text:
Three Post-Crisis Challenges, Remarks by John Lipsky, First Deputy Managing Director, International Monetary Fund at the Seminar in Honor of Mr. Marcel Wormser, Banque de France
March 1, 2010Remarks by John Lipsky, First Deputy Managing Director, International Monetary Fund
At the Seminar in Honor of Mr. Marcel Wormser
Banque de France, Paris, March 1, 2010
As Prepared for Delivery
Before anything else, I would like to thank the Bank of France and the Wormser family for giving me the opportunity to participate in this wonderful event honoring Marcel Wormser. Marcel not only has contributed to the development of French financial markets, but also to preserving the memory of some important and particularly admirable aspects of modern French history and to strengthening civil society – all while epitomizing standards of courtesy, discretion and thoughtfulness that I am sure all who know him aspire to emulate. So it is not surprising that he has a wide circle of friends and admirers here, but also in America and elsewhere.
To open the proceedings on a positive note, it appears that the most severe crisis since the Great Depression is winding down. While considerable uncertainty persists regarding the strength of the recovery, our most recent World Economic Outlook (or WEO) forecast anticipates global growth of around 4 percent this year, and around 4-1/4 to 4-1/2 percent in 2011.
Even if our forecast is correct, there is no doubt that the crisis is leaving a legacy of profound challenges for policymakers. Some are immediate, such as deciding when and how to exit from crisis support measures. At the same time, the unevenness of the pace of growth between countries and the prospective renewed widening of global imbalances still represent a risk. Other challenges pertain to establishing strong and sustainable growth over the medium term, including by re-evaluating macroeconomic policy frameworks, by redesigning financial regulation and supervision, and by strengthening the international financial architecture.
Just last week, the IMF—in partnership with the Korea Development Institute—sponsored a conference on "Reconstructing the World Economy". The conference addressed all these challenges through a set of very interesting, clear and thought-provoking presentations. These are available on the IMF website (imf.org), and I recommend them highly.
Turning to the substance of my presentation, I would like to briefly address three linked post-crisis challenges—1) the crucial opportunity represented by the G20 Framework for Strong Sustained and Balanced Growth; 2) dealing with the crisis-related surge in public debt; and 3) the potential role for an international lender of last resort.
Over the past weekend, the Group of 20 Finance and Central Bank Deputies met in Incheon, Korea as part of the extensive preparations for the G20 Leaders Summits that will take place this year in June and November. The policy agenda to be addressed by the Leaders is broad and highly relevant. The decisive and coherent anti-crisis actions agreed and implemented by the G20 countries last year no doubt were instrumental in avoiding a much deeper global crisis. Now the test is to maintain the same coherence and focus in propelling the recovery.
The G20 Framework
An innovative and critical element of the Leaders' agenda is the implementation of the Framework for Strong, Sustainable and Balanced Growth that was agreed at last year's Pittsburgh Summit. At the heart of the Framework initiative is a path-breaking mutual assessment process in which alternative medium-term policy programs will be examined and discussed at the highest political level. The goal is to insure that budget, monetary and structural policies across the G20 countries are coherent, consistent and as supportive as possible of restoring and sustaining well-balanced global growth.
Success of the Framework process would boost confidence in the stability and durability of the renewed global expansion. Thus the stakes are high for this unprecedented effort at international policy cooperation. The IMF is providing technical support to the G20 authorities in preparing the analytical bases for the discussions.
Coping with Rising Public Debt
It is widely agreed that the success of the anti-crisis efforts implemented over the past year in part reflected the positive impact of the unprecedented fiscal stimulus implemented by the G20 countries and others. However, these large-scale efforts have not been costless. To the contrary, even if our WEO forecast is correct, the crisis will leave heavy fiscal scars.
We project general government gross debt in the advanced countries to rise, on average, from about 75 percent of GDP at end-2007 to about 110 percent of GDP at end- 2014, even assuming the expiration of temporary stimulus measures in the years ahead. By 2014, debt ratios will be close to or exceed 85 percent of GDP in all G7 economies except Canada.
Already in 2010, the average debt-to-GDP ratio in advanced countries is projected to have reached the level prevailing in 1950, in the aftermath of World War II. This surge in public debt is occurring at a time when pressures on health and pension spending are starting to accelerate, reflecting the combined effects of aging populations and of rapidly rising health care costs: On the basis of current policies and existing cost trends, we project this spending to increase by an additional 4-5 percentage points of GDP during the next two decades. Thus, it is easy to conclude that public debt ratios in the advanced economies at present are on an unsustainable path.
The situation is more favorable in the emerging market economies, where the average debt ratio, after rising in 2009 and 2010, is expected to begin to decline next year. These countries are not exempt from fiscal risks, however. Our baseline projections are premised on the implementation of announced fiscal tightening plans in several emerging economies, and on the absence of negative spillovers from advanced economies.
