There are many Ghanaians, who are of the view that although the democratic system of government isn't perfect, it is still the best form of government for the ordinary people of Ghana. For such Ghanaians, despite evidence of electoral malpractice at some voting centres during the just-ended referendum, today's reality, is that an overwhelming number of residents of the proposed new regions actually want to see the creation of new regions become reality in 2019. Accepting that new reality is vital for our nation's long-term stability.
Speaking personally, for example, although I was totally opposed to the creation of any more new regions, I now accept the unpalatable fact that they will indeed be formed in the new year - and one's hope is that life will indeed be relatively better for all the people living in those new regions: just as they were led to believe by proponents of the idea. After all, at the end of the day, what we all want, as a people who love their homeland Ghana passionately, is that regardless of which part of the nation they hail from, Ghanaians will always put their nation first. That is as it should be.
Monday, 31 December 2018
Thursday, 27 December 2018
Is A Referendum In Which Ballot Boxes Aren't Guarded By The Security Agencies A Properly Organised Election?
Why did the Electoral Commission of Ghana (EC), not take the commonsense-precaution of having police officers and personnel of the other security agencies, posted to at all the polling stations, for today's referendum on the creation of new regions? It is beyond belief that the EC has acted as if no one in Ghana will attempt to influence the outcome of the referendum, by switching the official ballot boxes, with ones that are stuffed with ballots to ensure that the Yes voters have large majorities at all the referendum's voting centres. Pity.
The EC must understand clearly that to remain a credible organisation, during elections, it has to do everything possible to prevent stuffed ballot boxes being substituted for genuine ones - by making sure that adequate security is provided by the security agencies to ensure that no electoral malpractices occur when Ghanaians go to polling stations to cast their votes during national elections. On that basis alone, any voter in the areas in our homeland Ghana that the referendum is being held today, who insists that this referendum cannot be said to have been properly organised, wouldn't be making an unfair statement. Haaba. Hmmm, Oman Ghana - eyeasem o: asem kesie ebeba debi ankasa.
The EC must understand clearly that to remain a credible organisation, during elections, it has to do everything possible to prevent stuffed ballot boxes being substituted for genuine ones - by making sure that adequate security is provided by the security agencies to ensure that no electoral malpractices occur when Ghanaians go to polling stations to cast their votes during national elections. On that basis alone, any voter in the areas in our homeland Ghana that the referendum is being held today, who insists that this referendum cannot be said to have been properly organised, wouldn't be making an unfair statement. Haaba. Hmmm, Oman Ghana - eyeasem o: asem kesie ebeba debi ankasa.
Sunday, 23 December 2018
Voters In The December 27th Referendum Must Reject The Creation Of More Regions - For It Is Not In The National Interest
Are those in Ghana, who posit that Chiefs will be the only beneficiaries of the creation of new regions, being fair, in making that assumption? Many of those who back the creation of new regions claim that it will fasten the pace of development in the newly-created regions. Alas, that will not happen in a byzantine system such as ours. It will only end up adding another layer of unaccountable high-level thieves to the machinery of state - who will seize every opportunity that comes their way to rob Mother Ghana. Hmmmm, Oman Ghana - eyeasem o. Asem kesie ebeba debi ankasa.
-
The question is: Are those who insist that the creation of new regions is a classic example of the duplicity of our nation's vampire-elites, right, in saying so? Such Ghanaians say that when it suits them, our ruling elites claim that they want value for money in the spending of taxpayers' money - yet think nothing of wasting taxpayers' money to satisfy the greedy ambitions of certain Chiefs in Ghana: who for tribal-supremacist reasons want to have their own Regional Houses of Chiefs, and are using the creation of new regions as the perfect legal cover, to make that possible.
In a nation with limited resources, wise leaders should always prioritise the spending of taxpayers' money.The priority for our country, in as far as resolving the problem of underdevelopment at the grassroots-level is concerned, cannot be the creation of new Regional Houses of Chiefs - which is the hidden agenda of the beneficiaries of inherited privilege in Ghana. The truth of the matter, is that underdevelopment at the grassroots-level, occurs, simply because the chief executives and members of Metropolitan, Municipal and District Assemblies (MMDAs) fail to respond to the actual needs of local people.
If the chief executives, and members, of the MMDAs are elected, they will definitely focus on responding to the needs of local people at all material times, and make that the raison d'être of their administrations. Ordinary people must reject the abominable idea of consenting to the spending of hapless taxpayers' money to create yet more regions and new Regional Houses of Chiefs - instead of spending that money to organise a referendum to make grassroots-level democracy possible: by electing the chief executives and members of MMDAs. Voters in the areas of our country where the December 27th referendum will be held must be bold and reject the creation of more regions by voting no - for it is not in their nation's interest. Full stop. Case closed. Haaba.
-
The question is: Are those who insist that the creation of new regions is a classic example of the duplicity of our nation's vampire-elites, right, in saying so? Such Ghanaians say that when it suits them, our ruling elites claim that they want value for money in the spending of taxpayers' money - yet think nothing of wasting taxpayers' money to satisfy the greedy ambitions of certain Chiefs in Ghana: who for tribal-supremacist reasons want to have their own Regional Houses of Chiefs, and are using the creation of new regions as the perfect legal cover, to make that possible.
In a nation with limited resources, wise leaders should always prioritise the spending of taxpayers' money.The priority for our country, in as far as resolving the problem of underdevelopment at the grassroots-level is concerned, cannot be the creation of new Regional Houses of Chiefs - which is the hidden agenda of the beneficiaries of inherited privilege in Ghana. The truth of the matter, is that underdevelopment at the grassroots-level, occurs, simply because the chief executives and members of Metropolitan, Municipal and District Assemblies (MMDAs) fail to respond to the actual needs of local people.
If the chief executives, and members, of the MMDAs are elected, they will definitely focus on responding to the needs of local people at all material times, and make that the raison d'être of their administrations. Ordinary people must reject the abominable idea of consenting to the spending of hapless taxpayers' money to create yet more regions and new Regional Houses of Chiefs - instead of spending that money to organise a referendum to make grassroots-level democracy possible: by electing the chief executives and members of MMDAs. Voters in the areas of our country where the December 27th referendum will be held must be bold and reject the creation of more regions by voting no - for it is not in their nation's interest. Full stop. Case closed. Haaba.
Thursday, 20 December 2018
Has The Time Come For Ghana's Inspector General of Police To Start Firing Police Personnel Who Misconduct Themselves When Dealing With Civilians?
The arrest this morning, of our driver, by a police patrol team from the Kasoa Divisional Command, which apparently suspected that the vehicle he drives was an "uncustomed' vehicle ("Eye Togo car! I have reported it to National Security!"), was most revealing. To begin with, it ought to be made clear that the Ghana Police Service has some very fine men and women in it - and the Inspector General of Police ought to be very proud of the top brass in charge of the Kasoa Divisional Police Command. They are real gentlemen and fantastic human beings. Very polished. And they are truly world-class police officers.
