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Duration Risk in the Financial System
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at "The Global Borrowers & Investors Forum 2013 - A Euromoney Conference",London, 25 June 2013
Ladies and Gentlemen [1],
It is a great pleasure for me to be here at this Euromoney conference. Today I'd like to consider the impact that volatile interest rates may have on the financial system.
Let me state quite clearly that I do not intend to drop any hints about a change in the monetary policy stance in the euro area in the near future. A reversal would not be warranted by current economic conditions. Economic growth is projected to remain weak this year and inflation is expected to remain clearly below 2% for the euro area as a whole. The various non-standard measures that have been introduced by the ECB to support monetary policy transmission in certain market segments will stay in place as long as necessary, and there are other measures, standard and non-standard, that we can deploy if warranted. Therefore, at the current juncture, there should be no doubts that our "exit" is distant and our monetary policy is and will remain accommodative.
However, these conditions are not permanent; interest rates will eventually increase, triggered by a tightening of the monetary policy stance, by an unwinding of global risk appetite, and/or by other external events. The recent bout of volatility in global fixed income markets is excessive in view of the current economic conditions, but it can serve as a useful reminder that such developments cannot be dismissed lightly.
In fact, since the Great Depression a number of financial crises have occurred after a prolonged period of exceptionally easy monetary conditions. Some of you may remember the events of 1994, when even a gradual shift in the monetary policy after a low-rate period triggered severe turbulence on bond markets. For the United States, this concern was raised in a recent speech by Federal Reserve Governor Jeremy Stein. [2] He concluded that there are signs of a fairly significant pattern of "reaching-for-yield" behaviour in US corporate credit markets. However, he also commented that leverage in the short-term financing of credit remained modest and therefore the potential for systemic harm would be relatively limited.
These developments trigger several questions: First, what are the channels through which a low interest rate environment can affect the financial system's exposure to risk? Second, how sensitive are the balance sheets of euro area financial institutions to duration risk? Third, how should regulatory and macroprudential policies be designed to avoid the negative implication of rising interest rates? And what can be the role of standard and non-standard monetary policies to mitigate unwarranted volatility along the road?
I will structure my remarks along the following lines. First, I want to review some of the recent literature on the relationship between monetary policy and the risk-taking behaviour of financial institutions, the so-called risk-taking channel of monetary policy. Second, I will present some evidence on the on-going search for yield in corporate bond markets. Third, I will also address specific challenges related to the fragmentation of the euro area financial markets. Fourth, I will draw upon forward-looking solvency analysis results published in the ECB's most recent Financial Stability Review to discuss some of the consequences of various risks related to a re-emergence of risk aversion in several market segments. Finally, I will discuss the policy implications.
The risk-taking channel of monetary policy
One concern arising from a low interest rates environment is that the associated search-for-yield may induce excessive risk-taking behaviour by financial institutions.
The recent crisis has rekindled the idea that prolonged lax monetary policy can lead to financial instability – what has been termed "the risk-taking channel" of monetary policy. There are four broad arguments which I would like to briefly discuss: asset substitution, search for yield, pro-cyclical leverage, and expectations of monetary policy reaction. [3]
The asset substitution argument derives from standard portfolio theory, and it holds that a lower yield on safe assets will lead to a decrease in their weight in bank portfolios. Banks adjust their portfolio until risk-adjusted returns on risky and safe investments are again equalised. This results in a lower share of safe assets.
A related mechanism operates through the search for yield. Financial institutions with long-term commitments (such as pension funds and insurance companies) need to match the yield they promised on their liabilities with the return on their assets. When interest rates are high, they can generate the necessary revenue by investing in safe assets. When rates are low, they are forced to invest in riskier assets to continue to match the yield on their liabilities. [4]
Assume now that financial institutions target constant or perhaps even pro-cyclical leverage ratios. If monetary easing boosts asset prices, then bank equity will increase and banks will respond to the fall in leverage by increasing their demand for assets. This reaction reinforces the initial boost to asset values, and so on. The result of this "leverage channel" is a more fragile banking system. [5]
Finally, monetary policy could also affect risk-taking through the expectation of a strong policy response to negative shocks. Since the 1990s, central banks have repeatedly provided liquidity to financial markets following market tensions. This channel has sometimes been called the "Greenspan put". Of course, it can be objected that the asymmetric pattern of booms and busts in asset prices prompts an asymmetric monetary policy response. But it remains true that central bank liquidity provision, while necessary in crisis times, can distort the price signals and therefore the incentives of financial market participants. Financial players can afford to take ex ante extra risks, as they can rely on central banks to mitigate the consequences in case those risks materialise ex post.
The bottom line of these four arguments is that lax monetary policy has the potential to reduce the market price of risk and thereby trigger a higher degree of risk-taking by financial institutions. Some recent empirical studies by ECB staff members lend support to these ideas. [6] [7]
Of course, under certain circumstances, reducing the market price of risk and freeing up the risk-taking capacity of financial institutions is actually an outcome desired by monetary policy. Consider, for instance, the various non-standard monetary policies undertaken globally after the financial crisis broke out in 2009. They were designed to remove risk from balance sheets so as to avoid destructive fire sales and at the same time to enable banks to continue providing credit to the real economy by taking new risks.
The concern is, however, that persistent liquidity sows the seeds for market turmoil. Unexpected events such as a shift in monetary policy or a change in economic growth prospects will inevitably affect the yield curve. Since banks carry out maturity transformation by borrowing short and lending long, and there are limits to their ability to hedge against interest rate risk, the result could well be an abrupt unwinding of risk-taking positions, putting financial markets under renewed stress.
These risks are further exacerbated by the fact that banks operating under asymmetric information and limited liability will tend to take more risk than is socially optimal, since they do not internalise the losses they may eventually impose on taxpayers. A clear and consistent framework for bank recovery and resolution, including "bail-in" rules with a clear pecking order and limited exemptions, will be conducive to a stricter monitoring of risks by bank creditors.
In fact, as I mentioned before, many of the most severe financial crisis since the Great Depression broke out after prolonged periods of exceptionally easy monetary conditions. Apart from the 2009 financial crisis, similar developments occurred in relation to the bursting of the New Economy bubble in 2001, the collapse of LTCM in 1998, and the bursting of the bond market bubble in 1994.
Search for yield in bond markets
Let me now turn to the current situation by showing you some evidence on the search for yield in the euro area, taking corporate bond markets as an example. (CHART 1) Let me start with some recent developments in European bond markets. Since early 2012, we have seen pronounced shifts towards bond holdings in investment funds and a general decline in yields across all risk categories. As Chart 1 shows, equity holdings of euro area investment funds slightly declined compared with 2011, whereas net flows into fixed income funds increased substantially.
(CHART 2) As in the US, the search for yields in corporate bond markets in the euro area has intensified in recent months: corporate bond spreads are at historical lows. Chart 2 compares the historical evolution of yields on high-yield bonds with default probabilities. Yields are generally back to pre-crisis levels, but default probabilities are still significantly higher. One noticeable exception is provided by German corporate bonds, which have reverted to low default probabilities. The decline in yields of high-yield bonds is even more remarkable as the supply of those bonds has been shooting up recently. Total issuance of euro area non-financial corporate debt in 2012 was 60% higher than issuance in 2011, and it remained strong in the first months of this year. The share of high-yield debt in total issuance rose from one-quarter in 2012 to one-third in the first quarter of 2013, above the average recorded from 2006 to 2012.
Overall, the evidence for the euro area on corporate bonds parallels the one for the US and the two markets appear closely linked to each other. As I have discussed before, an abrupt unwinding of these searches-for-yield – perhaps triggered by highly leveraged investors rushing for the exit – would be a source of concern for financial stability. However, the extent of the risk also depends on the degree of maturity transformation and the stability of funding.
Specific challenges in the euro area
The unwinding of search-for-yield may emerge as a global phenomenon. However, there are specific issues related to the current heterogeneity of economic and financial conditions in the euro area. Let me focus on government bond and money markets.
