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joined 3 months ago
[–] Anyone@mander.xyz 10 points 7 hours ago

They can say whatever they deem appropriate, but oil markets data tell a different story. Indian refiners are pulling away from Russian crude.

[–] Anyone@mander.xyz 18 points 2 days ago

The world’s largest trading bloc may have dodged higher tariffs, but it has also rubber stamped the US president’s new world order.

How does the US president's new world order look like with respect to this agenda? This EU-US trade 'deal' isn't largely a deal, because it is not even legally binding, and many points are fully unclear to this point. Even the article says that ("Trump’s deals are not set in stone") slightly contracting its own headline.

I wrote a longer comment in another thread yesterday and don't want to repeat here. Articles on that issue are popping up every day now, and this one among the ones which are less substantiated imho. What I miss in most of these comments is the effects on the US economy. U.S. Fed chief Powell left U.S. interest rates unchanged today - at more than twice the EU rates - arguing that U.S. inflation is too high. So these tariffs are not good for Europe, but worse for the U.S. This is one point I miss in this discussion.

[–] Anyone@mander.xyz 3 points 3 days ago (1 children)

Yeah, that was not meant to be a critique for the post itself (sorry if I came off a bit too strong in that regard).

[–] Anyone@mander.xyz 5 points 3 days ago (3 children)

Please correct me if I get this wrong, but the EU-US trade deal is a legally non-binding agreement with a lot of points still to be discussed. There are a few points that are supposedly negative (for both the EU and the US, though many of the tariffs are still being negotiated further, so it's everything but clear), the largest part of this agreement is still opaque, though.

For some points it is even unclear whether they will ever become reality, e.g., the 'agreed' EU investments by private companies of 600 billion dollars in the US. Neither an EU nor a national public authority will be monitoring this (and they could do nothing if companies don't want to invest, it is similar to the Japan-US deal reached last week). In addition, the 600bn dollars appear to be a joke, as foreign direct investments by EU companies in the US have been increasing tremendously in the last decades and reached 3.4 trillion dollars in 2023 (the latest number I could find). This is more than seven times the agreed volume.

Even the agreed 750 billion dollars purchase of US liquid gas is not clear. There is no legally-binding commitment either on such a purchase since the EU may at best engage in some sort of facilitating and coordinating, but it will be the member states and their energy companies that do the actual buying.

All these discussion appear to be a bit overblown to me, but maybe I don't understand the thing and I get it wrong.

 

cross-posted from: https://mander.xyz/post/34970724

Archived link

False and misleading claims about extreme weather events spread unchecked on social media are putting lives at risk, new research suggests

The Center for Countering Digital Hate (CCDH) - which analyzed viral posts on the social media platform X, YouTube, Instagram, and Facebook - found that when a storm of false and misleading claims about extreme weather events, the platforms' algorithms amplify conspiracy theorists while sidelining life-saving information.

CCDH looked at the 300 most-liked posts on X, YouTube, and Meta about extreme weather events in the U.S. like Texas floods, Hurricane Helene and the LA wildfires.

Key points:

  • False or misleading claims about extreme weather were viewed 221 million times across all platforms.
  • Community Notes or fact checks are almost entirely absent on viral posts spreading false claims during major disasters.
  • Social media companies are profiting from lies about extreme weather events.
  • On X, 88% of misleading extreme weather posts were from verified accounts. The platform enables paid subscriptions for five of these accounts – which combined have 14 million followers
  • On YouTube, 73% of posts were from verified accounts. YouTube displayed ads next to 29% of misleading extreme weather videos.
  • On Facebook and Instagram, 64% of posts were from verified accounts. Meta is sharing ad revenue with three content creators pushing misleading claims, enabling them to share in Meta’s revenue from ads near their posts.
  • ‘Superspreaders’ of false claims and conspiracies online, like Alex Jones [a U.S. far-right radio show host and prominent conspiracy theorist], get more views than official information during extreme weather events like the LA wildfires.
  • Alex Jones’ false claims about the LA wildfires amassed 408 million views on X – more than the combined views of posts from 10 major news outlets and 10 key emergency agencies.
 

Archived link

False and misleading claims about extreme weather events spread unchecked on social media are putting lives at risk, new research suggests

The Center for Countering Digital Hate (CCDH) - which analyzed viral posts on the social media platform X, YouTube, Instagram, and Facebook - found that when a storm of false and misleading claims about extreme weather events, the platforms' algorithms amplify conspiracy theorists while sidelining life-saving information.