The increase in advanced economy debt reflects several factors: Notably, and contrary to widely-held assumptions, discretionary fiscal stimulus and direct crisis-related support to the financial and other sectors accounts for less than one fifth of the projected increase in public debt through 2014. Rather, the bulk is related to revenue losses from the output decline, lower tax payments from the financial sector, underlying spending increases, and, increasingly, higher interest payments as debt rises.
The mere unwinding of discretionary policies therefore will be very far from sufficient to bring deficits and debt ratios back to more moderate levels. In other words, the magnitude of the anti-crisis fiscal measures of the past year or so has served to bring into high relief a profound fiscal policy challenge that previously was mainly seen as a prospective one.
Thus, the moment for real engagement with this issue has arrived, and the G20 Framework will provide a potential venue for such engagement. In the near term, there is a risk that concerns about fiscal sustainability could undermine confidence in the economic recovery. In the medium term, high public debt in the absence of remedial measures could usher in a period of high real interest rates and slower growth.
Of course, there is general agreement that the rise in government debt ratios will need to be curbed. There is, however, less agreement about the level at which debt ratios should be stabilized. The key choices will range from accepting a sustained increase in debt ratios, to stabilizing debt at the post-crisis ratio (at more than 100 percent of GDP in many cases) or lowering it, perhaps even back to where it was before the crisis began (or even lower for countries that started with high debt).
Just stabilizing debt ratios at post-crisis levels will not be easy. Without substantial policy action to control spending growth for pensions and health care, most advanced G20 countries simply would suffer ever-rising public spending burdens, outpacing either economic growth or any prospect for revenue increases under current tax laws. Attempting to push public debt back below expected post-crisis ratios would be even more difficult. Nonetheless, it is worth asking what benefits might be reaped by such a strategy, or viewed another way, what benefits would be sacrificed by a policy of only stabilizing post-crisis debt ratios.
First, simply allowing the crisis to have "permanently" ratcheted debt ratios higher likely would reduce the prospective room for a flexible fiscal response in the event of future downturns. Indeed, in some countries—such as Italy—the response to the current crisis already was constrained explicitly by the existing large stock of outstanding government debt and the absence of fiscal space. Moreover, experience suggests that high debt levels would be associated with greater vulnerability to crises, especially in those countries where debt ratios already are relatively high.
Second, in a high public debt world, real interest rates likely would be higher—other things equal—than in the pre-crisis environment, with adverse consequences for private sector activity. Recent analysis by IMF staff suggests that long-term interest rates rise by five basis points for each percentage point increase in the debt/GDP ratio. The effect can be even larger when debt ratios are high. There also is evidence that the effect of weaker fiscal accounts on interest rates is greater when fiscal deteriorations take place in many countries at the same time, as the terms of access to foreign financing of budget deficits likely will be tightened.
Third, higher debt ratios seem to be associated with slower growth. Preliminary analysis by our staff for a sample of advanced and emerging economies suggests a negative impact of government debt on per capita GDP gains: Specifically, a 10 percentage point increase in the debt ratio appears to lead to a slowdown in annual growth by 0.2 percentage points, with a somewhat smaller impact in the advanced economies. And, if high public debt is associated with higher interest rates and slower growth, a larger primary surplus would be needed to ensure debt stabilization.
Therefore, despite the greater near-term fiscal effort that would be required, it might be deemed preferable to attempt to lower debt ratios from their expected lofty post-crisis perch before trying to stabilize them. Naturally, debt targets should reflect country-specific circumstances, including the initial level of debt and its composition, and the depth of financial markets.
How could such an outcome be achieved? There will always be a temptation to look for an easy—or at least easier—way out. Thus, some have suggested that higher inflation may be a reasonable price to pay to reduce the real value of debt. There are two ways that higher inflation could help. First, even fully anticipated inflation raises the real value of seigniorage that can be used to pay down debt. Second, an unexpected rise in the inflation rate would reduce the real value of government debt directly.
However, the first channel is modest in advanced economies, because base money is relatively small. The second channel is larger, but it is temporary, as maturing debt will have to be rolled over at higher interest rates. Altogether, we have computed that increasing inflation in the OECD countries from, say 2 percent (the current WEO forecast) to 6 percent over the next five years would erode less than one-quarter of the projected baseline increase in the debt ratio over that period.
But that isn't the whole story. It goes without saying that a transition to faster inflation itself creates major costs and risks. In most advanced economies, inflation goals and targets—as well as inflation expectations—have tended over the past few decades to coalesce to around 2 percent per annum.
This result has not been coincidental. Rather, analysis has suggested that existing consumer price indexes tend to under-adjust for quality changes—and we are in a period of substantial product innovation. Thus, the argument goes, inflation at about a two percent annual pace according to current CPI measures is roughly equivalent to "true" price stability. Moving to a higher inflation rate therefore would represent abandoning price stability, rather than just exchanging one positive (and arbitrarily chosen) inflation rate for another.
In contrast to a theoretical world—where indexing can be perfect and inflation can be stabilized indifferently at any arbitrarily chosen rate—actual inflation gives rise to distortions in resource allocation, reduces economic growth, hurts the poor, and tends to exacerbate social and political stress. Moreover, given current low inflation rates and generally well-anchored inflation expectations in most advanced economies, the welfare costs of a transition to faster inflation likely would not be trivial.
