text:
Full Name
Schwartz Gyorgy
Business magnate
George Soros
August 12, 1930 (age 90) (
Budapest, Hungary
Alma mater
London School of Economics, (BSc, PhD)
Chairman of Soros Fund ManagementChairman of the open society FoundationsFounder and adviser of the Quantum Fund
Soros Fund ManagementOpen Society Foundations
Net worth
US$24.5 billion (November 2015)
Tamiko Bolton (m. 2013), Susan Weber Soros (m. 1983–2005), Annaliese Witschak (m. 1960–1983)
Alexander Soros, Jonathan Soros, Andrea Soros, Robert Soros, Gregory Soros
Organizations founded
La Alquimia de Las Fi, The New Paradigm for Financ, Soros on Soros: Staying A, Open Society: Reformin, The Bubble of American
Hungary, United States
Bill Gates, Jeff Bezos, Alexander Soros
George Soros: Imperfect Understanding Is Part of Human Nature
George Soros ( or ; Hungarian: Soros György, [ˈʃoroʃ ˈɟørɟ]; born György Schwartz, August 12, 1930) is a Hungarian-American investor, business magnate, philanthropist, and author. Soros is one of the world's most successful investors. As of May 2017, he had a net worth of $25.2 billion, ranking among the 30 richest people in the world.
- George Soros Imperfect Understanding Is Part of Human Nature
- George soros lecture series capitalism vs open society
- Early life and education
- Early business experience
- Singer and Friedlander
- FM Mayer
- Wertheim and Co
- Arnhold and S Bleichroeder
- Soros Fund Management
- 1992 pound short
- Socit Gnrale insider trade
- Personal life
- Political involvement
- Central and Eastern Europe
- Africa
- Support of separatist movements
- Drug policy reform
- Death and dying
- Reflexivity financial markets and economic theory
- Reflexivity in politics
- View of problems in the free market system
- Market predictions
- Views on antisemitism and Israel
- Views on the US
- Views on Europe
- Views on Asia
- Views on Russia and Ukraine
- Wealth and philanthropy
- Legacy and awards
- Publications and scholarship
- Books authored or co authored
- Journalism
- References
Born in Budapest, he survived Nazi Germany-occupied Hungary and emigrated to England in 1947. He attended the London School of Economics graduating with a bachelor's and eventually a master's in philosophy. He began his business career by taking various jobs at merchant banks in England and then the United States, before starting his first hedge fund, Double Eagle, in 1969. Profits from his first fund furnished the seed money to start Soros Fund Management, his second hedge fund, in 1970. Double Eagle was renamed the Quantum Fund and was the principal firm Soros advised. At its founding, the Quantum Fund had $12 million in assets under management, and as of 2011 it had $25 billion, the majority of his overall net worth. He is known as "The Man Who Broke the Bank of England" because of his short sale of US$10 billion worth of Pound sterling, making him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis.
His early studies of philosophy led him to develop and apply Karl Popper's General Theory of Reflexivity to capital markets, which he claims renders him a clear picture of asset bubbles and fundamental/market value of securities, as well as value discrepancies used for shorting and swapping stocks.
He is a well-known supporter of American progressive and American liberal political causes and dispenses his donations through his foundation, the Open Society Foundations. Between 1979 and 2011, Soros donated more than $11 billion to various philanthropic causes; by 2017, his donations "on civil initiatives to reduce poverty and increase transparency, and on scholarships and universities around the world" totaled $12 billion. He played a significant role in the peaceful transition from communism to capitalism in Eastern Europe in the late 1980s and early 1990s, and provided one of Europe's largest higher education endowments to the Central European University in his hometown. His political philanthropy has made him a "bugaboo of European nationalists."
George soros lecture series capitalism vs open society
Early life and education
Soros was born in Budapest in the Kingdom of Hungary to a well-to-do non-observant Jewish family, who, like many upper-middle class Hungarian Jews at the time, were uncomfortable with their roots. Soros has described his home as antisemitic. His mother Erzsébet (also known as Elizabeth) came from a family that owned a thriving silk shop. His father Tivadar (also known as Teodoro) was a lawyer and had been a prisoner of war during and after World War I until he escaped from Russia and rejoined his family in Budapest. The two married in 1924. Tivadar was an Esperantist writer and taught Soros to speak Esperanto in his childhood. In 1936 Soros's family changed their name from the German-Jewish Schwartz to Soros, as protective camouflage in increasingly antisemitic Hungary. Tivadar liked the new name because it is a palindrome and because of its meaning. In Hungarian, soros means "next in line," or "designated successor"; in Esperanto it means "will soar."
Soros was 13 years old in March 1944 when Nazi Germany occupied Hungary. Jewish children were barred from attending school by the Nazis, and Soros and the other schoolchildren were made to report to the Judenrat ("Jewish Council") which had been established during the occupation. Soros later described this time to writer Michael Lewis: "The Jewish Council asked the little kids to hand out the deportation notices. I was told to go to the Jewish Council. And there I was given these small slips of paper.... I took this piece of paper to my father. He instantly recognized it. This was a list of Hungarian Jewish lawyers. He said, "You deliver the slips of paper and tell the people that if they report they will be deported."
Soros did not return to that job; his family purchased documents to say that they were Christians, thereby allowing them to survive the war. Later that year at age 14, Soros posed as the Christian godson of an official of the collaborationist Hungarian government's Ministry of Agriculture, who himself had a Jewish wife in hiding. On one occasion, rather than leave the 14 year old alone, the official took Soros with him while he inventoried a rich Jewish family's estate, though Soros did not take part. Tivadar not only saved his immediate family but also many other Hungarian Jews, and George would later write that 1944 had been "the happiest [year] of his life," for it had given him the opportunity to witness his father's heroism. In 1945, Soros survived the Siege of Budapest in which Soviet and German forces fought house to house through the city.
In 1947, Soros immigrated to England and became a student at the London School of Economics. While a student of the philosopher Karl Popper, Soros worked as a railway porter and as a waiter. Soros received £40 from a Quaker charity. In a discussion at the Los Angeles World Affairs Council in 2006, Alvin Shuster, former foreign editor of the Los Angeles Times, asked Soros, "How does one go from an immigrant to a financier? ... When did you realize that you knew how to make money?" Soros replied, "Well, I had a variety of jobs and I ended up selling fancy goods on the seaside, souvenir shops, and I thought, that's really not what I was cut out to do. So, I wrote to every managing director in every merchant bank in London, got just one or two replies, and eventually that's how I got a job in a merchant bank." That job was an entry-level position in Singer & Friedlander.
Soros earned a Bachelor of Science in philosophy in 1951, and a Master of Science in philosophy in 1954, both from the London School of Economics.
Early business experience
After graduating, Soros found it difficult to get work, and settled for a job as a traveling salesman for a fancy-goods wholesaler selling to retailers in Welsh seaside resorts. He described this period as the "low point of my life," and wrote letters to a number of merchant banks requesting interviews. Many of these ignored him, and others humiliated him in the interviews. He credits his acceptance at Singer and Friedlander to the fact that the managing director was a fellow Hungarian.
Singer and Friedlander
In 1954, Soros began his financial career at the merchant bank Singer & Friedlander of London. He worked as a clerk and later moved to the arbitrage department. A fellow employee, Robert Mayer, suggested he apply at his father's brokerage house, F.M. Mayer of New York.
F.M. Mayer
In 1956 Soros moved to New York City, where he worked as an arbitrage trader for F.M. Mayer (1956–59). He specialized in European stocks, which were becoming popular with U.S. institutional investors following the formation of the Coal and Steel Community, which later became the Common Market.
Wertheim and Co
In 1959, after three years at F.M. Mayer, he moved to Wertheim & Co. as an analyst of European Securities, where he stayed until 1963. He planned to stay for five years, enough time to save $500,000, after which he intended to return to England to study philosophy. During this period, Soros developed the theory of reflexivity based on the ideas of his tutor at the London School of Economics, Karl Popper. Reflexivity posited that market values are often driven by the fallible ideas of participants, not only by the economic fundamentals of the situation. Reflexive feedback loops are created where ideas influence events and events influence ideas. Soros further argued that this leads to markets having procyclical "virtuous or vicious" cycles of boom and bust, in contrast to the equilibrium predictions of more standard neoclassical economics."
Arnhold and S. Bleichroeder
From 1963 to 1973, Soros's experience as a vice president at Arnhold and S. Bleichroeder resulted in little enthusiasm for the job; business was slack following the introduction of the Interest Equalization Tax, which undermined the viability of Soros's European trading. He spent the years from 1963 to 1966 with his main focus on the revision of his philosophy dissertation. In 1966 he started a fund with $100,000 of the firm's money to experiment with his trading strategies. But he was principally motivated by a desire to assert himself as an investor to profit from his reflexivity insights.
In 1969 Soros set up the Double Eagle hedge fund with $4m of investors' capital including $250,000 of his own money. It was based in Curaçao, Dutch Antilles.
In 1973 the Double Eagle Fund had $12 million and formed the basis of the Soros Fund. George Soros and Jim Rogers received returns on their share of capital and 20 percent of the profits each year.
Soros Fund Management
In 1970 Soros founded Soros Fund Management and became its chairman. Among those who held senior positions there at various Times were Jim Rogers, Stanley Druckenmiller, Mark Schwartz, Keith Anderson, and Soros's two sons.
In 1973, due to perceived conflicts of interest limiting his ability to run the two funds, Soros resigned from the management of the Double Eagle Fund. He then established the Soros Fund and gave investors in the Double Eagle Fund the option of transferring to that or staying with Arnhold and S. Bleichroeder.
It was later renamed as the Quantum Fund, named after the physical theory of quantum mechanics. By that time the value of the fund had grown to $12m, only a small proportion of which was Soros's own money. He and Jim Rogers reinvested their returns from the fund, and also a large part of their 20% performance fees, thereby expanding their stake.
By 1981 the fund had grown to $400m, and then a 22% loss in that year and substantial redemptions by some of the investors reduced it to $200m.
In July 2011 Soros announced that he had returned funds from outside investors' money (valued at $1 billion) and instead invested funds from his $24.5 billion family fortune, due to changes in U.S. Securities and Exchange Commission disclosure rules, which he felt would compromise his duties of confidentiality to his investors. The fund had at that time averaged over 20% per year compound returns.
In 2013 the Quantum Fund made $5.5 billion, making it again the most successful hedge fund in history. Since its inception in 1973, the fund has generated $40 billion.
The fund announced that it would inject $300 million to help finance the expansion of Fen Hotels, an Argentine hotel company. The funds will develop 5,000 rooms over the next three years throughout various Latin American countries.
1992 pound short
Soros had been building a huge short position in pounds sterling for months leading up to September 1992. Soros had recognized the unfavorable position of the United Kingdom in the European Exchange Rate Mechanism. For Soros, the rate at which the United Kingdom was brought into the European Exchange Rate Mechanism was too high, their inflation was also much too high (triple the German rate), and British interest rates were hurting their asset prices.
By September 16, 1992, Black Wednesday, Soros's fund had sold short more than $10 billion in pounds, profiting from the UK government's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or float its currency.
Finally, the UK withdrew from the European Exchange Rate Mechanism, devaluing the pound. Soros's profit on the bet was estimated at over $1 billion. He was dubbed "the man who broke the Bank of England." The estimated cost of Black Wednesday to the UK Treasury was £3.4 billion.
On October 26, 1992, The Times quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell."
Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound and stated: "[Soros's] contribution was pushing him to take a gigantic position."
In 1997, during the Asian financial crisis, the prime minister of Malaysia, Mahathir bin Mohamad, accused Soros of using the wealth under his control to punish the Association of Southeast Asian Nations (ASEAN) for welcoming Myanmar as a member. Following on a history of antisemitic remarks, Mahathir made specific reference to Soros's Jewish background ("It is a Jew who triggered the currency plunge") and implied Soros was orchestrating the crash as part of a larger Jewish conspiracy. Nine years later, in 2006, Mahathir met with Soros and afterward stated that he accepted that Soros had not been responsible for the crisis. In 1998's The Crisis of Global Capitalism: Open Society Endangered Soros explained his role in the crisis as follows:
The financial crisis that originated in Thailand in 1997 was particularly unnerving because of its scope and severity.... By the beginning of 1997, it was clear to Soros Fund Management that the discrepancy between the trade account and the capital account was becoming untenable. We sold short the Thai baht and the Malaysian ringgit early in 1997 with maturities ranging from six months to a year. (That is, we entered into contracts to deliver at future dates Thai baht and Malaysian ringgit that we did not currently hold.) Subsequently Prime Minister Mahathir of Malaysia accused me of causing the crisis, a wholly unfounded accusation. We were not sellers of the currency during or several months before the crisis; on the contrary, we were buyers when the currencies began to decline—we were purchasing ringgits to realize the profits on our earlier speculation. (Much too soon, as it turned out. We left most of the potential gain on the table because we were afraid that Mahathir would impose capital controls. He did so, but much later.)
In 1999, economist Paul Krugman was critical of Soros's effect on financial markets.
[N]obody who has read a business magazine in the last few years can be unaware that these days there really are investors who not only move money in anticipation of a currency crisis, but actually do their best to trigger that crisis for fun and profit. These new actors on the scene do not yet have a standard name; my proposed term is 'Soroi'.
In an interview regarding the late-2000s recession, Soros referred to it as the most serious crisis since the 1930s. According to Soros, market fundamentalism with its assumption that markets will correct themselves with no need for government intervention in financial affairs has been "some kind of an ideological excess." In Soros's view, the markets' moods—a "mood" of the markets being a prevailing bias or optimism/pessimism with which the markets look at reality—"actually can reinforce themselves so that there are these initially self-reinforcing but eventually unsustainable and self-defeating boom/bust sequences or bubbles."