Speaking of which, one particularly commends Inspector Frank Kofi Tsikata to his superiors in the Kasoa Divisional Police Command. He it was, whose astonishing tact and diplomacy calmed me down considerably, when I stormed the Kasoa MTTU's office - apoplectic that some arrogant female officer (Cynthia) was slandering my family by alleging that the vehicle was an uncustomed vehicle. Pure nonsense on bamboo stilts. Hmmm Oman Ghana - eyeasem o. Asem kesie ebeba debi ankasa.
Although her superior ordered her to apologise to me - which she did - so egregious was that sodden Cythia's arrogance that for the greater good of society, she must be exposed - and ought to be retrained swiftly before she ends up framing someone innocent someday: because the selfsame person she victimises "provoked" her. Impudent woman. She really isn't fit to wear the police uniform that has made her so power drunk. The Inspector General of Police must start firing all police officers who misconduct themselves when dealing with civilians. Enough is enough. Haaba.
Friday, 14 December 2018
Can The Media In Ghana Help Create An Entrepreneurial Culture In Our Nation?
If we are to develop an entrepreneurial culture in our country, the more responsible sections of the Ghanaian media, ought to focus on highlighting the various government policy initiatives designed to help young people interested in starting their own businesses. Ghanaians are adept at adapting to changing circumstances because we are a resilient people - by and large. The ability to respond effectively in positive fashion to changing circumstances makes for success in business.
As our widow's mite contribution to the creation of an entrepreneurial culture in our homeland Ghana - to tap the energies of our younger generations - today, this blog is posting a culled Investopedia.com article by Chris Seabury entitled: "9 Tips for Growing a Successful Business". We do hope our many bright young Ghanaian readers will find it inspiring.
Please read on:
"SMALL BUSINESS ENTREPRENEURSHIP
Whatever type of business you want to start, using these nine tips can help you be successful in your venture. "
End of culled Investopedia.com article by Chris Seabury.
As our widow's mite contribution to the creation of an entrepreneurial culture in our homeland Ghana - to tap the energies of our younger generations - today, this blog is posting a culled Investopedia.com article by Chris Seabury entitled: "9 Tips for Growing a Successful Business". We do hope our many bright young Ghanaian readers will find it inspiring.
Please read on:
"SMALL BUSINESS ENTREPRENEURSHIP
9 Tips for Growing a Successful Business
To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they'll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success.
1. Get Organized
To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you're not forgetting anything and you're completing all the tasks that are essential to the survival of your business.
2. Keep Detailed Records
All successful businesses keep detailed records. By keeping detailed records, you'll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.
3. Analyze Your Competition
Competition breeds the best results. To be successful, you can't be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.(For related reading, see: How do I determine my company's competitive advantage?)
4. Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good question to ask is "What's the downside?" If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.
5. Be Creative
Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and new approaches to your business.
6. Stay Focused
The old saying, "Rome was not built in a day," applies here. Just because you open a business doesn't mean you're going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
7. Prepare to Make Sacrifices
The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.
8. Provide Great Service
There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition.
9. Be Consistent
Consistency is a key component to making money in business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.
End of culled Investopedia.com article by Chris Seabury.
Wednesday, 12 December 2018
Why Was The Election Of Chief Executives Of MMDAs And Assembly Members Not Prioritised Over The Creation Of Yet More Regions?
Every time one sees those governing our country being shown in television news reports attending state dinners, and partying at other state functions, one can't help thinking of the consequences of the infamous phrase uttered by French King Louis XVI's wife, Queen Marie-Antoinette (when she was told that the peasants were rioting because of the shortage of bread): “Qu'ils mangent de la brioche.” - its English translation: "Let them eat brioche." Our country's ruling elites are drinking in the Last Chance Salon - but it is obvious that many of them are apparently unaware of it. Pity.
In light of regular media reports of increasing incidents of acts of defiance being shown across the nation, by dissatisfied Ghanaians fed up with: bad roads; washed away bridges, and culverts that are never repaired in time; dilapidated school buildings; poorly-equipped hospitals, and clinics in deplorable conditions; etc., etc.; our educated urban elites must understand clearly that they must no longer take the stability of our country for granted. A massive social explosion looms - if things continue in business as usual fashion.
While that time-bomb ticks away, there is not a single independent-minded Ghanaian citizen, who truly loves Mother Ghana, who is not aware that under our system, development at the grassroots level is carried out, not by regional administrations and the regional ministers who lead them; but by Metropolitan, Municipal and District Assemblies (MMDAs) - and the chief executives who head them. So why is the false impression being created in certain quarters that the creation of more regions is necessary if our nation is to develop at a faster rate? Amazing.
The creation of more regions will only add yet another layer of greedy white collar criminals who will ruthlessly exploit a corrupt system for their own ends. The question is: In a nation with limited funds for carrying out development projects, and in which development at the grassroots level is actually carried out by MMDAs, and the chief executives who head them; why have we not prioritised amending the 1992 Constitution to allow the election of all members of MMDAs, as well as the chief executives who head them; over the creation of yet more regions? Bizarre. Hmmm, Oman Ghana -eyeasem o: asem kesie ebeba debi ankasa.
The creation of more regions will only add yet another layer of greedy white collar criminals who will ruthlessly exploit a corrupt system for their own ends. The question is: In a nation with limited funds for carrying out development projects, and in which development at the grassroots level is actually carried out by MMDAs, and the chief executives who head them; why have we not prioritised amending the 1992 Constitution to allow the election of all members of MMDAs, as well as the chief executives who head them; over the creation of yet more regions? Bizarre. Hmmm, Oman Ghana -eyeasem o: asem kesie ebeba debi ankasa.
Sunday, 9 December 2018
Will John Dramani Mahama Ever Be Elected As Ghana's President Again?
It appears that the well-oiled John Dramani Mahama election-campaign-juggernaut is hurtling towards the crossing line, far ahead of the other contestants vying to lead the National Democratic Congress (NDC), as its presidential candidate, for the December 2020 elections. Amazing. It is an extraordinary situation - and pretty bizarre. How has that come about?
There is a world of difference between trying for the presidency three times in a row, as an opposition party's candidate, and finally getting lucky at the third try, and ascending to the presidency by winning the election - and vying to regain power as president, again, after being turfed out of power by a dissatisfied electorate that overwhelmingly felt their country needed a firm and visionary leader, who could give Ghanaians the decisive leadership needed to transform it. It is incredible that so many intelligent people in the NDC fail to see the big-picture-reality-on-the-ground that led to President Mahama's humiliating defeat in December 2016. Hmmm, eyeasem o.
The notion that a laid-back politician who was lucky enough to rise to the presidency, and lead Nkrumah's Ghana for six solid years, but subsequently then lost power when he was roundly defeated by his main opponent, the then opposition New Patriotic Party's (NPP) candidate, Nana Addo Danquah Akufo-Addo (by nearly a million votes), is somehow going to defeat President Akufo-Addo in 2020, is pure fantasy. "Poppycock, Kofi!", to quote an old wag I know. Hmmmm, eyenokware trodooooo, Massa! NDC fuoeee, mu ensore oooooo toooom. Haaba.
