Addis Ethiopia Weblog

Ethiopia's World / የኢትዮጵያ ዓለም

Posts Tagged ‘Asia’

Is The Mediterranean Now Europe’s Graveyard for Heathen Christians?

Posted by addisethiopia / አዲስ ኢትዮጵያ on March 24, 2017

They Send Africans and Christians to death. on packed boats, in rough seas – But they let Arab and African Muslims in. What a morally sick and perverted world: We daily see that what should be despised is being respected, and what should be respected is despised. We see that bad is called good and good is called bad. We see children being viewed as adults, while adults are being treated as children. We see perversion called love

23 March 2017

More than 250 African Migrants Are Feared Drowned in the Mediterranean

A charity rescue boat’s discovery of five corpses and two sinking rubber dinghies 15 miles from the Libyan coast has raised fears that more than 250 African migrants may have drowned in the Mediterranean, Thursday.

Spanish NGO Proactiva Open Arms, who operated the rescue boat, said that the two partially submerged dinghies it discovered near the corpses were the kind usually used by people traffickers, Agence France-Press reports. They would typically carry 120-140 migrants each a spokeswoman for the organization said.

We don’t think there can be any other explanation than that these dinghies would have been full of people,” Proactiva spokeswoman Laura Lanuza told AFP. “It seems clear that they sunk.”

In over a year we have never seen any of these dinghies that were anything other than packed,” Lanuza added.

Source

24 March 2017

Migrant Boat Sinks Off Turkish Coast, 11 Dead

Eleven people drowned and four remained missing in a migrant boat sinking off Turkey’s Aegean coast on Friday, local media reported.

The bodies of the dead were found on the shore in the western province of Aydin, seven others on board the inflatable dinghy were found alive, the agency added.

Source

Heathen Christians?

24 Mar 2017

25,170 Muslim Migrants and Refugees Entered Europe by sea in 2017


More than 6,000 migrants have been rescued on the central Mediterranean route from Libya to Italy in the last few days, as greater numbers take to the sea in warmer weather, the International Organization for Migration (IOM) said on Tuesday.

IOM reports that 25,170 migrants and refugees entered Europe by sea in 2017 through 22 March, with over 80 percent arriving in Italy and the rest in Spain and Greece. This compares with 163,273 through the first 82 days of 2016. IOM Rome spokesman Flavio Di Giacomo said Thursday between 20 and 22 March, 4,380 migrants arrived in Italy by sea. On 23 March another 1,200 migrants who were rescued in recent days also were brought to land. They are not yet included in the 20,674 total arrivals figure compiled by Italy’s Ministry of Interior to date. The main nationalities included with these 1,200 additional arrivals are Nigerian, Gambian, Ivorian, Ghanaian, Malian, Senegalese and Guinean (both Guinea-Bissau and Conakry). Di Giacomo further reported that on Thursday the NGO Proactiva Open Arms retrieved the remains of five migrants from a capsized dinghy. These five deaths are not included in the 559 Mediterranean migrant and refugee fatalities recorded by IOM’s Missing Migrants Project through March 22. Also, IOM Libya’s Christine Petré reported Thursday that on Tuesday (21 March) local fishermen rescued 54 migrants – 50 men, four women) off Zuwarah. An estimated 120 people were on board a rubber boat, she reported, and that the remains of two male migrants were retrieved on shore. IOM Libya reports the total number of migrants rescued in Libyan water in 2017 is 3,457. Total known fatalities: 163 Last year at this time IOM recorded 554 Mediterranean fatalities, two thirds of those occurring off Greece in the Eastern Mediterranean. In 2017 so far only two fatalities have been recorded on this route. By contrast, nearly 560 of this year’s reported deaths have occurred on the routes to Italy and Spain – or about three times the combined 188 fatalities recorded on these two routes in 2016. Worldwide, Missing Migrants reports fatalities on this date top 1,050 (see chart, below), with the Mediterranean region accounting for the largest proportion of deaths – over half of the global total. As of March 23, Missing Migrants Project has recorded 20,157 migrant deaths since the start of 2014 – or over 20,000 migrant deaths recorded in just over three years.

