text:
Financial crisis
|By application
The term financial crisis is applied broadly to a variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults.[1][2] Financial crises directly result in a loss of paper wealth but do not necessarily result in changes in the real economy.
Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time.
- 1 Types
- 2 Causes and consequences
- 3 Theories
- 4 History
- 5 See also
- 6 Literature
- 7 References
- 8 External links
Banking crisis
When a bank suffers a sudden rush of withdrawals by depositors, this is called a bank run. Since banks lend out most of the cash they receive in deposits (see fractional-reserve banking), it is difficult for them to quickly pay back all deposits if these are suddenly demanded, so a run renders the bank insolvent, causing customers to lose their deposits, to the extent that they are not covered by deposit insurance. An event in which bank runs are widespread is called a systemic banking crisis or banking panic.[3]
Examples of bank runs include the run on the Bank of the United States in 1931 and the run on Northern Rock in 2007. Banking crises generally occur after periods of risky lending and resulting loan defaults.[4]
Currency crisis
There is no widely accepted definition of a currency crisis, which is normally considered as part of a financial crisis. Kaminsky et al. (1998), for instance, define currency crises as when a weighted average of monthly percentage depreciations in the exchange rate and monthly percentage declines in exchange reserves exceeds its mean by more than three standard deviations. Frankel and Rose (1996) define a currency crisis as a nominal depreciation of a currency of at least 25% but it is also defined at least 10% increase in the rate of depreciation. In general, a currency crisis can be defined as a situation when the participants in an exchange market come to recognize that a pegged exchange rate is about to fail, causing speculation against the peg that hastens the failure and forces a devaluation or appreciation, see Al-Assaf et al. (2013).[5]
Speculative bubbles and crashes
A speculative bubble exists in the event of large, sustained overpricing of some class of assets.[6] One factor that frequently contributes to a bubble is the presence of buyers who purchase an asset based solely on the expectation that they can later resell it at a higher price, rather than calculating the income it will generate in the future. If there is a bubble, there is also a risk of a crash in asset prices: market participants will go on buying only as long as they expect others to buy, and when many decide to sell the price will fall. However, it is difficult to predict whether an asset's price actually equals its fundamental value, so it is hard to detect bubbles reliably. Some economists insist that bubbles never or almost never occur.[7]
Well-known examples of bubbles (or purported bubbles) and crashes in stock prices and other asset prices include the Dutch tulip mania, the Wall Street Crash of 1929, the Japanese property bubble of the 1980s, the crash of the dot-com bubble in 2000–2001, and the now-deflating United States housing bubble.[4][8][9] The 2000s sparked a real estate bubble where housing prices were increasing significantly as an asset good.[10]
International financial crises
When a country that maintains a fixed exchange rate is suddenly forced to devalue its currency due to accruing an unsustainable current account deficit, this is called a currency crisis or balance of payments crisis. When a country fails to pay back its sovereign debt, this is called a sovereign default. While devaluation and default could both be voluntary decisions of the government, they are often perceived to be the involuntary results of a change in investor sentiment that leads to a sudden stop in capital inflows or a sudden increase in capital flight.
Several currencies that formed part of the European Exchange Rate Mechanism suffered crises in 1992–93 and were forced to devalue or withdraw from the mechanism. Another round of currency crises took place in Asia in 1997–98. Many Latin American countries defaulted on their debt in the early 1980s. The 1998 Russian financial crisis resulted in a devaluation of the ruble and default on Russian government bonds.
Wider economic crisis
Negative GDP growth lasting two or more quarters is called a recession. An especially prolonged or severe recession may be called a depression, while a long period of slow but not necessarily negative growth is sometimes called economic stagnation.
Some economists argue that many recessions have been caused in large part by financial crises. One important example is the Great Depression, which was preceded in many countries by bank runs and stock market crashes. The subprime mortgage crisis and the bursting of other real estate bubbles around the world also led to recession in the U.S. and a number of other countries in late 2008 and 2009.
Some economists argue that financial crises are caused by recessions instead of the other way around, and that even where a financial crisis is the initial shock that sets off a recession, other factors may be more important in prolonging the recession. In particular, Milton Friedman and Anna Schwartz argued that the initial economic decline associated with the crash of 1929 and the bank panics of the 1930s would not have turned into a prolonged depression if it had not been reinforced by monetary policy mistakes on the part of the Federal Reserve,[11] a position supported by Ben Bernanke.[12]
Causes and consequences
Strategic complementarities in financial markets
It is often observed that successful investment requires each investor in a financial market to guess what other investors will do. George Soros has called this need to guess the intentions of others 'reflexivity'.[13] Similarly, John Maynard Keynes compared financial markets to a beauty contest game in which each participant tries to predict which model other participants will consider most beautiful.[14] Circularity and self-fulfilling prophecies may be exaggerated when reliable information is not available because of opaque disclosures or a lack of disclosure.[15]
Furthermore, in many cases investors have incentives to coordinate their choices. For example, someone who thinks other investors want to buy lots of Japanese yen may expect the yen to rise in value, and therefore has an incentive to buy yen too. Likewise, a depositor in IndyMac Bank who expects other depositors to withdraw their funds may expect the bank to fail, and therefore has an incentive to withdraw too. Economists call an incentive to mimic the strategies of others strategic complementarity.[16]
It has been argued that if people or firms have a sufficiently strong incentive to do the same thing they expect others to do, then self-fulfilling prophecies may occur.[17] For example, if investors expect the value of the yen to rise, this may cause its value to rise; if depositors expect a bank to fail this may cause it to fail.[18] Therefore, financial crises are sometimes viewed as a vicious circle in which investors shun some institution or asset because they expect others to do so.[19]
Leverage, which means borrowing to finance investments, is frequently cited as a contributor to financial crises.[15] When a financial institution (or an individual) only invests its own money, it can, in the very worst case, lose its own money. But when it borrows in order to invest more, it can potentially earn more from its investment, but it can also lose more than all it has. Therefore, leverage magnifies the potential returns from investment, but also creates a risk of bankruptcy. Since bankruptcy means that a firm fails to honor all its promised payments to other firms, it may spread financial troubles from one firm to another (see 'Contagion' below).
The average degree of leverage in the economy often rises prior to a financial crisis[citation needed]. For example, borrowing to finance investment in the stock market ("margin buying") became increasingly common prior to the Wall Street Crash of 1929. In addition, some scholars have argued that financial institutions can contribute to fragility by hiding leverage, and thereby contributing to underpricing of risk.[15]
Asset-liability mismatch
Another factor believed to contribute to financial crises is asset-liability mismatch, a situation in which the risks associated with an institution's debts and assets are not appropriately aligned. For example, commercial banks offer deposit accounts which can be withdrawn at any time and they use the proceeds to make long-term loans to businesses and homeowners. The mismatch between the banks' short-term liabilities (its deposits) and its long-term assets (its loans) is seen as one of the reasons bank runs occur (when depositors panic and decide to withdraw their funds more quickly than the bank can get back the proceeds of its loans).[18] Likewise, Bear Stearns failed in 2007–08 because it was unable to renew the short-term debt it used to finance long-term investments in mortgage securities.
In an international context, many emerging market governments are unable to sell bonds denominated in their own currencies, and therefore sell bonds denominated in US dollars instead. This generates a mismatch between the currency denomination of their liabilities (their bonds) and their assets (their local tax revenues), so that they run a risk of sovereign default due to fluctuations in exchange rates.[20]
Uncertainty and herd behavior
Many analyses of financial crises emphasize the role of investment mistakes caused by lack of knowledge or the imperfections of human reasoning. Behavioral finance studies errors in economic and quantitative reasoning. Psychologist Torbjorn K A Eliazon has also analyzed failures of economic reasoning in his concept of 'œcopathy'.[21]
Historians, notably Charles P. Kindleberger, have pointed out that crises often follow soon after major financial or technical innovations that present investors with new types of financial opportunities, which he called "displacements" of investors' expectations.[22][23] Early examples include the South Sea Bubble and Mississippi Bubble of 1720, which occurred when the notion of investment in shares of company stock was itself new and unfamiliar,[24] and the Crash of 1929, which followed the introduction of new electrical and transportation technologies.[25] More recently, many financial crises followed changes in the investment environment brought about by financial deregulation, and the crash of the dot com bubble in 2001 arguably began with "irrational exuberance" about Internet technology.[26]
Unfamiliarity with recent technical and financial innovations may help explain how investors sometimes grossly overestimate asset values. Also, if the first investors in a new class of assets (for example, stock in "dot com" companies) profit from rising asset values as other investors learn about the innovation (in our example, as others learn about the potential of the Internet), then still more others may follow their example, driving the price even higher as they rush to buy in hopes of similar profits. If such "herd behavior" causes prices to spiral up far above the true value of the assets, a crash may become inevitable. If for any reason the price briefly falls, so that investors realize that further gains are not assured, then the spiral may go into reverse, with price decreases causing a rush of sales, reinforcing the decrease in prices.
Regulatory failures
Governments have attempted to eliminate or mitigate financial crises by regulating the financial sector. One major goal of regulation is transparency: making institutions' financial situations publicly known by requiring regular reporting under standardized accounting procedures. Another goal of regulation is making sure institutions have sufficient assets to meet their contractual obligations, through reserve requirements, capital requirements, and other limits on leverage.
