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‘A woman is not a baby-making machine’: a brief history of South Korea’s 4B movement – and why it’s making waves in America

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/ming-gao-1496188">Ming Gao</a>, <a href="https://theconversation.com/institutions/australian-catholic-university-747">Australian Catholic University</a></em></p> <p>In South Korea, a growing number of young women are rejecting societal expectations of marriage, motherhood and heterosexual relationships, known as the “4B Movement” or the “4 Nos”.</p> <p>The “B” is a homophone for the Korean word <em>bi</em> (비/非), meaning “no”, representing the movement’s four principles: <em>bihon</em> (no marriage), <em>bichulsan</em> (no childbirth), <em>biyeonae</em> (no dating) and <em>bisekseu</em> (no sex).</p> <p>By refusing to marry, have children, engage in romance, or participate in sexual relationships with men, 4B feminists seek to redefine their lives outside the confines of traditional gender roles.</p> <p>In the wake of the reelection of Donald Trump, there has been <a href="https://www.abc.net.au/news/2024-11-10/donald-trump-win-4b-movement-male-supremacists-make-threats/104575732">increased interest</a> in the 4B movement from women in the United States.</p> <p>But what is the 4B Movement, where did it come from, and how is it reshaping the feminist landscape in South Korea and beyond?</p> <h2>Challenges facing young women</h2> <p>The 4B Movement reflects <a href="https://www.khan.co.kr/national/national-general/article/202004140938001">a broader dissatisfaction</a> among young South Korean women who face instability of housing, digital sexual violence, economic disparities and cultural pressures.</p> <p>It emerged in the mid- to late-2010s, following a surge of interest in feminism in South Korea, and spread primarily through women’s online communities.</p> <p>The roots of the 4B Movement lie in South Korea’s rapid economic transformation and the subsequent challenges it posed for younger generations of the 2000s.</p> <p>For young women, economic insecurity is compounded by systemic gender inequality. South Korea <a href="https://www.straitstimes.com/asia/east-asia/south-korea-s-gender-pay-gap-worst-in-oecd">consistently ranks</a> worst in the OECD for the gender wage gap, and social mobility remains limited.</p> <p>Against this backdrop, traditional life paths – marriage, childbearing and homemaking – have become less appealing.</p> <p>Living an alternative life without men emerged as a radical strategy for young digital feminists to challenge the rigid patriarchy in South Korea.</p> <p>The <a href="https://www.khan.co.kr/national/national-general/article/202405172212001">senseless killing</a> in 2016 of a woman in a train station toilet by a man in Seoul shocked the nation and fuelled the movement. Online platforms became spaces where women could share their frustrations, critique patriarchal norms and organise protests.</p> <p>During this period communities like radical feminist online groups gained traction. Among these was the <em><a href="https://www.bbc.com/korean/news-44329328">Tal-Corset</a></em> (escape the corset) movement, which encouraged women to reject societal beauty standards by foregoing makeup, cosmetic surgery and restrictive clothing.</p> <p>The 4B Movement built on this momentum, targeting not only beauty standards but the very institutions that sustain patriarchy.</p> <p>It collectively challenges the notion that women’s value lies in their ability to support men and sustain the family unit.</p> <h2>‘A woman is not a baby-making machine’</h2> <p>The birth rate in South Korea ranks among the <a href="https://worldpopulationreview.com/country-rankings/birth-rate-by-country">lowest in the world</a>. The government has long viewed this as a national crisis. Policies such as subsidised housing for newlyweds and tax incentives for families have sought to encourage marriage and childbearing.</p> <p>In 2016, the government launched a national <a href="https://www.womennews.co.kr/news/articleView.html?idxno=248514">pink birth map</a> visualising the number of women of reproductive age in each district. It sparked outrage. Women criticised it as reducing them to reproductive tools, proclaiming, “<a href="https://www.nocutnews.co.kr/news/4713565">my womb is not national property</a>” and “<a href="https://www.youtube.com/watch?v=6FsEWD1bi3E">a woman is not a baby-making machine</a>”.</p> <p>For many 4B feminists, these policies represent a stark example of how the state prioritises population growth over women’s autonomy. In response, the movement frames its rejection of marriage and motherhood as an act of political resistance.</p> <p>As one <a href="https://www.womennews.co.kr/news/articleView.html?idxno=111598">protest slogan</a> declared: “End population policies! Stop blaming women”.</p> <h2>Living on their own terms</h2> <p>Despite its growing influence, the 4B Movement faces significant challenges.</p> <p>The radical principles have sparked backlash, with critics labelling participants as selfish or anti-social. Swearing off men as a form of protest against patriarchal structures and traditional marital norms is sometimes (mis)interpreted as implicitly favouring <a href="https://brunch.co.kr/brunchbook/radsview2">lesbianism</a>, given its stance against heterosexual relationships.</p> <p>The movement has also attracted negative political attention. <a href="https://www.khan.co.kr/national/national-general/article/202004140938001">Lee Seung-cheon</a>, a 58-year-old Democratic Party candidate, pledged to introduce “measures to reject the 4B Movement” as part of his policy campaign in 2020.</p> <p>Yet 4B feminists remain steadfast in their vision of a future where women can live on their own terms. Their rejection of traditional life paths is not a retreat into isolation but an attempt to create new ways of being free from patriarchal constraints.</p> <p>As one participant noted, rejecting marriage allows women to envision futures beyond societal deadlines like “<a href="https://brunch.co.kr/@404homealone/34">a woman’s age has an expiration date</a>”.</p> <h2>An international movement</h2> <p>The 4B Movement’s radical critique of patriarchy has resonated internationally.</p> <p>4B Movement ideas are starting to strike a chord in the US. The movement’s core principles align with broader feminist critiques of patriarchy and capitalism, which have intensified in response to political developments such as Trump’s rhetoric and debates over reproductive rights.</p> <p>In the US, Trump’s presidency (and now his return) has been a flashpoint for feminist activism. Policies restricting access to abortion, coupled with an increase in conservative rhetoric around women’s rights, have galvanised movements that resist patriarchal structures.</p> <p>For American feminists, the 4B Movement offers a framework for resistance that goes beyond economic precarity. It provides a roadmap for rejecting political conflicts, focusing on reclaiming agency by prioritising autonomy over their own bodies and rights.</p> <p>6B4T is inspired by the 4B Movement and has gained particular attention <a href="https://weibo.com/1263977197/KaFZGjoG4">in China</a>. This version incorporates additional principles, including rejecting consumerism and fostering mutual aid among unmarried women.</p> <p>The spread of 4B ideas across Asia and beyond highlights the universality of feminist struggles. As the movement continues to evolve, its impact extends beyond South Korea, sparking conversations about gender, autonomy and the future of feminism.</p> <p>Whether embraced or contested, the 4B Movement forces society to confront uncomfortable truths about the cost of sustaining patriarchy – and perhaps the possibilities of living without it.</p> <hr /> <p><em>Correction: 6B4T is inspired by the 4B movement and gained attention in China; it did not originate in China.</em><!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/243355/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/ming-gao-1496188">Ming Gao</a>, Research Scholar, Gender and Women's History Research Centre, <a href="https://theconversation.com/institutions/australian-catholic-university-747">Australian Catholic University</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/a-woman-is-not-a-baby-making-machine-a-brief-history-of-south-koreas-4b-movement-and-why-its-making-waves-in-america-243355">original article</a>.</em></p> </div>

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What does Donald Trump’s win mean for his brand of populist authoritarianism?