In contrast, accelerating potential growth—especially if this occurs in combination with expenditure moderation—can make a major contribution to lowering debt ratios. Faster growth raises revenues and, if these are not spent, the effect on debt dynamics can be powerful. For example, a one percentage point increase in annual growth, sustained for 10 years—holding real spending constant and assuming a 40 percent tax rate—lowers government debt by almost 30 percentage points of GDP. Therefore, growth-enhancing reforms, such as increasing competition in goods markets, or removing labor market and tax distortions, can and should be pursued vigorously. Parenthetically these remain key elements of the EU's structural reform agenda.
However, the considerable uncertainties that surrounds both the magnitude and timing of the effect of structural reforms on potential growth cautions against building a fiscal adjustment strategy primarily around an assumed optimistic growth path. Fiscal authorities should base their plans on conservative growth projections, and hope for growth and revenue "windfalls" to speed the process of alleviating debt burdens.
These considerations suggest that to reduce debt ratios inevitably will require major efforts to improve fiscal primary balances. The implied challenge is even greater than it may appear, as the increase in the primary surplus will need to be achieved despite the current projected increase in aging-related entitlement spending.
Alternatives to Reserve Accumulation
Turning to the issue of an international lender of last resort, it is clear that one of the weaknesses of the existing international monetary system has been reflected in the accumulation of record official international reserve holdings, at least in part in an effort at self-insurance against a sudden stop in capital flows or international financial market illiquidity. It is generally agreed that reserve holdings represent a relatively costly form of crisis insurance, while at the same time the buildup of such reserves potentially could make it more difficult for the country or countries providing reserve assets to achieve fiscal and external balance.
A clear risk of the current conjuncture is that many emerging market economy authorities and others could conclude from the recent crisis that new increases in reserve holdings are justified. There is little doubt that a simultaneous move to acquire new reserves would complicate the effort to restore strong and sustained global growth. Instead, borrowing from a global lender of last resort could provide a systemically efficient alternative to the current situation.
The test of any alternative to reserve accumulation would be the ability to provide resources reliably, rapidly, in an adequate scale and at a favorable cost relative to reserve holdings. To some extent, this function was filled in a very ad hoc and partial manner during the recent crisis by central bank swap lines.
The creation in 2008 of the IMF's Short Term Credit Facility (SCF) represented a partial advance toward a multilateral lender of last resort-type crisis prevention instrument, in that it established the possibility of prequalification for Fund facilities. However, the potential usefulness of the SCF was severely blunted by its lack of a conditional or precautionary feature.
Thus, the 2009 establishment of the Flexible Credit Line (FCL) created for the first time a prequalified, high access precautionary Fund facility. In practice, the FCL successfully bolstered investor confidence in the countries that have accessed the facility so far. However, since a drawing under the FCL can be repaid as a medium-term facility, safeguard considerations inevitably will limit the number of qualifying countries.
Looking forward, it is not clear that central bank swap lines would be available on a timely or adequately sized basis in any future period of international market strain. Thus, the Fund will be exploring whether acceptable multilateral swap-like facilities could be developed that would limit members' perceived need for additional reserves. At the same time, avenues for making the FCL more useful will be examined.
Other forms of providing effective and efficient reserve substitutes also will be pursued. These include enhanced backstopping of regional reserve pooling arrangements, such as the Chiang Mai Initiative. More innovative methods of providing reserve substitutes also have been suggested, such as modifying the terms under which the Fund's Special Drawing Rights could be made more useful as a crisis prevention instrument. Even more radical proposals have been developed, including providing public support for crisis insurance schemes, but these seem rather more distant possibilities.
Of course, there also are other motives for reserve holdings, such as attempts to limit exchange rate appreciation, or to compensate for prospective depletion of natural resources. However, the former issue is best dealt with in the context of broad, multilateral economic policy discussions, such as the G20 Framework process. The latter issue seems more appropriate for a sovereign wealth fund or other means of explicitly coping with intergenerational equity challenges, rather than through conventional international reserves.
For its part, the IMF is poised to play a key supportive role in the post-crisis world. We will provide independent, state-of-the-art analysis and policy advice—as well as direct support of adjustment efforts when required. In particular, the G20 has asked the IMF to provide guidance with regard to exit strategies from crisis-related stimulus, and to monitor their implementation. In this context, our new Fiscal Monitor quarterly publication—available on our website—provides a unique source of information and analysis on the emerging fiscal policy challenges.
More broadly, we are working with the G20 in support of its concrete policy goals, and well as with our global membership, in order to help produce strong, sustainable and balanced growth for the benefit of all.
Clearly, success is going to require serious engagement and effort. Business as usual will not suffice, and changes are going to be needed all around. This of course includes the Fund. I highly recommend to you the Managing Director's recent address on "The Fund in the 21st Century" for a broad exposition on how we anticipate doing our part to meet the challenges we all share.
