A Powerful Industrial Nation. It Needs To Panic Only At Around 200%
US Has The World Largest Debts, But It Is Only 62% Its GDP, It Is Not In Any Immediate Danger Of Bankruptcy.
Zimbabwe Debts Is 282.60% GDP, It Is A Bankrupted Nation.
Malaysia Debts Is Currently At 53.70% GDP.
Hong Kong And Taiwan Is Doing Pretty Good With Debts At 32-37% GDP
South Korea Is Even Better With Debts At 23.5% GDP
China Is Very Stable With Debts At 16.90% GDP
Russia Is Like A Big Mountain With Debts Only At 6.30% GDP
Brunei, Liechtenstein , Palau , Nieu, And Macau Of China .
And Now We're Headed For The GREATEST Depression, Says Gerald Celente
The fake "recovery" was nice while it lasted, says famous apocalyptic forecaster Gerald Celente, founder of the Trends Research Institute. But now the fun's over, and we're headed for what Celente describes as the "Greatest Depression."
Specifically, the always startling Celente says the country is headed for rising unemployment, poverty, and violent class warfare as the government efforts to keep the economy going begin to fail.
The crux of the problem, Celente argues, is that the middle class has been wiped out. America used to be a land of opportunity for all, where hard-working people could build their own small businesses in their own communities and live prosperous and fulfilling lives. But now a collusion of state and corporate interests that Celente describes as "fascism" have conspired to help only the biggest companies and the richest Americans. This has put a shocking amount of the country's wealth in the hands of a privileged few and left the rest of the country to subsist on chicken-feed wages and low job satisfaction as Wal-Mart "associates" -- or worse.
The answer, Celente says, is to bring back the laws that prevented huge companies from getting so big and powerful, and put some opportunity back in the hands of ordinary people. But doing that is going to take a while. And in the meantime, we're headed for trouble.
(Celente's dead right about U.S. wealth inequality, by the way. It's shocking. And it's getting worse. For a quick overview, see "15 Mind-Blowing Facts About Wealth And Inequality In America)
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