CCDH looked at the 300 most-liked posts on X, YouTube, and Meta about extreme weather events in the U.S. like Texas floods, Hurricane Helene and the LA wildfires.

Key points:

  • False or misleading claims about extreme weather were viewed 221 million times across all platforms.
  • Community Notes or fact checks are almost entirely absent on viral posts spreading false claims during major disasters.
  • Social media companies are profiting from lies about extreme weather events.
  • On X, 88% of misleading extreme weather posts were from verified accounts. The platform enables paid subscriptions for five of these accounts – which combined have 14 million followers
  • On YouTube, 73% of posts were from verified accounts. YouTube displayed ads next to 29% of misleading extreme weather videos.
  • On Facebook and Instagram, 64% of posts were from verified accounts. Meta is sharing ad revenue with three content creators pushing misleading claims, enabling them to share in Meta’s revenue from ads near their posts.
  • ‘Superspreaders’ of false claims and conspiracies online, like Alex Jones [a U.S. far-right radio show host and prominent conspiracy theorist], get more views than official information during extreme weather events like the LA wildfires.
  • Alex Jones’ false claims about the LA wildfires amassed 408 million views on X – more than the combined views of posts from 10 major news outlets and 10 key emergency agencies.
 

cross-posted from: https://mander.xyz/post/34703712

This cautious approach is necessary to protect sensitive information and prevent foreign influence in research, Universities explained [according to Danish broadcaster DR].

Aarhus University is the one for which the Danish broadcaster managed to get the most information. Here, in 2025 alone, 24 research applications have been rejected for security reasons. According to DR’s story, the university now automatically subjects candidates from China, Russia, and Iran to rigorous background checks.

Whenever Aarhus University receives an application from one of these countries, it triggers a thorough investigation into the candidate’s background. The university examines their previous research collaborators, institutions, and research fields to assess any risk of exposure to foreign pressure or espionage attempts. The goal is to prevent sensitive information from falling into the wrong hands.

Brian Vinter, pro-dean of the technical faculty at Aarhus University, explained to DR that these rejections are not due to poor qualifications but because the candidates are deemed potential security risks. “They are rejected based on the possibility they could be pressured by their home countries to leak information,” he said.

A very cautious approach, that’s for sure, which may exclude skilled applicants — profiles the country is otherwise extremely interested in — but on the other hand, it seems necessary to protect Denmark’s interests and the university’s employees from foreign coercion.

...

Aarhus University has hired five specialists fluent in Russian, Chinese, and Persian solely to evaluate applicants. According to the DR story, the university plans to expand security measures to include physical protection of facilities, new travel policies, and issuing specially secured devices to staff traveling to risk countries.

...

 

cross-posted from: https://mander.xyz/post/34703712

This cautious approach is necessary to protect sensitive information and prevent foreign influence in research, Universities explained [according to Danish broadcaster DR].

Aarhus University is the one for which the Danish broadcaster managed to get the most information. Here, in 2025 alone, 24 research applications have been rejected for security reasons. According to DR’s story, the university now automatically subjects candidates from China, Russia, and Iran to rigorous background checks.

Whenever Aarhus University receives an application from one of these countries, it triggers a thorough investigation into the candidate’s background. The university examines their previous research collaborators, institutions, and research fields to assess any risk of exposure to foreign pressure or espionage attempts. The goal is to prevent sensitive information from falling into the wrong hands.

Brian Vinter, pro-dean of the technical faculty at Aarhus University, explained to DR that these rejections are not due to poor qualifications but because the candidates are deemed potential security risks. “They are rejected based on the possibility they could be pressured by their home countries to leak information,” he said.

A very cautious approach, that’s for sure, which may exclude skilled applicants — profiles the country is otherwise extremely interested in — but on the other hand, it seems necessary to protect Denmark’s interests and the university’s employees from foreign coercion.

...

Aarhus University has hired five specialists fluent in Russian, Chinese, and Persian solely to evaluate applicants. According to the DR story, the university plans to expand security measures to include physical protection of facilities, new travel policies, and issuing specially secured devices to staff traveling to risk countries.

...