Thank you for your attention.
|Public Affairs
|Media Relations


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Minnesota DNR conservation officer reports
Reports filed this week from conservation officers for the Minnesota Department of Natural Resources.
Dan Thomasen (Two Harbors) worked several lakes throughout the area, as well as the vacant Babbitt station. Compliance with laws and regulations was good overall, but a few people were found without angling licenses in possession and lacking required life preservers in their watercraft. Assistance was given to the sheriff's department with an ATV rollover crash in which two people were injured. Also worked road and trail closures around Jay Cooke State Park, which are still in place from the severe weather and flooding.
Marty Stage (Ely) worked ATV enforcement. Several ATVs were observed driving down a state highway and another was observed operating at high speed against busy traffic. Spent time in the Boundary Waters Canoe Area Wilderness working on a bear problem. Canoe registration issues seemed to be better this week. Canoeists are reminded that even if a home state does not require registration on a canoe, one must obtain registration before a canoe can be used in Minnesota.
John Velsvaag (Ely) received several nuisance bear complaints this past week. Also checked anglers on area lakes and got calls about nonresident licenses.
North Shore
Darin Fagerman (Grand Marais) reports that people are still leaving drain plugs in their boats and failing to drain their bait buckets before leaving a lake. Many people were found without navigation lights on watercraft after sunset and that will now be a focus for the rest of the summer. A shortage of life preservers was also a common oversight. Some parents are great at making sure children have their lifejackets on, but neglect to have enough in the boat for the adults.
Mary Manning (Hovland) assisted with emergency flood response at Jay Cooke State Park. The officer also took nuisance bear and beaver complaints and checked anglers and boaters. Anglers are reminded to review angling and boating equipment regulations for Lake Superior before hitting the water. Enforcement action was taken for immeasurable salmon, expired flares on federal waters and using a worn out life preserver.
Thomas Wahlstrom (Tofte) spent time working boating and angling enforcement on Lake Superior. Some nice trout were in the bag and the salmon bite is starting to pick up. Responded to a variety of nuisance animal calls. Inland lakes were checked including a fishing tournament where overall compliance was good.

subset: commoncrawl


text:
About the Book
The Global Camel Committee is the publishing wing of the Nikon DSLR group on flickr. This is its third edition of As we see it, an annual publication from a group of photography friends around the world.
Features & Details
- Category Fine Art Photography
Standard Landscape, 10×8 in, 25×20 cm
138 Pages
- Publish Date Dec 01, 2012
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About the Creator
John Leech
Grange over Sands, Cumbria, England
Award winning photographer and graphic designer based in Cumbria. I photograph weddings throughout the UK. I have worked in publishing for over 30 years and have designed Blurb books for other people including the Flickr 'Nikon DSLR Forum'.
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text:
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text:
UST in the news
Here's a roundup of recent St. Thomas mentions of interest in various media. Read the stories by clicking on the links. Links do expire and change as papers move stories to "archive" status, and if links have expired, you're welcome to purchase access to the stories or use a search engine such as Lexis Nexis, available on the UST Libraries' Web site. In some cases, you'll need to register on the publication's Web site in order to access full text.
The list below is by no means exhaustive. If you see a story about St. Thomas and would like us to include mention of it, be sure to drop us a note at firstname.lastname@example.com
The search for Dan Zamlen
- "Search crews use dogs to search for missing St. Thomas student," KSTP-TV, April 24, 2009. http://kstp.com/news/stories/S898066.shtml
- "Police confirm missing Eveleth teen Dan Zamlen found" Duluth News Tribune, May 1, 2009. http://www.duluthnewstribune.com/event/article/id/119187/
- "Body pulled from river is missing student," KARE-TV, May 1, 2009. http://www.kare11.com/news/news_article.aspx?storyid=666405
- "Body of Dan Zamlen recovered," WDIO-TV, Duluth, May 1, 2009. http://www.wdio.com/article/stories/S910073.shtml?cat=10335
- "Search for Dan Zamlen Over, Body Found," KMSP-TV, Fox 9, May 1, 2009. http://www.myfoxtwincities.com/dpp/news/Dan_Zamlen_Body_Found_Mississippi_River_Ford_Plant_May_1_2009
- "Zamlen's body found in Mississippi River, KBJR-TV, Duluth, May 1, 2009. http://www.northlandsnewscenter.com/news/local/44202577.html
- "Body pulled from river near Ford plant is that of missing St. Thomas student," St. Paul Pioneer Press, May 1, 2009. http://www.twincities.com/allheadlines/ci_12273647
- "Search for missing Eveleth student ends in the Mississippi," Duluth News Tribune, May 2, 2009. http://www.duluthnewstribune.com/event/article/id/119248/
