#use the small investments to fund the bigger ones but dont make too many even if it was successful you dont wanna just throw away all that
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DnDecember Day 7 - Gaudy Minotaur Rogue
Gundint the Minotaur Arcane Trickster Rogue
Gundint is the first born child to the Aurrgue name, they were raised proud and savvy. They aren't one to lower themselves to meet someone else view point, you either get it or you don't and they dont have time to waste other wise. After all, time is gold. However every now and then they'll meet someone who knows how to polish their ego just right and earn a few lessons (that said the advice they give is short term at best, what you think them dumb enough to not notice when their getting pandered too?). Trained to think first, speak second, act third they aren't to well verse when conflicts arise, normally they can detect when things are going sour and leave before it escalates, but in the rare time they are trapped in a conflict the only thing they can rely on is their late developed magic.
"You see, you need to watch how the market fluctuates and predict the drops and rises of the economy, once you've found a pattern. Go all in."
#dont listen to this advice btw#from the one time ive played game on stock management you want to buy shit while its low and just sit on that purchase until it's higher#doesn't matter how long in the case something crashes hard at least you didn't invest a lot into it#use the small investments to fund the bigger ones but dont make too many even if it was successful you dont wanna just throw away all that#anyways ignore me its like 1 30 at night and im probably still high#dndecember#rogue#dnd rogue#minotaur#dnd minotaur#art#muffant#my post#my oc
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Lunar gold rush could create conflict on the ground if we don’t act now – new research
The one six websites on the farside of the Moon appropriate for telescope arrays of round 200km throughout. NASA
In terms of the Moon, everybody needs the identical issues. Not within the sense of getting shared objectives, however within the sense that every one gamers goal the identical strategic websites – state businesses and the personal sector alike. That’s as a result of, whether or not you wish to do science or make cash, you have to issues resembling water and lightweight.
Many international locations and personal firms have bold plans to discover or mine the Moon. This received’t be at some distant time limit however quickly – even on this decade. As we set out in our current paper, revealed within the Transactions of the Royal Society, this may spark rigidity on the bottom except we discover methods to handle the scenario imminently.
Up to now, a lot of the talk round exploring and mining the Moon has centered on tensions in house between state businesses and the personal sector. However as we see it, the urgent problem arises from restricted strategic assets.
Essential websites for science are additionally essential for infrastructure building by state businesses or business customers. Such websites embrace “peaks of everlasting gentle” (the place there may be virtually fixed daylight, and therefore entry to energy), and regularly shaded craters on the polar areas, the place there’s water ice. Every is uncommon, and the mixture of the 2 – ice on the crater ground and a slim peak of everlasting gentle on the crater rim – is a prized goal for various gamers. However they happen solely in polar areas, quite than on the equatorial websites focused by the Apollo programme within the 1960s and 1970s.
The current profitable touchdown of Chang’e 5 by China focused a comparatively easy touchdown web site on the lunar nearside, however it’s half of a bigger, phased programme resulting from take China’s house company all the way down to the lunar south pole by 2024.
India tried a extra direct polar route, with its failed Chandrayaan-2 lander crashing in the identical area in 2019. The Russian Roscosmos, collaborating with the European Area Company, can also be focusing on the south polar area for landings late in 2021 and, in 2023, at Boguslavsky crater, as a check mission. Subsequent, Roscosmos will goal for the Aitken Basin in the identical area in 2022 on the to prospect for water in completely shadowed areas. Numerous personal firms even have bold plans for mining the Moon for assets.
Strategic assets that aren’t within the polar areas are typically concentrated quite than evenly distributed. Thorium and uranium, which could possibly be used for radioactive gasoline, are discovered collectively in 34 areas which might be areas of lower than 80km large. Iron ensuing from asteroid impacts may be discovered inside broader territories, starting from 30-300km throughout, however there are solely round 20 such areas.
After which there may be the poster boy of lunar assets, mined in dozens of science fiction movies: Helium-3, for nuclear fusion. Seeded by the Solar within the powdery crushed rock of the lunar floor, it’s current in large areas throughout the Moon, however the highest concentrations are present in solely about eight areas, all comparatively small (lower than 50km throughout).
These supplies can be of curiosity each to these attempting to determine infrastructure on the Moon and are later focusing on Mars in addition to business exploitation (mining), or science – for instance creating telescopic arrays on the lunar far aspect, away from the rising noise of human communications.
How then can we cope with the issue? The Outer Area Treaty (1967) holds that “the exploration and use of outer house shall be carried out for the profit and within the pursuits of all international locations and shall be the province of all mankind.” States don’t get to say elements of the Moon as property, however they will nonetheless use them. The place this leaves disputes and extraction by personal firms is unclear.
Proposed successors to the remedy, such because the Moon Settlement (1979), are seen as too restrictive, requiring a proper framework of legal guidelines and an bold worldwide regulatory regime. The settlement has failed to realize help amongst key gamers, together with the US, Russia and China. More moderen steps, such because the Artemis Accords – a set of pointers surrounding the Artemis Program for crewed exploration of the Moon – are perceived as closely tied to the US programme.