(CHART 3) Euro area government bond markets have appeared resilient recently. The dispersion of yields was low in the first quarter of 2013, and volatility remained close to its 2009 (pre-sovereign debt crisis) levels. Pivotal developments in reversing the deteriorating trend in confidence included the ECB's announcements on the Outright Monetary Transaction (OMT) programme and European leaders' commitment to establishing a banking union, along with noteworthy national developments, including the recapitalisation and restructuring of the Spanish banking sector.
These are all positive developments, but there is certainly no room for complacency. Progress towards a genuine Economic and Monetary Union should be confirmed along the lines of President Van Rompuy's report, starting with clear and predictable rules for bank resolution and with the establishment of a single resolution mechanism, complementing the single supervisory mechanism as the second pillar of the banking union.
The continuation of the current low level of government bond spreads cannot be taken for granted, and countries' efforts towards sustainable fiscal positions should thus continue unabated. A sudden re-pricing of risks may lead to an increase in spreads, despite the on-going fiscal consolidation efforts, and even more so in countries where consolidation has been delayed. [8] This would put renewed pressures on governments and revive the fragmentation of euro area bond markets. One possible strategy to mitigate this risk is to increase the average maturity structure of the debt, but the best remedy is to cut on the quantity of risk by swiftly improving government solvency.
Money markets have also been affected by the low rate environment, but an increase in short- term interest rates may have an ambiguous impact. Since 2010, we have observed a significant decline in activity in these markets. Trading volumes in overnight interbank loans continued to decline in 2012 and are at very low levels by historical standards, some 60% below pre-crisis levels.
This may not only reflect continued fragmentation, but also the effects of ECB liquidity operations, which have partly replaced market activities. In principle, there are various reasons for assuming that a rise in policy rates would revive interbank market activity. First, very low levels of interest rates may drive financial intermediaries, such as the money market funds, out of the market. Second, institutions without access to the deposit facility have to place funds with Eurosystem counterparties at interest rates below the deposit facility rate. At the current very low rates, these institutions may try to withdraw the funds from the accounts with their custodian bank, thereby reducing the supply of funds and potentially increasing banks' funding costs. Therefore a rise in the policy rate may help to revive money markets by bringing back important financial intermediaries.
At the same time, as I have argued before, higher rates may negatively affect the balance sheet positions of some banks. If this reintroduces asymmetric information in the interbank market and adverse selection through the exclusion of less reputable counterparties, the current market fragmentation and relatively low trading volumes may persist or even be magnified. Funding costs in the wholesale market may increase asymmetrically across euro area constituencies. Here, the best remedy is to restore full confidence in bank balance sheets through appropriate supervisory action.
A quantitative assessment of the impact of selected macro-financial scenarios
Let me turn to the final part of my presentation and look at some quantitative assessments of the various risks related to the current low interest rate environment. These assessments are based on the regular forward-looking solvency analyses conducted at the ECB. (CHART 4): I would like to discuss the results for four scenarios, including a current baseline scenario. The three alternative scenarios are related to a possible return of risk aversion and a rise in interest rates in various market segments:
A worsening of the sovereign debt crisis. This scenario assumes a permanent rise in euro area long-term sovereign bond yields due to low growth and delays in the implementation of fiscal and structural reforms. The increases are country-specific and range from zero impact to 370 basis points across countries. Further effects on the entire yield curve and other asset prices, notably equities, are taken into account.
Funding stress scenario. This scenario assumes the emergence of funding difficulties for banks in stressed countries that would arise from deposit outflows and reduced access to wholesale funding markets. This would imply higher interbank and customer loan rates. It would also induce banks to restrain their lending in order to comply with loan-to-deposit ratio targets – also in the light of the upcoming Basel III liquidity requirements.
Increased risk aversion. This scenario investigates the risks arising from a global unwinding of the search for yield. It assumes an abrupt increase in investor risk aversion worldwide, which results in stock price declines and a marked increase in corporate bond spreads, thereby raising interest rates in the more risky market segments. This would trigger a recession in the United States with negative implications for the global economic outlook.
The details of these scenarios and the underlying methodologies are discussed in detail in the latest ECB Financial Stability Review from May 2013. Just let me say that they are designed to account for a number of transmission channels and the size of the shock is based on historical evidence.
(CHART 5) The scenarios generate a rich set of results, but let me focus on the implications for bank capital. Under the baseline scenario, the core Tier 1 capitalisation of euro area large and complex banking groups would increase from 11.2% in the fourth quarter of 2012 to 11.3% by the end of 2014.
Certainly, with regard to the findings of the adverse scenarios, they crucially depend on the implementation details of the individual scenarios. Nevertheless, we observe that a scenario configuration involving a rise in interest rates and asset price declines would in general tend to exert a negative influence on banks' solvency positions.
This being said, the decline in the large and complex banking groups' core Tier 1 capital ratios under the adverse scenarios is found to be relatively mild, which is a sign of resilience among the largest euro area banks, also reflecting significant capital raising efforts in recent years. Specifically, the average core Tier 1 capital ratio would decline by 0.4 percentage points in the funding stress scenario, by 0.6 in the sovereign debt crisis scenario and by 1.1 in the global risk aversion scenario. However, the average numbers mask some dispersion across euro area countries.
This analysis is focused on the banking sector. The situation in the euro area insurance sector differs somewhat. Insurance companies are also to some extent exposed to risks from shifts in sovereign bond yields and global risk aversion. Forward-looking analysis of the assets and liabilities of the euro area insurance sector indicates that the impact of these risks would remain limited due to comfortable capital buffers. For the euro area insurance sector, low yields on highly rated government bonds can constitute a solvency risk in the medium term. This holds in particular for those jurisdictions where a market-consistent approach to the treatment of liabilities is pursued. In this case, balance sheets are not only squeezed by the low profitability of assets, but also by the high value of liabilities. Although currently limited to only a few euro area countries, the liability effect will gain in importance on the eve of the introduction of the Solvency II regime.
Conclusion and lessons for policy
Let me conclude.
Monetary policy has to support the economic recovery while avoiding another build-up of excessive financial imbalances, and there should be no trade-off between these two objectives.
The monetary policy stance of the ECB will remain accommodative for as long as needed, and we will look with an open mind at standard and non-standard monetary policy tools if warranted by the outlook for price stability. In particular, we have to ensure that our effective monetary policy stance, as measured, among other indicators also by the term structure of money market rates, remains aligned with the Governing Council's assessment, and with the outlook for price stability.
The financial system should however be able to operate under a different constellation of yields. The current period of low interest rate should be used to prepare for it. A number of actions are needed that cut across policy domains and in many cases will take time to bear results. They should be high on the policy agenda.
Let me highlight three of them, for which monetary policy cannot substitute.
First, bank capital and liquidity buffers should be sufficient to withstand a normalisation of yields in all market segments. In Europe, this can be achieved within the framework of the banking union. Before the start of the single supervisory mechanism, the ECB and national supervisory agencies will conduct a balance sheet assessment that provides a health check of euro area banks, with adequate peer review and drawing as necessary on third-party expertise. A comprehensive stress testing exercise will then be launched in cooperation with the European Banking Authority that covers a wide range of scenarios. Prior to these exercises, a credible backstop facility needs to be in place that can address potential capital shortfalls in banks' balance sheets.
Second, regulatory measures aimed at curtailing excessive bank leverage, mitigating duration risk and avoiding excessive maturity transformation are needed to complement capital adequacy rules. Both the leverage ratio and the net stable funding ratio (NSFR) of Basel III are still under review, but the leverage ratio will be disclosed from 2015 and the Basel Committee on Banking Supervision remains committed to introducing both ratios as minimum requirements in 2018, subject to a review period and proper calibration. I look forward to the outcome of the relevant work of the Committee.
Third, governments that are lagging in their effort to consolidate debt and deficits should keep in mind that the current levels of yields cannot be taken for granted and that yield normalisation could take place in a differentiated way across jurisdictions, renewing the fragmentation of euro area capital markets.
Thank you for your attention.