- "Missing St. Thomas student found in river," Star Tribune, May 2, 2009. http://www.startribune.com/local/stpaul/44185117.html
- "Missing St. Thomas student's body pulled from Mississippi River in St. Paul," Grand Forks Herald, May 2, 2009. This story was distributed by the Associated Press and appeared in many other media throughout the region. http://www.grandforksherald.com/event/article/id/117275/
- "Family of college student grateful their son's body was found," Rochester Post-Bulletin, May 2, 2009. This story was distributed by the Associated Press and appeared in many other media as well. http://www.postbulletin.com/newsmanager/templates/localnews_story.asp?z=2&a=397620
- "Body of missing St. Thomas student found in Mississippi River," City Pages, May 4, 2009. http://blogs.citypages.com/blotter/2009/05/body_of_missing.php
- "UST president: Prayers requested for Dan Zamlen and family," The Catholic Spirit, May 4, 2009. http://thecatholicspirit.com/index.php?option=com_content&task=view&id=1673&Itemid=27
- "Friends prepare to say goodbye to Zamlen," Minnesota Public Radio, May 5, 2009.http://minnesota.publicradio.org/display/web/2009/05/05/zamlen_funeral/
- "Friends prepare to say goodbye to St. Thomas student found in river," St. Paul Pioneer Press, May 5, 2009. http://www.twincities.com/news/ci_12297676
- " Remembering Dan Zamlen, Funeral Set," WDIO-TV, Duluth, May 5, 2009.http://www.wdio.com/article/stories/S913607.shtml?cat=10335
- "Funeral in Eveleth Set for Dan Zamlen," KMSP-TV Fox 9, May 5, 2009. http://www.myfoxtwincities.com/dpp/news/minnesota/Dan_Zamlen_Funeral_Eveleth_May_5_2009
- " Friends prepare to say goodbye to Zamlen," WQOW-TV, Eau Claire, Wis., May 5, 2009. http://www.wqow.com/Global/story.asp?S=10303589&nav=menu1364_2
- "Zamlen's friends prepare to say goodbye on the Iron Range," Duluth News Tribune, May 5, 2009. http://www.duluthnewstribune.com/event/article/id/119434/
Other news
- "When coaching and teaching achieve the same goal," NCAA Champion Magazine, spring 2009. Here's a nice profile of UST faculty member and coach Dr. John Tauer. http://catalog.proemags.com/publication/5b35b269#/5b35b269/44
- "Former University of St. Thomas business professor sentenced in hacking case," St. Paul Pioneer Press, April 24, 2009. http://www.twincities.com/ci_12214458
- "St. Thomas employee sentenced for defrauding school," Star Tribune, April 28, 2009. http://www.startribune.com/local/stpaul/43896097.html
- "Woman sentenced for embezzlement from St. Thomas U," Brainerd Dispatch, April 28, 2009. This story, distributed by Associated Press, appeared in many other outlets as well. http://ap.brainerddispatch.com/pstories/state/mn/20090428/434412408.shtml
- "Blue Cross Names Two New Senior Vice Presidents, Minneapolis-St. Paul Business Journal, April 28, 2009. Jim Eppel '78 has been appointed as senior vice president of health management. http://www.bizjournals.com/twincities/prnewswire/press_releases/Minnesota/2009/04/28/DC06818
- "Swine Flu: Expert Separates Fact From Fiction," WCCO-TV, April 29, 2009. "University of St. Thomas psychology professor John Tauer said while the swine flu is dangerous, we likely fear it more than we need to. 'We feel the need to control things that often we can't control. It's the same reason why people fear airplane crashes far more than they fear car crashes,' Tauer said." http://wcco.com/health/expert.swine.flu.2.997876.html
- "Six Ave Maria law students receive fellowships," Naples (Fla.) Daily News, April 29, 2009. "Elizabeth Kosel, of Minneapolis, a 2004 graduate of Marquette University, will serve at the University of St. Thomas School of Law in St. Paul, Minn., where she will assist faculty with research on various appellate cases." http://www.naplesnews.com/news/2009/apr/29/six-ave-maria-law-students-receive-fellowships/
- "Good Question: How Bad Is An Automaker Bankruptcy?" WCCO-TV, April 30, 2009. "Maybe so but news that one of America's iconic corporations is forced to file for bankruptcy, can't be good. Dr. David Vang chairs the finance department at the University of St. Thomas. 'If you look at airlines, they go through this every couple of years, it seems almost to be built into their business plans that they go bankrupt,' said Vang. Northwest, Sun Country and United Airlines all went into bankruptcy and came out stronger. Not the catastrophic, shut the doors, Chapter 7 bankruptcy. They all filed for Chapter 11 like Chrysler." http://wcco.com/seenon/automaker.bankruptcy.chrysler.2.998612.html
- "Heid E. Erdrich and national monuments," MNArtists.org for MinnPost, May 1, 2009. Here's a review of Heid Erdrich's poetry collection, National Monuments, which won the 2009 Minnesota Book Award for poetry. Erdrich formerly taught in the St. Thomas English Department. http://www.minnpost.com/from_our_partners/2009/05/01/8482/mnartistsorg_heid_e_erdrich_and_national_monuments


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Hey folks,
A friend who works in Southborough will be coming toward me tomorrow, and I toward him, for food and drinks in a convenient middle ground, namely Newton (I live in Cambridge). The criteria I'm looking to satisfy are
- outdoor dining/drinking
- great beer
- great cocktails
I've been looking around here, and The Biltmore seems to fit the bill. (Not sure about the outdoor part there, however.) Any other suggestions?