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Artist’s impression of a Moon base. ESA/Foster + Companions, CC BY-SA
Within the worst case, this lack of framework may result in heightened tensions on Earth. However it may additionally create pointless duplication of infrastructure, with everybody constructing their very own stuff. That might drive up prices for particular person organisations, which they��d then have causes to attempt to recoup in ways in which may compromise alternatives for science and the legacy we go away for future generations.
Methods ahead
Our greatest preliminary response could also be modest, taking its cue from missed websites on Earth. Small terrestrial useful resource swimming pools, resembling lakes bordered by a number of villages, or fish shares are sometimes managed via approaches developed domestically by the important thing gamers concerned.
These recommend {that a} first step towards lunar-resource governance can be creating settlement amongst customers. This could deal with the character of the assets at stake, how their advantages needs to be distributed, and, crucially, the worst-case situations they search to keep away from. For instance, actors will doubtless have to resolve whether or not the peaks of everlasting gentle needs to be managed as a patch of high-value actual property or as a quantity of power output to be shared. It could even be price deciding on a case-by-case foundation.
One other problem can be fostering compliance with the governance preparations which might be devised. To that finish, lunar customers can be effectively suggested to construct shared installations, resembling touchdown and provide services, to perform as carrots that may be withheld from misbehaving actors. Such partial options can be troublesome so as to add after a rustic or firm has made irreversible investments in mission designs. Clearly, the time to plan these approaches is now.
Tony Milligan doesn’t work for, seek the advice of, personal shares in or obtain funding from any firm or organisation that will profit from this text, and has disclosed no related affiliations past their tutorial appointment.
from Growth News https://growthnews.in/lunar-gold-rush-could-create-conflict-on-the-ground-if-we-dont-act-now-new-research/ via https://growthnews.in
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Hobbies are a fun way to invest your leisure time. A lot of people discover that their child years hobbies become a larger curiosity about seeking an occupation within a connected area. This is one reason why hobbies and interests in kids ought to be urged. Read more for more information on hobbies and what they must supply your family members.
A cool interest to possess would be to start looking at comic publications. Comic textbooks continue to be going solid and they re not simply for the kids. There are numerous grown-up designed comic publications and they can be very entertaining to read. You could possibly even capture on to an issue that may become a movie in the foreseeable future.
To decide on a good pastime for you personally, begin with making a summary of stuff that you really enjoy carrying out. Compose every thing down, regardless of how small or big it looks in writing. Then take that checklist and provide true consideration to every single one particular. A place in that listing is really a gem just hanging around that you should investigate it.
If you have a pastime which involves pencils and markers, make sure you retail store them correctly. You can even get rid of any confusion regarding which color is which by storing them sideways instead of vertical. Keeping them stored sideways also prevents the ink from pooling or drying out.
A fantastic interest for everyone could be exercise. You don t need to dread getting in form. You can make it entertaining by fine-tuning it to what you love carrying out, as a result rendering it a hobby rather than some grueling task. It is possible to continue on motorcycle rides or perform football with friends.
If reading can be your activity associated with preference, you will be aware how high-priced publications can be to buy. Why not contemplating purchasing an e-viewer product? Electronic textbooks are generally more affordable to buy the paper types. In addition, lots of libraries now lend electrical textbooks way too. You may take care of the latest lets out at a tiny part of the charge.
If studying will be your activity of preference, you will be aware how costly books may be to buy. Why not contemplating buying an e-reader system? Digital textbooks are much cheaper to purchase how the pieces of paper kinds. Moreover, plenty of libraries now give digital publications also. It is possible to maintain the newest lets out at a small fraction of the price.
Seashell gathering is a superb pastime that can present you with happy thoughts of sea side getaways. Seashells can be instructional for kids as well as are excellent decorative features for that home.
Keeping yourself having a hobby can occasionally be really difficult due to our active plans. It doesn t need to be the situation when you have great tips including the one s from the over write-up. Incorporate the following tips on pastimes to help you learn that best one which you can expect to remain with for a very long time!
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4 Reasons Your Home Would Probably Not Make a Good Rental
We all make mistakes. Some are more costly than others. Each contains a lesson. In mid-2006, my wife and I purchased our first home. The property market in our area was booming. In early 2008, we needed to move to another city for career reasons. Unfortunately, during the time span that separated these two events, the global financial crisis happened. We couldnt sell our house; we didnt even get an offer. With an eye toward making lemons into lemonade, we decided to rent the house out. What we made was more like sour medicine. For nearly a decade, we poured dollar after dollar into a money pit. Ultimately, we sold our former home for a loss nine years after we bought it. We lost money on our capital, we lost money every week we owned it, and of course, we paid real estate fees to get rid of it. The house cost us a small fortune to operate as a rental. Weve learned a lot since then. Maybe we can rent it out. I love to talk about real estate. Thats what happens when you have a passion for something it tends to work its way into conversation. But time and again, friends, colleagues, and acquaintances tell me that they arent interested in fixing toilets. The closest a few will come is to say that maybe theyd like to turn their existing home into a rental. In fact, this is a line that I hear often: Im thinking of buying a bigger house for our family. Maybe well keep our current house and rent it out. Most of the time, itsbad idea. I think its great that these people are considering rental property, but most dont know how to make the numbers work. I didnt know either. For me, getting through the learning curve involved taking on board a number of lessons that I think are critical for people who want to use rental property as an investment vehicle for their future.
