Cricket Live Stream ICC World Twenty20 2010

The ICC World Twenty20 2010 will be staged in West Indies at Barbados, Guyana and St Lucia from Fri, 30 Apr 2010 – Sun, 16 May. Total 12 teams Pakistan, Sri Lanka, South Africa, West Indies, Australia, India, England, Bangladesh, New Zealand, Zimbabwe, Afghanistan and Ireland will participate in the tournament.
Live stream of the tournament can be seen at one of the following links

1. desistream.tk.

2. viewlivecricket.com.

3. vexcast.com.

4. liveindcricket.com.

5. teezcricket.com.

6. crictime.com.

7. acricket.com.

8. livecricket.bollym4u.com.

9. cricslog.com.

10. digitalipl.com.

Most of these sites use P2PTV softwares like SopCast, TvAnts, TVU to show the matches. You have to download the respective players to watch the game.

ICC World Twenty20 Schedules

The ICC World Twenty20 2010 will be contested by 12 teams which have been ’seeded’ and divided into four groups:

Group A Group B Group C Group D
Pakistan (1) Sri Lanka (2) South Africa (3) West Indies (4)
Bangladesh (8) New Zealand (7) India (6) England (5)
Australia (9) Zimbabwe (10) Afghanistan (11) Ireland (12)

The top two seeded teams are allocated slots in the Super Eight stage regardless of where they finish in their group. The Super Eight stage is not determined on winners and runners-up.

For example, Pakistan are designated A1 and Bangladesh A2 in their group. If they both qualify then, regardless of who wins the group, Pakistan will go into Group E and Bangladesh Group F. If, however, Australia qualifies instead of, say, Bangladesh, they will take their designation as A2 and move into Group F.

This has been done so that supporters who buy Super Eight tickets can be assured of knowing who they will be watching – assuming their team qualifies!

Each team will play every other team in its group.

No points from the Group stage will be carried forward to the Super Eight series.

The top two teams from each group in the Super Eight series of the competition will progress to the semi-finals where the team placed first in Group E will play the team placed second in Group F and the team placed first in Group F will play the team placed second in Group E.

The winners of the semi finals will contest the final.

Super Eight Groups

Group E Group F
A1: Pakistan B1: Sri Lanka
B2: New Zealand A2: Australia
C1: South Africa C2: India
D2: England D1: West Indies

Group Matches

Date & Time Teams Venue Group
30 Apr
05:00 PM GMT
10:30 PM IST
New Zealand
vs
Sri Lanka
Providence Stadium, Guyana Group B
30 Apr (D/N)
09:00 PM GMT
1 May
02:30 AM IST
West Indies
vs
Ireland
Providence Stadium, Guyana Group D
1 May
01:30 PM GMT
07:00 PM IST
India
vs
Afghanistan
Beausejour Stadium, Gros Islet, St Lucia Group C
1 May
05:30 PM GMT
11:00 PM IST
Pakistan
vs
Bangladesh
Beausejour Stadium, Gros Islet, St Lucia Group A
2 May
01:30 PM GMT
07:00 PM IST
India
vs
South Africa
Beausejour Stadium, Gros Islet, St Lucia Group C
2 May
05:30 PM GMT
11:00 PM IST
Pakistan
vs
Australia
Beausejour Stadium, Gros Islet, St Lucia Group A
3 May
01:30 PM GMT
07:00 PM IST
Sri Lanka
vs
Zimbabwe
Providence Stadium, Guyana Group B
3 May
05:30 PM GMT
11:00 PM IST
West Indies
vs
England
Providence Stadium, Guyana Group D
4 May
01:30 PM GMT
07:00 PM IST
New Zealand
vs
Zimbabwe
Providence Stadium, Guyana Group B
4 May
05:30 PM GMT
11:00 PM IST
England
vs
Ireland
Providence Stadium, Guyana Group D
5 May
05:00 PM GMT
10:30 PM IST
Australia
vs
Bangladesh
Kensington Oval, Bridgetown, Barbados Group A
5 May (D/N)
09:00 PM GMT
6 May
02:30 AM IST
South Africa
vs
Afghanistan
Kensington Oval, Bridgetown, Barbados Group C

Super Eight Fixtures

Date & Time Teams Venue Group
6 May
01:30 PM GMT
07:00 PM IST
A1 vs D2
(Pak vs Eng)
Kensington Oval, Bridgetown, Barbados Group E
6 May
05:30 PM GMT
11:00 PM IST
C1 vs B2
(SA vs NZ)
Kensington Oval, Bridgetown, Barbados Group E
7 May
01:30 PM GMT
07:00 PM IST
A2 vs C2
(Aus vs Ind)
Kensington Oval, Bridgetown, Barbados Group F
7 May
05:30 PM GMT
11:00 PM IST
B1 vs D1
(SL vs WI)
Kensington Oval, Bridgetown, Barbados Group F
8 May
01:30 PM GMT
07:00 PM IST
A1 vs B2
(Pak vs NZ)
Kensington Oval, Bridgetown, Barbados Group E
8 May
05:30 PM GMT
11:00 PM IST
D2 vs C1
(Eng vs SA)
Kensington Oval, Bridgetown, Barbados Group E
9 May
01:30 PM GMT
07:00 PM IST
C2 vs D1
(Ind vs WI)
Kensington Oval, Bridgetown, Barbados Group F
9 May
05:30 PM GMT
11:00 PM IST
B1 vs A2
(SL vs Aus)
Kensington Oval, Bridgetown, Barbados Group F
10 May
01:30 PM GMT
07:00 PM IST
B2 vs D2
(NZ vs Eng)
Beausejour Stadium, Gros Islet, St Lucia Group E
10 May
05:30 PM GMT
11:00 PM IST
A1 vs C1
(Pak vs SA)
Beausejour Stadium, Gros Islet, St Lucia Group E
11 May
05:00 PM GMT
10:30 PM IST
B1 vs C2
(SL vs Ind)
Beausejour Stadium, Gros Islet, St Lucia Group F
11 May (D/N)
09:00 PM GMT
12 May
02:30 AM IST
D1 vs A2
(WI vs Aus)
Beausejour Stadium, Gros Islet, St Lucia Group F

Semi Final Fixtures

Date & Time Teams Venue Match
13 May
03:30 PM GMT
09:00 PM IST
E1 vs F2
(Eng vs SL)
Beausejour Stadium, Gros Islet, St Lucia 1st Semi Final
14 May
03:30 PM GMT
09:00 PM IST
E2 vs F1
(Pak vs Aus)
Beausejour Stadium, Gros Islet, St Lucia 2nd Semi Final