Finally, if it is ever to regain power again, the NDC must wake up to the brutal reality that the vast majority of ordinary Ghanaians, see John Dramani Mahama as a very personable gentleman, from a privileged background, who messed up big time as their nation's leader - and who, many of them have not forgotten, opted to surround himself with devious and despicable characters such as the Stan Dogbes: when what their homeland Ghana actually needed most at the time, was leadership made up of men and women of integrity, who were principled and bold enough to act to halt the brutal gang-rape of Mother Ghana that went on during the Mahama-era. For many today, that is why John Dramani Mahama will never be elected again as president by a majority of voters, in any presidential election, in today's Ghana. Case closed.
There is a world of difference between trying for the presidency three times in a row, as an opposition party's candidate, and finally getting lucky at the third try, and ascending to the presidency by winning the election - and vying to regain power as president, again, after being turfed out of power by a dissatisfied electorate that overwhelmingly felt their country needed a firm and visionary leader, who could give Ghanaians the decisive leadership needed to transform it. It is incredible that so many intelligent people in the NDC fail to see the big-picture-reality-on-the-ground that led to President Mahama's humiliating defeat in December 2016. Hmmm, eyeasem o.
The notion that a laid-back politician who was lucky enough to rise to the presidency, and lead Nkrumah's Ghana for six solid years, but subsequently then lost power when he was roundly defeated by his main opponent, the then opposition New Patriotic Party's (NPP) candidate, Nana Addo Danquah Akufo-Addo (by nearly a million votes), is somehow going to defeat President Akufo-Addo in 2020, is pure fantasy. "Poppycock, Kofi!", to quote an old wag I know. Hmmmm, eyenokware trodooooo, Massa! NDC fuoeee, mu ensore oooooo toooom. Haaba.
Finally, if it is ever to regain power again, the NDC must wake up to the brutal reality that the vast majority of ordinary Ghanaians, see John Dramani Mahama as a very personable gentleman, from a privileged background, who messed up big time as their nation's leader - and who, many of them have not forgotten, opted to surround himself with devious and despicable characters such as the Stan Dogbes: when what their homeland Ghana actually needed most at the time, was leadership made up of men and women of integrity, who were principled and bold enough to act to halt the brutal gang-rape of Mother Ghana that went on during the Mahama-era. For many today, that is why John Dramani Mahama will never be elected again as president by a majority of voters, in any presidential election, in today's Ghana. Case closed.
Thursday, 6 December 2018
President Akufo-Addo Must Sack John Owusu Afriyie Now - Not Tomorrow
It is most extraordinary that the Forestry Commission of Ghana is apparently unable to pay the thousands of unemployed young people it recruited to work for it about four or so months ago. Incredible. That unfortunate and embarrassing situation, illustrates perfectly, the lack of original and creative thinking that has characterised John Owusu Afriyie's leadership of that vitafl state-owned organisation - which has such a crucial role to play in enabling our nation successfully cope with the negative impact of global climate change in resilient fashion.
It is instructive that John Owusu Afriyie talks endlessly about timber utilisation contracts and defends the issuance of exploratory gold mining licenses in forest reserves - when he should be seeking to unlock the value in our forests through low-carbon development deals and leveraging carbon offset marakets. Now he has ended up embarrassing the well-meaning President Akufo-Addo, who has demonstrated his commitment to the preservation of what is left of our nation's natural heritage, to the world, by taking drastic measures to curb the excesses of the powerful gold mining industry that was resulting in the poisoning of streams, rivers, groundwater sources and soils across vast swathes of the Ghanaian countryside.
Enough is enough. The time has now come for President Akufo-Addo to get rid of John Owusu Afriyie, and replace him with someone who will ensure that the Forestry Commission earns billions of dollars in low-carbon develodpment deals - such as that which Liberia has struck with Norway for example. The question is: What stops the Forestry Commission from approaching dynamic and innovation-driven companies such as Amazon, Google, Facebook and Apple - and asking them to neutralise their carbon footprints in carbon sequestration deals that will enable it earn money to pay its entire workforce well? Ditto find the wherewithal to fund the greening of our homeland Ghana - to counteract the effects of global warming. President Akufo-Addo must sack John Owusu Afriyie now. Not tomorrow. Haaba.
It is instructive that John Owusu Afriyie talks endlessly about timber utilisation contracts and defends the issuance of exploratory gold mining licenses in forest reserves - when he should be seeking to unlock the value in our forests through low-carbon development deals and leveraging carbon offset marakets. Now he has ended up embarrassing the well-meaning President Akufo-Addo, who has demonstrated his commitment to the preservation of what is left of our nation's natural heritage, to the world, by taking drastic measures to curb the excesses of the powerful gold mining industry that was resulting in the poisoning of streams, rivers, groundwater sources and soils across vast swathes of the Ghanaian countryside.
Enough is enough. The time has now come for President Akufo-Addo to get rid of John Owusu Afriyie, and replace him with someone who will ensure that the Forestry Commission earns billions of dollars in low-carbon develodpment deals - such as that which Liberia has struck with Norway for example. The question is: What stops the Forestry Commission from approaching dynamic and innovation-driven companies such as Amazon, Google, Facebook and Apple - and asking them to neutralise their carbon footprints in carbon sequestration deals that will enable it earn money to pay its entire workforce well? Ditto find the wherewithal to fund the greening of our homeland Ghana - to counteract the effects of global warming. President Akufo-Addo must sack John Owusu Afriyie now. Not tomorrow. Haaba.
Tuesday, 27 November 2018
Has The Time Not Come To End Kokofu-Football Politicking In Ghana?
What a strange lot members of our nation's mostly self-seeking political class often are. Why, when our homeland Ghana faces a challenge, do they not think of its impact on ordinary people - and put aside the tendency to exploit such temporary nation-building difficulties for party advantage: as a knee-jerk reaction?
One would have thought, for example, that the power outages being experienced across the nation now, would be seen by politicians from across the spectrum, as an opportunity to empower the renewable energy sector to enable family homes, private businesses (large and small), sundry institutions (both public and private: such as the offices of government departments; schools; hospitals; barracks housing personnel of the security agencies, etc., etc.) to have access to affordable off-grid renewable power solutions. Ebeeii.
The more responsible sections of the Ghanaian media ought to encourage our nation's politicians to put the national interest (i.e. whatever benefits society at large and promotes the welfare of ordinary people at all material times) above Kokofu-football-politricks - for that is the only way our nation can progress and become an equitable and prosperous society. The question we must pose to Ghana's politicians is: At this juncture of our nation's history, has the time not come to end Kokofu-football politicking, in tackling nation-building challenges that crop up from time to time? Haaba.
One would have thought, for example, that the power outages being experienced across the nation now, would be seen by politicians from across the spectrum, as an opportunity to empower the renewable energy sector to enable family homes, private businesses (large and small), sundry institutions (both public and private: such as the offices of government departments; schools; hospitals; barracks housing personnel of the security agencies, etc., etc.) to have access to affordable off-grid renewable power solutions. Ebeeii.