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Related: The Part-Time Investors Guide to Truly Passive Rental Income Lesson 1: A rental is a business. Unlike stocks, which represent shares in a business, a rental property essentially is a business. The purpose of a business is to make a profit. Think critically about this. The rental income from your property must cover all costs with something left over: profit. Costs include property taxes, insurance, ongoing maintenance, capital repairs, property management, and more. They also include the mortgage payments. In my experience, the size of the mortgage is usually what pushes the property from being a good, cash flow positive rental into a cash flow negative money pit. Put simply, if the market rent that you can easily get for the property does not cover all of your expenses, then the property is not a good rental. The main issue is this: If you originally purchased the house to live in yourself, then you probably paid too much for it. You purchased it based on emotion the desire to find a place for you and your family to live comfortably. This was not a business decision. A large percentage of the time, when you look into market rents for your home, youll find that the rent you can expect to get cannot cover all of the expenses. There are a number of reasons for this: You overpaid to begin with because you really wanted it and because you were looking at what you could afford.The property has many features that dont increase rent. Marble countertops, plush carpet, top-of-the-range appliances, elaborate decking, swimming pools the list goes on.You paid for a large yard. Land costs money, but yards need to be maintained and renters dont usually want the hassle. Its not that renters deserve less. Its that, in many cases, they wont pay for more. But you did. Lesson 2: A rental is an investment. Are you looking for an investment or a hobby? A lot of mom and pop investors put a lot of their own time and money into the rental. They do this either a) by putting in a very high deposit (or using existing equity) in order to have the rent cover the difference in the mortgage plus other expenses, or b) byconstantly paying out-of-pocket for the difference. Either way, they are topping up the mortgage with their own money. Let me ask you this if you purchase stocks or bonds, would you expect to keep dumping money into the investment every month just to hold onto it? I dont think so. But with a rental property, if you are topping up the mortgage payment every month, then you are not investing. You are subsidizing the lifestyle of your tenants. Youre paying for your tenants to live in a house that they cant actually afford (or are at least not willing to pay for). The problem with using a lot of personal cash or equity to make a deal work is that it doesnt scale. The reality is, depending on the market that you live in, it can take a long time to save up the money for a down payment on a property. If you leave that money there known as parking your money then you will have to continue to save money in order to purchase another property. Lets say that it takes you five years to save enough to purchase another rental. This severely limits the number of rentals that you can purchase in a lifetime. Thisbrings us to our next lesson.
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Lesson 3: A rental is part of a bigger strategy. Why do you even want a rental? If the purpose is to have some income from your rental property in your retirement, I encourage you to take a close look at how much income you can actually get from a single rental. Look at the total rent that you collect in a year. Then subtract all of the costs other than the mortgage payments. This is how much gross income your rental could produce in a year once the mortgage is paid off. Then dont forget that if you take this money as income, you will have to pay taxes on it. Looking at just one of our single family residences as an example, after all expenses other than mortgage payments, it brings in about $12,000 per year. If I were to take that as income, then Ill have to pay tax on it as well. I dont know about you, but thats not going to change my lifestyle in a significant way on its own. You needto think bigger. If you want $100,000 in gross annual income, for example, then youll probably need around eight or nine similar rentals. Ten is a nice, round target. Some investors like to get into multifamily housing, as this tends to produce higher yields. You cant live on one single rental property that you nurture and coddle because it was once your home. Of course, its still an investment, but its not enough to live on alone. Lesson 4: You need the skills of an investor in order to scale. Lets go back to that first rental that you bought. If you are parking your money in that one rental, then its going to be very difficult to continue buying more rentals in order to fund your financial freedom. An investor looks at it differently. Related: 6 Tips to Craft a Highly Coveted Rental Without Over-Improving It An investor will look at the median rent for the property being considered. Next, the investor will tally up all of the actual expenses (e.g. property taxes, insurance, etc.) and likely expenses (e.g. maintenance allowance, vacancy allowance, etc.). The investor will then look at current and expected future interest rates and plug in a likely purchase price. If the rent will not cover the expenses and mortgage payment, then the purchase price is too high. The purchase price needs to be lowered until the rent does cover all costs. Once a price is found that will work with the numbers, that represents the highest price the investor is willing to pay. Negotiation should, of course, start lower. Even though you will need to put down a deposit and will initially have a mortgage less than the amount of the full purchase price, you cannot scale if you dont eventually refinance the property and get your original deposit back. If you cant do this, then you paid too much for the property and it will take years sometimes decades to make up for it. This is why an investor will use the full purchase price for calculating mortgage payments when running the numbers.