[1]I wish to thank Gerhard Rünstler, Christoffer Kok and Matthias Sydow for their contributions to these remarks. I remain solely responsible for the opinions contained herein.
[2]See Stein, J. C., 2013, Overheating in Credit Markets: Origins, Measurement, and Policy Responses, speech held at a research symposium at the Federal Reserve Bank of St. Louis, 7 February 2013.
[3]See, e.g., de Nicolò G. et al., 2010, Monetary Policy and Bank Risk Taking, IMF research department mimeo.
[4]See Rajan, R.G., 2005, Has Financial Development Made the World Riskier? Proceedings, Federal Reserve Bank of Kansas City, August, 313-69.
[5]See Adrian T. and Shin H.J., 2009, Money, Liquidity. and Monetary Policy, Federal Reserve Bank of New York Staff Report No 360.
[6]One study used the volatility index (VIX) to test for the dynamic links between monetary policy, stock market volatility and risk aversion. It finds that lax monetary policy decreases risk aversion in the stock market after about nine months. This effect is persistent, lasting for more than two years. Moreover, monetary policy shocks appear to account for a significant proportion of variation in risk aversion. See Hoerova M., Bekaert G., Lo Duca M., 2013, Risk, Uncertainty and Monetary Policy, Journal of Monetary Economics, forthcoming.
[7]Another study found similar effects for loans. Low short-term interest rates soften credit standards for household and corporate loans, but especially for mortgages. This softening can be amplified by securitisation activity and weak supervision of bank capital and is more pronounced if policy rates remain low for a prolonged period. See Maddaloni, A. and Peydró, J.-L., 2012, Bank risk-taking, securitization and low interest rates, ECB Working Paper No 1248.
[8]This is best understood if one decomposes the risk premium into a price and a quantity of risk. The quantity of risk reflects the country-specific economic and fiscal situation. The price of risk instead reflects the general conditions on financial markets. Even if the quantity of risk remains constant, an increase in the price of risk may lead to a generalised increase in spreads. See, e.g., Manganelli, S and Wolswicjk, G, 2009, What drives spreads in the euro area government bond market?, Economic Policy, 58: 191-240.
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10 Safety tips
Don Palmer is a master coach in advanced road and racetrack driving techniques. In short, he's one of the very best drivers in the world. His philosophical approach will help you become a safer driver.
1. Be alert
If we think of rules as guidelines, rather than strict commands, we know when they are and aren't applicable. Always allow yourself the flexibility to choose the most appropriate response to any challenge faced.
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Remember, it's not just about the vehicle. Be aware of your environment, the type of car, and the specific skills required. Perfect your concentration and awareness when behind the wheel, and your skills will fall in line.
3. Control your fear
It's instinctive for us to let fear take control when we meet a challenge on the road. However, building the right beliefs about driving confidence will allow logic and good practice to dominate any challenges.
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There are 3 types of driver: those who have their own crashes, those who get involved in other peoples crashes, and people who simply don't have them. 'Good' drivers can still crash – it's more important to be safe.
5. Don't distract yourself
Make use of your surroundings. Don't just listen to the radio and keep an eye out for speed cameras – look ahead for potential hazards and they won't catch you by surprise.
6. Expect the unexpected
A better overall understanding of the road means that you will be able to spot precursor events leading to a potential accident. Always remember that a crash doesn't have to be inevitable.
7. Take it slowly
Fast driving belongs on the racetrack. Travelling at an easy, sensible pace gives you plenty of time and distance to respond to anything you may encounter.
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9. Be a smooth operator
Handle your steering and brakes with care. Steer firmly but gradually, avoiding harsh movements. An increased awareness means that you can brake earlier, and with a smoother motion.
10. Know your limits
Without completing an advanced driving course, there's only so much you can know. It's important to understand the limits of your skills as a driver, and knowing not to push them.

subset: commoncrawl


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Recent Listing Reviews
Buy Memphis Now
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My First Turnkey Investment Property
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Very Solid and Straight Forward Purchases from Buy Memphis Now
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Fantastic First Time Experience
- RyanJ reviewed 8 years ago
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This was my wife and I's first home purchase. We live in an area that is very expensive so we decided to make an investment in a Memphis property, as we have a friend who has gone through the process a few times and done well. With our friends recommendation, we worked with Curt Davis at BuyMemphisNow. Our experience was nothing short of fantastic! Curt is a person of honesty and integrity. He did a great job of walking us through the process step by step. The entire time he had excellent communication. We never felt left in the dark and did a great job of sharing pictures showing the progress of the renovation. I can't recommend Curt enough! He is does business as a total professional and really embodies that nice Southern Hospitality.
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Highly Recommend BuyMemphisNow!
- Davidahodge reviewed 9 years ago
I recently closed on my first Memphis property, which I purchased from Curt Davis at BuyMemphisNow. I could not be happier with my decision to buy through Curt! From day one, he came off as genuinely wanting to help me find my perfect investment property. There was never any pressure or hype. He was always available for any questions and extremely prompt! On one occasion, I emailed him a few questions from my car after arriving at work. By the time I got to my desk (5 minutes later), he had already responded. Curt provides a top notch product and excellent service! I would recommend him to anyone considering buying in Memphis.
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First time investor
- JackieMLA reviewed 9 years ago
I had first contacted Curt at Buy Memphis Now in July of 2015 and closed on a property in October of 2015. Note:This was my first investment property and I live in another state (California). My priorities for my first investment property were to 1) stay within budget, 2) close quickly and 3) have renters at or soon after closing; all of which happened.
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Just closed on a home with Curt and Buy Memphis Now
- alimoyni reviewed 9 years ago
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Great Experience and process was very very smooth!!!
- dranchez reviewed 9 years ago
Curt Davis and I first met on the phone be it that I was an out-of-state investor. He was very knowledgeable about the Memphis market. He listened to my objectives and criteria in an investment in a couple of days Curt had emailed me the profiles of 3 different properties. Over the weekend I had done my due diligence and by midweek, we had the contract signed for property in a wonderful neighborhood. Curt had touched base though the whole process. One thing, Curt Davis and buymemphisnow.com was a one-stop-shop for everything needed for real estate investing in Memphis. The property was priced to where you had equity at closing, with a tenant already in place by closing, with a 2 yr lease, and >$200 +cashflow. A 3rd party inspection found a couple of issues in which all were addressed. AWESOME!!! Thanks for all your help!!!
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Fantastic to work with
- justinb reviewed 9 years ago
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Out of State Investor
- BooBooBear reviewed 9 years ago
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As an out of state investor I have worked with Craig Jennings and Curt Davis for almost 7 years now and I am very thankful to both of them for all that they have done for me and my friends that I have referred to them!
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- SonnyS reviewed 9 years ago
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Over the last few years, I have purchased several properties from Curt and Craig. Curt has always gone above and beyond my expectations, being prompt and honest in my dealings with him. Any minor issues have been quickly resolved to my satisfaction. Closings have always been fast and uneventful, and my properties have been profitable as advertised. Rehab prior to the purchase has been performed in a manner that requires minimal maintenance over time.
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All of my properties are under management with their management partners. Communication is great, vacancies are low, and long-term leases the norm. I have had no complaints whatsoever.
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I have been doing business with Curt Davis for over six years. I have purchased several houses from him. He is a great guy!!
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Investing simplicity
- jpm64 reviewed 9 years ago
Curt and Craig came highly recommended by an advisor and they have not disappointed me once. I was very apprehensive at first as I thought investing in real estate was going to be a big hassle. However, Curt made the whole experience very simple and easy with no pressure and no worries. He is a great source of information and assistance. He responds quickly. I am very happy that we have worked with Buy Memphis Now and I would highly recommend them to anyone else thinking about this type of investment.
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Excellent Company and People
- Nowell.Wisch reviewed 9 years ago
I have a number of properties under management by Curt and company. They have given me high returns, have taken excellent care of my properties and do the one best thing a property management company can do, they make things easy and simple. I didn't rate the accuracy of their numbers because I just assume they are accurate and honest. They have given me no reason to doubt them. If I have enough money to continue to purchase properties, I will purchase through them. Strongly recommend them. No reservations... only kudos!