Source

Another MEDITERRANEAN TRAGEDY: It’s Only Africans and Christians They Drown Out

__

Posted in Conspiracies, Ethiopia, Faith, Infos | Tagged: , , , , , , , , , , | Leave a Comment »

The world’s Biggest Family

Posted by addisethiopia / አዲስ ኢትዮጵያ on March 29, 2013

The Man with 39 wives, 94 children and 33 grandchildren

Today I feel like God’s special child. He’s given me so many people to look after

LargestFamilyGo to my photoblog for more pictures

My note: Two similarly extraordinary stories from two different countries; India and Ethiopia. India has 1.2 billion people, Ethiopia 91 million. In the Indian case we see writers promoting polygamy through love, harmony and romantic dreams. But, in the Ethiopian case, we see them highlighting the frustration, desperation and a bit of pessimistic inclination of Ato Ayattu – to promote family planning and contraception.

By the way, the record number of offspring for any man throughout history holds Moroccan emperor, Moulay Ismail “The Bloodthirsty” who lived during 1672 – 1727. He had a total of 867 children including 525 sons and 342 daughters. Here are the 10 biggest Families of the World

Getting back to the man with 39 wives…

  • Ziona Chana lives with all of them in a 100-room mansion

  • His wives take it in turns to share his bed

  • It takes 30 whole chickens just to make dinner

He is head of the world’s biggest family – and says he is ‘blessed’ to have his 39 wives. Ziona Chana of India also has 94 children, 14-daughters-in-law and 33 grandchildren.

They live in a 100-room, four storey house set amidst the hills of Baktwang village in the Indian state of Mizoram, where the wives sleep in giant communal dormitories.

‘I consider myself a lucky man to be the husband of 39 women and head of the world’s largest family.’

The family is organized with almost military discipline, with the oldest wife Zathiangi organizing her fellow partners to perform household chores such as cleaning, washing and preparing meals.

One evening meal can see them pluck 30 chickens, peel 132lb of potatoes and boil up to 220lb of rice. Coincidentally, Mr Chana is also head of a sect that allows members to take as many wives as he wants.

Another of his wives, Huntharnghanki, said the entire family gets along well. The family system is reportedly based on ‘mutual love and respect’

And Mr Chana, whose religious sect has 4,00 members, says he has not stopped looking for new wives.

‘To expand my sect, I am willing to go even to the U.S. to marry,’ he said.

He even married ten women in one year, when he was at his most prolific, and enjoys his own double bed while his wives have to make do with communal dormitories.

He keeps the youngest women near to his bedroom with the older members of the family sleeping further away – and there is a rotation system for who visits Mr Chana’s bedroom.

Rinkmini, one of Mr Chana’s wives who is 35 years old, said: ‘We stay around him as he is the most important person in the house. He is the most handsome person in the village.

One of his sons insisted that Mr Chana, whose grandfather also had many wives, marries the poor women from the village so he can look after them

Source

Polygamy no fun, admits Ethiopian

AyattuFamily

An Ethiopian man, Ayattu Nure, with 11 wives and 77 children is urging people not to follow his example and is giving advice on family planning and contraception.

He says he cannot remember all his children’s names but tries to work out who they are from their mothers and which huts they live in.

People see me as a funny man, but there is no fun in my condition

Source

__

Posted in Curiosity, Ethiopia, Life | Tagged: , , , , , , , , | 3 Comments »

Asians Winning The Money Game?

Posted by addisethiopia / አዲስ ኢትዮጵያ on November 22, 2008

moneygame

Since the 1997-1998 Asian financial crises, monetary authorities in emerging markets in East Asia have more than doubled their stockpiles of foreign exchange reserves; by the end of May 2002, they held $845 billion, or 38% of the world total. Of these countries, China, Taiwan, Hong Kong, South Korea, and Singapore rank just behind Japan as the world’s biggest holders of foreign exchange reserves–together those five countries hold reserves totaling nearly $700 billion.