The Biltmore
1205 Chestnut St, Newton Upper Falls, MA 02464


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Ron Howard is set to direct Vince Vaughn in a comedy about cheating from Universal Pictures! The film set to go on production in Chicago this spring. The script is written by Allan Loeb and Variety says "pic is an exploration of the comedic fallout surrounding infidelity between lovers and friends. Deals for Howard and Vaughn are being finalized."
Howard hasn't directed a comedy since 1999's "EdTV" so this is a treat!
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The Producers Guild of America has chosen ten films as nominees for its Best Picture award. The winner will be announced Jan. 24 at the Hollywood Palladium.
I'm proud to say that besides "A Serious Man," their choices of their 10 film nominees are similar to my Top 10 Best Films of 2009.
The PGA opted to expand their nominees to 10 in response to the Academy of Motion Pictures Arts and Sciences 10 Best Picture nominees.
Oscar watchers take note -- the Darryl F. Zanuck Producer of the Year Award -- has matched the Oscar Best Picture in 13 of its 20 years. So the film that will win the PGA has a strong chance of winning the Oscars.
Here are the nominees of the 2010 2010 PRODUCERS GUILD OF AMERICA AWARDS:
Producers: James Cameron, Jon Landau
"District 9"
Producers: Carolynne Cunningham, Peter Jackson
"An Education"
Producers: Finola Dwyer, Amanda Posey
"The Hurt Locker"
Producer(s): Awaiting final credit determination.
"Inglourious Basterds"
Producer: Lawrence Bender
Producers: Clint Eastwood, Rob Lorenz, Lori McCreary, Mace Neufeld
"Precious: Based on the Novel Push by Sapphire"
Producers: Lee Daniels, Gary Magness, Sarah Siegel-Magness
"Star Trek"
Producers: J.J. Abrams, Damon Lindelof
Producer: Jonas Rivera
"Up in the Air"
Producer(s): Awaiting final credit determination.
Producer(s): Awaiting final credit determination.
Producer(s): Awaiting final credit determination.
"Fantastic Mr. Fox"
Producer(s): Awaiting final credit determination.
"The Princess and the Frog"
Producer: Peter Del Vecho
Producer: Jonas Rivera
"Burma VJ"
Producer: Lise Lense-Moller
"The Cove"
Producers: Paula DuPre Pesman, Fisher Stevens
Producer(s): Awaiting final credit determination.
"Soundtrack for a Revolution"
Producer(s): Awaiting final credit determination.
"Georgia O'Keeffe"
Producer(s): Awaiting final credit determination.
"Grey Gardens"
Producers: David Coatsworth, Lucy Donnelly, Rachael Horovitz, Michael Sucsy
"Little Dorrit"
Producers: Lisa Osborne, Anne Pivcevic
"Prayers for Bobby"
Producers: Stanley M. Brooks, Damian Ganczewski, David Permut, Daniel Sladek, Chris Taaffe
"The Prisoner"
Producer(s): Awaiting final credit determination.
"Taking Chance"
Producers: Lori Keith Douglas, Ross Katz, Brad Krevoy, Cathy Wischner-Sola
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Kathryn Bigelow's "The Hurt Locker" has swept the top honors at the National Society of Film Critics awards winning Best Picture, Director, and Actor for Jeremy Renner. The last film to sweep the top honors was 1997's "L.A. Confidential."
The National Society of Film Critics consists of about 60 members who write for a variety of weekly and daily newspapers. They normally choose less traditional films for their top honor such as "Waltz With Bashir," "Pan's Labyrinth," "Capote," and "Yi yi." This time, they choose a critics-favorite "The Hurt Locker" from Summit Entertainment.
I like that Paul Schneider from "Bright Star" tied with "Inglourious Basterds'" Christoph Waltz for Best Supporting Actor. Schneider definitely deserved the award!
The National Society of Film Critics has an equally interesting history. Click here to read more!
And now, the winners are:
Picture: "The Hurt Locker"
Director: Kathryn Bigelow, "The Hurt Locker"
Actor: Jeremy Renner, "The Hurt Locker"
Actress: Yolande Moreau, "Seraphine"
Supporting Actor: Christoph Waltz, "Inglourious Basterds," and Paul Schneider, "Bright Star"
Supporting Actress: Mo'Nique, "Precious"
Screenplay: Joel and Ethan Coen, "A Serious Man"
Foreign-Language Film: "Summer Hours"
Nonfiction Film: "The Beaches of Agnes"
Cinematography: Christian Berger, "The White Ribbon"
Production design: Nelson Lowry, "Fantastic Mr. Fox"
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James Cameron must be feeling like the king of the world again! For the third-straight weekend, "Avatar" ruled the box office. This past weekend, the sci-fi epic made $68.3 million to be the No. 1 film of the New Year!