Final

Date & Time Teams Venue Match
16 May
03:30 PM GMT
09:00 PM IST
W 1st Semi Final
(Eng)
vs
(Aus)
W 2nd Semi Final
Kensington Oval, Bridgetown, Barbados Final
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Seminar on ‘Significance of Natural Resource Management in Rural Development’

Krishnaa Human Initiatives (KHI), a Citizen Sector Organization is going to organize a seminar in Kolkata on the “Significance of Natural Resource Management in Rural Development”. Eminent speakers from relevant fields including dignitaries from Khadi & Village Industries Commission, Jadavpur University, National Bank for Agriculture and Rural Development, Variable Energy Cyclotron Centre, Ramakrishna Mission, Vivekananda Institute of Bio-technology, Exide Industries etc. will participate in the discussion.

Prof. Bikash Chandra Sinha, Padma Bhusan, presently the Homi Bhaba Chair Professor of Variable Energy Cyclotron Centre will grace the occasion as the Chief Guest Speaker of the seminar. Shri Sailesh Kumar Bandyopadhyay, Padma Bhusan, Member of Khadi & Village Industries Commission will preside over the function. Prof. Ashoke Nath Basu, Former Vice-Chancellor, Jadavpur University will be the Guest of Honor in the seminar.

The seminar will be held on Friday August 06, 2010, 05:00PM at Jivanananda Sabhaghar in Paschimbanga Bangla Academy, 1/1 A.J.C.Bose Road, Kolkata-700020

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Nehru and Mountbattens : The article published in The Daily Mail

This article was published in The Daily Mail on 26.09.09. Although the story is meanwhile well known but still interesting to read. Enjoy …

A spicy menage a trois: The shocking love triangle between Lord Mountbatten, his wife and the founder of modern India

By Glenys Roberts

‘At the stroke of the midnight hour when the world sleeps, India will awake to life and freedom.’

Those powerful words, memorable to everyone who loves India, were uttered by the father of the modern nation, Jawaharlal Nehru, when the country became independent more than 60 years ago.

Behind this famous ‘tryst with destiny’ speech lay a deeply personal fight to escape the domination of the British Raj, a struggle all the more meaningful because of Nehru’s private life.

Special relationship: Lord and Lady Mountbatten with Indian Prime Minister Jawaharlal Nehru

Special relationship: Lord and Lady Mountbatten with Indian Prime Minister Jawaharlal Nehru
Source: Daily Mail

For the handsome widower had formed a more than usually deep bond with, of all people, the beautiful wife of the chief representative of the occupying power, Edwina, Lady Mountbatten.

If you came across their romance in a novel, you would dismiss it instantly as fiction.

But the fact is the couple shared an extraordinary love. Their deep attachment lasted from the moment they met in 1947 in New Delhi until the day Edwina died 13 years later.

It was such a meaningful relationship that even Lord Mountbatten himself found it best to turn a blind eye.

Perhaps he even encouraged it, so that he could benefit from any insight into the Indian mind that his wife could pass him at this pivotal time in their history.

This fascinating personal intrigue was to have been the basis of a new film, Indian Summer, starring Hugh Grant and Cate Blanchett as Lord and Lady Mountbatten.

As for the handsome Nehru, rumour has it he was to be played by Irrfan Khan, star of the hugely successful Slumdog Millionaire.

‘Dickie was devoted to Edwina, but awkward in bed’

But so concerned are the Indian government to protect their favourite statesman’s reputation that, after nine months of costly pre-production in Delhi, filming has been dramatically ordered to cease.

Indian politicians have demanded to see the script to know just how explicitly the relationship will be portrayed.

Hitherto, those who know the truth about the relationship between Nehru and Lady Mountbatten (including Mountbatten’s two daughters) have always insisted the couple never consummated their great love, and that it was more spiritual than physical.

But what is the real story? Certainly, there are aspects of Lady Mountbatten’s early life that will shock India’s ruling elite, who even today do not allow their Bollywood stars to kiss on screen.

The spoiled favourite granddaughter of a Jewish financier close to the royals, Edwina Ashley was the richest and most glamorous deb of her time.

In 1922, she married the handsome, though impoverished, 21-year- old Lord Louis Mountbatten. Known in the family as ‘Dickie’, he is nowadays best remembered as Prince Charles’s great-uncle and mentor, tragically killed by an IRA bomb in 1979.

Ostensibly it was the perfect match, but the sexually inexperienced couple had little in common.

article-2

Perfect match? Lord Mountbatten and Edwina Mountbatten were married in 1922 but had little in common
Source: Daily Mail

After a fumbling honeymoon, some of it spent in Hollywood, Mountbatten resumed his career as a naval officer.

Meanwhile, the stylish Edwina, described as one of the six best- dressed women in the world, shopped at Chanel, played bridge, and danced the Charleston until 3am, sometimes with Fred Astaire.
At weekends, their country home was full of guests (including the Prince of Wales) arriving in fast cars and even aeroplanes.

Vain, charming and boyish, Dickie was devoted to Edwina, but still awkward in bed. He famously named her breasts Mutt and Jeff – the nicknames that World War I soldiers gave their campaign medals. To him, sex was unromantic, ‘a mixture of psychology and hydraulics’. There were also mutterings that he preferred men.

Things went downhill after their daughter Patricia was born in 1924.

While Mountbatten doted on the new arrival, the passionate Edwina was pathologically jealous of her own child being the centre of attention.

‘A divine little daughter. Too thrilling, too sweet,’ she trilled to her diary – but then packed the baby off to nannies on the South Coast. The highly sexed Edwina then proceeded to look for lovers from all walks of life.

Nehru, like both Mountbattens, had bisexual tendencies

Her first was the aristocratic Lord Molyneux. He was followed by a rich, polo-playing American, Laddie Sandford, and then by Mike Wardell, the good-looking manager of a London evening newspaper. At times, she juggled all three at once.

‘Lord Molyneux is in the morning-room and Mr Sandford in the library, but where should I put the other gentleman?’ asked a desperate flunkey when they happened to visit together.

While her husband was posted to Malta in the early Thirties, she turned to American golf champion Bobby Sweeny.

