Online Slots Developer Review: Net Ent

The History of NetEnt

NetEnt started with a traditional land-based casino. According to the company’s official website, Bill Lindwall and Rolf Lundstrm founded AB Restaurang Rouletter (a land-based casino) in 1963, expanded by partnering with a former rival, AB Roulett Konsult & Spelautomater, in 1968, and gained national recognition by the 1970s. The son of one of the founders, Pontus Lindwall, founded NetEnt in 1996. Alongside Microgaming, NetEnt is considered the pioneer of the iGaming industry. Since 2011, NetEnt has entered the mobile games segment of the market. Most of NetEnt’s top titles are available in both a desktop and mobile format.

What’s So Special about NetEnt?

The best way to critique an iGaming company (or any other business) is by referring to the so-called ‘Unique Selling Points,’ this company’s characteristics that make it stand out against the rest. NetEnt has at least three: the selection of games, quality, and innovation. NetEnt has everything to offer, including video poker, scratch cards, live and mobile casino games, and, most importantly, slots. In each of these categories, the developer delivers content of the highest quality, which explains the popularity of NetEnts’ products in the iGaming market. Also, while many online casino software developers stick to desktop versions of the software, NetEnt’s experience with mobile games is over ten years long. Given the convenience of gambling on the phone and the popularity of mobile games among gamblers, it’s one of NetEnt’s top achievements.

NetEnt’s Best Products

Starburst

Although Starburst is almost 10 years old, it’s the company’s most popular game. Starburst is a simple slot with a nice-to-look-at interface, generous bonuses, and uncomplicated rules. It may not be as impressive as a newer graphic masterpiece, Asgardian Stones, but it never fails to attract gamblers who appreciate tasteful simplicity.

Divine Fortune

Divine Fortune is another slot in NetEnt’s top five list. It’s more graphically advanced and, unlike Starburst, has a plot. Divine Fortune is based on well-familiar stories from Ancient Greek mythology, which is perhaps why so many players are drawn to it.

Blood Suckers

Blood Suckers is a slot unlike any others. First created several years ago, when the entire world was obsessed with vampire stories, Blood Suckers has been re-released and managed to retain its popularity. One of the game’s main advantages is an eerie instrumental soundtrack that turns playing Blood Suckers into an almost immersive experience.

Narcos

Narcos is a slot created on the wave of the television show’s popularity. No one’s watching Netflix’s Narcos anymore, but NetEnt’s slot remains as popular as ever. Narcos are perfect for anyone who likes the atmosphere of the GTA but prefers slots. What’s more, the graphics in this one is amazing.

There’s no better way to introduce NetEnt than to recommend a couple of the company’s games and let you be the judge. Luckily, NetEnt’s product line is so vast that anyone will find something addictive. If you’re bad at making decisions, simply flip a coin to choose one from the four titles above. Otherwise, invest an evening or two into looking for something that matches your unique tastes and expectations.

Wikinews interviews 2020 Melbourne Lord Mayor Candidate Wayne Tseng
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Wikinews interviews 2020 Melbourne Lord Mayor Candidate Wayne Tseng
This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_interviews_2020_Melbourne_Lord_Mayor_Candidate_Wayne_Tseng&oldid=4598699”
US Senate finance committee to vote on health care bill
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US Senate finance committee to vote on health care bill

Friday, October 9, 2009

US Senate Majority Leader Harry Reid has said that the Senate Finance Committee will vote on a sweeping health care reform bill next Tuesday. US President Barack Obama has made clear that extending health insurance coverage to as many Americans as possible is his top domestic priority.

Republican lawmakers, however, are still overwhelmingly opposed to the bill, saying it is too expensive and would expand the role of government in people’s health care.

Obama and his fellow Democrats in the Senate received some good news late Wednesday from the non-partisan Congressional Budget Office, which put the total cost of the Senate Finance Committee’s health care bill at $829 billion over the next decade, below Obama’s stated goal of $900 billion. The budget watchdog organization also said the health care bill would help reduce the federal budget deficit over the next ten years.