 

This cautious approach is necessary to protect sensitive information and prevent foreign influence in research, Universities explained [according to Danish broadcaster DR].

Aarhus University is the one for which the Danish broadcaster managed to get the most information. Here, in 2025 alone, 24 research applications have been rejected for security reasons. According to DR’s story, the university now automatically subjects candidates from China, Russia, and Iran to rigorous background checks.

Whenever Aarhus University receives an application from one of these countries, it triggers a thorough investigation into the candidate’s background. The university examines their previous research collaborators, institutions, and research fields to assess any risk of exposure to foreign pressure or espionage attempts. The goal is to prevent sensitive information from falling into the wrong hands.

Brian Vinter, pro-dean of the technical faculty at Aarhus University, explained to DR that these rejections are not due to poor qualifications but because the candidates are deemed potential security risks. “They are rejected based on the possibility they could be pressured by their home countries to leak information,” he said.

A very cautious approach, that’s for sure, which may exclude skilled applicants — profiles the country is otherwise extremely interested in — but on the other hand, it seems necessary to protect Denmark’s interests and the university’s employees from foreign coercion.

...

Aarhus University has hired five specialists fluent in Russian, Chinese, and Persian solely to evaluate applicants. According to the DR story, the university plans to expand security measures to include physical protection of facilities, new travel policies, and issuing specially secured devices to staff traveling to risk countries.

...

 

cross-posted from: https://mander.xyz/post/32658309

In November 2021, in the city of Chandler, Arizona, Chris Pelkey was shot and killed by Gabriel Horcasitas in a road rage altercation.

Horcasitas was tried and convicted of reckless manslaughter.

When it was time for Horcasitas to be sentenced by a judge, Pelkey’s family knew they wanted to make a statement – known as a “victim impact statement” – explaining to the judge who Pelkey had been when he was alive.

They found they couldn’t get the words right.

The solution for them turned out to be having Pelkey speak for himself by creating an AI-generated avatar that used his face and voice, allowing him to “talk” directly to the judge.

[...]

 

In November 2021, in the city of Chandler, Arizona, Chris Pelkey was shot and killed by Gabriel Horcasitas in a road rage altercation.

Horcasitas was tried and convicted of reckless manslaughter.

When it was time for Horcasitas to be sentenced by a judge, Pelkey’s family knew they wanted to make a statement – known as a “victim impact statement” – explaining to the judge who Pelkey had been when he was alive.

They found they couldn’t get the words right.

The solution for them turned out to be having Pelkey speak for himself by creating an AI-generated avatar that used his face and voice, allowing him to “talk” directly to the judge.

[...]

[–] Anyone@mander.xyz 1 points 1 month ago

Yeah, I am also not very optimistic, but the idea is great.

[–] Anyone@mander.xyz 1 points 1 month ago

Thanks, just corrected the mistake. Sorry.

[–] Anyone@mander.xyz 17 points 1 month ago (2 children)

Some time ago I stumbled upon reports about these hitmen and ties to Russia, e.g.,

‘These people are disposable’: how Russia is using online recruits for a campaign of sabotage in Europe

European intelligence agencies say Moscow has launched a campaign of sabotage, arson and disinformation against the continent. Sometimes, it is focused on specific targets related to support for the Ukrainian war effort, but more often it is simply aimed at causing chaos and unease.

In Lithuania, an Ikea shop was set on fire; in Britain, seven people were charged over an arson attack on a business with links to Ukraine; in France, five coffins inscribed with the words “French soldiers in Ukraine” were left under the Eiffel Tower; in Estonia, the car windows of the interior minister and a local journalist were smashed. There have been numerous suspicious fires in Poland, including one that destroyed a huge shopping centre in Warsaw ...

The way Moscow recruits operatives and selects targets varies from country to country. In the Baltic states, the Russian services make use of the extensive family ties of the local Russian-speaking population, according to intelligence officials there. Recruitments are made during visits to Russia, and Telegram is then used for communication, rather than for making the initial contact. The motivating factor is usually either money or blackmail ...

Elsewhere in Europe, people are recruited over Telegram, without any in-person interaction at all. Some, like Serhiy, initially think they are talking to like-minded friends about a joint business project. Others may think they are working on the orders of white supremacist groups or domestic political actors ...

