Since the onset of the financial crisis in August 2007, Federal Reserve Chairman Ben Bernanke has been pulling rabbits out of his hat. He cut interest rates to near zero, printed $2.3 trillion to buy Treasury bonds and mortgage debt, and, with a posse of sleepless economists, devised an alphabet soup of rescue programs for commercial-paper markets, money-market funds, dollar-starved European banks and other strained players in the vast global financial system.
The objective: to keep the damaged postbubble economy from drifting into zombie-land. Now, stock markets are gyrating and the economic outlook is growing dimmer. S&P's downgrade of U.S. debt is a reminder that the financial system is one shock away from more instability. As Mr. Bernanke prepares to lead a meeting of the Fed's policy committee Tuesday, he must be asking himself: Are there any rabbits left?
The answer: Yes. But some of them are very small. Some might bite. And he's reluctant to pull them out until he is sure the audience is ready.
In January, the Fed projected U.S. economic output would grow by as much as 3.9% this year. In April, it revised that down to 3.3%, in June, 2.9%, and now that looks optimistic. Unemployment is stuck above 9%. Prices rose more than the Fed expected early in the year, though inflation shows signs of retreating.
If Mr. Bernanke can help the economy, even at the margins, his record shows he will try. But he also is determined not to stir up inflation—now running nearer to the Fed's 2% objective—more than he already has.
Worries about causing inflation fears, coupled with divisions inside the Fed, make it unlikely that Mr. Bernanke is about to unleash a torrent of new securities purchases, known as quantitative easing. That's the big rabbit that might bite.
The earlier round of purchases was meant to hold down long-term interest rates and spur investment and spending, but printing lots of dollars puts upward pressure on prices and downward pressure on the foreign-exchange value of the dollar. While QE2, as it has been dubbed, has its critics, Mr. Bernanke is a believer. But he was more willing to try it last year, when inflation was too low, than he is now. As Donald Kohn, Mr. Bernanke's former top lieutenant, said last week, the Fed would probably want to wait to be sure inflation is actually slowing before launching QE3.
The smaller rabbits include the following. The problem is that none would do much to get the economy moving faster.
2011年8月7日星期日
2011年6月15日星期三
Parking guidance system
A NEW master plan has been devised for the construction and renovation of Mayo Hospitals’ historical buildings. New constructions will be made by replacing old dilapidated buildings in line with the existing and futuristic needs of the hospital. The historical background and architectural values will be conserved during the new construction of these buildings whereas buildings in good conditions will be rehabilitated and renovated accordingly.
This was disclosed during a meeting of the steering committee of Mayo Hospital headed by Secretary Health Jehanzeb Khan on Wednesday. Besides, Special Secretary Health Wasim Mukhtar, Deputy Secretary Admin Ms. Saleha Saeed, MS Dr. Zahid Pervez and members of the steering committee attended the meeting.
Dr. Zahid Pervez briefed the Secretary Health about the ongoing development works and completed projects. He said that the upgrade and modernisation of Accident and Emergency Department was near completion and the civil works at a cost of Rs. 35.950 million had been completed and the progress on the construction of ICUs was going headway. He further said that two new tube-wells had been installed at a cost of Rs. 6.281 million to provide clean drinking water to the patients at the hospital. Restoration of sewerage system around OPD block has also been completed and Rs. 2.20 million have been spent on this development work. Furthermore, pavement around OPD block (tuff tiling) is also near to be completed at a cost of Rs. 5.032 million.
He said that landscaping in Mayo Hospital to create a breathing space in its congested atmosphere and to improve its aesthetic value was also under progress and a green park on two acre piece of land was being developed and by now Rs. 3.768 million had been spent. He said that the creation of car parking area for the consultants was also near completion and Rs. 3.6 million had been spent on it.
The meeting was also informed that different development projects were being completed through donations of philanthropists which included renovation of central ICU, construction of HUB for the parking of wheelchairs and stretchers near A&E Department, construction of roads and pathways from A&E Department to Orthopaedic workshop and renovation of OPD Department and laboratory. These development works will be completed within next few weeks. He informed the Secretary Health that a PC-1 had been prepared for improvement of road network in the hospital, provision of main gate in Mayo Hospital at Nila Gumbad side and purchase of a 64-slice CT scanner machine. The total expenditure of these three items will be estimated Rs. 147.933 million.
