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10/10/2022

If banking collapses can cause so much damage, could we manage without banks? Must banks be so unstable and, if so, why? How can society improve the stability of the banking system? Why do the consequences of a banking crisis last so long? And, if banks fail, why can’t new ones immediately be established so the economy quickly gets back on its feet? In the early 1980s, this year’s laureates in economic sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig laid the scientific foundation for modern research into these issues in three articles.

Diamond and Dybvig developed theoretical models that explain why banks exist, how their role in society makes them vulnerable to rumours about their impending collapse, and how society can lessen this vulnerability. These insights form the foundation of modern bank regulation.

Through statistical analysis and historical source research, Bernanke demonstrated how failing banks played a decisive role in the global depression of the 1930s, the worst economic crisis in modern history. The collapse of the banking system explains why the downturn was not only deep, but also long-lasting.

Bernanke’s research shows that bank crises can potentially have catastrophic consequences. This insight illustrates the importance of well-functioning bank regulation, and was also the reasoning behind crucial elements of economic policy during the financial crisis of 2008–2009. At this time, Bernanke was head of the US central bank, the Federal Reserve, and was able to put knowledge from research into policy. Later, when the pandemic hit in 2020, significant measures were taken to avoid a global financial crisis. The laureates’ insights have played an important role in ensuring these latter crises did not develop into new depressions with devastating consequences for society.

The 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.”

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Source : Nobel Prize

10/10/2022

BREAKING NEWS

The Royal Swedish Academy of Sciences has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.”

This year’s laureates in the economic sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital.

Modern banking research clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises. The foundations of this research were laid by Ben Bernanke, Douglas Diamond and Philip Dybvig in the early 1980s. Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises.

For the economy to function, savings must be channelled to investments. However, there is a conflict here: savers want instant access to their money in case of unexpected outlays, while businesses and homeowners need to know they will not be forced to repay their loans prematurely. In their theory, Diamond and Dybvig show how banks offer an optimal solution to this problem. By acting as intermediaries that accept deposits from many savers, banks can allow depositors to access their money when they wish, while also offering long-term loans to borrowers.

However, their analysis also showed how the combination of these two activities makes banks vulnerable to rumours about their imminent collapse. If a large number of savers simultaneously run to the bank to withdraw their money, the rumour may become a self-fulfilling prophecy – a bank run occurs and the bank collapses. These dangerous dynamics can be prevented through the government providing deposit insurance and acting as a lender of last resort to banks.

Diamond demonstrated how banks perform another societally important function. As intermediaries between many savers and borrowers, banks are better suited to assessing borrowers’ creditworthiness and ensuring that loans are used for good investments.

Ben Bernanke analysed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank runs were a decisive factor
in the crisis becoming so deep and prolonged. When the banks collapsed, valuable information about borrowers was lost and could not be recreated quickly. Society’s ability
to channel savings to productive investments was thus severely diminished.

“The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts,” says Tore Ellingsen, Chair of the committee for the prize in economic sciences.

Source : Nobel Prize

07/10/2022

BREAKING NEWS

The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2022 to human rights advocate Ales Bialiatski from Belarus, the Russian human rights organisation Memorial and the Ukrainian human rights organisation Center for Civil Liberties.

The Nobel Peace Prize laureates represent civil society in their home countries. They have for many years promoted the right to criticise power and protect the fundamental rights of citizens. They have made an outstanding effort to document war crimes, human right abuses and the abuse of power. Together they demonstrate the significance of civil society for peace and democracy.

Ales Bialiatski was one of the initiators of the democracy movement that emerged in Belarus in the mid-1980s. He has devoted his life to promoting democracy and peaceful development in his home country. Among other things, he founded the organisation Viasna (Spring) in 1996 in response to the controversial constitutional amendments that gave the president dictatorial powers and that triggered widespread demonstrations. Viasna provided support for the jailed demonstrators and their families. In the years that followed, Viasna evolved into a broad-based human rights organisation that documented and protested against the authorities’ use of torture against political prisoners.

Government authorities have repeatedly sought to silence Ales Bialiatski. He was imprisoned from 2011 to 2014. Following large-scale demonstrations against the regime in 2020, he was again arrested. He is still detained without trial. Despite tremendous personal hardship, Mr Bialiatski has not yielded an inch in his fight for human rights and democracy in Belarus.

