Antarctica is the most isolated of the seven continents, and is called home only by penguins and a few other species of animals, as well as scientific researchers from around the world. That does not mean, however, that no country has tried to claim it in the past or present. In fact, it appears that many countries feel entitled to segments of its territory today.
Casino name: Dozen Spins Casino. Amount: 20 - 60 Free Spins. Valid for: Existing. Bonus type: Free Spins. Wagering: 30x (D+B) Max Cashout: €500. Valid for Games: Sakura Dragon. Expires on: 2020-09-25. Minimum deposit requirements: €25. Feb 24, 2021 Several free spins bonuses in a row are prohibited, as well as several multiple accounts. Hence, if your recent transaction included a free bonus, you must make a deposit before using this free spins offer. Enjoy your bonus! Mar 13, 2019 Earth spins around an axis, and the Geographic South Pole is where the axis intersects Earth’s crust. The Inaccessible South Pole (also called the Pole of Inaccessibility) is the point at which Antarctica is furthest from the shoreline.
Antarctica is an important geographic location because it is the location of the Earth's South Poles. There are, in fact, four different South Poles: The Geographic South Pole, the Inaccessible South Pole, the Geomagnetic South Pole, and the Magnetic South Pole. Earth spins around an axis, and the Geographic South Pole is where the axis intersects Earth’s crust. The Inaccessible South Pole (also called the Pole of Inaccessibility) is the point at which Antarctica is furthest from the shoreline. In other words, it is the most landlocked location on the continent. Its name is derived from its geographic location, and not the actual difficulty in reaching it. The Geomagnetic South Pole is where the geomagnetic field intersects the Earth’s surface. This is different from the Magnetic South Pole, because Earth’s geomagnetic and magnetic fields do not perfectly align. The Magnetic South Pole is where Earth’s magnetic fields intersect the crust. The location of this pole is constantly changing due to magnetic drift, which is caused by the constant movement of iron under the crust, shifting the orientation of Earth’s magnetic field.
The United Kingdom was the first to lay territorial claims to Antarctica. Their first ship landed there in the early 1800s, and land was claimed by the explorers and crew members who stuck British flags into the ice. Due to the harsh climate, Antarctica was not colonized. Since no settlements were established, Antarctica remained free from land claim disputes. This unclaimed status was maintained until the early 1900s, when the United Kingdom claimed segments of Antarctica. They decided which parts qualified as theirs by pinpointing the extents of their naval explorations around the coastline of Antarctica, and then drawing straight lines inwards to the Geographic South Pole, claiming all of the parts of the land within those boundaries. Other countries followed suit, including France, Norway, and the German Nazi Party.
In the middle of the 20th Century, Argentina and Chile laid claims on lands within UK’s supposed territory. Britain was too busy with the Cold War to take any sort of action at the time, but later on it became a point of consternation. This took place just before the USA and Soviet Union both agreed that they would not claim land on Antarctica yet, but that they had a right to do so in the future. This conversation led to the 1959 Antarctica Treaty.
In 1959, Argentina, Australia, Belgium, Chile, the French Republic, Japan, New Zealand, Norway, the Union of South Africa, the Union of the Soviet Socialist Republics, the United Kingdom of Great Britain and Northern Ireland, and the United States of America worked together to create the 1959 Antarctica Treaty. This was an important historical event because it saw the USA and Soviet union working towards something without major conflict. In fact, it was one of the first major Cold War disarmament actions. The treaty states that all parties involved “[recognize] that it is in the interest of all mankind that Antarctica shall continue forever to be used exclusively for peaceful purposes and shall not become the scene or object of international discord.” Besides the disarmament aspects of the treaty, there are three main stipulations surrounding Antarctic land use. These stipulations were developed in 1959, and are still used today. They are as follows:
These rules meant that Antarctica was to be left to scientific researchers and nature, with a goal for minimal human-derived negative impacts. Because Antarctica is strictly scientifically purposed, it is forbidden for researchers to leave any evidence of having been there. Any garbage or waste of any kind generated while in Antarctica must be brought back out of Antarctica.
The 1959 Treaty stated that nobody held ownership of any land on Antarctica, but there remained a loophole: none of the countries involved in creating and signing the treaty had to give up their territorial claims. As the treaty states in Article IV, 1.:
“Nothing contained in the Treaty shall be interpreted as: (a) a renunciation by any Contracting Party of previously asserted rights of or claims to territorial sovereignty in Antarctica.'
This is often reflected by the territorial lines presented on maps, outlining different segments as belonging to one of the initial treaty-signing countries. There is one large segment of Antarctica that has been left unclaimed, since it was not part of anybody’s supposed territory at the time of the treaty. This is the largest segment of unclaimed land on Earth, and it cannot be claimed because the treaty states that only contracting countries could hold territorial claims over Antarctica.