In reaction to the late-2000s recession, he founded the Institute for New Economic Thinking in October 2009. This is a think tank composed of international economic, business, and financial experts, mandated to investigate radical new approaches to organizing the international economic and financial system.
Société Générale insider trade
In 1988, Soros was contacted by a French financier named Georges Pébereau who asked him to participate in an effort to assemble a group of investors to purchase a large number of shares in Société Générale, a leading French bank that was part of a privatization program (something instituted by the new government under Jacques Chirac). Soros eventually decided against participating in the group effort opting to personally move forward with his strategy of accumulating shares in four French companies: Société Générale, as well as Suez, Paribas, and the Compagnie Générale d'Électricité. In 1989, the Commission des Opérations de Bourse (COB—the French stock exchange regulatory authority) conducted an investigation of whether Soros's transaction in Société Générale should be considered insider trading. Soros had received no information from the Société Générale and had no insider knowledge of the business, but he did possess knowledge that a group of investors was planning a takeover attempt. Initial investigations found Soros innocent and no charges were brought forward, however, the case was reopened a few years later and the French Supreme Court confirmed the conviction on June 14, 2006, but reduced the penalty to €940,000. Soros denied any wrongdoing, saying news of the takeover was public knowledge and it was documented that his intent to acquire shares of the company predated his own awareness of the takeover. In December 2006 he appealed to the European Court of Human Rights on various grounds including that the 14-year delay in bringing the case to trial precluded a fair hearing. On the basis of Article 7 of the European Convention on Human Rights, stating that no person may be punished for an act that was not a criminal offense at the time that it was committed, the court agreed to hear the appeal. In October 2011, the court rejected his appeal in a 4–3 decision, saying that Soros had been aware of the risk of breaking insider trading laws.
Personal life
Soros has been married three times and divorced twice. In 1960 he married Annaliese Witschak. Annaliese was an ethnic German immigrant who had been orphaned during the war. Although she was not Jewish, she was well liked by Soros's parents as she had also experienced the privation and displacement brought about by World War II. They divorced in 1983. They had three children:
In 1983, George Soros married Susan Weber, twenty-five years his junior. They divorced in 2005. They have two children:
In 2008, Soros met his current wife, Tamiko Bolton, 42 years his junior; he married her on September 21, 2013. Bolton is the daughter of a Japanese-American nurse and a retired naval commander. She was raised in California, earned an MBA from the University of Miami, and runs an Internet-based dietary supplement and vitamin-sales company.
Soros's older brother Paul Soros, a private investor and philanthropist, died on June 15, 2013. Also an engineer, Paul headed Soros Associates and established the Paul and Daisy Soros Fellowships for Young Americans. He was married to Daisy Soros (née Schlenger), who, like her husband, was a Hungarian Jewish immigrant, and with whom he had two sons, Peter and Jeffrey. Peter Soros was married to the former Flora Fraser, a daughter of Lady Antonia Fraser and the late Sir Hugh Fraser and a stepdaughter of the late 2005 Nobel Laureate Harold Pinter. Fraser and Soros separated in 2009.
In 2005, Soros was a minority partner in a group that tried to buy the Washington Nationals, a Major League baseball team. Some Republican lawmakers suggested that they might move to revoke Major League Baseball's antitrust exemption if Soros bought the team. In 2008, Soros's name was associated with AS Roma, an Italian association football team, but the club was not sold. Soros was a financial backer of Washington Soccer L.P., the group that owned the operating rights to Major League Soccer club D.C. United when the league was founded in 1995, but the group lost these rights in 2000. On August 21, 2012, BBC reported SEC filings showing Soros acquired roughly a 1.9 percent stake in English football club Manchester United through the purchase of 3.1 million of the club's Class-A shares.
Political involvement
Soros was not a large donor to U.S. political causes until the 2004 presidential election, but according to the Center for Responsive Politics, during the 2003–04 election cycle, Soros donated $23,581,000 to various 527 Groups (tax-exempt groups under the United States tax code, 26 U.S.C. § 527). The groups aimed to defeat President Bush. After Bush's re-election Soros and other donors backed a new political fundraising group called Democracy Alliance, which supports progressive causes and the formation of a stronger progressive infrastructure in America.
In August 2009, Soros donated $35 million to the state of New York to be earmarked for underprivileged children and given to parents who had benefit cards at the rate of $200 per child aged 3 through 17, with no limit as to the number of children that qualified. An additional $140 million was put into the fund by the state of New York from money they had received from the 2009 federal recovery act.
He was an initial donor to the Center for American Progress, and he continues to support the organization through the Open Society Foundations.
In October 2011, a Reuters story, "Soros: not a funder of Wall Street Protests," was published after several commentators pointed out errors in an earlier Reuters story headlined "Who's behind the Wall St. protests?" with a lede stating that the Occupy Wall Street movement "may have benefited indirectly from the largesse of one of the world's richest men [Soros]." Reuters' follow-up article also reported a Soros spokesman and Adbusters' co-founder Kalle Lasn both saying that Adbusters—the reputed catalyst for the first Occupy Wall Street protests—had never received any contributions from Soros, contrary to Reuters' earlier story that reported that "indirect financial links" existed between the two as late as 2010.
On September 27, 2012, Soros announced that he was donating $1 million to the super PAC backing President Barack Obama's reelection Priorities USA Action.
In October 2013, Soros donated $25,000 to Ready for Hillary, becoming a co-chairman of the super PAC's national finance committee. In June 2015, he donated $1 million to the Super PAC Priorities USA Action, which supported Hillary Clinton in the 2016 presidential race. He donated $6 million to the PAC in December 2015 and $2.5 million in August 2016.
Central and Eastern Europe
According to Waldemar A. Nielsen, an authority on American philanthropy, "[Soros] has undertaken ... nothing less than to open up the once-closed communist societies of Eastern Europe to a free flow of ideas and scientific knowledge from the outside world." From 1979, as an advocate of 'open societies', Soros financially supported dissidents including Poland's Solidarity movement, Charter 77 in Czechoslovakia and Andrei Sakharov in the Soviet Union. In 1984, he founded his first Open Society Institute in Hungary with a budget of $3 million.
Since the fall of the Soviet Union, Soros's funding has continued to play an important role in the former Soviet sphere. His funding of prodemocratic programs in Georgia was considered by Russian and Western observers to be crucial to the success of the Rose Revolution, although Soros has said that his role has been "greatly exaggerated." Alexander Lomaia, Secretary of the Georgian Security Council and former Minister of Education and Science, is a former Executive Director of the Open Society Georgia Foundation (Soros Foundation), overseeing a staff of 50 and a budget of $2.5 million.
Former Georgian foreign minister Salomé Zourabichvili wrote that institutions like the Soros Foundation were the cradle of democratisation and that all the NGOs that gravitated around the Soros Foundation undeniably carried the revolution. She opines that after the revolution the Soros Foundation and the NGOs were integrated into power.
Some Soros-backed pro-democracy initiatives have been banned in Kazakhstan and Turkmenistan. Ercis Kurtulus, head of the Social Transparency Movement Association (TSHD) in Turkey, said in an interview that "Soros carried out his will in Ukraine and Georgia by using these NGOs... Last year Russia passed a special law prohibiting NGOs from taking money from foreigners. I think this should be banned in Turkey as well." In 1997, Soros closed his foundation in Belarus after it was fined $3 million by the government for "tax and currency violations." According to The New York Times, the Belarusian president Alexander Lukashenko has been widely criticized in the West and in Russia for his efforts to control the Belarus Soros Foundation and other independent NGOs and to suppress civil and human rights. Soros called the fines part of a campaign to "destroy independent society."
In June 2009, Soros donated $100 million to Central Europe and Eastern Europe to counter the impact of the economic crisis on the poor, voluntary groups and non-government organisations.
In March 2017, six US senators sent a letter to their Secretary of State Rex Tillerson asking that he look into several grants the State Department and the US Agency for International Development (USAID) have given leftwing groups funded by Soros. The letter expressed specific concern about Soros' influence on Macedonian politics, a concern which has also been expressed by members of the conservative Macedonian government. In the same context, Judicial Watch has filed a Freedom of Information Act (FOIA) lawsuit against the U.S. Department of State and USAID compelling them to release records regarding $5 million transferred from USAID to Soros' Open Society branch in Macedonia. The suit alleges that the money was deliberately used to destabilize the Macedonian government.
In January 2017, the "Stop Operation Soros" (SOS) initiative was launched in Macedonia. SOS seeks to present "questions and answers about the way Soros operates worldwide" and invites citizens to contribute to the research. In a press conference held during the same month, Nenad Mircevski, one of the founders of the initiative, stated that SOS would work towards the "de-Soros-ization" of Macedonia.
The Open Society Initiative for Southern Africa is a Soros-affiliated organization. Its director for Zimbabwe is Godfrey Kanyenze, who also directs the Zimbabwe Congress of Trade Unions (ZCTU), which was the main force behind the founding of the Movement for Democratic Change, the principal indigenous organization promoting regime change in Zimbabwe.
Support of separatist movements
In November 2005, Soros said: "My personal opinion is there's no alternative but to give Kosovo independence." Soros has helped fund the non-profit group called Independent Diplomat. It represented Kosovo, the Turkish Republic of Northern Cyprus (under military occupation by Turkey since 1974), Somaliland and the Polisario Front of Western Sahara.
Drug policy reform
Soros has funded worldwide efforts to promote drug policy reform. In 2008, Soros donated $400,000 to help fund a successful ballot measure in Massachusetts known as the Massachusetts Sensible Marijuana Policy Initiative which decriminalized possession of less than 1 oz (28g) of marijuana in the state. Soros has also funded similar measures in California, Alaska, Oregon, Washington, Colorado, Nevada and Maine. Among the drug decriminalization groups that have received funding from Soros are the Lindesmith Center and Drug Policy Foundation. Soros donated $1.4 million to publicity efforts to support California's Proposition 5 in 2008, a failed ballot measure that would have expanded drug rehabilitation programs as alternatives to prison for persons convicted of non-violent drug-related offenses.
In October 2010, Soros donated $1 million to support California's Proposition 19.
According to remarks in an interview in October 2009, it is Soros's opinion that marijuana is less addictive but not appropriate for use by children and students. He himself has not used marijuana for years. Soros has been a major financier of the Drug Policy Alliance – an organization that promotes cannabis legalization – with roughly $4 million in annual contributions from one of his foundations.
Death and dying
The Project on Death in America, active from 1994 to 2003, was one of the Open Society Institute's projects, which sought to "understand and transform the culture and experience of dying and bereavement." In 1994, Soros delivered a speech in which he reported that he had offered to help his mother, a member of the Hemlock Society, commit suicide. In the same speech, he also endorsed the Oregon Death with Dignity Act, proceeding to help fund its advertising campaign.
Reflexivity, financial markets, and economic theory
Soros's writings focus heavily on the concept of reflexivity, where the biases of individuals enter into market transactions, potentially changing the fundamentals of the economy. Soros argues that different principles apply in markets depending on whether they are in a "near to equilibrium" or a "far from equilibrium" state. He argues that, when markets are rising or falling rapidly, they are typically marked by disequilibrium rather than equilibrium, and that the conventional economic theory of the market (the 'efficient market hypothesis') does not apply in these situations. Soros has popularized the concepts of dynamic disequilibrium, static disequilibrium, and near-equilibrium conditions. He has stated that his own financial success has been attributable to the edge accorded by his understanding of the action of the reflexive effect. Reflexivity is based on three main ideas:
- Reflexivity is best observed under special conditions where investor bias grows and spreads throughout the investment arena. Examples of factors that may give rise to this bias include (a) equity leveraging or (b) the trend-following habits of speculators.
- Reflexivity appears intermittently since it is most likely to be revealed under certain conditions; i.e., the character of the equilibrium process is best considered in terms of probabilities.
- Investors' observation of and participation in the capital markets may at times influence valuations and fundamental conditions or outcomes.
A recent example of reflexivity in modern financial markets is that of the debt and equity of housing markets. Lenders began to make more money available to more people in the 1990s to buy houses. More people bought houses with this larger amount of money, thus increasing the prices of these houses. Lenders looked at their balance sheets which not only showed that they had made more loans, but that the collaterals backing the loans – the value of the houses – had gone up (because more money was chasing the same amount of housing, relatively). Thus they lent out more money because their balance sheets looked good, and prices rose higher still.
This was further amplified by public policy. In the US, home loans were guaranteed by the Federal government. Many national governments saw home ownership as a positive outcome and so introduced grants for first-time home buyers and other financial subsidies, such as the exemption of a primary residence from capital gains taxation. These further encouraged house purchases, leading to further price rises and further relaxation of lending standards.
The concept of reflexivity attempts to explain why markets moving from one equilibrium state to another tend to overshoot or undershoot. Soros' theories were originally dismissed by economists, but have received more attention after the 2008 crash including becoming the focus of an issue of the Journal of Economic Methodology.
