"US-Staatsanleihemarkt hat inzwischen einen Zinsschritt im Juni völlig eingepreist"


Ich glaube fest daran, dass sie jedes Recht auf Privatsphäre und Würde verdient, was auch immer sie in ihrem eigenen Bett tut. It's not just the stagnant minimum wage, which Congress failed to raise this month, or the lack of unemployment insurance benefits for many, since legislators failed last year to extend them for the long-term jobless. Sie müssen einen Handelsplan haben, um erfolgreich zu sein. The most effective solution would be to issue jointly and severally guaranteed eurobonds to refinance, say, 75 per cent of the maturing debt as long as Greece meets its targets, leaving Athens to finance the rest of its needs as best it can.

US and China benefit from huge local markets

Please find the full fundinfo Research News - January edition including a summary of manager meetings attached on the left. Bitcoins wurden als virtuelle, digitale Währung von einer Person oder Gruppe, die sich hinter dem Pseudonym Satoshi Nakamoto verbirgt, entwickelt. Bitcoins sind physisch nicht greifbar und sind damit für viele Menschen schwer verständlich.

Obwohl Bitcoins ursprünglich als Währung gedacht war, betrachten immer mehr Investoren bzw. Warum das so ist: Wenn alle Bitcoins geschürft sind, existieren davon maximal 21 Millionen Coins. Im Dezember wurden erstmals Futures-Kontrakte auf Bitcoins eingeführt. Damit haben Bitcoins endgültig den Status einer eigenen Anlageklasse erlangt. Die Blockchain-Technologie ist eine Datenbank, die niemandem gehört, sie gilt somit als dezentral. Niemand, auch kein Staat, Unternehmen oder eine Person, kann die in dieser Datenbank enthaltenen Daten manipulieren.

Blöcke werden kontinuierlich generiert — im Falle von Bitcoin etwa alle zehn Minuten. In diesen Blöcken werden alle Transaktionen jeglicher Art gespeichert. Das Generieren von Blöcken gleicht einem Wettbewerb im Netzwerk. Wer als Erster Transaktionen validiert und eine mathematische Aufgabe löst, vereinnahmt die darin enthaltenen Transaktionskosten plus neuer Münzen.

Nachdem ein Netzwerkteilnehmer eine Lösung gefunden hat, wird diese von anderen Teilnehmern überprüft und an die Kette angeheftet. Die Blockchain-Technologie gilt als extrem fälschungssicher und flexibel. Aufgrund ihrer besonderen Eigenschaften wird dieser Technologie eine rosige Zukunft prophezeit, unabhängig davon ob sich Bitcoins durchsetzen werden oder nicht.

Die Performance von Bitcoin ist in der Tat atemberaubend. Seitdem hat sich der Kurs jedes Jahr im Durchschnitt verzehnfacht! Das lockt natürlich viele Spekulanten an. Im Jahr lag die Performance sogar über dem langjährigen Durchschnitt. Von einer Blase spricht man schon lange. Nach einer derart starken Performance, wie wir sie in den letzten Monaten gesehen haben, ist zumindest eine Korrektur sehr wahrscheinlich.

Bitcoins stellen per se keinen Wert dar. Der Wert hängt davon ab, ob und wie viele Personen Bitcoins als Anlageklasse anerkennen und ob diese als Zahlungsmittel jemals Verwendung finden.

Man kann Bitcoins über verschiedene Arten kaufen. Der direkte Weg erfordert eine Wallet, eine Art elektronische Geldbörse. Danach erwirbt man Bitcoins über eine Börse oder einen Bitcoin-Automaten. Darüber hinaus kann man in Zertifikate oder in einen ETF investieren.

Für institutionelle Anleger gibt es seit dem Aktuell investiert die Erste AM noch nicht in Bitcoins. Er ist seit in der Finanzindustrie tätig. Commodities have enjoyed a great start to , from the low point mid-December they have rallied 6.

We are wary of some who are interpreting this as being a positive sign for broad commodities this year. Commodities as an asset class are a very heterogeneous group and we expect varied performance from each. So to start the year we thought we would provide a brief summary of our views. Investors continue to be optimistic about gold despite the rising interest rate environment, we believe this is due to investors now seeing gold as an insurance policy from geopolitical concerns rather than investment.

Most of the variation in gold price in our bull and bear cases compared to our base case comes from assumptions around investor positioning.

Many measures of market volatility are currently subdued. However, several risks — both political and financial — exist. Sentiment towards gold could shift significantly depending on which of these views dominate market psyche. There are also numerous risks which can push demand for gold futures higher:. In our bear case, we assume the Fed delivers four rates hikes in as it tries to anchor inflation expectations.

By year-end inflation falls back to 1. In this scenario we assume that the absence of any geopolitical risk or adverse financial market shock. In , US production will likely hit an all-time high, surpassing the cycle peak reached before the price war in and above the 10 million barrel mark last hit in There is little indication that the backwardation in futures curves is going to stop US production from expanding.

Unless investors are constantly reminded of geopolitical risks, the price premium tends to evaporate within a matter of weeks. Inventories have been declining across the OECD although we are unlikely to see the decline in inventories continue. We think that compliance in the extended deal announced end-November will fall short of expectations in With the US expanding supply and OPEC likely to under deliver on its promise to consistently curb production, we expect the supply to grow.

We expect the star performer for to be industrial metals. They are likely to benefit the most from improving EM growth, at the same time we expect supply to remain in deficit in as the lack of investment in mining infrastructure continues to bite.

In this respect, we expect any weakness in commodity prices to be largely offset by solid demand growth, again led by China. Although concerns remain over the build-up of debt, Chinese policymakers have continued to show a willingness to support the financial system with stimulus to ease financial conditions.

Since industrial metal prices began to fall in , capital expenditure by miners collapsed. Miners have been cautious to increase spending as they wait for the price recovery to prove sustainable.

Historically we have seen about a year-long lag between a recovery in price and a recovery in capital spending. Demand for income remains strong but investors may be taking on more risk than they realise. A decade on from the start of the global financial crisis, the search for yield continues unabated.

Yet such demands look increasingly hard to meet. One particular problem is that an increasing proportion of income yield is being generated by a shrinking pool of both shares and bonds. Yet many — if not most — are trading above their repayment value, which means any investor who holds the bond to redemption will be guaranteed a capital loss.

It may be possible to trade out at a better price but, even so, avoiding such losses is now much more dependent on market timing and security selection than in the past. As well as a change in price, there has also been a change in the quality of the bonds available. These changing dynamics have pushed investors towards higher yielding securities. The reach for yield also leads to sector concentration. Amongst US investment grade bonds, for instance, investors who want a yield of 3.

Similar patterns can be seen in other global markets. The dependence of investors on an ever-decreasing pool of higher-yielding securities comes at a time when corporate fundamentals are beginning to look vulnerable.

While most corporate borrowers can cover their interest payments relatively comfortably, the total stock of debt outstanding has been growing for a number of years. This means that the market may be vulnerable to even small moves in either global interest rates or central bank liquidity.

Over the long term, dividends have provided more than two-thirds of real i. Up to now, dividend yields have held up well in most regions. With similar yields hard to find elsewhere, investors have sought out high dividend equities.

Developed market companies have responded by generally maintaining their support for dividends. However, the degree of concentration in high dividend benchmarks is striking. This degree of concentration is also apparent from a sector perspective, with a fifth of the yield of the global MSCI High Dividend Yield Index coming from financials alone.

Worryingly, as we saw with credit, the key contributors are again financials and commodity-related. This means that investors may be unwittingly concentrating their exposures in the same areas on both the equity and the credit side. Our belief is that, rather than focusing on the alluring mirage of a high headline income yield, investors would be better served focusing on a more sustainable level of income. The more diversified these sources of income, the more resilient the portfolio will be to shocks.