Russia’s campaign of setting things on fire did not come out of nowhere. Research in the archives of communist security services shows that sabotage in enemy countries was part of the KGB’s intelligence doctrine as early as the 1960s, to be launched in times of heightened tension or war ...

[–] Anyone@mander.xyz 8 points 1 month ago (2 children)

I wish there would be more effort to tackle climate change. Such actions are important, but insufficient if they happen only in one particular state, or a handful of states.

Germany as well as most of the member countries in the European Union appear to be on the forefront of climate-related measures, even though the bloc falls short of (too) many of its own goals. According to the Climate Action Tracker - an joint independent scientific project by Climate Analytics and NewClimate Institute, that tracks government climate action - Germany's and the EU's climate-related actions are labelled "insufficient". And so is the U.S., Australia, and practically all other larger economies.

The worst polluters are currently Russia ("critically insufficient") and China ("highly insufficient"), though. It doesn't seem that there will be similar lawsuits against the governments there I am afraid.

 

cross-posted from: https://mander.xyz/post/31779742

cross-posted from: https://mander.xyz/post/31779724

Here you can download the report: Building a Global Minerals Trust for a Just Green Transition [pdf]

UN scientists, experts propose "Global Minerals Trust" - a cooperative, multilateral governance mechanism to ensure sustainable, conflict-free access to critical minerals

Key points:

  • Today, more than 70% of global production for key critical minerals is concentrated in just a few countries, raising serious concerns about supply security, market volatility, and geopolitical risk.
  • Achieving a just and sustainable energy transition hinges on fair and reliable access to critical minerals—materials key for low-carbon technologies. However, global supply chains remain environmentally damaging and vulnerable to geopolitical tensions, creating systemic risks for both climate and economic goals.
  • A Global Minerals Trust offers a new multilateral model to promote responsible stewardship, fair pricing, and secure equitable access to strategic minerals--balancing national sovereignty with planetary responsibility.
  • The Trust can advance a just and circular transition by enabling pooled investment, transparent trade, mineral recycling, and benefit-sharing with resource-producing nations, particularly in the Global South.
  • Global cooperation through platforms such as the G7, G20, IGF, and United Nations is essential to coordinate action and build a resilient, inclusive, and future-proof minerals governance system.
  • The Trust would include independent audit mechanisms—similar to those used by the International Atomic Energy Agency—to ensure environmental and social safeguards.
  • Countries would retain full sovereignty over their resources while committing to prioritize mineral flows for green technologies and avoid politicized supply disruptions.

Canada’s 2025 G7 presidency offers a strategic opportunity to facilitate early-stage consensus around the Trust, drawing on its strengths in environmental diplomacy and multilateral engagement, the report says.

[Edit to insert the correct link.]

 

cross-posted from: https://mander.xyz/post/31779724

Here you can download the report: Building a Global Minerals Trust for a Just Green Transition [pdf]

UN scientists, experts propose "Global Minerals Trust" - a cooperative, multilateral governance mechanism to ensure sustainable, conflict-free access to critical minerals

Key points:

  • Today, more than 70% of global production for key critical minerals is concentrated in just a few countries, raising serious concerns about supply security, market volatility, and geopolitical risk.
  • Achieving a just and sustainable energy transition hinges on fair and reliable access to critical minerals—materials key for low-carbon technologies. However, global supply chains remain environmentally damaging and vulnerable to geopolitical tensions, creating systemic risks for both climate and economic goals.
  • A Global Minerals Trust offers a new multilateral model to promote responsible stewardship, fair pricing, and secure equitable access to strategic minerals--balancing national sovereignty with planetary responsibility.
  • The Trust can advance a just and circular transition by enabling pooled investment, transparent trade, mineral recycling, and benefit-sharing with resource-producing nations, particularly in the Global South.
  • Global cooperation through platforms such as the G7, G20, IGF, and United Nations is essential to coordinate action and build a resilient, inclusive, and future-proof minerals governance system.
  • The Trust would include independent audit mechanisms—similar to those used by the International Atomic Energy Agency—to ensure environmental and social safeguards.
  • Countries would retain full sovereignty over their resources while committing to prioritize mineral flows for green technologies and avoid politicized supply disruptions.

Canada’s 2025 G7 presidency offers a strategic opportunity to facilitate early-stage consensus around the Trust, drawing on its strengths in environmental diplomacy and multilateral engagement, the report says.