Next came playboy Larry Gray, before she went on a Mexican cruise and jumped into bed with the elder of two Californian brothers, Ted Phillips, quickly followed by his sibling Bunny.

This serial sexual gallivanting went on until the birth of her second daughter Pamela in 1929.

By now, Mountbatten, too, was seeking other women. In 1931, he was flirting with the 18-year-old future Duchess of Argyll and even kept her photo in his cabin.

‘The only photo of any girl!’ he wrote to her. Later, there was Barbara Cartland and the Frenchwoman Yola Letellier, on whom Colette based her novel Gigi. Edwina was fiercely jealous, but she didn’t think to change her own habits.

Throughout the Thirties, she had dozens of admirers, known in the private slang of the Mountbatten circle as ‘ginks’.

As Mountbatten himself once put it: ‘Edwina and I spent all our married lives getting into other people’s beds.’

She even dallied with conductor Malcolm Sargent, and then embarked on her most adventurous affair to date, with the bisexual West Indian cabaret pianist Leslie Hutchinson.

article-3

Forbidden love: Edwina and Nehru in the Moghul Gardens of the Viceroy house during celebrations to mark the 10th anniversary of the Republic of India in 1960
Source: Daily Mail

Although Edwina successfully sued a newspaper for saying she had a black lover, there is not much doubt she conducted an on-off relationship with ‘Hutch’ for 30 years.

She famously gave him a gold bracelet bearing her name, a gold cigarette case and, conclusively perhaps, a jewelled penis sheath from Cartier.

This sexual track record seems like an unlikely apprenticeship for a woman to become the great love of the socialist founder of modern India. But Edwina, the social butterfly, also had a strong streak of idealism. Never one for empty titles, she seems to have climbed in and out of bed looking for a cause.

With the onset of World War II, her tireless work in the bombed- out East End was followed by a spell in South-East Asia repatriating British refugees from prison camps and hospitals.

Not for nothing did the blood of her great-great-grandfather, the distinguished 19th-century reformer Lord Shaftesbury, run in her veins.

Mountbatten’s war service culminated, of course, in the recapture of Burma from the Japanese.

Beside her bed was a collection of his letters

Indeed, both had such a successful war that in 1947 they were posted by the new Labour Prime Minister Clement Attlee to Delhi, as the last Viceroy and Vicereine of India to facilitate the smooth transition of power to Nehru, the country’s nationalist leader.

While the young Edwina had been playing the field, the patrician Nehru had been working hard for his country.

Born in 1889, son of a leading lawyer, he came from a rich and influential family with distinctly Anglicised tastes in clothes and culture. The boys were educated in England and the girls had English governesses who gave the children English names. Jawaharlal became ‘Joe’, his sisters ‘Nan’ and ‘Betty’. After Harrow and Cambridge, Jawaharlal was called to the Bar in London, but he soon returned to India.

In 1916, he had married the high-born Kamala, riding to his Maharajah-style wedding in Delhi on a white horse.

But he had already come under the spell of the charismatic Gandhi, at the time a failed lawyer who, having been shabbily treated in British-owned South Africa, returned to his own country fired up against social injustice and determined to free it from foreign domination.

Nehru sympathised with Gandhi’s non-violent philosophy. At home, meanwhile, his frail wife started her own radical crusade to improve women’s rights.

Interestingly, the Nehru marriage somewhat mirrored that of the Mountbattens. In her 30s Kamala developed into an irresistibly attractive woman who was always surrounded by infatuated young men, including Feroze Gandhi (no relation to the Mahatma), the future husband of her daughter, Indira, who would of course later became the country’s fiery leader.

Many people are convinced Kamala and Feroze conducted a long and satisfying affair.

However, Kamala died at a young age of tuberculosis in 1936. And though Nehru had also had affairs, he never remarried. His only love now was his country – until he met Edwina Mountbatten.

It wasn’t Edwina’s first visit to India – she had engineered an invitation to the Viceregal Lodge before her marriage in hot pursuit of Mountbatten, who was also staying there.

Neither was it the first time she had met Nehru. She and Dickie had warmed to the man, whose aquiline features resembled Mountbatten’s own, in Singapore in 1946.

article-4

Deep attachment: Those close to the couple insisted they never consummated their great love, and that it was more spiritual than physical
Source: Daily Mail

Now, with Nehru’s mission to liberate his country at a time when war-weary Britain was desperate to get rid of it, the 47-year-old Edwina finally had a focus for her huge energy and political radicalism. Of course, British withdrawal did not go as smoothly as everyone hoped.

Mass migration and massacres followed as Indians fought for territory with the new Pakistan.

In this sensitive climate, Edwina put herself at great personal risk as she and Nehru tried to stop the looting and mob violence.

Working alongside him in hospitals and refugee camps, she was fearless. At one Muslim refugee camp, she found a gang of Hindus and Sikhs trying to set it on fire and kill the inmates.

Edwina stood in front of the crowd as calmly as though she were at a garden party, threatening to have her guards shoot the agitators. Improbably they backed off in the face of her natural authority.

After independence, the Indophile Mountbattens made many visits to the country, and Edwina spent more and more time with the new prime minister Nehru.

This is the point at which her younger daughter Pamela, the biographer in the family, acknowledges that love blossomed between the lonely Nehru and the Vicereine.

What’s more, says Pamela, her father condoned the friendship, even going so far as to call it a ‘happy threesome’.

‘My mother had already had lovers. My father was inured to it. It broke his heart the first time, but it was somehow different with Nehru,’ she has written.

When parted, they wrote to each other constantly – and Edwina made no attempt to keep the letters secret from her husband

As Mountbatten himself wrote to her sister Patricia at the time: ‘She and Jawaharlal (Nehru) are so sweet together, they really dote on each other.’

Undignifed as it seems against the backdrop of the huge historic events in which they were caught up, there are those who suspect that Nehru, like both Mountbattens, had bisexual tendencies, and that Dickie, in a last attempt to establish physical intimacy with his unresponsive wife, may have joined them in a physical menage a trois.

Whatever went on in the bedroom, the Mountbattens joined Nehru in a very public romance with India.

This, though, didn’t go down well back in Britain, where disapproval came to a head after Gandhi was assassinated in 1948.

Seeing a newspaper photo of the grieving Viceregal couple squatting on the ground at Gandhi’s cremation, Churchill angrily concluded that they had gone native, disgracing themselves as royal representatives. When they returned home, the old war hero refused to shake Mountbatten’s hand.
The unconventional Lady Mountbatten, however, rose above all this. She visited Nehru every year and he (her soulmate) visited her in England, where his sister became High Commissioner.