While such a focus may well result in a lower level of immediate income than is available elsewhere, the long-term prospects for both income and total returns are likely to be greater. High yield bonds are more speculative, with a credit rating below investment grade. Generally, the higher the risk of default by the bond issuer, the greater the interest or coupon.

Dieser wird vor allem von einer besseren Wirtschaftslage in Frankreich, Spanien und Italien gestützt, die zu einem konstanteren Volumenwachstum führt.

Im Bereich Eisenbahnnetze sehen wir im kommenden Jahr ebenfalls Potential. Diese Unternehmen wurden unserem Erachten nach dieses Jahr übersehen, weil Investoren sich stärker auf risikoreichere Marktbereiche konzentriert haben. Diese Unternehmen werden trotz hoher Pendlerzahlen, die zugleich die niedrigste Arbeitslosenquote seit 23 Jahren in Japan widerspiegeln, mit attraktiven Bewertungs-Multiples gehandelt. Generell können wir sagen, dass die Assetklasse Global Listed Infrastruktur in den vergangenen Jahren eine solide Gesamtrendite für ihre Investoren erwirtschaftet hat und unser Ausblick auf das Jahr , unter Berücksichtigung der gegenwertigen Umstände, positiv ist.

Jedoch halten wir die Bewertungen einiger Sektoren, insbesondere Flughäfen und amerikanische Versorger, mit Blick auf ihre Fundamentaldaten für problematisch. Wir sehen also keinen Grund, für den März nicht mit einer Anhebung der Zinsen durch die Fed zu rechnen, zumal aus dem in der letzten Woche veröffentlichten Dezember-Protokoll der Fed hervorgeht, dass sich der Offenmarktausschuss Sorgen über die lohnbedingt höheren Inflationserwartungen macht.

Dabei profitiert der Palladiumpreis insbesondere von der Furcht vor einer Angebotsknappheit. USD verzeichneten, hält der Trend aus dem letzten Jahr unnachgiebig an. USD, da wichtige Rohstoffe stark in das neue Jahr starteten. Das gegenwärtige Umfeld ist sehr positiv für die Kapitalmärkte: Zudem haben die zahlreichen Risiken keinen markant negativen Einfluss auf die Kursentwicklungen.

Allerdings dauert die Phase steigender Kurse schon seit März an. Die wichtigste Frage der Investoren zu Beginn des Jahres ist damit, ob dieses positive Umfeld Bestand halten wird. Die Produktionslücke wurde stark negativ. Mit dem Einsetzen der Erholung wurde die Produktionslücke langsam kleiner. Seit dem Vorjahr fällt das reale globale Wirtschaftswachstum sehr kräftig aus und ist breit basiert.

Zudem sind die Datenüberraschungen positiv. Diese Tendenz könnte sich noch einige Monate fortsetzten. Denn die Frühindikatoren wie der globale Einkaufsmanagerindex für den Fertigungssektor steigen an. Allerdings liegt das aktuelle Wachstum über dem langfristig zu erwartenden Wert, dem sogenannten Potenzialwachstum. Die negative Produktionslücke verschwindet in immer mehr Ländern.

Weil letzteres weniger stark wächst als das aktuelle Wachstum, wirkt das wie eine Wachstumsbremse. Je länger das aktuelle Wachstum über dem Potenzialwachstum bleibt und einen Rückgang der aktuellen Arbeitslosenrate unter die strukturelle Arbeitslosenrate bewirkt, desto eher wird die zugrundeliegende Inflation ansteigen. Gleichzeitig drücken strukturelle Kräfte wie die Digitalisierung auf die Inflation. Der Inflationsanstieg wird also nur gering sein.

In der Eurozone wird die Inflation niedrig bleiben. Das Wachstum wird immer selbst tragender, die negativen Produktionslücken verschwinden, die unmittelbaren Deflationsrisiken sind nicht mehr da und die zugrunde liegende Inflation wird in einigen Ländern, insbesondere in den USA, leicht ansteigen. Bereits im vergangenen Jahr haben einige Zentralbanken ihren Leitzinssatz angehoben. Zumindest drei Zinsanhebungen sind in diesem Jahr realistisch. In der Eurozone rechne ich erst im nächsten Jahr mit einer Leitzinsanhebung.

Nicht nur der Preis des Geldes — der Zinssatz — steigt leicht an. Auch das Wachstum des Zentralbankgeldes wird abnehmen. Auch in der Eurozone hat die Europäische Zentralbank eine Halbierung des Anleiheankaufsprogramms angekündigt. Ein wichtiges Element ihres Programms ist die Fixierung der zehnjährigen Staatsanleiherendite bei null Prozent. Sollte jedoch die Bank of Japan das Ziel für die zehnjährige Rendite etwas anheben, würde das globale Renditeniveau etwas ansteigen.

In den entwickelten Volkswirtschaften hat für viele Jahre das niedrige Kreditwachstum, in manchen Ländern die Schrumpfung des Kreditbestandes, auf das Wirtschaftswachstum gedrückt.

Diese Phase ist zu Ende. Auch in den Schwellenländern exklusive China zeichnet sich eine Stabilisierung des Kreditwachstums nach einer jahrlangen Abschwächung ab.

Der Fokus ist nunmehr auf China gerichtet. Dort ist die Wirtschaftspolitik auf einen Abbau der überschüssigen Kapazitäten und auf eine graduelle Abschwächung des Kreditwachstums gerichtet. So sind die Zinsen angestiegen und wurden die regulatorischen Vorschriften im Finanzsektor verschärft. Im Einklang damit wird sich das reale Wirtschaftswachstum graduell abschwächen.

Wichtig dabei ist, dass sich das nominelle Wirtschaftswachstum, also reales Wachstum plus Inflation, nicht zu sehr abschwächt. Denn die wichtige Kennzahl ist Kreditbestand pro Bruttoinlandsprodukt. Diese Entwicklung wird ein Mühlstein für die chinesische Importnachfrage und die Rohstoffpreise sein. Ähnlich wie das Kreditumfeld wirken die Fiskalpolitiken seit einiger Zeit nicht mehr restriktiv, d.

Die Leistungsbilanzdefizite in der Türkei, Südafrika und dem Vereinigten Königreich bleiben länderspezifische Risiken. Die Kombination aus Leitzinserhöhungen und Ausweitung des Budgetdefizits wirkt klassisch unterstützend für eine Währung. Das ist positiv für die externe Wettbewerbsfähigkeit der US-Handelspartner. Die Anti-Globalisierungstendenzen stehen erst am Anfang. Die internationalen Organisationen und Institutionen werden tendenziell geschwächt.

Zudem könnten die Spannungen im Mittleren Osten und Nordkorea eskalieren. Darüber hinaus stehen in Italien, Brasilien, Russland und Mexiko wichtige Wahlen an, ziehen sich in Deutschland die Regierungsverhandlungen in die Länge und könnte eine mögliche Mehrheit der Demokraten im Repräsentantenhaus nach den Wahlen im November ein Amtsenthebungsverfahren zur Folge haben.

Deshalb werden die Zentralbanken weiterhin vorsichtig agieren, um keine Rezession auszulösen. Ausgeprägte Leitzinsanhebungen wären ein Politikfehler. Hier ist der Fokus vor allem auf die Fed-Politik gerichtet. Anfang ist das Umfeld unterstützend für den Kapitalmarkt. Dieses wird allerdings bereits von den erhöhten Bewertungen niedrige Renditeaufschläge für das Kreditrisiko, überdurchschnittliche Kurs-Gewinn Verhältnisse, generell niedrige Anleiherenditen zu einem guten Teil reflektiert.

Im Laufe des Jahres wird das Umfeld wahrscheinlich etwas ruppiger werden, auch wenn das generelle Umfeld positiv bleibt. Current Bitcoin prices appear to be justified only on the basis of mass adoption, which at this stage remains low. These are probably the two most important questions when trying to ascertain if Bitcoin is a viable investment.

