Lifeboat Foundation

Doctor? Who?

New York University said Thursday that it will cover tuition for all its medical students regardless of their financial situation, a first among the nation’s major medical schools and an attempt to expand career options for graduates who won’t be saddled with six-figure debt [Editor’s note: the link may be paywalled]. From a report: School officials worry that rising tuition and soaring loan balances are pushing new doctors into high-paying fields and contributing to a shortage of researchers and primary care physicians. Medical schools nationwide have been conducting aggressive fundraising campaigns to compete for top prospects, alleviate the debt burden and give graduates more career choices. NYU raised more than $450 million of the roughly $600 million it estimates it will need to fund the tuition package in perpetuity, including $100 million from Home Depot founder Kenneth Langone and his wife, Elaine. The school will provide full-tuition scholarships for 92 first-year students — another 10 are already covered through M.D./PhD programs — as well as 350 students already partway through the M.D.-only degree program.

The FBI is warning banks about a fraud scheme called an ATM cash-out, Krebs on Security reports. With this type of heist, attackers typically compromise a bank or payment card processor with malware, disable fraud controls and withdraw large sums of money — sometimes millions of dollars — with cloned bank cards. The FBI reportedly sent an alert to banks last week. “The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an ‘unlimited operation’,” said the notice.

Once hackers gain access to a financial institution’s system, often through phishing, they’ll alter account balances as well as disable maximum ATM withdrawal amounts and transaction limits. That way, they can quickly take out large amounts of cash from ATMs with fraudulent bank cards made from stolen card data and gift cards.

Last month, Krebs on Security reported on two successful applications of this type of scheme. Hackers were able to steal around $2.4 million from The National Bank of Blacksburg through two ATM cash-outs in 2016 and 2017.

Today, economist and Nobel laureate, Paul Krugman, wrote in the New York Times, that Bitcoin is taking us back 300 years in monetary evolution. As a result, he predicts all sorts of bad things.

A significant basis for Mr. Krugman’s argument is that the US dollar has value because men with guns say it does.

Is Bitcoin erasing 300 years of monetary evolution?

Running with the metaphor that fundamental change to an economic mechanism represents ‘evolution’, I think a more accurate statement is that Bitcoin is not erasing the lessons of history. Rather, it is the current step in the evolution of money. Of course, with living species, evolution is a gradual process based on natural selection and adaptation. With Bitcoin, change is coming up in the rear view mirror at lightning speed.

Continue reading “Is Bitcoin Erasing 300 years of Monetary Evolution?” »

The financial costs of flooding in Canada’s maritime region could spike by 300 per cent by the end of the century if steps are not taken to address the impacts of climate change.

A study done by researchers at the University of Waterloo looked at the Halifax, Nova Scotia area, a region hard hit by recent riverine flooding. The team, made up economists, geographers and political scientists, merged data on flood probability, climate change and financial payout information from the insurance/re-insurance market and used the information to develop a forecast.

“Until recently there hasn’t been a lot of work exploring what increased flooding will cost, and who will get stuck with the bill,” says Andrea Minano, coordinator of the Canadian Coastal Resilience Forum (CCRF) and a researcher at Waterloo’s Faculty of Environment. “The increases in flood losses put into question the long term insurability in the Halifax area, and highlight a broader problem facing many other areas in Canada if no actions are taken to mitigate and adapt to climate change.”

For as long as she can remember, she’s puzzled over what’s out there. As a kid drifting off to sleep on a trampoline outside her family’s home near Portland, Ore., she would track the International Space Station. She remembers cobbling together a preteen version of the Drake Equation on those nights and realizing that the likelihood of intelligent alien life was something greater than zero. Star Trek marathons with her father catalyzed her cosmic thinking, as did her mother’s unexpected death when Bailey was 8. The house lost some of its order—some of its gravity—which led to more nights gazing skyward on the trampoline.

In college, Bailey got a hard-won paid internship at the now-merged aerospace giant Hamilton Sundstrand and joined a team repairing turbine engines. She hated it. “It was the opposite of pushing the envelope,” she says. “Nothing new ever went into that building. Nothing new ever left that building.”

By the time she set off to get a master’s degree in mechanical engineering at Duke University, the idea of logging 30 years at a place like Boeing Cor NASA had lost all appeal. She tried her hand at finance and later law, and was unlucky enough to excel at both. “I made it pretty far down that path, but then I thought, Wait, if I become a lawyer, then I’m a lawyer and that’s what I do,” she recalls. “What if I don’t want to do that on Tuesdays?”

Continue reading “Ion Engine Startup Wants to Change the Economics of Earth Orbit” »

https://youtube.com/watch?v=4iRF6pilm3s

UK-based Moltex Energy will build a demonstration SSR-W (Stable Salt Reactor – Wasteburner) at the Point Lepreau nuclear power plant site in Canada under an agreement signed with the New Brunswick Energy Solutions Corporation and NB Power.

The agreement provides CAD5.0 million (USD3.8 million) of financial support to Moltex for its immediate development activities and Moltex will open its North American headquarters in Saint John and build its development team there. It also calls for Moltex to deploy its first SSR-W at the Point Lepreau nuclear power plant site before 2030.

Continue reading “Moltex molten salt reactor being built in New Brunswick Canada” »

“DATA SLAVERY.” Jennifer Lyn Morone, an American artist, thinks this is the state in which most people now live. To get free online services, she laments, they hand over intimate information to technology firms. “Personal data are much more valuable than you think,” she says. To highlight this sorry state of affairs, Ms Morone has resorted to what she calls “extreme capitalism”: she registered herself as a company in Delaware in an effort to exploit her personal data for financial gain. She created dossiers containing different subsets of data, which she displayed in a London gallery in 2016 and offered for sale, starting at £100 ($135). The entire collection, including her health data and social-security number, can be had for £7,000.

Only a few buyers have taken her up on this offer and she finds “the whole thing really absurd”. Yet if the job of the artist is to anticipate the Zeitgeist, Ms Morone was dead on: this year the world has discovered that something is rotten in the data economy. Since it emerged in March that Cambridge Analytica, a political consultancy, had acquired data on 87m Facebook users in underhand ways, voices calling for a rethink of the handling of online personal data have only grown louder. Even Angela Merkel, Germany’s chancellor, recently called for a price to be put on personal data, asking researchers to come up with solutions.

But constraints brought about by the financial crisis ended the leverage that had fueled the boom. Fixed-income traders felt the brunt of the changes, and in the years since, equities traders —especially those with a technology background—have enjoyed a renaissance. Their rise has touched off a battle for supremacy that’s come down to only three companies: Goldman Sachs, Morgan Stanley, and JPMorgan Chase. These rivals are now locked in a technological arms race to control a $58 billion-a-year industry. As they each jockey for an edge over the other, no one who trades on Wall Street is safe.

Dimon, Blankfein, Gorman: Three great rivals are battling to control the $58 billion-a-year equities industry.

Cryptocurrency fraud and other kinds of cyber-fraud, too.

President Donald Trump has assigned an official task force to investigate the pervasive fraud within the cryptocurrency industry.

On Thursday, the president signed an executive order for a new task force within the Department of Justice with a mandate “to investigate and prosecute crimes of fraud committed against the U.S. Government or the American people, recover the proceeds of such crimes, and ensure just and effective punishment of those who perpetrate crimes of fraud.”

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