<h1 class="theconversation-article-title">What does Donald Trump’s win mean for his brand of populist authoritarianism?</h1> <div class="theconversation-article-body"><a href="https://theconversation.com/profiles/daniel-drache-1409730">Daniel Drache</a>, <em><a href="https://theconversation.com/institutions/york-university-canada-1610">York University, Canada</a></em> and <a href="https://theconversation.com/profiles/marc-d-froese-1411858">Marc D. Froese</a>, <em><a href="https://theconversation.com/institutions/burman-university-5814">Burman University</a></em></p> <p><a href="https://www.opensecrets.org/news/2024/10/total-2024-election-spending-projected-to-exceed-previous-record/">In the most expensive election in American history</a>, Republicans flipped the Senate, likely tightened their grip on the House of Representatives and <a href="https://www.washingtonpost.com/politics/2024/11/06/donald-trump-wins-presidential-election/">returned Donald Trump to the White House</a>.</p> <p>The so-called <a href="https://www.politico.com/news/2022/11/09/abortion-votes-2022-election-results-00065983">“red wave” predicted for the 2022 mid-term elections</a> rolled in two years later, and the MAGA movement is now the dominant force in American politics.</p> <p>Trump has an unprecedented mandate to reshape American life and politics, and is the first Republican to win the <a href="https://thehill.com/homenews/nexstar_media_wire/4976301-when-was-the-last-time-the-republican-party-won-the-popular-vote/">popular vote</a> since 2004. He intends to be an activist and transformative president. Now Americans and the rest of the world must brace for the global fallout in Ukraine, Russia, China, Israel and Iran.</p> <p>According to the <a href="https://www.bbc.com/news/topics/cj3ergr8209t">latest tabulations</a>, more than 71 million of Trump’s followers stayed loyal to the MAGA movement despite <a href="https://theconversation.com/trump-found-guilty-5-key-aspects-of-the-trial-explained-by-a-law-professor-231236">his criminal convictions and indictments</a>, <a href="https://www.motherjones.com/politics/2024/09/trump-hate-speech-migrants-campaign-rallies-incitement/">hate speech</a> and <a href="https://www.washingtonpost.com/politics/how-fact-checker-tracked-trump-claims/2021/01/23/ad04b69a-5c1d-11eb-a976-bad6431e03e2_story.html">fire hose of lies</a>.</p> <p>Trump won the presidency with the help of blue-collar, middle-class voters in the vital centre of the political spectrum, and in open defiance of the political establishment and most political power brokers.</p> <h2>Weak centre</h2> <p>What does Trump’s comeback mean for his unique brand of nationalist authoritarianism?</p> <p>Trump’s victory shows just how weak and lacklustre the centre has become in comparison to surging extremism. The silent majority that once rallied to support Ronald Reagan’s popular agenda, for example, is now a seemingly amoral majority indifferent to Trump’s felonies and his apocalyptic vision for the country.</p> <p>It’s now clear that the <a href="https://www.nytimes.com/2024/10/23/opinion/election-polls-results-trump-harris.html">undecided centre</a> is smaller than ever. Voters on the left were dismayed about Kamala Harris’s support for Benjamin Netanyahu’s government in Israel. Some planned not to vote or <a href="https://www.forbes.com/sites/stephenpastis/2024/11/04/will-third-party-candidates-be-2024-spoilers-heres-the-latest-data-as-trump-harris-race-nearly-tied/">to vote for third-party</a> candidates.</p> <p>What’s more, Republicans have been courting working class and racialized voters for years, and their messaging is paying off. Chipping away small numbers of <a href="https://www.pewresearch.org/short-reads/2024/01/10/key-facts-about-black-eligible-voters-in-2024/">Black</a> and <a href="https://www.pewresearch.org/short-reads/2024/07/19/how-latino-voters-view-the-2024-presidential-election/">Latino</a> voters is adding up to <a href="https://thehill.com/homenews/campaign/4975849-trump-harris-2024-presidential-run/?ipid=promo-link-block1">real gains</a>.</p> <h2>‘Make extremism great again’</h2> <p>The Republican machine has grasped an essential truth: parties must redefine their centre of gravity with the shifting of the <a href="https://www.mackinac.org/OvertonWindow">Overton window</a> of political acceptability, which holds that the centre is not fixed forever; it is simply a gauge of the new extremes.</p> <p>After a decade of the upheaval Trump has fuelled, mainstreaming extremism has become a proven formula for winning elections. The most basic question emphasized by the Trump-Harris showdown was: Can <a href="https://www.thenation.com/article/politics/myth-cheney-democrats-harris-walz-campaign/">cautious centrism</a> defeat <a href="https://www.iiss.org/online-analysis/survival-online/2021/01/trump-politics-of-paranoia/">paranoid populism</a>?</p> <p>In America in 2024, it could not.</p> <p>After 1945, the centre referred to the vast number of voters who rejected <a href="https://www.latimes.com/opinion/story/2024-09-13/on-freedom-timothy-snyder-erasing-history-jason-stanley-book-review">communism and fascism</a> while embracing the welfare state and full-employment capitalism.</p> <figure class="align-left zoomable"></figure> <p>This middle “<a href="https://www.theguardian.com/politics/2003/feb/10/labour.uk1">or third way</a>” — sought by politicians from Tony Blair to Barack Obama — won repeated elections. But today, the centre has been eclipsed by loyalty to a charismatic leader.</p> <p>When the extremes cease to be red lines, reasonable parties can only intermittently eke out a win. That means extremist movements grow ever stronger. What will happen in four years is anyone’s guess. But even after Trump is gone, he will live on atop the conservative pantheon, having risen to even greater esteem among his supporters than Reagan or <a href="https://www.politico.com/magazine/story/2014/10/barry-goldwater-lasting-legacy-112210/">Barry Goldwater</a>, the Republican senator who became a conservative standard-bearer for a generation.</p> <h2>Negative voting</h2> <p>The American election turned on negative voting. The only real question was whose fear would carry the day?</p> <p>Democrats feared the loss of <a href="https://www.brookings.edu/articles/freedom-harriss-message-to-america/">reproductive freedoms</a> for women. Republicans feared immigration conspiracy theories such as “<a href="https://www.npr.org/2022/05/17/1099223012/how-the-replacement-theory-went-mainstream-on-the-political-right">the great replacement</a>” theory.</p> <p>Republicans made border security a successful culture war issue, and it will unquestionably loom even larger in future elections. Gallup has shown that 55 per cent of Americans now want immigration levels <a href="https://news.gallup.com/poll/647123/sharply-americans-curb-immigration.aspx">drastically reduced</a>, a significant rise from 41 per cent just last year.</p> <p>The United States is not alone. What began as anger over Syrian refugees in Germany has metastasized into an enormous <a href="https://www.fosterglobal.com/blog/its-not-just-the-u-s-europes-growing-anti-immigration-backlash/">anti-immigrant backlash across Europe</a>. Anti-immigration sentiment is on the rise <a href="https://immigration.ca/canada-rated-best-country-in-world-for-welcoming-immigrants/">in Canada too despite it being one of the most welcoming nations in terms of immigration</a>.</p> <h2>The rise of anti-immigration sentiment</h2> <p>Future Republican contenders will almost certainly be avowed opponents of immigration given Trump’s stunning comeback. He leveraged the issue at a time when immigrants and border security have become powerful symbols of the enormous changes brought about by globalization.</p> <p>Zygmunt Bauman, the late eminent Polish sociologist, has described the technological advancement that defines global capitalism as “<a href="https://www.theoryculturesociety.org/blog/review-ali-rattansi-bauman-and-contemporary-sociology">liquid modernity</a>.”</p> <p>He argues that constant change <a href="https://openknowledge.worldbank.org/handle/10986/40672">rewards the wealthy and the hyper-mobile</a>. The blue-collar middle class is not worse off in absolute terms, but they’re <a href="https://reviewcanada.ca/magazine/2023/01/the-shill-of-the-people/">falling behind</a> as the billionaire class surges ahead and governments fail to protect the traditional institutions of the welfare state.</p> <p>For Trump voters, the “<a href="https://www.nbcnews.com/meet-the-press/video/trump-doubles-down-on-enemy-within-rhetoric-in-final-campaign-push-222300229921">enemy within</a>” was the most potent narrative for the MAGA coalition. Xenophobia was on <a href="https://www.nytimes.com/2024/10/28/opinion/trump-rally-msg-racism.html">full display</a> during the closing days of the campaign when a comedian at Trump’s Madison Square Garden rally referred to Puerto Rico as an “<a href="https://www.bbc.com/news/articles/cy9jj2g75q4o">island of garbage</a>.”</p> <p>The full force of liquid modernity continues to degrade the institutions of advanced societies and to reward rule-breakers. It’s not hyperbole to suggest this election could transform both America and the post-war <a href="https://www.foreignaffairs.com/united-states/how-trump-will-change-world">liberal international order</a>.</p> <h2>A dark MAGA future</h2> <p>One primary takeaway from this election is that an even darker, more apocalyptic form of the MAGA movement has taken hold. At a recent rally, Elon Musk, the world’s richest man, <a href="https://www.vanityfair.com/news/story/elon-musk-donald-trump-dark-maga-twitter">joined Trump on stage in a black MAGA cap, declaring</a>: “I’m not just MAGA, I’m dark MAGA.”</p> <p>In Trump’s warped view, an electoral loss would have been proof of cheating, but a win is a triumph of the will. In America today, conspiracy theories seemingly attract votes.</p> <p>It’s hard to underestimate the impact of Trump’s toxicity on American civic life. With his new mandate, Trump has a green light to implement most, if not all, of his most extreme policies, from tariffs to cementing an absolutist approach to presidential power.</p> <p>Trump has already promised to prosecute “<a href="https://www.cnn.com/2024/09/08/politics/trump-threatens-prosecution-2024-election-officials/index.html">to the fullest extent of the law</a>” his political enemies. He has threatened to use American troops to round up 15 million undocumented immigrants. It is his stated intent to exercise enormous presidential privilege by pardoning the “patriots” who stormed the capital in January 2021 “<a href="https://www.msnbc.com/deadline-white-house/deadline-legal-blog/trump-jan-6-pardons-day-one-2024-election-rcna170194">on Day One</a>.”</p> <p>It is far from certain that the American constitutional order will survive intact.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/242867/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/daniel-drache-1409730"><em>Daniel Drache</em></a><em>, Professor Emeritus, Department of Politics, <a href="https://theconversation.com/institutions/york-university-canada-1610">York University, Canada</a> and <a href="https://theconversation.com/profiles/marc-d-froese-1411858">Marc D. Froese</a>, Professor of Political Science and Founding Director, International Studies Program, <a href="https://theconversation.com/institutions/burman-university-5814">Burman University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-does-donald-trumps-win-mean-for-his-brand-of-populist-authoritarianism-242867">original article</a>.</em></p> </div>

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The US just returned to the Moon after more than 50 years. How big a deal is it, really?

<p><em><a href="https://theconversation.com/profiles/david-flannery-3906">David Flannery</a>, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847">Queensland University of Technology</a></em></p> <p>In the few short years since the COVID pandemic changed our world, China, Japan and India have all successfully landed on the Moon.</p> <p>Many more robotic missions have flown past the Moon, entered lunar orbit, or crashed into it in the past five years. This includes <a href="https://www.planetary.org/space-missions/kplo">spacecraft developed by South Korea</a>, <a href="https://english.alarabiya.net/News/gulf/2023/04/27/Dubai-s-ruler-announces-new-moon-mission-after-UAE-s-Rashid-Rover-lunar-crash-">the United Arab Emirates</a>, and an <a href="https://www.spaceil.com/">Israeli not-for-profit organisation</a>.</p> <p>Late last week, the American company <a href="https://www.intuitivemachines.com/">Intuitive Machines</a>, in collaboration with NASA, celebrated “America’s return to the Moon” with a successful landing of its Odysseus spacecraft.</p> <p>Recent <a href="https://theconversation.com/change-5-china-launches-sample-return-mission-to-the-moon-is-it-winning-the-new-space-race-150665">Chinese-built sample return missions</a> are far more complex than this project. And didn’t NASA ferry a dozen humans to the Moon back when microwaves were cutting-edge technology? So what is different about this mission developed by a US company?</p> <h2>Back to the Moon</h2> <p>The recent Odysseus landing stands out for two reasons. For starters, this is the first time a US-built spacecraft has landed – not crashed – on the Moon for over 50 years.</p> <p>Secondly, and far more significantly, this is the first time a private company has pulled off a successful delivery of cargo to the Moon’s surface.</p> <p>NASA has lately focused on destinations beyond the Earth–Moon system, including Mars. But with its <a href="https://www.nasa.gov/commercial-lunar-payload-services/">Commercial Lunar Payload Services</a> (CLPS) program, it has also funded US private industry to develop Moon landing concepts, hoping to reduce the delivery costs of lunar payloads and allow NASA engineers to focus on other challenges.</p> <p>Working with NASA, Intuitive Machines selected a <a href="https://en.wikipedia.org/wiki/Malapert_(crater)">landing site</a> about 300 kilometres from the lunar south pole. Among other challenges, landing here requires entering a polar orbit around the Moon, which consumes additional fuel.</p> <p>At this latitude, the land is heavily cratered and dotted with long shadows. This makes it challenging for autonomous landing systems to find a safe spot for a touchdown.</p> <p>NASA spent about US$118 million (A$180 million) to land six scientific <a href="https://www.esa.int/Enabling_Support/Space_Engineering_Technology/About_Payload_Systems">payloads</a> on Odysseus. This is relatively cheap. Using low-cost lunar landers, NASA will have an efficient way to test new space hardware that may then be flown on other Moon missions or farther afield.</p> <h2>Ten minutes of silence</h2> <p>One of the technology tests on the Odysseus lander, NASA’s <a href="https://www.nasa.gov/directorates/stmd/impact-story-navigation-doppler-lidar/">Navigation Doppler Lidar experiment</a> or NDL, appears to have proved crucial to the lander’s success.</p> <p>As the lander neared the surface, the company realised its navigation systems had a problem. NASA’s NDL experiment is serendipitously designed to test precision landing techniques for future missions. It seems that at the last second, engineers bodged together a solution that involved feeding necessary data from NDL to the lander.</p> <p>Ten minutes of silence followed before a <a href="https://twitter.com/Int_Machines/status/1760838333851148442">weak signal was detected</a> from Odysseus. Applause thundered through the mission control room. NASA’s administrator released a video congratulating everyone for returning America to the Moon.</p> <p>It has since become clear the lander is not oriented perfectly upright. The solar panels are generating sufficient power and the team is slowly receiving the first images from the surface.</p> <p>However, it’s likely Odysseus <a href="https://www.universetoday.com/165864/odysseus-moon-lander-is-tipped-over-but-still-sending-data/">partially toppled over</a> upon landing. Fortunately, at the time of writing, it seems most of the science payload may yet be deployed as it’s on the side of the lander facing upwards. The unlucky payload element facing downwards <a href="https://edition.cnn.com/2024/02/23/world/odysseus-lunar-landing-sideways-scn/index.html">is a privately contributed artwork</a> connected <a href="https://edition.cnn.com/2024/02/22/style/jeff-koons-moon-phases-odysseus-landing/index.html">to NFTs</a>.</p> <p>The lander is now likely to survive for at least a week before the Sun sets on the landing site and a dark, frigid lunar night turns it into another museum piece of human technology frozen in the lunar <a href="https://www.britannica.com/science/regolith">regolith</a>.</p> <h2>Win some, lose some</h2> <p>NASA’s commercial approach to stimulating low-cost payload services all but guarantees some failures. But eventually NASA hopes that several commercial launch and landing providers will emerge from the program, along with a few learning experiences.</p> <p>The know-how accumulated at organisations operating hardware in space is at least as important as the development of the hardware itself.</p> <p>The market for commercial lunar payloads remains unclear. Possibly, once the novelty wears off and brands are no longer able to generate buzz by, for example, <a href="https://www.columbia.com/omni-heat-infinity/moon-mission/">sending a piece of outdoor clothing to the Moon</a>, this source of funding may dwindle.</p> <p>However, just as today, civil space agencies and taxpayers will continue to fund space exploration to address shared science goals.</p> <p> </p> <p>Ideally, commercial providers will offer NASA an efficient method for testing key technologies needed for its schedule of upcoming scientific robotic missions, as well as <a href="https://www.nasa.gov/specials/artemis/">human spaceflight in the Artemis program</a>. Australia would also have the opportunity to test hardware at a reduced price.</p> <p>It’s worth noting that US budgetary issues, <a href="https://spacenews.com/nasa-warns-of-very-problematic-space-technology-budget-cuts/">funding cuts</a> and <a href="https://www.jpl.nasa.gov/news/jpl-workforce-update">subsequent lay-offs</a> do threaten these ambitions.</p> <p>Meanwhile, in Australia, we may have nothing to launch anyway. We continue to spend less <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_departments/Parliamentary_Library/Budget/reviews/2023-24/ScienceResearch">than the OECD average on scientific research</a>, and only a few Australian universities – who traditionally lead such efforts – <a href="https://business.gov.au/grants-and-programs/moon-to-mars-initiative-demonstrator-mission-grants/grant-recipients">have received funding</a> provided by the Australian Space Agency.</p> <p>If we do support planetary science and space exploration in the future, Australians will need to decide if we want to allocate our limited resources, competing with NASA and US private industry, to supply launch, landing and robotic services to the global space industry.</p> <p>Alternatively, we could leverage these lower-cost payload providers to develop our own scientific space program, and locally developed space technologies associated with benefits to the knowledge economy, education and national security.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/224276/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/david-flannery-3906"><em>David Flannery</em></a><em>, Planetary Scientist, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847">Queensland University of Technology</a></em></p> <p><em>Image credits: Intuitive Machines</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-us-just-returned-to-the-moon-after-more-than-50-years-how-big-a-deal-is-it-really-224276">original article</a>.</em></p>

