Negative interest rates are difficult to comprehend. There are few historical examples to rely upon to guide predictions on their total effects, but the logic of negative interest rates is quite simple: banks punish people who save and reward people who spend. The expected spending should stimulate the economy as people spend more money. But negative interest rates also have other effects that may undermine that objective. The New York Times has an excellent article that serves as a good primer on negative interest rates.
The China Television Drama Production Industry Association has issued a new set of guidelines for what can be shown on Chinese television (if you can read Chinese, you can read the report here). According to Western media, the new rules “banned depictions of gay people on television, as part of a national clampdown on ‘vulgar, immoral and unhealthy content’.” The Hong Kong Free Press has an article which is consistent with the Western interpretation: “Depictions of homosexuality, extramarital affairs, underage love and the supernatural are no longer allowed in television dramas under new regulations in mainland China.”
On 23 December 2015 Ukraine suffered a massive electricity blackout. It is now being learned that Ukraine was the victim of a highly sophisticated cyber attack. The US Department of Homeland Security has a special branch, the Industrial Control Systems Cyber Emergency Response Team, which identified the attack as coming from a “remote region” on three facilities in Ukraine. Such attacks are devastating to a state’s industrial infrastructure and represents a dimension of warfare that is difficult to prevent.
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