Geographies of the financial crisis

Real estate is, by definition, local as it is spatially fixed. Mortgage lending, however, has developed from a local to a national market and is increasingly a global market today. An understanding of the financial crisis is ultimately a spatialised understanding of the linkages between local and global. This article looks at the geographies of the mortgage crisis and credit crunch and asks the question: how are different places affected by the crisis? The article looks at different states, different cities, different neighbourhoods and different financial centres. Investors in many places had invested in residential mortgage backed securities and have seen their value drop. Housing bubbles, faltering economies and regulation together have shaped the geography of the financial crisis on the state and city level in the US. Subprime and predatory lending have affected low-income and minority communities more than others and we therefore not only see a concentration of foreclosures in certain cities, but also in certain neighbourhoods. On an international level, the long-term economical and political consequences of this are still mostly unknown, but it is clear that some financial centres in Asia (including the Middle East) will become more important now that globalisation is coming full circle. This article does not present new empirical research, but brings together work from different literatures that all in some way have a specific angle on the financial crisis. The aim of this article is to make the geographical dimensions of the financial crisis understandable to geographers that are not specialists in all – or even any – of these literatures, so that they can comprehend the spatialisation of this crisis.     

The Barranco de Arás flood of 7 August 1996 (Biescas, Central Pyrenees, Spain)

Geomorphic effects observed in the Barranco (creek) de Arás basin are used to characterize the flood. Sediment features allow to qualify the flood as essentially a water flow. Using the critical section method, the peak flood discharge is estimated to be between 400 and 600 m³ s⁻¹. Similar results were obtained using a paleohydraulic formula based on the size of the largest mobilized clasts. Using the rational method with available rainfall data, the discharge for a recurrence interval of 500 years is estimated to be between 150 and 200 m³ s⁻¹. These results agree with predictions obtained using curves of peak discharge versus basin area based on regional data. Several trenches dug on the fan showed that the size of boulders mobilized by the event is larger that those left by previous floods at the same place. When the estimated peak flood discharge is related to the basin area, values between 20 and 30 m³ s⁻¹ km⁻² are obtained, demonstrating that the Barranco de Arás flood was most unusual.     

Rutile R632 – A New Natural Reference Material for U‐Pb and Zr Determination

A new natural rutile reference material is presented, suitable for U‐Pb dating and Zr‐in‐rutile thermometry by microbeam methods. U‐Pb dating of rutile R632 using laser ablation ICP‐MS with both magnetic sector field and quadrupole instruments as well as isotope dilution‐thermal ionisation mass spectrometry yielded a concordia age of 496 ± 2 Ma. The high U content (> 300 μg g^?1) enabled measurement of high‐precision U‐Pb ages despite its young age. The sample was found to have a Zr content of 4294 ± 196 μg g^?1, which makes it an excellent complementary reference material for Zr‐in‐rutile thermometry. Individual rutile grains have homogeneous compositions of a number of other trace elements including V, Cr, Fe, Nb, Mo, Sn, Sb, Hf, Ta and W. This newly characterised material significantly expands the range of available rutile reference materials relevant for age and temperature determinations.     

Future regional projections of extreme temperatures in Europe: a nonstationary seasonal approach

This paper analyzes changes of maximum temperatures in Europe, which are evaluated using two state-of-the-art regional climate models from the EU ENSEMBLES project. Extremes are expressed in terms of return values using a time-dependent generalized extreme value (GEV) model fitted to monthly maxima. Unlike the standard GEV method, this approach allows analyzing return periods at different time scales (monthly, seasonal, annual, etc). The study focuses on the end of the 20th century (1961?C2000), used as a calibration/validation period, and assesses the changes projected for the period 2061?C2100 considering the A1B emission scenario. The performance of the regional models is evaluated for each season of the calibration period against the high-resolution gridded E-OBS dataset, showing a similar South-North gradient with larger values over the Mediterranean basin. The inter-RCM changes in the bias pattern with respect to the E-OBS are larger than the bias resulting from a change in the boundary conditions from ERA-40 to ECHAM5 20c3m. The maximum temperature response to increased green house gases, as projected by the A1B scenario, is consistent for both RCMs. Under that scenario, results indicate that the increments for extremes (e.g. 40-year return values) will be two or three times higher than those for the mean seasonal temperatures, particularly during Spring and Summer in Southern Europe.     

