Thursday, December 21
It was only after a peaceful transition to democracy following the death of the dictator Francisco FRANCO in 1975, that economic and modernization proceeded. In 1986 Spain joined the European Economic Community, which became the European Union. Some would say this move was premature since it was still recovering from her dictatorship past. The country subsequently borrowed large amounts at low rates of interest and clocked up deficits accompanied by some reckless lending. What the Catalonians say is this reckless behaviour didn’t apply to them. The end result for Spain following the GFC was to expose Spain’s fragile position and to enter a severe economic recession from 2008. The austerity measures have led to one of the highest unemployment rates in Europe.
Against this backdrop it is hardly surprising old loyalties by Catalonians boiled over in a desire to form a separate sovereign state. Catalonians claim they disproportionally contribute to the economic pie whilst receiving lower returns from the central government and were not responsible for the economic mess.
But Secessionism was also on the minds of Western Australians just after British settlement in 1829 who raised the same sort of arguments. Petitions emanating from the WA Legislative Council were presented to London in 1865 and 1869. This was granted in 1870 but maintained a Governor's veto.
On 8 April 1933 a referendum on secession was held in conjunction with the State parliamentary election. The Nationalists campaigned in favour of secession while the Labor party had campaigned against breaking from the Federation. 68% of the voters voted in favour of secession, but remarkably at the same time the Nationalists were voted out of office. It was only the mining areas, populated by keen Federalists, voted against the move. Today some west Australians feel they disproportionally contribute to Australia’s wealth because of mining but get back unfairly a diminished proportion of GST. Past history indicates just how close they came to secession.
Friday, December 8
Block chain is regarded by many as a brilliant technology which will revolutionise the way business is conducted.
Maybe the first thing you need to understand is how the age old universally accepted Double Entry Accounting concepts work. In a nutshell the principle of double entry recognises the reality there is always two sides to every transaction, so there is always a seller and a buyer, a receipt to add to one account and a corresponding reduction in another’s indebtedness and so on.
The final seal of approval has led some to try and distinguish the process from double entry accounting by call this the third entry.
Parties hold the Cryptocurrencies in so called wallets and the largest of these is Bitcoin.
Hence, there is no need for 3rd party clearing houses or back office staff to facilitate large numbers of bundled same type transactions for subsequent settlements which mostly occurs to day.
What is mining Bitcoin ? Mining can be carried out by anyone who has invested in a very powerful fast computer, has the capacity to pay for the large energy bills and has a penchant or talent to solve puzzles. The system was predicated on the basis of each batch of transactional data is encrypted by a formula that can only be unlocked after a massive scale of trial and error guesses. As the first miners solve the puzzle, the answer is verified by others, so that the data is added to an existing linked chain of blocks of data. The miner in return receives newly issued Bitcoin. One of the criticisms of the system is it uses up a lot of electricity.