The first question at this point is very difficult to answer, it is similar to a start-up company in that it is potentially a great idea but there is not yet a big enough market to prove its viability. There are early signs of its potential, it has a following and is well known now, retailers are beginning to offer it as a form of payment and some cantons in Switzerland are now accepting it as payment for taxes.

We believe cryptocurrencies are an emerging digital asset that has potential given its compelling concept, but is not proven yet, and there remain some very valid concerns over its volatility and its current valuations.

Accordingly, like investing in a start-up company, investors should remain cautious. Bitcoin is a very hard asset to categorise. It has some features of a currency, it is intrinsically a medium of exchange, but it is not currently as stable as the US dollar and has similar volatility to some frontier market currencies.

We see it as also having some similar features to a commodity; it is mined using valuable resources to extract energy and computer hardware , and it is a finite resource. It is debatable whether there is any point to mining it, but a very similar rationale could be applied to gold, given that very little is used for industrial usage gold does have good industrial properties as highlighted in Disruptive themes behind future commodity demand, but at current prices application in industry are low.

Ultimately miners and investors of gold see it as being a store of value and therefore worthwhile, as is emerging for Bitcoin. Bitcoin is essentially mined and minted with megawatts rather than with shovels and minting dies. There are varied ways to value Bitcoin, but given it has some similarities to commodities we felt it would be worthwhile calculating the marginal cost of production.

While this varies for commodities as supply and demand changes, it is an effective way in understanding the long-term equilibrium price. Bitcoin is exceptional in that the supply is predictable, being determined by the structure of its underlying algorithm. The speed of mining could be accelerated but depends on the success of quantum computing, which could theoretically solve the Bitcoin algorithm far quicker, however this may come at the cost of considerably higher electricity consumption.

The hash rate growth of the Bitcoin network, a measure of the speed at which Bitcoin blocks are mined, coupled with the known power consumption can be used to estimate the electricity consumption costs, the equivalent of the marginal cost of production that is often used to value commodities. Bitcoin emerged in late with enthusiasts mining on their personal computers, which at the time became profitable but was a very inefficient approach.

Consequently manufacturers began selling dedicated ASIC5 miners which drastically improved efficiency. These ASIC miners began emerging in , with each new model having a much more powerful hash rate, leading to an explosion in overall network hash rate as more miners joined the network. The power consumption of these commercial Bitcoin miners is well known, as is the overall hash rate.

Using historical global power costs we estimate the electricity consumption to currently be 1. At the current rate of growth in the Bitcoin network, power consumption costs will be double that of today by end To estimate marginal cost of production the total number of coins produced per day is divided by the mining cost: The scatter chart highlights this close relationship between price and mining difficulty.

Assuming the historical relationship between mining difficulty and costs hold, we believe by the end of power consumption will be double that of today. Using marginal cost of production is just one approach at valuation, it could be argued that the current high valuations are justified because even if the probability of mass adoption is small, the impact on price would be very large, this is perhaps why we are seeing so much speculation.

At least now, we know what the costs are. Long before major politicians started sharing their unfiltered opinions and missives with a worldwide audience via Twitter, it was clear that we should not underestimate the impact such statements can have on groups or entire sections of society. We all need to reflect on which daily news items influence our own long-term investment decisions. Now there are a stream of claims that political interference is increasingly dominating the real estate markets.

However, in reporting these claims, the media has often misinterpreted or overestimated their real significance. Investors eager to profit from market trends should therefore ensure they do not overreact to one-off developments. Far more, investors should pay close attention to the relevant real estate markets and how the latest news actually affects them.

These results, clearly a reflection of the looming Brexit, have created uncertainty on the real estate markets in the United Kingdom. There is no doubt that exiting the European Union will have an impact on the UK real estate market, or that investments in London will be exposed to higher risks. We anticipate a market correction. However, at the moment it is incredibly difficult to predict the exact impact of Brexit.

We have seen similar over-interpretations from the media in relation to the euro area. A detailed analysis reveals that, in addition to constant demand for core properties in prime locations, investments in versatile office space also offer significant potential.

A growing number of startups are being drawn to the City of Light. As a result, these districts are becoming increasingly relevant to investors pursuing a value-add strategy. Keeping a close eye on economic and regional market trends is also important in Germany. Nevertheless, prime rents in the City on the Spree still increased faster than anywhere else in Germany.

It is therefore crucial to identify these specific market trends and evaluate their potential. So, what do I make of all this? Of course, investors need to be aware of economic and political decisions. However, the potential impact of these decisions needs to be viewed within the context of specific markets. Investors need to evaluate the impact of these decisions on individual investments.

These are the decisive criteria for investors. Not column-filling, headline-grabbing media reports or highly-selective tweets. JLL Büromarktüberblick Deutschland, 1. Nach fünf unterdurchschnittlichen Jahren, die durch eine starke Wachstumsabkühlung, Kapitalabflüsse und Sorgen über das chinesische Finanzsystem bedingt waren, kam es im Jahr in den Schwellenländern zu einer Trendwende. Wie bereits endete aber auch das Jahr etwas ernüchternd: Das Aktienjahr dürfte für die Schwellenländer aus den gleichen Gründen ungewiss beginnen: Beides sind jedoch eher kurzfristige Probleme.

Letztlich zählen die langfristigen Wachstumsperspektiven, und diese sind gut. Das würde bedeuten, dass sich der positive Trend an den Aktienmärkten der Schwellenländer fortsetzt. Denn das Wachstum des Welthandels ist aktuell sehr robust und zeigt keine Anzeichen von Schwäche. Das ist für die Schwellenländer immer eine wichtige Stütze.

Zugleich bedeutet die Beschleunigung des Kreditwachstums, dass auch Konsum und Investitionen in den meisten Schwellenländern an-ziehen — das erste Mal seit Heute sollten Anleger in den Schwellenländern ihre Aufmerksamkeit vielmehr folgenden Faktoren schenken: Für diese Länder wird das kommende Jahr aufregend und vermutlich für einen längeren Zeitraum richtungsweisend werden.

Die Integration von Automation und Technologie könnte Kupfer zugutekommen. Der Klimawandel könnte sich weiter auf den globalen Landwirtschaftssektor auswirken. Betrachtet man die Rohstoffentwicklung im Laufe der Zeit, wird deutlich, dass sich der wirtschaftlich stärkste Rohstoffsektor tendenziell aus strukturellen Verschiebungen bei Technologie und Wachstum ergibt. Durch die industrielle Revolution im Jahrhundert rückte die Massenproduktion von Stahl und Kohle in den Mittelpunkt. Diese Entwicklung setzte sich im Jahrhundert fort, als Öl und Petroleum das Zepter übernahmen.

Wir stehen nun an einem Wendepunkt einer neuen Rohstoffgeneration, die geprägt ist von ineinandergreifenden Technologien in den Bereichen Energieeffizienz, Automation und Klimawandel, welche für die Nachfrage entscheidend sein dürften. Die Verbreitung erneuerbarer Energien hat in den vergangenen Jahren viel Aufmerksamkeit auf sich gezogen, da sie eine Möglichkeit darstellen, den zunehmenden Energiebedarf zu decken.

Eine der kommerziell und wirtschaftlich rentabelsten Alternativen ist dabei die Solarkraft. China ist der weltweit führende Solarkrafterzeuger und hat Solaranlagen mit einer Kapazität von 34 GW und über 17 GW allein in der ersten Jahreshälfte errichtet. Technologische Fortschritte bei der Energiespeicherung, insbesondere bei der Batterietechnologie, haben die Wirtschaftlichkeit erneuerbarer Energien gesteigert. Bei Lithium-Ionen-Akkus dürfte ein rascher Nachfrageanstieg durch Elektrogeräte, Stromzellen und allen voran die weltweit zunehmende Verbreitung batteriebetriebener Fahrzeuge zu beobachten sein.