Harry Reid said he believed health care reform was moving forward. “And so today we stand closer than ever to fulfilling that fundamental promise, one for which we have fought for more than 60 years,” he said.

Senate Minority Leader Mitch McConnell, however said that the cost estimate was “irrelevant”, because the final bill that will actually emerge from both houses of Congress is likely to look very different and cost a lot more. “What matters is that the final bill will cost about a trillion dollars, vastly expand the role of government in people’s health care decisions, increase premiums and limit choice,” McConnell said.

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McConnell said Republicans favor a step by step approach to health care reform, focusing on prevention and wellness programs and dealing with the high costs of malpractice insurance doctors have to pay due to fears of excessive lawsuits.

Under the Finance Committee’s bill, US residents would be required to get health insurance or face a penalty, and insurance companies would face tough new regulations. For example, insurance companies could no longer reject coverage for people due to pre-existing conditions.

The Senate Finance Committee is likely to pass the bill, which will then have to be merged with one passed by the Senate health committee before it goes to the full Senate floor for debate.

Retrieved from “https://en.wikinews.org/w/index.php?title=US_Senate_finance_committee_to_vote_on_health_care_bill&oldid=3567455”
Superiority Of Wicker In Making Quality Outdoor Patio Furniture

Superiority of Wicker in Making Quality Outdoor Patio Furniture

by

michael russell

Increasing trend among the home owners and home makers is decorating their patios and backyards as extension of their indoor living spaces. That is why they are always on the lookout for quality patio sets and outdoor patio furniture.

Extending Indoor Living Space to Outdoor

Extending the living spaces for enjoyment of sunshine, cool breeze, and lush green environments is something that everyone likes to enjoy. Sitting comfortably on the outdoor lounge chair enjoying a cup of steaming coffee and newspaper is a much desired relaxing experience for anyone. In order to have the best outdoor living spaces of one’s dream it is also necessary to get the right quality outdoor patio furniture and beautiful garden benches. Above all; these furniture must meet the style and choice of the user perfectly.

Considerations for Buying Patio Furniture

Some of the major considerations while buying the best outdoor patio furniture are

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Deciding the purpose for which the patio and outdoor patio furniture would be used is necessary.

If the outdoor living space or patio is the quiet place of retreat for the home owner, the furniture would be specific to the purpose.

On the other hand when the outdoor living space is meant for some other purpose like social gathering and parties, use of patio sets would be different. For entertaining guests, the furniture needs to be different.

Considering the amount of space in the outdoor patio would also require accurate measurement for setting up quality patio chairs or beautiful garden benches.

For entertaining guests, it may be necessary setting up patio umbrellas.

Use of Quality materials

It is extremely important that whatever furniture one uses in the patio they are qualitative. Such furniture should not easily lose their shine due to atmospheric influences and at the same time should be durable. Whether patio sets or any of the outdoor patio furniture the material used should be qualitative and weather resistant.

Superiority of Wicker

That is why the preferred material for the home owners, home makers, as well as the manufacturers of outdoor patio benches, chairs, and other furniture prefer wicker as the constructing material. Wicker is immune to atmospheric pressures and is extremely durable.

And that fulfills the requirement of the users perfectly.

Chairs and

patio sets

offered by Patioconnections.com are made with premium quality materials. Their

quality patio benches

are also highly qualitative those are made to last.

Article Source:

ArticleRich.com

Andrea Muizelaar on fashion, anorexia, and life after ‘Top Model’
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Andrea Muizelaar on fashion, anorexia, and life after ‘Top Model’

Monday, November 26, 2007

In the 18 months since Andrea Muizelaar was crowned winner of the reality TV series Canada’s Next Top Model, her life has been a complete whirlwind. From working in a dollar store in her hometown of Whitby, Ontario, to modeling haute couture in Toronto, she had reached her dream of becoming a true Top Model.