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Quality Rehab, Strong Neighborhoods, Consistent Returns
- eboomer2611 reviewed 9 years ago
I have worked with Buy memphis Now on several property purchased in Memphis. I found the team especially Craig Jennings and Curt Davis to be highly effective, honest, and committed to creating investor win-wins. They take the time to understand what your specific and strategic objectives and investment profiles are and then work with you diligently to find the right properties for your portfolio. I found that the properties had solid rehab work which has led to minimum maintenance and that they delivered properties in quality neighborhoods at prices that had allow investors to earn an attractive return without having to take the risk of going into more questionable areas. My feel is that their internal margins are very reasonable and as such they pass along pricing that is more opportunistic for investors and there strategy is to make their income through repeat sales and lower internal operating costs than by trying to make a lot of profit on each individual property - something that I respect a lot. The process was seamless, well-managed, with minimal hassles and there property management partner is excellent. I highly recommend them to others.
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Master's Program
Graduate Degree in Sport Administration
This program provides students with the knowledge, skills and experiences that will enable each individual to become successful professionals in the field of sport administration.
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This program also requires a culminating experience: an internship, research project or thesis.
Prerequisite Coursework
Undergraduate degree preparation may be in a number of fields. Dependent upon the coursework selected by the student and their adviser, certain specific undergraduate coursework/experiences may be necessary. A minimum overall GPA of 3.00 is necessary for unconditional admittance. Applicants who have an overall GPA below a 3.00 MUST submit a standardized test score such as the Graduate Record Exam, Miller Analogy Test, Graduate Management Test, or some other approved equivalent standardized test.
The student and/or faculty may request an interview prior to admission to the program.
(Graduate coursework completed at other institutions may be considered for transfer consistent with University and College Guidelines. Application for transfer hours should be submitted along with the regular application materials. Substitution(s) of coursework is allowed, but not encouraged, using the "Request For Adjustment in Student Program Requirements" form, which must be approved by the student's advisor, the Graduate Coordinator and the School Director.)


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In the midst of the Second World War, Joplin was inundated with soldiers from nearby Camp Crowder, a war driven demand for lead and zinc, and approximately 10 inches of rain within 36 hours in 1943. The 1943 flood affected most of Joplin with the area of "Main and Joplin streets from Fifth to Sixth streets" suffering the worse damage in the business district. The May flood was described by the Joplin Globe, "One man was missing and believed drowned, hundreds of families were temporarily homeless, whole communities were isolated. Joplin's water system was menaced, and thousands of acres of land were inundated last night as the most devastating floods this district ever experienced swirled over southwest Missouri and the Tri-State district in the wake of unprecedented rains."
Below are two photos of Joplin at the time of the flood, click on either image for a larger version.
Thank you to Dan Bell for sharing the photographs with Historic Joplin! We invite anyone to share scans of their Joplin photos, documents, or other items with us and we will be glad to share them on Historic Joplin with others interested in the city's fascinating history.


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The Trump administration cannot withhold federal money to punish local governments for their noncompliance with immigration authorities, according to a ruling by a federal judge in California.
In an order announced Monday, Judge William Orrick permanently blocked the policy, issued as one of President Trump's earliest executive orders, ruling it was "unduly coercive" and violated the separation of powers.
"The defunding provision instructs the Attorney General and the Secretary to do something that only Congress has the authority to do – place new conditions on federal funds," he wrote.
The judge had previously issued a temporary injunction blocking the policy, as did a judge in Chicago. "This order plows no new ground," Orrick wrote — although this injunction, unlike the previous ones, is permanent.
In the controversial executive order, signed in January, Trump sought to deny federal funds to so-called "sanctuary cities." Those are jurisdictions that refuse to share some information with federal immigration officials, as a way to partially protect some people who are in the country illegally.
Trump's order said such jurisdictions "are not eligible to receive Federal grants, except as deemed necessary for law enforcement purposes." In response, multiple jurisdictions sued the Justice Department, including the city of San Francisco and the county of Santa Clara.
The city and county alleged that the executive order was overbroad, unconstitutionally coercive and "void for vagueness."
The federal government maintained that a follow-up memo from the attorney general clarified the policy and limited its scope. In that memo, Jeff Sessions wrote that the executive order only applies to grants administered by the departments of Justice and Homeland Security, not all grants, and can't be applied in any way that would violate constitutional authority.
Judge William Orrick ruled against the federal government, writing that the executive order was "unconstitutionally broad" in its effect and evidently coercive. He noted that Trump has called the executive order a "weapon" to wield against cities.
And he rejected the idea that the attorney general's memo made the executive order constitutional.
Orrick called the memo an "illusory promise," a non-binding document with an "implausible interpretation" of the order, which "does not change the plain meaning" of Trump's words. Because the order "is unconstitutional on its face," the judge said, a nationwide injunction is "appropriate."
Department of Justice spokesman Devin O'Malley responded in a statement, saying, "The District Court exceeded its authority today when it barred the President from instructing his cabinet members to enforce existing law. The Justice Department will vindicate the President's lawful authority to direct the executive branch."
In August, Ryan Lucas reported for NPR on some of the "sanctuary city" policies and federal grants at the heart of this dispute:
"The sticking point over the local law enforcement grants centers on two new conditions the Justice Department has placed on the program: It wants jurisdictions to give federal immigration authorities access to their jails and to provide at least 48 hours' notice before releasing an undocumented immigrant in custody.
"Some localities refuse to do so. They say they have policies in place that prohibit them from handing over immigrants to federal immigration officials without a warrant from a judge. They also say the DOJ's new conditions would make members of immigrant communities less willing to come forward and cooperate with local law enforcement for fear of being deported.
"Local officials use the grants for a range of things, from hiring more police officers to buying new police cars, computers and even bulletproof vests. Some communities use the money to fund public safety programs to help, for example, at-risk youth or to combat drug use."
Copyright 2021 NPR. To see more, visit https://www.npr.org.


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Sharon is using her vacation days to murder our children. I am certain of this.
Back in May, she unfolded a map across our dining room table, mindless of the syrup drops and those tiny, dried end-bits of steamed broccoli that somehow escape from our children's dinner plates like green photons from an alien sun.
"What is this?" I asked.
"A summer idea," she said. "To murder our children," she did not say, but it was understood.
The map was of the Rocky Mountains, specifically a four-day, 27-mile backpacking loop that began and ended at the North Inlet trailhead and crossed the continental divide somewhere in between.
"You're insane," I said.
"Hear me out," she said, then proceeded to outline her idea to fly to Colorado and take our three girls, ages 10, 10, and 15, over the Rocky Mountains with nothing other than the things we could carry on our backs. She summed it all up with, "It'll be [a] fun [way to murder our children]!"
"There's just one thing..." she added, pointing to the center of the map. "You see this section? From tree line to tree line?"
"If a thunderstorm comes while we're in that section, we'll die."
"How often do thunderstorms come to that section?"
"Usually every afternoon."
"I see. And how long is that section?"
"Seven miles," she said, as casually as you or I might say seven blocks.
"Seven miles?"
"Yep. But half of that is down the mountain!"
"And the other half?"
"Up the mountain."
I looked at her to see if she was serious. She was. So I did the only thing I could. I agreed to help my wife murder our children with the Rocky Mountains.
North Inlet Creek
The first part of the trail was not particularly murderous. The five of us and my brother-in-law David spent the night a few miles from the North Inlet trailhead at Summerland Park, where everybody got a quick lesson in burying their own poop and the not-exactly-clear color of filtered stream water.
From Summerland, it was eight miles to our next campsite, most of it flat until the very end when the trail climbed over 2,000 feet to the July campsite, just shy of the treeline. This was nobody's favorite part, though the views did not suck.
Almost there.