There is a growing debate about the need to hold so many reserves. Some critics point out that holding a lot of reserves is costly. Reserves held in U.S. Treasuries, for example, earn a modest return, far below these countries’ own cost of borrowing either in local currency or in dollars. Why hold cash in the bank and pay high interest on outstanding liabilities? Critics also note that the yield on reserves is much lower than the potential return they could earn by using those reserves to make real investments in the economy, such as building roads, bridges, and schools.

Those who support holding large reserve balances argue that the cost of doing so is small compared to the economic consequences of a sharp depreciation in the value of the currency that is often associated with financial crises in emerging markets. A devaluation of the currency raises a country’s costs of paying back debt denominated in foreign currency as well as its costs of imported goods, and it also raises the spectre of inflation. With a large stockpile of foreign exchange reserves, a country’s monetary authority can buy up its currency in the foreign capital markets, which helps to uphold its value. By having its own ammunition to defend its currency in a crisis, a country with large holdings of reserves also avoids being shut out of international capital markets due to concerns that the government or the private sector will default on foreign debt payments. Therefore, these proponents argue, holding large reserve stockpiles is prudent policy for those occasions when defending the value of the currency makes sense.

In this Economic Letter, we report some of the factors that influence the decision to hold foreign exchange reserves in developing countries based on our recent research (Aizenman and Marion 2002a and 2002b). We also explore why these holdings surged in East Asia after the 1997 crises.

Trends in reserve holdings by emerging markets

Several factors may explain how much foreign exchange reserves a country wants to hold. One factor is related to the size of international financial transactions that occur there; that is, reserves holdings are likely to increase both with the size of the country’s population and with its standard of living. Another factor is related to the volatility of international receipts and payments, insofar as reserves are intended to help cushion the economy; that is, reserve holdings are likely to increase with more volatility in a country’s export receipts. A third factor is vulnerability to external shocks; reserve holdings are likely to increase with a country’s average propensity to import, which is a measure of the economy’s openness and vulnerability to external shocks. Finally, a country’s tolerance for greater exchange rate flexibility should reduce its demand for reserves, because its central bank would not need a large reserve stockpile to manage a fixed exchange rate; therefore, reserve holdings are likely to be lower the more variable the country’s exchange rate is.

We conducted statistical analyses using a panel of data consisting of 122 developing countries between 1980 and 1996–that is, before the Asian financial crises–and found strong correlations between these factors and reserve holdings. The scale factors–population size and real GDP per capita–were positive and highly significant. The volatility of real export receipts and the vulnerability to external shocks measured by openness also were positive and highly significant. Greater exchange rate variability was associated with significantly reduced reserve holdings. These five variables account for between 70% and 90% of the variation in actual reserve holdings depending on the estimation specification.

Our study (Aizenman and Marion 2002a) extended this analysis by adding two political measures that may lower the demand for reserves, namely, political instability and political corruption, in the sense that they act as a tax on the return to reserves. Because data on these measures are available for only a limited number of countries, the sample we examined was smaller. As a proxy for political instability, we used a measure of the probability that the government’s leadership would change by constitutional means. For data on political corruption, we used a corruption index from Tanzi and Davoodi (1997). We confirmed that an increase in an index of political corruption significantly reduces reserve holdings, as does an increase in the probability of a government leadership change by constitutional means.

Next we examined whether the model with these specifications was successful at predicting reserve holdings during and after the Asian financial crises, that is, from 1997 to 1999. The results suggest that countries indeed have changed their behavior in terms of holding foreign exchange reserves. For example, in the case of Korea, the model over-predicts its reserve holdings for 1997, the year of the crisis, but it substantially under-predicts reserve holdings for both 1998 and 1999. These results suggest that, during and immediately after the crisis, Korea had limited access to global markets and could not immediately adjust its stock to the higher level it chose to maintain in 1998 and 1999. For the other emerging Asian economies, the underprediction of reserves over this period is less substantial but still significant (see Aizenman and Marion 2002a for full details). It is interesting to note that the model over-predicts Malaysian reserve holdings in all three years, suggesting the country may have faced a trade-off between being willing to adopt capital controls and being willing to hold international reserves. Because Malaysia chose to impose capital controls during the financial crisis, it reduced its effective integration with the global capital markets and its demand for international reserves.