The notion of reflexivity provides an explanation of the theories of complexity economics, as developed at the Santa Fe Institute, although Soros had not publicised his views at the time the discipline was originally developed there in the 1980s.
Reflexivity in politics
Although the primary manifestation of the reflexive process that Soros discusses is its effects in the financial markets, he has also explored its effects in politics. He has stated that whereas the greatest threats to the "Open Society" in the past were from Communism and Fascism (as discussed in The Open Society and Its Enemies by his mentor Karl Popper), the largest current threat is from market fundamentalism.
He has suggested that the contemporary domination of world politics and world trade by the United States is a reflexive phenomenon, insofar as the success of military and financial coercion feeds back to encourage increasingly intense applications of the same policies to the point where they will eventually become unsustainable.
View of problems in the free market system
Soros argues that the current system of financial speculation undermines healthy economic development in many underdeveloped countries. He blames many of the world's problems on the failures inherent in what he characterizes as market fundamentalism. Soros claims to draw a distinction between being a participant in the market and working to change the rules that market participants must follow.
Market predictions
Soros's book The New Paradigm for Financial Markets (May 2008), described a "superbubble" that had built up over the past 25 years and was ready to collapse. This was the third in a series of books he has written that have predicted disaster. As he states:
I have a record of crying wolf.... I did it first in The Alchemy of Finance (in 1987), then in The Crisis of Global Capitalism (in 1998), and now in this book. So it's three books predicting disaster. [After] the boy cried wolf three times ... the wolf really came.
He ascribes his own success to being able to recognize when his predictions are wrong.
I'm only rich because I know when I'm wrong.... I basically have survived by recognizing my mistakes. I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.
In February 2009, Soros said the world financial system had in effect disintegrated, adding that there was no prospect of a near-term resolution to the crisis. "We witnessed the collapse of the financial system.... It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."
In January 2016 at an economic forum in Sri Lanka, Soros predicted a financial crisis akin to 2008 based on the state of global currency, stock and commodity markets as well as the sinking Chinese yuan.
China has a major adjustment problem. I would say it amounts to a crisis. When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008.
Views on antisemitism and Israel
When asked about what he thought about Israel, in the New Yorker, Soros replied that "I don't deny the Jews to a right to a national existence – but I don't want anything to do with it." According to hacked emails released in 2016, Soros' Open Society Foundation has a self-described objective of "challenging Israel's racist and anti-democratic policies" in international forums, in part by questioning Israel's reputation as a democracy. He has funded NGOs which have been actively critical of Israeli policies. including groups that campaign for the Boycott, Divestment and Sanctions movement against Israel.
Soros has been accused of saying that both Jews and Israel are partially responsible for antisemitism, in response to his statement that the administrations of G.W. Bush in the U.S. and Ariel Sharon in Israel were stoking antisemitism. He has also said that Jews can't overcome antisemitism without "giv[ing] up on the tribalness." On November 5, 2003, at a Jewish forum in New York City, Soros partially attributed a recent resurgence of antisemitism to the policies of Israel and the United States, and the role of wealthy and influential individuals:
There is a resurgence of anti-Semitism in Europe. The policies of the Bush administration and the Sharon administration contribute to that. It's not specifically anti-Semitism, but it does manifest itself in anti-Semitism as well. I'm critical of those policies... If we change that direction, then anti-Semitism also will diminish. I can't see how one could confront it directly... I'm also very concerned about my own role because the new anti-Semitism holds that the Jews rule the world... As an unintended consequence of my actions... I also contribute to that image.
In a subsequent article for The New York Review of Books, Soros emphasized that
I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel's policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel's policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby's success in suppressing divergent views.
During a $10 billion lawsuit against Soros by Beny Steinmetz's Israeli company BSG Resources, which alleged Soros used his sway with the government of Guinea to freeze the Israeli company out of iron ore mining contracts - the lawsuit alleges that Soros' hostility to Israel is a motive for his actions: "To Soros, Steinmetz's success, as well as his active, passionate promotion of Israeli life, business and culture are anathema," BSGR said in the lawsuit. "Soros is also well known for his long-standing animus toward the state of Israel."
During an award ceremony for Imre Kertész, Soros said that the victims of violence and abuse were becoming "perpetrators of violence," suggesting that this model explained Israel's behaviour towards the Palestinians, which led to walkouts and Soros being booed.
In July 2017, Israel's Ministry of Foreign Affairs released a statement denouncing Soros, a move that appeared designed to align Israel more closely with Hungary ahead of a visit to Budapest by Prime Minister Benjamin Netanyahu. Israel's Foreign Ministry stated the Soros "continuously undermines Israel's democratically elected governments," adding that Soros funded organizations "that defame the Jewish state and seek to deny it the right to defend itself".
Views on the U.S.
On November 11, 2003, in an interview with The Washington Post, Soros said that removing President George W. Bush from office was the "central focus of my life" and "a matter of life and death." He said he would sacrifice his entire fortune to defeat Bush "if someone guaranteed it." Soros gave $3 million to the Center for American Progress, $2.5 million to MoveOn.org, and $20 million to America Coming Together. These groups worked to support Democrats in the 2004 election. On September 28, 2004, he dedicated more money to the campaign and kicked off his own multistate tour with a speech: Why We Must Not Re-elect President Bush delivered at the National Press Club in Washington, D.C. The online transcript to this speech received many hits after Dick Cheney accidentally referred to FactCheck.org as "factcheck.com" in the vice presidential debate, causing the owner of that domain to redirect all traffic to Soros's site.
His 2003 book, The Bubble of American Supremacy, was a forthright critique of the Bush administration's "War on Terror" as misconceived and counterproductive, and a polemic against the re-election of Bush. He explains the title in the closing chapter by pointing out the parallels in this political context with the self-reinforcing reflexive processes that generate bubbles in stock prices.
When Soros was asked in 2006 about his statement in The Age of Fallibility that "the main obstacle to a stable and just world order is the United States," he responded that "it happens to coincide with the prevailing opinion in the world. And I think that's rather shocking for Americans to hear. The United States sets the agenda for the world. And the rest of the world has to respond to that agenda. By declaring a 'war on terror' after September 11, we set the wrong agenda for the world.... When you wage war, you inevitably create innocent victims."
Soros described Donald Trump as a con man. Soros expects Trump to fail because Soros believes Trump's ideas are self-contradictory. Soros believes Trump is preparing for a trade war and expects financial markets to do badly.
Views on Europe
In October 2011, Soros drafted an open letter entitled "As concerned Europeans we urge Eurozone leaders to unite," in which he calls for a stronger economic government for Europe using federal means (Common EU treasury, common fiscal supervision, etc.) and warns against the danger of nationalistic solutions to the economic crisis. The letter was co-signed by Javier Solana, Daniel Cohn-Bendit, Andrew Duff, Emma Bonino, Massimo D'Alema, Vaira Vike-Freiberga.
Soros criticized Hungarian Prime Minister Viktor Orbán and his handling of the European migrant crisis in 2015: "His plan treats the protection of national borders as the objective and the refugees as an obstacle. Our plan treats the protection of refugees as the objective and national borders as the obstacle."
Soros expects that Brexit will fail and the Premiership of Theresa May will last only a short time.
Views on Asia
Soros has expressed concern about the growth of Chinese economic and political power saying, "China has risen very rapidly by looking out for its own interests.... They have now got to accept responsibility for world order and the interests of other people as well." Regarding the political gridlock in America, he said, "Today, China has not only a more vigorous economy, but actually a better functioning government than the United States." In July 2015, Soros stated that a "strategic partnership between the US and China could prevent the evolution of two power blocks that may be drawn into military conflict." In January 2016, during an interview at the World Economic Forum (WEF) in Davos, Soros stated that "[a] hard landing is practically unavoidable." Chinese state media responded by stating "Soros' challenge to the RMB and Hong Kong dollar are doomed to fail, without any doubt."
Views on Russia and Ukraine
In May 2014 Soros told CNN's Fareed Zakaria: "I set up a foundation in Ukraine before Ukraine became independent from Russia. And the foundation has been functioning ever since and played an important part in events now."
In January 2015 Soros said that "Europe needs to wake up and recognize that it is under attack from Russia." He also urged Western countries to expand economic sanctions against Russia for its support of separatists in eastern Ukraine.
In January 2015, Soros called on the European Union to give $50 billion of bailout money to Ukraine.
In July 2015, Soros stated that Putin's annexation of Crimea was a challenge to the "prevailing world order," specifically the European Union. He hypothesized that Putin wants to "destabilize all of Ukraine by precipitating a financial and political collapse for which he can disclaim responsibility, while avoiding occupation of a part of eastern Ukraine, which would then depend on Russia for economic support." In November 2015, Russia banned the Open Society Foundations (OSF) and the Open Society Institute (OSI)-- two pro-democracy charities founded by Soros—stating they posed a "threat to the foundations of the constitutional system of the Russian Federation and the security of the state." In January 2016, 53 books related to Soros' "Renewal of Humanitarian Education" program were burned at Vorkuta Mining and Economic College in the Komi Republic with 427 additional books seized for shredding. A Russian intergovernmental letter released in December 2015 stated that Soros' charities were "forming a perverted perception of history and making ideological directives, alien to Russian ideology, popular."
Wealth and philanthropy
As of February 2017, Forbes Magazine listed Soros as the 19th richest person in the world, the world's richest hedge-fund manager, and 19th on its list of the 400 wealthiest Americans, with a net worth estimated at $25.2 billion. Soros lost almost $1 billion in the weeks after the election of Republican Donald Trump as U.S. president in 2016.
Soros has been active as a philanthropist since the 1970s, when he began providing funds to help black students attend the University of Cape Town in apartheid South Africa, and began funding dissident movements behind the Iron Curtain.
Soros's philanthropic funding includes efforts to promote non-violent democratization in the post-Soviet states. These efforts, mostly in Central and Eastern Europe, occur primarily through the Open Society Foundations (originally Open Society Institute or OSI) and national Soros Foundations, which sometimes go under other names (such as the Stefan Batory Foundation in Poland). As of 2003, PBS estimated that he had given away a total of $4 billion. The OSI says it has spent about $500 million annually in recent years.
In 2003 former Federal Reserve chairman Paul Volcker wrote in the foreword of Soros's book The Alchemy of Finance:
George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become "open societies," open not only in the sense of freedom of commerce but—more important—tolerant of new ideas and different modes of thinking and behavior.
Time magazine in 2007 cited two specific projects—$100 million toward Internet infrastructure for regional Russian universities, and $50 million for the Millennium Promise to eradicate extreme poverty in Africa—noting that Soros had given $742 million to projects in the U.S., and given away a total of more than $7 billion.
Other notable projects have included aid to scientists and universities throughout central and eastern Europe, help to civilians during the siege of Sarajevo, and Transparency International. Soros also pledged an endowment of €420 million to the Central European University (CEU). The Nobel Peace Prize winner Muhammad Yunus and his microfinance bank Grameen Bank received support from the OSI.
According to National Review Online the Open Society Institute gave $20,000 in September 2002 to the Defense Committee of Lynne Stewart, the lawyer who has defended controversial, poor, and often unpopular defendants in court and was sentenced to 2⅓ years in prison for "providing material support for a terrorist conspiracy" via a press conference for a client. An OSI spokeswoman said "it appeared to us at that time that there was a right-to-counsel issue worthy of our support" but claimed later requests for support were declined.
In September 2006 Soros pledged $50 million to the Millennium Promise, led by economist Jeffrey Sachs to provide educational, agricultural, and medical aid to help villages in Africa enduring poverty. The New York Times termed this endeavor a "departure" for Soros whose philanthropic focus had been on fostering democracy and good government, but Soros noted that most poverty resulted from bad governance.
Soros played a role in the peaceful transition from communism to democracy in Hungary (1984–89) and provided a substantial endowment to Central European University in Budapest. The Open Society Foundations has active programs in more than 60 countries around the world with total expenditures currently averaging approximately $600 million a year.
Legacy and awards
Soros received honorary doctoral degrees from the New School for Social Research (New York), the University of Oxford in 1980, the Corvinus University of Budapest, and Yale University in 1991. He received the Yale International Center for Finance Award from the Yale School of Management in 2000 as well as an honorary degree in economics from the University of Bologna in 1995, the oldest university in the world.
In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame along with David Swensen, Louis Bacon, Steven Cohen, Kenneth Griffin, Paul Tudor Jones, Seth Klarman, Michael Steinhardt, Jack Nash, James Simmons, Alfred Jones, Leon Levy, Julian Roberston, and Bruce Kovner.
In January 2014, Soros was ranked number 1 in LCH Investments list of top 20 managers having posting gains of almost $42 billion since the launch of his Quantum Endowment Fund in 1973.
Publications and scholarship
George Soros has written many books, articles, and papers on economics, finance, stock trading, and geopolitics.