The committee agreed to this proposal. The meeting was also informed that construction of five-storey nursing school building, extension and upgrade of Accidental & Emergency Department and development of Green Park will be completed within few weeks.
Chief Minister Punjab Mian Shahbaz Sharif will be requested to inaugurate the newly completed development projects in the 3rd week of July 2012. Secretary Health, expressing satisfaction over the progress of development work, said that steering committee should also monitor the performance of hospital. TORs will be amended for this purpose. He directed that facility of Information Technology would be fully utilised for providing maximum assistance and guidance to the patients in their treatment.
This was disclosed during a meeting of the steering committee of Mayo Hospital headed by Secretary Health Jehanzeb Khan on Wednesday. Besides, Special Secretary Health Wasim Mukhtar, Deputy Secretary Admin Ms. Saleha Saeed, MS Dr. Zahid Pervez and members of the steering committee attended the meeting.
Dr. Zahid Pervez briefed the Secretary Health about the ongoing development works and completed projects. He said that the upgrade and modernisation of Accident and Emergency Department was near completion and the civil works at a cost of Rs. 35.950 million had been completed and the progress on the construction of ICUs was going headway. He further said that two new tube-wells had been installed at a cost of Rs. 6.281 million to provide clean drinking water to the patients at the hospital. Restoration of sewerage system around OPD block has also been completed and Rs. 2.20 million have been spent on this development work. Furthermore, pavement around OPD block (tuff tiling) is also near to be completed at a cost of Rs. 5.032 million.
He said that landscaping in Mayo Hospital to create a breathing space in its congested atmosphere and to improve its aesthetic value was also under progress and a green park on two acre piece of land was being developed and by now Rs. 3.768 million had been spent. He said that the creation of car parking area for the consultants was also near completion and Rs. 3.6 million had been spent on it.
The meeting was also informed that different development projects were being completed through donations of philanthropists which included renovation of central ICU, construction of HUB for the parking of wheelchairs and stretchers near A&E Department, construction of roads and pathways from A&E Department to Orthopaedic workshop and renovation of OPD Department and laboratory. These development works will be completed within next few weeks. He informed the Secretary Health that a PC-1 had been prepared for improvement of road network in the hospital, provision of main gate in Mayo Hospital at Nila Gumbad side and purchase of a 64-slice CT scanner machine. The total expenditure of these three items will be estimated Rs. 147.933 million.
The committee agreed to this proposal. The meeting was also informed that construction of five-storey nursing school building, extension and upgrade of Accidental & Emergency Department and development of Green Park will be completed within few weeks.
Chief Minister Punjab Mian Shahbaz Sharif will be requested to inaugurate the newly completed development projects in the 3rd week of July 2012. Secretary Health, expressing satisfaction over the progress of development work, said that steering committee should also monitor the performance of hospital. TORs will be amended for this purpose. He directed that facility of Information Technology would be fully utilised for providing maximum assistance and guidance to the patients in their treatment.
2011年5月22日星期日
Cycling booming in capital region
Little Saanich Mountain, way up by the observatory. I'm gasping and panting like a porn movie, but not actually barfing, which -and admittedly I'm no expert here -seems like a good thing.
I'm quite proud of myself, nonbarfwise. First time I rode a big hill, I ended up doubled over with my head in the bushes as my pal Kara leaned on my back with one hand and loudly pondered which part of my breakfast would come up first. She offered to take bets from the other riders.
The two-kilometre climb from West Saanich Road isn't as tough as the really steep hills -Finlayson Arm Road, Munn Road in the Highlands, Willis Point where it snakes up from the bottom of Saanich Inlet -enjoyed by hardcore cyclists, the ones with legs like pistons and butts that could crack walnuts. Still, the observatory is still a nice challenge for the recreational rider.
And lordy but there are a lot of recreational cyclists around the capital these days, as proven by the 1,100 people who have signed up for Saturday's Tour de Victoria. The sport is booming, and for reasons you might not suspect.