The more responsible sections of the Ghanaian media ought to encourage our nation's politicians to put the national interest (i.e. whatever benefits society at large and promotes the welfare of ordinary people at all material times) above Kokofu-football-politricks - for that is the only way our nation can progress and become an equitable and prosperous society. The question we must pose to Ghana's politicians is: At this juncture of our nation's history, has the time not come to end Kokofu-football politicking, in tackling nation-building challenges that crop up from time to time? Haaba.
Monday, 29 October 2018
Investopedia/Richard Roush: What are the best investment options for a short-term, two-year investment if I want to grow my money to pay off my student debt?
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What are the best investment options for a short-term, two-year investment if I want to grow my money to pay off my student debt?
Share
I have a good amount of student loan debt. But, I have saved up about $10,000. I want to try and grow that money through investments and have enough to pay off the debt completely in about two years. What kind of approach or investments should I consider for this situation?
Debt, Investing
Answers
Sort By:
3 days ago
Richard Roush
Roush, Richard
Fresno, CA
www.roushinvestments.com/
With a two-year time horizon, it is usually not recommended to invest the assets in anything other than CDs or savings accounts. However, the yield on these instruments will probably be less than the loan is currently accruing at. It would be my advice to take those funds and apply them to the loans now. If it does not cover all of them then apply it to the ones with the highest interest rate first.
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Yesterday
Rosemary Frank
Frank, Rosemary
Brentwood, TN
rosemaryfrank.com/
You don't say if you are still a student or if you are in repayment mode. If still a student, then I suggest remaining safe and put the money into the best CD you can find. Your time window is really too short to take on any investment risk. If you are repaying at this time, and your interest rate is more that what you could earn with a CD, which it most likely is, then simply apply your savings to the debt now. For instance, if your interest rate is 7%, by reducing the debt by $10,000 you will have effectively just "made" 7% on your money. Through it all, keep in mind the necessity of always having an emergency fund. If this is your only savings, I do not recommend tying it up in a CD or using it to pay off debt, as you really do need to keep it accessible.
Was this answer helpful?
3 days ago
Andrew Rosen
Rosen, Andrew
Wilmington, DE
lifelongadvisors.com/
Cash is your answer unfortunately. If your time horizon is 2 years and it is for debt payoff I recommend nothing except cash. There are high yield savings accounts like the one at live oak bank which I am a fan of. These today are paying 2% interest which is excellent. I just think the risk is too high and the importance of getting these loans paid off is too great for you to start taking equity risk with it. Just think the equity markets are off like 10% this month alone. I wouldn't be concerned if long term investments but for something this short term you have to play it safe.
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4 days ago
Joe Arns
Arns, Joe
Princeton, NJ
nwcriterion.com
Keep in mind that all stock portfolio can only be expected to return 7-9% annually right now. And that's simply an expectation. It is possible for an all-stock portfolio to lose nearly half of its value over a two-year period. If your timeframe is limited to 2 years, the best strategy is simply to take the $10K and pay down the loans with the highest interest rate.
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5 days ago
Levi Sanchez
Sanchez, Levi
Seattle, WA
millennialwealthllc.com
2 years is a short amount of time in the investment world and I'd be hesitant to invest in equities with that short of a time frame. Markets are unpredictable in the short term. Instead, you may consider looking at CD's or a high yield savings account. As interest rates have continued to rise, high yield savings are starting to pay increasingly higher interest rates (1.95% was highest I could find at time of this answer). They're FDIC insured as well.
Best,
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« Advisor Insights
What are the best investment options for a short-term, two-year investment if I want to grow my money to pay off my student debt?
Share
I have a good amount of student loan debt. But, I have saved up about $10,000. I want to try and grow that money through investments and have enough to pay off the debt completely in about two years. What kind of approach or investments should I consider for this situation?
Debt, Investing
Answers
Sort By:
3 days ago
Richard Roush
Roush, Richard
Fresno, CA
www.roushinvestments.com/
With a two-year time horizon, it is usually not recommended to invest the assets in anything other than CDs or savings accounts. However, the yield on these instruments will probably be less than the loan is currently accruing at. It would be my advice to take those funds and apply them to the loans now. If it does not cover all of them then apply it to the ones with the highest interest rate first.
Was this answer helpful?
Yesterday
Rosemary Frank
Frank, Rosemary
Brentwood, TN
rosemaryfrank.com/
You don't say if you are still a student or if you are in repayment mode. If still a student, then I suggest remaining safe and put the money into the best CD you can find. Your time window is really too short to take on any investment risk. If you are repaying at this time, and your interest rate is more that what you could earn with a CD, which it most likely is, then simply apply your savings to the debt now. For instance, if your interest rate is 7%, by reducing the debt by $10,000 you will have effectively just "made" 7% on your money. Through it all, keep in mind the necessity of always having an emergency fund. If this is your only savings, I do not recommend tying it up in a CD or using it to pay off debt, as you really do need to keep it accessible.
Was this answer helpful?
3 days ago
Andrew Rosen
Rosen, Andrew
Wilmington, DE
lifelongadvisors.com/
Cash is your answer unfortunately. If your time horizon is 2 years and it is for debt payoff I recommend nothing except cash. There are high yield savings accounts like the one at live oak bank which I am a fan of. These today are paying 2% interest which is excellent. I just think the risk is too high and the importance of getting these loans paid off is too great for you to start taking equity risk with it. Just think the equity markets are off like 10% this month alone. I wouldn't be concerned if long term investments but for something this short term you have to play it safe.
Was this answer helpful?
4 days ago
Joe Arns
Arns, Joe
Princeton, NJ
nwcriterion.com
Keep in mind that all stock portfolio can only be expected to return 7-9% annually right now. And that's simply an expectation. It is possible for an all-stock portfolio to lose nearly half of its value over a two-year period. If your timeframe is limited to 2 years, the best strategy is simply to take the $10K and pay down the loans with the highest interest rate.
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5 days ago
Levi Sanchez
Sanchez, Levi
Seattle, WA
millennialwealthllc.com
2 years is a short amount of time in the investment world and I'd be hesitant to invest in equities with that short of a time frame. Markets are unpredictable in the short term. Instead, you may consider looking at CD's or a high yield savings account. As interest rates have continued to rise, high yield savings are starting to pay increasingly higher interest rates (1.95% was highest I could find at time of this answer). They're FDIC insured as well.
Best,
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The Washington Post/Rick Noack: German Chancellor Angela Merkel is ready to hand over leadership of her Christian Democratic Party, German media reports say
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German Chancellor Angela Merkel ready to step down from party leadership
German Chancellor Angela Merkel listens to a question during a press conference after talks with Czech Republic's Prime Minister Andrej Babis in Prague, Friday, Oct. 26, 2018. (Petr David Josek/AP)
By Rick Noack
October 29 at 6:01 AM
BERLIN — German Chancellor Angela Merkel announced on Monday that she was ready to hand over the leadership of her Christian Democratic Party (CDU) later this year, according to German media reports citing sources close to her.
Merkel has been CDU chairwoman since 2000 and while her departure would not automatically result in her stepping down as German chancellor, the move is an acknowledgment of her increasingly volatile position.
