Snapshots of some world events of paricular importance         


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Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. But government bonds are not backed by tangible wealth, only by the government’s promise to pay out of future tax revenues, and cannot easily be absorbed by the financial markets. A large volume of new government bonds can be sold to the public only at progressively higher interest rates. Thus, government deficit spending under a gold standard is severely limited. The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. - Allen Greenspan

  • Citizens in China must have their faces scanned to have the internet installed
  • The rule is part of China's social credit system and will take effect on Dec. 1
  • Authority claimed the move could help improve the nation's internet security
  • China has been building the world's most powerful facial-recognition system 
  • The nation is due to be equipped with 626 million CCTV cameras by 2020

China has stepped up its internet censorship by demanding its citizens pass a facial-recognition test to be able to use web services.

People who want to have the internet installed at home or on their phones must have their faces scanned by the Chinese authority to prove their identities, according to a new regulation.

The rule, which will take effect on December 1, is said to be part of the social credit system which rates the Chinese citizens based on their daily behaviour.

See more @ MailOnline

 

Baby Frog: Mama, who is smarter- a chicken or a frog? Mama Frog: We are of course!!
Baby Frog: How do you know? Mama Frog: Well, who ever heard of Kentucky Fried Frog?
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Why are frogs so happy? They eat whatever bugs them!

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