Twenty-five years ago, any man on a bicycle was assumed to have lost his driver's licence. Ten years ago, any man in spandex was assumed to have lost a bet. Today they're everywhere. And the man is just as likely to be a woman.
"You look at the demographic of our Tour de Victoria training clinic, it's probably 70 per cent women and no one is under 30," says Bill Fry, owner of the Trek Bicycle Store in Vic West. Don Henderson of Fort Street Cycle concurs; most of the new riders he fits to bikes are female.
Why? It helps to have good role models, and Victoria is awash in the likes of triathletes Kirsten Sweetland and Paula Findlay, Olympian road rider Erinne Willock, Xterra world champion Melanie McQuaid and three-time Canada Cup cross-country champion Mical Dyck, who led the Trek training clinic.
"As a woman, being able to get advice and guidance from another woman, that's a big deal," said Robin Farrell, astride her road bike while preparing for a series of repeats up and down the observatory hill under Dyck's direction.
The new riders aren't puppies, either. Trek's typical customer is in his or her mid-30s or 40s. Martine Norris, 45, is a good example. "My husband passed away three years ago and I needed something to keep me focused." Tall and athletic, she chose triathlon, ended up sticking with the riding and the swimming. "It is easy on the knees," she said while riding the observatory hill with son Philippe, 14. "It works for anybody."
Those knees are a reason many are turning to two wheels. "The surprising demographic is the number of older riders, and by older I mean 55 or 60-plus, who are new, or new again, to cycling," says the Russ Hays bike shop's Martin Clermont. Many are runners whose joints are tired of the pounding. "You can see it in their legs coming in from the parking lot." Lean, fit greyhairs with a bit of a limp.
"The baby-boom generation is coming through," Fort Street's Henderson says. They have a few bucks to spend and like the social aspect of group riding. "Cycling is the new golf." Except their workout is over in two hours, not six, and they don't spend the last hour drinking in the 19th hole.
Farrell, known to radio listeners as half of KOOL FM's Robin and Brian morning team, agrees that it's not all about exercise. "It's the social thing. Don't get me wrong, I love the physical aspect, but I love the camaraderie. Cycling seems to attract fun people."
It hasn't always been that way. For a long time the sport had the reputation of being dominated by -jeez, how to put this nicely? -über-serious scowling dickheads. The only thing geekier than a grown man in spandex is a grown man in spandex who takes himself waaaay too seriously.
Happily, there's been an attitude shift. "A lot of the pretense of cycling has diminished," Clermont says. "It's much more inclusive." Cyclists need not speak Bike Nerd, rhyming off gear ratios like some Lycra-bound Rain Man. It's no longer a capital offence to wear a visored helmet or mountain bike shorts while riding a road bike.
Why? Ironically, Clermont looks to the example set by cycling's hard-eyed superstar. Once Lance Armstrong flipped up his shifters and traded his de rigueur short white socks for long black ones a few years ago, it was OK to break the unwritten rules. He also dragged riding out of the margins. "Lance brought cycling to the mainstream," Fry says. "Suddenly you're seeing cycling on Nike commercials and Michelob commercials."
It helps to have personable local heroes, too. Victoria riders like Ryder Hesjedal, Simon Whitfield and Jasper Blake might ride their bikes like they're stolen, but amble through life with smiles on their faces. "Every time Simon is on TV, or winning an Olympic medal, we sell more bikes," Henderson says.
Hesjedal, voted Canada's cyclist of the decade, has had that effect nationally, says Rob Jones, the Ontario-based editor of Canadian Cycling Magazine and the market research director for the Independent Bicycle Trade Association of Canada. "Ryder Hesjedal doing so well in the Tour de France has certainly got cycling on the map." Jones sees the same surge of young riders as when Steve Bauer won an Olympic medal for Canada in 1984. The core market, though, is people in their thirties and forties who see cycling as their main source of fitness and recreation. "Cycling is a low-impact activity. You can do it your entire life."
