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productivity, wealth, and national incomes have advanced sufficiently far to support an adequate UBI. And if enacted, a basic income would serve as a powerful instrument of social justice: it would promote real freedom for all by providing the material resources that people need to pursue their aims. At the same time, it would help to solve the policy dilemmas of poverty and unemployment, and serve ideals associated with both the feminist and green movements.

in 1999, the Alaska Permanent Fund paid each person of whatever age who had been living in Alaska for at least one year an annual UBI of $1,680.

By universal basic income I mean an income paid by a government, at a uniform level and at regular intervals, to each adult member of society. The grant is paid, and its level is fixed, irrespective of whether the person is rich or poor, lives alone or with others, is willing to work or not. In most versions–certainly in mine–it is granted not only to citizens, but to all permanent residents.

It is now clear that the delusional hope that the severe credit and liquidity crunch that hit US and global financial markets would ease has been shattered by the events of the last few weeks. This credit crunch is getting much worse and its financial and real fallout will be severe. The amount of losses that financial institutions have already recognized - $20 billion – is just the very tip of the iceberg of much larger losses that will end up in the hundreds of billions of dollars. At stake – in subprime alone – is about a trillion of sub-prime related RMBS and hundreds of billions of mortgage related CDOs. But calling this crisis a sub-prime meltdown is ludicrous as by now the contagion has seriously spread to near prime and prime mortgages. And it is spreading to subprime and near prime credit cards and auto loans where deliquencies are rising and will sharply rise further in the year ahead. And it is spreading to every corner of the securitized financial system that is either frozen or on the way to freeze: CDOs issuance is near dead; the LBO market – and the related leveraged loans market – is piling deals that have been postponed, restructured or cancelled; the liquidity squeeze in the interbank market – especially at the one month to three months maturities - is continuing; the losses that banks and investment banks will experience in the next few quarters will erode their Tier 1 capital ratio; the ABCP and related SIV sectors are near dead and unraveling; and since the Super-conduit will flop the only options are those of bringing those SIV assets on balance sheet (with significant capital and liquidity effects) or sell them at a large loss; similar problems and crunches are emerging in the CLO, CMO and CMBS markets; junk bonds spreads are widening and corporate default rates will soon start to rise. Every corner of the securitization world is now under severe stress, including so called highly rated and “safe” (AAA and AA) securities.

This is indeed the message that comes from true market prices – that are not indirectly available via the ABX indices. Those prices tell you not only that the mezzanine and equity tranches of subprime CDOs are now worth close to zero; they also tell you that prices for the AAA and AA tranches – that until recently were hovering near par of 100 – are now down to 79 and 50 respectively. Hundreds of billions of subprime RMBS and senior tranches of CDOs are still being evaluated as if they are worth 100 cents on the dollar. What the ABX is telling you is that they are worth much less; thus the losses from subprime alone are an order of magnitude larger than recognized by most firms.  But most firms are not using such market prices – or their proxies – to value their illiquid assets.

There is no denying this, and Gitlin, to his credit, does not try. Indeed, this self-imposed restriction and its malign consequences are the deep subject of the book. He provides an honest account of the reasons for his generation's disenchantment with patriotism—an account that helps explain why, even now, the term almost never escapes the lips even of mainstream liberal Democrats without being prefaced by the indignant words "impugning" and "my." For Gitlin's generation, the "generation for whom ‘the war' meant Vietnam and perhaps always will," it could be said that the "most powerful public emotion in our lives was rejecting patriotism." Patriotism became viewed as, at best, a pretext, and at worst, an abandonment of thought itself. It became of interest only in so far as it entered into calculations of political advantage. Far from being a sentiment that one might feel with genuine warmth and intelligent affection, it was merely a talisman, which, if used at all, served chiefly to neutralize its usefulness as a weapon in the hands of others, by making it into a strictly personal preference that others were forbidden to question: "my" patriotism.

Britain’s future: Labour candidates’s view

I am agnostic on the need for a written constitution, because of the power it hands to the judges.

so I let's have a national debate.

Economists distinguish between “Risk” and “Uncertainty”: the former can be priced by financial markets while the latter cannot. The distinction between the two was made by the famous economist Frank H. Knight in his seminal book, Risk, Uncertainty, and Profit (1921). In brief, “Risk is present when future events occur with measurable probability” while “Uncertainty is present when the likelihood of future events is indefinite or incalculable”.    This distinction between risk and uncertainty helps to explain the recent market panic and turmoil. Today, the FT cites a market economist at Lehman who said: “We are in a minefield. No one knows where the mines are planted and we are just trying to stumble through it”. A few days ago another market participant put it this way: “It is not the corpses at the surface that are scary; it is the unknown corpses below the surface that may pop up unexpectedly”.   Unknown minefield; unexpected corpses: this is “uncertainty” rather than “risk”. Risk can be measured and priced because it depends on know distributions of events to which investors can assign probabilities. Uncertainty cannot be priced by markets because it relates to “fat tail” distributions and extreme events that cannot be easily predicted or measured.