When parted, they wrote to each other constantly – and Edwina made no attempt to keep the letters secret from her husband.

As she wrote to Dickie in 1952: ‘Some of them have no “personal” remarks at all. Others are love letters… though you yourself well realise the strange relationship – most of it spiritual – which exists between us.’

When the correspondence is eventually published in its entirety, perhaps we may know the whole truth.

Meanwhile, one of Nehru’s own last letters, written ten years after their first meeting, sheds a little more light. ‘Suddenly I realised (and perhaps you also did) that there was a deeper attachment between us, that some uncontrollable force, of which I was dimly aware, drew us to one another.

‘I was overwhelmed and at the same time exhilarated by this new discovery. We talked more intimately as if some veil had been removed and we could look into each other’s eyes without fear or embarrassment.’

Intense words, yet Nehru was now 68, his romantic friend ten years younger.
No longer in the first flush of youth, perhaps there was no great urgency to climb into bed.

Little did they realise how little time was left. A year later, in 1960, 58-year- old Edwina, by now leading a selfless life, died alone in her sleep while on a trip to Borneo on behalf of St John Ambulance Brigade. Beside her bed was her collection of Nehru’s letters.

And the love affair was not over yet. As her body was taken by the Royal Navy to its sea burial off Britain’s south coast, Prime Minister Nehru made his last and most public declaration of his devotion, sending his own Indian Navy frigate to cast a wreath into the waters on his behalf.

Such a dramatic farewell would make a stirring finale to any film. But as the director Joe Wright, who was behind the scheduled movie says, it will be a long time before it gets made, thanks to the explosive mixture of politics and forbidden love.



The article on Daily Mail site

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My experience at the Kolkata libraries

I was on a research trip to Kolkata from Feb-Mar 09. It was meant to look for my primary and secondary sources needed for my Ph.D on 19the century Bengali satire currently going on at the University of Heidelberg in Germany. On my arrival, I’ve wasted almost no time in acquring myself membership of the libraries i.e National Library, Asiatic Society, Bangiya Sahitya Parisad etc. The membership process in all of these was easy and fast thanks to the very nice and helpful persons I knew and contacted beforehand. But I was surprised to know that there exists a rule in the Asiatic Society that only research-scholars are allowed to visit the library or are eligible for membership i.e someone who has either doing or has completed M.Phil or Ph.D  or is post-doctorate student. That means someone who want to pursue knowledge on his/ her own, denied a membership without the institutional stamp beside his/her name. Moreover, during my search for old and rare books  from late 19 th to mid 20 th century, I came to another revelation. Some staff of the same institution provide copy-service unoficially for the library visitors, who, due the restrictive rules of the photocopy facilities, which allows only a certain number of pages of each book to be copied, could not get the opportunity of photocopying enough pages they need, irrespective of the conditions of the books.

Another general problem which struck me was the collection of rare and old Bengali books are dwindling firstly due to the humid whether, secondly due to proper preservation methods and thirdly due to the lack of taking recourse to digitally preserving them. The rare books books are anyway very hard to locate and find for persons interested in Bengali literature as me and then more frustrating not to be be able to copy it and even read it due to poor preservation. Digitalising these books would enable them to be accessible to many at the same time, ensuring a prolonged preservation of our heritage. I hope that the authorities are and would be taking the steps of doing the same very soon. Many organizations at Kolkata itself  (as CSSSC) have began the process and more than 300 magazines and periodicals from 19th and 20th century are available now in digitalized form in their library and are of immense importance of students like me. We wish to see such more efforts soon!!

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Global Currency and Gold

By Mike Hewitt and Dr. Krassimir Petrov

1. Introduction

In this essay we attempt to estimate global money supply and relate it to global supply of gold. For the global money supply, we use money supply figures for currency in circulation from 86 selected currencies, from 81 independent countries and five monetary unions. For the global supply of gold, we use data from the World Gold Council (WGC). Finally, we attempt to interpret the price of gold as a relationship between global money supply and global gold supply.

2. Data Description

For money supply, we consider five monetary unions and 81 sovereign (independent) currencies. Here is a quick survey of those unions. The first monetary union is the European Monetary Union (EMU), commonly known as the Eurozone, and using the Euro as a common currency. It includes 16 Western European countries, such as Germany, France, Belgium, and Austria. The second currency union is the East Caribbean Currency Union, which uses the East Caribbean Dollar, and includes members like Antigua and Barbuda. The third union is the West African Monetary Union (UEOMA), using the West African Franc, and includes members like Benin and Burkina Faso. The fourth union is the Central African Monetary Union, technically known as CEMAC, which uses the central African Franc, and includes members like Cameroon, Chad, and Congo. The fifth union is technically known as the IEOM, uses the French Pacific Franc, and includes members like French Polynesia and New Caledonia.

Table 1 below, Currency Unions, provides the details for each currency union, such as its popular and technical name, its currency name, currency code, and member countries.

Table 1. Currency Unions

table1

The five currency unions and 81 independent currencies cover a total of 122 countries that make up 98.4% of the world’s GDP and 86.1% of the world’s population. Figure 1 below visualizes the coverage. Areas with grey color on the map represent countries without available data. Areas with blue, red, and orange color represent the three most important economic unions, respectively the European, the West African, and the Central African Unions.

Figure 1. Countries Included in the Analysis

analysis

Reliable money supply data could not be found for all countries. The five largest economies for which data was unavailable were: Morocco, Vietnam, Angola, Sudan, and Cuba. These countries comprise 0.6% of world GDP and 2.8% of world population. Their relatively insignificant share of the global economy makes us believe that their exclusion from our analysis would not materially affect our results and our conclusions.

Myanmar (Burma) requires a special note. Cross-country money supply comparisons rank Myanmar very high. This apparent paradox arises from the discrepancy between the overvalued official exchange rate and the more realistic “black market” exchange rate. For the local currency, the 2005 money supply is reported at 1.83 trillion kyat (MMK). The official exchange rate (6.7147 MMK to 1 USD) makes this the fifth most valuable currency in the world with a value of US$273 billion. The unofficial black market exchange rate (1300 MMK to 1 USD) provides a value of only US$1.4 billion. In our opinion, the official rate overvalues the currency roughly 200 times and introduces an obvious bias in the data, so Myanmar money supply was not included.