For whatever reason, most of you will never be hiking this trail. Maybe you love your children, or your feet, or you know how to say no to your wife when she comes up with stupid ideas, but for those of you who follow my our footsteps and camp at July, halfway up Flattop Mountain, know this: Don't stop at the first campsite. Or the second. You will think I'm crazy because you've hiked so much already, but trust me and keep going to the third campsite. It's easily the prettiest site I've ever pitched a tent:
The view from my tent vestibule. To the girls' delight, the rocks were swarming with pikas.
And if you're lucky, a visitor might wander through your campsite, too.
Victoria saw it first. She screamed MOOOOOOOOOOOOSE! It's not a moose.
Day Three was mountain climbing day. Over the top day.
Murder day.
This is probably as good a time as any to say that three weeks before this trip Kathryn broke her pinky toe and, exactly 10 days before we set out from the trailhead, Sharon was having her right knee aspirated after a piece of her arthritic bone broke off and caused it to swell to the size of a cantaloupe.
Either one of those things would have been reason enough for me to call off the trip, but nothing stops my wife when she has a plan.
We saw exactly two people as we crossed Flattop Mountain, which was perfect for a murder, but as slow as we were, the clouds never gathered. The afternoon thunderstorm never formed. We courted the lightning and it politely demurred. At one point, I asked Sharon if she'd like me to lift up the smaller of the twins to bring her a little closer to the sky, but she just shook her head and trudged on, a broken woman.
She walked down the mountain in silence. Even the discovery of a pit toilet along the trail wasn't enough to raise her spirits.
We camped that night at Tonahutu Meadows.
If the Lord of Light won't take you, I might as well do your hair.
Day Four was a blur. Another morning of oatmeal and instant coffee, then nine miles of hiking down the Tonahutu trail to the car listening to my stomach growl rather than eating the god-awful things my kids called "taquitos" but were really creamy peanut butter rolled inside flour tortillas. Finding backpacking food that all generations could agree upon was not the easiest task in the world. I'm pretty much done with peanut butter for the next year, and my girls still haven't yet developed a taste for a dinner of dehydrated whisky crystals.
Trail notes:
- Total distance: 27 miles (43.5 km)
- Starting elevation: 8,540 ft (2,600 m)
- Highest elevation: 12,324 ft (3,756 m)
- Total elevation gain: 3,784 ft (1,156 m)
Gear notes:
- It gets cold at night and above the treeline. Pack jackets, gloves, and hats. If you have anemic 40 degree sleeping bags, I recommend thermal underwear.
- The twins carried just their basics: Sleeping bags, a ridge rest, their thermals, hat & gloves, and a pair of flip flops for camp shoes. Total pack weight just under 15 lbs.
- Kathryn's pack came in just under 20 lbs.
- All food and scented products need to be stored in bear-proof canisters while in the backcountry of Rocky Mountain National Park. We rented two expedition-sized carbon fiber ones from Wild Ideas. They were HUGE and we filled them. Each weighed approx 18 lbs full.
- For water filtration, we used a Platypus 4L GravityWorks, which was excellent and easily able to keep up with the needs of six people. Water was plentiful and available everywhere except between treelines on Flattop.
- All our campsites were stove-only (we used a Snow Peak GigaPower, and it handled the wind and elevation wonderfully), so without a campfire to sing around, it was paramount to bring something to entertain the kids in the evenings while the adults snorted lines of whisky crystals. Lightweight travel games/cards worked great.


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What Is Abstinence?
Abstinence is choosing not to have sex.
How Does Abstinence Work?
Abstinence (AB-stih-nints) is the most effective form of birth control. If two people don't have sex, sperm can't fertilize an egg and there's no possibility of pregnancy. Other forms of birth control:
- depend on barriers that prevent the sperm from reaching the egg (such as condoms or diaphragms)
- interfere with the menstrual cycle (as birth control pills do)
With abstinence, no barriers or pills are needed.
Even people who have previously had sex can and do practice abstinence. A person who has been having sex can still choose abstinence to prevent pregnancy and sexually transmitted diseases (STDs) in the future.
How Well Does Abstinence Work?
Abstinence is the only form of birth control that always prevents pregnancy. Practicing abstinence ensures that a girl will not become pregnant because there is no chance for sperm to fertilize an egg.
Many other birth control methods have high rates of success if used properly, but they can fail occasionally.
Does Abstinence Help Prevent STDs?
Abstinence protects people against STDs from vaginal sex. But STDs can also spread through oral-genital sex, anal sex, or even intimate skin-to-skin contact (for example, genital warts and herpes can spread this way).
Complete abstinence is the only way to guarantee protection against STDs. This means avoiding all types of intimate genital contact. Someone practicing complete abstinence does not have any type of intimate sexual contact, including oral sex. So there is no risk of getting an STD.
Abstinence does not prevent HIV/AIDS, hepatitis B, and hepatitis C infections that can spread through nonsexual activities, like using contaminated needles for tattooing or injecting drugs or steroids.
Who Practices Abstinence?
Peer pressure and other things sometimes can make it hard for someone to decide to practice abstinence. But the truth is, many teens don't have sex. Abstinence also can give someone time to think about and grow an emotional connection. Having sex can change a relationship, and it's completely normal to not feel ready for that or the complicated feelings it can bring.
So don't let teasing or pressure from friends, a girlfriend, or a boyfriend push you into something that's not right for you.
Choosing abstinence is an important decision — and yours to make.
What Else Should I Know?
If you have questions about making this choice or about other birth control methods, talk to a trusted adult. If you feel you can't talk to a parent, reach out to a teacher, a counselor, a doctor, or a school nurse who can provide answers.


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in a flash
of support
Amazing quality and design! I am 5'1" and bought a rooftop box for my vehicle... how in the world can I reach it without lugging around a step stool for the rest of my life? In comes this genius door step! Holds up to 400lbs, and I believe that. I can fit both feet on the step, enough to feel sturdy. Side note - on my vehicle at least (2016 Hyundai Tucson), the front door jamb is pretty vertical, while the back is at an angle. I would not use this on the rear doors, because I feel like weight would crumple the skin of my car, and not because of bad product design but rather just because of the angle itself. Don't hesitate if you're thinking about buying this!
I too, was skeptical about purchasing this step for my Subaru Forester, since I had read about the damage people claimed it caused to their vehicles from the screws at the attachment point. I figured I would just buy them to check for myself. Well, as you can see from the pictures, the screws don't even SHOW at the attachment point on the vehicle! The pictures I saw look quite different from the item that I have. Perhaps the company modified them and put out a different version. I can't explain that, but I can say that I am 100% pleased with my purchase and most of all, no damage whatsoever to my car.
I used to carry a folding step with me to get up into the rooftop carrier on top of my Subaru SUV. This doorstep gets me higher for great access to my carrier. It is perhaps a little too high, but that is OK. I step on the door jam of the car then up onto the doorstep with the other foot. Feels very solid and secure. There is a layer of rubber where the step is next to the car so that the car's door jam does not get scratched. It can be used on the front or back door, so great access to the full carrier without having to reach too far. It folds very small so that I can store it in the driver's door storage compartment for easy access.
Very quality item, large enough for both feet . It can easily sit level by simply raising it a little, it doesn't have to be on the hook portion to hold securely , I have a 2001 landcruiser with a roof rack and was having to stand on the window opening to fully access the rack. This lets me step up from the door jamb and easily reach the rack . I can use it on front or rear doors easily. I opted for this over the cheaper folding units after seeing one a friend had bought and was impressed by its quality. This is a item that should last a lifetime
This is as simple a solution to a problem that there ever could be. In other words, it is BRILLIANT! I have a 2018 RAM 3500 Crew Cab Diesel Dually with a roof rack. It is the size of an elephant and I am a whopping 5'4". Accessing the roof rack is easy peasy with this doorstep. It is sturdy and secure. A complete no-brainer if you need to be about 2 ft. taller than you really are, LOL.
I purchased this for my 2019 Jeep Wrangler JLU Rubicon and it works perfectly. When I have my Thule carrier on top I can access it with ease, love it! This thing is solid. I had not problems with it scratching my door jamb at all and putting it on an off was a breeze. I'd recommend this to anyone!