Merkel herself has said in the past that the chancellor should also be the leader of the ruling party. But according to German public radio, Merkel wants to stay on even after handing over the party leadership.
The announcement comes one day after her party suffered massive losses during regional elections in the state of Hesse, that has long been a bellwether for the nation. The election for the state parliament in Hesse — home of Frankfurt, the heart of German finance — gave Merkel’s center-right CDU 27 percent of the vote, according to projections based on partial returns Sunday night.
That was good enough for first place, but down 11 percent since the state last voted, in 2013, and represents the party’s worst performance there in more than half a century. The party’s state leader, Volker Bouffier, called the outcome “very humbling.”
Backing for Merkel’s coalition partner, the center-left Social Democrats (SPD), also plummeted, falling from 31 percent to 20 percent — a low not seen in 72 years. The Social Democrats’ weak performance in regional elections this year in Hesse and Bavaria has added pressure on their national leadership to force Merkel into more concessions.
Griff Witte and Luisa Beck contributed to this report.
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InsideCimate News/Nicholas Kusnetz: Children's Climate Lawsuit Trial Delayed Until U.S. Supreme Court Rules
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Children's Climate Lawsuit Trial Delayed Until U.S. Supreme Court Rules
The Trump administration wants the high court, now with Brett Kavanaugh as a justice, to throw the case out. The trial had been scheduled to start on Monday.
Nicholas Kusnetz
By Nicholas Kusnetz
Oct 26, 2018
Plaintiffs in the children's climate lawsuit want the federal government to act on climate change. Credit: Robin Loznak
The young plaintiffs in the children's climate lawsuit are suing to force the federal government to take action on climate change. Credit: Robin Loznak
A federal judge in Oregon has delayed a lawsuit brought by 21 children and young adults to force government action on climate change, pending a decision by the Supreme Court on whether to dismiss the case before trial. Opening arguments had been set for Monday.
The government has repeatedly tried to halt the case. Last week, the Supreme Court agreed to a temporary stay while it considers the Justice Department's argument that a trial would cause the government "irreparable harm." The decision to delay the case at this early stage was highly unusual.
The plaintiffs and their lawyers say the government is trying to deprive them of their right to a fair hearing.
"Since the early days of the Republic, our judiciary has grown to be the last line of defense against governance that threatens the public good and destroys the lives of our people," Julia Olson, co-counsel for the plaintiffs, said in a statement. "These young people deserve that chance to present their case against those who govern and let the light fall where it may."
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If successful, the lawsuit could result in a court order that the federal government develop and implement a plan to cut greenhouse gas emissions. If the plaintiffs ultimately lose, a trial would still present a public forum on climate change and the grave risks it poses to the nation. A trial could also force the Trump administration into the embarrassing position of publicly admitting the facts about climate change while arguing that it need not address the problem.
The government's lawyers haven't contested the children's central claims—that climate change is real and is causing them harm. Instead, the lawyers have argued that the federal government is not responsible and that the court has no place ordering political branches what to do.
The Supreme Court is now considering those questions. In July, the court denied an earlier attempt by government lawyers to halt the case. It's unclear why the court changed its position now.
David Bookbinder, chief counsel for the libertarian Niskanen Center, which filed a brief supporting the youths' case, said the only thing that has changed is the replacement of Justice Anthony Kennedy, who retired, with Justice Brett Kavanaugh, President Donald Trump's controversial pick whose record as a federal judge includes ruling against some environmental regulations.
"They're willing to step in and look at this earlier than the court normally would because it's a climate case," he said. One of the few other cases in which justices have issued such a ruling at this stage, he said, was when they halted implementation of President Barack Obama's proposal to limit emissions from the electricity sector. "Climate is just different."
Like Brown v. Board of Education with school integration or Obergefell v. Hodges, which established a right to marriage for same-sex couples, the case is pushing a novel claim for constitutional rights, legal experts say. It will also test core questions about the separations of powers. The plaintiffs argue that, as in Brown, the Constitution's checks and balances require the courts to step in because the political branches are failing citizens, in this case by neglecting to protect them from climate harm. The government has argued that existing laws and environmental regulations take precedence and any action by the court would overstep its authority.
"For three years, my co-plaintiffs and I have been waiting for our voices to be heard in court," Hazel V., a 14-year-old plaintiff in the case, said in a statement. "But the U.S. government is doing everything it can to silence us, all while we watch it continue to make the climate crisis worse.
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Nicholas Kusnetz
Nicholas Kusnetz is a reporter for InsideClimate News. Before joining ICN, he ran the Center for Public Integrity's State Integrity Investigation, which won a New York Press Club Award for Political Coverage. He also covered fracking as a reporting fellow at ProPublica and was a 2011 Middlebury Fellow in Environmental Journalism. His work has appeared in more than a dozen publications, including Slate, The Washington Post, Businessweek, Mother Jones, The Nation, Fast Company and The New York Times.
Nicholas can be reached at: nicholas.kusnetz@insideclimatenews.org. PGP key: http://bit.ly/2k5fncn
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BBC News/Roger Harrabin: Rising seas will swamp homes, report says
BBC News
Rising seas will swamp homes, report says
By Roger Harrabin BBC environment analyst
26 October 2018
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Image copyright SPL
Image caption More UK homes will be at flood risk in the future
England’s coastal communities haven’t faced up to the reality of rising seas through climate change, a report says.
An increase of at least 1m is almost certain at some point in the future, the government’s advisors predict.
The Committee on Climate Change (CCC) warns this huge rise may happen over the next 80 years - within the lifetimes of today's children.
A government spokesman said the public would be protected from the impacts of climate change.
But the CCC says current shoreline management plans are unfunded and hopelessly optimistic.
It estimates that by the 2080s, up to 1.2 million homes may be at increased risk from coastal floods.
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The CCC’s chief executive, Chris Stark, told BBC News: “People know sea level is going to rise – but they haven’t grasped how bad this could be for them.”
His colleague Professor Julia King added: “We’ve got to wake up to the fact that we’ve got some very difficult challenges ahead.
“We need local councils to have some honest discussions with people to help them prepare for the difficult choices they’ll face.”
The report says many coastal communities are particularly vulnerable because populations in coastal areas are often poorer and older than the UK average.
It highlights the issue of land-slips on the coast. It says 100,000 cliff-top properties could be at risk from coastal landsliding, but the public don’t have clear and accurate information about the issues and there’s no insurance or compensation for people who lose their homes.
Is it just homes that are under threat?
No, it’s much wider than that. Transport, energy and waste infrastructure are also exposed to coastal flooding and erosion.
Approximately 7,500km of road, 520km of railway line, 205,000 hectares of good farm land, and 3,400ha of potentially toxic historic landfill sites are currently at 0.1% or greater risk of coastal flooding in any given year.
Power plants, ports, gas terminals and other significant assets are also at risk. The report says the government needs to focus on protecting these assets, as well as saving people’s homes.
What’s more, coastal defences are likely to be at risk of failure as sea levels rise. A rise of 0.5m is projected to make a further 20% of England's coastal defences vulnerable to failure. The risk will be even higher if the current rates of deterioration of saltmarshes, shingle beaches and sand dunes continue.