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The truth is in the numbers. I have experienced both sides of this. We lost approximately $5,000 per year for about 7 years while renting out our first home. We also lost $20,000 on the purchase price, plus we had to pay the real estate agent about $18,000. So, all up, the property cost us about $73,000. We learned a lot from this experience, but the lessons were very expensive. Did you purchase your home on the basis that it might be rented out in the future?If not, the numbers probably wont work. As an exercise, run the numbers and see what you come up with. Find out what median market rent is in your area for a property of your size. Consider all of the costs of owning the property and renting it out. This exercise will most likely tell you how much money you will lose each year. In the end, its not about fixing toilets; you can pay somebody to do that. The risk in owning rentals, as with most investing, lies in not knowing what youre doing. The math is actually very simple. Its the mindset that needs to be shifted. A rental isnt a house that youre not living in. A rental is a property that is purchased at the right price. Were republishing this article to help out our newer readers.
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Would your house make a good rental? Let me know what you think with a comment! https://www.biggerpockets.com/renewsblog/4-reasons-home-good-rental/
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7 Easy Rules Of landscape gardeners.
Publisher: mark francis Verizon has a powerful range of Android telephones, with thirteen available to you. The Verizon Androids that stand out are the Droid 2, the Droid Unbelievable 2 and the HTC Thunderbolt. Writer: Data on earthworm facts and the way they perform. How they dwell and their life cycle. What form of earthworms are usually used for composting and worm casting? Writer: John Mueller If you’re searching for a good second hand automotive then try your search for used cars under 3000 dollars. Publisher: Dustin Mcilwain It is best to have attended events with loud music and folks dancing, having enjoyable and so forth. This time you want your social gathering to be a bit totally different and an unforgettable treat to your folks. What higher choice than organizing a Karaoke get together. Today it is rapidly getting fashionable amongst all of the age groups. Everyone seems to be having fun with the singing expertise which they haven't carried out in a long time. http://goodfellers.ie/about-us/ Get up gardeners — It’s Spring! Selecting plants and watching them come to life and develop is bound to be a joy for you, your loved ones and one thing that company can take part in for many years. A huge funding of time and money is required but it's nicely price it. Your labors will deliver you countless rewards. Wake up gardeners — It’s Spring! It's time to tackle the outdoors and bring stunning blossoms to life. Thus, you should also give your home and your fence proper maintenance. If you won't, your stunning yard would possibly later turn to an ugly one. When you dont have any concepts about this type of venture, seek the assistance or the recommendation of the professionals. Possibly you'll be able to rest your case in dealing with the bigger jobs. Additionally, they know what to do as a result of they are already knowledgeable in this stuff.
Landscaping Planting Tips Apple Picking Yes among Americas favourite pastimes. Apple picking season within the U.S. September and runs until late October with a varieties staying available until almost November. Planning is simple Call up neighborhood library orchard grab a bag and transfer! Tip Dont choose the fallen apples off the ground because these are likely to find a mushy floor. Additionally restrict yourself to just one bag. Its really tempting to fill up a number of particularly whenever you come upon a new selection buthonestly what number of apple pies are you going extra medications this time of 12 months?
Vertical traces venture a way of energy and motion
Disguise small plants beneath overturned plastic pots or buckets
Show your clients’ neighbors you’re round
Spread and Contour Mulch
Straight traces evoke a way of order and a crispness that is extra formal
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Inside Shanghai Tower: China’s tallest skyscraper claims to be world’s greenest
The Shanghai Tower is another in a long list of ambitious skyscrapers vying fiercely for sustainability credentials as well as height. But how green are these houses and is environmentalism really the motivation?
Twisting high above Shanghais fiscal district, Chinas tallest tower and the second tallest in the world is preparing to officially open its substantial doors to the public next month. The Shanghai Tower, reaching 632 metres, is the third supertall tower on the citys iconic skyline. Looking out from the 119 th floor, the city lies below like a plaything model, a densely packed mass of streets and high-rise buildings.
China loves a world record, and its new build boasts plenty, including the worlds fastest elevators, highest hotel and eatery, and tallest viewing platform. Reassuringly, it also required the largest ever cement pouring for the foundations. But most importantly, the 128 -storey tower also claims to be the worlds greenest skyscraper. Awarded the top green rating, LEED Platinum, the government is hailing the tower as a sign of Chinas growing green credentials.
Chinas sustainability record in the past has been abysmal. The country burns 47% of the worlds coal, according to the US Energy Information Administration, and is facing the impact of decades of rapid deforestation and water pollution. With some of the most polluted air on countries around the world, killing as many as 4,000 people a day, an increasingly restive population is demanding more government action.
Nervous of the impact that smog-filled days and clogged roads could have on social stability, the government has begun tree planting programmes, ordered thousands of cars off the roads in cities such as Beijing, and is investing in green technology in a big style. China is now the biggest renewables market in the world, more than double than in the US, and home to nearly one of every 3 gale turbines globally.
Green buildings, however, make up a woefully small the members of the green industry, with most work focused on quick construction and quicker sales. Calculates set the number of green buildings on the mainland at less than 1 %, though a 2014 target by the State Council wants 30% of new construction projects to be green by 2020.