The human rights organisation Memorial was established in 1987 by human rights activists in the former Soviet Union who wanted to ensure that the victims of the communist regime’s oppression would never be forgotten. Nobel Peace Prize laureate Andrei Sakharov and human rights advocate Svetlana Gannushkina were among the founders. Memorial is based on the notion that confronting past crimes is essential in preventing new ones.

After the collapse of the Soviet Union, Memorial grew to become the largest human rights organisation in Russia. In addition to establishing a centre of documentation on victims of the Stalinist era, Memorial compiled and systematised information on political oppression and human rights violations in Russia. Memorial became the most authoritative source of information on political prisoners in Russian detention facilities. The organisation has also been standing at the forefront of efforts to combat militarism and promote human rights and government based on rule of law.

When civil society must give way to autocracy and dictatorship, peace is often the next victim. During the Chechen wars, Memorial gathered and verified information on abuses and war crimes perpetrated on the civilian population by Russian and pro-Russian forces. In 2009, the head of Memorial’s branch in Chechnya, Natalia Estemirova, was killed because of this work.

Civil society actors in Russia have been subjected to threats, imprisonment, disappearance and murder for many years. As part of the government’s harassment of Memorial, the organisation was stamped early on as a “foreign agent”. In December 2021, the authorities decided that Memorial was to be forcibly liquidated and the documentation centre was to be closed permanently. The closures became effective in the following months, but the people behind Memorial refuse to be shut down. In a comment on the forced dissolution, chairman Yan Rachinsky stated, “Nobody plans to give up.”

The Center for Civil Liberties was founded in Kyiv in 2007 for the purpose of advancing human rights and democracy in Ukraine. The center has taken a stand to strengthen Ukrainian civil society and pressure the authorities to make Ukraine a full-fledged democracy. To develop Ukraine into a state governed by rule of law, Center for Civil Liberties has actively advocated that Ukraine become affiliated with the International Criminal Court.

After Russia’s invasion of Ukraine in February 2022, Center for Civil Liberties has engaged in efforts to identify and document Russian war crimes against the Ukrainian civilian population. In collaboration with international partners, the center is playing a pioneering role with a view to holding the guilty parties accountable for their crimes.

By awarding the Nobel Peace Prize for 2022 to Ales Bialiatski, Memorial and the Center for Civil Liberties, the Norwegian Nobel Committee wishes to honour three outstanding champions of human rights, democracy and peaceful co-existence in the neighbour countries Belarus, Russia and Ukraine. Through their consistent efforts in favour of humanist values, anti-militarism and principles of law, this year’s laureates have revitalised and honoured Alfred Nobel’s vision of peace and fraternity between nations – a vision most needed in the world today.

Press release: https://bit.ly/3xL37m0

Source : Nobel Prize

06/10/2022

BREAKING NEWS

The 2022 Nobel Prize in Literature is awarded to the French author Annie Ernaux “for the courage and clinical acuity with which she uncovers the roots, estrangements and collective restraints of personal memory.”

The French writer Annie Ernaux was born in 1940 and grew up in the small town of Yvetot in Normandy, where her parents had a combined grocery store and café. Her setting was poor but ambitious, with parents who had pulled themselves up from proletarian survival to a bourgeois life, where the memories of beaten earth floors never disappeared but where politics was seldom broached. In her writing, Ernaux consistently and from different angles, examines a life marked by strong disparities regarding gender, language and class. Her path to authorship was long and arduous.

Her memory work dealing with her rural background appeared early as a project attempting to widen the boundaries of literature beyond fiction in the narrow sense. Despite her classic, distinctive style, she declares that she is an “ethnologist of herself” rather than a writer of fiction.