A few days ago the CFO of Goldman Sachs justified the massive – 30% plus  - losses of the two Goldman Sachs hedge funds by arguing that these were unpredictable “25 standard deviation events” that should occur only once in a million years. The same thing was said by the LTCM “masters of the universe” when their highly leveraged hedge fund went belly up in 1998.

The proliferation of such products, as I have often noted before, carries many benefits for the financial system (most notably that they disperse risk across a much wider pool of investors). But this trend also carries at least one downside; it is adding to the opacity of the financial world. For although many corners of the structured credit universe are becoming more transparent, almost as soon as one chink of light emerges, another shadowy wave of activity emerges that is far more opaque.

it should be apparent to all of us that sometimes senior executives, including the chairman, do not fully understand the businesses in which the company is involved. The financial instruments now causing such turmoil were not properly priced for their inherent risk and managers were unaware of the integral problems with these instruments. Much of this was made possible by the advanced technology used to devise and distribute these instruments.

The questions addressed included: can a world of 9-10 billion people vote its way to a sustainable future - or are new forms of leadership (even forms of authoritarian rule) going to be necessary? Are the rising global powers (China, India and Brazil among them) best placed to move towards more sustainable forms of development?

What of the link between democracy and sustainable development? Most respondents held that voter pressure meant that democracy was of benefit to sustainable development. Yet consultation with a more specialised group of experts found that only 28% believed that capitalism (often paired with democracy in its liberal variant) aided sustainable development, against 36% who said that capitalism inhibited it. Overall, Doug Miller saw in the figures an activation of people's survival instinct: as the planet "speaks" through extreme weather events, citizens are starting to listen.

Many of the issues the roundtable addressed had been highlighted in a keynote paper commissioned ahead of the meeting from Ian Christie. This made four basic propositions about democracy, ecologically sustainable development, and environmental/sustainability campaign organisations (SD-NGOs). He argued that together, these phenomena offer a paradox about the relationship between democracy, civil society and sustainability; and that resolving it is now an urgent and complex task - for the west, for newly industrialised democracies, and for emergent democratic civil society in the global south.

As the man who oversees about $20 billion of fixed-income investments at American Century Investments, we revisited with Keegan as part of today’s The Game column on the recurring foibles of Wall Street. Deal Journal: You were right back in April. You called it all. Why does Wall Street keep messing up? Jim Keegan: It’s too profitable to stop. It’s too profitable at the individual level, so the individuals interests are not necessarily aligned with the company’s interest. Pay me now and you pay for it later. There is no clawback. Employees can walk away with hundreds and tens of millions of dollars. And someone else will hire them to do it again.

Content Producer since: October 28, 2006 I am a student at Clemson University in Clemson, SC. I love sports and I love to write. I am a junior and I study management. Football is my favorite sport and I love Erin Andrews. Coffee in the morning and a donut at night.

Reading Bauman helps people to insulate themselves from these false solutions to their difficulties.

might say that the problem for people today is how to resist consumer society, to find ways of caring for others, and to find a new politics that is above the nation-state. The globalisation phenomenon requires this if it is to be encountered by humanity in a more balanced form than at present when its negative side predominates over its positive side. The European integration project may offer some guidance.

The political institutions of this are parliamentary democracy and the public sphere; the former has been eroded and the latter hollowed out.

The core budget for 2008 is expected to be $481.4 billion, compared with $441.5 billion for 2006; but the "supplemental" requests to cope with the conflicts in Iraq and Afghanistan push the figures even higher - from a total budget of $557.3 billion in 2007 to $645.6 billion in 2008.

injured in combat now exceed 23,000 (at least 10,000 of them seriously so). The effects of non-combat injuries, and of mental and physical ill-health, have required at least 20,000 troops to be evacuated from combat-zones to the United States. Many thousands more come to experience post-traumatic stress disorders.

"The online encyclopedia is set to trial two systems aimed at boosting readers' confidence in its accuracy. Over the past few years, a series of measures aimed at reducing the threat of vandalism and boosting public confidence in Wikipedia have been developed. Last month a project designed independently of Wikipedia, called WikiScanner, allowed people to work out what the motivations behind certain entries might be by revealing which people or organisations the contributions were made by . Meanwhile the Wikimedia Foundation, the charity that oversees the online encyclopedia, now says it is poised to trial a host of new trust-based capabilities."

It tries to authorize sharing and reuse — not within a commercial economy, but within a sharing economy. It tries to do so in a way that wouldn't trigger at least most non-copyright rights (though again, most is not all -- a CC BY-NC licensed photograph by a voyeur still violates rights of privacy, for example). And it tries to do so in a way that protects the copyright owner against presumptions about the waiver of his rights suggested by posting a work freely.