The Shanghai Tower( right) has been awarded the highest sustainability rating. Photograph: Connie Zhou/ Gensler
In Shanghai, engineer Shunfu Cha points to 200 breeze turbines spinning at the top of the tower the worlds tallest turbines, naturally which generate around 10% of the buildings energy. These are one of the most obvious green technologies, he says, gesturing upwards into the clouds. But merely one part of bringing down the energy use.
The house collects rainwater and re-uses waste water, has a blended cooling and heating power system and uses 40 other energy-saving measures that developers claim cut 34,000 metric tonnes from its annual carbon footprint. The build is wrapped in two layers of glass for natural cooling and ventilation, and in total developers say a third of the site is green space, including 24 sky gardens sitting between the two skins.
At the moment, everyone is trying to achieve top green certification criteria, tells Xiaomei Lee, the executive director of Gensler Shanghai, the buildings architect. But nobody yet has achieved LEED Platinum for a supertall build. People assumed that a build of this sizing cant achieve such a high sustainability rating.
Shanghai Tower might be the only supertall tower to attain LEED Platinum, but it is part of an increasing motion for towers to market green credentials as the demand for more sustainable urban development is felt.
The worlds first Passivhaus-certified office tower a certification rating that considers ongoing annual energy use, considered more stringent than other energy codes was opened in Vienna two years ago, using 80% less heating and cooling energy than an equivalent tower through efficient power systems. Londons tallest building, the Shard, also has a raft of sustainability features which enable it to use 30% less energy than a conventionally designed skyscraper of the same height. Globally, 75 skyscrapers are LEED rated.
Bosco verticale in Milan, with more than 1,000 different species of tree. Photograph: Alamy
More buildings are also turning green, literally. The Two World Trade Center development in New York has been designed to include a series of green terraces featuring different biozones. And in Milan, the Bosco Verticale is a pair of residential towers with 800 trees and thousands of plants on concrete balconies, maintained with recycled water. In Tel Aviv, plans for the Gran Mediterraneo towerinclude farms, vertical gardens and a range of fauna.
Advocates say that far from their reputation as polluters, skyscrapers offer environmental benefits. Per capita, skyscrapers use less energy and water, generate less trash and provide for a more engaged living experience, tells Mahesh Ramanujam, chief operating officer at the US Green Building Council. When properly developed, they also preserve and protect precious green space in urban markets.
But the concept of green skyscrapers itself is controversial. Houses are the largest contributor to climate change through carbon emissions, and critics point out that logically, taller towers will need more resources both to runs and to construct. So are we just seeing the most recent version of greenwashing?
Environmental fears include the fact that clusters of towers can build the streets below dark, trapping hot air and pollution at ground level. There is a knock-on impact in terms of carbon emissions, blocking illumination to surrounding properties, forcing the need for more electric lighting and eradicating the possibility of solar energy.
Tall towers also face charges of elitism. News that London has 260 new skyscrapers in the pipeline met with bitter oppositionfrom campaigners earlier this year, largely on the grounds that these towers will mostly offer luxury apartments that do little to help problems of affordable housing.
In 2014, two Russian free climbers reached the top of the Shanghai Tower in just two hours.
And fund is certainly to be made in green developing. Investors and companies are increasingly looking to benefit from expense efficiencies, with maintenance bills around 20% less than typical commercial buildings. While they cost more to build, the USGBC estimates most green projects pay for themselves in around seven years, especially as property agents say rents in LEED-certified builds can be up to 30% higher.
The UN expects two-thirds of the world to live in cities by 2050 the Chinese governments target is 60% by 2020 presenting challenges over how to provide sustainable buildings in space-starved cities. Research has suggested that high-rise buildings are the most sustainable sort of urban planning. A 2013 report by Terrapin Bright Green , commissioned by the New York government, recommended knocking down Manhattan towers that were too inefficient and replacing them with even bigger skyscrapers. Modern replacements could be 44% larger and still use 5% less energy, such studies claimed.
While Terrapin acknowledged that demolishing and rebuilding wouldnt be appropriate or affordable in every occurrence, they found that even where builds were knocked down and replaced, the energy needed to dismantle the existing house and construct a new one would still be offset within 15 and 28 years.
Some people have opposed taller houses on the premise that they use more energy, but they have failed to consider the larger spillover effects of urban sustainability that come from a dense urban cloth, claims Sarene Marshall, executive director for the Center for Sustainability at the Urban Land Institute. While buildings are the largest contributor to climate change through carbon emissions, transportation is a very close second. When you have a denser urban population, people are more likely to walk, motorcycle or utilize public transportation to get to work. So if you build taller buildings, you have a denser urban fabric.
A 2013 report indicated knocking down inefficient skyscrapers in Manhattan and replacing them with taller ones. Photograph: Timothy A Clary/ AFP/ Getty Images
If you build lower buildings and spread them out over a longer distance, what often happens is a much higher footprint in automobile transportation.