But at what cost? Unknown to casual television viewers, Muizelaar had been enveloped in the eating disorder anorexia nervosa, which inevitably became too much for her to bear. She gave up modeling and moved back to Whitby, where she sought treatment for her disorder, re-entered college, and now works at a bank. Where is she now? Happy and healthy, she says.

Recently Andrea Muizelaar sat down with Wikinews reporter Mike Halterman in a candid interview that stretched to nearly two hours, as she told all about her hopes and aspirations, her battle with anorexia, and just what really happened on Canada’s Next Top Model.

Retrieved from “https://en.wikinews.org/w/index.php?title=Andrea_Muizelaar_on_fashion,_anorexia,_and_life_after_%27Top_Model%27&oldid=1408470”
Fifty killed in commuter plane crash in Clarence Center, New York
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Fifty killed in commuter plane crash in Clarence Center, New York

Friday, February 13, 2009

A Continental Connection flight from Newark to Buffalo crashed into a house about four to six miles from Buffalo Niagara International Airport on Thursday night, killing 50 people, officials said.

Continental Airlines Flight 3407 is a daily commuter flight from Newark Liberty International Airport in Newark, New Jersey to Buffalo, New York, operated under the Continental Connection brand by Virginia-based regional airline Colgan Air.

The Buffalo News has reported that the plane, a Bombardier Dash 8 turboprop with tail number N200WQ has crashed into a home located at 6038 Long Street, not far from the Clarence Center Fire Hall in the Buffalo suburb of Clarence Center approximately 10:17 p.m. EST (03:20 UTC), Thursday, February 12, 2009. Three people were inside the house.

According to Becky Gibbons of New York State Police and Chris Collins County Executive in Erie County, New York, the total number of fatalities is 50, including 45 passengers, four crew members and a person on the ground, while a woman and daughter on the ground were injured, near the edge of farmland, about seven miles from Buffalo Niagara International Airport.

Karen Wielinski, age 57, and her daughter, Jill, age 22 were brought to Millard Fillmore Suburban Hospital in Williamsville where they are in stable condition in the emergency room. The father, Douglas C. Wielinski, 61 died from his injuries. Two volunteer firefighters are also being treated for smoke inhalation and minor injuries. They are expected to be released later Friday morning.

The crew member names have been released as of 8:20 AM EST, and are listed as: Captain Marvin Renslow, First Officer Rebecca Shaw, Flight Attendant Matilda Quintero, Flight Attendant Donna Prisco, and Captain Joseph Zuffoletto who was an off-duty crew member.

One of the crash victims, Beverly Eckert, of Stamford, Connecticut and widow of 9/11 terror attack victim, Buffalo native, Sean Rooney, was coming home for her husband’s 58th birthday celebration. Her sister, Sue Bourque noted to The Buffalo News, “We know she was on that plane and now she’s with him.” Chris Kausner has said his sister Elise, age 24, a law student, was on board the plane. “I’m thinking about the fact that my mother has to fly home from Florida and what I’m going to tell my two sons,” he said.

The plane, which was carrying over 2.5 tonnes (5,000 pounds) of fuel, impacted a residence that was completely destroyed. Amid rain and sleet, the ill-fated plane exploded into a huge orange fireball, sparking a large fire which emergency crews had to contain. Twelve houses near the crash site were evacuated.

The aircraft in question was on approach to land at the nearby Buffalo Niagara International Airport when it disappeared from radar.

It sounded quite loud, and then the sound stopped. Then one or two seconds later, there was a thunderous explosion. The whole sky was lit up orange.

According to recordings from air traffic control, the pilot did not report any problem to approach control, and could not be contacted by the Buffalo tower after handoff. “Can other planes see anything?” asked the traffic controller, but no one has responded. The pilot’s last comment was “Colgan Flight 3407,” but there were no sounds of distress.