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The Range Rover is officially 45—but it's hardly over the hill. Which isn't to say the British icon couldn't climb over said hill if instructed.
ALSO SEE: 2016 Mercedes-Benz GLC Revealed: Video
Land Rover unveiled its flagship on June 17, 1970, and the luxury off-roader's capabilities and amenities continue to define its segment. Over four generations, the Range Rover has tackled an 18,000-mile Trans-America expedition, achieved victory in the brutal Paris-Dakar Rally, and introduced technology like anti-lock brakes and electronic traction control to SUVs.
Along the way, the beefy British 4x4 also managed to become a status symbol on par with Jaguar's legendary sedans.
READ: 2016 Range Rover Sport SVR First Drive
Of course, while current models might sport lightweight aluminum construction, height-adjustable suspension, six terrain settings and advanced hill-descent features, you're still more likely to see a Range Rover crawling through a Whole Foods parking lot than over a boulder in Moab.
Check out our gallery to see the evolution of the world's first luxury SUV.

subset: commoncrawl


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MATERNITY | Desiree & Yrjan | STAVANGER NORWAY
Rocky and beachy, southern Norway A January maternity shoot with a couple that loves adventures A maternity shoot is a great way of remembering the stages of your pregnancy. Desiree is a vagabond at heart and moved to Norway a few years ago to wed her love, Yrjan. Together they are about to entering parenthood this spring. They wanted to show who they are and where they like to be