Neben Lithium ist die derzeitige Batterietechnologie auch noch auf andere marktgängige Metalle angewiesen, vor allem Cobalt und Nickel. Cobalt, das hauptsächlich in der Demokratischen Republik Kongo abgebaut wird, verbuchte zusammen mit Lithium ansehnliche Preissteigerungen infolge von Angebotsunterbrechungen und der erwarteten Batterienachfrage.

Bei Nickel ist die globale Produktion hingegen aus regionaler Sicht stärker gestreut, und bislang sind rasche Preissteigerungen ausgeblieben. Wahrscheinlicher ist, dass die Nickelpreise in den kommenden Jahren allmählich von der Nachfrage nach neuen Batterien profitieren und dabei schrittweise steigen. Der Preisanstieg bei Nickel in den letzten Monaten geht auf die erwartete höhere Nachfrage und nicht auf angebotsseitige Faktoren wie die Produktionskosten zurück.

Ein weiteres anhaltendes Thema, das Rohstoffen zugutekommen könnte, ist die zunehmende Integration von Automation und Technologie. Der stärkere Schwerpunkt auf autonome oder selbstfahrende Fahrzeuge stellt ein spannendes Beispiel hierfür dar. Eine oftmals nicht beachtete Folge einer verstärkten Nutzung dieser Fahrzeugarten ist der höhere Metallbedarf. Kupfer, Silber und Gold weisen eine gute Stromleitfähigkeit auf und kommen in zahlreichen Elektrogeräten und elektrischen Komponenten dieser Fahrzeuge zum Einsatz.

Da künftige Fahrzeuge zunehmend von Technologie abhängen und immer autonomer werden, könnte die Zahl der Stromleiter in Aggregatssystemen entsprechend steigen. Kupfer kommt bei Elektrofahrzeugen zudem häufiger zum Einsatz als in Benzinmotoren. Dies gilt vor allem für öffentliche Verkehrsmittel wie Busse. Elektrobusse könnten darüber hinaus eine schnellere Verbreitung finden als Elektro-Pkw, da sie eher durch die lokale Gesetzgebung denn durch Verbraucherpräferenzen beeinflusst sind.

Die möglicherweise interessanteste Gruppe dieser neuen Rohstoffgeneration ist wohl auch die unbekannteste — die Metalle der Seltenen Erden, auch Seltene Erdelemente genannt.

Trotz ihrer weitgehenden Unbekanntheit stellt diese Gruppe eine wesentliche Produktionskomponente für moderne Technologien über zahlreiche Branchen wie Medizin, Verteidigung, Transport und Stromerzeugung hinweg sowie für Stützen des täglichen Lebens wie Elektro- und mobile Geräte dar.

Da die Mittelschicht weltweit wächst und Automation verstärkt Verbreitung findet, werden eine Reihe von Grundstoffen wie Yttrium und Praseodym eine immer zentralere Rolle in unserer modernen Lebensweise spielen. Wie bei allen anderen Bodenschätzen auch stellen Angebot und Reserven einen wichtigen Faktor dar. Da zahlreiche Seltene Erdelemente vor allem in den Schwellenländern zu finden sind, dürften die Geopolitik und die Stabilität der Lieferkette zunehmend an Bedeutung gewinnen.

Darüber hinaus sind der Abbau und die Veredelung dieser Grundstoffe nach wie vor mit Herausforderungen behaftet. Dies könnte bei den Metallen der Seltenen Erden ähnliche Angebotsunterbrechungen wie in der Vergangenheit zur Folge haben, da ihr Einsatz im Laufe der Zeit zusammen mit technologischen Fortschritten zunimmt. Das anhaltend disruptive Thema, das der globale Klimawandel darstellt, könnte ein weiterer Katalysator für eine Verschiebung der Bedeutung einzelner Rohstoffe sein.

Der Klimawandel hat weltweit bereits zu strengeren Emissionsstandards für Fahrzeuge geführt, was der Platin- und Palladiumnachfrage für Katalysatoren, die zu einer Verringerung der Schadstoffbelastung beitragen, zugutekommt. In den meisten Regionen weist der Landwirtschaftssektor den mit Abstand höchsten Wasserverbrauch auf.

Die Beschaffung von Trink- und nutzbarem Wasser zur Bekämpfung der Auswirkungen von anhaltenden Dürren und Rekordstürmen könnte in Effizienzsteigerungen in der Landwirtschaft und weitere Technologien mit Wasserbezug münden. Mit steigendem Bruttoinlandsprodukt pro Kopf nehmen auch die Ansprüche der Verbraucher zu. Getreide ist das gängigste Gut, das sofort durch Fleisch ersetzt wird. Da diese Themen und Technologien eine immer zentralere Rolle für das künftige Wirtschaftswachstum spielen, stellt die Nachfrage nach den Rohstoffen der nächsten Generation einen wesentlichen Bestandteil dieser Fortschritte dar und dürfte sich im Einklang mit diesen entwickeln.

As an institutional inverstor you have access to the product area. There you will find videos, documents and further informationen about funds and assets. As a registered user you can store searches and with our push sevice you can cinfigure your personal news service. This will keep you up to date. US and China benefit from huge local markets The dominance of the US and Chinese tech giants today can be traced back to the widespread adoption of the internet in the late s.

Über Potenzial Die Zentralbank verfünffachte ihre Fremdwährungsreserven, und obwohl damit derzeit keine direkten Probleme verbunden zu sein scheinen, sollte man dies nicht vergessen.

Performance across the sector have been mixed over the past month. Cotton continues to benefit from strong Chinese demand while the prospects for the sugar market will likely keep prices subdued for longer. Weaker US Dollar provides additional support to the improving fundamentals for industrial metals. The IMF has upgraded its growth forecast for China in and With the global recovery continuing apace, the weaker US Dollar will remain supportive until the US Federal Reserve is forced to adjust monetary policy more aggressively than the market expects.

Energy rally looking stretched. The energy complex rallied by 9. However, demand for natural gas is likely to wane in line with seasonal trends and the decline in oil inventories is corollary of rising gasoline inventory.

Further upside for precious metals amidst weaker US dollar. Das Wirtschaftswachstum wirkt noch immer unterstützend für Aktien Das Wirtschaftswachstum zeigt keinerlei nennenswerte Anzeichen der Verlangsamung. Anleger sollten nicht auf ein weiteres Jahr steigender Marktmultiplikatoren setzen Die Aktienmärkte sind teuer. P ositive Gewinne sind die Schlüsselfaktoren für ein anhaltendes Marktmomentum Nach einigen Jahren enttäuschenden Gewinnwachstums fuhren die Unternehmen in endlich überzeugende Ergebnisse ein.

Die andere Seite der Medaille: Lesen Sie mehr zu Schwellenländern und unserem langfristigen Marktausblick: Euro appears to be mispriced Meanwhile, bond market pricing highlights that the currency bulls appear to getting ahead of themselves.

What are markets pricing? Die Wertentwicklung in der Vergangenheit lässt keine verlässlichen Rückschlüsse auf die zukünftige Entwicklung zu. Anleihenrenditen gestiegen Die deutschen Bundrenditen reagierten positiv auf die Neuigkeiten. Europäische Bankenaktien mit starkem Jahresauftakt Aufgrund der beschriebenen Entwicklungen sind europäische Bankenaktien stark ins neue Jahr gestartet.

Opportunities in the credit market Looking further ahead and turning to fixed income, Scott cautions corporate bond investors to be wary that although growth is buoyant at the moment, rising rates and the withdrawal of liquidity could precipitate a downturn in the credit cycle.

In other US political developments, both panellists touched briefly on the US tax reform. Wie wird man Zukunftsforscher Herr Dr. Was sind aus Ihrer Sicht die wichtigsten Einflussfaktoren und die langfristigen Megatrends? Sie prognostizieren eine Verdoppelung des Ressourcen- und Energieverbrauchs. Welche Rolle spielen hier erneuerbare Energieträger?