What's particularly interesting, both locally and nationally, are the types of bicycles being purchased. Mountain bikes have been the biggest sellers for the past 15 years are so, and still hold a dominant, but shrinking, share of the market. The real growth is in fast, light (and relatively pricey) road bikes, the ones with the curved handlebars and tires as skinny as a runway model. The number of road bikes sold in Canada jumped 17 per cent in 2010. Sales of youth and hybrid bicycles also grew, but the 26-inch wheel category -cruisers and mountain bikes -fell 13 per cent. "A lot of people are realizing that for the riding they do, they don't need a full-fledged mountain bike," Jones says.
The rise of the roadie can be tied, in part, to the advent of events that give cyclists the same semi-competitive opportunities and goals as 10Ks and marathons give runners. The 1,000-kilometre Cops for Cancer Tour de Rock piqued Islanders' interest in cycling, then other, shorter charity events gave them the opportunity to ride. Triathlons are a big driver, too. Now we have the long-distance gran fondos, as they are known, such as the Tour de Victoria, the GranFondo Whistler and this July's brand new Axel Merckx event in the Okanagan. "They're popping up all over the place," Jones says.
It also helps that commuter cyclists are being accommodated. "More cities are making it easier and safer to cycle," Jones says.
Alas, that isn't necessarily true of the capital region, where the roads frequently funnel riders and drivers into sphincter-tightening danger zones. Victoria, with its 2,317 municipalities, might like to think of itself as cycling-friendly, but has nothing like the co-ordinated commuter networks seen in cities like Edmonton and Ottawa. Thank goodness for the likes of the Galloping Goose, Lochside and, soon, E&N trails. "Having the trail system has allowed Victoria to be a better cycling place than it was built to be," Clermont says. (He also says the trails have helped tourism; the rental business in Russ Hays' Sidney store has taken off. "People get off the boat and want to get on a bike and ride.")
I'm quite proud of myself, nonbarfwise. First time I rode a big hill, I ended up doubled over with my head in the bushes as my pal Kara leaned on my back with one hand and loudly pondered which part of my breakfast would come up first. She offered to take bets from the other riders.
The two-kilometre climb from West Saanich Road isn't as tough as the really steep hills -Finlayson Arm Road, Munn Road in the Highlands, Willis Point where it snakes up from the bottom of Saanich Inlet -enjoyed by hardcore cyclists, the ones with legs like pistons and butts that could crack walnuts. Still, the observatory is still a nice challenge for the recreational rider.
And lordy but there are a lot of recreational cyclists around the capital these days, as proven by the 1,100 people who have signed up for Saturday's Tour de Victoria. The sport is booming, and for reasons you might not suspect.
Twenty-five years ago, any man on a bicycle was assumed to have lost his driver's licence. Ten years ago, any man in spandex was assumed to have lost a bet. Today they're everywhere. And the man is just as likely to be a woman.
"You look at the demographic of our Tour de Victoria training clinic, it's probably 70 per cent women and no one is under 30," says Bill Fry, owner of the Trek Bicycle Store in Vic West. Don Henderson of Fort Street Cycle concurs; most of the new riders he fits to bikes are female.
Why? It helps to have good role models, and Victoria is awash in the likes of triathletes Kirsten Sweetland and Paula Findlay, Olympian road rider Erinne Willock, Xterra world champion Melanie McQuaid and three-time Canada Cup cross-country champion Mical Dyck, who led the Trek training clinic.
"As a woman, being able to get advice and guidance from another woman, that's a big deal," said Robin Farrell, astride her road bike while preparing for a series of repeats up and down the observatory hill under Dyck's direction.
The new riders aren't puppies, either. Trek's typical customer is in his or her mid-30s or 40s. Martine Norris, 45, is a good example. "My husband passed away three years ago and I needed something to keep me focused." Tall and athletic, she chose triathlon, ended up sticking with the riding and the swimming. "It is easy on the knees," she said while riding the observatory hill with son Philippe, 14. "It works for anybody."
Those knees are a reason many are turning to two wheels. "The surprising demographic is the number of older riders, and by older I mean 55 or 60-plus, who are new, or new again, to cycling," says the Russ Hays bike shop's Martin Clermont. Many are runners whose joints are tired of the pounding. "You can see it in their legs coming in from the parking lot." Lean, fit greyhairs with a bit of a limp.