But worldwide? "Avatar" has made $1.02 billion with domestic total of $352.1 million and international haul of $670 million!
"Avatar" was Cameron's first feature since 1997's "Titanic" which earned $1.8 billion worldwide.
Cameron is the only filmmaker to direct two movies that have topped $1 billion.
The other films that have topped $1 billion besides "Titanic" and "Avatar" are "The Lord of the Rings: The Return of the King" at $1.13 billion, "Pirates of the Caribbean: Dead Man's Chest" at $1.06 billion, and "The Dark Knight" at just over $1 billion. "Avatar" is slowly inching past "The Return of the King" which will make Cameron have the top two biggest blockbusters worldwide!
King of the world indeed!
In a repeat of the Christmas box office weekend, "Sherlock Holmes" remained at No. 2 with $38.4 million lifting its domestic total to $140.7 million. At No. 3 was "Alvin and the Chipmunks: The Squeakquel" with $36.6 million, $157.3 million total domestic take.
According to Hollywood.com, total domestic box office take for 2009 came in at $1.42 billion, the most in the last five years BUT below the record set in 2002 of $1.6 billion.
Here's the estimated list of the Top 10 Box office Films for weekend of Jan. 1, 2010:
1. "Avatar," $68.3 million.
2. "Sherlock Holmes," $38.4 million.
3. "Alvin and the Chipmunks: The Squeakquel," $36.6 million.
4. "It's Complicated," $18.7 million.
5. "The Blind Side," $12.7 million.
6. "Up in the Air," $11.4 million.
7. "The Princess and the Frog," $10 million.
8. "Did You Hear About the Morgans?", $5.2 million.
9. "Nine," $4.3 million.
10. "Invictus," $4.1 million.
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Quigley Publishing Company has released its 78th Annual Poll of Exhibitors and Sandra Bullock has been voted the Top Money-Making Star of 2009.
Bullock is the first female to win since Julia Roberts in 1999. She appeared in two of the biggest films of 2009 namely "The Blind Side" and "The Proposal." Okay, we already forgave her for the abysmal "All About Steve."
(Check out my fun interview with Bullock for "The Proposal" right here)
The Quigley Poll, conducted each year since 1932, is an annual survey of motion picture theatre owners and film buyers, which asks them to vote for the ten stars that they believe generated the most box-office revenue for their theatres during the year. It has been long regarded as one of the most reliable indicators of a Stars real box-office draw because the selections are done by people whose livelihood depends on choosing the films that will bring audiences to their theatres. The Quigley Poll appears annually in Quigley Publishing Companys International Motion Picture Almanac and at www.quigleypublishing.com.
And the Top 10 Stars of 2009 are:
#1 Sandra Bullock
#2 Johnny Depp
#3 Matt Damon
#4 George Clooney
#5 Robert Downey Jr.
#6 Tom Hanks
#7 Meryl Streep
#8 Brad Pitt
#9 Shia LaBeouf
#10 Denzel Washington
The Stars of Tomorrow for 2009 are Carey Mulligan (she'll be nominated for a Best Actress Oscar for her breakthrough performance in "An Education") and Taylor Lautner aka Jacob Black in "The Twilight Saga: New Moon."
Exhibitors chose the Stars of Tomorrow, one actor and one actress, who they feel will be Top Money-Makers in the years to come.
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STARmeterSEE RANK
Down 867 this week
Wendell Pierce (I)
Actor | Soundtrack | Producer
Wendell Pierce was born on December 8, 1963 in New Orleans, Louisiana, USA. He is an actor, known for The Wire (2002), Parker (2013) and Ray (2004). See full bio »
Born:in New Orleans, Louisiana, USA
More at IMDbPro » Contact Info: View agent, manager, publicist and legal


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FORSYTH COUNTY, Ga. — A Cumming food mart sold a winning Georgia Lottery ticket worth $1 million.
Ducktown Food Mart, 4636 Canton Highway in Cumming, sold a top prize-winning ticket from the Georgia Lottery's 20th Anniversary Extravaganza instant game.
The lucky winner who claimed the $1 million prize is Robert Cash of Cumming.
Georgia Lottery's 20th Anniversary Edition instant tickets top prizes are between $1 million to $5 million.
Players can enter non-winning tickets into the 20th Anniversary Extravaganza Extra Chance Promotion for a second chance to win $5 million.
Visit www.galottery.com for more information.


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Rihanna in Video Shoot: Singer Posts Topless Photos - Gone Too Far? (Photo)
Pop icon Rihanna has once again caused a stir by posted pictures of herself topless during a video shoot on her Facebook page. This is not the first time the star has been criticized for revealing too much of herself, but still many are wondering if she has gone too far this time.
"Where Have You Been?" is Rihanna's latest single, and the music video is already generating much buzz. However, it's not exactly the lyrics that are attracting attention as much as it is the fact that Rihanna appears nearly nude throughout the video. Now, perhaps in order to continue creating publicity for the single, Rihanna has posted pictures of herself getting done-up for the video.