Some financial crises have been blamed on insufficient regulation, and have led to changes in regulation in order to avoid a repeat. For example, the former Managing Director of the International Monetary Fund, Dominique Strauss-Kahn, has blamed the financial crisis of 2008 on 'regulatory failure to guard against excessive risk-taking in the financial system, especially in the US'.[27] Likewise, the New York Times singled out the deregulation of credit default swaps as a cause of the crisis.[28]
However, excessive regulation has also been cited as a possible cause of financial crises. In particular, the Basel II Accord has been criticized for requiring banks to increase their capital when risks rise, which might cause them to decrease lending precisely when capital is scarce, potentially aggravating a financial crisis.[29]
International regulatory convergence has been interpreted in terms of regulatory herding, deepening market herding (discussed above) and so increasing systemic risk.[30][31] From this perspective, maintaining diverse regulatory regimes would be a safeguard.
Fraud has played a role in the collapse of some financial institutions, when companies have attracted depositors with misleading claims about their investment strategies, or have embezzled the resulting income. Examples include Charles Ponzi's scam in early 20th century Boston, the collapse of the MMM investment fund in Russia in 1994, the scams that led to the Albanian Lottery Uprising of 1997, and the collapse of Madoff Investment Securities in 2008.
Many rogue traders that have caused large losses at financial institutions have been accused of acting fraudulently in order to hide their trades. Fraud in mortgage financing has also been cited as one possible cause of the 2008 subprime mortgage crisis; government officials stated on September 23, 2008 that the FBI was looking into possible fraud by mortgage financing companies Fannie Mae and Freddie Mac, Lehman Brothers, and insurer American International Group.[32] Likewise it has been argued that many financial companies failed in the recent crisis because their managers failed to carry out their fiduciary duties.[33]
Contagion refers to the idea that financial crises may spread from one institution to another, as when a bank run spreads from a few banks to many others, or from one country to another, as when currency crises, sovereign defaults, or stock market crashes spread across countries. When the failure of one particular financial institution threatens the stability of many other institutions, this is called systemic risk.[30]
One widely cited example of contagion was the spread of the Thai crisis in 1997 to other countries like South Korea. However, economists often debate whether observing crises in many countries around the same time is truly caused by contagion from one market to another, or whether it is instead caused by similar underlying problems that would have affected each country individually even in the absence of international linkages.
Recessionary effects
Some financial crises have little effect outside of the financial sector, like the Wall Street crash of 1987, but other crises are believed to have played a role in decreasing growth in the rest of the economy. There are many theories why a financial crisis could have a recessionary effect on the rest of the economy. These theoretical ideas include the 'financial accelerator', 'flight to quality' and 'flight to liquidity', and the Kiyotaki-Moore model. Some 'third generation' models of currency crises explore how currency crises and banking crises together can cause recessions.[34]
Austrian theories
Austrian School economists Ludwig von Mises and Friedrich Hayek discussed the business cycle starting with Mises' Theory of Money and Credit, published in 1912.
Marxist theories
Recurrent major depressions in the world economy at the pace of 20 and 50 years (often referred to as the business cycle) have been the subject of studies since Jean Charles Léonard de Sismondi (1773–1842) provided the first theory of crisis in a critique of classical political economy's assumption of equilibrium between supply and demand. Developing an economic crisis theory became the central recurring concept throughout Karl Marx's mature work. Marx's law of the tendency for the rate of profit to fall borrowed many features of the presentation of John Stuart Mill's discussion Of the Tendency of Profits to a Minimum (Principles of Political Economy Book IV Chapter IV). The theory is a corollary of the Tendency towards the Centralization of Profits.
In a capitalist system, successfully-operating businesses return less money to their workers (in the form of wages) than the value of the goods produced by those workers (i.e. the amount of money the products are sold for). This profit first goes towards covering the initial investment in the business. In the long-run, however, when one considers the combined economic activity of all successfully-operating business, it is clear that less money (in the form of wages) is being returned to the mass of the population (the workers) than is available to them to buy all of these goods being produced. Furthermore, the expansion of businesses in the process of competing for markets leads to an abundance of goods and a general fall in their prices, further exacerbating the tendency for the rate of profit to fall.
The viability of this theory depends upon two main factors: firstly, the degree to which profit is taxed by government and returned to the mass of people in the form of welfare, family benefits and health and education spending; and secondly, the proportion of the population who are workers rather than investors/business owners. Given the extraordinary capital expenditure required to enter modern economic sectors like airline transport, the military industry, or chemical production, these sectors are extremely difficult for new businesses to enter and are being concentrated in fewer and fewer hands.
Empirical and econometric research continue especially in the world systems theory and in the debate about Nikolai Kondratiev and the so-called 50-years Kondratiev waves. Major figures of world systems theory, like Andre Gunder Frank and Immanuel Wallerstein, consistently warned about the crash that the world economy is now facing[citation needed]. World systems scholars and Kondratiev cycle researchers always implied that Washington Consensus oriented economists never understood the dangers and perils, which leading industrial nations will be facing and are now facing at the end of the long economic cycle which began after the oil crisis of 1973.
Minsky's theory
Hyman Minsky has proposed a post-Keynesian explanation that is most applicable to a closed economy. He theorized that financial fragility is a typical feature of any capitalist economy. High fragility leads to a higher risk of a financial crisis. To facilitate his analysis, Minsky defines three approaches to financing firms may choose, according to their tolerance of risk. They are hedge finance, speculative finance, and Ponzi finance. Ponzi finance leads to the most fragility.
- for hedge finance, income flows are expected to meet financial obligations in every period, including both the principal and the interest on loans.
- for speculative finance, a firm must roll over debt because income flows are expected to only cover interest costs. None of the principal is paid off.
- for Ponzi finance, expected income flows will not even cover interest cost, so the firm must borrow more or sell off assets simply to service its debt. The hope is that either the market value of assets or income will rise enough to pay off interest and principal.
Financial fragility levels move together with the business cycle. After a recession, firms have lost much financing and choose only hedge, the safest. As the economy grows and expected profits rise, firms tend to believe that they can allow themselves to take on speculative financing. In this case, they know that profits will not cover all the interest all the time. Firms, however, believe that profits will rise and the loans will eventually be repaid without much trouble. More loans lead to more investment, and the economy grows further. Then lenders also start believing that they will get back all the money they lend. Therefore, they are ready to lend to firms without full guarantees of success.
Lenders know that such firms will have problems repaying. Still, they believe these firms will refinance from elsewhere as their expected profits rise. This is Ponzi financing. In this way, the economy has taken on much risky credit. Now it is only a question of time before some big firm actually defaults. Lenders understand the actual risks in the economy and stop giving credit so easily. Refinancing becomes impossible for many, and more firms default. If no new money comes into the economy to allow the refinancing process, a real economic crisis begins. During the recession, firms start to hedge again, and the cycle is closed.
Coordination games
Mathematical approaches to modeling financial crises have emphasized that there is often positive feedback[35] between market participants' decisions (see strategic complementarity).[36] Positive feedback implies that there may be dramatic changes in asset values in response to small changes in economic fundamentals. For example, some models of currency crises (including that of Paul Krugman) imply that a fixed exchange rate may be stable for a long period of time, but will collapse suddenly in an avalanche of currency sales in response to a sufficient deterioration of government finances or underlying economic conditions.[37][38]
According to some theories, positive feedback implies that the economy can have more than one equilibrium. There may be an equilibrium in which market participants invest heavily in asset markets because they expect assets to be valuable, but there may be another equilibrium where participants flee asset markets because they expect others to flee too.[39] This is the type of argument underlying Diamond and Dybvig's model of bank runs, in which savers withdraw their assets from the bank because they expect others to withdraw too.[18] Likewise, in Obstfeld's model of currency crises, when economic conditions are neither too bad nor too good, there are two possible outcomes: speculators may or may not decide to attack the currency depending on what they expect other speculators to do.[19]
Herding models and learning models
A variety of models have been developed in which asset values may spiral excessively up or down as investors learn from each other. In these models, asset purchases by a few agents encourage others to buy too, not because the true value of the asset increases when many buy (which is called "strategic complementarity"), but because investors come to believe the true asset value is high when they observe others buying.
In "herding" models, it is assumed that investors are fully rational, but only have partial information about the economy. In these models, when a few investors buy some type of asset, this reveals that they have some positive information about that asset, which increases the rational incentive of others to buy the asset too. Even though this is a fully rational decision, it may sometimes lead to mistakenly high asset values (implying, eventually, a crash) since the first investors may, by chance, have been mistaken.[40][41][42][43][44] Herding models, based on Complexity Science, indicate that it is the internal structure of the market, not external influences, which is primarily responsible for crashes. [45][46]
In "adaptive learning" or "adaptive expectations" models, investors are assumed to be imperfectly rational, basing their reasoning only on recent experience. In such models, if the price of a given asset rises for some period of time, investors may begin to believe that its price always rises, which increases their tendency to buy and thus drives the price up further. Likewise, observing a few price decreases may give rise to a downward price spiral, so in models of this type large fluctuations in asset prices may occur. Agent-based models of financial markets often assume investors act on the basis of adaptive learning or adaptive expectations.
A noted survey of financial crises is This Time is Different: Eight Centuries of Financial Folly (Reinhart & Rogoff 2009), by economists Carmen Reinhart and Kenneth Rogoff, who are regarded as among the foremost historians of financial crises.[47] In this survey, they trace the history of financial crisis back to sovereign defaults – default on public debt, – which were the form of crisis prior to the 18th century and continue, then and now causing private bank failures; crises since the 18th century feature both public debt default and private debt default. Reinhart and Rogoff also class debasement of currency and hyperinflation as being forms of financial crisis, broadly speaking, because they lead to unilateral reduction (repudiation) of debt.