[–] Anyone@mander.xyz 8 points 1 month ago

Among the few thing that are clear until we see the final legislation is that there will be two digital euros: the offline and the online version.

With the offline digital euro, you will be able to bump up a digital wallet on your smartphone (or a smart card instead). The offline version’s key feature is that only you and the person who receives the payment will have access to the transaction data, while compliance checks are performed when you load up your wallet (or card) with your bank.

The offline version might have, however, anti-fraud features to prevent forgery. It is said that no private data will be used for these anti-fraud checks, but it is unclear yet how this will be done.

There is also a discussion to introduce a limit a citizen can hold ‘offline’ (this is largely to prevent money laundering, the latest number I read was a limit of EUR 3,000). As everyone can have multiple accounts and multiple wallets, it is also not clear yet how the central bank would link your multiple wallets to your identity to impose this limit without knowing your identity. For now the latest proposal by the central bank mentions “unique identifiers”, but it’s unclear yet how they’d work.

If you pay with the online digital euro, all transaction details will be logged, very much as it is done with current online payment systems. According to the proposal, however, the central bank would only see pseudonymous transaction data, it won’t see your identity. Only your bank has full access to both sets of information. (However, if just a single transaction links your account to your identity, all your transactions are exposed.)

There are a lot of issues to clarify until the final legislation, but as @burgerchurgarr@lemmus.org already said, it depends not in the least what we do in the future. As with everything else, as long as we live in a free society that holds up democratic values, it will likely be fine, but any future government with an autocratic stance could change the law.

[–] Anyone@mander.xyz 9 points 2 months ago* (last edited 2 months ago) (1 children)

This is the second time that Switzerland faces a negative inflation rate after March 2021.

Something like this is bad if, and only if it persists (which may not happen here). Although a negative inflation increases the purchasing power of consumers, it could soon lead to a delay in consumption (consumers will simply wait for prices to decrease further), which can then delay investments and thus hurt the economy.

For now it seems that there is no reason for panic, though. Many Swiss economists have been expecting that, arguing that the current negative inflation is imported due to a strong Swiss franc (which is what the article seems to suggest) that reduced the price for imported goods. The downward trend was mainly driven by sharper declines in transport prices (-3.7% in May vs -2.6% in April), and in food and non-alcoholic beverages (-0.3% vs -0.8%).

On a monthly basis, the consumer price index inched up 0.1% in May compared to April. The Swiss core inflation (which excludes some volatile items such as food and energy) reached also a new low but remained positive in May at 0.5%, according to the Swiss Federal Statistics Office.

Economic forecasts see the inflation to go further down by the end of the second quarter 2025, and will increase to positive rates for the whole year 2025. But we might soon see negative interest rates in Switzerland for some time due to a strong national currency.

Addition:

There is a Morning Star / Dow Jones report on it:

[Swiss National Bank] Chairman Martin Schlegel has previously said that negative inflation was possible, and didn't rule out negative interest rates. However, he has said the bank wouldn't be guided by individual monthly inflation prints, but rather price stability to decide policy. The SNB expects inflation to average at 0.4% this year ...

Switzerland faces "mild deflation until mid-2026", Pantheon Macroeconomics senior Europe economist Melanie Debono said in a note to clients after the inflation print ... Given May's data, that is "enough for a jumbo cut" to bring the SNB to negative rates this month, she added.

So it could be that I will stand corrected with my statement of a projected positive Swiss inflation for the entire 2025 and we'll see this by mid-2026 as Ms. Debono says (but I like the term "jumbo cut" :-))

[–] Anyone@mander.xyz 14 points 2 months ago (1 children)

Brussels has accused China of systematically discriminating against European providers. A European Commission investigation in January found that 87% of sampled Chinese public tenders discriminated, directly and indirectly, against imported medical equipment.

The China Chamber of Commerce to the EU called on Brussels to reconsider its decision, saying the measures add “new complexity to China-EU economic and trade relations.”

Just commented in another thread, but it fits also here:

We must note that the European Commission's findings from its International Procurement Instruments (IPI) - published in January 2025, and commented, for example, by a law firm here. According to the investigation, China not only unfairly treated EU medical devices and suppliers in its public procurement, but the Chinese government did not contest these findings, noting (accurately) that it had not undertaken any international commitments on public procurement.