3. Monetary Aggregates

The Bank of International Settlements (BIS) provides a link on their website that lists central banks for different countries. The following charts and tables use money supply data from these official websites, whereby each link identifies the economic area.

Unfortunately, there is no unified methodology for calculating different monetary aggregates. This presents analytical problems as different countries use different definitions of money supply. Different definitions, in turn, require different methodologies for calculating different monetary aggregates, which immensely complicates cross-country comparisons. Unfortunately, we are not aware of any widely accepted solution to this particular problem.

Quite commonly, money is conceptually defined across a continuum from narrow money to broad money. Narrow money typically includes highly liquid forms of money that function as a medium of exchange, while broad money additionally includes other less liquid forms of money that function as a store of value. Monetary aggregates are conventionally denoted in ascending order by M0, M1, M2, M3, etc. Smaller aggregates like M0 and M1 correspond conceptually to narrow money supply, while larger aggregates like M2 and M3 correspond to broad money supply. We should note that in the heady days of monetarism, economists have further elaborated those aggregates and have devised M4, M5, M6, etc.

Most generally and most commonly, but not necessarily uniformly, M0 refers to outstanding currency (banknotes and coins) in circulation, but excludes cash reserves. M1 includes M0, demand deposits, and cash reserves. M2 includes M1 and savings deposits, conventionally maturing within two years or redeemable at notice within three months. M3 includes M2, repurchase agreements, money market funds, and debt securities maturing within two years.

Additionally, not every country publishes all four of the common monetary aggregates. For example, the U.S. Federal Reserve ceased publishing M3 on May 23, 2006. However, various independent sources have successfully reconstructed the M3 series and have continued to publish it.

For our analysis, we concentrated exclusively on the narrowest measure of money supply, M0. Conceptually, it corresponds best to the monetary interpretation of gold. We expect it to relate well to the value of gold, although further studies may be necessary to analyze the relationship of gold to higher aggregates, such as M1, M2, and M3.

4. Global Currency Comparisons

The following pie charts in Figure 2 below show the relative value of global currencies (M0) when converted to USD for means of comparison.

Figure 2. Global Narrow Money Supply

global_m0_money_supply

The left-hand side of the figure shows that the four largest currencies in circulation comprise nearly three-quarters of the global narrow money supply. Not surprisingly, those currencies are the Euro, the U.S. Dollar, the Japanese Yen, and the Chinese Yuan. The right-hand side zooms in on the “other” 79 currencies of the left-hand side that were simply too small to see when shown together with the big currencies. We show the next thirteen most important currencies that comprise more than half of the “other” category. It is clear from the picture that those thirteen currencies are relatively small compared to the big currencies. Nevertheless, it illustrates well their portion of the global money supply.

Next, we consider narrow money supply growth rates. For the whole dataset, the average growth rate of M0 is 8.2%. Table 2 below shows the twelve currencies with the fastest annual growth rates of M0, shown in the middle column highlighted in yellow:

Table 2: Fastest Growing Currencies in Relative Terms

table2
*The Reserve Bank of Zimbabwe ceased publishing any statistics after June 2008 at which point 1 USD equalled 40.9 billion Zimbabwe Dollars.

It is clear from the table above that while their growth rates are relatively high, the value of these currencies are relatively small in absolute terms.

On the other hand, when converted to U.S. Dollars as of Oct 31, 2008, the fastest growing currencies in absolute terms are shown in Table 3 below.

Table 3: Fastest Growing Currencies in Absolute Terms

table3

From the comparison of the two tables above, it is quite obvious that the rapidly inflating currencies are too small to significantly affect global money supply growth rates. From the second table it is clear that the “big” currencies contribute the bulk of increases in the global money supply. From this particular analysis we can conclude that a sample of the largest 10-15 currencies in the world can provide a meaningful analysis of the growth rate of global money supply.

5. Money Supply vs. Gold Supply

It is estimated by the WGC that a total of 165,547 tonnes of gold have been mined. This is equivalent to about 5.32 billion ounces. Most of that gold is currently available as supply at some price, possibly much higher than the current market price. Given that the total gold supply is relatively stable and that very little gold is consumed in industrial processes, the annual increase in the supply of gold from current mining is relatively stable — about 1.5%.

Figure 3 below shows the calculation of the value of all gold ever mined. The top left graph in the figure shows the price of gold for the period of 1970-2008. The top right graph in the figure shows the quantity of all gold mined for the same period. Finally, the bottom graph in the figure shows the product of the price with the quantity, which represents the value of all gold ever mined.

The October 31, 2008 closing spot price for one troy ounce of gold was US$806.62. Multiplied by the corresponding quantity, the total value of all gold ever mined was US$4.3 trillion. This is just slightly more than the US$4.03 trillion global M0 money supply from Figure 2 above.1

Figure 3. Global Value of Gold

value_of_all_gold_mined

Figure 4 below shows a historical comparison for the value of mined gold against that of currency in circulation. This chart essentially overlays our previous data on global money supply with the data on the value of gold. It provides the basis for our valuation of gold.

Figure 4. Global Money Supply vs. Global Value of Gold

m0_to_gold

6. Gold Valuation

The period from 1945 to 1971 is widely known as the “Bretton Woods” era. The chief aim of the Bretton Woods Agreements was to establish the rules for commercial and financial relations among the world’s major industrial countries. The policy required that each country maintained the exchange rate of its currency within a fixed value–plus or minus one percent – to the U.S. Dollar, which in turn would be convertible to gold at the rate of US$35/oz for foreign governments.2 The system collapsed when President Nixon took the U.S. Dollar off the gold standard on August 15, 1971 in response to growing demands from foreign governments to exchange their paper dollars for U.S. Treasury gold. At that time there was some speculation by professional economists and Wall Street that the price of gold would collapse as the U.S. Dollar ‘would no longer hold it up’. In reality, just the opposite occurred – not only did gold not collapse, but instead it began a multi-year bull market, reaching an intraday peak of US$873 a troy ounce on January 21, 1980.3

Our analysis essentially begins with the collapse of Bretton Woods. The first major observation is that during the 1970s, gold advanced much farther than money supply. There are two fundamentally different explanations for this phenomenon. The first explanation, espoused by neoclassical economists, is that gold is inherently more volatile and more unstable than paper currencies. The other explanation, espoused by the School of Austrian Economics, holds the opposite to be true and that price swings in gold reflect the discounted value of expected future inflation. In other words, Austrian economists contend that the monetary policy associated with paper currencies is inherently unstable, and this instability of paper currencies is magnified when discounted to the current price of gold; this discounting mechanism generates the apparent excessive volatility of gold.