The Buffalo News has reported that crew members aboard the flight from Newark Airport reported mechanical problems as they approached Buffalo. Weather conditions were reported to be a wintry mix in the area, with light snow, fog, and 17 mile per hour winds.

In the 31-minute audio-recording there are conversations between the cockpit, air traffic control and other aircraft in the vicinity. Following take-off from Newark Airport, a female voice (pilot) in the 3407 plane’s cockpit is heard informing air authorities that her aircraft was turning on approach to landing. The pilot stopped communicating at 2,300ft.

“This aircraft was 5 miles out, all of a sudden we have no response from that aircraft,” the controller declares. 21 minutes and 45 seconds into the recording, the control tower informs a JetBlue Airlines: “…apparently we have an emergency, I’ll have to get back to you,” reported The Daily Telegraph.

We know she was on that plane and now she’s with him.

“It was cold, snowing and dark but these planes are designed to fly in icy conditions. However, those conditions can be very fickle and if ice builds up on a plane it can be very difficult. At this time of year, when a pilot crashes approaching an airport that they will know well, the first thing you look at is the weather,” said David Learmount, of Flight International.

Continental Airlines Inc. said Colgan Air was in the process of collecting information. “Continental extends its deepest sympathy to the family members and loved ones of those involved in this accident. We are providing our full assistance to Colgan Air so that together we can provide as much support as possible for all concerned,” said Larry Kellner, CEO of Continental Airlines since December 2004.

The Bombardier Dash 8 a 74-seat is a twin-engined, medium range, turboprop airliner.

According to the Ascend Online Fleets database, Colgan, a company of about 1,100 employees has a fleet of 15 Bombardier Dash 8’s, along with 3 Hawker Beechcraft 1900D and 38 Saab 340B turboprops. Flight 3407’s airplane was less than one year old and had flown for only about 1,500 hours, said Kieran Daly, of the online aviation news service Air Transport Intelligence, saying that the doomed turboprop plane is one of the safest of its type.

Scandinavian Airlines (SAS) has permanently grounded its Dash 8s fleet after three crash landings during a two-month period in 2007 caused by faulty landing gear. “Confidence in the Q400 has diminished considerably and our customers are becoming increasingly doubtful about flying in this type of aircraft,” said Mats Jansson, SAS president and CEO. “I have decided to immediately remove Dash 8 Q400 aircraft from service,” he added.

“There is ‘no indication of any security related event’ that brought the plane down,” said FBI spokesman Richard Kolko. Conditions of freezing drizzle, known as hard rime, were the most likely cause of the tragedy.

The National Transportation Safety Board (NTSB) has announced that they would send a team to the crash site on Friday to begin the investigation. Lorenda Ward will serve as chief investigator with the assistance of NTSB Commissioner Steven Chealander and public affairs officer Keith Holloway. Ward has investigated several other plane crashes — including the 2006 New York City plane crash that claimed the life of New York Yankees pitcher Corey Lidle.

“We are deeply shocked and saddened by the tragic accident that occurred tonight in Clarence. Our focus right now is on supporting the first responders on the ground and their efforts to ensure the health and safety of people in the area,” said Chris Lee, an Republican politician from Corning, New York, representing the 26th Congressional District of New York.

The tragedy is the nation’s deadliest disaster since the Comair Flight 191 crashed in Lexington, Kentucky in August 2006. Delta Air Lines Flight 5191 was a scheduled U.S. domestic passenger flight from Lexington, Kentucky, to Atlanta, Georgia. On the morning of August 27, 2006, the Bombardier Canadair Regional Jet 100ER that was being used for the flight crashed while attempting to take off from Blue Grass Airport in Fayette County, Kentucky, four miles (6 kilometers) west of the central business district of the City of Lexington.