Bought 2 of these to use on my JK Jeep as a step to help the height challenged open up the roof top tent. They are solid and I can place 2 feet on them. Really worked well! I considered the other styles, but solid aluminum and the fact I can get both feet on them was the selling point even though they Are pricey.
Fantastic design and beyond sturdy. Addressing the dent complaints... I attached an eighth-inch-thick, furniture floor pad over the screws. Works peachy; no dents. Love this product; just ordered a second for my Highlander.
I bought this because it looked very practical however it doesn't fit my Tacoma nor the VW Tiguan. Appears very well build and would be easy to use. Certainly more efficient than a stool and easier to store. Alas, the beefy manliness of the product does not fit my less manly vehicles.
Wow! I have been carrying around a mini ladder to get my kayaks on top of my 4 runner. I bought two of these and it is one of the best purchases I have ever made. These little steps are so easy to use and are sturdy even when I am standing in them in flip flops. They allow me to stand high enough that my waist is at rooftop height allowing me to have two hands and all my upper body strength to pull my kayaks up. Thanks to these I can load two by myself or with minimal pushing assistance from my 10 year old son. When I started kayaking I kept searching "kayak accessories" and "cool things for kayak". I also watched numerous YouTube videos on how to beat load your kayak. No one used or mentioned these amazing things! I am not sure how to post videos to YouTube but someone please do one and get the word out on these amazing and super easy steps! Do the world a favor. They should pop up on the internet at the top of the search list for loading essentials. No more balancing on your seat and back tire awkwardly trying to balance and pulling up your kayak while scratching your car. Those days are gone with this cool step. The only thing I have to say that I don't love is the price. $44 was a little steep for a step but it is heavy and of very sturdy quality. I do not regret this purchase one bit
Not the cheapest, but very sturdy, very well made, and didn't want to take the chance with a collapsible door step. Doesn't mark up the door and the longer step allows me to put both feet on it, even if my second foot is half on. I would recommend this door step. Makes getting into our rooftop cargo box easy and I don't have to step on the seats.
2018 Toyota Highlander, Yakima SkyBox on top. I have a folding step that goes over a wheel. This given me more options for entry (four doors, after all) and is higher off the ground.Once you slide it into place push down to make certain it's fully engaged. Now that I see it in person more convinced than ever that getting this over a knock-off was the right decision. Very substantial. I'm 6'2" and 240#. No problem.
Though I've just had this product for a couple of days a week I'm quite pleased with it. This a super buy. I purchased it for my buddy. We were both fascinated with the quality of the. The order actually came promptly and I was quite satisfied. way outdid my hopes. I would greatly recommend this good. admire it so much I am already planning to buy more.
This is not exactly what I was expecting. Very sturdy and I believe that it will hold the amount of weight advertised, but I was surprised that the foot platform was not long enough for two feet to fit on it, more like one and a half mens shoe width! Still, it is far better than trying to stand on the seat bottom bolsters and the door latch to access the roof rack bars of my porsche cayenne !
Easy to use n handier than a stepladder or stool...not for people with balance issues
Good quality footstep! There is a protection to avoid damage, the product is well packaged. Thank u!
The purchase arrived really fast! And it was exactly what i need to clean my car roof in winters!
Bought this to use with my Subaru Outback. It's a much better solution than carrying a step ladder around. However on my vehicle it is only useable on the front door latch, because the rear passenger door latch catches are bolted at a slight upwards angle
this footstep is really what I wanted, comes quite handy in many situations. thank you!!
this is a fairly good price for universal car footstep which you cant just find anywhere, i dare say. given that the quality is superior, this is really a bargain
Now I know here to find a car footstep online for a great price! Thanks to the seller
I'm 5'1 and this has come in handy several times already - when installing my cross rails and also my ski rack. It's super easy to use and feels very sturdy when I'm standing on it.
If you have small feet you can get two on the platform; otherwise you'll only get 1 1/2 or less feet on the platform. Still, its handier than anything else I've ever found.
This is a very well-made product with ample space for both feet to step on. I like that it has a rubber padding to prevent scratching on the paint. I'd have given one more star if not for it being not absolutely flushed with my Jeep wrangler JL but upon testing it for a minute or so, it still holds up. I'm keeping this product despite the little flaw. To be fair, not really a flaw but more so because of each vehicle's different configuration, is all.
On all orders
No questions asked return policy
We're always there for you
Worry-free shopping


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Good morning Crafter's and welcome to Charisma !
you to everyone who entered the last challenge as always there were
some awesome entries. it never ceases to amaze us how talented everyone
This time it's Team A's challenge!!
Our Theme for this fortnight is ...
Wedding Annivesary
Our Theme for this fortnight is ...
Wedding Annivesary
As always we have some fantastic sponsors...
The lovely company Freckled Fawn!
Freckled Fawn
The lovely company Freckled Fawn!
Doe and Deer manage Freckled Fawn.
They currently have over 300 washi and deco tapes--a perfectly addicting embellishment for all your crafty endeavors.
Prize two free digi's
Let's see what inspiration Team A have for you this time.
Delicious Doodles is a young company with myself,
Teri, as the Sole Trader/Designer.
I have doodled and sketched all of my life.
I started making greetings cards when my last child was born, and used
my doodles on them as I couldn't find what I wanted in the usual craft
I only started selling my images in the Autumn of 2009.
I design and hand/mouse-draw all of the images that are sold in the
Delicious Doodles Shop. Some are cutsie animals, some are sketched
flowers, there are a few men's images, fairies and also some 'darker'
images featuring vampires, skulls and Gothic stuff, something for
Why not pop over and take a look.
Who are offering 4 digis of the winners choice!
Let's see what inspiration Team A have for you this time.
Thanks to all the team for their beautiful creations!
You have until Wednesday 3rd September at 7:30pm UK time to add your creation to our linky system!
You have until Wednesday 3rd September at 7:30pm UK time to add your creation to our linky system!
The Design Team will be popping by to see your fabulous work!
*Please NOTE Our RULES*
*No more than 10 challenges linked Inc ours
*No more than 3 entries per person per challenge
*Must be linked back to the challenge blog
*Must follow this weeks theme/recipe
*Must be linked to your blog post not just your blog pleasey :-)
*New work only: anything blogged before the challenge goes live will not count!
*Sorry but any entry not following rules will be deleted and not eligible for the


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[2021 UPDATE: I have since recanted this position. But I leave this essay up for any dubious historical value it may hold.]
On Monday night, I discovered quite by accident that a midlist author had blocked me on Twitter. Not unfollowed, but blocked. This had come after nearly a year and a half of mutual help and steady correspondence. In recent months, this author confided to me about his problems. I made several gestures to meet up with the author on his next trip into the city so that we could talk about this in person. I believed in his talent. I knew a few people who could help him out.
After I had interviewed the author before an audience, we pledged a get together. He didn't respond for weeks. He had secured what he needed. Now I could be dropped. It was probably impetuous of me to conclude this, much less assume that the author was capable of responding to email or even following up on his many pledges while on the road. On the evening that the author next rode into town, the two of us exchanged hostile words through that woefully unsubtle and impulsive form of communication known as email banged out on smartphone keyboards. Neither of us came across very well. Shortly after this, the author's wife, who had a much wiser head about the way men emote than the two foolhardy men here in question, sent a diplomatic email trying to find out what happened. I thanked her for her email and explained my frustrations, apologizing for my part in the exchange, and pledged a cooling off period. Weeks later, I discovered that the author had blocked me on Twitter. He had also blocked my longtime partner, who had no role in the dispute whatsoever.
I know that I behaved badly and the reasonable email from the author's wife helped me arrive at that conclusion. I also recognize that nobody is under any obligation to follow anybody. But isn't blocking over the top? Pushing the online world's answer to the big red button is something one reserves for a cyberstalker, a full-bore troll, a spammer, or a truly dangerous individual, not a former acquaintance that you had a vitriolic spat with.