Some more key facts
In England, 520,000 properties (including 370,000 homes) are in areas with a 0.5% or greater annual risk from coastal flooding.
By the 2080s, that figure could rise to 1.5 million properties (including 1.2 million homes). In addition, approximately 1,600km of major roads, 650km of railway line, 92 railway stations and 55 historic landfill sites are at risk of coastal flooding or erosion by the end of the century.
A government spokesperson said: "The government has already committed £1.2bn of investment in coastal erosion and sea flooding projects over the next six years to better protect 170,000 homes.
"We welcome the committee's report which will inform our work to tackle increasing flood and coastal erosion risks, ahead of the publication of our Government Policy Statement on flooding and coastal erosion next year."
Follow Roger on Twitter @rharrabin
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BBC News/Matt McGrath: Climate change: Low cost, low energy cooling system shows promise
Climate change: Low cost, low energy cooling system shows promise
By Matt McGrath Environment correspondent
26 October 2018
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Image copyright Yang Lab / University of Colorado Boulder
Image caption The roof array that can cool a house with little energy use
Researchers in the US have scaled up a new low-cost system that could provide efficient cooling for homes while using very little electricity.
The team has developed a roof-top sized array, built from a highly reflective material made from glass and polymers.
In tests, the system kept water around 10C cooler than the ambient air when exposed to midday sunlight in summer.
The approach could also be scaled up to cool power stations and data centres.
The system is based around what's termed a cooling meta-material, which is essentially an engineered film not found in nature.
Last year, researchers at CU Boulder in the US published research on the extraordinary properties of the new film, which reflects back almost all incoming light from the Sun.
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But it also has another cooling trick that makes it quite special. If you use the film to cover water, it allows any heat in the liquid to escape into the air.
So when the heat escapes and is not replaced because the material deflects away sunlight, temperatures drop rapidly.
Now the scientists have improved the system and and built and tested a 13-sq-metre array of panels, that's small enough to fit on most rooftops.
"You could place these panels on the roof of a single-family home and satisfy its cooling requirements," said Dongliang Zhao, lead author of the study from CU Boulder's Department of Mechanical Engineering.
How effective is this material?
Image caption The new material looks like aluminium foil but is slightly thicker
The system has been tested outdoors in a variety of weather conditions. In experiments carried out in the summer of 2017, the reflective system kept a container of water some 12C cooler than the surrounding air in the warmest hours of the day.
"We can now apply these materials on building rooftops, and even build large-scale water cooling systems with significant advantages over the conventional air-conditioning systems, which require high amounts of electricity to function," said Associate Professor Gang Tan, another author of the study from the University of Wyoming.
What makes it work?
The key material is made with glass microspheres embedded into a polymer film, with a thin silver coating.
At just 50 micrometres, it is slightly thicker than aluminium foil.
Another big advantage of the material is that it can be manufactured on rolls, making it easier to apply on residential and commercial applications.
What is it likely to be used for?
Image caption The film can be manufactured cheaply say the authors
The authors say that one of the most effective uses of the new material would be to cool thermoelectric power generating plants. These installations use large amounts of water and electricity to maintain the operating temperatures of their machinery. Using the new material could make them more efficient.
How much cooling does the world need?
In 2016 around 10% of the world's energy use went to power air conditioning. The International Energy Agency says that this rate is set to triple by 2050, with air conditioning (AC) consuming as much electricity as is used in China today.
As well as all the CO2 that is produced as electricity is created to power these devices, AC units also contain potent greenhouse gases in the form of hydrofluorocarbons.
HFCs were introduced to protect the ozone layer, because the previous generation of the cooling chemicals exacerbated the hole over Antarctica that had developed in the 1980s.
While HFCs are less damaging, they have a large global warming potential. In 2016, countries agreed that they would be phased out over the course of the next 15-20 years. If this happens successfully it could have a significant impact on limiting future temperature rises.
The new study has been published in the journal Joule.
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The Saturday Paper/Mike Sercombe: Climate change claims its first mammal extinction
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News Opinion Culture Life Food Quiz Sport The Briefing Past Editions
Edition No. 228 October 27 – November 2, 2018
News
Liberal moderates, corporations and the voters of Wentworth have all called on the Morrison government to act on climate change. But the country’s top scientists say its effects are already wreaking havoc across Australia. By Mike Seccombe.
Climate change claims its first mammal extinction
The Bramble Cay melomys was not, frankly, a particularly prepossessing creature, as one might gather from the little native rodent’s other name, the mosaic-tailed rat.
In life, it had none of the iconic appeal of those more charismatic species that bring popular support to environmental causes. Only by the manner of its extinction is the melomys distinguished: science believes it to be the first mammal species whose demise can be attributed directly to climate change.
The melomys was previously the only mammal endemic to the Great Barrier Reef. Its entire population was confined to the single Torres Strait island for which it was named, a cay inhabited by no people or introduced predators, about four hectares in area and less than three metres above sea level at its highest point.
The last of the melomys are thought to have died somewhere between 2007 and 2009, although it was not until 2014 that the Queensland government released a report conceding that despite a determined effort by scientists, using traps, cameras and old-fashioned foot searches, there were none left.
That report confirmed sea level rise, coupled with increasingly frequent and intense storms and higher storm surges, as the probable cause. The species was washed away while no one was looking.
The announcement caused a brief flurry of interest in the media and prompted a comment piece in the prestigious journal Nature, suggesting the fate of the melomys should serve as a call to heed the science and act urgently to implement policies that mitigate the threat of climate change.
The melomys is the only extinction we know of so far, but things are grim for many other living things.
About 600 kilometres south of Bramble Cay is the Wet Tropics World Heritage Area. Extending in a 450-kilometre-long rugged ribbon from just south of Cooktown to just north of Townsville, the 890,000-hectare heritage area is Australia’s most biologically diverse terrestrial environment.
The way things are going, says Stephen Williams, professor of ecology and climate change at James Cook University, about half the endemic vertebrate species of the wet tropics could be extinct by the end of this century. Most of the rest would be expected to be critically endangered.
“We are a mega-diverse country, meaning we have a lot of wildlife that occurs nowhere else on Earth. Endemic species with limited dispersal options and small ranges are particularly vulnerable to extinction from climate impacts.”
“We have a World Heritage Area rapidly losing the things that made it a World Heritage Area,” he says.
“The reason the Wet Tropics is so special is that it’s a relict of what once existed right across the country, before Australia warmed and dried over the past few million years.
“Overall, we have about 700 species of vertebrates. Of those, about 300 are rainforest species, and about a third of those are found nowhere else in the world. The WHA was created because of those endemic species. But in the past 15 years, about 50 per cent of them are showing significant declines in total population.”
In a sense, the mountains of the Wet Tropics are islands – islands of cooler, wetter climate, surrounded by a rising tide of heat as the climate warms. While the many endemic animals are thought of as tropical species, Williams says, “they can actually only live up in the mountains, in that cooler, wet environment”.