A analyze by the New Climate Economy backs this up. Comparing the cities of Barcelona and Atlanta, with similar populations, Atlanta was found to have a much larger carbon footprint because people utilized automobiles to get around a large, sprawling urban area. The thinktank concluded that taller, denser builds can dramatically reduce a citys carbon impact.
However, green credentials and promises dont always stack up. Critics say that LEED criteria focuses too much on the development of the building, and not enough on how it is used afterwards. A New Republic report claimed that The Bank of America tower in New York, hailed as the worlds most environmentally responsible office build when it opened in 2010, actually creates more greenhouse gases and uses more energy per square foot than any comparably sized office building in Manhattan. In relying too much on LEED ratings, critics argue, developers and governments can get additional publicity without necessarily being energy efficient in the long run.
In many US states, there are also tax breaks for energy-efficient houses, leading to claims that building decorators target the easiest and cheapest green points in order to qualify as LEED rated and gain tax exemptions.
And there are cases where the new technology frustrates. In London, the Strata Tower in Elephant and Castle, gratified criticism by residents when it opened as its in-built wind turbines designed for helping heat and cool the building properly werent turning. I feel like Im in an eco experiment that has gone wrong at the design stage, one resident said. The promised new public garden at the Walkie Talkie tower in London also attracted criticism for being neither especially green nor public enough.
For advocates of high-rise houses, horizontal development seems to be the future, and they remain convinced that green skyscrapers like the Shanghai Tower are the only sustainable way to do it. Sceptic will be watching closely for evidence that their optimism is not unfounded.
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The Goldman Sachs Effect
Cross-posted with TomDispatch.com
Irony isnt a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, For too long, a small group in our nations capital has reaped the rewards of government while the people have borne the cost. Washington flourished but the people did not share in its wealth. Under Trump, an even smaller group will flourish in particular, a cadre of former Goldman Sachs executives. To put the matter bluntly, two of them (along with the Federal Reserve) are likely to control our economy and financial system in the years to come.
Infusing Washington with Goldman alums isnt exactly an original idea. Three of the last four presidents, including The Donald, have handed the wheel of the U.S. economy to ex-Goldmanites. But in true Trumpian style, after attacking Hillary Clinton for her Goldman ties, he wasnt satisfied to do just that. He had to do it bigger and better. Unlike Bill Clinton and George W. Bush, just a sole Goldman figure lording it over economic policy wasnt enough for him. Only two would do.
The Great Vampire Squid Revisited
Whether you voted for or against Donald Trump, whether youre gearing up for the revolution or waiting for his next tweet to drop, rest assured that, in the years to come, the ideology that matters most wont be that of the forgotten Americans of his Inaugural Address. It will be that of Goldman Sachs and it will dominate the domestic economy and, by extension, the global one.
At the dawn of the twentieth century, when President Teddy Roosevelt governed the country on a platform of trust busting aimed at reducing corporate power, even he could not bring himself to bust up the banks. That was a mistake born of his collaboration with the financier J.P. Morgan to mitigate the effects of the Bank Panic of 1907. Roosevelt feared that if he didnt enlist the influence of the countrys major banker, the crisis would be even longer and more disastrous. Its an error he might not have made had he foreseen the effect that one particular investment bank would have on Americas economy and political system.
There have been hundreds of articles written about the worlds most powerful investment bank, or as journalist Matt Taibbi famously called it back in 2010, the great vampire squid. That squid is now about to wrap its tentacles around our world in a way previously not imagined by Bill Clinton or George W. Bush.
No less than six Trump administration appointments already hail from that single banking outfit. Of those, two will impact your life strikingly: former Goldman partner and soon-to-be Treasury Secretary Steven Mnuchin and incoming top economic adviser and National Economic Council Chair Gary Cohn, former president and number two at Goldman. (The Council he will head has been responsible for policy-making for domestic and international economic issues.)
Now, lets take a step into history to get the full Monty on why this matters more than you might imagine. In New York, circa 1932, then-Governor Franklin Delano Roosevelt announced his bid for the presidency. At the time, our nation was in the throes of the Great Depression. Goldman Sachs had, in fact, been one of the banks at the core of the infamous crash of 1929 that crippled the financial system and nearly destroyed the economy. It was then run by a dynamic figure, Sidney Weinberg, dubbed the Politician by Roosevelt because of his smooth tongue and Mr. Wall Street by the New York Times because of his range of connections there. Weinberg quickly grasped that, to have a chance of redeeming his firms reputation from the ashes of public opinion, he would need to aim high indeed. So he made himself indispensable to Roosevelts campaign for the presidency, soon embedding himself on the Democratic National Campaign Executive Committee.
After victory, he was not forgotten. FDR named him to the Business Advisory Council of the Department of Commerce, even as he continued to run Goldman Sachs. He would, in fact, go on to serve as an advisor to five more presidents, while Goldman would be transformed from a boutique banking operation into a global leviathan with a direct phone line to whichever president held office and a permanent seat at the table in political and financial Washington.