Prior to 19th century
Reinhart and Rogoff trace inflation (to reduce debt) to Dionysius of Syracuse, of the 4th century BCE, and begin their "eight centuries" in 1258; debasement of currency also occurred under the Roman empire and Byzantine empire.
Among the earliest crises Reinhart and Rogoff study is the 1340 default of England, due to setbacks in its war with France (the Hundred Years' War; see details). Further early sovereign defaults include seven defaults by imperial Spain, four under Philip II, three under his successors.
Other global and national financial mania since the 17th century include:
- 1637: Bursting of tulip mania* in the Netherlands – while tulip mania is popularly reported as an example of a financial crisis, and was a speculative bubble, modern scholarship holds that its broader economic impact was limited to negligible, and that it did not precipitate a financial crisis.
- 1720: Bursting of South Sea Bubble (Great Britain) and Mississippi Bubble (France) – earliest of modern financial crises; in both cases the company assumed the national debt of the country (80–85% in Great Britain, 100% in France), and thereupon the bubble burst.
- Crisis of 1772
- Panic of 1792
- Panic of 1796–1797
19th century
- Danish state bankruptcy of 1813
- Panic of 1819 – pervasive USA economic recession w/ bank failures; culmination of U.S.'s 1st boom-to-bust economic cycle
- Panic of 1825 – pervasive British economic recession in which many British banks failed, & Bank of England nearly failed
- Panic of 1837 – pervasive USA economic recession w/ bank failures; a 5 yr depression ensued
- Panic of 1847 – a collapse of British financial markets associated with the end of the 1840s railroad boom.
- Panic of 1857 – pervasive USA economic recession w/ bank failures
- Panic of 1866 – the Overend Gurney crisis (primarily British)
- Panic of 1873 – pervasive USA economic recession w/ bank failures, known then as the 5 yr Great Depression & now as the Long Depression
- Panic of 1884
- Panic of 1890
- Panic of 1893 – a panic in the United States marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures
- Australian banking crisis of 1893
- Panic of 1896 – an acute economic depression in the United States precipitated by a drop in silver reserves and market concerns on the effects it would have on the gold standard
20th century
- Panic of 1901 – limited to crashing of the New York Stock Exchange
- Panic of 1907 – pervasive USA economic recession w/ bank failures
- Panic of 1910–1911
- 1910 – Shanghai rubber stock market crisis
- Wall Street Crash of 1929, followed by the Great Depression – the largest and most important economic depression in the 20th century
- 1973 – 1973 oil crisis – oil prices soared, causing the 1973–1974 stock market crash
- Secondary banking crisis of 1973–1975 – United Kingdom
- 1980s – Latin American debt crisis – beginning in Mexico in 1982 with the Mexican Weekend
- Bank stock crisis (Israel 1983)
- 1987 – Black Monday (1987) – the largest one-day percentage decline in stock market history
- 1989–91 – United States Savings & Loan crisis
- 1990 – Japanese asset price bubble collapsed
- early 1990s – Scandinavian banking crisis: Swedish banking crisis, Finnish banking crisis of 1990s
- Early 1990s recession
- 1992–93 – Black Wednesday – speculative attacks on currencies in the European Exchange Rate Mechanism
- 1994–95 – 1994 economic crisis in Mexico – speculative attack and default on Mexican debt
- 1997–98 – 1997 Asian Financial Crisis – devaluations and banking crises across Asia
- 1998 Russian financial crisis
21st century
- 2000–2001 – 2001 Turkish economic crisis
- 2000 – early 2000s recession
- 1999-2002 – Argentine economic crisis (1999-2002)
- 2001 – Bursting of dot-com bubble – speculations concerning internet companies crashed
- 2008-2011 – Icelandic financial crisis
- 2007–08 – Global financial crisis
- 2010 European sovereign debt crisis
- 2014 Russian financial crisis
See also
General perspectives
- Walter Bagehot (1873), Lombard Street: A Description of the Money Market.
- Charles P. Kindleberger and Robert Aliber (2005), Manias, Panics, and Crashes: A History of Financial Crises (Palgrave Macmillan, 2005 ISBN 978-1-4039-3651-6).
- Gernot Kohler and Emilio José Chaves (Editors) "Globalization: Critical Perspectives" Hauppauge, New York: Nova Science Publishers ISBN 1-59033-346-2. With contributions by Samir Amin, Christopher Chase Dunn, Andre Gunder Frank, Immanuel Wallerstein
- Hyman P. Minsky (1986, 2008), Stabilizing an Unstable Economy.
- Reinhart, Carmen; Rogoff, Kenneth (2009). This Time is Different: Eight Centuries of Financial Folly. Princeton University Press. p. 496. ISBN 978-0-691-14216-6.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
- Ferguson, Niall (2009). The Ascent of Money: A Financial History of the World. Penguin. p. 448. ISBN 978-0-14-311617-2.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
Banking crises
- Franklin Allen and Douglas Gale (2000), "Financial contagion," Journal of Political Economy 108 (1), pp. 1–33.
- Franklin Allen and Douglas Gale (2007), Understanding Financial Crises.
- Charles W. Calomiris and Stephen H. Haber (2014), Fragile by Design: The Political Origins of Banking Crises and Scarce Credit, Princeton, NJ: Princeton University Press.
- Jean-Charles Rochet (2008), Why Are There So Many Banking Crises? The Politics and Policy of Bank Regulation.
- R. Glenn Hubbard, ed., (1991) Financial Markets and Financial Crises.
- Douglas Diamond and Philip Dybvig (1983), 'Bank runs, deposit insurance, and liquidity'. Journal of Political Economy 91 (3).
- Luc Laeven and Fabian Valencia (2008), 'Systemic banking crises: a new database'. International Monetary Fund Working Paper 08/224.
Bubbles and crashes
- Dutton, Roy (2010), Financial Meltdown 2010 (Hardback). Infodial. ISBN 978-0-9556554-3-2
- Charles Mackay (1841), Extraordinary Popular Delusions and the Madness of Crowds"
- Didier Sornette (2003), Why Stock Markets Crash, Princeton University Press.
- Robert J. Shiller (1999, 2006), Irrational Exuberance.
- Markus Brunnermeier (2008), 'Bubbles', New Palgrave Dictionary of Economics, 2nd ed.
- Douglas French (2009) Early Speculative Bubbles and Increases in the Supply of Money
- Markus K. Brunnermeier (2001), Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding, Oxford University Press. ISBN 0-19-829698-3.
- Harmon D, Lagi M, de Aguiar MAM, Chinellato DD, Braha D, Epstein IR, Bar-Yam Y. (2015), Anticipating Economic Market Crises Using Measures of Collective Panic. PLoS ONE 10(7).[45]
International financial crises
- Acocella, N. Di Bartolomeo, G. and Hughes Hallett, A. [2012], 'Central banks and economic policy after the crisis: what have we learned?', ch. 5 in: Baker, H.K. and Riddick, L.A. (eds.), 'Survey of International Finance', Oxford University Press.
- Paul Krugman (1995), Currencies and Crises.
- Craig Burnside, Martin Eichenbaum, and Sergio Rebelo (2008), 'Currency crisis models', New Palgrave Dictionary of Economics, 2nd ed.
- Maurice Obstfeld (1996), 'Models of currency crises with self-fulfilling features'. European Economic Review 40.
- Stephen Morris and Hyun Song Shin (1998), 'Unique equilibrium in a model of self-fulfilling currency attacks'. American Economic Review 88 (3).
- Barry Eichengreen (2004), Capital Flows and Crises.
- Charles Goodhart and P. Delargy (1998), 'Financial crises: plus ça change, plus c'est la même chose'. International Finance 1 (2), pp. 261–87.
- Jean Tirole (2002), Financial Crises, Liquidity, and the International Monetary System.
- Guillermo Calvo (2005), Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?
- Barry Eichengreen (2002), Financial Crises: And What to Do about Them.
- Charles Calomiris (1998), 'Blueprints for a new global financial architecture'.
The Great Depression and earlier banking crises
- Murray Rothbard (1962), The Panic of 1819
- Murray Rothbard (1963), America`s Great Depression.
- Milton Friedman and Anna Schwartz (1971), A Monetary History of the United States.
- Ben S. Bernanke (2000), Essays on the Great Depression.
- Robert F. Bruner (2007), The Panic of 1907. Lessons Learned from the Market's Perfect Storm.
Recent international financial crises
- Barry Eichengreen and Peter Lindert, eds., (1992), The International Debt Crisis in Historical Perspective.
- Lessons from the Asian financial crisis / edited by Richard Carney. New York, NY : Routledge, 2009. ISBN 978-0-415-48190-8 (hardback) ISBN 0-415-48190-2 (hardback) ISBN 978-0-203-88477-5 (ebook) ISBN 0-203-88477-9 (ebook)
- Robertson, Justin, 1972– US-Asia economic relations : a political economy of crisis and the rise of new business actors / Justin Robertson. Abingdon, Oxon ; New York, NY : Routledge, 2008. ISBN 978-0-415-46951-7 (hbk.) ISBN 978-0-203-89052-3 (ebook)
2007–2012 financial crisis
- Joseph Fried, Who Really Drove the Economy into the Ditch (New York: Algora Publishing, 2012) ISBN 978-0-87586-942-1 (available online).
- Peter Schweizer, Architects of Ruin (Harper, 2010) ISBN 978-0-06-195334-7
- Fengbo Zhang (2008): 1. Perspective on the United States Sub-prime Mortgage Crisis , 2. Accurately Forecasting Trends of the Financial Crisis , 3. Stop Arguing about Socialism versus Capitalism .