And as the climate heats up – the Wet Tropics have warmed about 1 degree Celsius over the past 100 years, with about half of that happening in the past 15 years – those creatures are being forced ever higher up these mountains.
“We used to see lemuroid ringtail possums down at about 600 metres elevation until about a decade ago,” he says. “About five years ago, they had also disappeared at 700 metres. Now there are indications they are declining at 800 metres.”
The pattern is similar across other species that Williams and his colleagues have monitored over that time. They are being pushed about 100 metres uphill every five years.
“The scary bit is, I look at the data ... and see all of the things we care about retracting up the mountain, on the basis of about half a degree warming in the last 15 years. What’s four degrees going to do? Because the fact is, we’re tracking for about four degrees this century.”
Most of the mountains in the Wet Tropics are under 1200 metres above sea level. Two go up to 1600 metres. In a few decades, these species will reach the top of the mountain and have nowhere else to go.
That is, if they last that long.
On top of the problem of increasing average temperatures is that of extreme heat events, which climate scientists tell us also are becoming more frequent and intense.
Williams cites an example, from 2007, relating to the ringtail lemuroids, which are acutely vulnerable to even moderate heat. They will die if the temperature goes above about 29 degrees for even a relatively short time.
In the summer of 2005, maximum temperatures in some northern areas of the World Heritage Area went over the possum’s physiological tolerance for 27 days in a row. The population crashed. Tourist operators and others reported large numbers of dead possums.
“In that situation,” Williams says, “you can actually have all the individuals of that species die, on that day. Bang. Dead. Lying on the ground.”
Part of the reason we know as much as we do about the effects of climate change is that in 2008 the previous Labor government set up a body called the National Climate Change Adaptation Research Facility (NCCARF) with funding of $50 million.
It studied a wide array of issues, such as health, infrastructure, social impacts and natural ecosystems.
“I was director of its Natural Ecosystems Network, involving some 2500 scientists and people from government agencies,” Williams says. “We had pretty good coverage across Australia, of marine, freshwater, terrestrial ecosystems.”
But the current conservative government progressively cut NCCARF’s funding, down to nothing this year. Another program, the National Environmental Research Program, funded Williams’ specific work in the Wet Tropics. But that money dried up, too.
“So our monitoring largely stopped, as of about a year ago,” he says.
There is every reason to suspect the current government would rather people didn’t know too much about the consequences of climate change. The climate sceptics of its right wing were instrumental in removing Malcolm Turnbull from the prime ministership. The Morrison government has abandoned any meaningful action on climate change, on the premise – the false premise, in the view of most experts, environmental, business and industry groups – that such action is incompatible with affordable electricity.
Ignoring reality, however, does not change reality. The voters in the Wentworth byelection recognised that last weekend. An exit poll of more than 1000 voters conducted for The Australia Institute found 78 per cent said climate concerns had some influence on their vote, 47 per cent said it had a lot of influence and 33 per cent said it was the main thing.
The release during the campaign of the latest report by the Intergovernmental Panel on Climate Change (IPCC), a synthesis of more than 6000 research papers, reflecting the overwhelming consensus the world’s climate scientists, no doubt sharpened the voters’ appreciation of the pressing reality. One degree more of global warming and the world’s coral reefs, including the Great Barrier Reef, will be all but gone.
Even so, “fair dinkum power” – Prime Minister Scott Morrison’s coded slogan for more coal-fired electricity – remains the government’s big focus. The IPCC report was not telling us what to do, Morrison said.
But thanks to the work of the CSIRO, Bureau of Meteorology, NCCARF, the Climate Council, and many others, we know quite a lot about the impacts of climate change in this country.
We know which areas of the natural environment will be particularly hard hit. The Wet Tropics is one. So are the very biodiverse border ranges of New South Wales and Queensland, where species face a similar problem to those of the Wet Tropics – nowhere to go but uphill. Likewise, the alpine areas of NSW and Victoria. A report to the Victorian government earlier this year found that by mid century that state’s high country could have natural snow cover for all but a handful of days each year.
The World Heritage wetlands of Kakadu could be wiped out by rising sea levels. The south-west of Western Australia, which has particularly high plant diversity, also is exceptionally vulnerable. The climate modelling suggests winter rainfall – and most of the rain in that part of the country comes in winter – could decline as much as 50 per cent by 2090, in a worst-case scenario.
Across south-eastern Australia, cool season rain is projected to decline 10 to 20 per cent. Droughts will become more frequent and severe, not only because of declining and less regular rainfall but because evaporation rates increase with temperature. Fire seasons will lengthen.
Cyclones may not become more frequent, but will likely be more intense and blow further south. Because warmer air can hold more moisture, when it does rain it will likely be more intense. Australia’s extremes of climate, its “drought and flooding rains”, will be exacerbated.
The science indicates different effects of climate change in different parts of the country. Some, particularly in the north-west, will get wetter, while others will get drier. The common factor, though, is that everywhere it will get hotter. While some species may benefit, whole ecosystems and their component species will shift or expire.
“We are a mega-diverse country,” says James Trezise, a policy analyst with the Australian Conservation Foundation, “meaning we have a lot of wildlife that occurs nowhere else on Earth. Endemic species with limited dispersal options and small ranges are particularly vulnerable to extinction from climate impacts.
“The fact that we have the first documented mammal extinction globally due to climate change in the 21st century should ring alarm bells.
“As a safeguard, we need to be planning out where species and ecosystems will be moving and tailoring our conservation actions to meet that challenge. This means establishing new protected areas and connecting habitats to ensure we have a climate-smart safety net for nature, looking at protecting critical habitats such as climate refugia and building climate adaptation into our management actions.
“All of this requires substantial government investment, but sadly we’ve seen huge cuts to environment and climate programs, including the axing of the National Climate Change Adaptation Research Facility.”
Perhaps, though, instead of talking about the intrinsic value of the natural environment we should talk in terms governments understand: money.
The cost of the current drought could be up to $12 billion, according to a recent estimate by Commonwealth Bank. Even the once reliably conservative rural sector now accepts climate change is playing a part in this disaster. Like native species, agriculture will have to adapt and shift with the new climate reality.
One might question, for example, the wisdom of continuing to grow thirsty crops such as cotton on the increasingly water-starved Darling River basin. Large areas of formerly marginal crop land, as in the wheat belt of Western Australia, will likely become unviable.
Most of Australia’s population is concentrated near the coast, and will retreat as sea level rises and amid greater storm surges. A report a few years ago by the Climate Council assessed the costs of coastal flooding from sea level rises of 40 centimetres and one metre over the next century, and estimated it could be as much as $200 billion dollars.
One industry that keeps a close eye on such costs is the insurance industry.
The basic metric for it is simple.
“Extreme weather leads to loss, which leads to claims, which leads to higher premiums,” says Karl Sullivan, general manager for policy, risk and disaster planning at the Insurance Council of Australia.
“We have been working hard at identifying where the red dots are on the map, where a property already has an acute level of weather risk, and what can be done to bring risks down.”
Their work on identifying risk, he says, goes down to individual addresses and premiums are set accordingly. He provides an example of what happens when the risk is seen as just too great.