Financially, Continental is faced with volatile fuel prices amid a slowdown from the weak economy. It has posted losses of $585 million for 2008.

Retrieved from “https://en.wikinews.org/w/index.php?title=Fifty_killed_in_commuter_plane_crash_in_Clarence_Center,_New_York&oldid=4463700”
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Lobby groups oppose plans for EU copyright extension
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Lobby groups oppose plans for EU copyright extension

Tuesday, February 26, 2008

The European Commission currently has proposals on the table to extend performers’ copyright terms. Described by Professor Martin Kretschmer as the “Beatles Extension Act”, the proposed measure would extend copyright from 50 to 95 years after recording. A vast number of classical tracks are at stake; the copyright on recordings from the fifties and early sixties is nearing its expiration date, after which it would normally enter the public domain or become ‘public property’. E.U. Commissioner for the Internal Market and Services Charlie McCreevy is proposing this extension, and if the other relevant Directorate Generales (Information Society, Consumers, Culture, Trade, Competition, etc.) agree with the proposal, it will be sent to the European Parliament.

Wikinews contacted Erik Josefsson, European Affairs Coordinator for the Electronic Frontier Foundation (E.F.F.), who invited us to Brussels, the heart of E.U. policy making, to discuss this new proposal and its implications. Expecting an office interview, we arrived to discover that the event was a party and meetup conveniently coinciding with FOSDEM 2008 (the Free and Open source Software Developers’ European Meeting). The meetup was in a sprawling city centre apartment festooned with E.F.F. flags and looked to be a party that would go on into the early hours of the morning with copious food and drink on tap. As more people showed up for the event it turned out that it was a truly international crowd, with guests from all over Europe.

Eddan Katz, the new International Affairs Director of the E.F.F., had come over from the U.S. to connect to the European E.F.F. network, and he gladly took part in our interview. Eddan Katz explained that the Electronic Frontier Foundation is “A non-profit organisation working to protect civil liberties and freedoms online. The E.F.F. has fought for information privacy rights online, in relation to both the government and companies who, with insufficient transparency, collect, aggregate and make abuse of information about individuals.” Another major focus of their advocacy is intellectual property, said Eddan: “The E.F.F. represents what would be the public interest, those parts of society that don’t have a concentration of power, that the private interests do have in terms of lobbying.”

Becky Hogge, Executive Director of the U.K.’s Open Rights Group (O.R.G.), joined our discussion as well. “The goals of the Open Rights Group are very simple: we speak up whenever we see civil, consumer or human rights being affected by the poor implementation or the poor regulation of new technologies,” Becky summarised. “In that sense, people call us -I mean the E.F.F. has been around, in internet years, since the beginning of time- but the Open Rights Group is often called the British E.F.F.

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A Hidden Road To Recovery? The Magic Money Tree We Had All Along

As lockdown measures ease, people return to work, and retailers open their doors once again, a big question is looming large in the background.

How are we going to pay for all this?

I am of course talking about expensive government policies such as the furlough scheme, small business rates relief grants, bounce back loans, self-employed income support payments, and the many other measures which were introduced to try and nurse the UK economy through the devastation caused by the Covid-19 pandemic, and associated lockdown.

The conventional knowledge is that public spending will have to be drastically decreased (which would harm public services), or taxes substantially increased (which would likely harm growth), in order to make a dent in the debt mountain which has piled up over the past few months.

For example, on July 11th 2020, The Observer published an article by former Treasury minister David Gauke, which was entitled ‘Tax Rises and Cuts Only Way to Pay for Covid-19’.

In it, Gauke stated that, ‘Once we are through the economic shock, the government will have to fill this gap with tax increases or spending cuts.’

Similarly, in an article published on the BBC website on July 9th 2020, which was called ‘Coronavirus: How much will it cost the UK?’ a conclusion of the article was that, ‘The deficit leaves the government with a choice: increase borrowing, raise taxes, or cut spending.’