- Robert J. Shiller (2008), The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do About It. ISBN 0-691-13929-6.
- JC Coffee, 'What went wrong? An initial inquiry into the causes of the 2008 financial crisis' (2009) 9(1) Journal of Corporate Law Studies 1
- Fratianni M., Marchionne F. (2009), The Role of Banks in the Subprime Financial Crisis available on SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1383473
- Markus Brunnermeier (2009), 'Deciphering the liquidity and credit crunch 2007–2008'. Journal of Economic Perspectives 23 (1), pp. 77–100.
- Paul Krugman (2008), The Return of Depression Economics and the Crisis of 2008. ISBN 0-393-07101-4.
- "The myths about the economic crisis, the reformist left and economic democracy" by Takis Fotopoulos, The International Journal of Inclusive Democracy, vol 4, no 4, Oct. 2008.
- Read, Colin, 1959– Global financial meltdown : how we can avoid the next economic crisis / Colin Read. New York : Palgrave Macmillan, c2009. ISBN 978-0-230-22218-2
- The American housing crisis / Susan Hunnicutt, book editor. Farmington Hills, Michigan : Greenhaven Press, c2009. ISBN 978-0-7377-4310-4 (hbk.) ISBN 978-0-7377-4309-8 (pbk.)
- United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law. Working families in financial crisis : medical debt and bankruptcy : hearing before the Subcommittee on Commercial and Administrative Law of the Committee on the Judiciary, House of Representatives, One Hundred Tenth Congress, first session, July 17, 2007. Washington : U.S. G.P.O. : For sale by the Supt. of Docs., U.S. G.P.O., 2008. 277 p. : ISBN 978-0-16-081376-4 ISBN 016081376X http://purl.access.gpo.gov/GPO/LPS99198
- Davis Polk Financial Crisis Manual
- Williams, Mark T. (March 2010). "Uncontrolled Risk: The Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down the World Financial System". Mcgraw-Hill.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
- Dwyer, Gerald P. and Paula Tkac. 2009. "The Financial Crisis of 2008 in Fixed-income Markets" Journal of International Money and Finance 28 (December 2009), 1293–1316, available in working paper version at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1464891.
- Harmon D, Lagi M, de Aguiar MAM, Chinellato DD, Braha D, Epstein IR, Bar-Yam Y. 2015. "Anticipating Economic Market Crises Using Measures of Collective Panic." PLoS ONE 10(7).[45]
- ↑ Charles P. Kindleberger and Robert Aliber (2005), Manias, Panics, and Crashes: A History of Financial Crises, 5th ed. Wiley, ISBN 0-471-46714-6.
- ↑ Luc Laeven and Fabian Valencia (2008), 'Systemic banking crises: a new database'. International Monetary Fund Working Paper 08/224.
- ↑ Fratianni, M. and Marchionne, F. 2009. The Role of Banks in the Subprime Financial Crisis available on SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1383473
- ↑ 4.0 4.1 Michael Simkovic, Competition and Crisis in Mortgage Securitization
- ↑ Al-Assaf, G., Al-Tarawneh, A., Alawin, M., (2013), DETERMINANTS OF CURRENCY CRISIS IN JORDAN A MULTINOMIAL LOGIT MODEL, European Scientific Journal, Vol. 9. No. 34. http://eujournal.org/index.php/esj/article/view/2178
- ↑ Markus Brunnermeier (2008), 'Bubbles', in The New Palgrave Dictionary of Economics, 2nd ed.
- ↑ Peter Garber (2001), Famous First Bubbles: The Fundamentals of Early Manias. MIT Press, ISBN 0-262-57153-6.
- ↑ "Episode 06292007". Bill Moyers Journalhttp://www.pbs.org/moyers/journal/06292007/transcript5.html
|transcripturl=missing title (help). 2007-06-29. PBS.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
- ↑ Justin Lahart (2007-12-24). "Egg Cracks Differ In Housing, Finance Shells". Wall Street Journal. WSJ.com. Retrieved 2008-07-13.
It's now conventional wisdom that a housing bubble has burst. In fact, there were two bubbles, a housing bubble and a financing bubble. Each fueled the other, but they didn't follow the same course.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
- ↑ Price, S. (2009). Real estate and the financial crisis: how turmoil in the capital markets is restructuring real estate finance. Real Estate Issues. Retrieved from http://search.proquest.com.mutex.gmu.edu/docview/214013947/13AAB36905E4EBC93F5/4?accountid=14541.
- ↑ Milton Friedman and Anna Schwartz (1971), A Monetary History of the United States, 1867–1960. Princeton University Press, ISBN 0-691-00354-8.
- ↑ '1929 and all that', The Economist, Oct. 2, 2008.
- ↑ 'The Theory of Reflexivity', speech by George Soros, April 1994 at MIT.
- ↑ J. M. Keynes (1936), The General Theory of Employment, Interest and Money, Chapter 12. (New York: Harcourt Brace and Co.).
- ↑ 15.0 15.1 15.2 Michael Simkovic, "Secret Liens and the Financial Crisis of 2008" American Bankruptcy Law Journal, Vol. 83, p. 253, 2009.
- ↑ J. Bulow, J. Geanakoplos, and P. Klemperer (1985), 'Multimarket oligopoly: strategic substitutes and strategic complements'. Journal of Political Economy 93, pp. 488–511.
- ↑ R. Cooper and A. John (1988), 'Coordinating coordination failures in Keynesian models.' Quarterly Journal of Economics 103 (3), pp. 441–63. See especially Propositions 1 and 3.
- ↑ 18.0 18.1 18.2 D. Diamond and P. Dybvig (1983), 'Bank runs, deposit insurance, and liquidity'. Journal of Political Economy 91 (3), pp. 401–19. Reprinted (2000) in Federal Reserve Bank of Minneapolis Quarterly Review 24 (1), pp. 14–23.
- ↑ 19.0 19.1 M. Obstfeld (1996), 'Models of currency crises with self-fulfilling features'. European Economic Review 40 (3–5), pp. 1037–47.
- ↑ Eichengreen and Hausmann (2005), Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies.
- ↑ Torbjörn K A Eliazon (2006) [1] – Om Emotionell intelligens och Œcopati (ekopati)
- ↑ Kindleberger and Aliber (2005), op. cit., pp. 54–58.
- ↑ 'Of manias, panics, and crashes', obituary of Charles Kindleberger in The Economist, July 17, 2003.
- ↑ Kindleberger and Aliber (2005), op. cit., p. 54.
- ↑ Kindleberger and Aliber (2005), op. cit., p. 26.
- ↑ Kindleberger and Aliber (2005), op. cit., p. 26 and pp. 160–2.
- ↑ Strauss Kahn D, 'A systemic crisis demands systemic solutions', The Financial Times, September 25, 2008.
- ↑ 'Don't blame the New Deal', New York Times, September 28, 2008.
- ↑ Gordy MB and Howells B (2004), 'Procyclicality in Basel II: can we treat the disease without killing the patient?'
- ↑ 30.0 30.1 George Kaufman and Kenneth Scott (2003),'What is systemic risk, and do bank regulators retard or contribute to it?' The Independent Review 7 (3).
- ↑ Dorn N (2010), The Governance of Securities: Ponzi Finance, Regulatory Convergence, Credit Crunch, British Journal of Criminology, volume 50, issue 1, January, pp 23–45
- ↑ 'FBI probing bailout firms', CNN Money, September 23, 2008.
- ↑ Kothari, Vinay (2010). Executive Greed: Examining Business Failures that Contributed to the Economic Crisis. New York: Palgrave Macmillan.
- ↑ Craig Burnside, Martin Eichenbaum, and Sergio Rebelo (2008), 'Currency crisis models', New Palgrave Dictionary of Economics, 2nd ed.
- ↑ 'The widening gyre', Paul Krugman, New York Times, Oct. 27, 2008.
- ↑ R. Cooper (1998), Coordination Games. Cambridge: Cambridge University Press.
- ↑ P. Krugman (1979), 'A model of balance-of-payments crises'. Journal of Money, Credit, and Banking 11, pp. 311–25.
- ↑ S. Morris and H. Shin (1998), 'Unique equilibrium in a model of self-fulfilling currency attacks'. American Economic Review 88 (3), pp. 587–97.
- ↑ Darryl McLeod (2002), 'Capital flight', in the Concise Encyclopedia of Economics at the Library of Economics and Liberty.
- ↑ A. Banerjee (1992), 'A simple model of herd behavior'."Quarterly Journal of Economics" 107 (3), pp. 797–817.
- ↑ S. Bikhchandani, D. Hirshleifer, and I. Welch (1992),'A theory of fads, fashions, custom, and cultural change as informational cascades'."Journal of Political Economy" 100 (5), pp. 992–1026.
- ↑ V. Chari and P. Kehoe (2004), 'Financial crises as herds: overturning the critiques'. "Journal of Economic Theory" 119, pp. 128–150.
- ↑ C. Avery and P. Zemsky (1998), ' Multidimensional Uncertainty and Herd Behavior in Financial Markets'. "American Economic Review" 88, pp. 724–748.
- ↑ M. Cipriani and A. Guarino (2008) 'Herd Behavior and Contagion in Financial Markets'. "The B.E. Journal of Theoretical Economics" 8(1) (Contributions), Article 24, pp. 1–54.