Welche Auswirkungen sind daraus zu erwarten? Mit der Digitalisierung werden also immer mehr Daten verfügbar. Kann die vernetzte Computerintelligenz auch zu einer Bedrohung werden? Auch viele traditionelle Arbeitsplätze werden durch die neuen Technologien gefährdet. Welche Jobs wird es besonders treffen? Wo gibt es vielleicht sogar neue Chancen? Die Welt wird immer heterogener. Auf der einen Seite haben wir Technologien für selbstfahrende Autos, auf der anderen Seite müssen Menschen in Slums leben und flüchten aus ihrer Heimat.

Man könnte auch ein düsteres Bild der Zukunft zeichnen, bei der nur die Wohlhabenden Nationen von den neuen Technologien profitieren. Teilen Sie diese Ansicht? Welche Tipps haben Sie für uns auf Lager? Silber an Gold gekoppelt? Industriezyklus In unserem Silbermodell ist auch die industrielle Nachfrage berücksichtigt. Bergbauinvestitionen weiter verhalten Unser Modell beinhaltet ferner eine Variable für die durch die Silberminen bedingten Angebotsbeschränkungen, für die wir die um 18 Monate vorlaufenden Kapitalinvestitionen Capex in die Minen berücksichtigen.

In der oben angeführten Tabelle sind auch keine ertragsmindernden Kosten wie die Verwaltungsgebühr oder individuelle Konto— und Depotgebühren berücksichtigt. Die Berechnung basiert auf europäischen regulatorischen Vorschriften und ist integraler Bestandteil der wesentlichen Anlegerinformationen Key Investor Document.

Die Berechnungsmethode finden Sie auf fondsabc. Die Berechnung der Wertentwicklung und Volatilität 3 Jahre erfolgt lt.

In der Wertentwicklung ist die Verwaltungsgebühr berücksichtigt. Die Wertentwicklung der Vergangenheit lässt keine verlässlichen Rückschlüsse auf die zukünftige Entwicklung eines Fonds zu. Rally wird durch Gewinne und nicht durch menschliche Psychologie befeuert Zum ersten Mal seit lagen die Unternehmensgewinne über den Erwartungen.

Gewinne lagen das erste Mal seit 6 Jahren über den Erwartungen Quelle: Lukrative Geschäfte für aktive Anleger Die meiste Zeit nach der Schuldenkrise bewegten sich die regionalen Aktienmärkte und Einzeltitel mehr oder weniger im Gleichschritt nach oben und unten. Was ist das besondere an der Blockchain-Technologie? Der Kurs von Bitcoins ist dieses Jahr explodiert. Ist die Preisentwicklung eine Blase? Welche Risiken gibt es? Es gibt zahlreiche Risiken: Bitcoins sind volatil, Bitcoins haben das zehnfache Schwankungsvermögen von Aktien.

Das Interesse für Bitcoins kann von heute auf morgen verschwinden. Eine andere Kryptowährung kann Bitcoins den Rang ablaufen. Bitcoins können lokal in bestimmten Ländern verboten werden. Ein globales Verbot ist hingegen nicht möglich. Das Mining von Bitcoins kann unattraktiv wenig profitabel werden, womit sich das Netzwerk auflösen würde. Bitcoin-Handelsplattformen sind immer wieder Ziele von Hacker-Attacken.

Und viele andere mehr. Wie kann man in Bitcoins investieren? Investiert die Erste AM auch in Bitcoins? Gold Although we expect the Fed to continue to tighten policy, we think the downside risks to gold prices are limited because real interest rates will remain depressed as inflation gains pace in the US.

There are also numerous risks which can push demand for gold futures higher: Crude Oil In , US production will likely hit an all-time high, surpassing the cycle peak reached before the price war in and above the 10 million barrel mark last hit in Industrial Metals We expect the star performer for to be industrial metals. A changing universe As well as a change in price, there has also been a change in the quality of the bonds available.

Fundamentals are deteriorating The dependence of investors on an ever-decreasing pool of higher-yielding securities comes at a time when corporate fundamentals are beginning to look vulnerable. Conclusion There are ways to generate a high income, but they come at a cost: Das globale Wachstum erreicht dieses Jahr seinen Höhepunkt. Die niedrige Inflation wird in einigen wichtigen Ländern moderat ansteigen. Die extrem lockeren geldpolitischen Haltungen werden vorsichtig zurückgefahren.

Die Abschwächung des Kreditwachstums in China wird auf das Wirtschaftswachstum drücken. Die Fiskalpolitiken werden generell neutral für das Wachstum sein. Auf globaler Ebene werden keine externen Ungleichgewichte schlagend.

Die Abschwächung des handelsgewichteten US-Dollar wird sich vorerst nicht fortsetzen. Die Geo- Politik wird tendenziell relevanter für die Kursbildung. Sowohl bei den volkswirtschaftlichen Variablen als auch bei den Wertpapierkursen wird die Volatilität zunehmen. Die Beziehungen zwischen den volkswirtschaftlichen Variablen werden weiterhin durch das vorherrschende Niedrigzinsniveau dominiert.

Is Bitcoin useful and how can it be valued? What type of asset is it? How to value Bitcoin There are varied ways to value Bitcoin, but given it has some similarities to commodities we felt it would be worthwhile calculating the marginal cost of production. Estimating historical power costs Bitcoin emerged in late with enthusiasts mining on their personal computers, which at the time became profitable but was a very inefficient approach.

Marginal cost of production To estimate marginal cost of production the total number of coins produced per day is divided by the mining cost: Energieeffizienz Die Verbreitung erneuerbarer Energien hat in den vergangenen Jahren viel Aufmerksamkeit auf sich gezogen, da sie eine Möglichkeit darstellen, den zunehmenden Energiebedarf zu decken. Integration von Automation und Technologie Ein weiteres anhaltendes Thema, das Rohstoffen zugutekommen könnte, ist die zunehmende Integration von Automation und Technologie.

Death Valley alive with wildflowers http: Women and Human Rights - Victims and Heroes As we enter the second year of our global campaign to Stop Violence Against Women, we thought March - Women's History Month - was an important time to remind ourselves that women are not always the victims of human rights abuse - often they are the heroes.

This month on our website, we spotlight the all-important work of four extraordinary women who have made a difference. Two of them are among the twelve women who have received the Nobel Peace Prize. One woman, Mexico's Digna Ochoa gave her life for her cause. All have sacrificed much for the rights and well-being of others. Myanmar's Aung San Suu Kyi aroused an entire nation against decades of corruption and abuse. Aung San Suu Kyi has written, "It is the cumulative effect of [ordinary people's] sustained effort and steady endurance which will change a nation where reason and conscience are warped by fear into one where legal rules exist to promote humanity's desire for harmony and justice while restraining less desirable, destructive traits in human nature.

Once you start making these linkages, you can no longer do just tree-planting. Last week's release of prisoner of conscience Rebiya Kadeer demonstrates that no government is immune to the persistent pressure applied by dedicated human rights activists worldwide. Caroline and Diane will now be discussing the Lords decision with their legal team.

It is too early to say whether the next step might be the European Court but Orange has given an undertaking to MP Mark Oaten not to erect the mast until campaigners have exhausted all their options. In any case the company originally said they would not disturb the birds nesting in the trees on the site, which means waiting until August. The drama of Byron Avenue looks set to continue.

The unprecedented level of protest among outraged residents and parents with children at the school prompted marches, public meetings and a deluge of letters to local and national government departments. Local MP Mark Oaten gave the campaign his wholehearted support and made repeated attempts to persuade Orange to find an alternative site. Eventually local parents took legal action and Winchester City Council WCC was forced to reconsider the decision after the High Court gave permission for a judicial review on the grounds that concerns about health had not been considered.