The second fundamental observation is that during the 1970s, gold rose at significantly faster rates than money supply. Neoclassical economists explain this with the inherently volatile nature of gold. However, volatility simply cannot explain this 10-year trend. Volatility relates to variability in prices around the trend, not to the direction of the trend. Neoclassical economists have no meaningful explanation here, except to resort to volatility of gold and irrational behaviour of gold “bugs”. On the other hand, the explanation by Austrian economists is straightforward and logical: as inflation accelerated throughout the 1970s, the discounting mechanism of the gold market resulted in accelerating price of gold from the rising inflationary expectations.

The third fundamental observation is that there is a possibility for a long-term divergence between the value/price of gold and global money supply. This divergence is obvious for the period of 1980-2000. The neoclassical school has not offered a satisfactory explanation for this phenomenon except to point out disparagingly that gold is a “barbarous relic”, “irrelevant” or “dead”. The Austrian explanation, however, is again quite straightforward: the period was generally characterized by disinflation, so the discounting mechanism produced lower gold prices due to the falling inflationary expectations that more than offset increases in money supply.

7. Conclusion

This analysis leads us to speculate that while divergences caused by inflationary expectations can last for a very long time, even decades, the long-term price of gold is driven by global money supply.

Notes

1. As an interesting aside, one may note that the present U.S. debt of US$10.5 trillion easily exceeds the value of ALL circulating currencies in the world PLUS the value of all gold ever mined! A naive person may wonder just exactly how the American government ever intends to pay this debt off…
2. It was illegal for Americans to own gold for investment purposes since President Roosevelt signed Executive Order 6102 on April 5, 1933. It wasn’t until Dec 31, 1974 when Americans could own once again own gold coins, bars and certificates.
3. In nominal terms, gold did not surpass this level until Jan 8, 2008 – nearly some 28 years later.

Published originally on DollarDaze.org – Jan 27, 2009.

© 2009 Mike Hewitt and Dr. Krassimir Petrov

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বাংলায় ব্লগ এবং কমেন্টস

কলকাতা ব্লগে এখন ব্লগ এবং কমেন্টস বাংলায় লেখা সম্ভব। সাহায্যের জন্য Help for Bangla writing দেখুন।

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Light Rail Transit for Kolkata

Chief minister Buddhadeb Bhattacharya inaugurated the Light Rail Transit (LRT) on 18th February, which is to be completed in five years according to the claims of the state government.

The LRT will connect Joka in the south with Barrackpore in the north through air-conditioned coaches plying on elevated tracks. The 40 km stretch will contain 37 stations and 40 trains will ply in double track. It will take 90 minutes from Joka to Barrackpore and 1 lakh 20 thousand commuters can use this service after the completion of the first phase of the project. According to government the number of commuters will go up to 4 lakhs after the completion of the second phase.

lrt_route

Light Rail Transit route
Source: Anandabazar Patrika

Minutes before the inauguration, the government signed an MoU with Srei — an infrastructure and finance company which is leading a consortium of Czech company Amex International and the West Bengal Transport Infrastructure Development Limited — for executing the project.

The cost of the project, which will be executed in two phases, has been estimated at Rs 6,000 crores.

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SUPPORT INDUSTRIALIZATION OF WEST BENGAL

Please put your signature at WE SUPPORT INDUSTRIALIZATION OF WEST BENGAL in support of industrialization of West Bengal.

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Why the Dollar Bubble is about to Burst

Steve Masterson, London – 24 May, 2006

The Scottish Socialist Voice (issue 264 – 11th May) ran an article beginning, “Iran has really gone and done it now. No, they haven’t sent their first nuclear sub into the Persian Gulf. They are about to launch something much more deadly … next week the Iran Bourse will open to trade oil, not in dollars but in euros.” This apparently insignificant event has consequences far greater for the US people, indeed all for us all, than is imaginable.

Currently almost all oil buying and selling is in US-dollars through exchanges in London and New York. It is not accidental that they are both US-owned.

The Wall Street crash in 1929 sparked off global depression and World War II. During that war the US supplied provisions and munitions to all its allies, refusing currency and demanding gold payments in exchange.

By 1945, 80% of the world’s gold was sitting in US vaults. The dollar became the one undisputed global reserve currency – it was treated world-wide as ’safer than gold’. The Bretton Woods agreement was established.

The US took full advantage over the next decades and printed dollars like there was no tomorrow. The US exported many mountains of dollars, paying for ever-increasing amounts of commodities, tax cuts for the rich, many wars abroad, mercenaries, spies and politicians the world over. You see, this did not affect inflation at home! The US got it all for free! Well, maybe for a forest or two.

Over subsequent decades the world’s vaults bulged at the seams and more and more vaults were built, just for US dollars. Each year, the US spends many more dollars abroad that at home. Analysts pretty much agree that outside the US, of the savings, or reserves, of all other countries, in gold and all currencies – that a massive 66% of this total wealth is in US dollars!

In 1971 several countries simultaeously tried to sell a small portion of their dollars to the US for gold. Krassimir Petrov, (Ph. D. in Economics at Ohio University) recently wrote, “The US Government defaulted on its payment on August 15, 1971. While popular spin told the story of ’severing the link between the dollar and gold’, in reality the denial to pay back in gold was an act of bankruptcy by the US Government.” (1) The 1945 Bretton Woods agreement was unilaterally smashed.

The dollar and US economy were on a precipice resembling Germany in 1929. The US now had to find a way for the rest of the world to believe and have faith in the paper dollar. The solution was in oil, in the petrodollar. The US viciously bullied first Saudi Arabia and then OPEC to sell oil for dollars only – it worked, the dollar was saved. Now countries had to keep dollars to buy much needed oil. And the US could buy oil all over the world, free of charge. What a Houdini for the US! Oil replaced gold as the new foundation to stop the paper dollar sinking.

Since 1971, the US printed even more mountains of dollars to spend abroad. The trade defecit grew and grew. The US sucked-in much of the world’s products for next to nothing. More vaults were built.