- ↑ 45.0 45.1 45.2 Harmon D, Lagi M, de Aguiar MAM, Chinellato DD, Braha D, Epstein IR, Bar-Yam Y. (2015). "Anticipating Economic Market Crises Using Measures of Collective Panic." PLoS ONE 10(7): e0131871.doi:10.1371/journal.pone.0131871.
- ↑ Brandon Keim. (2011). "Possible Early Warning Sign for Market Crashes." Wired, 03.18.11. http://www.wired.com/2011/03/market-panic-signs/
- ↑ What a Sovereign-Debt Crisis Could Mean for You, "Prof. Rogoff and his longtime collaborator Carmen Reinhart, at the University of Maryland, probably know more about the history of financial crises than anyone alive."
External links
- NYU Stern on Finance – Blog explaining the Financial Crisis (follow link to research blog run by Stern faculty members which deals with financial economics)
- Crisis Talk - World Bank blog offering information on the unfolding crisis
- Financial Crises: Lessons from History. BBC.
- Rescuing our Jobs and Savings: What G7/8 Leaders Can Do – policy proposals from leading economists, sponsored by Centre for Economic Policy Research at VOXEU.org.
- Dossier on 2008 financial crisis by Radio France International's English-language service
- OECD response to the economic crisis. OECD.
- Academic paper about the effect of the financial crisis on the venture capital industry .
- Academic paper, From Newton to Financial Crisis, about how to understand financial crisis from the viewpoint of nature science and science history .
- The Global Financial Crisis, Developing Countries and Policy Responses Institute of Development Studies (IDS) In Focus Policy Briefing 7.1 March 2009


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Dodging traffic and weaving through crowds aren't the only obstacles urbanites face when trying to take their workout to the streets. New research in Belgium shows that people who live in a city and exercise outdoors have higher levels of inflammation and lower scores on cognitive tests than those who exercise outside in the suburbs.
Study participants were split into two groups: Fifteen in an urban location, and nine in a rural environment. Both groups alternated walking and running 3 days a week from noon to 1 p.m. over a 12-week period.
Researchers then gave the subjects a test to measure their response time and attention span. The findings: High levels of air pollution in the city prevented participants from gaining exercise-induced cognitive benefits such as brain plasticity (the ability for the brain to change when presented with new knowledge), comprehension, and mental health. The urban group also had significantly higher blood levels of some inflammation markers.
What's the deal? Inflammation in the brain may cause mental problems, researchers believe. Luckily, the body has a strong recovery mechanism and inflammation can disappear over time, says Romain Meeusen, Ph.D., FACSM, head of the department of Human Physiology and Sports Medicine at Vrije Universiteit Brussel in Belgium. And exercising is always better than staying sedentary. (Mix up your routine! Click here for The Ultimate Outdoor Workout.)
To make sure pollution isn't ruining your health, use Meeusen's tips before you head outside.
1. Brave rain and wind. These climates blow the fine particles away so you're not left inhaling them.
2. Avoid rush hour. The more cars, the more pollution from exhaust fumes.
3. Head to the park. The more trees between you and the road, the better.
For more ways to keep your mind in top shape, try these 27 Ways to Power Up Your Brain.
More from Men's Health:
7 Indoor Air Pollution Dangers
3 New Cardio Workouts
The Best and Worst Cities for Men 2012
The Mind Trick That Motivates You
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Explore Our Hotel
Welcome to One of the Best Torchbearer Hotels in Salem, Virginia.
Nestled in the Blue Ridge Mountains just outside of Roanoke, Virginia, the Holiday Inn Express® Hotel & Suites Salem is convenient to many surrounding businesses and attractions.
For outdoor enthusiasts, this Roanoke Valley city is where you want to be. Our Salem, Virginia hotel's location is near walking and cycling paths, the Natural Bridge and Dixie Caverns, making it perfect for a nature getaway. History buffs can enjoy the historic sites peppering the surrounding area which include points of interest from the Revolutionary and Civil wars.
Most hotels in Salem, VA are conveniently located near many businesses and universities, and the Holiday Inn Express® Hotel & Suites Salem is no different. Virginia Tech is 35 miles away, Radford University is 32 miles away and Roanoke College is only three miles away, making our hotel perfect for a trip to visit students or to attend special events. Business travelers appreciate our Salem, Virginia hotel's nearness to companies like General Electric, Carter Machinery and Medeco, as well as the Salem Civic Center. Our hotel's well-equipped 24-hour Business Center is also great for taking care of any last minute work.
After a long day of work or play, you can relax in our outdoor pool and whirlpool spa, or work up a sweat in the 24-hour Fitness Center. We also offer a complimentary, hot breakfast bar every morning.
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- Pool Open from: 29-May-2015 to 06-September-2015
Health & Fitness
Complimentary Fitness Center
Fitness Center equipment includes two treadmills one incumbent bike, an elliptical and dumb bells with a bench. Center also offers water, scale, and flat screen TV. Towels and cleaner are also available for your convenience.
Hours of Operation: 6:00 AM to 6:00 AM
Fitness Center Type: LIMITED
Fitness Center Equipment:
- Treadmill
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- Free Weights
- Stationary Bicycle
Housekeeping & Laundry
- Daily Housekeeping
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- Hours of Operation: 6:00 AM - 9:00 PM
Added Value
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Hotel Details
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United States
Check In: 3:00 PM
Check Out: 12:00 PM
Check-in Age: 21
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- Public Entrance
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- Number of Accessible Meeting Rooms: 0
Accessible Hotel Areas
- Registration Area
- Accessible Guest Rooms
- Business Center
- Exercise Facility
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Hotel Areas with Accessible Routes from Accessible Public Entrance
- Accessible Self Parking
- Van Accessible Self Parking
- Ramp Access
- Closed Caption TVs
- Telephone with TDD
- Visual Alarm/Alert in Guest Rooms
- Visual Alarm/Alert in Public Spaces
- Communication Kits with Visual Alarms
Provided by Hotel
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- Only Guide Dogs or Service Animals Allowed
Facility + -
- Smoke-Free Facility
- Number of Floors: 3
- Total Number of Rooms: 75
- Number of Suites: 15
- Number of Non-Smoking Rooms: 75
- Number of Accessible Rooms: 4
- Connecting Rooms Available
- Current Renovation: 12-November-2019 To 27-February-2020
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I'm using a theme called "Zukitwo." It doesn't seem to matter what theme I use though. I changed to the default Cinnamon theme, logged out/in with the same results. In fact I started Synaptic just to check and the progress bar while it was populating was my selected color, while the selection and selection indicators were still minty green! Like I said, this was on the default Cinnamon theme.satya164 wrote:Hi. May be there is problem with the theme. Which theme are you using? Also did you try logging out and logging in back?
I'll take a look and post back. Is there a comprehensive guide to editing these CSS files?d00med wrote:The windows that are different look like ones you've opened as root. Perhaps try running the theme editor as root also?
You can change any aspect of a GTK theme with CSS, by editing the GTK3 theme's gtkwidget.css file.


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CUYAHOGA FALLS, Ohio (Reuters) - Republican presidential nominee Mitt Romney, in an apparent fresh move toward the political center, said on Tuesday if elected he would not pursue specific legislation targeting abortion.
"There's no legislation with regards to abortion that I'm familiar with that would become part of my agenda," Romney told the Des Moines Register's editorial board during a campaign visit to Van Meter, Iowa.
Romney's comment could be construed as reassuring some women voters who have had reservations about his candidacy. In recent weeks he has taken some steps toward the political center as he tries to attract independent voters before the November 6 election.
Some conservatives would like legislation aimed at limiting abortions, which were legalized in the U.S. Supreme Court's landmark 1973 Roe v. Wade ruling.
Reacting to Romney's comments, President Barack Obama's campaign sharply criticized the Republican, saying he had previously pledged to appoint Supreme Court justices who would overturn Roe v. Wade.
"It's troubling that Mitt Romney is so willing to play politics with such important issues," said Obama campaign spokeswoman Lis Smith.
Romney told the newspaper that he would issue an executive order to reinstate a ban on U.S. foreign aid money being used to pay for abortions in countries that receive the assistance. Obama had dropped the "Mexico City" policy on such aid shortly after taking office.
Romney spokeswoman Andrea Saul, asked to comment on his remarks, said the Republican is "proudly pro-life, and he will be a pro-life president."
Reporting By Steve Holland; editing by Philip Barbara


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(visited by Gray Tappan, Richard Harris, Jane Greenhalgh, Larwanou Mahamane, Amadou Souley Massaoudou and Yadji Guéro)
04-Mar-2007 -- We got ourselves into a bit of trouble the first day of our field trip. Our plan for the day was to travel from Niamey to Tahoua, some 400 km to the Northeast, taking the main highway across Niger. We were setting out to document some of the great successes farmers were having in improving their natural environment. We were especially interested in measuring the much increased tree cover on their farmlands. We had aerial and satellite photographs that showed that tree densities were much higher today than in 1975, despite the relatively low rainfall and a much higher human population.
We headed out of Niamey in two 4x4 vehicles. Our Nigerien counterparts included an ecologist, a forester, and a soil scientist from the University of Niamey. It was Sunday, and it was to be a relaxed 6-hour drive to Tahoua. However, two-thirds of the way there, we decided to leave the paved road and follow minor tracks to take a closer look at the diversity of landscapes – from completely degraded land to relatively productive farmland surrounding century-old Hausa villages. I mentioned the Degree Confluence Project and pointed out that there was an unvisited confluence point near our route. Both my American and Nigerien colleagues took great interest in the Project and in the challenge, so we decided to try to capture the Confluence. After all, it was only 10 km east of our sandy track.