WCC refused to challenge the decision even though costs were awarded against them. Two local mothers, Caroline St. Although unsuccessful on that occasion they were given a second chance and returned to court on 11 November in an attempt to overturn the judgment. The decision rejecting the appeal was issued on 1 December The application to the House of Lords was made in January.

Northwest Drought Tied to Southwest Floods http: Schlechter lernen mit dem Computer Wie deutsche Wissenschaftler herausgefunden haben wollen, fördert Computernutzung in den Schulen und Zuhause nicht die Leistung von Schülern in Mathematik sowie beim Lesen und Schreiben.

Zu diesem Schluss kommt eine dreijährige Studie im Auftrag der britischen Regierung, die im Wissenschaftsmagazin Nature veröffentlicht wurde.

Nach den Ergebnissen der Forscher, die ein Rapsfeld mit genetisch verändertem Canola-Raps untersuchten, der einem bestimmten Herbizid widersteht, nahm die Zahl der Schmetterlinge und Bienen drastisch ab. Die ganze Nachricht im Internet: Verbraucherzentrale geht gegen Haustür-Werbung von "Arcor" vor "Verträge widerrufen": Verbraucherzentrale geht gegen Haustür-Werbung von "Arcor" vor Angesichts der "aggressiv an der Haustür vermittelten Arcor-Verträge" rufen die Verbraucherschützer dazu auf, solche Verträge zu widerrufen.

Ein so genanntes Standortregister, das bundesweit alle Gen-Felder lokalisiert, sei am Freitag für die allgemeine Bevölkerung abgeschafft worden.

Das erst seit Februar in Kraft getretene Register ist nur noch einem sehr beschränkten Kreis von Betroffenen wie Landwirten, Imkern und Grundstückseignern - auf Antrag - zugänglich. Entsetzen bei Friedensforschern über Präventivkriege der Vereinten Nationen Dictators, Tyrants and Fools http: A Threat Greater Than Terrorism http: Our bill of rights. Brymain Investments Limited, which owns the proposed site at Minto Road Trading Estate, has written to campaign leader Reuben Woods to say it is withdrawing from its proposed agreement with phone operators T-Mobile to allow a 39ft mast to be built on the site.

Property manager John Turner wrote: The letter also threatened legal action if any of then suffered a drop in the value of their homes or ill health. The withdrawal is also in response to meetings between the residents and the company. T Mobile spokesman David Hanney said: Exeter and Devon try to help campaigners - More pressure for change In just four weeks, people have signed our petition objecting to your proposed 'third generation' mast which would be close to several schools and nurseries and almost directly outside the city's maternity unit.

Exeter City Council has already written to you asking that you seek an alternative site for this antenna. Devon County Council leaders are considering doing the same. He is also seeking a high-level meeting with Planning Minister Keith Hill in a bid to tighten up the development controls on new transmitters like yours. But we also believe it is time you heard from the ordinary Exonians who will have to live and work near your mast, who take their children to schools near your mast and may even give birth near your mast.

We have received support for our petition from all around the city, the county and further afield - mainly from others involved in similar transmitter battles. And they all say 'No' to your antenna - not here, not now. Like all your market rivals, you insist your masts are safe despite many international studies suggesting otherwise.

Many in Exeter do not believe your assurances, but even more, want the question of whether masts are dangerous finally settled before having to live and work near this one. And many in our city are outraged that while independent research is ongoing, you are pressing ahead and putting up your masts next to schools and health units.

Whatever happened to the precautionary approach recommended in the Stewart Report? If it does not apply in Heavitree Road, then where? Here are some of the comments the people of Exeter - and elsewhere - wrote on our petition. Margaret Langdon, of Pamela Road, Polsloe, wrote: We must consider the vulnerability of the young in this area first. I do hope they realise this before more people are put at risk for financial gain. I do not want companies gambling with the health of my children.

To put it next to schools, hospitals, day care units etc is an obscene dereliction of care towards those who need our protection the most. You have not yet made a planning application and we sincerely hope you choose not to do so. A total of signed our petition objecting to Vodafone's plan to place a mobile phone mast in Heavitree Road.

And filled in slips printed in the Echo or wrote to us, while 79 emailed objections. We will be presenting copies of today's edition to Vodafone, all members of Exeter City Council's development control committee and the All Party Parliamentary Group on Mobile Communications. The Labour MP is writing to Vodafone urging them to find an alternative site for their mast and also requesting a meeting with Planning Minister, Keith Hill. Mr Bradshaw told the Echo: The telecommunications giant says the proposed mast is key to meeting its licence commitment of providing 'third generation' coverage to 80 per cent of the UK population by Although the company has confirmed it has still yet put in a planning application, Vodafone believes the site is "our only option in this area".

A Vodafone UK spokeswoman said: We have done a large amount of pre-consultation in the area and written to the local councillors as well as the schools and nurseries. We have had 10 letters back so far. If someone can come up with an alternative site, we would consider it but there has been nothing suggested at the moment.

We would like to share with other operators as under guidelines we are encouraged to do that and it could cost less, but at the moment we have no other options in the search area. If higher than 15 metres, it will be subject to the normal planning process. Lower than that height and it will be eligible for the 'prior approval' process.

If the local planning authority - Exeter City Council - does not respond within 56 days of such a 'prior approval' application, it is automatically passed. Planning authorities can object but they are instructed to "first explore with the operator the possibility of modifying the siting and appearance of the proposed development". Councils should also "take account of the obligations on code system operators to provide a service, and of technical constraints upon network development" when discussing alternative sites.

If applications are rejected, the operators have six months to issue a notice of an appeal. Currently, under special planning guidance, Whitehall insists that if the proposed mast will emit at below international guidelines then "it should not be necessary for a local planning authority Critics, though, say the metre high distinction is arbitrary and the prior approval process favours the applicant too much at the expense of local accountability.

The mobile operators say emissions from their masts are far below current, recognised international guidelines and in most cases they are willing to discuss siting issues with councils and communities.

Recently, city planners blocked a proposed Vodafone mast for Honiton Road - but on the grounds that it would be a visual intrusion. But on March 20, the front page of the New York Times was silent on the nationwide protests. Instead, it [in the national edition] included the lead paragraphs of an article "Protesters at Hospice in Florida Push Showdown over Schiavo" by Abby Goodnough. Is it because the public support conservative protesters, who prayed outside the hospice, with three of them arrested "when they tried to force their way past officers guarding the driveway of Woodside Hospice to take bread and water to Ms.

Schiavo as a symbolic gesture" Goodnough, March 20, ? The public "supports the removal of Schiavo's feeding tube" by a wide margin, according to an ABC poll. Two Years of Bush's Acts against Iraq and the United States by Fernando Suarez del Solar March 19, Today marks two years since the Bush administration initiated one of the greatest crimes in recent history--the invasion and occupation of Iraq.

Two years have passed without Bush clarifying his motives for going to war. Two years later and the entire world knows that Bush lied about weapons of mass destruction. Thousands of children have been killed by the bullets and bombs used by the U. Two years have passed and the Bush administration has flip flopped constantly regarding the real reasons for the war, "Democracy" and "freedom"? In elections imposed by the forces of occupation and under threat of terrorist attacks, the Iraqi people voted for an end to the illegal and immoral occupation of their nation.

Now there is an assembly that will either support the occupation that is destroying the people or demand the removal of the forces of occupation. Two years of my family's grief, of spilled blood, of a domestic economy in freefall.

Must we wait two more years before Bush understands that the entire world disapproves and condemns his criminal war? Can he sleep at night without remorse knowing that the blood of my son was spilled because of vested interests and lies? Can his daughters be proud of a father who is a liar and a criminal? Only God can pardon his sins because the people of the world condemn him to an unholy moral death. Broadband in Real Media format 7 minutes: Michael Lind on Paul Wolfowitz http: Conflict of Interest the Other Way http: Fraud in Science http: Where Is Your Money Going?