Now, lets jump forward to the 1990s when Robert Rubin, co-chairman of Goldman Sachs, took a page from Weinbergs playbook. He recognized the potential in a young, charismatic governor from Arkansas with a favorable attitude toward banks. Since Bill Clinton was far less well known than FDR had been, Rubin didnt actually cozy up to him from the get-go. It was another Goldman Sachs executive, Ken Brody, who introduced them, but Rubin would eventually help Clinton gain Wall Street cred and the kind of funding that would make his successful 1992 run for the presidency possible. Those were favors that the new president wouldnt forget. As a reward, and because he felt comfortable with Rubins economic philosophy, Clinton created a special post just for him: first chair of the new National Economic Council.
Rubin, who had left government service six months earlier, wasnt even in Washington when, on November 12, 1999, Clinton signed the Gramm-Leach-Bliley Act that repealed Glass-Steagall. He had, however, become a board member of Citigroup, one of the key beneficiaries of that repeal, about two weeks earlier.
As Treasury Secretary, Rubin also helped craft the North American Free Trade Agreement (NAFTA). He subsequently convinced both President Clinton and Congress to raid U.S. taxpayer coffers to help Mexico when its banking system and peso crashed thanks to NAFTA. In reality, of course, he was lending a hand to American banks with exposure in Mexico. The subsequent $25 billion bailout would protect Goldman Sachs, as well as other big Wall Street banks, from losing boatloads of money. Think of it as a test run for the great bailout of 2008.
A World Made by and for Goldman Sachs
Moving on to more recent history, consider a moment when yet another Goldmanite was at the helm of the economy. From 1970 to 1973, Henry (Hank) Paulson had worked in various positions in the Nixon administration. In 1974, he joined Goldman Sachs, becoming its chairman and CEO in 1999. I was at Goldman at the time. (I left in 2002.) I remember the constant internal chatter about whether an investment bank like Goldman could continue to compete against the super banks that the Glass-Steagall repeal had created. The buzz was that if Goldman and similar investment banks were allowed to borrow more against their assets (leverage themselves in banking-speak), they wouldnt need to use individual deposits as collateral for their riskier deals.
In 2004, Paulson helped convince the Securities and Exchange Commission (SEC) to change its regulations so that investment banks could operate as if they had the kind of collateral or backing for their trades that goliaths like Citigroup and JPMorgan Chase had. As a result, Goldman Sachs, Lehman Brothers, and Bear Stearns, to name three that would become notorious in the economic meltdown only four years later (and all ones for which I once worked) promptly leveraged themselves to the hilt. As they were doing so, George W. Bush made Paulson his third and final Treasury Secretary. In that capacity, Paulson managed to completely ignore the crisis brewing as a direct result of the repeal of Glass-Steagall, the one I predicted was coming in Other Peoples Money, the book I wrote when I left Goldman.
In 2006, Paulson was questioned on his obvious conflicts of interest and responded, Conflicts are a fact of life in many, if not most, institutions, ranging from the political arena and government to media and industry. The key is how we manage them. At the time, I wrote, The question isnt how its a conflict of interest for Paulson to preside over our countrys economy but how its not?For men like Paulson, after all, such conflicts dont just involve their business holdings. They also involve the ideology associated with those holdings, which for him at that time came down to a deep belief in pursuing the full-scale deregulation of banking.
Paulson was, of course, Treasury Secretary for the period in which the 2008 financial crisis was brewing and then erupted. When it happened, he was the one who got to decide which banks survived and which died. Under his ministrations, Lehman Brothers died; Bear Stearns was given to JPMorgan Chase (along with plenty of government financial support); and you wont be surprised to learn that Goldman Sachs thrived. While designing that outcome under the pressure of the moment, Paulson pled with Nancy Pelosi to press the Democrats in the House of Representatives to support a staggering $700 billion bailout. All those taxpayer dollars went with the 2008 Emergency Financial Stability Act that would save the banking system (under the auspices of saving the economy) and leave it resplendently triumphant, bonuses included), even as foreclosures rose by 21% the following year.
Once again, it was a world made by and for Goldman Sachs.
Goldman Back in the (White) House
Running for office as an outsider is one thing. Instantly inviting Wall Street into that office once you arrive is another. Now, it seems that Donald Trump is bringing us the newest chapter in the long-running White House-Goldman Sachs saga. And count on Steven Mnuchin and Gary Cohn to offer a few fresh wrinkles on that old alliance.
Cohn was one of the partners who ran the Fixed Income, Currency and Commodity (FICC) division of Goldman. It was the one that benefited the most from leverage, trading, and the complexity of Wall Streets financial concoctions like collateralized debt obligations (CDOs) stuffed with derivatives attached to subprime mortgages. You could say, it was leverage that helped propel Cohn up the Goldman food chain.
Tom Williams via Getty Images
Steven Mnuchin, President-elect Trump’s nominee for Treasury secretary, testifies during his Senate Finance Committee confirmation hearing in Dirksen Building, January 19, 2017.