International Travel

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104-year-old woman becomes world's oldest skydiver

<p>A 104-year-old Chicago woman is believed to be the oldest person in the world to tandem skydive, after jumping off a plane from 13,500 feet (4,100 meters) in northern Illinois. </p> <p>On Sunday the 1st of October, Dorothy Hoffner left her walker behind without hesitation and hopped on a Skyvan to set a world record.</p> <p>The 104-year-old could not contain her excitement as she sat on the plane.</p> <p>“Let’s go, let’s go, Geronimo!” she said. </p> <p>Hoffner first started skydiving when she was 100, and initially had to be pushed out of the aircraft, but this time around, things were different. </p> <p>The centenarian insisted on leading the jump while tethered to a U.S. Parachute Association-certified instructor. She was cool and confident as the plane doors opened to reveal the golden crop fields below. </p> <p>Hoffner fearlessly tumbled out of the plane head first and successfully did a forward roll before freefalling from 13,500 feet in the air. </p> <p>The dive lasted seven minutes, including the parachutes slow descent on to the ground. </p> <p>As soon as she landed at Skydive Chicago in Ottawa, just 140 km southwest of Chicago, friends rushed in to share their congratulations. </p> <p>When asked how it felt to be back on land she simply replied with: “Wonderful." </p> <p>“But it was wonderful up there. The whole thing was delightful, wonderful, couldn’t have been better."</p> <p><iframe title="YouTube video player" src="https://www.youtube.com/embed/rQQyc9kRfio?si=3uj4x5hTPyyU6HrJ" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p> <p>Moments after her touchdown, the centenarian told the cheering crowd: “Age is just a number." </p> <p>The previous Guinness World Record for oldest skydiver was set in May 2022 by 103-year-old Swedish woman Linnéa Ingegärd Larsson. </p> <p>Skydive Chicago is currently working with Guinness World Records to certify Hoffner's jump as a record according to <em>WLS-TV</em>. </p> <p>Hoffner's final message for those who haven't tried it: “Skydiving is a wonderful experience, and it’s nothing to be afraid of. Just do it." </p> <p><em>Images: ABC 7 Chicago / Skydive Chicago</em></p> <p> </p>

Retirement Life

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First look at the new and improved Brekky Central

<p>After completing their final broadcast in the legacy Martin Place studio, the <em>Sunrise</em> team have broadcast their first show from the new and improved Brekky Central. </p> <p>The breakfast program began its first show from Seven’s Eveleigh studios, unveiling the highly-anticipated state-of-the-art studio on Monday morning.</p> <p>Hosts Natalie Barr and Matt Shirvington could hardly contain their excitement as they greeted viewers for the first time from their new desk. </p> <p>Sunday’s <em>Weekend Sunrise</em> marked the end of an era at the Martin Place studios for both <em>Sunrise</em> and Channel 7 after more than 19 years.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/reel/CvD5DnZgGtB/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/CvD5DnZgGtB/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Sunrise (@sunriseon7)</a></p> </div> </blockquote> <p><em>Sunrise</em> and <em>The Morning Show</em> have now joined <em>7NEWS</em> in Eveleigh, which began broadcasting from its new home in June, while 7NEWS.com.au and 7NEWS Spotlight moved across in May.</p> <p>The arrival of the <em>Sunrise</em>, <em>Weekend Sunrise</em> and <em>The Morning Show</em> teams means that for the first time in more than 40 years, the entire Seven Sydney operation and all broadcast and operational staff across all departments are now under one roof.</p> <p>Speaking of the move to Eveleigh, Seven Network Director of Morning Television, Sarah Stinson, said “From today, viewers will see a brighter and fresher look, but the heart of our shows will never change. Our teams will continue to bring the best coverage of news, sport, weather, entertainment and so much more – and we’ll continue to have a laugh as only <em>Sunrise</em> and<em> The Morning Show</em> can.”</p> <p>Throughout the show, viewers got an inside look to the brand-new set, while Mark Beretta gave the audience a tour of the studio, make-up room and control room.</p> <p>“Twenty years ago when we moved into Martin Place we did a tour, so now it is appropriate to do a new tour,” the sports presenter explained.</p> <p>With a <em>Sunrise</em> microphone in hand, Beretts proceeded to walk around the vast new set, sharing details of the layout and curtain that divides <em>Sunrise</em> from the <em>7NEWS</em> set.</p> <p><em>Image credits: Instagram</em></p>

TV

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Tony Bennett: the timeless visionary who, with a nod to America’s musical heritage, embraced the future

<p><em><a href="https://theconversation.com/profiles/jose-valentino-ruiz-1293457">Jose Valentino Ruiz</a>, <a href="https://theconversation.com/institutions/university-of-florida-1392">University of Florida</a></em></p> <p>In the history of American popular music, there have been few luminaries as enduring and innovative as Tony Bennett.</p> <p>With a career that spanned almost 80 years, Bennett’s smooth tones, unique phrasing and visionary musical collaborations left an indelible mark on vocal jazz and the recording industry as a whole.</p> <p>That his <a href="https://apnews.com/article/tony-bennett-dies-c3b3a7e2360449fb936a38794c7c3266">death at the age of 96</a> on July 21, 2023, was mourned by artists as varied as <a href="https://twitter.com/KeithUrban/status/1682395658395824133">Keith Urban</a>, <a href="https://twitter.com/OzzyOsbourne/status/1682411338340126720">Ozzy Osbourne</a> and <a href="https://twitter.com/HarryConnickJR?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1682411086656557056%7Ctwgr%5E04a78435a793b5246d7bc19e09529f2b2f0bcfab%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fvariety.com%2F2023%2Fmusic%2Fnews%2Ftony-bennett-elton-john-reaction-tribute-1235676405%2F">Harry Connick Jr.</a> should come as no surprise. Yes, Bennett was a jazz crooner. But if his voice was always a constant – even late into his 80s, way past an age when most other singers have seen their vocal abilities diminish – then his embrace of the contemporary was every bit a facet of Bennett’s appeal.</p> <h2>Vocal innovator</h2> <p>Bennett’s journey is a testament to the power of daring innovation.</p> <p>From the early days of his career in the 1950s to his final recordings in the early 2020s, he fearlessly explored new musical territories, revolutionizing vocal jazz and captivating audiences across generations.</p> <p>His vocal style and phrasing were distinctive and set him apart from other artists of his time. He utilized a delayed or “laid-back” approach to falling on the note, a technique known as “<a href="https://www.musictheoryacademy.com/how-to-read-sheet-music/rubato/">rubato</a>.” This created a sense of anticipation in his phrasing, adding an element of surprise to his performances. Through Bennett’s skilled use of rubato, he was able to play with the tempo and rhythm of a song, bending and stretching musical phrases to evoke a range of emotions. This subtle manipulation of timing gave his songs a natural and conversational quality, making listeners feel as though he was intimately sharing his stories with them.</p> <p>Armed with this silky, playful voice, Bennett found fame fairly early on in his career, delivering jazz standards alongside the likes of Mel Tormé and Nat King Cole. By the mid-1960s, he was being touted by Frank Sinatra as “the best singer in the business.”</p> <p>But his musical style fell out of fashion in the 1970s – a lean period during which Bennett <a href="https://www.washingtonpost.com/history/2023/07/21/tony-bennett-son-life-career-drugs/">almost succumbed to a drug overdose</a>. Then, in the 1990s, Bennett found a new audience and set off a series of collaborations with contemporary musical stars that would become the standard for his later career.</p> <p>No genre of artistry was deemed off-limits for Bennett. “<a href="https://www.tonybennett.com/music-detail.php?id=11">Duets: An American Classic</a>,” released to coincide with his 80th birthday in 2006, saw collaborations with country stars such as k.d. lang and the Dixie Chicks – now known as the Chicks – and soul legend Stevie Wonder, alongside kindred jazz spirits such as Diana Krall. “Duets II,” a 2011 follow-up, saw further explorations with the likes of Aretha Franklin, Queen Latifah, Willie Nelson and Amy Winehouse, in what would become the <a href="https://faroutmagazine.co.uk/amy-winehouse-final-recording-session/">British singer’s last recording</a>.</p> <p>But his cross-generational, cross-genre and cross-cultural appeal is perhaps best exemplified by his <a href="https://www.nytimes.com/2023/07/21/arts/music/tony-bennett-lady-gaga.html">collaborations with Lady Gaga</a>, first on the 2014 Grammy-winning album “Cheek to Cheek.” The recording brought together two artists from different generations, genres and backgrounds, uniting them in a harmonious celebration of jazz classics. The collaboration not only showcased each one’s vocal prowess, but also sent a powerful message about the unifying nature of music.</p> <p>Lady Gaga, a pop artist with avant-garde leanings, might have seemed an unlikely partner for Bennett, the quintessential jazz crooner. Yet their musical chemistry and mutual admiration resulted in an album that mesmerized audiences worldwide. “Cheek to Cheek” effortlessly transcended musical boundaries, while the duo’s magnetic stage presence and undeniable talent enchanted listeners.</p> <p>The successful fusion of jazz and pop encouraged artists to experiment beyond traditional boundaries, leading to more cross-genre projects across the industry – proving that such projects could go beyond one-off novelties, and be profitable at that.</p> <h2>Timeless artistry</h2> <p>Bennett’s embrace of contemporary artists did not mean that he abandoned his own musical self. By blending traditional jazz with contemporary elements, he managed to captivate audiences across generations, appealing to both longtime fans and new listeners.</p> <p>One key aspect of Bennett’s success was his ability to embody the sentiment of old America, reminiscent of artists like Sinatra, Billie Holiday and Louis Armstrong, while infusing contemporary nuances that resonated with the human condition of a more modern era. His approach to music captured both the essence and struggle of America, giving his songs a timeless and universal appeal. Moreover, his voice conveyed familiarity and comfort, akin to listening to a beloved uncle.</p> <p>Bennett’s albums stood out not only for his soulful voice and impeccable delivery but also for the way he drew others from varied musical backgrounds into his world of jazz sensibilities. As a producer, he recognized the importance of nurturing creativity and bringing out the best in artists.</p> <p>Meanwhile, Bennett’s approach to evolving his own sound while preserving its essence sets him apart as an artist. Fearless in his pursuit of innovation, he delved into contemporary musical elements and collaborated with producers to infuse new sonic dimensions into his later albums. The result drew listeners into an <a href="https://www.youtube.com/watch?v=6kNpdLZwetU">intimate and immersive, concert-like acoustic journey</a>.</p> <h2>Depth of emotion</h2> <p>The greats in music have an ability to speak to the human experience. And either in collaboration with others or on his own, Bennett was able to achieve this time and time again.</p> <p>His albums were successful not only due to their technical brilliance and musicality but also because Bennett’s voice conveyed a depth of emotion that transcended barriers of time and culture, touching the hearts of listeners from various backgrounds. There was a universality in his music that made him a beloved and revered artist across the globe.</p> <p>Bennett’s life spanned decades of societal upheavals in the United States. But in his music, listeners could always find beauty in challenging times. And as the 20th- and 21st-century American music industry went through its own revolutions, Bennett’s artistic evolution mirrored the changes, cementing his place as a music icon who defies the boundaries of time and trends.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/210244/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><iframe style="border-radius: 12px;" src="https://open.spotify.com/embed/playlist/2UxxnhUE5YLchYgutxKEbJ?utm_source=generator" width="100%" height="380" frameborder="0" allowfullscreen="allowfullscreen" loading="lazy"></iframe></p> <p><em><a href="https://theconversation.com/profiles/jose-valentino-ruiz-1293457">Jose Valentino Ruiz</a>, Program Director of Music Business &amp; Entrepreneurship, <a href="https://theconversation.com/institutions/university-of-florida-1392">University of Florida</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/tony-bennett-the-timeless-visionary-who-with-a-nod-to-americas-musical-heritage-embraced-the-future-210244">original article</a>.</em></p>

