Word: scheming
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...NAMA to return a profit on its initial expenditure. But predicting what's around the corner is never easy - as Ireland knows only too well. According to NAMA's draft business plan, a "prolonged property market depression" or "sluggish economic growth" could result in the failure of the scheme. Despite the risks, proponents say it's the only way to ensure that Ireland's banks start lending again. But for residents bearing the brunt of the country's economic slump, NAMA is little more than an inflated bailout for the gambling debts of developers and the banks that fueled their...
...Other economists aren't quite so convinced. Brian Lucey, a professor of finance at Trinity College Dublin, has been one of the most vocal critics of the scheme. "We end up with a situation where we bail out shareholders and bondholders first, then deal with taxpayers, rather than the other way round," he says. "The taxpayers are on the hook anyway. The question is, What do they...
...dioxide into the atmosphere. Scientists know that increasing SO2 in the air deflects sunlight, which cools down the earth; when Mount Pinatubo in the Philippines exploded in 1992, for instance, the SO2 sent into the atmosphere created a brief global cooling spell. Levitt and Dubner advocate pursuing this geoengineering scheme, which could potentially avert a hotter world for pennies on the dollar, compared with the long-term work of shifting to a low-carbon economy. (See pictures of the effects of global warming...
...know what the potential side effects of geoengineering might be or whether the entire operation would backfire badly. Geoengineering might be a cheaper option, but followed out to at least one logical conclusion, it could be a pitfall. Say we try to use Myhrvold's giant-garden-hose scheme (after hopefully giving it a better name) without reducing carbon emissions. We could end up in a situation in which we can't abandon geoengineering without risking sudden, disastrous warming due to unchecked CO2 emissions. Then, what was meant to be a quick, cheap fix would turn...
...expand their paddy fields last year. Though the seeds he received through GOANA weren't of top quality, leading to mediocre yields - a common problem with the program, critics contend - Sarr's rice output increased enough to encourage him to join GOANA again this planting season. The new government scheme "gives us the chance to do something extra, to try and expand our fields, and that's very good," Sarr says. (See pictures of a global food crisis...