However, the conventional wisdom is sometimes incomplete at best, and entirely wrong at worst. For example, it was once conventional wisdom that Earth, and not the Sun, was at the centre of the solar system.

In terms of the post Covid-19 recovery, inaccurate conventional wisdom has reared its head once again.

How To Make Money… Quite Literally

At this point, it’s worth remembering that money is a man-made construct.

Pounds, Euros, Dollars, or anything else, these currencies have all been created from scratch by human societies, in order to assist with the exchange of goods and services of value.

Also, if you were to ask people how money is created, most would probably suggest it was printed by the Royal Mint in the form of notes and coins.

This is true, but only to an incredibly small degree.

In actual fact, over 97% of the money in the British economy (and the figure is similar in almost all industrialised countries) is created when commercial banks (e.g. HSBC, NatWest, Santander) issue loans to their customers.

A 2014 bulletin by the Bank of England entitled ‘Money Creation in the Modern Economy’ stated this very clearly. The exact words they used were:

Where does money come from? In the modern economy, most money takes the form of bank deposits. The principal way in which they are created is through commercial banks making loans: whenever a bank makes a loan, it creates a deposit in the borrower’s bank account, thereby creating new money. This description of how money is created differs from the story found in some economics textbooks.

This process of ‘creating a deposit in the borrower’s bank account’ is as uncomplicated as it sounds. Perhaps even more so.

It simply means that the bank approves a loan, then types the numbers of the loan amount into the customer’s bank account. The process is entirely digital; no physical money has been created or exchanged at any point.

This has several implications.

Firstly, it means that individuals and businesses receiving loans from commercial banks is the source of nearly all the money in our economy. To put it more starkly – without people taking on bank debts, there can be no money.

This puts a different spin on the concept of ‘the irresponsibility of debt’.

I’m sure we all know of people who have taken out a bank loan, and then wasted it on trivial things. Often, we judge these people, calling them irresponsible or indulgent, and perhaps they are, but whenever anyone takes on bank debt, we too owe that person a kind of debt, as their taking out a loan has increased the amount of money in the economy which can be earned, spent, and taxed. This in turn means that a country’s Gross Domestic Product (GDP) will likely rise as the money supply increases.

‘But Why Has No-one Told Me This Before?’

Good question.

If the truth about money creation was news to you, you’re not alone. The overwhelming majority of the general public don’t know how money is created, and a 2017 poll by the campaign group Positive Money found that even 85% of MPs were unaware.

However, once you understand that money can be created out of thin air, with the push of a button, the debate on how to pay off the debts accumulated during the response to Covid-19, seems rather different.

This is even more true once you understand how central banks work.

Central banks are the national banks of specific countries. For example, in the UK, the Bank of England is our central bank, while in the USA, it is the Federal Reserve, and in the EU, it’s the European Central Bank.

Nearly every country in the world has a central bank, and much like commercial banks, they have the power to create money out of nothing – although central banks have the additional responsibility of trying to ensure the economy as a whole stays healthy.

But whereas commercial banks lend money to businesses and individuals, central banks chiefly lend money to governments, commercial banks, and other financial institutions.

The ability of central banks to create money and lend it to their national government, is of particular interest.

‘There’s No Magic Money Tree That We Can Shake, That Suddenly Provides For What People Want’

Those words were spoken by Theresa May on June 2nd 2017 when appearing on the television show Question Time, in response to a nurse asking why she hadn’t had a pay rise in 8 years.

And she was right; we don’t have a magic money tree that we can shake to raise money.

The truth is, it’s much easier than that.

All over the world, central banks have the power to create new money, which can then be used to pay for whatever is needed. And they certainly do use this power, although not in a way which benefits the general population as much as it could.

For example, in the UK, the Bank of England created 456 billion of new money between 2009 and 2017 through the use of quantitative easing, and this money went straight to commercial banks and other financial institutions, rather than into the hands of individuals or SMEs. Furthermore, none of this money has ever been repaid.