It's somewhat weird that Beijing now criticizes the EU.

[–] Anyone@mander.xyz 3 points 2 months ago

As an addition, we must note that the European Commission's findings from its International Procurement Instruments (IPI) - published in January 2025, and commented, for example, by a law firm here. According to the investigation, China unfairly treated EU medical devices and suppliers in its public procurement, and the Chinese government did not contest these findings, noting (accurately) that it had not undertaken any international commitments on public procurement.

 

cross-posted from: https://mander.xyz/post/30972521

"Without public trust, effective climate policy is impossible," warns Vincent de Gooyert, sociologist and lead scientist of a paper jointly authored with several researchers from the Dutch Radboud University published this week in Earth System Governance.

"You see this, for example, in the development of carbon capture and storage (CCS). This technology is essential for achieving climate targets, but it is still barely off the ground. Industry wants government subsidies, the government says there is no public support for this, and society wants to see industry take responsibility first. But then you're stuck in a vicious circle."

...

The climate debate is currently often framed from a techno-economic perspective, explains De Gooyert. “Every solution must have direct market value. If that is lacking, no one is willing to take the first step. But a solution such as CCS has no direct market value. In addition to technology, regulations and subsidies, you really need that support, because a policy without support mainly results in resistance.”

De Gooyert collaborated with colleagues Senni Määttä, Sandrino Smeets and Heleen de Coninck on the article. Their recommendations are based, among other things, on extensive experience with discussions between government, business, citizens and other stakeholders on climate issues. They work with environmental organisations, industry and governments in European countries including Finland, Sweden, Spain and Belgium.

...

"What keeps coming back is that policy only works if there is mutual trust. People often think that if we explain it well, support will come naturally. But then you mainly have one-way communication, and research shows that this can be counterproductive. What you end up with is people thinking: there go those arrogant policymakers again, telling us what's good for us, and if we don't agree, they'll push it through anyway."

De Gooyert and his colleagues advocate the use of independent, scientific advisory councils, but also initiatives such as citizens' councils. "Citizens must be able to form an informed opinion independently, and there must be room for complexity and nuance. We must be honest with each other in such sessions: there are difficult choices to be made, but people must be given openness about the options and the consequences. Citizens deserve a say in their environment. To offer comfort to local residents, governments and businesses will also have to make sacrifices. We won't get there with the current method. Then we'll remain in the situation we're in now: no one willing to take big steps on climate policy, while time is running out."

 

"Without public trust, effective climate policy is impossible," warns Vincent de Gooyert, sociologist and lead scientist of a paper jointly authored with several researchers from the Dutch Radboud University published this week in Earth System Governance.

"You see this, for example, in the development of carbon capture and storage (CCS). This technology is essential for achieving climate targets, but it is still barely off the ground. Industry wants government subsidies, the government says there is no public support for this, and society wants to see industry take responsibility first. But then you're stuck in a vicious circle."

...

The climate debate is currently often framed from a techno-economic perspective, explains De Gooyert. “Every solution must have direct market value. If that is lacking, no one is willing to take the first step. But a solution such as CCS has no direct market value. In addition to technology, regulations and subsidies, you really need that support, because a policy without support mainly results in resistance.”

De Gooyert collaborated with colleagues Senni Määttä, Sandrino Smeets and Heleen de Coninck on the article. Their recommendations are based, among other things, on extensive experience with discussions between government, business, citizens and other stakeholders on climate issues. They work with environmental organisations, industry and governments in European countries including Finland, Sweden, Spain and Belgium.

...

"What keeps coming back is that policy only works if there is mutual trust. People often think that if we explain it well, support will come naturally. But then you mainly have one-way communication, and research shows that this can be counterproductive. What you end up with is people thinking: there go those arrogant policymakers again, telling us what's good for us, and if we don't agree, they'll push it through anyway."

De Gooyert and his colleagues advocate the use of independent, scientific advisory councils, but also initiatives such as citizens' councils. "Citizens must be able to form an informed opinion independently, and there must be room for complexity and nuance. We must be honest with each other in such sessions: there are difficult choices to be made, but people must be given openness about the options and the consequences. Citizens deserve a say in their environment. To offer comfort to local residents, governments and businesses will also have to make sacrifices. We won't get there with the current method. Then we'll remain in the situation we're in now: no one willing to take big steps on climate policy, while time is running out."

