A lot of Russian companies are doing a lot of business with foreign companies, making a lot of euros, dollars and yen. This means that a Russian steelmaker that makes 100 million euros selling steel to a company in France has to turn around and change 80 million of those euros into rubles, regardless of the exchange rate. Next comes a government requirement on Russian businesses that 80% of any money that those businesses make overseas has to be swapped into rubles. The fewer rubles that go up for sale, the less downward pressure there is on the currency. Any Russian who might have been tempted to sell their rubles and buy dollars or euros now has a big incentive to save that money instead. 28, the Central Bank of Russia increased interest rates to 20%. The internal factors are somewhat less corporeal. Those are the tangible external factors driving the ruble's recovery. And had it not been able to raise those dollars, it would have defaulted. Without it, Russia might have needed to raise dollars by selling rubles, which would have put downward pressure on the currency. That window is scheduled to close this month, but it has been a big help to Russia. Treasury left a window open to allow financial intermediaries to process payments for Russia. The sanctions blocked Russia's access to that money, except when it comes to making the interest payments on its sovereign debt. About half that amount is located in the U.S. Russia holds about $640 billion worth of euros, dollars, yen and other foreign currencies in banks around the world. One of the biggest and most impactful sanctions on Russia was the freezing of its foreign accounts. This has eased concerns that Russia would become insolvent, and it has helped put a floor under the ruble.Īnother hole in the sanctions is worth mentioning here: the sovereign debt carve-out. But several European countries continue to buy Russian gas because they have become so dependent on it and because there are not enough alternative suppliers to meet demand.Īdd to that the increase in oil and natural gas prices, as well as the resilience of Russia's trading relations with other big economies such as China and India, and the net result is that there is still a steady flow of foreign currency into Russia. The sanctions are designed to restrict Russia's ability to acquire foreign currency - dollars and euros in particular. The first is thanks to the enormous hole in the sanctions that were imposed by the coalition of countries allied with the U.S.: natural gas. So how have the Russians managed to revive their currency? The holes in the sanctions wall Yet all the sanctions imposed when the war began are still in place, and in some cases they're even more robust. It's a sharp and sustained recovery that made the ruble the world's top-performing currency in March. At the time of this writing, it was trading at 84 to the dollar, which is right back where it was at the time of the invasion. Since that low point on March 7, however, the Russian ruble has staged a dramatic recovery. A month ago, that might have seemed like a pretty good deal: The ruble was down 40%, at 139 rubles to the dollar, in the wake of Russia's invasion of Ukraine. Russia said last week that it wants the European countries that buy its natural gas to make their payments in rubles, rather than dollars or euros. A woman walks past a currency exchange office in central Moscow on Feb.
0 Comments
Meanwhile, the remaining magma stalls and freezes in place. Sometimes, the water flashes out explosively as in the case of Mount St Helens in 1980 or Mount Lassen in 1912. The water is the dominant "volatile", or the molecule that easily changes into gaseous form.Īccording to the study, the evolving magma in the Cascades rises into and through the crust, but does not make it to the surfaces because the water flashes out as the pressure from the overlying crust diminishes with ascent. The water in the rocks becomes part of the melt, as that ocean crust sinks into the Earth and partially melts. Also, the crust of the ocean is forced below the crust of the continent. The volcanoes in the Cascade Range are found in a place where Earth's tectonic plates are pushing toward each other. Characteristics Of Volcanoes In Cascade RangeĪlkalic volcanoes, which are rich in sodium and potassium, are very different from volcanoes such as those in the Cascade Range which extends from northern California through British Columbia to Alaska. The mountain is relatively poor in silica. Mount Erebus belongs to a family of volcanoes with an alkalic chemical composition, with lavas relatively rich in sodium, potassium and other elements including Earth's rare