Music

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Sweet reason for Ray Hadley's big property purchase

<p dir="ltr">2GB broadcaster Ray Hadley has purchased a stunning Central Coast property with his wife, Sophie. </p> <p dir="ltr">The seaside retreat is situated on the Bouddi Peninsula in New South Wales, right on the water’s edge of Pretty Beach, and boasts impressive views across Brisbane Water - views that a balcony accessed by the living, kitchen, and dining space makes the most of.</p> <p dir="ltr">The property has five bedrooms, allowing plenty of space for Hadley and Sophie to host their visiting family members  - and most importantly, their grandkids. </p> <p dir="ltr">Hadley, who currently resides in the northwest of Sydney, has four children with five grandchildren from them. And, in happy news for the family, another on the way. </p> <p dir="ltr">He regularly provides his radio listeners with updates on the growing brood, with a focus on the youngest generation - all of them five and under - who mean the entire world to him. </p> <p dir="ltr">As he told <em>9Honey</em>, “​​before I had grandkids five years ago, mates would say, 'you won't believe the difference it makes' ... it's basically changed my life.</p> <p dir="ltr">"Five years ago I had none, now I've got five and another one on the way. They basically are my life.</p> <p dir="ltr">"I just adore them, every one of them, and they've all got different personalities, they're all different people.”</p> <p dir="ltr">He went on to share that the youngest is learning to walk and talk, while the others are prepping for school, with his eldest granddaughter even going so far as to ask him not to work, and to instead come along for her first ever school drop-off. </p> <p dir="ltr">“Just the fact that she asked me to do it made me feel 10-foot tall,” he shared.</p> <p dir="ltr">And the new property will give him the chance to spend more time with them, serving as a midway point for sleepovers, after years of the radio host travelling up the M1 from Sydney to be with them.</p> <p dir="ltr">It isn’t the first time Hadley has dipped his toes into the real estate market, either, with the 68 year old having downsized from his acreage after he turned 66, moving for the first time since the mid-1990s.</p> <p dir="ltr">The home isn’t even his first coastal retreat, with Hadley having snapped up a property on the Gold Coast in 2016, and planning to make an upgrade once again at Main Beach.</p> <p dir="ltr">Though for the time being, he may be a little busy settling into his new home, and maybe even treating himself and Sophie to a night out at their friend John Singleton’s nearby eatery.</p> <p dir="ltr"><em>Images: realestate.com.au, Getty</em></p>

Real Estate

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A brief history of the mortgage, from its roots in ancient Rome to the English ‘dead pledge’ and its rebirth in America

<p>The average interest rate for a new U.S. <a href="https://www.cbsnews.com/news/home-loan-mortgage-interest-rate-7-percent-highest-since-2001/">30-year fixed-rate mortgage topped 7% in late October 2022</a> for the first time in more than two decades. It’s a sharp increase from one year earlier, when <a href="https://www.valuepenguin.com/mortgages/historical-mortgage-rates">lenders were charging homebuyers only 3.09%</a> for the same kind of loan. </p> <p>Several factors, including <a href="https://www.nerdwallet.com/article/mortgages/fed-mortgage-rates">inflation rates and the general economic outlook</a>, influence mortgage rates. A primary driver of the ongoing upward spiral is the <a href="https://abc7chicago.com/fed-interest-rate-decision-today-hike-federal-reserve-meeting-november/12408055/">Federal Reserve’s series of interest rate hikes</a> intended to tame inflation. Its decision to increase the benchmark rate by <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20221102a.htm">0.75 percentage points on Nov. 2, 2022</a>, to as much as 4% will propel the cost of mortgage borrowing even higher.</p> <p>Even if you have had mortgage debt for years, you might be unfamiliar with the history of these loans – a subject I cover <a href="https://scholar.google.com/citations?user=KVv47noAAAAJ&amp;hl=en&amp;oi=ao">in my mortgage financing course</a> for undergraduate business students at Mississippi State University.</p> <p>The term dates back to <a href="https://www.english-heritage.org.uk/learn/story-of-england/medieval/">medieval England</a>. But the roots of these legal contracts, in which land is pledged for a debt and will become the property of the lender if the loan is not repaid, go back thousands of years.</p> <h2>Ancient roots</h2> <p>Historians trace the <a href="https://www.kingjamesbibleonline.org/Nehemiah-5-3/">origins of mortgage contracts</a> to the reign of King Artaxerxes of Persia, who ruled modern-day Iran in the fifth century B.C. The Roman Empire formalized and documented the legal process of pledging collateral for a loan. </p> <p>Often using the <a href="https://www.biblegateway.com/passage/?search=John%202%3A13-16&amp;version=NIV">forum and temples as their base of operations</a>, mensarii, which is derived from the word mensa or “bank” in Latin, would set up loans and charge <a href="https://www.biblegateway.com/passage/?search=John%202%3A13-16&amp;version=NIV">borrowers interest</a>. These government-appointed public bankers required the borrower to put up collateral, whether real estate or personal property, and their agreement regarding the use of the collateral would be handled in one of three ways. </p> <p>First, the <a href="https://www.merriam-webster.com/dictionary/fiducia">Fiducia</a>, Latin for “trust” or “confidence,” required the transfer of both ownership and possession to lenders until the debt was repaid in full. Ironically, this arrangement involved no trust at all.</p> <p>Second, the <a href="https://www.merriam-webster.com/dictionary/pignus">Pignus</a>, Latin for “pawn,” allowed borrowers to retain ownership while <a href="https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&amp;httpsredir=1&amp;article=1684&amp;context=penn_law_review">sacrificing possession and use</a> until they repaid their debts. </p> <p>Finally, the <a href="https://legaldictionary.lawin.org/hypotheca/">Hypotheca</a>, Latin for “pledge,” let borrowers retain both ownership and possession while repaying debts. </p> <h2>The living-versus-dead pledge</h2> <p><a href="https://www.britannica.com/biography/Claudius-Roman-emperor">Emperor Claudius</a> brought Roman law and customs to Britain in A.D. 43. Over the next <a href="https://www.english-heritage.org.uk/learn/story-of-england/romans/">four centuries of Roman rule</a> and the <a href="https://www.english-heritage.org.uk/learn/story-of-england/early-medieval/">subsequent 600 years known as the Dark Ages</a>, the British adopted another Latin term for a pledge of security or collateral for loans: <a href="https://worldofdictionary.com/dict/latin-english/meaning/vadium">Vadium</a>.</p> <p>If given as collateral for a loan, real estate could be offered as “<a href="https://www.merriam-webster.com/dictionary/vadium%20vivum">Vivum Vadium</a>.” The literal translation of this term is “living pledge.” Land would be temporarily pledged to the lender who used it to generate income to pay off the debt. Once the lender had collected enough income to cover the debt and some interest, the land would revert back to the borrower.</p> <p>With the alternative, the “<a href="https://www.merriam-webster.com/dictionary/mortuum%20vadium">Mortuum Vadium</a>” or “dead pledge,” land was pledged to the lender until the borrower could fully repay the debt. It was, essentially, an interest-only loan with full principal payment from the borrower required at a future date. When the lender demanded repayment, the borrower had to pay off the loan or lose the land. </p> <p>Lenders would keep proceeds from the land, be it income from farming, selling timber or renting the property for housing. In effect, the land was <a href="https://www.jstor.org/stable/pdf/1321129.pdf">dead to the debtor</a> during the term of the loan because it provided no benefit to the borrower. </p> <p>Following <a href="https://www.royal.uk/william-the-conqueror">William the Conqueror’s victory</a> at the Battle of Hastings in 1066, the English language was heavily influenced by <a href="https://blocs.mesvilaweb.cat/subirats/the-norman-conquest-the-influence-of-french-on-the-english-language-loans-and-calques/">Norman French</a> – William’s language.</p> <p>That is how the Latin term “Mortuum Vadium” morphed into “Mort Gage,” Norman French for “dead” and “pledge.” “<a href="https://www.etymonline.com/word/mortgage">Mortgage</a>,” a <a href="https://ia600201.us.archive.org/1/items/cu31924021674399/cu31924021674399.pdf">mashup of the two words</a>, then entered the English vocabulary.</p> <h2>Establishing rights of borrowers</h2> <p>Unlike today’s mortgages, which are usually due within 15 or 30 years, English loans in the 11th-16th centuries were unpredictable. <a href="https://www.jstor.org/stable/pdf/1323192.pdf">Lenders could demand repayment</a> at any time. If borrowers couldn’t comply, lenders could seek a court order, and the land would be forfeited by the borrower to the lender. </p> <p>Unhappy borrowers could <a href="https://www.law.cornell.edu/wex/chancery">petition the king</a> regarding their predicament. He could refer the case to the lord chancellor, who could <a href="https://www.britannica.com/topic/Chancery-Division">rule as he saw fit</a>. </p> <p><a href="https://www.britannica.com/biography/Francis-Bacon-Viscount-Saint-Alban">Sir Francis Bacon</a>, England’s lord chancellor from 1618 to 1621, <a href="https://www.jstor.org/stable/752041">established</a> the <a href="https://www.law.cornell.edu/wex/equity_of_redemption">Equitable Right of Redemption</a>.</p> <p>This new right allowed borrowers to pay off debts, even after default.</p> <p>The official end of the period to redeem the property was called <a href="https://www.law.cornell.edu/wex/foreclosure">foreclosure</a>, which is derived from an Old French word that means “<a href="https://www.etymonline.com/word/foreclose">to shut out</a>.” Today, foreclosure is a legal process in which lenders to take possession of property used as collateral for a loan. </p> <h2>Early US housing history</h2> <p>The <a href="https://www.loc.gov/classroom-materials/united-states-history-primary-source-timeline/colonial-settlement-1600-1763/overview/">English colonization</a> of what’s now <a href="https://themayflowersociety.org/history/the-mayflower-compact/">the United States</a> didn’t immediately transplant mortgages across the pond. </p> <p>But eventually, U.S. financial institutions were offering mortgages.</p> <p><a href="https://www.huduser.gov/publications/pdf/us_evolution.pdf">Before 1930, they were small</a> – generally amounting to at most half of a home’s market value.</p> <p>These loans were generally short-term, maturing in under 10 years, with payments due only twice a year. Borrowers either paid nothing toward the principal at all or made a few such payments before maturity.</p> <p>Borrowers would have to refinance loans if they couldn’t pay them off.</p> <h2>Rescuing the housing market</h2> <p>Once America fell into the <a href="https://www.history.com/topics/great-depression">Great Depression</a>, the <a href="https://www.stlouisfed.org/news-releases/2008/05/02/does-the-great-depression-hold-the-answers-for-the-current-mortgage-distress">banking system collapsed</a>. </p> <p>With most homeowners unable to pay off or refinance their mortgages, the <a href="https://www.federalreservehistory.org/essays/great-depression">housing market crumbled</a>. The number of <a href="https://www.encyclopedia.com/education/news-and-education-magazines/housing-1929-1941">foreclosures grew to over 1,000 per day by 1933</a>, and housing prices fell precipitously. </p> <p>The <a href="https://www.fhfaoig.gov/Content/Files/History%20of%20the%20Government%20Sponsored%20Enterprises.pdf">federal government responded by establishing</a> new agencies to stabilize the housing market.</p> <p>They included the <a href="https://www.hud.gov/program_offices/housing/fhahistory">Federal Housing Administration</a>. It provides <a href="https://www.consumerfinance.gov/ask-cfpb/what-is-mortgage-insurance-and-how-does-it-work-en-1953/">mortgage insurance</a> – borrowers pay a small fee to protect lenders in the case of default. </p> <p>Another new agency, the <a href="https://sf.freddiemac.com/articles/insights/why-americas-homebuyers-communities-rely-on-the-30-year-fixed-rate-mortgage">Home Owners’ Loan Corp.</a>, established in 1933, bought defaulted short-term, semiannual, interest-only mortgages and transformed them into new long-term loans lasting 15 years.</p> <p>Payments were monthly and self-amortizing – covering both principal and interest. They were also fixed-rate, remaining steady for the life of the mortgage. Initially they skewed more heavily toward interest and later defrayed more principal. The corporation made new loans for three years, tending to them until it <a href="https://content.time.com/time/subscriber/article/0,33009,858135,00.html">closed in 1951</a>. It pioneered long-term mortgages in the U.S.</p> <p>In 1938 Congress established the Federal National Mortgage Association, better known as <a href="https://www.fanniemae.com/about-us/who-we-are/history">Fannie Mae</a>. This <a href="https://www.financial-dictionary.info/terms/government-sponsored-enterprise/">government-sponsored enterprise</a> made fixed-rate long-term mortgage loans viable <a href="https://www.investopedia.com/terms/s/securitization.asp">through a process called securitization</a> – selling debt to investors and using the proceeds to purchase these long-term mortgage loans from banks. This process reduced risks for banks and encouraged long-term mortgage lending.</p> <h2>Fixed- versus adjustable-rate mortgages</h2> <p>After World War II, Congress authorized the Federal Housing Administration to insure <a href="https://www.govinfo.gov/content/pkg/CPRT-108HPRT92629/html/CPRT-108HPRT92629.htm">30-year loans on new construction</a> and, a few years later, purchases of existing homes. But then, the <a href="https://files.stlouisfed.org/files/htdocs/publications/review/69/09/Historical_Sep1969.pdf">credit crunch of 1966</a> and the years of high inflation that followed made adjustable-rate mortgages more popular.</p> <p>Known as ARMs, these mortgages have stable rates for only a few years. Typically, the initial rate is significantly lower than it would be for 15- or 30-year fixed-rate mortgages. Once that initial period ends, <a href="https://www.investopedia.com/terms/a/arm.asp">interest rates on ARMs</a> get adjusted up or down annually – along with monthly payments to lenders. </p> <p>Unlike the rest of the world, where ARMs prevail, Americans still prefer the <a href="https://sf.freddiemac.com/articles/insights/why-americas-homebuyers-communities-rely-on-the-30-year-fixed-rate-mortgage">30-year fixed-rate mortgage</a>.</p> <p>About <a href="https://data.census.gov/cedsci/table?q=DP04&amp;t=Housing">61% of American homeowners</a> have mortgages today – with <a href="https://doi.org/10.1080/15214842.2020.1757357">fixed rates the dominant type</a>.</p> <p>But as interest rates rise, demand for <a href="https://www.corelogic.com/intelligence/interest-rates-are-up-but-arm-backed-home-purchases-are-way-up/">ARMs is growing</a> again. If the Federal Reserve fails to slow inflation and interest rates continue to climb, unfortunately for some ARM borrowers, the term “dead pledge” may live up to its name.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/a-brief-history-of-the-mortgage-from-its-roots-in-ancient-rome-to-the-english-dead-pledge-and-its-rebirth-in-america-193005" target="_blank" rel="noopener">The Conversation</a>. </em></p>