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MVario2 EX is a system that measures atmospheric pressure and using the obtained data it calculates the altitude above sea level, airspeed, and the rate of climb as well as the rate of descent. Changes in climb and descent rates are signalled as well. The sensor also alerts you if any alarm setting is exceeded. The sensor data can also be transmitted via the Duplex system to the user.
Main features
•Measurement of altitude, pressure, and temperature.
•Very accurate and fast indication of climb and descent.
•Possible sound alarm signaling using a JETI Tx module (EU only) or JETIBOX profi.
•Possibility to be used as an Expander and to connect other sensors.
•Adjustable compensation of energy (TEK) via MSPEED EX sensor.
•Possibility to be used as an altitude switch in FAI F5J or ALES competition categories.
•The device is compatible with EX Bus protocol, i.e. it is possible to be configured comfortably via a special menu in DC/DS JETI model transmitters.
•Firmware updates.
Technical data
MVARIO2 Resolution of measured height 0.1m Typical noise ratio in height changes measurement ±0.05m/s Measurement range 450÷1100hPa The Duplex system takes advantage of the 2.4GHz band for communication. This system not only transmits control data to the model but also sends data from the model back to the transmitter. The telemetry data collected during operation is shown as actual, measured values in real time on either LCD screen of a connected JETIBOX or on the DC/DS JETI model transmitters.


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Archive for May, 2010
Rochester's Museum of Fine Arts
By Lu Harper, Librarian Sometimes in the course of archival research we find information that not only helps document artwork in the Gallery's collection but helps tell part of the story of art in Rochester. Recently, I found information about a painting by George Inness, Jr., "Bringing Home the Cows," which was donated to the […]
Posted: May 27th, 2010 under Collection, History.
Comments: 7
New Rochester Arts Portal
By Larissa Masny, Gallery Buzz Editor This Spring, Democrat and Chronicle Media Group launched Rochester Arts, a portal for its online readers to read about the arts in Rochester. The Memorial Art Gallery is so excited to be part of this launch. Every Wednesday, you'll find a fresh blog entry written by one of Memorial […]
Posted: May 24th, 2010 under Education, Exhibitions.
Comments: none
Hey Mama Artiste, How's your balance?
By Debora McDell-Hernandez, Coordinator of Community Programs and Outreach and Rachael Baldanza, Creative Workshop Curriculum Director On April 24th, the Memorial Art Gallery joined forces with the Susan B. Anthony Center for Women's Leadership and the University of Rochester's Art and Art History department and co-hosted a special screening and discussion of the movie Who […]
Posted: May 20th, 2010 under Creative Workshop, Education, Events.
Comments: 4
Area Teachers Sculpt at MAG
By Carol Yost Estelle B. Goldman Assistant Curator of Education, School Programs If you have ever wondered what teachers do in their spare time…..or what happens to all that cardboard you throw out…….. Wednesday May 12, 40 area teachers met at the Memorial Art Gallery to see the new exhibit, Albert Paley in the 21st […]
Posted: May 17th, 2010 under Education, Events.
Comments: none
It's Wedding Season
By Larissa Masny, Gallery Buzz Editor It's wedding season! Do you know where your/your loved one will be celebrating all the parties that surround getting married? There are so many- engagement parties, showers, the bridesmaid brunch, the rehearsal dinner, the reception, the ceremony, and the day-after brunch. Max at the Gallery can help you with […]
Posted: May 13th, 2010 under Events, The Gallery Store.
Comments: none
Hungry for more Paley?
By Meg Colbert, Visual Resources Assistant/Creative Workshop Registrar Just a few months ago, I wrote about Albert Paley briefly as he was highlighted in Breaking Ground: A Century of Craft Art in Western New York, as the premier ironmaster both regionally and nationwide. That 12-page spread served as an appetizer to the hearty entrée of […]
Posted: May 10th, 2010 under Education, Exhibitions, Library, The Gallery Store.
Comments: none
Paley on TV today and tomorrow
By Larissa Masny, Gallery Buzz editor Albert Paley in the 21st Century is featured on today's "Weekend Buzz" segment on YNN Rochester Channel 9. Look for it if you have Time Warner Cable. Additionally, tomorrow and Sunday WXXI TV Rochester will feature Albert Paley in the 21st Century on their news program, "Need to Know." […]
Posted: May 6th, 2010 under Exhibitions.
Comments: none
Albert Paley in the 21st Century Interviews
By Larissa Masny, Gallery Buzz editor We've been busy giving interviews about Memorial Art Gallery's newest exhibition, Albert Paley in the 21st Century. Here they are, in case you've missed them: "Rochester Speaks" interview with MAG curator Marlene Hamann-Whitmore, hosted by WARM 101.3 FM's Kevin Gillan "Rochester Speaks" interview with solo exhibition artist Albert Paley, […]
Posted: May 3rd, 2010 under Exhibitions.
Comments: none


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Whether you prefer indoors or out, close to the rail or out on the ice, Austin has plenty of places to get your skate on. Head to these spots for the most fun on wheels!
Austin BMX & Skate Park—It's rare to drive by this skate park, close to Shoal Creek and House Park, without seeing it bustling with activity. The park is open from dawn until dusk, and during the summer it's great to get there as early as possible to avoid the heat. The bowl and various ramps are designed for all skill levels. FREE.
Benbrook Ranch Park—This Leander park, which opened in 2008, offers soccer and softball fields, trails, a disc golf course, a playscape and a skate park. FREE.
Mabel Davis District Park—Opened in 2005, this popular 12,000-square-foot skate park was the first in Austin. There is a playground, trails, basketball courts, picnic areas and a pool nearby. FREE.
Northeast Metro Park—Located in Pflugerville, this park has soccer and baseball fields, multiple playgrounds and a skate/BMX park which opened in 2012. The skate/BMX park is located the furthest back from the road, and is open from 8 a.m. until 10 p.m. There is a water play area close by. FREE.
Patterson Park Miniramp—Patterson Park has a miniramp right next to one of the parking lots. There is also a shady playground and neighborhood pool nearby. FREE.
Shayla Dame Skate Park—This 14,000-square-foot skate park is located behind the Clay Madsen Recreation Center in Round Rock. It is open from 6 a.m. until 11 p.m. daily. FREE.
Veloway—The Veloway is 3.1-mile paved concrete loop exclusively for bicycles and rollerblading. There is also a secondary 1-mile loop available by taking a right next to the entrance. No foot traffic is allowed. The loop is open from dawn to dusk. FREE.
Pflugerville Skate Spot—This small skate spot, located next to Pflugerville's Rec Center in Bohl's Park, opened in 2014. FREE.
Brushy Creek Skate Park—Brushy Creek Sports Park is the home of Cedar Park's first skate park. The custom designed concrete in-ground skatepark is approximately 15,000 sq ft. and includes a mini bowl, large bowl, modern street course with coloring, textures, shade and landscaping. FREE.
Lakeway Skate Park—Lakeway Skate Park, located next to the Swim Center, is approximately 9,000 square feet and features a combination bowl and street elements. Skateboards and in-line skates only are allowed at the Skate Park, no bikes. FREE.
Austin Roller Rink—This rink, located behind Cafe 1626 in far South Austin, offers skating and arcade games during the summer from 5 to 9 p.m. Thursdays ($5), 7 to 11 p.m. Fridays ($10), noon to 8 p.m. Saturdays ($8) and 1 to 5 p.m. Sundays ($7). Adult skate night (18 and up only, BYOB) is on Wednesdays from 7:30 p.m. to midnight ($5).
Austin Sports Arena—This multisport facility in Round Rock offers roller skating on Wednesdays from 1 to 4 p.m., Fridays from 6 to 10 p.m., Saturdays from noon to 5 p.m. and 6 to 9 p.m. and Sundays from 2 to 6 p.m. Skating lessons are offered Fridays from 5 to 6 p.m.
Chaparral Ice—If you prefer your skating on ice, head on over to this rink during public skating hours. On Mondays through Thursdays, public skating lasts from 10 a.m. to 5 p.m. On Fridays, you can skate from 10 to 11:30 a.m. and then from 1 to 5 p.m. On Saturdays and Sundays, public skating hours go from noon until 4 p.m. On a few Friday nights later in the summer, you can skate from 6:30 to 9:30 p.m. Chaparral Ice also offers skating lessons and camps. Admission costs $6 and skate rental is $4 (kids 5 and under skate for $5 on Saturday and Sundays, including skate rental, and for free in the afternoons during the week with paid admission). Free skating lessons are available on Saturdays at noon for beginners ages 6 and up (admission and skate rental are included; if you wish to continue skating after the 30-minute free class, you will need to pay for public skating admission). Group rates are also available.
Millennium Youth Entertainment Complex—The MYEC offers roller skating on Wednesdays and Thursdays from 10 a.m. to 7 p.m., Fridays from 10 a.m to 11 p.m. and Saturdays from 11:30 a.m. until 10:30 p.m. Adults are $4, kids are $3, skate rental is 50¢ and the fee for observers is 99¢. Fridays are Family Fun Days, with $3 for adults, children and observers (including skate rental). For groups of 10 or more, admission plus skate rental is $3.50 and for groups of 75 or more, the fee is $3 per person. The MYEC also offers adults-only nights, bowling, an arcade, movies and a food court. Call (512) 472-6932 to confirm skating times and for more information.
Playland Skate Center—Open since 1973, this 27,500-square-foot facility has been a crowd pleaser for generations of Austinites. Open from noon to 6 p.m. Monday through Friday during the summer, Playland also offers Family SK8 Night on Thursdays in June and July from 7 to 9:30 p.m. for $5 admission and skate rental (regular price is $8). Hours also include Friday from 7 to 11 p.m., Saturdays from 1 to 11 p.m., and Sundays from noon to 5 p.m. Playland offers "Skate Mate" rentals (which look like a walker and help new skaters with balance) and admission to a large playscape in the back for an additional fee. Be sure to sign up to receive weekly Kids Skate Free passes (hours vary by season). Lastly, Tuesday nights are adult-only hours, starting at 7 p.m. Playland also has arcade games and a snack bar.
"Go skating" is an item on the July Summer Fun Checklist for Kids! Be sure to check it off your list if you go! Post photos of your adventure on Instagram with the hashtag #austinsummerfun for the chance to win weekly prizes.


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By Jean Baptiste Le Sel
- They are the priests who look like the Jesuits used to: the simple black buttonless habit is almost the same; except the waist sash that hangs from the other hip.
- They are the priests who pledge and give allegiance to the pope, the "Holy Father", just like the Jesuits of old with their special vow.
- They are the priest who don't smoke, do comb their hair to the right, have no beards or moustaches and always use their Roman collar shirt front with their black tailor-made suit.
- Their spirituality is centered in Christ, over the door of the their novitiate the word of St. Paul, "Christus Vita Vestra", Christ Your Life is proudly emblazoned; there is a military style: lining up, standing to attention, raising their red and white flag after the papal flag while saluting it singing "Christus vincit, Christus regnat, Christus imperat," Christ to conquer, Christ to reign, Christ to rule! They are the Roman soldiers of Christ.
- They use the Spiritual Exercises of St. Ignatius of Loyola –albeit their own version- for their spiritual growth and that of the lay people under their pastoral care.
- They are the priest who, like the Jesuits, believe in twice daily examination of conscience. Their founder also insisted that each member spend an hour every Sunday morning responding to a detailed examination of a particular virtue; a "practical exam", chosen by his spiritual director, focused on obedience, simplicity, attention to detail, delicate fraternal charity, gossip, generosity…
- The founder described their spirituality as "Contemplative and Conquering."
- From the 1950s to the 60s their seminarians used to study in Rome with the Jesuits (Gregorian Pontifical University) and the Dominicans (University of St. Thomas, Angelicum) but when these institutions became too liberal, under the influence of Vatican Council II, the order created its own college of higher studies, Regina Apostolorum Pontifical Athenaeum, to avoid contamination.
- In his life time the founder wrote a treatise on how to train priests, Integral Formation of Catholic Priests[1] and the order has gained the admiration of popes and bishops who entrust the training of seminarians to them; seminarian who will be the bishops of the future. The training of seminarians had always been a specialty of the Jesuits.
- In fact the history of this order is closely entwined with the Jesuits whom they have now supplanted. The founder sent his first Mexican recruits to study at the Jesuit run seminary in Comillas, Cantabria, Spain, in the 1940s. The founder even poached some senior seminarians, studying at that institution for the diocesan priesthood, to increase the maturity of his own too young seminarians. These men became priests for the new order and the founder's faithful followers and generous collaborators: Frs. Antonio Lagoa, Rafael Arumí Blancafort, Rafael Cuena, Faustino Pardo, the blond twins Gustavo and Guillermo (the pedophile) Izquierdo, José María Escribano and Gregorio López: all of whom are now deceased. R.I.P. This was another chapter in the founder's love-hate relationship with the Society of Jesus.
- Some critics hold that the founder even based his constitutions on the rules of the Jesuits which he purloined from the public library in Coyoacán, Mexico City. Defenders maintain that this holy man, slandered by many, made better use of St. Ignatius' rules than the order originally founded by the Basque. Only time and the holiness of the Real Jesuits will tell.
- Long the darlings of Pope John Paul II, their constitutions were recently approved by Pope Francis. It is business as usual now for this much maligned order. But the founder had warned his members to be prepared to stave off calumny and detraction.
[1] http://www.amazon.com/Integral-Formation-Catholic-Priests-Marcial/dp/0965160130


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Dear Jim,
I concur on a gladius (which is the same size as a Celtic leaf blade, Greek hoplite, Swiss baselard or 18th century artillery short sword) as a good choice in swords. It's about the length of one joint of the arm, so it becomes an almost perfect extension and usable fairly instinctively. It works better with a shield–1/2 to 3/4 plywood. A basic one can be cut from thin leaf spring stock (1/4″ or 3/16″) or riding mower blades. It works best in formation, but that's unlikely to be a scenario in the future.
Swordsmithing more than bladesmithing is a very complex task, not for the beginner. Heat treatment is critical, and there's a lot of metal to move. Grinding one takes longer and will waste some metal (more than half), but shavings can be recycled or melted down. Grinding means less chance for impurities to seep into the metal, and takes only a file or a stone (such as the curb).
Smithing of locks for muzzleloaders isn't too complex, though it takes some skill tempering, but barrels are a task in themselves. What many re-enactors use for cheap functionality is high-pressure plumbing pipe. Instructions for building a rifling cutter are available in the out of print Foxfire books and others. It's time consuming but not too complex. Be warned that this pipe will handle blackpowder, but will burst with more modern propellants. With a lathe, transmission shafts or other chrome-moly steel (4140 or similar material) can be bored and turned into good barrels for modern cartridges.
The Chinese repeating crossbow, which I have handled and shot, was intended for use by massed peasants. It suffers from several problems. First, it cannot be aimed well, as the mechanism is above the stock and (second) must be worked while shooting. Third, it is not very powerful, so fourth, it lacks range. Against even thick leather, it is unlikely to penetrate. Fifth, the mechanism is complex. However, an earlier Greek mechanism was built as a ballista for rapid firing bolts. This is a great way to disperse a crowd in a hurry–dropping a dozen spears into the midst will certainly make any charge scatter. And obviously, even a hand-held one has psychological effect for the rate of fire, especially against unarmored people. I would prefer accurate shots at greater range, however, and when the magazine loading time is taken into account for the repeating crossbow, a good recurve in practiced hands is more effective and simpler. (For note, I have recurves, longbows and crossbows in the house and compete at re-enactments at an adequate if not impressive level. I am generally biased toward recurves for rate of fire, but I prefer the crossbow if I have time to make the shots count.)
I just saw this video on archery (it's in Korean). The interesting part for me is the great slow-motion shots of arrows in flight, showing the oscillations that they must go through in order to fly "Straight." The arrow is propelled straight by the string, but must bend around the limb of the bow. This is something that arrows must be designed for for best accuracy. – Michael Z. Williamson, (in sword maker rather than sci-fi writer mode)
Letter Re: Swords and Bows for that Dreaded Multigenerational Scenario
Dear Jim,


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Ramsey Lewis on first gig at Birdland (Jazz)
Now, A Jazz Moment...
MUSIC: "Black Eye Peas" CD: Ramsey Lewis's Finest Hour, Verve 314 543 763-2 (cut 4)
2007 NEA Jazz Master Ramsey Lewis hails from the great jazz city of Chicago, where he was discovered in the late 1950s by renowned manager, Joe Glaser.
Ramsey Lewis: He at the time was the manager of Louis Armstrong, Dave Brubeck, and just tons of big people, Dinah Washington. And he says, "You know, you guys are pretty good. Do you wanna go to New York?" He said, "We think we have you a gig at Birdland." We said, "BIRDLAND!" I mean, didn't believe it.
MUSIC: punctuation
It was a three-week job. We got a Plymouth station wagon, nine-passenger. And we packed all our instruments and stuff and we went to New York. And we were one of three bands. The first band was The Art Blakey Group with Wayne Shorter, Lee Morgan, Bobby Timmons, Jimmy Merritt, and they were cookin -- they were burnin! The other band was The Buddy Rich Big Band! (big laugh) But hey, we got up there and did what we did. We weren't nervous at all. I guess we were too young to say to ourselves, "You're in Birdland!" And instead of three weeks, I think we stayed for almost three months.
MUSIC: up and fades
This Jazz Moment with pianist Ramsey Lewis was created by the National Endowment for the Arts. I'm Delfeayo Marsalis.
Ramsey Lewis on first gig at Birdland (Jazz)


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Percentage MCQ Questions and AnswersHome | Arithmetic Ability | Percentage
Percentage MCQ Questions and Answers on Arithmetic Ability: here learn percentage objective questions and answers on arithmetic ability and you can also download study material pdf.
1) 1.14 expressed as a per cent of 1.9 is:
2) In an examination 80% candidates passed in English and 85% candidates passed in Mathematics. If 73% candidates passed in both these subjects, then what per cent of candidates failed in both the subjects?
3) Half percent, written as a decimal, is
4) If the price of the commodity is increased by 50% by what fraction must its consumption be reduced so as to keep the same expenditure on its consumption?
5) The population of a town increases every year by 4%. If its present population is 50,000, then after 2 years it will be
6) A and B are two fixed points 5 cm apart and C is a point on AB such that AC is 3cm. if the length of AC is increased by 6%, the length of CB is decreased by
7) The cost of an article was Rs.75. The cost was first increased by 20% and later on it was reduced by 20%. The present cost of the article is:
8) The price of the sugar rise by 25%. If a family wants to keep their expenses on sugar the same as earlier, the family will have to decrease its consumption of sugar by
9) Each side of a rectangular field diminished by 40%. By how much per cent is the area of the field diminished?
10) If the price of a commodity is decreased by 20% and its consumption is increased by 20%, what will be the increase or decrease in expenditure on the commodity?


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With over two minutes remaining in the first half, the Steelers used their second time out prior to Brian Moorman's 43-yard punt, allowing the Steelers to run a Chris Rainey six-yard gain prior to the two minute warning, reaching the Steelers 33-yard line.
After as series of receptions made by Heath Miller and Antonio Brown, the Steelers have second and ten at the Dallas 30-yard line with 47 seconds remaining in the first half. After pump fakes, rolling out, scrambling, more pump fakes, Ben Roethlisberger finds a wide open Heath Miller down the right side lines.
The 30-yard touchdown ties the game at 10 with over 30 seconds remaining before half time.


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The Last of Us Part II – Top 10 Things We Need To Know
As The Last of Us: Part II draws closer and closer, our minds are left to speculate what is soon to come. We wonder what the writers over at Naughty Dog have in store for us in the long-awaited sequel to one of gaming's finest crafted stories. We can only speculate at this moment, but we were assured that more would be revealed at E3 2018. Until then we're left with only our hopes and dreams. This is Gaming Instincts's top 10 things we want to know about The Last of Us: Part II.
#10—Where is Tommy?
Tommy was first introduced to us in the first few minutes of The Last of Us. He helped Joel survive outbreak day, it was only inevitable we'd see him later in the game, and that we did. Later we find that he has done well surviving in the aftermath of the fungal outbreak. He has set up a community of survivors along with his wife Maria.
Later on in the story he tells the Joel and Ellie duo that they are free to stay at the refuge whenever they'd like. After that we never really saw much of Tommy. During the game's conclusion we can see Joel and Ellie making their way back to the power plant where the refuge is located. One wonders if Tommy is still alive or not. Before Joel and Tommy concluded their heated discussion back at the base, it was attacked by Bandits. Is this is a common occurrence?
Could Tommy still be back at the base? Could he have gotten ambushed by bandits on his way back? We found plenty of bandits as we were searching for Ellie, so it's likely they're everywhere. Tommy is an interesting character, and we hope he returns for the sequel so he and Joel can argue some more.
#9—What's the state of the world?
We experienced two periods of time in the original Last of Us, one being the outbreak day in 2013, the other 20 years later. During this time the government started to create military installations to keep the infected individuals out and the healthy individuals in check. Civil unrest started to arise and from this unrest came the fireflies, a radical group with goals to cure the infection and restore order. The two factions went to war with one another, with the military seizing control after a while. After a large battle with the military, the Fireflies in the Boston checkpoint were nearly gone. Their leader, Marlene, sends a girl who is naturally immune to the infection across the country with some smugglers to a lab where a vaccine can be created.
As we play through the story, we see that the world hasn't recovered much. Most of the world we see is either filled with Clickers, Runners or Bandits. It doesn't seem like the military has done much, besides keep people within the walls. Perhaps we could see some development in the sequel. Has the government started to reinsert itself into abandoned territories? Have more groups been formed across the country? We're curious to see if the world is still in the same shape as we left it in our new journey.
#8—Will Crafting Be The Same?
The Last of Us had a pretty simple crafting system, one that clearly displayed everything you needed right on screen. After a while, you could even memorize them based on how often you used items. Even when crafting something, the game did not stop, you could hide and craft a smoke bomb and use it 2 seconds later, if you needed to. Some supplies were limited too, so you had to decide what you wanted to craft for your current situation. Crafting was simple and easy to understand. Our only hope is that Naughty Dog adds more craftable objects. But if the system remains the same, it wouldn't be much of a let down.
#7 – Will there be driving mechanics?
In our time playing The Last of Us, we noticed several vehicles around the wasteland operated by Bandits and military personnel. The only thing we were ever able to take control of that even comes close to a car was a horse. While Joel and Ellie were able to secure a car, the player was never able to drive it. Naughty Dog has never shied away from intense car chases or speeding escapes, as seen in the Uncharted series. It could create some interesting scenes, such as having to drive slow enough that clickers can't hear you driving, or driving through darkness and avoiding enemies. Maybe we will get to mow down some clickers or bandits as we speed across the country.
#6—Will we get another prequel story?
The Last of Us's DLC, Left Behind, gave us a view of Ellie's life before she met Joel. It would be awesome to see Joel's life before meeting Ellie, maybe even a few years before, when he was smuggling with Tess, or with Tommy back in Boston. The Left Behind DLC was great, and made us look at Ellie in a wider view. We've seen that she has lost people close to her before and can really relate to Joel. There's a 20-year span of time that is filled with stories that Joel might have. Let's hope Naughty Dog graces us with more DLC.
#5—Will the story be affected by player decisions?
A popular and more personal feature in video games is to let the player decide how the story ends, based upon their previous choices. This something that very well could have been done with the original game but looking back at it now, it feel like the original Last of Us was meant to have a sequel. Decisions made by Joel and Ellie could result in consequences for the other. Ultimately impacting the ending of the game. Encouraging players to go back and try out some other options. While some may not like this option it is something that could be incorporated into the story. In this wasteland, any decision you make could have huge consequences.
#4—What's the current status of Joel and Ellie's relationship?
[This section contains endgame spoilers for the original Last of Us]
At the end of the original Last of Us, we took control of Joel as he learned that to create a vaccine Ellie would need to die. Refusing this option, Joel escaped Firefly custody and proceeded to shoot his way to her. Killing almost all the Fireflies, he escaped with Ellie, killing the Firefly leader Marlene before leaving. He then goes on to tell Ellie that there were many just like her and that it hasn't helped create a cure. Driving back to Tommy and Maria's base, Ellie stops Joel and tells him the story of her and Riley. A story which we were able to experience in the Left Behind DLC. He then asks him to swear to her that everything that he told her was true, and so he said yes. The game then ends with her accepting this truth.
Now let's say Ellie learns what happens, that she finds out what Joel has done. That he sacrificed possibly the world's only hope at restoration in order to save her. How would she feel, how would you feel in that situation? What if Ellie learns the truth and casts Joel away from her. Could the sequel present a much more heated and broken Ellie and Joel?
#3—How will Dogs be incorporated in Part II?
Back in February 2018, Neil Druckmann sent out a tweet that featured a dog in what looked like to be in motion capture gear. Along with the tag #Yearofthedog, since then fans have speculated what this actually means. Most assume that Part II will feature a canine companion that will follow you on your journey. Could this mean that dogs could be incorporated into combat? Something the original Last of Us struggled with was diverse combat. The addition dogs which could pin, rush and surround the player could turn up the heat of combat.
#2—Who is the Woman is the second teaser trailer?
Probably the biggest mystery surrounding The Last of Us: Part II is the woman being hung in the second teaser trailer. Fans all across the internet have come up with their own theories and gusses. The most common across the web is that this is actually Ellie's mother Anna. The woman doing the motion capture and voice recording is Laura Bailey. The official Naughty Dog twitter sent out this tweet back in October of last year.
The hidden text contains four letters, it just so happens that Ellie's mothers name is ANNA. If this is Ellie's mother we're curious how she will fit into the story. Could we have two separate stories, or even two campaigns?
#1—Is Joel Dead?
When the first official teaser trailer dropped back at last year's PSX, fans were greeted with their first look at The Last of Us: Part II. We got our glimpse at an older Ellie and what appeared to be Joel. The way Joel is introduced in this trailer is odd, he steps through a doorway full of light and casually walks over bloody corpses. Fans as well as us here at Gaming Instincts began to come up with theories for this strange entrance.
Now fans began to questions if Joel was still alive, a doorway full of light could be symbolic for the afterlife. Ellie also states that she wants to kill every last one of them. Obviously she has a grudge against someone that has done her wrong. Could the individuals that she wants to kill have taken Joel's life. How will the story unfold as time goes on? If Joel is dead how will the game incorporate him into the rest of the story? Could he be a guiding force leading Ellie on the path of revenge or trying to protect her as he has done before?
This was Gaming Instincts Top 10 Things We Want to Know about The Last of Us: Part II. There is no official release date for Part II but we were promised that we would hear more at E3 2018. Leave a comment below, what do you want to know about The Last of Us: Part II? Is there something that you would like to see added or taken away? Don't forget to check out the video format of this article above.


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Accounts emptied without warning? Could be a problem with CRA, says taxpayers' ombudsman
Sherra Profit says problems that led to closure of a St. John's coffee shop are all too common
Canada's Taxpayers' Ombudsman is investigating what seems to be a problem with the federal tax agency freezing and emptying accounts without warning.
It's a problem that shut down a small business in St. John's last month.
In early October, CBC News reported that Fixed Coffee and Baking owner Jonathan Howse had to close one of his locations when, according to Howse, the Canada Revenue Agency (CRA) emptied his business's bank account without warning.
The office of the federal taxpayers' ombudsman, which aims to improve the CRA's accountability, read the story, and contacted the St. John's newsroom.
"What interested us in this is that we were getting complaints from people who were saying the CRA's frozen my bank account or they've taken these actions and they didn't give any notice to me," said Sherra Profit.
Profit said her office has received enough calls to "identify this as a systemic issue and determine that this was something that had to be examined."
Her office notified the minister of national revenue in February that it would be preparing a report.
In particular, her office will be looking at whether the CRA is issuing notices before they take action, what those notices are and whether taxpayers are understanding them.
The investigation is not expected to wrap up until some time next year, but so far there is evidence of miscommunication between the public and the CRA, said Profit.
In Howse's case, he received a letter in the mail from the CRA alerting him that the agency was going to be garnishing his account.
That letter arrived two days after they did it, he said.
Put it in writing
Vaughn Hammond, Director of Provincial Affairs at the Canadian Federation of Independent Business (CFIB) is relieved to hear the taxpayers' ombudsman is looking at the problem.
"That is something that we hear about a lot from our members," he said.
Compounding the problem, said Hammond, are problems with the CRA's overall communication and accessibility. Each year, the CFIB gives the CRA call centre a report card, focusing on the service provided to small businesses.
This year's report gives the CRA an F for connecting to an agent — callers got busy signals, repeated busy signals, or were outright disconnected — and a D-minus for accuracy of information provided.
Hammond said that the best and perhaps only way for businesses to keep the CRA accountable is to set up a My Business account and communicate with them through the My Business messaging system, sending them notes about payments, changes or questions, and asking that they reply.
"The My Business account is the way that small business owners can protect themselves," he said, noting that the CRA can't be held accountable for what they say on the phone.
Misallocation also an issue
Since CBC News first reported on the troubles with Fixed Coffee and the CRA, Howse said he's been contacted by numerous business owners saying the same thing happened to them — that they had set up payment plans for their debts and then, without warning, their accounts had been wiped clean.
With their help, Howse said he was able to figure out that his payments had been misallocated, filed not toward his debt, but toward prepayments for future CRA dues, some as far away as June 30, 2018.
The taxpayers' ombudsman isn't surprised to hear that, either.
"It is certainly a call-driver for us," said Profit. "It is one of our higher trends: misallocation of payments, or even information going astray or documentation not seeming to make it to where it's supposed to go."
Though her department hasn't launched an investigation into that issue, she does say it's on the watch list.
"Unfortunately we don't have enough manpower to examine all of the potential systemic issues that there are out there," she said.
In the meantime, Howse has managed to keep the Fixed Coffee location on Duckworth Street open, but the Harvey Road location has closed for good.
A spokesperson for the CRA couldn't provide numbers, but said the "majority of CRA payments are allocated correctly."


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Deathhammer (NOR), Axecutor (BG), Damage Case (RO), live in Bucharest (RO), 16.01.2015
EXCLUSIVE ONE-OFF PERFORMANCE! Face melting hyperfast thrash metal, total neck destruction! DEATHHAMMER rose from the spawn of the ancient metal gods in 2005. They were doomed to spread total metal destruction. In their own words: "We are Deathhammer from the filthy backwaters of Norway. Deathhammer brings you old school deathrash in its purest form."…Tags: Axecutor, damage case, Deathhammer


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Well, that's now possible, sort of—thanks to a novel set of attacking techniques that could allow attackers to access the entire content of a password-protected or encrypted PDF file, but under some specific circumstances.
Dubbed PDFex, the new set of techniques includes two classes of attacks that take advantage of security weaknesses in the standard encryption protection built into the Portable Document Format, better known as PDF.
To be noted, the PDFex attacks don't allow an attacker to know or remove the password for an encrypted PDF; instead, enable attackers to remotely exfiltrate content once a legitimate user opens that document.
In other words, PDFex allows attackers to modify a protected PDF document, without having the corresponding password, in a way that when opened by someone with the right password, the file will automatically send out a copy of the decrypted content to a remote attacker-controlled server on the Internet.
The researchers tested their PDFex attacks against 27 widely-used PDF viewers, both for desktop and browser-based, and found all of them vulnerable to at least one of the two attacks, though the majority were found vulnerable to both attacks.
The affected PDF viewers include popular software for Windows, macOS and Linux desktop operating systems such as:
- Adobe Acrobat
- Foxit Reader
- Okular
- Evince
- Nitro Reader
...as well as PDF viewer that comes built into web browsers:
- Chrome
- Firefox
- Safari
- Opera
PDFex Attacks Exploit Two PDF Vulnerabilities
Discovered by a team of German security researchers, PDFex works because of the two major weaknesses in the PDF encryption, as described below:
1) Partial Encryption — Standard PDF specification by design supports partial encryption that allows only strings and streams to be encrypted, while objects defining the PDF document's structure remains unencrypted.
Thus, support for mixing of ciphertexts with plaintexts leaves an opportunity for attackers to easily manipulate the document structure and inject malicious payload into it.
2.) Ciphertext Malleability — PDF encryption uses the Cipher Block Chaining (CBC) encryption mode with no integrity checks, which can be exploited by attackers to create self-exfiltrating ciphertext parts.
PDFex Attack Classes: Direct Exfiltration and CBC Gadgets
Now, let's briefly understand the two classes of PDFex attacks.
Class 1: Direct Exfiltration — It abuses the partial encryption feature of a protected PDF file.
While leaving the content to be exfiltrated untouched, an attacker can add additional unencrypted objects in a targeted encrypted PDF, which can be used to define a malicious action to be performed when successfully opened by a legitimate user.
These actions, as listed below, defines the way a remote attacker can exfiltrate the content:
- Submitting a form
- Invoking a URL
- Executing JavaScript
"The Action references the encrypted parts as content to be included in requests and can thereby be used to exfiltrate their plaintext to an arbitrary URL," the paper reads.
"The execution of the Action can be triggered automatically once the PDF file is opened (after the decryption) or via user interaction, for example, by clicking within the document."
For example, as shown in the picture, the object which contains the URL (in blue color) for form submission is not encrypted and completely controlled by the attacker.
Class 2: CBC Gadgets — Not all PDF viewers support partially encrypted documents, but many of them also don't have file integrity protection, which allows attackers to modify the plaintext data directly within an encrypted object.
The attack scenario of CBC gadget-based attacks are almost the same as the Direct Exfiltration attacks with the only difference that here attacker modifies the existing encrypted content or create new content from CBC gadgets to add actions that define how to exfiltrate data.
Besides this, if a PDF contains compressed streams to reduce the file size, attackers need to use half-open object streams to steal the data.
PoC Exploit Released for PDFex Attacks
The team of researchers, which includes six German academics from Ruhr-University Bochum and Münster University, has reported their findings to all affected vendors and also released proof-of-concept exploits for PDFex attacks to the public.
Some of the previous research by the same team of researchers include the eFail attack revealed on May 2018 that affected over a dozen popular PGP-encrypted email clients.
For more technical details of the PDFex attacks, you can head on to this dedicated website released by the researchers and the research paper [PDF] titled, "Practical Decryption exFiltration: Breaking PDF Encryption."


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CHA 2010 spotlight: Ed Bartlett
In the first of a series of interviews ahead of Caribbean Marketplace 2010, BTN talks to the Hon. Edmund Bartlett, Jamaica's Minister for Tourism on his plans for 2010.
Since taking office just over two years ago, Mr Bartlett has rapidly established a reputation as one of region's most progressive tourism leaders. He has just been voted "Man of Year 2009" by the Jamaica Observer, beating the likes of sprinting superstar Usain Bolt.
Jamaica's tourism economy is navigating the global downturn thanks to savvy initiatives generated by Bartlett and his team. Jamaica's tourism supremacy was rewarded at the 2009 World Travel Awards, the Oscar's of the travel industry, where it emerged with no less than 16 awards, and the recognition of over 180,000 travel professionals that participated in the voting process.
BTN: What kind of year do you envisage 2010 will be for Jamaica?
EB: The year 2010 will be a challenging one, however, it may not be as challenging as 2009, given the fact that we have put in the infrastructure to ensure growth. In addition to our effective airlift strategy, the green shoots of economic recovery which are apparent in our larger international tourism markets should see us successfully defending our growth levels for 2009 and growing further in 2010.
(Above: the mysterious Blue Lagoon with seductive hues and seemingly endless depths)
BTN: What are you hoping to achieve at this year's Caribbean Marketplace?
EB: The Caribbean Marketplace is the largest gathering of tourism interest and expertise in the Region. This is a huge opportunity for networking – maintaining and creating relationships that will take Jamaica's tourism to new dimensions of excellence.
(Left: Cliff diving at Negril)
BTN: You were vote Man of the Year by the Jamaica Observer, and Jamaica picked up 16 awards at the World Travel Awards. What was your approach to making 2009 such a good year for you?
EB: We worked hard as a team to create the strategies to help us grow even through recession. We sold Destination Jamaica aggressively within a framework we call the New Tourism: Marketing, Product Development and Investment. We ramped up our marketing, we approached new markets, we devised a strong airlift strategy to get more visitors to Jamaica and we improved our tourism product. Importantly, the Government of Jamaica also introduced a special stimulus package that included tax incentives and development loans for the tourism sector.
(Right: Montego Bay's legendary Reggae Sumfest)
BTN: How are you able to use your role as tourism minister to shape your island's tourism economy?
EB: I use my office to continuously project Jamaica to the international community as a destination that is open for business. It is open for typical tourist, who is investing in a short period of leisure or learning, it is open to the investor in physical or virtual tourism infrastructure. Our tourism is dynamic and I have used the time to encourage everyone to experience what we have to offer. Locally, I have been doing the same, getting our citizens to heighten their appreciation of the value of tourism to Jamaica's economy - it is the number 1 foreign exchange earner and employs over 10% of the workforce. So my job of selling Jamaica's tourism to my fellow Jamaicans and to the world can never be overdone.
BTN: What kind of plans, development or initiatives are currently underway in Jamaica?
EB: We have a number of new initiatives that we will roll out in 2010… I wouldn't want to reveal all just yet, suffice it to say that our activities going forward will be conducted within the philosophy of New Markets, New Partnerships and New Technologies. I can assure you that 2010 is going to be an exciting final year of the first decade of the new Millennium.
(Above: The spectacular Dunns River Falls, fringed with lush gardens and a small golden-sand beach; and below: the one and only James Bond beach)
BTN: How would you like Jamaica's tourism industry to evolve?
EB: We want to emerge and evolve as a recession-proof destination with a variety of experiences that will be highly and consistently attractive and cost-effective in the international marketplace. We want, therefore, to be a consistent, top-of-mind destination, irrespective of the type of tourism the consumer wishes. Therefore, for the luxury traveller, the researcher, the seeker of cultural heterogeneity, the sporting, educational, medical or religious tourist, and I can go on….the point is, all these and other types of tourism can be experienced right here in Jamaica, a little island just 144 square miles long.


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Wow! I don't know that I've ever had a month that was so full of such fun things!
Last night was one of the things I've been working toward since I bought my flute. I was a bit nervous driving over: what if I couldn't cut it? What if the music is too hard? What if I end up looking like I don't know what I'm doing?
I had no reason to question any of it. Even though there were parts that I didn't get the first time, I wasn't the only one, and I got it the next time. We had a total of 5 flutes last night; I made sure to sit in the last chair for comfort. It was weird sitting there: I don't think I've ever played the 2nd flute part in my life. I kept having to turn my stand and chair to the left instead of the right.
At the break, the lady who sits in the 1st chair turned around and asked me about joining the flute choir in town. So, I guess I didn't do quite that badly! There's an informational meeting tonight; then there will be a try-out before practice begins.
At the end of practice, the lady who was sitting in the first chair for the 2nd flute part said that she is going to be out of town the week that we are having a couple of concerts, so she asked if I would take over the top spot for 2nd flutes. Of course, there are only 2 of us left, but she didn't ask the other person!
So...between music and camping, it looks like I'm getting ready for that empty nest!
The Fun Keeps Going
5 comments:
That sounds like a lot of fun! Glad it went so well!ReplyDelete
So excited for you and glad that it went well! (I've been reading, but I've been a horrible commenter, I'm sorry :( ).ReplyDelete
Are you playing in the event later this month? I'm sure it will be fun!ReplyDelete
Wow, that is so exciting. You must be very proud of yourself!ReplyDelete
I am thrilled for you. i can't wait for you to be first chair!ReplyDelete
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