At 4 p.m. we left the track and headed directly for the Confluence. The terrain turned out to be incredibly rugged – fields, scrubland, and Mars-like rocky hills. Near the Confluence, deep gullies blocked our way, so we covered the last kilometer by foot. We nailed it – 14N 5E – as the sun was setting. A great capture to be sure, but now we faced nightfall and a long, difficult drive to Tahoua.
With no tracks to follow, I navigated in the dark using Venus in the West and Sirius to the South. Skirting ravines and rocky hills, we finally found a track, then a village, then more villages. Driving through the Hausa villages at night was surreal. They were cloaked in darkness, with only the occasional flicker of an oil lamp. As everywhere, the villagers were helpful, guiding us onward toward Tahoua. Finally we found our way to the city, arriving at our hotel at midnight.
Continued at 14N 6E.


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What's new for 2020!
We have a cracking line up just released for 2020. Visit our website to view the new dates, prices and itineraries
New tour dates just released for Outback Queensland 2020. Visit our website to view the new dates... read more.31 Oct 05:25
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HOT HOT HOT tours now available - including Lake Eyre, Canberra Floriade, Elvis Festival, Tamwort... read more.11 Mar 05:27
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2 cool 4 kindergarten
Minecraft Addict
Hey All!
Long time no see, just thought i'd stop in for a quick update.
Well, I'm 17 now (18 in July) and am preparing for my exams in June for English Language, these exams determine whether i'll be off to university or not in September. I have no way of playing minecraft at the moment, but the future is looking light now i'm earning more money than I did before.
I drive now, yeah, I passed my driving test first time, so I have full access to a huge chunk
Long time no see! Well, now its Summer in the UK (Despite all the rain), and well that means 6 weeks to do whatever the hell I want.
I've lost interest in Minecraft now, but ARK and a few other games are catching my attention. So you may see me around the servers, and perhaps lurking on the forums. I've been saving for a computer, but I still have a while left before I can afford a decent one, so hold in there.
Little update in my life, turned 17 on
I have one thing to say. Don't give me hydrochloric acid. Well, I was in science, doing my normal experiment. With hydrochloric acid, and someone knocked me, I split HYDROCHLORIC acid all over my hand. Jesus, it burnt. Now Most of my skin looks like it's cut. If I type slowly you now know why


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LONG BEACH, Calif. — NASA's 23-year-old Hubble Space Telescope is still going strong, and agency officials said Tuesday they plan to operate it until its instruments finally give out, potentially for another six years at least.
After its final overhaul in 2009, the Hubble telescope was expected to last until at least 2015. Now, NASA officials say they are committed to keeping the iconic space observatory going as long as possible.
"Hubble will continue to operate as long as its systems are running well," Paul Hertz, director of the Astrophysics Division in NASA's Science Mission Directorate, said here at the 221st meeting of the American Astronomical Society. Hubble, like other long-running NASA missions such as the Spitzer Space Telescope, will be reviewed every two years to ensure that the mission is continuing to provide science worth the cost of operating it, Hertz added.
In fact, Hubble supporters hope it will continue to run even after its successor, the James Webb Space Telescope (JWST), is launched — an event planned for 2018.
"We are not planning to arbitrarily end the operation of Hubble when JWST is launched," Hertz said during a NASA Town Hall Meeting at the AAS conference. "It may be great if we get at least one year of overlap between JWST and Hubble." [Building the James Webb Space Telescope (Photos)]
The Hubble Space Telescope was launched in April 1990, and has since been upgraded five times by astronauts in orbit. Its last space shuttle servicing mission in May 2009 left the scope with two new instruments, including a wide-field camera and a high-precision spectrograph to spread out light into its constituent wavelengths.
The space telescope is named after the late astronomer Edwin Hubble (1889-1953), who proved that the universe is expanding.
"It's working better than ever, 23 years in," Dan Coe, an astronomer working with Hubble at the Space Telescope Science Institute in Baltimore, Md., told Space.com. "We're still pushing the frontier."
Coe agreed that overlap time with both Hubble and James Webb operating simultaneously would be ideal. Such a plan would allow the observatories to work on complementary projects and provide crosschecks between the two telescopes' measurements.
How long Hubble can run also depends on NASA's budget, which, like funding for all federal agencies, is uncertain given the economic challenges in the United States.
"It all comes down to money," Coe said.
Funding the development of the James Webb Space Telescope is currently taking up almost half of NASA's total budget of $1.3 billion for astrophysics in 2013, Hertz said.
Space news from NBCNews.com
Teen's space mission fueled by social media
Science editor Alan Boyle's blog: "Astronaut Abby" is at the controls of a social-media machine that is launching the 15-year-old from Minnesota to Kazakhstan this month for the liftoff of the International Space Station's next crew.
- Buzz Aldrin's vision for journey to Mars
- Giant black hole may be cooking up meals
- Watch a 'ring of fire' solar eclipse online
- Teen's space mission fueled by social media
The observatory has an estimated price tag of $8.7 billion, and will cost about $628 million in 2013 alone.
In contrast, Hubble will cost about $98 million in 2013.
You can follow Space.com assistant managing editor Clara Moskowitz on Twitter @ClaraMoskowitz.Follow Space.com on Twitter @Spacedotcom. We're also on Facebook and Google+.
- Celestial Photos: Hubble Space Telescope's Latest Cosmic Views
- Hubble Telescope's Hidden Treasures Revealed | Video
- Most Amazing Hubble Discoveries
© 2013 Space.com. All rights reserved. More from Space.com.


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Gobel Standard Traditional Finish Round Tart Pans
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- Summary
An open-faced tart shows off fresh berries like no other dessert. When you use a classic French pan like this one, tarts are easy to prepare at home.
- Heavy-gauge tinned steel promotes uniform baking.
- Removable bottom supports the baked crust while you slip off the pan's outer ring.
- Pan bottom also aids in transferring the tart to a plate or cake stand.
- Pan is equally suited to preparing savory quiches.
- Made in France by a company that has produced quality pastry molds since 1887.
- A Williams Sonoma exclusive.
- Dimensions & More Info
- 9 1/2" pan: 9 1/2" diam., 1" high.
- 10 1/4" pan: 10 1/4" diam., 1" high.
- 11" pan: 11" diam., 1" high.
- Made in France.
- Use & Care
- Oven safe to 425°F.
- Use only wood, nylon, silicone or other nonmetallic utensils to avoid scratching the surface.
- Hand-wash in warm, soapy water. Dry thoroughly before storing.
- Do not soak.
- Do not use abrasive cleaners such as metal scouring pads, as they can damage the surface.
- Shipping
Shipping Information
UPS can deliver most in-stock items within 3–5 business days. UPS is unable to deliver to P.O. boxes.
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Orders received by 9:00 p.m. ET Monday through Thursday will arrive the next business day; orders placed Friday through Sunday will arrive on the following Tuesday.
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At Williams Sonoma, we take great pride in the quality and craftsmanship of our products. Attention to design, materials, safety and construction are our priority. Upon receipt, please inspect your purchase and notify us of any damage; we will arrange for a prompt replacement.
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For returns of items purchased from your Williams Sonoma Gift Registry, we will gladly provide a refund or exchange for the merchandise within 90 days of your event or within 90 days of purchase, whichever date is later. View Full Returns Policy.
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Rated 5 out of 5 by Glenda37 from Perfect size This is a great size for several recipes. The finished product fits perfectly on dinner sized plate.Date published: 2016-10-03Rated 5 out of 5 by Frenchy7 from My favorite tart pans I used mines for now several years. I highly recommend these for baking. I also have their quiche pan. These pans are the same my french grandmother used and still uses today in France. Being French and baking tarte sablé a lot to bake desserts. I only use these. There are wonderful, dough does not stick to mold. These are the same I used to bake with in Paris. Note: my french boyfriend loves quiche so I also recommend their quiche pan.Date published: 2016-01-10Rated 3 out of 5 by fselr3 from "Tinned Steel" When I ordered this tart pan, I expected something other than just a standard pan. It was laughably lightweight (especially compared to the mini tart pans of the same brand) to the point where it felt like it was made of aluminium. If there's something that makes this pan special, I can't find it.Date published: 2013-02-13Rated 5 out of 5 by Ljody from my favorite pie tin this is my go to pie tin for making everything ...from quiches to pecan pie... this one is a wedding gift for my niece.....i am putting together a package of "my favorite things" and this had to be in there along with a bottle of "good vanilla" from Williams-Sonoma".... have to get these young brides started out right! LOLDate published: 2012-10-26Rated 5 out of 5 by upscalebohemian from First Rate -- You'll Love it I made a strawberry tart with this pan, and found that compared to a pie plate-style tart dish this cuts down on both cooking time and cooling time, so start watching the tart crust after about 10 minutes and then every minute until it's golden brown, and adjust your recipe going forward based on what works for you. The recipe also said to let the crust cool for an hour but in this pan it was cool in 15 minutes or so. Great time saver, and great ease of use. I'm glad I didn't opt for non-stick because this turned out to be super easy to clean and I don't want the chemicals. If you're worried about it you can use Bak-Klene ZT Nonstick Baking Spray (it has flour in it) available at Williams Sonoma, but a short soak and the briefest of no-effort-required scrubs with a scrub brush made cleanup a breeze. It couldn't be better. Even the edge made smoothing the edge of the crust easy and fast. You'll love this.Date published: 2012-10-19


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NEW ORLEANS – Following a second consecutive second-place finish at the 2014 America East Outdoor Track and Field Championships this past weekend at Vermont, the UMBC men's track and field team has maintained its No. 10 ranking in the latest United States Track & Field and Cross Country Coaches Association (USTFCCCA) Mid-Atlantic Regional poll, the organization announced on Tuesday afternoon.