Expert, Cóilín Nunan, wrote in 2003, “The dollar is the de facto world reserve currency: the US currency accounts for approximately two thirds of all official exchange reserves. More than four-fifths of all foreign exchange transactions and half of all world exports are denominated in dollars. In addition, all IMF loans are denominated in dollars.” (2)

Dr Bulent Gukay of Keele University recently wrote, “This system of the US dollar acting as global reserve currency in oil trade keeps the demand for the dollar ‘artificially’ high. This enables the US to carry out printing dollars at the price of next to nothing to fund increased military spending and consumer spending on imports. There is no theoretical limit to the amount of dollars that can be printed. As long as the US has no serious challengers, and the other states have confidence in the US dollar, the system functions.” (3)

Until recently, the US-dollar has been safe. However, since 1990 western Europe has been busy growing, swallowing up central and eastern Europe. French and German bosses were jealous of the US ablility to buy goods and people the world over for nothing. They wanted a slice of the free cake too. Further, they now had the power and established the euro in late 1999 against massive US-inspired opposition across Europe, especially from Britain – paid for in dollars of course. But the euro succeeded.

Only months after the euro-launch, Saddam’s Iraq announced it was switching from selling oil in dollars only, to euros only – breaking the OPEC agreement. Iran, Russia, Venezuela, Libya, all began talking openly of switching too – were the floodgates about to be opened?

Then aeroplanes flew into the twin-towers in September 2001. Was this another Houdini chance to save the US (petro)dollar and the biggest financial/economic crash in history? War preparations began in the US. But first war-fever had to be created – and truth was the first casualty. Other oil producing countries watched-on. In 2000 Iraq began selling oil in euros. In 2002, Iraq changed all their petrodollars in their vaults into euros. A few months later, the US began their invasion of Iraq.

The whole world was watching: very few aware that the US was preparing for the first oil currency, or petrodollar war. After the invasion of Iraq in March 2003, remember, the US secured oil areas first. Their first sales in August were, of course, in dollars, again. The only government building in Baghdad not bombed was the Oil Ministry! It does not matter how many people are murdered – for the US, the petrodollar must be saved as the only way to buy and sell oil – otherwise the US economy will crash, and much more besides.

In early 2003, Hugo Chavez, President of Venezuela talked openly of selling half of its oil in euros (the other half is bought by the US). On 12 April 2003, the US-supported business leaders and some generals in Venezuela kidnapped Chavez and attempted a coup. The masses rose against this and the Army followed suit. The coup failed. This was bad for the US.

In November 2000 the euro/dollar was at $0.82 dollars, its lowest ever, and still diving, but when Iraq started selling oil in euros, the euro dive was halted. In April 2002 senior OPEC reps talked about trading in euros and the euro shot up. In June 2003 the US occupiers of Iraq switched trading back to dollars and the euro fell against the dollar again. In August 2003 Iran starts to sell oil in euros to some European countries and the euro rises sharply. In the winter of 2003-4 Russian and OPEC politicians talked seriously of switching oil/gas sales to the euro and the euro rose. In February 2004 OPEC met and made no decision to turn to the euro – and yes, the euro fell against the dollar. In June 2004 Iran announced it would build an oil bourse to rival London and New York, and again, the euro rose. The euro stands at $1.27 and has been climbing of late. See the European Central Bank history of the euro/dollar: http://www.ecb.int/stats/exchange/eurofxref/html/eurofxref-graph-usd.en.html#1999

But matters this month became far, far worse for the US dollar. On 5th May Iran registered its own Oil Bourse, the IOB. Not only are they now selling oil in euros from abroad – they have established an actual Oil Bourse, a global trading centre for all countries to buy and sell their oil!

In Chavez’s recent visit to London he talked openly about supporting the Iranian Oil Bourse, and selling oil in euros. When asked in London about the new arms embargo imposed by the US against Venezuela, Chavez prophetically dismissed the US as “a paper tiger”.

Currently, almost all the world’s oil is sold on either the NYMEX, New York Mercantile Exchange, or the IPE, London’s International Petroleum Exchange. Both are owned by US citizens and both sell and buy only in US dollars. The success of the Iran Oil Bourse makes sense to Europe, which buys 70% of Iran’s oil. It makes sense for Russia, which sells 66% of its oil to Europe. But worse for the US, China and India have already stated they are very interested in the new Iranian Oil Bourse.

If there is a tactical-nuclear strike on – deja-vu – ‘weapons of mass destruction’ in Iran, who would bet against a certain Oil Exchange and more, being bombed too?

And worse for Bush. It makes sense for Europe, China, India and Japan – as well as all the other countries mentioned above – to buy and sell oil in Euro’s. They will certainly have to stock-up on euros now, and they will sell dollars to do so. The euro is far more stable than the debt-ridden dollar. The IMF has recently highlighted US economic difficulties and the trade deficit strangling the US – there is no way out.

The problem for so many countries now is, how to get rid of their vaults full of dollars, before it crashes? And the US has bullied so many countries for so many decades around the world, that many will see a chance to kick the bully back. The US cannot accept even 5% of the world’s dollars – it would crash the US economy dragging much of the world with it, especially Britain.

To survive, as the Voice article stated, “the US, needs to generate a trade surplus to get out of this one. Problem is it can’t.” This is spot on. To do that they must force US workers into near slavery, to get paid less than Chinese or Indian workers. We all know that this will not happen.

What will happen in the US? Chaos for sure. Maybe a workers revolution, but looking at the situation as it is now, it is more likely to be a re-run of Germany post-1929, and some form of extremeright mass movement will emerge.

Does Europe and China/Asia have the economic independence and strength to stop the whole world’s economies collapsing with the US? Their vaults are full to the brim with dollars.

The US has to find a way to pay for its dollar-imperialist exploitation of the world since 1945. Somehow, eventually, it has to account for every dollar in every vault in the world.

Bombing Iran could backfire tremendously. It would bring Iran openly into the war in Iraq, behind the Shiite majority. The US cannot cope even now with the much smaller Iraqi insurgency. Perhaps the US will feed into the Sunni v Shiite conflict and turn it into a wider Middle-East civil-war. However, this is so dangerous for global oil supplies. Further, they know that this would be temporary, as some country somewhere else, will establish a euro-oil-exchange. Perhaps
in Brussels.

There is one ’solution’ – scrap the dollar and print a whole new currency for the US. This will destroy 66% of the rest of the world’s savings/reserves in one swoop. Imagine the implications? Such are the desperate things now swimming around heads in the White House, Wall Street and Pentagon.