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Graffiti grandma banned by council

<p dir="ltr">A fed up grandma who helped motorists avoid huge potholes has been banned by the local council.</p> <p dir="ltr">Jenny Hartich from the NSW Central Coast has taken it upon herself to spray paint warning signs or colourful animals around and near potholes.</p> <p dir="ltr">The 76-year-old said she was sick of waiting for the council to fix the roads and knew she had to take matters in her own hands.</p> <p dir="ltr">“No, I've been fixing it, doing it and getting it done, getting them filled,” she told <em>A Current Affair.</em></p> <p dir="ltr">“The community have donated money and donated spray cans just to keep me going to keep everyone safe. They know they're coming up to a pothole.”</p> <p dir="ltr">But despite her helpful work, Jenny said she has been banned from warning motorists for her own safety and requested she take photos of the potholes and send it to them.</p> <p dir="ltr">“They didn't want to see me splattered on the road.”</p> <p dir="ltr">Severe rain has caused many potholes to open up on NSW roads with drivers becoming frustrated waiting for compensation from the government.</p> <p dir="ltr">Transport for NSW (TFNSW) said more than 1,000 claims for damage have been made between March and June this year.</p> <p dir="ltr">Only 82 of the claims have been processed due to a delay in investigations.</p> <p dir="ltr">"When a claim is received, an investigation into the condition of the road is carried out," a TFNSW spokesperson said.</p> <p dir="ltr">"Factors such as the incident location and date as well as inspection and maintenance records are taken into consideration to determine whether there is potential liability and the claim may be accepted."</p> <p dir="ltr"><em>Images: A Current Affair</em></p>

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Seven times people discovered the Americas – and how they got there

<p>When Columbus landed in 1492, the Americas had been settled for tens of thousands of years. He wasn’t the first person to discover the continent. Instead, his discovery was the last of many discoveries. </p> <p>In all, people found the Americas at least seven different times. For at least six of those, it wasn’t so new after all. The discoverers came by sea and by land, bringing new genes, new languages, new technologies. Some stayed, explored, and built empires. Others went home, and left few hints they’d ever been there.</p> <p>From last to first, here’s the story of how we discovered the Americas.</p> <p><strong>7. Christopher Columbus: AD 1492</strong></p> <p>In 1492, Europeans could reach Asia by the <a href="https://education.nationalgeographic.org/resource/silk-road">Silk Road</a>, or by sailing the Cape Route around the southern tip of Africa. Sailing west from Europe was thought to be impossible. </p> <p>The ancient Greeks had accurately calculated that the circumference of the Earth was <a href="https://www.nature.com/articles/152473a0">40,000 km</a>, which put Asia far to the west. But Columbus botched his calculations. An error in unit conversion gave him a circumference of just 30,000 km.</p> <p>This mistake, with other assumptions born of wishful thinking, gave a distance of just <a href="https://www.tandfonline.com/doi/abs/10.1080/0025570X.1992.11996024">4,500 km</a> from Europe to Japan. The actual distance is almost 20,000 kilometres.</p> <p>So Columbus’s ships set sail without enough supplies to reach Asia. Fortunately for him, he hit the Americas. Columbus, thinking he’d found the East Indies, called its people “Indios”, or Indians. He ultimately died without realising his mistake. It was the navigator Amerigo Vespucci who realised Columbus had <a href="https://www.livescience.com/42510-amerigo-vespucci.html">found an unknown land</a> and in 1507 the name America was applied in Vespucci’s honour.</p> <p><strong>6. Polynesians: AD 1,200</strong></p> <p>Around 2,500 BC, a seafaring people <a href="https://www.nature.com/articles/s41586-021-03902-8">sailed from Taiwan</a> to find new lands. They sailed south through the Philippines, east through Melanesia, then out into the vast South Pacific. These people, the <a href="https://www.britannica.com/place/Polynesia">Polynesians</a>, were master navigators, reading wind, waves and stars to cross thousands of kilometres of open ocean. </p> <p>Using huge double canoes, the Polynesians <a href="https://www.worldhistory.org/article/1586/polynesian-navigation--settlement-of-the-pacific/">settled</a> Samoa, Fiji, Tonga, and the Cook Islands. Some went <a href="https://www.pnas.org/doi/full/10.1073/pnas.1408491111">south to New Zealand</a>, becoming <a href="https://link.springer.com/article/10.1007/s10963-017-9110-y">the Maori</a>. Others went east to Tahiti, Hawaii, Easter Island, and the Marquesas. From here, they at last hit South America. Then, having explored most of the Pacific, they gave up exploration and forgot South America entirely.</p> <p>But evidence of this remarkable voyage remained. The South Americans acquired <a href="https://www.pnas.org/doi/abs/10.1073/pnas.0703993104">chickens from Polynesians</a>, while the Polynesians may have picked up <a href="https://www.sciencedirect.com/science/article/pii/S0305440307000805">South American sweet potatoes</a>. And they shared more than food. Eastern Polynesians have <a href="https://www.nature.com/articles/s41586-020-2487-2?from=article_link">Native American DNA</a>. Polynesians didn’t just meet Native Americans, they married them.</p> <p> </p> <p><strong>5. Norse: AD 1,021</strong></p> <p>According to Viking sagas, around AD 980, <a href="https://www.britannica.com/biography/Erik-the-Red">Eric the Red</a>, fierce Viking and cunning salesman, named a vast, icy wasteland “Greenland” to <a href="https://www.nationalgeographic.com/science/article/iceland-greenland-name-swap">entice people to move there</a>. Then, in AD 986, a boat from Greenland <a href="https://www.thecanadianencyclopedia.ca/en/article/icelanders">spotted the coast of Canada</a>.</p> <p>Around <a href="https://www.nature.com/articles/s41586-021-03972-8">AD 1,021</a>, Erik’s son Leif established a settlement in Newfoundland. The Vikings struggled with the harsh climate, before war with Native Americans ultimately forced them back to Greenland. These stories were long dismissed as myths, until 1960, when archaeologists dug up the remains of <a href="https://www.newfoundlandlabrador.com/top-destinations/lanse-aux-meadows">Viking settlements in Newfoundland</a>.</p> <p> </p> <p><strong>4. Inuit: AD 900</strong></p> <p>Just before the Vikings, the Inuit people travelled <a href="https://www.nature.com/articles/s41586-019-1251-y">from Siberia to Alaska</a> in skin boats. Hunting whales and seals, living in sod huts and igloos, they were well adapted to the cold Arctic Ocean, and skirted its shores all the way to Greenland. </p> <p>Curiously, their DNA is <a href="https://www.nature.com/articles/s41586-019-1251-y">closest to native Alaskans</a>, implying their ancestors colonised Asia from Alaska, then went back to discover the Americas again. </p> <p> </p> <p><strong>3. Eskimo-Aleut: 2,000-2,500 BC</strong></p> <p>The Inuit descend from an earlier migration: that of speakers of the <a href="https://www.britannica.com/topic/Eskimo-Aleut-languages">Eskimo-Aleut languages</a>. These are distinct from other Native American languages, and might even be distantly related to Uralic languages such as <a href="https://compass.onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1749-818X.2010.00239.x">Finnish and Hungarian</a>. </p> <p>This, with DNA evidence, suggests the Eskimo-Aleut was a distinct migration. They came across the <a href="https://www.britannica.com/place/Bering-Sea">Bering Sea</a> from present-day Russia to Alaska, perhaps <a href="https://anthrosource.onlinelibrary.wiley.com/doi/abs/10.1525/aa.1987.89.1.02a00020">4,000-4,500</a> years ago, partly displacing and mixing with earlier migrants: the Na-Dene people. </p> <p> </p> <p><strong>2. Na-Dene: 3,000-8,000 BC</strong></p> <p>Another group, the Na-Dene, crossed the Bering Sea to Alaska around <a href="https://www.nature.com/articles/s41586-019-1251-y">5,000 years ago</a>, although other studies suggest they settled the Americas as long as <a href="https://anthrosource.onlinelibrary.wiley.com/doi/abs/10.1525/aa.1987.89.1.02a00020">10,000 years ago</a>. </p> <p><a href="https://www.nature.com/articles/s41586-019-1251-y">DNA from their bones</a> links them not to modern people in the Eskimo-Aleut group, but to Native Americans speaking the Na-Dene language family, such as the <a href="https://www.navajo-nsn.gov/">Navajo</a>, <a href="https://denenation.com/">Dene</a>, <a href="https://www.amnh.org/exhibitions/permanent/northwest-coast/tlingit">Tlingit</a>, and Apache people. Na-Dene languages are closest to languages <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC25007/">spoken in Siberia</a>, suggesting again that they represent a distinct migration.</p> <p> </p> <p><strong>1. First Americans: 16,000-35,000 years ago</strong></p> <p>Almost all Native American tribes – Sioux, Comanche, Iroquois, Cherokee, Aztec, Maya, Quechua, Yanomani, and dozens of others – speak <a href="https://www.britannica.com/topic/American-Indian-languages">similar languages</a>. That suggests their languages evolved from a common ancestor tongue, spoken by a single tribe entering the Americas long ago. Their descendants’ low genetic diversity suggests this founding tribe was small, maybe <a href="https://journals.plos.org/plosbiology/article?id=10.1371/journal.pbio.0030193">less than 80 people</a>. </p> <p>How did they get there? Before the last ice age ended 11,700 years ago, so much water was <a href="https://www.jstor.org/stable/3083538">locked up in glaciers</a> that sea levels fell. The bottom of the Bering Sea dried out, creating the <a href="https://www.pnas.org/doi/10.1073/pnas.1705966114">Bering Land Bridge</a>. America’s first people just walked from Russia to Alaska. But the timing of their migration is controversial.</p> <p>Archaeologists once thought the <a href="https://www.britannica.com/topic/Clovis-complex">Clovis people</a>, living <a href="https://www.pnas.org/doi/epdf/10.1073/pnas.0704215104">13,000 years ago</a>, were the <a href="https://www.smithsonianmag.com/history/the-clovis-point-and-the-discovery-of-americas-first-culture-3825828/">first settlers of America</a>. But evidence <a href="https://www.nature.com/articles/d41586-020-02137-3">now suggests</a> humans arrived in the Americas much earlier. </p> <p>Finds in <a href="https://www.science.org/doi/pdf/10.1126/science.1207663?casa_token=i79Z6iFCPuwAAAAA:onB6l4Ih9BSvJY9a6rTuKDjv9pD1_EEaPJlwmjsk1qVgjDcqotjX2jlmzXMg-Kh1fqxMMXLhUeMvIw">Washington</a>, <a href="https://www.science.org/doi/10.1126/sciadv.aba6404">Oregon</a>, <a href="https://www.science.org/doi/10.1126/science.1201855">Texas</a>, the <a href="https://scholarcommons.sc.edu/cgi/viewcontent.cgi?article=1026&amp;context=sciaa_staffpub">east coast of the US</a>, and <a href="https://www.science.org/doi/pdf/10.1126/sciadv.1600375">Florida</a> suggest people reached the Americas long before the Clovis people.</p> <p><a href="https://www.science.org/doi/10.1126/science.abg7586">Footprints in New Mexico</a> date to 23,000 years ago. <a href="https://www.nature.com/articles/s41586-020-2509-0">Stone tools</a> in a Mexican cave may date to 32,000 years ago. A <a href="https://www.frontiersin.org/articles/10.3389/fevo.2022.903795/full">butchered mammoth</a> from Colorado dates to 31,000-38,000 years ago. And traces of fire put <a href="https://www.sciencedirect.com/science/article/pii/S0277379118307716">humans in Alaska</a> 32,000 years ago. </p> <p>Some of these dates could be incorrect, but with each new discovery it seems increasingly unlikely that they’re all wrong.</p> <p>An early migration would neatly solve a major mystery. 13,000 years ago, a vast glacier, the <a href="https://www.pnas.org/doi/full/10.1073/pnas.1601077113">Laurentide Ice Sheet</a>, buried Canada in ice up to three kilometres thick. If people arrived in North America then, how did they cross the ice? Southeast Alaska’s rugged coast, full of glaciers and fjords, was likely impassible, and early Americans probably lacked boats. But 30,000 years ago, the ice sheet hadn’t fully formed. </p> <p>Before the ice spread, people could have hunted mammoths and horses east from Alaska into the Northwest Territories, then south through Alberta and Saskatchewan into Montana. Remarkably, humans may have settled the Americas <a href="https://www.nature.com/articles/s41598-021-94408-w">before western Europe</a>. Yet that might make sense. Alaska’s Arctic is harsh, but Europe had <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/j.1365-2699.2011.02536.x">potentially hostile Neanderthals</a>.</p> <h2>The end of discovery</h2> <p>1492 was the last discovery of the Americas. Following the voyages of Columbus, Magellan, and Cook, the scattered descendants of humanity’s diaspora were finally reunited. Aside from a few <a href="https://www.bbc.com/future/article/20140804-sad-truth-of-uncontacted-tribes">uncontacted tribes</a>, everywhere was known to everyone. Discovery was impossible.</p> <p>But the story of the Americas’ settlement is still being written, and our understanding is evolving. The Eskimo-Aleut may have been <a href="https://anthrosource.onlinelibrary.wiley.com/doi/abs/10.1525/aa.1987.89.1.02a00020">two different migrations</a>, not one. Genes <a href="https://www.nature.com/articles/nature14895">hint at the possibility</a> of other, early founding populations. And given how little evidence the Polynesians and Norse left of their visits, it’s conceivable there were other migrations, ones of which we have little evidence. </p> <p>There’s so much we don’t know. No one can discover the Americas anymore, but there’s a lot left to discover about their discovery.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/seven-times-people-discovered-the-americas-and-how-they-got-there-188908" target="_blank" rel="noopener">The Conversation</a>.</em></p>