Subduction metamorphism of serpentinite‐hosted carbonates beyond antigorite‐serpentinite dehydration (Nevado‐Filábride Complex,Spain)

At sub‐arc depths, the release of carbon from subducting slab lithologies is mostly controlled by fluid released by devolatilization reactions such as dehydration of antigorite (Atg‐) serpentinite to prograde peridotite. Here we investigate carbonate–silicate rocks hosted in Atg‐serpentinite and prograde chlorite (Chl‐) harzburgite in the Milagrosa and Almirez ultramafic massifs of the palaeo‐subducted Nevado‐Filábride Complex (NFC, Betic Cordillera, S. Spain). These massifs provide a unique opportunity to study the stability of carbonate during subduction metamorphism at P–T conditions before and after the dehydration of Atg‐serpentinite in a warm subduction setting. In the Milagrosa massif, carbonate–silicate rocks occur as lenses of Ti‐clinohumite–diopside–calcite marbles, diopside–dolomite marbles and antigorite–diopside–dolomite rocks hosted in clinopyroxene‐bearing Atg‐serpentinite. In Almirez, carbonate–silicate rocks are hosted in Chl‐harzburgite and show a high‐grade assemblage composed of olivine, Ti‐clinohumite, diopside, chlorite, dolomite, calcite, Cr‐bearing magnetite, pentlandite and rare aragonite inclusions. These NFC carbonate–silicate rocks have variable CaO and CO₂ contents at nearly constant Mg/Si ratio and high Ni and Cr contents, indicating that their protoliths were variable mixtures of serpentine and Ca‐carbonate (i.e., ophicarbonates). Thermodynamic modelling shows that the carbonate–silicate rocks attained peak metamorphic conditions similar to those of their host serpentinite (Milagrosa massif; 550–600°C and 1.0–1.4 GPa) and Chl‐harzburgite (Almirez massif; 1.7–1.9 GPa and 680°C). Microstructures, mineral chemistry and phase relations indicate that the hybrid carbonate–silicate bulk rock compositions formed before prograde metamorphism, likely during seawater hydrothermal alteration, and subsequently underwent subduction metamorphism. In the CaO–MgO–SiO₂ ternary, these processes resulted in a compositional variability of NFC serpentinite‐hosted carbonate–silicate rocks along the serpentine‐calcite mixing trend, similar to that observed in serpentinite‐hosted carbonate‐rocks in other palaeo‐subducted metamorphic terranes. Thermodynamic modelling using classical models of binary H₂O–CO₂ fluids shows that the compositional variability along this binary determines the temperature of the main devolatilization reactions, the fluid composition and the mineral assemblages of reaction products during prograde subduction metamorphism. Thermodynamic modelling considering electrolytic fluids reveals that H₂O and molecular CO₂ are the main fluid species and charged carbon‐bearing species occur only in minor amounts in equilibrium with carbonate–silicate rocks in warm subduction settings. Consequently, accounting for electrolytic fluids at these conditions slightly increases the solubility of carbon in the fluids compared with predictions by classical binary H₂O–CO₂ fluids, but does not affect the topology of phase relations in serpentinite‐hosted carbonate‐rocks. Phase relations, mineral composition and assemblages of Milagrosa and Almirez (meta)‐serpentinite‐hosted carbonate–silicate rocks are consistent with local equilibrium between an infiltrating fluid and the bulk rock composition and indicate a limited role of infiltration‐driven decarbonation. Our study shows natural evidence for the preservation of carbonates in serpentinite‐hosted carbonate–silicate rocks beyond the Atg‐serpentinite breakdown at sub‐arc depths, demonstrating that carbon can be recycled into the deep mantle.     

High-Frequency Response of the Atmospheric Electric Potential Gradient Under Strong and Dry Boundary-Layer Convection

The spectral response of atmospheric electric potential gradient gives important information about phenomena affecting this gradient at characteristic time scales ranging from years (e.g., solar modulation) to fractions of a second (e.g., turbulence). While long-term time scales have been exhaustively explored, short-term scales have received less attention. At such frequencies, space-charge transport inside the planetary boundary layer becomes a sizeable contribution to the potential gradient variability. For the first time, co-located (Évora, Portugal) measurements of boundary-layer backscatter profiles and the 100-Hz potential gradient are reported. Five campaign days are analyzed, providing evidence for a relation between high-frequency response of the potential gradient and strong dry convection.