Daily Blog 06/18/2011

  • A museum of helicopters has opened in the summer center of Torzhok since 1989. The museum is unique, it includes 14 engines that represent the history of the helicopter industry in Russia. The museum director, Alexander Manko is a combat pilot who has 3600 flying hours and more than 150 combat missions in Afghanistan, he is also a retired lieutenant colonel. He was awarded with the Order of the Red Star for the development of Mi-24A, and with the Order of the Red Banner for combat missions in Afghanistan. He flew on Mi-1 Mi-2, the Mi-8 and Mi-24.

    tags: helicopters russia

  • The Proceeds of Crime Act 2002 (c.29) (POCA) is an Act of the Parliament of the United Kingdom which provides for the confiscation or civil recovery of the proceeds from crime and contains the principal money laundering legislation in the UK.

    tags: crime uk

  • Capital flight, in economics, occurs when assets and/or money rapidly flow out of a country, due to an economic event (such as an increase in taxes on capital and/or capital holders or the government of the country defaulting on its debt) and that disturbs investors and causes them to lower their valuation of the assets in that country, or otherwise to lose confidence in its economic strength. This leads to a disappearance of wealth and is usually accompanied by a sharp drop in the exchange rate of the affected country (depreciation in a variable exchange rate regime, or a forced devaluation in a fixed exchange rate regime).

    This fall is particularly damaging when the capital belongs to the people of the affected country, because not only are the citizens now burdened by the loss of faith in the economy and devaluation of their currency, but probably also their assets have lost much of their nominal value. This leads to dramatic decreases in the purchasing power of the country’s assets and makes it increasingly expensive to import goods.

    tags: Economics

  • “In the 1970s New York City was not a part of the United States at all. It was an offshore interzone with no shopping malls, few major chains, no golf courses, no subdivisions. We thought of the place as a free city, where exiles and lamsters and refugees found shelter. Downtown we were proud of this, naturally.”

    tags: NewYork

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