elements. In 1908, Sir Ernest Shackleton and his teammates became the first persons to ascend Mount Erebus. Mount Erebus, Antarctica's only active volcano, and its dormant companion volcano, Mount Terror, were named after the exploring ships of Sir James Ross, who discovered them and the Transantarctic Mountains in 1841. Wannamaker added that understanding both water and carbon dioxide volcanoes is important for calculating the budget of such volatile gases deep in the Earth that involves injection of material into Earth's mantle and its return to the surface to start all over again. Rift volcanoes form when magma rises into the gap between diverging plates. Graham Hill, the lead author on the paper, said that Mount Erebus is an example of a carbon dioxide-dominated rift volcano, a complement to the more widely known arc volcanoes of the Pacific Rim and elsewhere, dominated by water.Īrc volcanoes are a chain of volcanoes, hundreds to thousands of miles long, that form above a subduction zone, which is the area of collision between two of Earth's tectonic plates, where one plate sinks into the mantle underneath the other plate. Mount Erebus Is Carbon Dioxide-Dominated Rift Volcano Phil Wannamaker, the second author on the paper, said the study expands on researchers' understanding of the sources and transport of diverse types of magma and volatile gases to the surface. The study was recently published in the journal Nature Communications. Antarctica contains examples which define the spectrum of Earth's volcanic processes, and which represent a key piece of the puzzle for understanding global continental evolution.Ī new study, conducted by researchers at University of Utah and University of Canterbury New Zealand has explained how carbon dioxide deep underground helps magma avoid being trapped deep in the Earth, and allows it to reach and pool the surface, resulting in the formation of lava lakes. New Delhi: The Antarctic continent has long been a land of mystery and heroic achievements made famous by the explorations of James Ross, Roald Amundsen, Robert Scott, and Ernest Shackleton. During those congressional hearings it was United States Senator from New Mexico Albert B. After the Teapot Dome Scandal Doheny was acquitted of bribery charges. Some sources suggest Doheny himself said something similar, but most, including Paul Thomas Anderson, suggest it was said in a 1924 court hearing that heavily involved Doheny. There's confusion as to where the infamous milkshake line has its origins. The list of movies it has appeared in is (not literally) endless and includes: Batman & Robin, The Big Lebowski, The Bodyguard, Ghostbusters II, Indecent Proposal, The Prestige, The Social Network, X-Men and all three Tobey Maguire Spider-Man movies. The 55-room, Tudor-style residence was built for over $3 million and was, at the time, the most expensive home built in California. The house's descending staircase is one of the most famous sets in Hollywood.Ĥ. The bowling alley scene was actually filmed at Greystone Mansion, a California estate Doheny built as a present for his only son. Doheny set off the oil boom in southern California in 1892. Plainview is based on the real-life oil tycoon Edward Doheny (pictured, right). It was also the location for several scenes in the 1971 movie The Andromeda Strain (pictured).ģ. Shafter was a booming mining town in the early 1900s but as of the 200 census has a population of just 11. Most of the silver mining scenes were shot at the Presidio mine in the ghost town of Shafter, Texas. And by the way, the sweat stains are real."Ģ. You knew he was Daniel Plainview once the hat went on. He sort of creates mini-worlds, and so he took them, just took them for a spin, so to speak, and settled on this one as the one he felt most comfortable with and most represented the character he was creating. "They were all good," Bridges told The Washington Post "And he took them and lived with them for days. Anderson's longtime costume designer, Mark Bridges, gave Daniel Day Lewis three hats to choose from and the actor spent time with them all before deciding on his preference. Try your luck at the There Will Be Blood quiz right hereġ. Here, we doff our sweat-stained hats to There Will Be Blood by presenting 15 facts we hope you didn't know. Indeed we can say, hand on heart, that we haven't had a single milkshake since 2007 without bursting into a loud, bad Daniel Plainview impression.įar beyond that, though, this sprawling parable of American capitalism was and remains a modern day masterpiece. We don't know about you, but Paul Thomas Anderson's epic, oil boom drama lived with us long after the movie's dramatic climax. |