More examples of money being created to serve privileged interests, have come as a result of the Covid-19 pandemic.

A case in point, is the Bank of England’s Covid Corporate Financing Facility (CCFF), which has provided 58 billion worth of newly created money to some of the UK’s largest companies, including Easyjet, Greggs, and First Group.

In fact, the CCFF is not even available to small and medium sized businesses, as the terms of the scheme mean that, in effect, only the UK’s largest corporations are eligible for it.

Another example comes from the US Federal Reserve, who, in the early months of 2020, injected over $2 trillion dollars of newly created money into the American financial markets, in order to try and prevent a recession.

This proved successful to a large extent, but sending the funds directly to investment banks and corporate financiers means it is highly unlikely much of this money will filter down to ordinary working families.

Proof Of Concept

While much of the money which has been newly created by central banks in response to the Covid-19 pandemic has gone to the corporate class, the creation and distribution of these funds has at least shown what can be done.

Namely, money can be created from scratch by a central bank, and injected into the economy where it’s needed most. Indeed, the concept of a nation’s central bank creating new money to finance government spending, is not a new one.

It is a policy known as Direct Monetary Financing, and some influential supporters of Direct Monetary Financing include the economists Milton Friedman, Adair Turner, Willem Buiter, Jordi Gali, and Ben Bernanke, who was Chair of the US Federal Reserve between 2006 and 2014.

The Bank of England has in fact always had the power to create money for the UK government to spend in whichever way it sees fit, and occasionally this power is used. More specifically, the account which the government has with the Bank of England is called the Ways and Means facility, and every so often these two institutions work together to create new money, that the government can use to pay for the extra expenses which arise during challenging circumstances.

For example, following the 2008 financial crash, the size of the government’s Ways and Means facility (i.e. the amount of money the Bank of England created from thin air to assist with the government’s spending requirements) was nearly 20 billion.

And as a result of the Covid-19 outbreak, the UK government has already worked with the Bank of England to create new money, which will be used to help finance the government spending programs that have been introduced to protect the British economy through the pandemic.

Confirming this, a press release published by the Bank of England on 9th April 2020 announced that they had granted the Treasury a ‘temporary extension to the Ways and Means facility’ to help the government ‘smooth its cashflows and support the orderly functioning of markets, through the period of disruption from Covid-19’.

However, the Bank of England also said such an extension would be, ‘temporary and short-term’.

When reporting on this announcement, the Financial Times ran with a headline of ‘Bank of England to directly finance UK government’s extra spending’.

Making It Rain

So if money can be created by the government and the central banks at will, then why is this power not used more often to better fund the public services which we all rely on? Indeed, as Positive Money noted, the Bank of England creating money for the UK government to spend during the Covid-19 crisis, ‘demonstrates once and for all that the government need not depend on private markets to finance its spending’.

In short, if the NHS is low on funds, if schools are lacking resources, or if the police don’t have the equipment they need, then why can’t the government order the creation of more money, so all these things (and more) can be afforded?

Generally, the answer provided is that doing this would increase inflation.

This is not incorrect, but it is by no means assured that increasing the supply of money in an economy will make the goods and services more expensive.

The somewhat hysterical examples of Zimbabwe and the Weimar Republic are sometimes used as cases where the government creating money for itself to spend has led to hyperinflation, but when looking closer to home, both in terms of location and time period, it is easy to observe different outcomes.

Firstly, it is important to note that new money is entering the economy all the time, as a result of banks providing loans to their customers, foreign investment capital flowing into the country, and governments borrowing money from financial markets to fund their public spending commitments, yet whenever money from these sources enters the economy, the argument is never made that the increase in money supply will cause inflation to rise. And at times when inflation is high, rarely is the finger pointed at the money supply being too high.