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Nobel economics prize: insights into financial contagion changed how central banks react during a crisis

<p><em>This year’s <a href="https://www.nobelprize.org/prizes/economic-sciences/2022/prize-announcement/" target="_blank" rel="noopener">Nobel prize in economics</a>, known as the Sveriges Riksbank Prize in Economic Sciences, has gone to Douglas Diamond, Philip Dybvig and former Federal Reserve Chair Ben Bernanke for their work on banks and how they relate to financial crises.</em></p> <p><em>To explain the work and why it matters, we talked to Elena Carletti, a Professor of Finance at Bocconi University in Milan.</em></p> <p><strong>Why have Diamond, Bernanke and Dybvig been awarded the prize?</strong></p> <p>The works by <a href="https://www.nobelprize.org/uploads/2022/10/popular-economicsciencesprize2022.pdf" target="_blank" rel="noopener">Diamond and Dybvig</a> essentially explained why banks exist and the role they play in the economy by channelling savings from individuals into productive investments. Essentially, banks play two roles. On the one hand, they monitor borrowers within the economy. On the other, they provide liquidity to individuals, who don’t know what they will need to buy in future, and this can make them averse to depositing money in case it’s not available when they need it. Banks smooth out this aversion by providing us with the assurance that we will be able to take out our money when it’s required.</p> <p>The problem is that by providing this assurance, banks are also vulnerable to crises even at times when their finances are healthy. This occurs when individual depositors worry that many other depositors are removing their money from the bank. This then gives them an incentive to remove money themselves, which can lead to a panic that causes a bank run.</p> <p>Ben Bernanke fed into this by looking at bank behaviour during the great depression of the 1930s, and showed that bank runs during the depression was the decisive factor in making the crisis longer and deeper than it otherwise would have been.</p> <p><strong>The observations behind the Nobel win seem fairly straightforward compared to previous years. Why are they so important?</strong></p> <p>It’s the idea that banks that are otherwise financially sound can nevertheless be vulnerable because of panicking depositors. Or, in cases such as during the global financial crisis of 2007-09, it can be a combination of the two, where there is a problem with a bank’s fundamentals but it is exacerbated by panic.</p> <p>Having recognised the intrinsic vulnerability of healthy banks, it was then possible to start thinking about policies to alleviate that risk, such as depositor insurance and reassuring everyone that the central bank will step in as the lender of last resort.</p> <p>In a bank run caused by liquidity (panic) rather than insolvency, an announcement from the government or central bank is likely to be enough to solve the problem on its own – often without the need for any deposit insurance even being paid out. On the other hand, in a banking crisis caused by insolvency, that’s when you need to pump in money to rescue the institution.</p> <p><strong>What was the consensus about bank runs before Diamond and Dybvig began publishing their work?</strong></p> <p>There had been a lot of bank runs in the past and it was understood that financial crises were linked to them – particularly before the US Federal Reserve was founded in 1913. It was understood that bank runs made financial crises longer by exacerbating them. But the mechanism causing the bank runs wasn’t well understood.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=405&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=405&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=405&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=509&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=509&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=509&amp;fit=crop&amp;dpr=3 2262w" alt="Police controlling an angry crowd during a Paris bank in 1904" /></a><figcaption><span class="caption">A bank run in Paris in 1904.</span> <span class="attribution"><a class="source" href="https://www.shutterstock.com/image-illustration/paris-police-hold-back-crowd-making-242294071" target="_blank" rel="noopener">Everett Collection</a></span></figcaption></figure> <p><strong>How easy is it to tell what kind of bank run you are dealing with?</strong></p> <p>It’s not always easy. For example, in 2008 in Ireland it was thought to be a classic example of bank runs caused by liquidity fears. The state stepped up to give a blanket guarantee to creditors, but it then became apparent that the banks were really insolvent and the government had to inject enormous amounts of money into them, which led to a sovereign debt crisis.</p> <p>Speaking of sovereign debt crises, the work by Diamond and Dybvig also underpins the literature on financial contagion, which is based on a <a href="https://www.jstor.org/stable/10.1086/262109" target="_blank" rel="noopener">2000 paper</a> by Franklin Allen and Douglas Gale. I worked with Allen and Gale for many years, and all our papers have been based on the work of Diamond, and Diamond and Dybvig.</p> <p>In a similar way to how state reassurances can defuse a bank run caused by liquidity problems, we saw how the then European Central Bank President Mario Draghi was able to defuse the run on government bonds in the eurozone crisis in 2011 by saying that the bank would do “<a href="https://qz.com/1038954/whatever-it-takes-five-years-ago-today-mario-draghi-saved-the-euro-with-a-momentous-speech/" target="_blank" rel="noopener">whatever it takes</a>” to preserve the euro.</p> <figure><iframe src="https://www.youtube.com/embed/tB2CM2ngpQg?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <p><strong>The prize announcement has attracted plenty of people on social media saying we shouldn’t be celebrating Bernanke when he was so involved in the quantitative easing (QE) that has helped to cause today’s global financial problems – what’s your view?</strong></p> <p>I would say that without QE our problems would today be much worse, but also that the prize recognises his achievements as an academic and not as chair of the Fed. Also, Bernanke was only one of the numerous central bankers who resorted to QE after 2008.</p> <p>And it is not only the central bank actions that make banks stable. It’s also worth pointing out that the changes to the rules around the amount of capital that banks have to hold after 2008 have made the financial system much better protected against bank runs than it was beforehand.</p> <p><strong>Should such rules have been introduced when the academics first explained the risks around bank runs and contagion?</strong></p> <p>The literature had certainly hinted at these risks, but regulation-wise, we had to wait until after the global financial crisis to see <a href="https://www.ecb.europa.eu/pub/pdf/fsr/art/ecb.fsrart201405_03.en.pdf" target="_blank" rel="noopener">reforms such as</a> macro-prudential regulation and more stringent micro-prudential regulation. This shows that regulators were underestimating the risk of financial crises, perhaps also pushed by the banking lobbies that had been traditionally very powerful and managed to convince regulators that risks were well managed.</p> <p><strong>If retail banks become less important in future because of blockchain technology or central bank digital currencies, do you think the threat of financial panic will reduce?</strong></p> <p>If we are heading for a situation where depositors put their money into central banks rather than retail banks, that would diminish the role of retail banking, but I think we are far from that. Central bank digital currencies can be designed in such a way that retail banks are still necessary. But either way, the insights from Diamond and Dybvig about liquidity panics are still relevant because they apply to any context where coordination failures among investors are important, such as sovereign debt crises, currency attacks and so on.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/192208/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><span id="docs-internal-guid-b64a001e-7fff-6de9-427e-bf63c137d340">Written by Elena Carletti. Republished with permission of <a href="https://theconversation.com/nobel-economics-prize-insights-into-financial-contagion-changed-how-central-banks-react-during-a-crisis-192208" target="_blank" rel="noopener">The Conversation</a>. </span></em></p> <p><em>Image: The Nobel Foundation</em></p>

Money & Banking

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Outrage after husky pup shot and killed by hunter