"The baby-boom generation is coming through," Fort Street's Henderson says. They have a few bucks to spend and like the social aspect of group riding. "Cycling is the new golf." Except their workout is over in two hours, not six, and they don't spend the last hour drinking in the 19th hole.
Farrell, known to radio listeners as half of KOOL FM's Robin and Brian morning team, agrees that it's not all about exercise. "It's the social thing. Don't get me wrong, I love the physical aspect, but I love the camaraderie. Cycling seems to attract fun people."
It hasn't always been that way. For a long time the sport had the reputation of being dominated by -jeez, how to put this nicely? -über-serious scowling dickheads. The only thing geekier than a grown man in spandex is a grown man in spandex who takes himself waaaay too seriously.
Happily, there's been an attitude shift. "A lot of the pretense of cycling has diminished," Clermont says. "It's much more inclusive." Cyclists need not speak Bike Nerd, rhyming off gear ratios like some Lycra-bound Rain Man. It's no longer a capital offence to wear a visored helmet or mountain bike shorts while riding a road bike.
Why? Ironically, Clermont looks to the example set by cycling's hard-eyed superstar. Once Lance Armstrong flipped up his shifters and traded his de rigueur short white socks for long black ones a few years ago, it was OK to break the unwritten rules. He also dragged riding out of the margins. "Lance brought cycling to the mainstream," Fry says. "Suddenly you're seeing cycling on Nike commercials and Michelob commercials."
It helps to have personable local heroes, too. Victoria riders like Ryder Hesjedal, Simon Whitfield and Jasper Blake might ride their bikes like they're stolen, but amble through life with smiles on their faces. "Every time Simon is on TV, or winning an Olympic medal, we sell more bikes," Henderson says.
Hesjedal, voted Canada's cyclist of the decade, has had that effect nationally, says Rob Jones, the Ontario-based editor of Canadian Cycling Magazine and the market research director for the Independent Bicycle Trade Association of Canada. "Ryder Hesjedal doing so well in the Tour de France has certainly got cycling on the map." Jones sees the same surge of young riders as when Steve Bauer won an Olympic medal for Canada in 1984. The core market, though, is people in their thirties and forties who see cycling as their main source of fitness and recreation. "Cycling is a low-impact activity. You can do it your entire life."
What's particularly interesting, both locally and nationally, are the types of bicycles being purchased. Mountain bikes have been the biggest sellers for the past 15 years are so, and still hold a dominant, but shrinking, share of the market. The real growth is in fast, light (and relatively pricey) road bikes, the ones with the curved handlebars and tires as skinny as a runway model. The number of road bikes sold in Canada jumped 17 per cent in 2010. Sales of youth and hybrid bicycles also grew, but the 26-inch wheel category -cruisers and mountain bikes -fell 13 per cent. "A lot of people are realizing that for the riding they do, they don't need a full-fledged mountain bike," Jones says.
The rise of the roadie can be tied, in part, to the advent of events that give cyclists the same semi-competitive opportunities and goals as 10Ks and marathons give runners. The 1,000-kilometre Cops for Cancer Tour de Rock piqued Islanders' interest in cycling, then other, shorter charity events gave them the opportunity to ride. Triathlons are a big driver, too. Now we have the long-distance gran fondos, as they are known, such as the Tour de Victoria, the GranFondo Whistler and this July's brand new Axel Merckx event in the Okanagan. "They're popping up all over the place," Jones says.
It also helps that commuter cyclists are being accommodated. "More cities are making it easier and safer to cycle," Jones says.
Alas, that isn't necessarily true of the capital region, where the roads frequently funnel riders and drivers into sphincter-tightening danger zones. Victoria, with its 2,317 municipalities, might like to think of itself as cycling-friendly, but has nothing like the co-ordinated commuter networks seen in cities like Edmonton and Ottawa. Thank goodness for the likes of the Galloping Goose, Lochside and, soon, E&N trails. "Having the trail system has allowed Victoria to be a better cycling place than it was built to be," Clermont says. (He also says the trails have helped tourism; the rental business in Russ Hays' Sidney store has taken off. "People get off the boat and want to get on a bike and ride.")
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