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North Pole Life, Nayib Bukele & more!

Good Morning - Belgian chocolate is famous for being among the best globally. Brussels Airport sells over 800 tones of chocolate each year, making it the top destination for chocolate sales globally.

Global Insights

Life in Svalbard

Embarking on a journey to the Svalbard Archipelago, a mere 807 miles (1300 km) from the North Pole, reveals a realm dominated by glaciers and lifeless tundra. Despite its harsh conditions, humans have carved out a life in this Arctic expanse for many years. The geopolitical landscape of Svalbard is intriguing; registered as part of Norway since 1920, yet over 50 countries, including Russia and Ukraine, engage in economic activities, with settlements established by Norway and Russia—Longyearbyen and Barentsburg—housing a modest population of three thousand.

Accessing Svalbard is a unique experience; although considered part of Norway, it operates as a visa-free zone. Longyearbyen, the world's northernmost town, stands as a testament to human resilience in the Arctic. Above-ground pipes, houses on pillars, and avalanche guards reflect adaptations to permafrost challenges.

Living in this extreme environment comes with its peculiarities: polar bears surpass humans in number, and the Arctic climate dictates a rhythm of 24-hour daylight in spring and summer, followed by 24-hour darkness in winter. Permafrost inhibits tree growth, and encounters with polar bears necessitate caution, with residents often advised to carry rifles.

Transportation revolves around snowmobiles and boats, as the limited roads do not connect settlements. Childbirth and burials present unique challenges, requiring pregnant individuals to travel to the mainland before delivery.

Despite its remoteness, Longyearbyen surprises with luxuries. Huset Restaurant champions local ingredients, while Funken Lodge offers swanky accommodations and an impressive wine cellar.

From its origins in coal mining, Svalbard has evolved into a tourist hub, attracting adventurers with its extreme beauty and showcasing human adaptability in the face of nature's challenges.

Nayib Bukele’s use of Bitcoin

Elected in 2019, Salvadoran President Nayib Bukele promised a new era for El Salvador, breaking from traditional two-party politics. Bukele's tenure has witnessed successes, notably a remarkable 92% drop in homicides, earning him widespread support. Bukele's paternal grandparents, originally Palestinian Christians from Jerusalem, migrated to El Salvador in the early 20th century as part of a wave of emigration.

Bukele's internet-savvy approach, evident on platforms like X and TikTok, contributes to his distinctive public image worldwide. 

El Salvador made history by becoming the first country to recognize Bitcoin as legal tender. Bitcoin is accepted for taxes and debts and businesses are also obligated to use it as a medium of exchange.

The decision to make Bitcoin legal tender faced skepticism and economic challenges, drawing attention to potential repercussions in financial markets and from international institutions because of Bitcoin’s volatility.

Geopolitically, Bukele's use of the Central American Bank for Economic Integration (CABEI) to secure loans and manage sovereign debt has stirred debates. Actions such as reallocating $600 million in COVID-19 relief funds for bitcoin purchases received criticism, while others view them as part of El Salvador's strategic maneuvering.

In November 2022, El Salvador's President Nayib Bukele introduced a national dollar cost averaging (DCA) plan, pledging to acquire one bitcoin daily. As per Bukele's public statements, the country already held 2,381 bitcoins at that time.

Notably, El Salvador's bonds showed a significant 70% year-to-date return in mid-August, with several major banks suggesting the possibility of additional gains. The country's debt received an upgrade from CCC+ to B- by S&P Global recently as well.

As Bukele seeks a second term in 2024, questions about constitutional restrictions and the democratic process arise from critics. Despite concerns, polls indicate substantial public support. The upcoming elections will play a pivotal role in determining the trajectory of El Salvador's political landscape under Bukele's leadership.

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United States to stay funded

On Thursday, the US Senate voted (77-18) to keep the government funded temporarily. This gives lawmakers more time to pass spending bills. The bill now goes to the House of Representatives. Senate Majority Leader Chuck Schumer is confident the House will also approve it. In November, Congress passed a temporary funding bill until January 19 and February 2. The Senate's bill aims to extend these deadlines to March 1 and 8.

French Mercenaries struck in Ukraine

On January 16, Russian missiles targeted a Kharkiv facility hosting French-speaking mercenaries, resulting in 60 casualties and 20 injuries. These soldiers played a crucial role in operating sophisticated weaponry and were essential assets for Ukraine.

Netanyahu

Israeli Prime Minister Benjamin Netanyahu said no to U.S. requests to dial down Israel's military actions in Gaza & rejected the idea of working towards creating a Palestinian state after the war. The White House rebuked this decision.

History & Culture - The Forgotten Pyramids of Sudan

Hidden in Sudan's vast Saharan desert are ancient stone pyramids, not in Egypt, but created by the Nubian civilization. These lesser-known structures, found in clusters at sites like El Kurru and Meroe, hold a distinct historical significance.

Initially, the Nubians lived under Egyptian rule, later establishing their empire and even conquering Egypt for a brief period. The Sudan pyramids, influenced by Egyptian beliefs, emerged around 700 BC, showcasing smaller sizes and steeper slopes due to their shadouf-based construction.

In contrast to towering Egyptian pyramids, Nubian pyramids stand under 100 feet, with burial chambers located beneath instead of inside. Acting as colossal headstones, they are strategically aligned with stars and feature solid sides with a filled center, a practical construction method shared with Mesoamerica.

Despite their unique attributes, Nubian pyramids face challenges. The smaller blocks used in their construction became a resource for scavengers, and historical looting, including the actions of treasure hunter Giuseppe Ferlini in 1834, left many pyramids truncated. Today, these structures, vulnerable to the elements, show signs of decay. Preserving these remarkable monuments requires overcoming the legacy of past actions. Sudan is home to 220 pyramids, which is the most in the world.

Fast Facts

• One of the most common gadgets used by the C.I.A is a simple doorstop to stop enemy agents or thieves from breaking into their hotel rooms at night

• When you lose fat, it leaves your body in two ways: as carbon dioxide when you exhale, or as water through urine or sweat.

• Britain drinks about 100 million cups of tea daily

We are what we repeatedly do. Excellence, then, is not an act, but a habit.

-Aristotle