Annie Ernaux’s debut was ‘Les armoires’ vides (1974; ‘Cleaned Out’, 1990), and already in this work she started her investigation of her Norman background, but it was her fourth book, ‘La place’ (1983; ‘A Man’s Place’, 1992), that delivered her literary breakthrough. In a scant hundred pages she produced a dispassionate portrait of her father and the entire social milieu that had fundamentally formed him. The portrait employed her developing restrained and ethically motivated aesthetics, where her style has been forged hard and transparent. It flagged a series of autobiographical prose works one step beyond the imaginary worlds of fiction. And even if there is still a narrative voice, it is neutral and as far as possible anonymised. Moreover, Ernaux has inserted reflexions about her writing, where she distances herself from “the poetry of memory” and advocates une écriture plate: plain writing which in solidarity with the father evinces his world and his language. The concept écriture plate is related to le nouveau roman in France from the 1950s and the striving towards what Roland Barthes called a “zero degree of writing”. There is however also an important political dimension in Ernaux’s language. Her writing is always shadowed by a feeling of treason against the social class from which she departs. She has said that writing is a political act, opening our eyes for social inequality. And for this purpose she uses language as “a knife”, as she calls it, to tear apart the veils of imagination. In this violent yet chaste ambition to reveal the truth, she is also an heir of Jean-Jacques Rousseau.

A masterpiece from her production is the clinically restrained narrative about a 23-year-old narrator’s illegal abortion, ‘L’événement’ (2000; ‘Happening’, 2001). It is a first-person narrative, and the distance to the historical self is not stressed as in many other works. The I is made an object anyway through the moral restrictions of a repressive society and the patronising attitude of people she is confronted with. It is a ruthlessly honest text, where in parentheses she adds reflexions in a vitally lucid voice, addressing herself and the reader in one and the same flow. In the spaces in between, we are in the time of writing, 25 years after the “event” took place, making even the reader intensely part of what once happened.

Annie Ernaux manifestly believes in the liberating force of writing. Her work is uncompromising and written in plain language, scraped clean. And when she with great courage and clinical acuity reveals the agony of the experience of class, describing shame, humiliation, jealousy or inability to see who you are, she has achieved something admirable and enduring.

Anders Olsson
Chairman of the Nobel Committee
The Swedish Academy

Learn more: https://bit.ly/3f9Wd3s

Source : Nobel Prize

05/10/2022

BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2022 Nobel Prize in Chemistry to Carolyn R. Bertozzi, Morten Meldal and K. Barry Sharpless “for the development of click chemistry and bioorthogonal chemistry.”

The 2022 Nobel Prize in Chemistry is about making difficult processes easier. Barry Sharpless and Morten Meldal have laid the foundation for a functional form of chemistry – click chemistry – in which molecular building blocks snap together quickly and efficiently. Carolyn Bertozzi has taken click chemistry to a new dimension and started utilising it in living organisms.

Chemists have long been driven by the desire to build increasingly complicated molecules. In pharmaceutical research, this has often involved artificially recreating natural molecules with medicinal properties. This has led to many admirable molecular constructions, but these are generally time consuming and very expensive to produce.

Barry Sharpless – who is now being awarded his second Nobel Prize in Chemistry – started the ball rolling. Around the year 2000, he coined the concept of click chemistry, which is a form of simple and reliable chemistry, where reactions occur quickly and unwanted by-products are avoided.

Shortly afterwards, Morten Meldal and Barry Sharpless – independently of each other – presented what is now the crown jewel of click chemistry: the copper catalysed azide-alkyne cycloaddition. This is an elegant and efficient chemical reaction that is now in widespread use. Among many other uses, it is utilised in the development of pharmaceuticals, for mapping DNA and creating materials that are more fit for purpose.

Carolyn Bertozzi took click chemistry to a new level. To map important but elusive biomolecules on the surface of cells – glycans – she developed click reactions that work inside living organisms. Her bioorthogonal reactions take place without disrupting the normal chemistry of the cell.

These reactions are now used globally to explore cells and track biological processes. Using bioorthogonal reactions, researchers have improved the targeting of cancer pharmaceuticals, which are now being tested in clinical trials.

Click chemistry and bioorthogonal reactions have taken chemistry into the era of functionalism. This is bringing the greatest benefit to humankind.

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Source : Nobel Prize

04/10/2022

Many applications rest upon how quantum mechanics allow two or more particles to exist in a shared state, regardless of how far apart they are. This is called entanglement, and has been one of the most debated elements of quantum mechanics ever since the theory was formulated. Albert Einstein talked about spooky action at a distance and Erwin Schrödinger said it was quantum mechanics’ most important trait.

This year’s physics laureates Alain Aspect, John Clauser and Anton Zeilinger have demonstrated the potential to investigate and control particles that are in entangled states. What happens to one particle in an entangled pair determines what happens to the other, even if they are really too far apart to affect each other.