<p>WARNING: DISTURBING CONTENT</p> <p>A wave of anti-hunting outrage has been sparked online after a hunter in Montana, US, took to social media to pose alongside the carcass of a Siberian husky that she had shot and skinned .</p> <p>The woman in question, Amber Rose, claims that she mistook the dog for a wolf pup. She shared the graphic images on Facebook of her clutching a rifle and grinning while holding up the animal’s body.</p> <p>“So this morning I set out for a solo predator hunt for a fall black bear however I got the opportunity to take another predator wolf pup 2022 was a great feeling to text my man and say I just smoked a wolf pup. #firstwolf #onelesspredatorMT,” Rose wrote.</p> <p>“Amber Rose here hunted, shot, AND SKINNED a HUSKY.. not a wolf, an obvious #HUSKY,” one furious Twitter user pointed out.</p> <p>“Also the fact that she is calling it a ‘pup’ concerns me that she thinks it’s OK to hunt young animals which, as you know, is not good for an area’s ecosystem #revokeherlicense,” the animal lover added.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en"><a href="https://twitter.com/MontanaFWP?ref_src=twsrc%5Etfw">@MontanaFWP</a> Amber Rose here hunted, shot, AND SKINNED a HUSKY.. not a wolf, an obvious <a href="https://twitter.com/hashtag/HUSKY?src=hash&amp;ref_src=twsrc%5Etfw">#HUSKY</a>. Also the fact that she is calling it a “pup” concerns me that she thinks it’s ok to hunt young animals which, as you know, is not good for an areas eco system <a href="https://twitter.com/hashtag/revokeherlicense?src=hash&amp;ref_src=twsrc%5Etfw">#revokeherlicense</a> <a href="https://t.co/hPNLzBzbJq">pic.twitter.com/hPNLzBzbJq</a></p> <p>— Tracy 🖤🏳️‍🌈 (@impurrfectwitch) <a href="https://twitter.com/impurrfectwitch/status/1574336321853825025?ref_src=twsrc%5Etfw">September 26, 2022</a></p></blockquote> <p>Another user seethed that “this woman is bragging about trapping, killing, and skinning a dog while claiming it’s a wolf pup. This is very clearly a Siberian Husky … I hope that @MontanaFWP looks into this.”</p> <p>The Flathead County Sheriff’s Office released a statement saying it had been contacted by someone who reported picking up “several husky and shepherd mix dogs” in the area of Doris Creek in the Flathead National Forest.</p> <p>The department said it was advised that one of the dogs “may have been shot”.</p> <p>“The parties were able to pick up 11 dogs which were turned over to Animal Control and taken to the animal shelter,” a statement read. “During this investigation, we were advised through Montana Fish Wildlife and Parks that one of the dogs may have been shot.”</p> <p>The Sheriff’s Office, Animal Control and Fish and Game agencies say that they have launched investigations into the shooting.</p> <p>Amber Rose reacted to the condemnation by admitting her mistake — but insisted that she shot the animal in self-defence.</p> <p>“Yes I made a mistake because I did think it was a hybrid wolf pup,” she wrote, adding that she was unaware of several dogs “being dropped 11 miles into the wilderness”.</p> <p>The woman pushed back against her critics by saying that she is “human” and made a mistake.</p>

Travel Trouble

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Hero dad coward-punched while trying to rescue car crash victim

<p dir="ltr">A 63-year-old father is fighting for his life after being coward-punched in the head while helping a teen in a car accident. </p> <p dir="ltr">Rob Seddon rushed to help a 17-year-old who crashed his Toyota Corolla into a caravan outside his home on Skyhawk Ave in Hamlyn Terrace on the Central Coast around 10pm on Saturday. </p> <p dir="ltr">Along with other neighbours, Mr Seddon assisted the teen before they were ambushed by a group of males who attacked them. </p> <p dir="ltr">Mr Seddon was allegedly hit from the back on the head which caused him to fall backwards, hit his head and lose consciousness. </p> <p dir="ltr">He was flown to John Hunter Hospital in a critical condition where he underwent brain surgery and remains in intensive care in a coma.</p> <p dir="ltr">Mr Seddon’s 21-year-old son was also allegedly attacked and suffered a broken nose.</p> <p dir="ltr">“I could hear the sheer horrible noises from this guy that was being hurt, I had tears in my eyes, I knew it was bad,” neighbour Diane Gardner told Nine News.</p> <p dir="ltr">“It was absolutely horrible. You could hear his pain and he wanted help.”</p> <p dir="ltr">Police are asking anyone with information about the alleged attackers to come forward. </p> <p dir="ltr">The 17-year-old driver who crashed into Mr Seddon’s caravan was breathalysed at the scene and returned a positive blood-alcohol reading.</p> <p dir="ltr">He was then charged with negligent driving and drink-driving on P-plates.</p> <p dir="ltr"><em>Images: Nine News</em></p>

Caring

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Novak Djokovic refused entry to America ahead of the US Open

<p>Novak Djokovic has confirmed he won't be competing in the US Open after he has been refused entry to America over his vaccination status. </p> <p>The Serbian tennis champ announced the news on Twitter, and wished his fellow players luck in the competition.</p> <p>"Sadly, I will not be able to travel to NY this time for US Open,' Djokovic tweeted Thursday ahead of the US Open draw.</p> <p>"Thank you #NoleFam for your messages of love and support. Good luck to my fellow players! I'll keep in good shape and positive spirit and wait for an opportunity to compete again. See you soon tennis world!"</p> <p>The three-time US Open winner had hoped to enter the tournament, provided the US government changed its policy for unvaccinated visitors.</p> <p>The US Tennis Association previously said it would adhere to such a change by allowing Djokovic to play if he were permitted in the US. </p> <p>After beating Nick Kyrgios in the Wimbledon final on July 10, Djokovic said he "would love" to participate in the last Grand Slam tournament of the year at Flushing Meadows, but he also acknowledged, "I'm not planning to get vaccinated."</p> <p>Djokovic had been updating his followers on social media as he attempted to gain entry to the US, but his hopes were dashed ahead of the draw.</p> <p>Officials did stress that he will be welcome to play at the US Open in 2023. </p> <p>"Novak is a great champion and it is very unfortunate that he will be unable to compete at the 2022 US Open, as he is unable to enter the country due to the federal government's vaccination policy for non-US citizens," tournament director Stacey Allaster said in a statement. </p> <p>"We look forward to welcoming Novak back at the 2023 US Open."</p> <p><em>Image credits: Getty Images</em></p>

Travel Trouble

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Bluey was edited for American viewers – but global audiences deserve to see all of us

<p>Beloved children’s program Bluey has received some backlash.</p> <p>Not due to the program, but to Disney’s decision to make edits to various episodes for the US market.</p> <p>Dubbed “<a href="https://mouthsofmums.com.au/7-things-disney-apparently-censored-in-bluey-season-3/" target="_blank" rel="noopener">censorship</a>” by some publications, the changes to the third season, released in America on Disney+ this month, include Bandit not being hit in a sensitive area, a conversation about getting a vasectomy replaced with “getting dog teeth removed”, the horse Buttermilk no longer stands next to poo on screen and Aunt Trix is no longer seen on the toilet during a video call.</p> <p>One episode, Family Meeting, where Bluey accuses dad Bandit of farting in her face, was removed entirely – although due to the backlash it appears this decision has been <a href="https://www.news.com.au/entertainment/tv/streaming/bluey-episode-banned-on-disney-in-the-us-for-bizarre-reason/news-story/b5877d7134a6b217234398eb7892d4da" target="_blank" rel="noopener">rescinded</a>.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Parents who watch Bluey on Disney… there’s an extra episode via CBBC which Disney doesn’t allow to be on their platforms! It’s called Dad Baby!!! <a href="https://t.co/JMeCMYvtz4">pic.twitter.com/JMeCMYvtz4</a></p> <p>— Kirstie 🤍 (@kirstieandco) <a href="https://twitter.com/kirstieandco/status/1560526183741243392?ref_src=twsrc%5Etfw">August 19, 2022</a></p></blockquote> <p>Episodes in previous seasons have also been <a href="https://twitter.com/blueymoments/status/1261872704237551618" target="_blank" rel="noopener">edited</a> or <a href="https://blueypedia.fandom.com/wiki/Dad_Baby" target="_blank" rel="noopener">unavailable</a> to stream on Disney+.</p> <p>This decision by Disney comes at a time when there has been a fundamental shift, both in the way audiences consume content and how content is distributed. Through global streaming services, content previously produced for a local market now has a greater opportunity to reach a global audience.</p> <p><a href="https://www.nytimes.com/2020/04/01/arts/television/bluey-cartoon-dog-australia.html" target="_blank" rel="noopener">The New York Times</a> has said Bluey “could rival The Wiggles as Australia’s most popular children’s cultural export”.</p> <p>But can screen content truly be considered a cultural export if it is re-edited to reflect cultural aspects of the market it is being distributed in?</p> <h2>Content for global audience</h2> <p>Australian media content being changed for the US market is not a new phenomena.</p> <p>More than 40 years ago, <a href="https://www.imdb.com/title/tt0079501/alternateversions" target="_blank" rel="noopener">Mad Max</a> was dubbed with American accents for the US market.</p> <p>More recently, Australian television shows like <a href="https://www.vulture.com/2011/06/watch_the_original_australian.html" target="_blank" rel="noopener">Wilfred</a> (2011), <a href="https://www.abc.net.au/news/2021-12-30/american-version-kath-and-kim-tv-remakes/100689218" target="_blank" rel="noopener">Kath &amp; Kim</a> (2009) and <a href="https://www.pastemagazine.com/tv/the-slap/the-slap-australia-explained/" target="_blank" rel="noopener">The Slap</a> (2015) have been reproduced for a US market.</p> <p>Since these Americanised series premiered, there has been a shift in the commissioning of media. Content distributors no longer solely rely on local broadcasters: they now are able to go direct to a global audience through streaming services.</p> <p>Since the start of 2022, Netflix has commissioned content <a href="https://www.ampereanalysis.com/press/release/dl/netflix-looks-to-international-commissions-for-growth" target="_blank" rel="noopener">from 44 territories</a>, Warner Bros commissioned work across 27 territories for HBO Max and Discovery+, Disney 23 and Amazon 21.</p> <p>These streaming platforms aren’t looking for local hits: they’re looking for global hits, from anywhere. It’s not just about making the next Stranger Things, it’s <a href="https://www.screendaily.com/news/netflix-commissions-originals-from-a-record-28-international-markets/5173422.article" target="_blank" rel="noopener">about making</a> the next Money Heist – the Netflix hit from Spain – or the next South Korean juggernaut Squid Game.</p> <h2>A question of quotas</h2> <p>In 2021, the federal government removed the quota requiring local children’s programming on Australian commercial television. This has resulted in a significant <a href="https://tvtonight.com.au/2022/08/2021-content-quotas-soaps-deliver-but-kids-tv-in-freefall.html" target="_blank" rel="noopener">decline</a> in the broadcast of children’s content.</p> <p>We have seen <a href="https://www.acma.gov.au/spending-subscription-video-demand-providers-2020-21" target="_blank" rel="noopener">increased investment</a> of Australian content by streaming services. Together, Amazon Prime, Disney, Netflix and Stan spent A$178.9 million in the 2020–21 financial year, including children’s television. This is up more than $25 million in the <a href="https://www.acma.gov.au/spending-subscription-video-demand-providers-2019-20" target="_blank" rel="noopener">previous year</a>.</p> <p>Earlier this year, <a href="https://about.netflix.com/en/news/netflix-has-a-new-development-funding-initiative-with-the-australian" target="_blank" rel="noopener">Netflix launched</a> a partnership with the Australian Children’s Television Foundation to fund the development of original Australian children’s series. Disney has <a href="https://mumbrella.com.au/disney-releases-first-wave-of-local-content-commissions-with-9-australian-originals-737567" target="_blank" rel="noopener">also announced</a> its planned investment in local Australian children’s content.</p> <p>This increase by streaming service is yet to fill the shortfall by commercial television.</p> <h2>But is it Australian?</h2> <p>In June, the <a href="https://makeitaustralian.com/" target="_blank" rel="noopener">Make It Australian</a> campaign was launched at the Sydney Film Festival. The campaign calls for Australian stories to be “told on Australian screens by us, to us, about us”.</p> <p>At the campaign launch, arts minister Tony Burke said international and commercial success for Australian films is “wonderful, but that is a bonus.”</p> <p>The “first objective” for Australian films, he said:</p> <blockquote> <p>is to make sure our stories are told so that we know better ourselves; we know better each other and the world has a better way of knowing us.</p> </blockquote> <p>It is the last point that Tony Burke makes, about the world “knowing us”, that is less considered in the ongoing local screen content debate. Indeed, Australian content is being <a href="https://www.acma.gov.au/spending-subscription-video-demand-providers-2020-21" target="_blank" rel="noopener">shown to a global audience</a>.</p> <p>But what happens when Australian content is edited with these international audiences in mind? Edits like those Disney made to Bluey not only impact the humour and the narrative, but also impact the cultural representation within the program.</p> <p>Increased investment by streaming services will provide opportunities for Australian local content to be successful locally and globally. But for Australian television and films to be true cultural exports, the world should be seeing the version of ourselves we are seeing, too.</p> <p>The success of this relies on not only focusing on content production and local distribution, but including strategies that allow Australian content to remain free from localised edits, so it can truly reflect an Australian cultural export.</p> <p><strong>This article originally appeared on <a href="https://theconversation.com/bluey-was-edited-for-american-viewers-but-global-audiences-deserve-to-see-all-of-us-188982" target="_blank" rel="noopener">The Conversation</a>.</strong></p> <p><em>Image: Shutterstock</em></p>

TV

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Woolies worker seriously stabbed while stacking shelves