They detail how Rihanna got her crocodile look, featuring heavy makeup on certain areas of her body. And when she was not in makeup, Rihanna donned a leopard-print robe or lacy bodysuit. She is known for being rather outlandish and using her looks to attract attention, but has Rihanna finally gone too far?
It was just in September that a farmer in Ireland asked Rihanna to stop filming for a different music video because he had "an ethos" and "felt that it was inappropriate and that's why [he] requested it to stop." In the "We Found Love" video, Rihanna wore a risqué farmer's outfit, which Alan Graham, who had lent the star his land to film on, felt was too controversial.
"When the filming did become to my mind unacceptable, I requested the filming to stop. It became apparent to me that the situation was becoming inappropriate, and I requested them to stop and they did stop," he explained on Good Morning Ulster.
Graham became concerned when he noticed Rihanna was stripping in the middle of his field, which he did not approve of. "I had my conversation with Rihanna regarding that and I hope she understands where I'm coming from," he added. "We shook hands and we parted company on good enough terms."
"Where Have You Been?" has already received over 25 million views, according to Rihanna's Facebook page.


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This weekend in Adelaide a field full of quality three-year-old stayers will face off in the 2013 South Australian Derby with David Hayes' up-and-comer Gerontius being tipped as a genuine chance to upset the favourites.
Betting on the $500,000 Group 1 South Australian Derby (2500m) at Morphettville Racecourse was originally dominated by co-favourites Hvasstan from Melbourne and Richard Jolly's locally-trained Hioctdane.
However recent changes in the SA Derby odds has seen a new favourite rise to the top with Shoreham backed into $4 following their emphatic last start victory over the distance back home at Flemington last month.
Oratorio gelding Gerontius from Melbourne meanwhile is the only other single-figure fancy in the markets paying $8.50 to score an upset South Australian Derby 2013 result on Saturday.
Drawn nicely in gate two one inside the favourite Shoreham (3), Gerontius will be ridden by top jockey Dwayne Dunn for their acid test in Adelaide, the three-year-old coming off a brave fourth to superstar Kiwi It's A Dundeel in the Group 1 Australian Derby (2400m).
The ATC Derby has proved a nice form race leading into the South Australian edition in recent years but will that remain true this autumn with Gerontius?
#4 Gerontius – Horse Form
- Barrier: 2
- Jockey: Dwayne Dunn
- Trainer: David Hayes
- Owners: Mr R G Seldon, Mr T J N Beyer, Mr S A Bennett, Mr D R Seldon
- Age: 3YO
- Gender: Gelding
- Breeding: by Oratorio (IRE) from Bunda Grande
- Career: 10-2-1-2
- Win: 20%
- Place: 50%
- Last 6: x91454
- Prize Money: $130,895
- Track: 0-0-0-0
- Distance: 0-0-0-0
- Current 2013 SA Derby Odds: $8.50
Pros For Backing Gerontius in the South Australian Derby 2013
- Their last start fourth in the Australian Derby was brave and two of the past 10 SA Derby winners came via this same lead-up race
- Should handle the 2500m here having run a strong mile and a half there
- Good barrier two draw one inside the favourite Shoreham so should get a nice run on their back
- Gate two is one of the most successful in the past three decades producing four previous winners
- Will benefit from having Dwayne Dunn in the saddle who knows the horse well having ridden them three times before including their Sandown-Hillside win over 1800m in March
- Victorian raiders have a good record in the race including 12 months ago with Zabeelionaire winning
Cons Against a 2013 South Australian Derby Win by Gerontius
- Only has a 20% Win Rate
- Could find themselves outclassed again here if they don't get a sweet run
- Needs to beat Hvasstan ($4.20) and Hioctdane ($4.40)
Read enough to suggest Gerontius can be competitive in the SA Derby 2013 and want to lock them in for an Each Way wager?
Visit the country's No. 1 bookie bookmaker.com.au and access all the weekend's hottest racing odds as well as their $500 Bonus Sign-Up Offer for first-time depositing customers!


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A labourer, accused of defiling a 15-year old nursing mother at Agbogboloshie on Thursday appeared before an Accra Circuit Court charged with defilement.
Daniel Ogyadu Ansah, who denied the offence, has been remanded into prison custody to reappear before the court, presided over by Ms Sedina Agbemava, on July 31.
Prosecuting Assistant Superintendent of Police (ASP) Adiza Sulemana said the complainant is a trader who lives with the victim at Ofankor.
According to the prosecution, Ansah resides at Agbogboloshie, whiles the victim is a mother of one year old baby and sells meat pie at Achimota.
ASP Sulemana said on June 18, this year, the victim left home to sell her meat pie but failed to return to the house.
The complainant searched for the victim but to no avail and reported the matter to the Police at Mile 7.
According to prosecution, on June 22, this year, the victim was spotted sitting in front of Ansah's room. She was apprehended and handed over to the Police at Mile 7.
During interrogation, the victim said the accused person was her boyfriend, adding that, she had been with him for the past four days during which they had several rounds of sex.
ASP Sulemana said due to the age of the victim, the accused person was arrested.
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