Princeton took over the No. 1 spot in the region, leaping over previous No. 1, Penn State while Navy, Pittsburgh, and Georgetown round out the top-five in the area. The Retrievers, meanwhile, have been ranked in each of the top-15 polls this outdoor season.
At the conference meet, the Retriever men claimed seven total gold medals – six individual and one relay top prize. Senior Dennison Long (Greenbelt, Md./Eleanor Roosevelt/FIU) swept the 100m and 200m dash events for the second straight year and was once again named the meet's Most Outstanding Male Track Performer. Long broke the conference record in the 100m dash (10.37) during the event prelims, and then tied during the finals. In addition, he snapped the league record for the 200m event (21.12) during his gold medal winning run.
Senior Trae Proctor (Brandywine, Md./Thomas Stone) also broke a conference record, setting the new standard at 14.01 while successfully defending his title in the 110m hurdles.
In the distance events, seniors Andrew Smith (Chadds Ford, Pa./Garnet Valley) and Jake Albino (Hampton, N.Y./Minisink Valley) won the 800m and 1,500m races, respectively, while also combining with sophomores Nick Johnson (Olney, Md./Sherwood) and Andrew Keresztes (Port Jefferson, N.Y./Port Jefferson) to break the school record and win gold in the 4x800m relay with a time of 7:34.11.
Senior Shioma Obemeata (New Rochelle, N.Y./Iona Prep/St. Francis) rounded out the Retriever haul by taking the top spot in the triple jump with a career-best leap of 14.97m (49'1.5").
The UMBC track and field teams have the upcoming weekend off from competition before sending top athletes to the ECAC/IC4A Championships at Princeton on May 15-16.


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Available sizes - 32", 36", 40" // Roof used for measurements
This cupola is available in maintenance-free vinyland is weathervane ready with a 3/4 inch rod opening. Designed for up to a 10/12 pitch. Cupola roof is covered with 16 oz 24 gauge roofing copper - available with either the natural or patina finish.
Cupola Dimensions:
32" Cupola Dimensions - 32" X 28" Roof - 52" High
36" Cupola Dimensions - 36" X 31" Roof - 60" High
40" Cupola Dimensions - 40" X 35" Roof - 68" High
Availability: Generally ships 1-2 weeks // Cupolas made to order
Weathervanes sold separately.
- Cupola Base Extensions are for 12/12 pitched roof lines.
- The cupola comes weathervane ready with a 3/4" opening. Roof mounts are not needed if using a cupola.
- Customers can request the weathervane opening be capped. For using the cupola without a weathervane.
- The louver cupolas can be used for venting, be sure and have your carpenter flash around base to keep the water and moisture out. Window cupolas are not used for venting.
- If not used for venting, the cupola can go right over the shingles.
- It is the customer's responsibility to cut the roof pitch into the cupola base to ensure proper fit.
- The PVC Cupola is made from
Keywords: cupolas, cupola, hexagon


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22 thoughts on "WoT – Global Map : Soldiers of Fortune"
One more event for less than 1% of active players… What is the point of giving those special, borderline OP tanks to the best players? To make them even stronger? Purple/blue players in random game with "ordinary" tank can wreck havoc, but if you give them even better tank, they are almost unstoppable… Few days ago I was in a game with purple player in 252, he finished the game with 11 kills and 50%+ HP to spare…
10k tanks is roufly for 8 – 10% of server population . If you dont play clan wars and dont like clan wars because ur incapable to understand high level gameplay and endgame content stop complaining and waith for next free tier 5 tank from wargaming.
What's with the personal attack here? He has an opinion just like everyone. His argument is a valid one, CW, or rather, all reward/premium tanks should be on par with what's on the tech tree (at least that's what I think, otherwise it just exaggerates the advantage). Now endgame content I can understand, they have to reward the commited players, but """high level gameplay"""? That's laughable on this game. Actual tactics on very few maps, but what happens everytime is that everyone uses the meta OP tanks and spams premium ammo to try to guarantee penetrations. Hardly any "high level gameplay" there.
Cw is endgame of world of tanks. Rewarding cw activity with something else than gold and credits, a reward tank si something u keep your playerbase happy .
high level gameplay is directly corelated to meta tanks wich happens to be most powerfull vehicles in game. Spamming gold is already part of game for some years already. Also playing op heroes or tanks or whatever is part of endgame contect on every mmo out there. go ask overwatch players or lol or whatever.
Tactics. Well i guess ur not realy part of a top 10 % clans, and ur knowledge falls short to spamming gold. I recomend u watch streamers who play advances to understand more wich to me looks like rock paper scizors, but whatever.
Gold that you can buy with real money and exclusive camos are rewards enough for me. I think that you need a balanced game to keep a playerbase happy instead of some reward tank to stomp on others. To each their own I guess. Using the most OP tanks and spamming gold is considered "high level" for you? I'm fine with that, I never said anything about you yet you attack me, why? No arguments perhaps. Whatever, I don't mind your assumptions one bit. As for telling me to watch streams, what? Waste of time, IMO. I watched the clan cup a while ago, so literally the best clans of this server and that was my conclusion, you are free to attack it all you want.
play it your self..
Most CW tanks are worse than regular Tech Tree tanks with the benefit of crew training. 907 is the famous tank because it's a solid obj140 tank that looks cool and has slightly worse internal module hp… But it's not like a 140 cannot compete with it… M60 is a paper M48, VK72 is an E100 with worse gun handling and body from the VK72 – hardly unbeatable but different in an interesting way.
Not just a small amount of players, but also many cancerous players who get the chance to club newbies out of the game. WG is working hard to keep those unicorns in game so they can destroy game more.
IMAO bonds, OP tanks, special equipment, directives – all this should go to noobs, make gameplay easy until they get to reasonable number of battles and winrate, then all just disappears. Unicorns, even if they all quit now, are not an asset, but a liability.
The only overpowered CW reward tank is the Obj. 907. Rest are balanced.
I'm so glad that you're not working for WG and making any important decisions or else the game would've been long dead.
There is not enough Risk for reward…
The reason the 907 is famous is because its side armor is ridiculously effective, not because it looks cool. Lol.
Armor is effective – but internal modules break easy… But noobs will never find out


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Arts Administration Major
Bachelor of Science
Arts Administration
Tanja Miric, Director
The Bachelor of Science in Arts Administration gives students the knowledge, skills, and training necessary to administrate the commercial side of the arts in a variety of settings. In this accredited degree program, business concepts are applied to theatre, dance, music, film , graphic design and visual art. The arts administration degree teaches students how to plan and coordinate public relations and marketing efforts and examine the legal rights and responsibilities of artists and arts institutions. In the diverse world of arts organizations, it is essential to understand copyright law, board structure, fund-raising, grant writing, and other management tasks related to running programs and shows. Belhaven's arts administration degree provides this important foundation for students.
Like all Belhaven degrees, this program is based on a Christian curriculum and biblical worldview. Arts administration is a challenging and expanding field, growing in Christian leadership, with exciting career options that include: Arts Administrator, Arts Agent/Promoter, Community Arts Worker, Theatre Manager, Artistic Director, Managing Director, Executive Director, Box Office Manager, and Arts Marketer. Students within this degree track must complete an arts administration internship/practicum within the Belhaven University School of the Arts, local art organization, or performing arts company.


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MISENHEIMER, N.C. - Pfeiffer University shot 60% from the field and drained 16-of-17 free throws in an 87-76 victory over Erskine College in Conference Carolinas women's basketball action on Saturday night inside the Merner Gym. The victory marks the sixth-straight for the Lady Falcons improving to 14-12 overall, 13-7 in league play. The loss snaps a five-game win streak for the Lady Fleet falling to 13-13, 11-9. Pfeiffer will open up tournament play as the #4 seed on Tuesday hosting #5 Queens while sixth-seeded Erskine heads to #3 Limestone. Both tips are at 7:00 p.m.
Pfeiffer and Erskine traded the lead 11 times in the first half that saw the Lady Fleet carry a 37-33 lead into the locker room at the half. A layup by Jean Marie Harris (Lancaster, SC) put Erskine up eight, 17-9, with 11:33 to play in the first half until a 9-0 Pfeiffer run in less than three minutes put the Lady Falcons up 18-17.
Vontreece Hayes (Greensboro, NC) put home four of the nine points while Celeste Caudill (Sparta, NC) drained a three along with the other basket coming from Brittany Cox (Winston-Salem, NC). Erskine closed out the first half with an 8-4 run for the intermission lead.
In the second half, triples from Cox and Kellie Rhoney (Catawba, NC) saw the hosts turn a three-point deficit into a five point lead with 15:28 remaining. Pfeiffer would hold the lead from there as a pair of free throws from Cox would push the lead to nine at the halfway point of the second.
Erskine cut the lead down to six on a layup from Porsha Morgan (Columbus, GA) with 2:42 left on the clock and with 1:14 to go after a pair of converted free throws, but Cox and Rhoney would seal the 11-point win with charity stripe shots in the final 57 seconds.
Cox was one of five Lady Falcons in double-figures leading the way with 21. Rhoney followed with 14 points and eight boards while Caudill finished with an even dozen. Christina Harvey (Locust Grove, VA) finished a rebound shy of a double-double with 11 points and nine boards while Sam Craven (Asheboro, NC) wrapped up with 10.