Furthermore, as noted earlier in this article, the Bank of England created 456 billion of new money between 2009 and 2017 through the use of quantitative easing, yet inflation only rose by 2.77% a year on average in the UK for the period between 2009 and 2020. In terms of historical inflation rates for both the UK and other developed economies, this figure is remarkably low.

In fact, as a result of lockdown measures having reduced the amount of money being newly created by commercial banks granting loans (such as mortgages or startup loans etc.) over the past few months, some economists argue that we now have the opposite problem in the form of deflation, and that what we need now more than anything, is a fresh supply of money entering the economy.

For example, David McWilliams, a former economist at the Central Bank of Ireland, has said that:

We have an economic vaccine – it’s called money. We know the central bank prints it. It doesn’t even have to print it, it just has to put a zero after people’s accounts.

We have the vaccine, we know what to do. And amazingly, we’re not using it because of some morality idea that we can’t do this because it will lead to inflation, when we know we’re in a deflationary spiral.

It is absolutely nonsensical. It is as mad as a laboratory having the vaccination for COVID-19, and saying “we’re not going to use it.”

While Canadian historian Quinn Slobodian has noted of the US Federal Reserve injecting newly created money into the American economy, ‘Economists see no sign of inflation on the horizon. Some have become concerned about inflation in recent weeks, but others worry about the opposite – deflation.’

The Path Not Mentioned

Returning to the quotes at the beginning of this article from David Gauke, and from the BBC, about how the only options on offer to pay for the extra government spending that has arisen from the Covid-19 pandemic, are to raise taxes, increase borrowing, or cut spending, it should now be clear that this represents an incomplete set of choices.

One of the other options, which has been outlined in the article, but which (for one reason or another) is rarely mentioned by politicians, or by the media, is simply for the Bank of England and the British government to work together and create enough new money that the bulk of the Covid-19 spending commitments could be met through Direct Monetary Financing.

This is an option you may agree or disagree with, but knowing that it is even an option in the first place, will help us all to make properly informed decisions about where to go next.

This article was produced byNew Frontiers Marketing

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Finland, Canada named among world’s most-fit nations
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Finland, Canada named among world’s most-fit nations

Saturday, January 15, 2005

Finland and Canada — The Northern European country of Finland was named among the world’s most healthy, according to an investigation by the London-based newspaper, The Guardian. According to health experts, Finland joins Canada as having the distinction of being home to the lowest percentage of “couch potato” citizens among developed nations.

Pekka Puska, Director of Finland’s National Institute of Public Health claimed that in the 1970s, the country held the world record for heart disease. “Finnish men used to say that vegetables were for rabbits and not for men,” he said, “and the staple foods were bread and butter, fatty meat and full-fat milk!”

When the Finnish government found out the figures in the 1970s, it began a campaign to make a healthier nation. The number of males dying of heart problems has, over the past 35 years, decreased by 65 percent, and lung cancer deaths have also dropped dramatically.

Other nations are now considering using similar tactics as the Finnish government to make their own countries more healthy, but some say it is yet another example of a “nanny state.”

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Wikinews interviews Goronwy Price about the upcoming by-election in the Bradfield electorate of the Australian parliament
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Wikinews interviews Goronwy Price about the upcoming by-election in the Bradfield electorate of the Australian parliament

Thursday, December 3, 2009

With two federal by-elections coming up in Australia, many minor parties and independents will be looking to gain a seat in the House of Representatives. Goronwy Price is a candidate representing the Environmentalists for Nuclear Energy party.

Mr Price is an environmentalist, adventurer and businessman from the Sydney suburb of Cremorne.

“In 1975 I founded the adventure travel company World Expeditions and built it to be the world’s largest adventure organisation. I am currently Managing Director of Learningportal.com a successful software company I founded in 1997. We export software around the world.,” Mr Price said.

Wikinews reporter Patrick Gillett held an exclusive email interview with Mr Price, candidate for the Division of Bradfield.

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