Due to modern technology, it is now possible to build structures that can be populated all year round on Antarctica. This has been done by many of the countries involved in the 1959 treaty, all of which only built stations exclusively within the land they claimed. This is somewhat strange, because part of the treaty stated that everyone should share Antarctica without reference to territory. Other countries, such as China, have built stations throughout Antarctica without reference to where any pre-established and outdated claims existed.
It is possible that there are a lot of oil reserves in the Antarctic region, meaning that the second stipulation in the 1959 treaty regarding land use could be at risk. It states that there would be no mining on Antarctica, but this could potentially become a point of conflict. It also contains 70% of the world’s fresh water, which is another increasingly valuable resource. For now, however, Antarctica is still being used as it was intended: as a nature reserve and a scientific research center.
Whether it is a highly coordinated effort by a host of yet unknown players to take down some big Wall Street operators or a legitimate grassroots groundswell of retail trader momentum, the story of GameStop Corp. stock spiking 800% over the past few weeks has become more than just a fun distraction for financial advisers.
“It is definitely drawing client inquiries, but these kinds of things typically end in some kind of crash,” said Brett Fry, wealth adviser at Forteris Wealth Management.
Details are still not clear, and the situation is dynamic, but the basic idea of how a social media platform and ready access to mobile trading apps helped push an otherwise obscure, money-losing videogame retail business to a $21 billion market cap has taken on a life of its own.
[More: It’s not just GameStop – trading frenzy spreads to many other shorted stocks]
The strategy, promoted and popularized on the online Reddit forum r/WallStreetBets, among others, first identifies large short positions held by hedge funds that are betting on stocks to go down, then buys those shorted stocks at such levels that anyone shorting the stock is forced to also buy the shares just to offset potential losses.
The platform traders enjoyed so much success, including multiple trading stoppages in GameStop shares and forcing some hedge funds to liquidate positions at a loss, that by Wednesday morning the strategy started spreading to other stocks.
By midday Wednesday, when the S&P 500 Index was down 1.6%, AMC Entertainment Holdings Inc. was up 180%, BlackBerry Ltd. was up 16%, and Tootsie Roll Industries Inc. was up 14.5%.
More than a dozen stocks have been identified as targets of the online traders.
Kashif Ahmed, president of American Private Wealth, believes most investors and anyone following a strict financial planning strategy will be insulated, but he also believes this is the start of a reckoning for some corners of finance.
“There will be blood; we’ve seen this movie before,” he said, referencing the dot-com bubble of 1999 before anyone even had access to lightning-fast online trading apps.
“You have a lot of people who really don’t know what they’re doing, and the hedge funds are not backing down,” Ahmed added. “Eventually, the big firms will take it on the chin, but they will survive, while lots of Reddit users will get wiped out. This is one of those things that returns financial assets to their rightful owners.”
Dennis Nolte, vice president at Seacoast Investment Services, describes the collective efforts of individual traders to force much larger traders into short squeeze positions as proof that “it’s a bad idea to short things in an up market.”
“It is interesting how one tweet by Elon Musk or somebody else can drive Robinhood traders into action,” he added. This is not just the market playing out, and the regulators need to get involved here.”
While the expanding trading bedlam, which overloaded several major brokerage platforms Wednesday morning, is still being viewed as an arm’s-length concern for most advisers, the potential for a larger issue is there, according to Fry of Forteris Wealth Management.
“Right now, it’s very specific names and seems focused on getting back at hedge funds,” he said. “But I would be concerned if it spreads to the broader market.”
Brandon Garrett, president and chief executive of BentOak Capital, said his clients are still mostly at the point of watching the action the way one might gawk at a traffic accident.
“This kind of thing is exciting, and it grabs people’s attention, but the problem is some long-term investors see things like this and start equating it to the overall market,” he said. “We’re in uncharted waters where you have a group or class of investors undertaking a grassroots effort in a sense of community popping up on social media.”
[VIDEO: SolarWinds cybersecurity hack should raise adviser scrutiny of tech vendors]
Subscribe for original insights, commentary and discussions on major news stories of the week, from the InvestmentNews team
SIGN UPAs broad market indexes continue to decline, giving back most of the gains they've made so far this year, advisers say clients are growing fearful of a repeat of March 2020.
The deal shows that private equity investors are starting to move down-market to invest in smaller registered investment advisers.
The low-cost provider is planning a cash-alternative exchange-traded fund whose cost is about half that of popular ETFs in the category.
The rebranded PE fund targets the country's 13 million accredited households with an offer of access to KKR's investment expertise.
The industry is nowhere near settled on a common vernacular. The ESG space needs more clarity and writing off greenwashing is not helping anyone.