Pioneer.
Trendsetter. Trailblazer. Whatever term you decide to use, there’s no debate
about the fact central banks around the world are taking a page or two from the
U.S. Federal Reserve’s playbook. The Fed may have ended quantitative easing
(QE) – its program of buying government bonds to keep interest rates low and
increase money supply – in October, but that doesn’t mean QE hasn’t become
popular elsewhere. Barron’s reported:
“…virtually every
other major central bank is maintaining or stepping up its pace of money
printing – even where the success in spurring growth is questionable. On
October 31, Japanese authorities doubled down on asset purchases by the Bank of
Japan, and the nation’s pension fund, to spur flagging growth… In a surprise move
on Friday, China cut interest rates for the first time in two years in an
effort to spur slowing growth… That was followed by European Central Bank
President Mario Draghi’s signal the ECB would expand its stimulus plan, leading
observers to expect large-scale, Fed-style purchases of government debt.”
Although some
Americans remain skeptical about the health of the U.S. economy, growth in the
United States stands in sharp contrast to growth elsewhere. The U.S. Department
of Commerce reported real gross domestic product (GDP) – the value of goods and
services produced in the United States – increased by 3.5 percent during the
third quarter of 2014 after growing by 4.6 percent in the second quarter. For
the same period, the Eurozone’s GDP grew by 0.6 percent, which is well below its 2 percent pre-crisis growth rate, and
Japan’s GDP declined by 1.6 percent during the third quarter after a 7.3
percent drop in the second quarter.
While Japan has
been mired in economic stagnation for some time, it’s a relatively new
experience for the Eurozone where unemployment hovers around 11.3 percent – a
record high. Aggression in Ukraine is complicating matters in Europe. An expert
cited by The New York Times explained,
“We are at most one or two rounds of sanctions and countersanctions away from
pushing Russia into a deep recession, and Europe into a recession.”
While concerns
remain about the health of the global economy, markets generally were pleased
about central banks’ easy money policies and most global stock markets finished
the week higher.
looking for some money for college? Then you may want
to stop limiting the time your children spend playing video games, or you may
want to focus their efforts. Robert
Morris University (RMU) in Chicago, Illinois, has a new scholarship program – $500,000
for 30 scholarships that will go to League
of Legends (LOL) players. The chosen few receive up to 50 percent of
tuition and 50 percent of room and board.
Where do the Robert
Morris Eagles find candidates? As it turns out, more than 750 schools in the
United States and Canada participate in the League of Legends High School
Starleague. At the collegiate level, the LOL league boasts more than 100
colleges and universities, including Carleton, Texas A&M, George Washington,
University of Minnesota, Northwestern, University of Michigan, and Harvard. E-athletes
participating in the college Starleague vie for $100,000 in scholarship money
offered by the company that publishes League of Legends.
According to WNYC’s
New Tech City, LOL is a complex and difficult-to-master game.
Players choose one of more than 120 characters, each with various magical
powers that must be memorized. “Teams of five take on other teams of five
and basically try to destroy each other. It’s called a ‘multiplayer online
battle arena game’ or MOBA for short.”
So, what’s in it for the school? E-sports are not
covered by the NCAA, “so the school's team can compete for cash prizes and, if
it wins, the school keeps the take.” You may recall, from a late-July
commentary, the League of Legends (LOL) championship is an international video
game competition with $1 million in prize money.
If you’re amazed there
are scholarships for video game play, you’re not alone. One of the Robert
Morris Eagles’ players told NPR, “I told my mom about [the RMU
scholarship]. She didn't believe me. She's like, you're crazy and there's no
way… She thought I was like, making it up 'cause she personally doesn't even
like me playing the game, but when she realized I was going to get a
scholarship for it, she accepted it, you know? She tells all of her friends.”
Parental support is
probably pretty important. E-athletes at RMU practice five hours a day in their
‘arena,’ which is a room decked out with sponsored gear. They play tournaments
on weekends. Critics worry that encouraging intensive play is a poor idea when
countries, like Korea (where the game is exceptionally popular), have begun screening
children for gaming and Internet addiction.
In mid-November, the RMU Eagles
were undefeated in LOL collegiate play.
Weekly Focus – Think About It
“Empathy
is really the opposite of spiritual meanness. It's the capacity to understand
that every war is both won and lost. And that someone else's pain is as
meaningful as your own.”
--Barbara
Kingsolver, American novelist
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