Why have East Asian markets increased their reserves?

As the foregoing showed, the standard set of factors that affects the demand for foreign exchange reserves does not account for the very large buildup that has occurred in many emerging markets in East Asia. Therefore, we examine the possibility that the buildup may represent “precautionary” holdings, and we find two situations that can give rise to increased demand for such holdings (Aizenman and Marion 2002a).

The first is the government’s desire to “smooth consumption”–that is, to spread out over time the costs of shocks, such as sudden outflows of international capital–when it faces difficulty raising funds either through international capital markets (because investors perceive a high risk that the government or the private sector will default) or through domestic tax collection. The model also helps us understand why some developing countries have not chosen to hold large precautionary reserve balances in the aftermath of the last decade’s crises even when there are concerns about default risk or when domestic tax collection is costly. Specifically, we find that countries whose policymakers care less about the future, countries that are politically unstable, and countries suffering from political corruption find it desirable to hold smaller precautionary balances.

The second situation leading to a buildup of reserves is “loss aversion” after the 1997-1998 Asian financial crisis. Loss aversion is the tendency of people in the economy to be more sensitive to reductions in their consumption than to increases. In our model, we modify a generalized expected utility framework so that it attaches bigger weights to “bad” outcomes and smaller weights to “good” outcomes. We show that the government will choose to hold a small stock of reserves if it believes the populace is indifferent between reductions and increases in their consumption, while it will choose to hold a much larger stock of reserves if it believes the populace is loss-averse. We also show that, even when the return on domestic capital far exceeds the return on the safe asset, it can still be desirable for the government to hold large reserve balances if agents are loss-averse.

Conclusion

Our research found that a standard set of explanatory factors does a good job in explaining central bank reserve holdings of developing countries through 1996, but it under-predicts reserve holdings of countries in East Asia after that. Undoubtedly, the recent large buildup of international reserve holdings in East Asia is motivated by the experience of the recent Asian financial crisis. When countries’ access to capital markets is diminished because their governments and private sectors appear to be at high risk of defaulting and when it is costly either to raise taxes or to cut government spending, countries will find it desirable to hold large precautionary reserve balances. When countries attach more weight to bad outcomes than to good ones, they also find it desirable to hold sizeable precautionary balances of international reserves, even if the return on investing domestic capital far exceeds the return on reserves. Not all developing economies, indeed not all emerging markets, will hold large reserve stockpiles in the aftermath of crises, however. Countries that strongly favor current consumption, that experience political instability, or that suffer from political corruption face a lower effective return on holding reserves and will acquire more modest stockpiles.

While our study is consistent with the view that hoarding foreign exchange reserves may serve a useful role, it does not follow that all countries will benefit from adopting this strategy. In particular, our results suggest that the benefits accrue only when countries optimally control both the saving of precautionary reserves and external borrowing. Attempts to focus only on the reserves side may disappoint if the borrowing side is abused as a result of political uncertainty or corruption.

Top 10 Countries by Foreign Exchange Reserves

Rank Country/Monetary Authority billion USD (end of month) change in year 2007
1 Flag of the People's Republic of China People’s Republic of China $ 1809 (June) 1 +43.3%
2 Flag of Japan Japan $ 1004 (April) +8.7%
3 Flag of Russia Russia $ 597 (August 01) 2 [1] +56.8%
Flag of Europe Eurozone $ 563 (March) +16.6%
4 Flag of India India $ 307 (July 18) 2 +64.4%
5 Flag of the Republic of China Republic of China (Taiwan) $ 291 (July) [2] +2.7%
6 Flag of South Korea South Korea $ 260 (April) +9.7%
7 Flag of Brazil Brazil $ 204.194 (Aug 14) 3 +105.9%
8 Flag of Singapore Singapore $ 176 (April) +19.1%
9 Flag of Hong Kong Hong Kong $ 160 (April) +14.6%
10 Flag of Germany Germany $ 144 (April) +20.3%

Note: Full List

Posted in Curiosity | Tagged: , , | Leave a Comment »

 
%d bloggers like this: