POLITICS The Senate has confirmed Janet Yellen as the next chairperson of the Federal Reserve. Yellen, 67, the Fed’s vice-chair since 2010, will become the first woman to head the U.S. central bank when her four-year term begins February 1. (USA Today) Use our resources to learn more about the Fed’s powerful Board of Governors. Discussion Ideas Read our basic media spotlight on the Fed’s … Continue reading Janet Yellen to Lead the Fed
BUSINESS 3D printing technology “will do for physical objects what MP3 files did for music,” says an upcoming legal article. Industries from medical-device makers to auto manufacturers will have to respond. (New York Times) Use our resources to better understand intellectual property, counterfeiting, and piracy. Discussion Ideas One legal expert quoted in the NY Times article says 3D printing technology “will do for physical objects … Continue reading Will 3D Printers Bring 3k Lawsuits?
BUSINESS Fast-Food Workers Strike for Higher Pay As many as 500 workers from fast-food restaurants across New York City are set to strike. Low-wage workers from McDonald’s, Wendy’s, KFC, Pizza Hut, Burger King, Domino’s Pizza, and Papa John’s Pizza are asking for $15 an hour and the right to form a union. Discussion Ideas: New York follows the federal minimum wage of $7.25/hour. Many fast-food … Continue reading Fast-Food Workers Strike for Higher Pay
It has been more than a month since the April 20th Deepwater Horizon drilling rig exploded in the Gulf of Mexico, leading to an oil spill that, according to the Guardian, has already dumped 42-100 million gallons of oil into the Gulf of Mexico. Since then, the news has been filled with stories about skimming, tubes, domes, Top-Kill, cut and cap plans, and economic and environmental degradation.
Public beaches were closed Friday in Grand Isle, La., as oil, dead fish, and birds washed ashore.
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http://www.nytimes.com/imagepages/2010/05/25/us/jp-SPILL-1.html
The massive impact of this disaster is difficult to wrap our minds around, and yet it is increasingly important that we try to do so. This disaster is not an abstract story in the news. It is a tragic misfortune that affects people, economic chains, ecosystems, and the planet. Most importantly, it is preventable.
In permit applications to drill in the Gulf, BP said that it was, “prepared to handle an oil spill more than ten times larger than the one now spewing crude,” according to reports from Alison Fitzgerald of Bloomberg News. Bob Deans, spokesman for the Natural Resources Defense Council in Washington, categorized BP’s actions as, “overpromised and underdelivered. They told us they had a plan that could deal with the consequences of a worst-case scenario. They don’t.”
Even though the worst case scenario detailed in BP’s disaster plan was far worse than the Deepwater Horizon spill, this spill is a worst case scenario for the local economy and environment.
The Oil Spill and the Economy
Continue reading “Gulf of Mexico’s Oil Spill Impact Intrigues Geographers”
Does it feel as though food is getting pricier at your local store? Everyone, from rice farmers in Indonesia to shoppers at New York’s Dean & Deluca, is seeing their food bills go up. Recent studies show that global food prices have skyrocketed, putting 36 countries into crisis according to the United Nation’s Food and Agriculture Organization.
Since February, deadly clashes over high prices have occurred in Mexico City, Senegal and Egypt, to name only a few. The recent rise in prices isn’t the result of just one event, but is rather the result of an increasingly global economy. In a potent geographical mix of cultural demands and physical changes, growth in demand in China and India, increasing oil prices, and bizarre weather patterns all contribute to this trend-one that doesn’t seem to be slowing anytime soon.
While food prices reached an all time high during June 2008, the rise in commodities costs had begun climbing as early as 2001. With rising oil prices, the European Union and the United States have seen sharp climbs in the demand for biofuels–fuels produced from renewable resources–, including ethanol. This year, a quarter of the U.S. corn production went to production of biofuels, rather than into people’s stomachs. Less supply means higher costs and, in staples like corn, wheat and rice, that means higher prices for just about everything else made from them, such as pasta 
n Italy, croissants in France or pork dumplings in China.