Morgan led Erskine and all scorers on Saturday night with 28 points on 12-of-18 shooting. Harris followed with 18 while Elizabeth Tatum (Glennville, GA) chipped in with 17.
Erskine held the team advantage in the paint out-scoring Pfeiffer 48-38, but the Lady Falcons scored 27 of their points off the bench to the Lady Fleet's nine. Pfeiffer outscored Erskine 54-39 in the final 20 minutes.


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The Organic Agriculture Information Access is an electronic collection of historic United States Department of Agriculture (USDA) publications related to organic agriculture. In this collection, there are almost 200 documents published before 1942 (before synthetic chemicals became widely used) that contain state-of-the-art information and data that is still very pertinent for today's agriculture. Access to this data is intended to provide growers with new ideas on crop production without chemicals, as well as help researchers conserve scarce resources by avoiding unintended duplication. This collection is provided by the Alternative Farming Systems Information Center (AFSIC), a part of the National Agricultural Library (NAL), with funding from the USDA National Organic Program and Sustainable Agriculture Research and Education Program. This effort is part of the AFSIC "Organic Roots" project.
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Stencil Brushes
by Linzer
Stencil Brushes may be used with stencil paint or cream as well as oils, acrylics, and watercolors to achieve different effects. Made of white bristle brush hair with a silver tin ferrule and wooden handle. Sizes sold separately.
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A great stencil brush, especially if you're doing lettering.
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text: TONIGHT I PRAY that you will not let anything or anyone come between you and the Lord. I pray that each one of you will realize how fortunate we are to have a completed Bible to get us through these last days! So many people are being deceived by false prophets preaching a gospel other than that of the Lord Jesus Christ! I pray that all of you will test everything to the BIBLE. It is a supernatural book unlike any other and if you pray the Lord will reveal the truth to you. He will show you the right path to take. I pray that as we stand on our faith in HIS WORD that we will be open to His Will and Way for our life!! Listen for HIS voice and you will hear it in your deepest being. We are blessed and loved to be able to hear from Him so directly. We must respond to Him with a heart of thanksgiving. Building our house on HIS firm rock, where life's storms can never can never shake our faith or our walk in Him. That He will fill us with His strength, faith and knowledge to make it even until the end. In Jesus name I pray, Amen and Amen… I love you all!!!! God bless you!!! Maranatha!!!♥♥♥


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Showhouse Rooms Bathed in White
White rooms: a little bit minimalist, a little bit magical
White . . . minimalist, magical, or a little of both? The question remains if white qualifies as a real color or not. Some designers wouldn't think of creating a room sans pigment-laden appointments. Others use it as a foolproof mechanism for sophistication. In bedrooms, white and variations of it lead the way to a restful snooze. Dining rooms with white as their palettes sing in refinement and class. Teamed with black, and high-glass elements, the color reads glamorous and seductive. Warm white offers comfort. Feast your eyes on these colorless treats from showhouses across the country.
Boston Junior League Showhouse
The room's focal point is the bed, imposing in its mass yet inviting because of the delicacy and warmth of the paint and intricate carving. The charm that the designer creates for this space lies in the finer points. For instance, a striking swath of ivory-and black grosgrain ribbon found in a posh London shop is used on the bed coverings and draperies.
In soft impressionistic strokes, the painting above a settee and two chairs in the room's gathering area introduce the only note of color--a delicate lilac--in an otherwise tightly composed symphony of ivory and gray.
Cape Cod Showhouse
Against the room's crisp white background, furnishings in rich, dark woods--including a custom turned-post bed, the room's centerpiece, and a woven sea-grass chaise lounge--make a graphic statement.
Six antique charcoal drawings of shells set into sand-colored frames make reference to the nearby ocean.
A contemporary Parsons table at bedside not only doubles as a useful desk but also manages to fit right in with a traditional bed, a rustic stool, and an antique ladder-back chair in this restful retreat designed by Susan Stacy and Jim Gauthier.
San Francisco Showcase House
The palette of soft creams and whites highlights the room's breathtaking view of San Francisco Bay and the Golden Gate Bridge.
Albeit neutral, the palette doesn't sacrifice style. Each individual furnishing is a piece of sculpture.
Female fantasy describes this connoisseur's collection of alluring shoes straight out of Sex and the City.
National Symphony Orchestra Showhouse
The modern walnut Parsons table, a trio of sleek steel pendant lights, and a pared-down tablescape are blended with grand wing chairs. "Balancing old things with new things gives a room great energy," says designer Michael Roberson.
Classic moldings set a traditional architectural tone, but the artwork has contemporary flair.
Boston Junior League Showhouse
Designer Dennis Duffy blanketed this dining room in a warmed-up oyster white with layers of varying tones and textures that produce contemporary elegance and a respectful update to centuries-old architecture.
Polished clamshells randomly scattered across the runner echo the luster of the walls.
Mansions and Millionaires
The large sunroom, with its dark wood trim, begged for clean lines and crisp, light elements to keep it from being stodgy and seriously gloomy.
A shapely "Zeus" chair adds a touch of whimsy in this sunroom. Designer Beverly Balk contrasted the ornate details of the architectural gem with a fresh, stylish approach unaffected by period constraints.
Lake Forest Showcase House
This gentleman's room commands attention with its two-tone palette and tailored canopy that envelops the beds.
No-fuss bolster pillows in a mod fabric and Greek key borders on bedspread and hangings keep the bed linens simple.
A total of 50 black-and-white photographs of early-Hollywood stars hang around the room in tight grids. On fine oils and charcoals, the artists' signatures may be recognizable only to art connoisseurs, but the names signed on the original photos in this room in the Lake Forest Showcase House are well-known--Bogart, Bergman, Gable, and Garbo.
San Francisco Showcase House
The deep color of the walls is in dramatic contrast to furnishings that take their delicate palette from washed-on-the-beach coral and seashell.
Little Rock Showhouse
To create interest in a white scheme, Trading Spaces alum and Little Rock native Laura Day introduced a variety of contrasting textures into this striking black-and-white living room beauty.
This room was grand, with a heavy fireplace and travertine marble floors," says Day. "My goal was to tone it down, keeping the grand qualities but making them fresher." A billowy, ivory-colored sheepskin rug grounds the furniture arrangements. Its softness is contrasted against the sharp angles of a high gloss Lucite cocktail table.
Inspired by vintage designs, designer Laura Day finished sleek custom consoles and mirrors in glossy white to flank each side of the fireplace.
Atlanta Symphony Showhouse
Making linen drapery panels the same color as the walls avoids detracting from the architecture of this living room.
"Placement of art is important," says designer Bob Brown. "Art can't be enjoyed if it's not seen clearly."


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'Green spots' on Oroville Dam raise concern that a leak could lead to a breach
"Green spots" on the back side of California's Oroville Dam have some engineers and scientists concerned.
A 15-member team at UC Berkeley conducted an analysis on the condition of the nation's tallest dam that caused a state crisis when its spillway failed earlier this year. The group issued a report through the university's Center for Catastrophic Risk Management identifying several design flaws and maintenance issues that contributed to the failure and that could cause future problems.
One of the worrisome conclusions reveals that a wet area on the dam where the grass is lush — and appear as green spots — might be the result of a slow leak that could lead the dam to breach.
"Oroville Dam may be facing a breach danger from a serious and a dangerous form of a slow motion failure mode of the left abutment of the dam," the report reads.
The report states the California Department of Water Resources (DWR) responded to concern over the green spots in the past and said the vegetation growth was from a natural spring or rain.
Robert Bea, a co-author of the report and a professor emeritus of engineering at Berkeley, is skeptical. Bea points out that the spots have been present in both drought and wet years. He also doubts the possibility of a natural spring because the water follows an uphill path and streams don't move uphill.
"Do not try to ignore persistent 'wet spots' in the nation's tallest embankment dam," Bea said to SFGATE. "Do not try to explain them away using 'trite explanations' like 'all dams have leaks' or 'it is a natural spring.' This dam is an extremely important part of our California water supply infrastructure system. If this dam failed catastrophically during high water in the reservoir, there would be significant deaths and injuries, loss of property and productivity, and damage to the environment."
Bea's report alleges that DWR asked the Federal Energy Commission to test drill near the "green spot" in 2016 and questions why this was done if the agency is convinced the vegetation growth is the result of a "harmless natural spring or rain."
RELATED: Engineers test Oroville Dam replica (story continues below)
In response to the report, DWR spokesperson Erin Mellon says, "Mr. Bea's report suggests that the green spots are the result of cracking of the core from differential settlement and resulting leakage from the reservoir. These green spots were first noticed just after construction of the dam when there wasn't even water in the reservoir."
Mellon adds: "The preliminary finding from DWR's inspections and studies show that this is an area that collects water from rainfall causing vegetation to grow."
The report released on July 20 alleges that "state water resources officials and federal regulators caused the failure of the Oroville Dam spillway in February by ignoring long-established guidelines and neglecting their duty to manage risks and detect flaws," The San Francisco Chronicle reports.
"The gated spillway was managed to failure" by DWR and the Division of Safety of Dams and "regulated to failure" by the Federal Energy Regulatory Commission, said the report, issued by the Center for Catastrophic Risk Management.
The Chronicle story points out that the report comes "as contractors work around the clock fixing the main spillway, a large portion of which disintegrated Feb. 7 after heavy rains filled the reservoir to the brim. That failure forced operators to deploy the dam's emergency spillway, sending water over a bare hillside, which caused near-catastrophic erosion and forced the evacuation of more than 180,000 people from downstream communities."