Yet the power to block people on social media over pedantic offenses has encouraged many otherwise sharp blades to push down their capacity for tolerance and ratchet up the fear. It's a remarkably contemptuous response to the paradoxical nature of existence. For who among us hasn't uttered rash words or muttered moronic quips? The block button is free speech's answer to the gun-toting libertarian who holes up in his bunker, claiming that he doesn't need government services to put out the fires or stop crime or service the highways or take out the trash or maintain the sewers. It is an ideal that sounds noble in theory, but is precipitous in practice. As Jacob Silverman argued in Slate back in August, offense or disagreement doesn't have to be toxic.
In writing this essay, I don't wish to make the same mistakes that New York's Nathan Heller did two weeks ago, approaching this complicated subject from a privileged and blinkered position. Back in May, Richard Cooper pointed out how Twitter media bigshots shut down their critics. This was followed in October by a lengthy post from Neil Bomb'd about how comedians employed their fans to bully detractors in numbers. This week, Chris Brown and his followers attacked Jenny Johnson on Twitter with deeply misogynist remarks. There are also Laurie Penny's ongoing reports about the sexual bullying of women and girls online, the IDF's recent aggressive use of Twitter to foment ideological conflict, and sites which pilfer pictures from social media in the name of scummy extortion.
The block button is the very instrument which has permitted these many unpleasant online conflagrations to flourish. It is a poor and inefficient mechanism that has deigned to place judgment in the hands of the users, but that has mostly encouraged our worst instincts and clearly not learned from history. It was the hideous phrase "blocked for stupidity" which attracted Cooper's notice. Bomb'd reports that a user named MissSpidey tried to report abusive users to seek understandable redress. She became suspended from Twitter for "aggressive blocking." Not only does the block button incite users to feel anger and retaliate when on the receiving end, but it can't even be properly used in its native mode.
I believe that getting beyond all this will involve either extirpating the block button from our social media interfaces or resorting to more enduring human qualities that don't require any particular software platform. As I noted back in August, it isn't an epidemic of niceness that's the problem, but a paucity of kindness and respect. If we can stop erecting massive edifices that get in the way of conversations and we learn from the free flow that has permitted a thousand cat videos and a million animated GIFs to bloom, there's a chance of improving how we communicate.
Before the block button granted every individual the power to stub out any vaguely offensive viewpoint from a timeline, there were comment moderators. The comment moderator had the thankless yet invaluable duty of sifting through tens of thousands of comments each month in an online forum, flagging highly offensive or disruptive remarks that went over the line. Not only did this system create a third party that arbitrated disputes and explicated motivations in a respectful and relatively neutral tone, but it permitted users and moderators alike to strike an acceptable compromise between preserving distinct voices and perpetuating a healthy community.
Lessons from 11 years of community (my SXSW 2011 talk) from Matt Haughey on Vimeo.
In a video adapted from his 2011 SXSW talk, Metafilter founder Matt Haughey smartly outlines some vital maxims he learned during eleven successful years of community moderation. He suggests that community moderators refrain from being overprotective. "I mean, we've come to the conclusion," says Haughey at the 4:15 mark, "you know, putting up barriers when necessary, only after they've been permissive for years and years. And I like to think of this as a concert. You know, you don't want your security at the front, between the band and the crowd, pushing the crowd back. That's not really what you want moderators to be. You want them to be kind of part of it. Participants in it." Haughey also mentions in the video that the burnout emerging from constant complaints from users causes moderators to turn into bad cops, losing sight of the initial reasons why they organized the community in the first place. Haughey also says it's helpful to give users a forum to vent and offer feedback.
But as comment moderating power has shifted from third party mediators to individual users, the distinctions that retired community moderator Elliot Guest observed between someone who deviates from the accepted norm, someone who hasn't read the full context and who enjoys tossing out acronyms like "tl:dr," and someone who sets out to instigate chaos for chaos's sake have become mangled. As individual users block with their emotions, anyone even remotely belligerent becomes a troll. Negative feelings perpetuate additional negative feelings. And instead of a thriving democracy, online community deteriorates into little more than a collection of volatile city-states perpetually at war with each other.
It didn't help when many of the Web's rosy pioneers encouraged the block button as it became a more prominent part of online existence. In 2010, Derek Powazek wrote:
I propose that blocking people on sites like Twitter or Flickr should not be interpreted as an insult. I propose that it's simply taking yourself out of someone else's attention stream.
If I block you on Twitter, my tweets no longer show up in your timeline. If I block you on Flickr, my photos no longer show up on your contacts page. In these settings, this is the only way for me to remove myself from your attention.
Not an insult? With all due respect, what could be more egomaniacal than Powazek's "one strike" policy?
If you post a tweet that bothers me for any reason, no matter how small or petty, it's extremely likely that you'll do it again. It's so likely, in fact, that I'm going to save myself the annoyance and just unfollow you now. After all, you're not on My List of People I Must Be Okay With, and I'm not on yours. I'm just choosing to have one less brief annoyance in my day.
I'm bothered by all of this, but it would never occur to me to put Powazek on the same level as George Lincoln Rockwell. That's as preposterous as forcing some drunken lout in a bar to vanish into thin air using a Samsung Galaxy and a pair of chopsticks. It's simply beyond the laws of real world physics, yet faith in online simulacra has us thinking we can bend the rules. Well, it didn't work for gamification advocates like Jane McGonigal and it won't work for social media. The human spirit is too muscular and manifold to be packed into a digital valise.
Moreover, the willingness to write off some figure who tells us something we don't want to hear, and to do this over a mere 140 character message, is nothing less than an irrational and unhealthy fear which fails to account for the distinct possibility that there may be some positive quality contained within the petty annoyances. It is a declaration against outside-the-box thinking, representing a growing incapacity to reckon with vital human realities or topics we may need to think about.
Nobody wants to be told, for example, that the global temperature could rise by 4 degrees Celsius as early as 2060, but it's a very real consideration that even a neoliberal organization like The World Bank has warned against. Suppose that something like this or, for those who still think climate change is a hoax, the indisputable scientific fact that the carbon atom has six electrons is a petty annoyance for someone like Powazek.
At this point, the common fantasy expressed on Facebook and Formspring of being able to block people in real life takes on a more sinister and anti-intellectual quality. It becomes no different from a creationist attempting to block Darwin from being taught in the classrooms or an NYPD sketch artist resorting to racist stereotypes because he has blocked out the possibility that a suspect who killed three Brooklyn shopkeepers is some guy with a moustache. Perhaps most perniciously, it has the result of reducing thoughtful adults to oversensitive sixth graders plugging fingers in their ears and barking "La! La! La! I can't hear you!" at every opportunity.
I'd like to think that most people, including the author I described at the beginning and me, are better than this. Online culture is disastrous in accepting people's faults. It encourages a scorched earth mentality with a single click. What would happen if the people we disliked were allowed in our timelines? Perhaps if other people we trusted were retweeting and referencing these debauched or hopeless souls, we might reconsider our opinion. We might come to know them better, or at least as well as online communication will allow. We might see, as we often do when hanging out with somebody in real life, that one's time on this earth is too short to roll out the howitzer over something small or petty. Kurt Vonnegut once suggested that the most daring thing for young people to do "is to create stable communities in which the terrible disease of loneliness can be cured." I can't think of a more deliberate cancer to court than blocking somebody over a stupid tweet. But until someone comes up with a better idea to manage the trolls, the button remains irresistible.


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Beautifully situated amid rolling hills overlooking Batroun city, with a superb view of the sea, the Project is only a five-minute away drive up from the main coastal Beirut-Tripoli highway.
Located at 300 m above sea level in the green mountains of Batroun Caza, North Lebanon, the project offers a distinguished combination of nature, beauty and functionality. Characterized by an ideal climate with cool summers and moderate winters, the project is ideal for all seasons. Surrounded by trees with an exceptional Mediterranean view, the 177,564 sqm project offers 82 lots, (The biggest lot area is 2,627 sqm and the smallest lot is 1,205 sqm).