“Roma in Queensland had three one-in-a-hundred year floods in three successive years. One insurer had $124 million of losses for only $8 million of premium income. Most of the market stopped underwriting in Roma as a result.”
Then a levee was built, at a cost of some $20 million.
“The day the ribbon was cut insurance prices fell an average of 35 per cent and some by 73 per cent.”
But in many other places, mitigation action has not happened. He cites Lismore, in northern NSW.
“It has a completely inadequate flood defence system. Flood risks are extremely high and people who want to protect themselves are paying very high premiums,” Sullivan says.
As in Roma, mitigation would require tens of millions to be spent on a levee.
“You can apply that in a broader sense to climate change. In 50 years’ time, we know some of those risks are going to be so high that either people won’t be living there anymore, or we won’t be able to provide products that people can conceivably afford. If you start mitigating now, insurance can remain affordable and available.”
Sullivan points to research done by the Australian Business Roundtable for Disaster Resilience and Safer Communities, an industry group set up in 2012 in response to an unprecedented series of floods, storms and bushfires.
It found that the Australian government invests only about $50 million each year on mitigation measures, but more than 10 times that on post-loss recovery.
There are other costs, too. Professor Kingsley Faulkner, an eminent surgeon and chair of Doctors for the Environment, ticks off some of the health consequences:
“First, heatwaves. Every single city in this country will have many more days each year over 35 degrees. Over the past 100 years, more people have died of heat-related causes than any other natural problem.
“Then, changes in disease patterns. Things like malaria, dengue, Ross River virus, will likely move south with increasing temperatures. Many bacterial diseases are aggravated by heat and more common in tropical and subtropical areas.
“There also are effects on air quality and the emissions from fossil fuels. There’s an estimated 3000 deaths per annum from air pollution in Australia.”
The cost of air pollution due to the burning of coal in Australia is estimated at some $2.6 billion a year.
And there are mental health costs associated with the increased incidence of “natural” disasters. Increased suicide rates among drought-stricken farmers, children traumatised by the destruction of their homes.
Faulkner echoes the views of former Liberal leader John Hewson, who campaigned against his old party in Wentworth.
“No party should be elected without a credible climate policy,” Faulkner says.
“The latest IPCC report shows the absolute urgency of the issue. We wasted a decade, and this report says the next decade will be absolutely crucial. Unfortunately, in spite of the Wentworth result, this lot don’t seem to have learnt. They are still talking about subsidising coal, and having no strong emissions policy. They are appallingly inept.”
And the current sloganeering around “fair dinkum” power amounts to “stupidity”.
“We are playing around with the lives of our children and grandchildren – we really are,” Faulkner says.
On the upside, since Wentworth some of the more enlightened members of the Morrison government – Western Australian Senator Dean Smith most recently – have joined the growing chorus of voices – including BHP, the Australian Institute of Company Directors, the Business Council of Australia, Australian Industry Group, Australian Council of Social Service, St Vincent de Paul and others – advocating serious policy.
Smith set out the issue in political terms. The conservative parties could either shift their position or lose a whole generation of voters.
But the likes of Smith are still in the minority in this government. And the polls all suggest that six months from now, maybe less, the Morrison government will go the way of the Bramble Cay melomys: washed away by the rising tide.
This article was first published in the print edition of The Saturday Paper on Oct 27, 2018 as "Droughts and flooding rains". Subscribe here.
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Edition No: 228 October 27 – November 2, 2018
Contents
News
The national apology and what comes next Martin McKenzie-Murray
Turnbull used to head off regional distrust Karen Middleton
No apologies after Mohamed Kamer Nizamdeen's release Alex McKinnon
Asylum seekers homeless in Indonesia Nicole Curby
Climate change claims its first mammal extinction Mike Seccombe
Trump returns to the nuclear barricades Hamish McDonald
Opinion
Running against Tony Abbott in Warringah Jane Caro
Morrison and the tide of Wentworth Paul Bongiorno
Gadfly: A rake’s progress Richard Ackland
Letters & Editorial
Geoff Pryor cartoon, October 27 2018 Geoff Pryor
Fair bunkum
No justice on Manus Island
Culture
‘Triple threat’ Maya Rudolph Donna Walker-Mitchell
Wanderlust Helen Razer
Steven Rhall's objects Andy Butler
Artistic director Nici Cumpston Claire G. Coleman
Books
Killing Commendatore Reviewer: ZC
The Fragments Reviewer: DD
One Good Turn Reviewer: KR
Life
Spring linguini on pea purée Annie Smithers
Catalonia’s Concurs de Castells Robert Kidd
Best medicine: Verity Charles, 27, netballer Cindy MacDonald
The Quiz
Which member of the British royal family married this month at Windsor Castle? Cindy MacDonald
This week
News
The national apology and what comes next
Martin McKenzie-Murray After years of struggle, Chrissie Foster this week watched the prime minister apologise to victims and survivors of institutional child abuse. Now a new fight begins for redress. I just hope that that’s not all there is. It’s not the end. There’s work to do.
News
Turnbull used to head off regional distrust
Karen Middleton Malcolm Turnbull’s relationship with the Indonesian president is being used to shore up free trade negotiations as Scott Morrison hopes to convey stability abroad.
News
No apologies after Mohamed Kamer Nizamdeen's release
Alex McKinnon The case of Mohamed Kamer Nizamdeen, released after a month in prison when terrorism-related charges were dropped because of mistaken evidence, is the latest in a string of dubious arrests and defamatory accusations in the media against Australian Muslims.
World
Asylum seekers homeless in Indonesia
Nicole Curby With few people-smuggling boats in operation, asylum seekers in Indonesia now face living on the streets as detention centres close their doors following Australia’s funding cuts, in what appears to be the latest deterrence strategy.
Culture
‘Triple threat’ Maya Rudolph
Donna Walker-Mitchell
Known for her masterful Saturday Night Live impersonations and starring role in the comedy hit film Bridesmaids, Maya Rudolph is now tackling the subject of married mundanity in the new series Forever. But while her own life is far from dull, her priorities for work and family remain very simple. “For me, when I became a mum, I changed, and my needs changed. I didn’t want to be away from my kids … If something I’m loathing is taking me away from my kids, then I shouldn’t be there.”
Opinion
Running against Tony Abbott in Warringah
Jane Caro I keep asking myself what I have done by putting up a tentative hand as a possible independent candidate for the seat currently held by former prime minister Tony Abbott. And, more to the point, why exactly have I done it? Do I really have anything worthwhile to offer the people of Warringah? Am I the right person for this job?
Opinion
Morrison and the tide of Wentworth
Paul Bongiorno Voters don’t like Shorten, or trust him, because, among other negatives, ‘he knifed two prime ministers’. But a new book by respected press gallery journalist David Speers, On Mutiny, casts serious doubt on Morrison’s ‘plausible deniability’ that he had nothing to do with the decapitation of Turnbull. Speers writes that Morrison’s closest supporters, Alex Hawke and Stuart Robert, had been on the phones ‘for more than twenty-four hours, albeit without a declared candidate’. We are expected to believe they were doing this without Morrison’s approval.
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