Steven Mnuchin has proven particularly adept at understanding such concoctions. He left Goldman in 2002. In 2004, with two other ex-Goldman partners, he formed the hedge fund Dune Capital Management. In the wake of the 2008 financial crisis, Dune went shopping, as Wall Street likes to do, for cheap buys it could convert into big profits. Mnuchin and his pals found the perfect prey in a Pasadena-based bank, IndyMac, that had failed in July 2008 before the financial crisis kicked into high gear, and had been seized by the Federal Deposit Insurance Corporation (FDIC). They would pick up its assets on the cheap.
At his confirmation hearings, Mnuchin downplayed his role in throwing homeowners (including members of the military) out of their heavily mortgaged homes as a result of that purchase. He cast himself instead as a genuine hero, the guy who convened a cadre of financial sharks to help, not harm, the banks customers who, without their benevolence, would have fared so much worse. He looked deeply earnest as he spoke of his role as the savior of the common or perhaps in the age of Trump forgotten man and woman. Maybe he even believed it.
But the philosophy of swooping in, attacking an IndyMac-like target of opportunity and converting it into a fortune for himself (and problems for everyone else), has been a hallmark of his career. To transfer this version of over-amped 1% opportunism to the halls of political power is certainly a new definition of, in Trumpian terms, giving the government back to the people. Perhaps what our new president meant was the people at Goldman Sachs. Think of it, in any case, as the supercharging of a vulture mentality in a designer suit, the very attitude that once fueled the rise to power of Goldman Sachs.
Mnuchin repeatedly blamedthe FDIC and other government agencies for not helping him help homeowners. In the press it has been said that I ran a foreclosure machine, he said, On the contrary, I was committed to loan modifications intended to stop foreclosures. I ran a Loan Modification Machine. Whenever we could do loan modifications we did them, but many times, the FDIC, FNMA, FHLMC, and bank trustees imposed strict rules governing the processing of these loans. Nothing, that is, was or ever is his fault reflecting his inability to take the slightest responsibility for his undeniable role in kicking people out of their homes when they could have remained. Its undoubtedly the perfect trait for a Treasury secretary in a government of the 1% of the 1%.
Mnuchin also blamed the Federal Reserve for suggesting that the Volcker Rule part of the Dodd-Frank Act of 2010 designed to limit risky trading activities was harming bank liquidity and could be a problem. The way he did that was typically slick. He claimed to support the Volcker Rule, even as he underscored the Feds concern with it. In this way, he managed both to make himself look squeaky clean and very publicly open the door to a possible Trumpian revision of that rule that would be aimed at weakening its intent and once again deregulating bank trading activities.
Similarly, at those confirmation hearings he said (as Trump had previously) that we needed to help community banks compete against the bigger ones through less onerous regulations. Even though this may indeed be true, it is also guaranteed to be another bait-and-switch move likely to lead to the deregulation of the big banks, too, ultimately rendering them even bigger and more dangerous not just to those community banks but to all of us.
Indeed, any proposition to reduce the size of big banks was sidestepped. Although Mnuchin did say that four monster banks shouldnt run the country, he didnt say that they should be broken up. He wont. Nor will Cohn. In response to a question from Democratic Senator Maria Cantwell, he added, No, I dont support going back to Glass-Steagall as is. What weve talked about with the president-elect is that perhaps we need a twenty-first-century Glass-Steagall. But, no I dont support taking a very old law and saying we should adhere to it as is.
So, although the reinstatement of Glass-Steagall was part of the 2016 Republican election platform, its likely to prove just another of Trumps many tactics to gain votes in this case, from Bernie Sanders supporters and libertarians who see too-big-to-fail institutions and a big-bank bailout policy as wrong and dangerous. Rest assured, though, Mnuchin and his Goldman Sachs pals will allow the largest Wall Street players to remain as virulent and parasitic as they are now, if not more so.
Goldman itself just announced that it was the worlds top merger and acquisitions adviser for the sixth consecutive year. In other words, the real deal-maker isnt the former ruler of The Celebrity Apprentice, but Goldman Sachs. The government might change, but Goldman stays the same. And the traffic pile up of Goldman personalities in Trumps corner made their fortunes doing deals and not the kind that benefited the public either.
A former Goldman colleague recently asked me whether it was just possible that Mnuchin was a good person. I cant answer that. Its something only he knows for sure. But no matter how earnest or sympathetic to the little guy he tried to be before that Senate confirmation committee, I do know one thing: hes also a shark. And sharks do what theyre best at and whats best for them. They smell blood in the water and go in for the kill. Think of it as the Goldman Sachs effect. In the waters of the Trump-Goldman era, dont doubt for a second that the blood will be our own.
Nomi Prins, a TomDispatch regular, is the author of six books. Her most recent isAll the Presidents Bankers: The Hidden Alliances That Drive American Power(Nation Books). She is a former Wall Street executive. Special thanks go to researcher Craig Wilson for his superb work on this piece.
Follow TomDispatch on Twitter and join us on Facebook. Check out the newest Dispatch Book, John Feffers dystopian novel Splinterlands, as well as Nick TursesNext Time Theyll Come to Count the Dead, and Tom Engelhardts latest book, Shadow Government: Surveillance, Secret Wars, and a Global Security State in a Single-Superpower World.
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