Why some budget cuts get less attention by David R. It's not just the stagnant minimum wage, which Congress failed to raise this month, or the lack of unemployment insurance benefits for many, since legislators failed last year to extend them for the long-term jobless. Future cuts in federal aid for the poor look even worse. President Bush's budget for would reduce spending on early childhood education and child care, home energy assistance and rental assistance, and nutrition assistance to pregnant women, infants, and young children, Washington experts say.

I have decided to run. You can read all about my reasoning at http: Coulter is not alone in the desire to feast on human suffering. Although she is considerably less circumspect than other right wingers, it is instructive that not one prominent conservative has repudiated her. Invoking God and country, the Confederates who currently run the United States are striving to make Andersonville a global phenomenon. Unsurprisingly, the reprobates have not been content to torment their prey physically.

Conservatives are implementing a policy to humiliate other human beings, shaming their victims in the vilest ways imaginable, apparently oblivious that the true shame of this outrage is being inflicted upon the United States.

Our own pious moralists have disgraced America in the eyes of everyone who does not view savagery as a virtue. It's that he has been consistently, astonishingly, unswervingly wrong about foreign policy for 30 years.

By Michael Lind Salon March 17, The nomination of Paul Wolfowitz to be president of the World Bank, following his commission of a long and costly series of blunders as deputy secretary of defense in George W. Bush's first term, comes as no surprise to those familiar with his career. Wolfowitz is the Mr. Magoo of American foreign policy. Like the myopic cartoon character, Wolfowitz stumbles onward blindly and serenely, leaving wreckage and confusion behind.

Critics are wrong to portray Wolfowitz as a malevolent genius. In fact, he's friendly, soft-spoken, well meaning and thoughtful. He would be the model of a scholar and a statesman but for one fact: He is completely inept.

His three-decade career in U. What are they thinking? Our country is at war on multiple fronts, while our soldiers still do not have the equipment they need to keep them safe or a reasonable strategy to bring them home. Americans are without health care, our educational system needs funding - and this is the issue that keeps the Republicans burning the midnight oil?

An essentially unconstitutional attempt to deligitamize the powers of the state courts and their related governments? Cut through the soul-less numbers and the face-less rhetoric that pro-privatization politicians use in the Social Security debate We need your help to cut through the soul-less numbers and the face-less rhetoric that pro-privatization politicians use in the Social Security debate.

This week, your member of Congress will be back in your home state, and we're going to make sure that they hear your story about Social Security, loud and clear. Please share with us how you or people you're close to rely on Social Security.

Our plan is to take every story we receive to media outlets throughout your home state, so that your Representative and thousands of Americans hear publicly why we won't accept having our benefits cut or put at risk on Wall Street. Siobhan Kolar, a mother from the Chicago suburbs, who was featured in the news last week after sharing her story at a rally to protect Social Security.

Kolar's story is one familiar to many of us. She took several years off from work to raise her child, which didn't leave her with a large personal savings account or pension plan. That's why she's depending on guaranteed Social Security benefits to support herself in her retirement years. She's afraid that the benefit cuts in the president's privatization scheme won't leave her with enough to live on. The Beacon News reported Mrs. Kolar's story last week to thousands of Chicagoans, driving home the point that privatization is just a bad deal for most Americans.

Please help us tell your story in your state! There is real power in showing the real faces of Social Security -- which pro-privatization politicians conveniently mask with their rhetoric and numbers games. When Congress returns home this week, let's greet them with thousands of stories of what Social Security means for us, and why we won't accept having guaranteed benefits replaced with a guaranteed Wall Street gamble.

Would you be forced to help pay the bills of a family member? Could you afford to live independently in your golden years? Would you have to work longer hours or continue working after retirement to make ends meet?

Would it push you or someone you know into poverty? Your story can help bring to life the risks posed by privatization. We will share your story with the media while your member of Congress is in town, and make sure that people nationwide know what's at stake. The President and his right wing allies are criss-crossing the nation, smearing the opponents of privatization and spending millions of dollars to drum up a false crisis and scare the American people into supporting their Wall Street giveaway.

The time is now to stand up, speak out and make sure that our Representatives hear from the real people they should be fighting for. Wonky But Worth It: Defense Department is testing a tag that combines RFID, GPS and satellite communication, so that military personnel can know a tag's location at any time.

By Jonathan Collins Mar. Department of Defense recently tested a new generation of active battery-powered RFID tags with satellite-communication capabilities that enabled the tags to give their precise location even when in the most remote and inhospitable areas.

Columnists are paid to provide support for a White House marriage stance. Actresses play news reporters to promote drug laws.

A system of ranking reporters who criticize official policy. These, and possibly many other public relations stunts, are some examples of publicity contracts paid for by the U. Department of Education DoE. A long time ago we observed that most of the warnings that appear in the tobacco small boxes could be perfectly applied to the nonionizing radiations.

The Court of Appeal has shaped in his resolution an incontestable censorship to the practices of those, before giving back to the corresponding courts the judgments that will have to be transacted.

It insists on considering guilty to the companies of " It seems to be that, in clear parallelism which takes control today anywhere in the world of the tobacco, it is not far the day in which in the U. Two questions assault to us: We will also surround with cellophane all the antennas that watch and threaten us from the next tile roofs?

Or will we charge the operators to do it, placing, with mold letters, warning posters, so that nobody says soon, that they had not be warned? Printed edition Companies First were the tobacco, soon the food sweepings and now it seems that it touches the mobile telephony, that becomes at the end the new target of the collective demands in EE UU.

A court has given back at the present time the controversy about the consequences of the exhibition continued to the radiations of the cellular phones, when recovering five demands against Motorola, Nokia and one more dozen of companies of telecommunications. This sector has denied whenever that radiations cause damages to the health, but has not been able to silence the complaints and investigations of those who think that the mobile telephones can cause cancer or other diseases.

Thus, the decision of the fourth Court of Appeals of Richmond, Virginia, to retake four of the cases and to send them to the corresponding courts so that they are reviewed, comes to intensify these theories.

The sentence of the cut of appeals maintains that the companies of mobile telephony were at least guilty of not warning of the risk of contracting diseases as cancer by the use of these apparatuses, according to Bloomberg. These are the first demands interposed against the set of the sector of the mobile telephony.

In the denunciations it is requested that the companies provide each user with some type of earpiece that it protects of the exhibition to the radiations of low intensity which emit the terminals. But this sanction seems inefficient for many experts since it does not suppose a great payment for the companies.

The cases splash to the main actors of the sector, as much manufacturers as operators. Operators and manufacturers insist that scientific study does not exist that demonstrates that the use of the mobile phones causes cancer.

In March , the five cases were not admitted to proceeding with the argument the denunciations entered conflict with the attempt of the Senate to define standards of security for the mobile telephony.

The denouncers appealed before this decision until the court of appeals yesterday decided to send four of the cases to the courts where they originated and returned fifth to the judge who rejected the denunciations in The defenders of the denounced companies have insisted that any scientific study does not exist that demonstrates that the use of mobile telephones causes cancer.

The great preoccupation of the affected companies is that this precedent is translated in a new wave of civil demands in the style of the denunciations so common in the U. The denouncers are represented by Ken Starr, one of the independent advisors who investigated the bad actions of ex- president Clinton. But no, neither denounced nor denouncers, have wanted to comment out previous the judicial struggle.

For those who have more memory, this situation remembers to the first confrontations against the industry of the tobacco. Also one questioned the relation between smoking and the appearance of different diseases in the beginning, whereas today the tobacco companies in the U. In fact, this sector faces civil denunciation never interposed by the department of Justice of the U.

In the field of the mobile telephony it is left much to discover. The World-wide Organization of the Health started a study in to know the effects the electromagnetic fields. With the present knowledge, it is 'little probable that the exhibition to mobile telephones or stations bases favours the appearance of cancers, although clarifies that the situation can vary as soon as the levels of the radio frequency of these apparatuses rise.