Being able to manipulate and manage quantum states and all their layers of properties gives us access to tools with unexpected potential. This is the basis for quantum computation, the transfer and storage of quantum information, and algorithms for quantum encryption. Systems with more than two particles, all of which are entangled, are now in use, which Anton Zeilinger and his colleagues were the first to explore.

These increasingly refined tools bring realistic applications ever closer. Entangled quantum states have now been demonstrated between photons that have been sent through tens of kilometres of optical fibre, and between a satellite and a station on the ground. In a short time, researchers around the world have found many new ways to utilise the most powerful property of quantum mechanics.

The laureates’ development of experimental tools has laid the foundation for a new era of quantum technology.

The 2022 Nobel Prize in Physics has been awarded to Alain Aspect, John Clauser and Anton Zeilinger “for experiments with entangled photons, establishing the violation of Bell inequalities and pioneering quantum information science.”

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Source : Nobel Prize

04/10/2022

BREAKING NEWS

The Royal Swedish Academy of Sciences has decided to award the 2022 in Physics to Alain Aspect, John F. Clauser and Anton Zeilinger “for experiments with entangled photons, establishing the violation of Bell inequalities and pioneering quantum information science.”

Alain Aspect, John Clauser and Anton Zeilinger have each conducted groundbreaking experiments using entangled quantum states, where two particles behave like a single unit even when they are separated. Their results have cleared the way for new technology based upon quantum information.
The ineffable effects of quantum mechanics are starting to find applications. There is now a large field of research that includes quantum computers, quantum networks and secure quantum encrypted communication.

One key factor in this development is how quantum mechanics allows two or more particles to exist in what is called an entangled state. What happens to one of the particles in an entangled pair determines what happens to the other particle, even if they are far apart.

For a long time, the question was whether the correlation was because the particles in an entangled pair contained hidden variables, instructions that tell them which result they should give in an experiment. In the 1960s, John Stewart Bell developed the mathematical inequality that is named after him. This states that if there are hidden variables, the correlation between the results of a large number of measurements will never exceed a certain value. However, quantum mechanics predicts that a certain type of experiment will violate Bell’s inequality, thus resulting in a stronger correlation than would otherwise be possible.

John Clauser developed John Bell’s ideas, leading to a practical experiment. When he took the measurements, they supported quantum mechanics by clearly violating a Bell inequality. This means that quantum mechanics cannot be replaced by a theory that uses hidden variables.

Some loopholes remained after John Clauser’s experiment. Alain Aspect developed the setup, using it in a way that closed an important loophole. He was able to switch the measurement settings after an entangled pair had left its source, so the setting that existed when they were emitted could not affect the result.
Using refined tools and long series of experiments, Anton Zeilinger started to use entangled quantum states. Among other things, his research group has demonstrated a phenomenon called quantum teleportation, which makes it possible to move a quantum state from one particle to one at a distance.

“It has become increasingly clear that a new kind of quantum technology is emerging. We can see that the laureates’ work with entangled states is of great importance, even beyond the fundamental questions about the interpretation of quantum mechanics,” says Anders Irbäck, Chair of the Nobel Committee for Physics.

Source: Nobel Prize

03/10/2022

BREAKING NEWS
The Nobel Assembly at the Karolinska Institutet has today decided to award the 2022 Nobel Prize in Physiology or Medicine to Svante Pääbo “for his discoveries concerning the genomes of extinct hominins and human evolution.”

Humanity has always been intrigued by its origins. Where do we come from, and how are we related to those who came before us? What makes us, Homo sapiens, different from other hominins?

Through his pioneering research, Svante Pääbo accomplished something seemingly impossible: sequencing the genome of the Neanderthal, an extinct relative of present-day humans. He also made the sensational discovery of a previously unknown hominin, Denisova. Importantly, Pääbo also found that gene transfer had occurred from these now extinct hominins to Homo sapiens following the migration out of Africa around 70,000 years ago. This ancient flow of genes to present-day humans has physiological relevance today, for example affecting how our immune system reacts to infections.

Pääbo’s seminal research gave rise to an entirely new scientific discipline; paleogenomics. By revealing genetic differences that distinguish all living humans from extinct hominins, his discoveries provide the basis for exploring what makes us uniquely human.

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Source: Nobel Prize

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