Another is to do as Germany did, just before invading Poland in 1938. The Nazis filmed a mock Polish Army attack on Germany, to win hearts and minds at home. But again, this is a finger in the dam. So, how is the US going to escape this time? The only global arena of total superiority left is military. Who knows what horrors lie ahead. A new world war is one tool by which the US could discipline its ‘allies’ into keeping the dollar in their vaults.

The task of socialists today is to explain to as many as possible, especially our class, that the coming crisis belongs purely to capitalism and (dollar) imperialism. Not people of other cultures, not Islam, not the axis of evil or their so-called WMDs. Their system alone is to blame.

The new Iranian Oil Bourse, the IOB, is situated in a new building on the free-trade-zone island of Kish, in the Persian Gulf. It’s computers and software are all set to go. The IOB was supposed to be up and running last March, but many pressures forced a postponement. Where the pressure came from is obvious. It was internationally registered on 5th May and supposed to open mid-May, but its opening was put off, some saying the oil-mafia was involved, along with much international pressure. Just google `pertroeuro’, and the story lies before you.

From now on, anyone in the know will wake up every morning and, even before coffee, will check out the latest exchange rate between the euro and dollar.

(1) The Proposed Iranian Oil Bourse (Krassimir Petrov, Jan 2006)
http://www.countercurrents.org/us-petrov200106.htm
(2) Oil, Currency and the War on Iraq (Cóilín Nunan, Scotland, Dec 2003)
http://www.feasta.org/
(3) Petrodollar Became the Essential Basis for the US Economic Hegemoney in the 1970s. (Bulent Gokay, Keele University, May 2006)
http://english.pravda.ru/topic/petrodollar-138/

Source: GreenLeft_discussion, Yahoo Group

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Tigers may become first large predators to vanish

Tigers may become first large predators to vanish

Joining a new global initiative to save the tiger, the World Bank on Wednesday said if the striped cat continues to vanish from the wild, it will be the first large predator to go the way of the dodo.

“To secure the future of the tiger in the wild and save it from poachers, financial and material resources and a strong policy commitment is needed,” it said while listing poaching, prey depletion, forest degradation and habitat loss as the main reasons for its decline.

Its existing wild populations inhabit fragmented and isolated patches of land constituting a meager seven per cent of their “historic range”, it said.

“If current trends persist, tigers are likely to be the first species of large predator to vanish in historic times,” it said in a statement after joining the worldwide alliance of conservationists, scientists and celebrities besides Global Environment Facility to save the tiger.

It’s joining the initiative bears significance in that tiger numbers have declined from over 100,000 a century ago to just 4,000 today with 3,000 of them in India.

Noting that the animals had become an “enforcement dependent species”, it said the tiger population health was an indicator of biodiversity and a barometer of sustainability.

The World Bank and its partners have decided to assess financing needs and work with governments and the private sector for tiger conservation.

“Since tigers are at the top of the food chain, the conservation of wild tigers also means preservation of the habitats in which they live and the prey populations that support them,” the statement said.

News Source: PTI
Photo Source: Save The Tiger Fund

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Kolkata to get its second Metro

At last Delhi cleared the way for Kolkata’s second Metro corridor.

The Rs 4,680-crore East-West Metro project, a 13.77-km stretch of underground and elevated tracks from Salt Lake to Howrah, will be implemented by a company modelled on the Delhi Metro Railways Corporation. It will have six representatives each of the Centre and the state government. Urban development secretary M. Ramachandran will be its chairman.

Work will start next January and the route is likely to be inaugurated by 2014.
Chief secretary Amit Kiran Deb said the elevated tracks would be laid first. “The completion cost is likely to increase to around Rs 5,300 crore. The elevated portion will be made operational once construction is complete.”

The state will bear 30 per cent of the expenditure and the Centre 25 per cent. The remaining 45 per cent will be a soft loan from the Japan Bank for International Cooperation.

East-West Metro

East-West Metro route
Source: Anandabazar Patrika

The East-West Metro will have 12 stations, of which six will be underground and six elevated. A stretch of 8 Kilometers wil be underground and under the Ganges and the rest 5.77 Kilometers will be elevated.

The government will acquire three acres of land for the stations. The car shed will be at Salt Lake’s Central Park. 35-40 acres of land will be needed for that and the state government is to provide it for free, which according to present land price costs Rs 600 crore. “People affected by the project will be relocated on plots owned by the transport department off Poddar Court and along AJC Bose Road,” Deb said.

The fares will range from Rs 8 to Rs 15. The difference between the existing Metro and the East-West link is that the new one will have standard gauge instead of broad gauge tracks. The tunnels under the Hooghly will be dug using a boring machine weighing 500 tonnes.

Delhi Metro Rail Corporation had been commissioned by the Bengal government to prepare the project report.

“The Kolkata East-West Metro structures have been designed to be earthquake-resistant,” Delhi Metro spokesperson Anuj Dayal said.

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“POLLUTION is wiping out three species every HOUR, a world conference to save wildlife heard yesterday” – The Sun, 20.05.08

orangutan

They could soon be gone

About six waves of massive extinction are known in the history of the earth, the last one wiped out dinosaurs 65 million years ago. Now, add one more to the list — pollution, but this has no natural causes. A new report on the destruction of natural habitats has claimed that pollution, which is manmade and rampant, is actually eliminating three species every hour.

The extinction rate has not been seen since the dinosaurs vanished 65million years ago, says a shock report on the destruction of natural habitats.

One in four mammals are on the endangered list, including orangutans, chimpanzees and elephants. The doomsday list also includes one in eight bird types, a third of amphibians and 70 PER CENT of plant life, reports the United Nation’s World Conservation Union.

It warns failure to act on greenhouse gases and climate change could threaten food supplies and “destroy the foundation of human life”.

Officials from 191 countries in Bonn, Germany, heard the destruction already costs £1.8billion a year and that failure to act on greenhouse gases and climate change could threaten food supplies and “destroy the foundation of human life”.

They hope to agree ways of slowing the extinction rate. A UN summit in 2002 set a target for slowing extinction but is way behind schedule. Last year, the United Nations had warned that human activities would wipe out animal or plant species every hour and called on the world to do more to slow the worst spate of extinctions since the dinosaurs by 2010.

“Biodiversity is being lost at an unprecedented rate. The global response to these challenges needs to move much more rapidly, and with more determination at all levels,” the UN Secretary General Ban Ki-Moon had said in a statement.

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