<p dir="ltr">A Woolworths worker who was allegedly randomly stabbed with a 40cm has opened up about the terrifying ordeal.</p> <p dir="ltr">Donna Grocott was stacking shelves in the pet aisle at Woolworths in Ellenbrook Central in northeast Perth when she was allegedly stabbed in the back of her hip by Cassandra Hickling on August 16.</p> <p dir="ltr">The 44-year-old worker was rushed to hospital with the 40cm knife still lodged in her back and required seven staples after it was removed.</p> <p dir="ltr">She also suffered injuries to her fingers but says she is lucky to be alive after the knife failed to puncture any major organs.</p> <p dir="ltr">“I feel very fortunate that my injuries were not worse,” Ms Grocott said.</p> <p dir="ltr">“I’d like to thank the people who helped me at the store and the emergency responders and the hospital staff for taking care of me.”</p> <p dir="ltr">Hickling, 35, was arrested at her home and charged with attempted murder. She remains behind bars awaiting her court appearance at the end of the month.</p> <p dir="ltr">Midland Police Detective Sergeant Tania Mackenzie confirmed the women did not know each other and that Hickling purchased the knife from a different shop.</p> <p dir="ltr">“(It is) something I’ve never heard of happening before in my career,” she said.</p> <p dir="ltr">“It was just someone going about their day-to-day work, stacking shelves in the shopping centre.</p> <p dir="ltr">“There’s been no one else in the aisle and she’s been approached by the suspect who has (allegedly) stabbed her with a filleting knife.”</p> <p dir="ltr">Woolworths is offering counselling to staff.</p> <p dir="ltr"><em>Images: 7News/Facebook</em></p>

Caring

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The world's best restaurants for 2022 have been revealed

<p>The cosmopolitan city of Copenhagen has had another incredible culinary year after a restaurant in the Danish capital was crowned best on the planet for the second year in a row.</p> <p dir="ltr">Geranium, which serves a meat-free, seasonally based Scandi menu, located in the unique location of the eighth floor of Denmark's national soccer stadium.</p> <p dir="ltr">It's open four days a week, a choice made by head chef Rasmus Kofoed and co-owner Søren Ledet in order to keep to an ethos of work-life balance.</p> <p dir="ltr">The two friends hugged joyfully as they celebrated winning their award at a lavish ceremony held in London's Old Billingsgate, a Victorian building that was once the world's largest fish market.</p> <p dir="ltr">Hollywood actor and CNN presenter Stanley Tucci hosted the ceremony, in a white tuxedo jacket on one of the UK's hottest days on record.</p> <p dir="ltr">Restaurants are only permitted to scoop the awards' top prize once, after which they're entered into a separate "Best of the Best" program.</p> <p dir="ltr">Members of that elite group include Geranium's Copenhagen neighbor Noma, as well as New York's Eleven Madison Park, The Fat Duck near London, Osteria Francescana in Modena, Italy, and Mirazur in Menton, France.</p> <p dir="ltr">South American restaurants fared well. In Lima, chefs Virgilio Martínez and Pía León's Central climbed two places to the second spot, while Maido, which serves Japanese-Peruvian fusion, slipped down to No. 11.</p> <p dir="ltr">Brazil's A Caso do Porco – a celebration of all things porcine has climbed 10 places to No. 7.</p> <p dir="ltr">Spain's presence on the list this year was solid with Barcelona's Disfrutar at No. 3, while Madrid's Diverxo shot up to 4th place. Larrabetzu's Asador Etxebarri – where all dishes, even dessert, are flame-grilled has slipped down to No. 6.</p> <p dir="ltr">Mexico City was represented by fifth place winner Pujol this year's Best Restaurant in North America and Quintonil, which climbed all the way from last year's No. 27 has landed in a No. 9 spot. Italy's Lido 84 and Le Calandre also moved up the rankings this year. Uliassi, in Italy's Senigallia region, was at No. 12, this year's Highest New Entry.</p> <p dir="ltr">It's not until No.20 that an Asia-based restaurant makes an appearance, with Den in Tokyo earning the highest place on this year's list.</p> <p dir="ltr">In the 20 years the awards have been running, no restaurant outside Europe or North America has ever won the World's 50 Best prize. All winners so far have come from Spain, the United States, the UK, Denmark, Italy and France.</p> <p dir="ltr">Here are the world’s best restaurants:</p> <p dir="ltr">1. <a href="http://www.geranium.dk/en/" target="_blank" rel="noopener">Geranium</a> (Copenhagen, Denmark)</p> <p dir="ltr">2. <a href="http://centralrestaurante.com.pe/en/" target="_blank" rel="noopener">Central</a> (Lima, Peru) *Best Restaurant in South America*</p> <p dir="ltr">3. <a href="http://www.disfrutarbarcelona.com/" target="_blank" rel="noopener">Disfrutar</a> (Barcelona, Spain)</p> <p dir="ltr">4. <a href="https://diverxo.com/en/" target="_blank" rel="noopener">Diverxo</a> (Madrid, Spain)</p> <p dir="ltr">5. <a href="https://www.pujol.com.mx/en/" target="_blank" rel="noopener">Pujol</a> (Mexico City, Mexico) *Best Restaurant in North America*</p> <p dir="ltr">6. <a href="http://asadoretxebarri.com/" target="_blank" rel="noopener">Asador Etxebarri</a> (Axpe, Spain)</p> <p dir="ltr">7. <a href="https://acasadoporco.com.br/" target="_blank" rel="noopener">A Casa do Porco</a> (São Paulo, Brazil)</p> <p dir="ltr">8. <a href="https://www.ristorantelido84.com/en/home-2/" target="_blank" rel="noopener">Lido 84</a> (Gardone Riviera, Italy)</p> <p dir="ltr">9. <a href="http://www.quintonil.com/" target="_blank" rel="noopener">Quintonil</a> (Mexico City, Mexico)</p> <p dir="ltr">10. <a href="https://www.alajmo.it/en/sezione/le-calandre/le-calandre" target="_blank" rel="noopener">Le Calandre</a> (Rubano, Italy)</p> <p dir="ltr">11. <a href="http://www.maido.pe/en/" target="_blank" rel="noopener">Maido</a> (Lima, Peru)</p> <p dir="ltr">12. <a href="https://www.uliassi.com/homepage/" target="_blank" rel="noopener">Uliassi</a> (Senigallia, Italy)</p> <p dir="ltr">13. <a href="https://www.steirereck.at/" target="_blank" rel="noopener">Steirereck</a> (Vienna, Austria)</p> <p dir="ltr">14. <a href="http://www.parrilladonjulio.com/" target="_blank" rel="noopener">Don Julio</a> (Buenos Aires, Argentina)</p> <p dir="ltr">15. <a href="https://www.nikoromito.com/reale/" target="_blank" rel="noopener">Reale</a> (Castel di Sangro, Italy)</p> <p dir="ltr">16. <a href="https://www.restauranteelkano.com/en/" target="_blank" rel="noopener">Elkano</a> (Getaria, Spain)</p> <p dir="ltr">17. <a href="https://www.nobelhartundschmutzig.com/en/" target="_blank" rel="noopener">Nobelhart &amp; Schmutzig</a> (Berlin, Germany)</p> <p dir="ltr">18. <a href="https://alchemist.dk/" target="_blank" rel="noopener">Alchemist</a> (Copenhagen, Denmark)</p> <p dir="ltr">19. <a href="https://www.piazzaduomoalba.it/it/" target="_blank" rel="noopener">Piazza Duomo</a> (Alba, Italy)</p> <p dir="ltr">20. <a href="http://www.jimbochoden.com/en/" target="_blank" rel="noopener">Den</a> (Tokyo, Japan) *Best Restaurant in Asia*</p> <p dir="ltr">21. <a href="http://www.mugaritz.com/en/" target="_blank" rel="noopener">Mugaritz</a> (San Sebastian, Spain)</p> <p dir="ltr">22. <a href="http://www.septime-charonne.fr/" target="_blank" rel="noopener">Septime</a> (Paris, France)</p> <p dir="ltr">23. <a href="https://www.thejaneantwerp.com/" target="_blank" rel="noopener">The Jane</a> (Antwerp, Belgium)</p> <p dir="ltr">24. <a href="https://www.thechairmangroup.com/" target="_blank" rel="noopener">The Chairman</a> (Hong Kong)</p> <p dir="ltr">25. <a href="http://www.restaurantfrantzen.com/" target="_blank" rel="noopener">Frantzén</a> (Stockholm, Sweden)</p> <p dir="ltr">26. <a href="https://tim-raue.com/en/" target="_blank" rel="noopener">Restaurant Tim Raue</a> (Berlin, Germany)</p> <p dir="ltr">27. <a href="https://www.hofvancleve.com/en/" target="_blank" rel="noopener">Hof van Cleve</a> (Kruishoutem, Belgium)</p> <p dir="ltr">28. <a href="https://www.le-clarence.paris/en/" target="_blank" rel="noopener">The Clarence</a> (Paris, France)</p> <p dir="ltr">29. <a href="https://www.st-hubertus.it/en/" target="_blank" rel="noopener">St. Hubertus</a> (San Cassiano, Italy)</p> <p dir="ltr">30. <a href="https://www.aoyama-florilege.jp/en/" target="_blank" rel="noopener">Florilege</a> (Tokyo, Japan)</p> <p dir="ltr">31. <a href="https://www.alain-passard.com/" target="_blank" rel="noopener">Arpège</a> (Paris, France)</p> <p dir="ltr">32. <a href="https://www.maytalima.com/en/" target="_blank" rel="noopener">Mayta</a> (Lima, Peru)</p> <p dir="ltr">33. <a href="https://www.atomixnyc.com/" target="_blank" rel="noopener">Atomix</a> (New York City)</p> <p dir="ltr">34. <a href="https://www.hisafranko.com/en/" target="_blank" rel="noopener">Hiša Franko</a> (Kobarid, Slovenia)</p> <p dir="ltr">35. <a href="http://thecloveclub.com/" target="_blank" rel="noopener">The Clove Club</a> (London, UK)</p> <p dir="ltr">36. <a href="http://www.odetterestaurant.com/" target="_blank" rel="noopener">Odette</a> (Singapore)</p> <p dir="ltr">37. <a href="https://fynrestaurant.com/" target="_blank" rel="noopener">Fyn</a> (Cape Town, South Africa)</p> <p dir="ltr">38. <a href="https://restaurantjordnaer.dk/" target="_blank" rel="noopener">Jordnær</a> (Copenhagen, Denmark)</p> <p dir="ltr">39. <a href="https://www.instagram.com/sornfinesouthern/" target="_blank" rel="noopener">Sorn</a> (Bangkok, Thailand)</p> <p dir="ltr">40. <a href="https://schauenstein.ch/" target="_blank" rel="noopener">Schloss Schauenstein</a> (Fürstenau, Switzerland)</p> <p dir="ltr">41. <a href="http://www.la-cime.com/" target="_blank" rel="noopener">La Cime</a> (Osaka, Japan)</p> <p dir="ltr">42. <a href="https://en.quiquedacosta.es/" target="_blank" rel="noopener">Quique Dacosta</a> (Dénia, Spain)</p> <p dir="ltr">43. <a href="https://www.borago.cl/" target="_blank" rel="noopener">Boragó</a> (Santiago, Chile)</p> <p dir="ltr">44. <a href="https://www.le-bernardin.com/" target="_blank" rel="noopener">Le Bernardin</a> (New York City)</p> <p dir="ltr">45. <a href="http://www.narisawa-yoshihiro.com/" target="_blank" rel="noopener">Narisawa</a> (Tokyo, Japan)</p> <p dir="ltr">46. <a href="https://belcanto.pt/index.php?lang=pt" target="_blank" rel="noopener">Belcanto</a> (Lisbon, Portugal)</p> <p dir="ltr">47. <a href="http://www.oteque.com/" target="_blank" rel="noopener">Oteque</a> (Rio de Janeiro, Brazil)</p> <p dir="ltr">48. <a href="http://www.restauranteleo.com/" target="_blank" rel="noopener">Leo</a> (Bogotá, Colombia)</p> <p dir="ltr">49. <a href="https://ikoyilondon.com/" target="_blank" rel="noopener">Ikoyi</a> (London, England)</p> <p dir="ltr">50. <a href="https://www.singlethreadfarms.com/" target="_blank" rel="noopener">SingleThread</a> (Healdsburg, California)</p> <p dir="ltr"><em>Image: Eatweek</em></p> <p> </p>

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