 

cross-posted from: https://mander.xyz/post/30849856

Financial literacy will become a core element of the New Zealand social sciences curriculum for Year 1-10 students from 2027. But what is being proposed presents a limited picture of the factors influencing people’s financial wellbeing.

The specifics of the curriculum have yet to be released. However, the government’s announcement emphasised a focus on individual responsibility. Young people will be taught what they need to live within their means and how to accumulate enough wealth for retirement.

When announcing the new curriculum, Commerce and Consumer Affairs Minister Scott Simpson said:

We are all consumers, and financial literacy can set young Kiwis up to be savvy consumers – whether it’s knowing how to invest wisely, choose the best loan at a bank, or even identify a scam.

However ... focusing only on individual responsibility risks ignoring the economic systems – and inequities – that shape young people’s lives.

Inequality in New Zealand has risen significantly in the past three decades. And the richest New Zealanders pay less tax than in similar OECD countries.

Knowing how to manage household accounts is, undeniably, an important skill. But individual skills can’t necessarily overcome the hurdles within the broader economic and social context.

...

The resources being used in the classroom also exclude any significant discussion of broader economic systems and policies. Much of what is currently available is created in partnership with banks and financial organisations such as ASB’s GetWise and BNZ’s SavY programmes. These focus on budgeting, saving, banking and paying off debt.

...

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Financial literacy will become a core element of the New Zealand social sciences curriculum for Year 1-10 students from 2027. But what is being proposed presents a limited picture of the factors influencing people’s financial wellbeing.

The specifics of the curriculum have yet to be released. However, the government’s announcement emphasised a focus on individual responsibility. Young people will be taught what they need to live within their means and how to accumulate enough wealth for retirement.

When announcing the new curriculum, Commerce and Consumer Affairs Minister Scott Simpson said:

We are all consumers, and financial literacy can set young Kiwis up to be savvy consumers – whether it’s knowing how to invest wisely, choose the best loan at a bank, or even identify a scam.

However, as our research shows, focusing only on individual responsibility risks ignoring the economic systems – and inequities – that shape young people’s lives.

Inequality in New Zealand has risen significantly in the past three decades. And the richest New Zealanders pay less tax than in similar OECD countries.

Knowing how to manage household accounts is, undeniably, an important skill. But individual skills can’t necessarily overcome the hurdles within the broader economic and social context. Europeans, get our weekly newsletter with analysis from European scholars Focus on managing money

Financial literacy – under the term “financial capability” – is only briefly mentioned in the current New Zealand curriculum. The topic is positioned as a potential outcome of learning across different subject areas, rather than taught as its own distinct class.

Classroom resources focus on individual actions. Students are taught to manage money, set goals and manage risks.

There is no real discussion of economic inequality in the curriculum. And even the few references there are have a strong focus on personal responsibility.

Teaching resources available for senior economics, for example, explore topics such as income, taxation, product costs and the scarcity of resources.

In senior business studies, references to economic inequality are indirect. For example, the “key concepts” page alludes to ideas such as “supply and demand” and “scarcity” that can loosely be associated with economic inequality. But it is not explicit.

The resources being used in the classroom also exclude any significant discussion of broader economic systems and policies. Much of what is currently available is created in partnership with banks and financial organisations such as ASB’s GetWise and BNZ’s SavY programmes. These focus on budgeting, saving, banking and paying off debt.

...

Globally, there has been a growing emphasis on financial literacy education, partly because of the complexity of modern financial products. And, as one study observed, “the risks of, and responsibility for, financial decisions are being increasingly shifted from governments and employers onto individuals”.

As political economist Chris Clarke has noted, there is an “irreconcilable gap” between the aims of financial literacy education and people’s “actual success in securing their security and wellbeing through financial markets”.

Other economists have pointed out how issues of intergenerational wealth and entrenched socioeconomic disadvantage – the “racial wealth gap” – cannot be overlooked when talking about “poor financial choices and decision making”.

But another form of financial literacy education is possible. Young people could be taught to understand and analyse how governments make decisions for the financial wellbeing of their citizens. They could also learn the value of employment rights, labour and workplace safety laws, and the role of unions and other civic initiatives.

Rather than focusing on taxes and balancing household accounts, students could learn about their individual responsibilities within the economic systems they are part of.

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