Fronts for the controversy: A report for each combined statement of the El Mobile Spanish extreme forces the controversy by the effect of the mobile phones to the health has been strong in Spain in the last three years and means, until the point of which the unfolding of cellular antennas in the country has paralyzed to a great extent. In order as far as possible to palliate the consequences of the social alarm, the four operators of mobile telephone - Telephone Moving bodies, Vodafone, Pleasant and born Xfera - were not united in March of to undertake a campaign of measurements and spreading of information.

The result has been a luck of annual ITV of antennas, in which the operators have measured each one of the stations bases of the country to see if they fulfilled the norm. The successfully obtained data have been to a large extent positive and they have been used to try to tranquilize the population.

Lack of scientific evidences like there are information that prevent the use of the mobile telephone and the electromagnetic emissions, send reassuring messages for the population. Thus it happened in the Seminary on electromagnetic fields, mobile telephony and health, organized by the Spanish Association Against the Cancer in April of , where the information of the World-wide Organization of the Health and the Committee of Experts of the Ministry of Health were studied.

The conclusion arrived is that great parts of the population associates mobile telephony with injurious effects for the health, but that, in spite of it, 'does not exist scientific evidences that demonstrate relation' between this technology ' and cancer'.

The seminary also stated that in Spain the levels of emission recommended by Europe in and gathered in a real decree of 'suitably protect the population of the effects produced by the emissions of the telephony mobil'. Taken care for the security of the boy the mobile telephony has been the subject of multitude of information on his effects in the health, as much to favour as in against.

One of most recent has reopened the debate on the convenience of leaving young minors of eight years use this technology. The report is from William Stewart, member of the National Council of Radiological safety of the United Kingdom, and it clear requests to the parents that they do not let use mobile phones in any case the minors of eight years. The study insists there are still there no tests that the cellular telephony is injurious, but Stewart has added that several information have bought serious concern on it.

For that reason, he alerts on the greater risk than the children run and advises not to put antennas near schools. To the search of state organism the Spanish operators of mobile telephone have done all the possible to convince the population that the antennas and the terminals are not dangerous. They have made measurements and they spread all the information on the effects on the health - the positives that arrive at their hands.

Nevertheless, they are conscious that their credibility is in jeopardize because they are the part more interested to lower the alarm and the installation of the greater possible number of antennas is allowed.

For that reason, Telephone Moving bodies, Vodafone and Amena have begun to demand the creation of a governmental authority that is the one that pronounces when there is an controversial case and whose verdict, given its independence and entailment to the Government, cannot be questioned. It would be something similar to the Agency of Nourishing Security, that guards the conditions of foods and, in necessary case, retires those that are injurious.

The operators consider that this new organism would have to depend on the Ministry of Health. Catherine Blake, Richterin am Bezirksgericht, hatte im März die fünf Klagen mit der Begründung abgewiesen, die Forderungen widersprächen der Absicht des Kongresses, einheitliche Sicherheitsstandards für Mobiltelefone festzulegen. Vier Fälle wurden zurück zu den bundesstaatlichen Gerichten verwiesen, von denen sie ursprünglich kamen. Das fünfte Verfahren ging zu Richterin Blake in Baltimore zurück.

Bezirksgericht Circuit Court of Appeals erklärte in der Berufung, dass bei den Prozessen die bundesstaatliche Rechtsprechung nicht vorrangig sei. In der Gruppenklage gegen die gesamte Mobilfunkindustrie wurde gefordert, dass die Mobilfunkgesellschaften jedem Nutzer eine Freisprechanlage zur Verfügung stellen, um die Strahlung zu reduzieren. The images, each 6-by-8 inches, are mounted on plain steel rods that reach to near eye level. Each rod includes a label with the soldier's name, hometown and date of death.

Five rows are arranged chronologically by the soldiers' times of death and stretch along a half-circle inside the small museum at the entrance to the Women in Military Service for America Memorial. The number of images does not represent all those killed - that figure now is more than 1, Annette Polan, head of the Corcoran College of Art and Design's painting department, said she was moved to create the memorial after seeing all the photos of dead soldiers displayed in a newspaper.

Polan, 60, said she wanted to show that every death is an individual, each with their own hopes and dreams and memories. Artists were encouraged to show their own individuality and that of their subject. She assigned the others to artists she knew, either personally or through their work. The artists worked mostly from newspaper and Internet photos, and some sent by families of the dead. One particularly poignant portrait was done by John R. He painted his son, Marine Pfc. Clarence Phelps, who died April 9 from head wounds.

The artists, who donated their time and paid for all the materials, plan to give the portraits to the families when the exhibit is over, Polan said. A large portion of the portraits were done conventionally, in color on canvas, but in other cases artists experimented with the images. Another artist molded low-relief images in clay. Another did scratch board drawings. Another did not portray faces at all, just flowers. The dead for whom no portraits could be made, for lack of photos or other reasons, are represented by generic black-and-white silhouettes.

The portraits will be on view at the memorial through Sept. A Tuesday evening reception was planned for artists to meet family members of those they memorialized. Military Torture in Abu Ghraib Prison http: And another world is possible! Information for antiwar movements, news across the World, please visit: Talk on Mass Extinction Crisis Life itself is at stake To listen to a talk by Prof. Ulansey on the current mass extinction crisis, click on the link http: Ulansey was working on getting the video projection from his computer to function properly.

Also, in his talk Prof. Ulansey mentions the name "Scott Peterson" several times. Some listeners, especially outside the United States, may not know who that is. He is a man who has been the object of a "media frenzy" in the United States for the past year.

He was on trial for murdering his wife like O. Simpson , and the story has been given endless coverage by the U. Listen to Audio at: The NY Times focused on one small civil disobedience protest at military recruiting office in Times Square, just down the street from the Times office, a protest at the Times itself may have made real news. There were more Antiwar actions in more cities than ever but that proliferation of protest or the presence of military families seemed to not too newsworthy.

A media that routinely plays down the size of all protests in this case seemed to be obsessed with nothing more than their size, as in the protests were 'smaller than ever. The assault on free choice by Roger Ream Foundation for Economic Education Personal freedom of choice is an important aspect of the case for limited government.

To the extent that responsibility for self is surrendered to or usurped by government -- to the extent that one loses freedom of choice -- the individual is thereby diminished.

The freedom to choose is part of the very essence of man. An assault on the peaceful exercise of free choice has been the consequence of most government programs. Whether advocated by conservatives, present-day liberals, or doctrinaire Marxists, all government activity rests on the power to coerce. It removes decision-making power from the individual and vests it in the hands of the state. This is an awesome power, best left in the hands of the many, acting voluntarily, than concentrated in the hands of those few who would compel obedience.

Casting aside the separation of powers by John Conyers, Jr. By passing this law, it should be obvious to all that we are no longer a nation of laws, but have been reduced to a nation of men. By passing this law, we will be telling our friends abroad that even though we expect them to live by the rule of law, Congress can ignore it when it doesn't suit our needs. By passing this law we diminish our nation as a democracy and ourselves as legislators But there's a domestic Bolton, too.

While the international Bolton gives cause for concern, the real problem is the domestic Bolton, and Democrats and moderate Republicans on the Senate Foreign Relations Committee who have reservations about the nomination should be looking at the domestic Bolton's background, because it suggests not mere rhetorical bellicosity but possible sleaze. To cut to the chase: Did Bolton play any role in helping to conceal a foreign campaign contribution channeled to the Republican National Committee that may have helped the RNC prevail in the congressional elections?

After 10 years in power, the exact things that Republicans said were wrong with prior Congresses have become worse under their control. The GOP is responsible for record high deficits and their policies have intruded even more into state, local, and private activities. Now many Republicans are saying that even the limited spending restraints in the new Bush budget are dead on arrival. The reformist spirit of has been lost on many careerist GOP politicians who have burrowed into the Washington power structure and now resist change.