Spread over nearly 131,362 square meters of green residential area, the project is designed for a superior but affordable quality of life away from the strains of city life and its pollution. Zoning and building regulations insure constructions of no more than two stories and call for stone facades, red tile roofs and gardens to enhance the project's unique character. A modern and high quality infrastructure will provide electricity, telephone, water and sewage networks. All roads will be planted with tree alignments and spacious public parks will include landscaped playgrounds in a safe and healthy atmosphere.
Updated on June 26, 2017 at 2:49 pm
The Highlands 1169- Batroun


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Advancing environmental sustainability has been saved
Case studies
Advancing environmental sustainability
Leading a green transformation
Deloitte promotes sustainability efforts across its global network and helps clients transition to sustainable business models and practices that will deliver long-term financial growth.
Deloitte's approach to sustainability is twofold: initiatives we champion across our global network to reduce the ecological impact of approximately 210,000 people; and work we do with clients to advance sustainability practices that will help deliver long-term financial growth.
Deloitte's environmental impact is largely through the travel and office needs of a global network of businesses. In FY2014, absolute greenhouse gas emissions remained essentially constant, even though headcount grew by almost 4 percent. This result corresponds to a 6 percent decrease in carbon intensity per fulltime equivalent (FTE) from FY2013. Demonstrating improved eco-efficiency for the services member firms deliver, carbon intensity per dollar of revenue, an indicator that had been relatively constant for the past three years, dropped by 7 percent in FY2014.
As part of our internal network-wide initiatives we have expanded engagement with Deloitte professionals in continual learning on sustainability priorities and practices through monthly newsletters, webinars and other communications tools, for example, our sustainability social media engagement grew by more than 200 percent in the last year.
Other examples of initiatives taken by Deloitte member firms include:
- Deloitte UK's Switzerland offices launched the "Our Green Journey" program focused on delivering environmental excellence. The Zurich office also collaborated with its landlord to develop one of the greenest buildings in Switzerland, which recently gained a LEED Platinum award. The Switzerland offices have also been certified to ISO14001, the preeminent environmental management standard. During the coming year, the Swiss offices are planning a series of green initiatives, from improved recycling facilities and upgraded lighting systems, to rolling out secure printing that requires in-person activation.
- Two years into its second five-year plan to reduce greenhouse gasses by 25 percent, Deloitte China has combined infrastructure management, policy enhancement, and employee engagement to achieve a 9 percent intensity reduction. Initiatives include an LED lighting retrofit that has reduced both energy costs and air pollution from electricity generation. The firm introduced a vendor assessment survey to support its Green Procurement Standard, and a low-carbon challenge campaign using social media to engage employees.
- Deloitte Brazil created a sustainability program called "SIGA" (Integrated System of Management and Action), through which it can consistently address and discuss issues related to social responsibility, environment, health and safety, and quality of processes in order to disseminate principles and train its professionals.
- The Deloitte Commonwealth of Independent States (CIS) member firm, in order to reduce its carbon footprint, introduced its 'Green Bike program' this year, which allows its employees to borrow bicycles from the firm to travel to and from work instead of driving.
Member firms also work vigorously to advance sustainability among their clients. Deloitte member firms have more than 800 sustainability specialists helping clients transition to sustainable business models and practices that will deliver top- and bottom-line financial growth for the long term. Examples of their efforts include:
Deloitte United States – WaterCredit microfinance programs
Water.org is a not-for-profit organization that provides access to safe water and sanitation to hundreds of communities in Africa, South Asia, and Central America. Its WaterCredit program uses microfinance tools to connect financial institutions with communities and individuals in developing countries in need of safe water and toilets. To help make the case for WaterCredit expansion by providing solid evidence to external parties and microfinance institutions, Water.org selected Deloitte U.S. to help assess the profitability and viability of WaterCredit microfinance programs and tools in India. Demonstrating the long-term viability of WaterCredit is critical to the continued adoption and impact of the program to transform more lives with safe water.
Deloitte United States – Managing marble waste
Marble is one of the West Bank's leading exports, but the stone-cutting process creates slurry, a problematic mixture of water, stone fragments, dust, and metal particulates. For more than a decade, companies discarded the contaminant into municipal wastewater, creating what locals called "a milky river." The U.S. Agency for International Development (USAID) saw a need for urgent action. Deloitte U.S. was engaged, with funding from USAID, to help create short- and long-term sustainable environmental solutions. Within a month, the team put a viable waste haulage and disposal program in place with plans for more permanent solutions to support waste reduction and reuse. As a result, more than 15,000 cubic meters of slurry is redirected every month to cover waste in municipal landfills, reducing odor; and to fill abandoned quarries, improving community safety.
Deloitte United States – Creating "smart communities"
The Tennessee Valley Authority (TVA), which provides electricity for nine million people in parts of seven states, needed help deciding how to efficiently use $20 million to deliver low-income energy makeovers and smart energy technologies to consumers. The Deloitte U.S. firm performed a national study of best practices to identify the key components of successful programs and the different business models used to deliver programs. With this information, Deloitte U.S. helped the TVA develop an innovative project that promises to improve consumer's lives, reduce greenhouse gas emissions, and serve as a model to other utilities, companies, and not-for-profits nationwide.
Deloitte United States – Water Leadership Group
DTTL was a founding member of the World Business Council for Sustainable Development (WBCSD) in 1995 and Deloitte professionals continue to participate in several council initiatives. Deloitte U.S. is particularly active in WBCSD's Water Leadership Group, which sets strategic direction, provides quality assurance on content of outputs, approves publications, and supports advocacy. Deloitte U.S. was engaged recently by the council to develop the Guiding Principles and Self-Assessment Tool supporting the WBCSD Pledge for access to safe water, sanitation, and hygiene at the workplace.
Deloitte France – Driving European waste management policy
In 2014, BIO by Deloitte, Deloitte France's Center for Innovation and Excellence in Sustainability Services, published a report on Extended Producer Responsibility (EPR) in the EU-28. The report – which includes a general overview of EPR policies in Europe, detailed case studies, and a set of guiding principles for the further development and implementation of EPR schemes – is expected to impact the development of resource efficiency in Europe for years to come. BIO has been a key player in the development, implementation, and assessment of the European Union's environmental policies through numerous service assignments with the European Commission during the past 20 years.
Deloitte France – Transitioning to a circular economy
BIO by Deloitte in France is currently participating in two key studies on circular economy for the European Commission and the French Environmental Agency which will help pave the way for this crucial paradigm shift. Deloitte France also organized "New business models for a Circular Economy," a May 2014 Green Week event that provided constructive insights into how companies see the transition towards a circular economy and the reduction in resource consumption and waste. The conference, which attracted more than 110 participants, helped strengthen Deloitte Frances leading position in assisting public authorities and private companies in the transformation of current linear production and consumption models.
Deloitte Netherlands – GRI digital reporting
Deloitte Netherlands has been involved in the development of the GRI XBRL Taxonomy to promote digital sustainability reporting since 2012. Deloitte Netherlands and GRI currently are promoting the "GRI XBRL Reports Program" to encourage GRI reporters to publish their sustainability reports digitally using the GRI Taxonomy. Publication of a digital GRI XBRL report provides stakeholders with easier and faster access to a company's nonfinancial information. It also improves the accuracy of the data used by investors and analysts and improves the integrity and consistency between a company's various reports to different stakeholders. The World Bank is among the first group of companies participating in this program. Deloitte Netherlands is supporting the World Bank in creating its FY2014 G4 XBRL Report using the GRI Taxonomy (including the Financial Services Sector Supplement).
Deloitte Belgium – BASF-Deloitte-Elia Chair on Sustainability
The BASF-Deloitte-Elia Chair on Sustainability, a joint project between Antwerp Management School and the University of Antwerp's Faculty of Applied Economics, aims to inspire embedded corporate responsibility policies throughout the value chain and in every industry. Through awareness building, research activities, and teaching, this collaboration between academics and business, including Deloitte Belgium, has a mission to shape future leaders and achieve thought leadership on sustainability.
Deloitte Belgium – Educating a university
During the past two years, Deloitte Belgium sustainability professionals have been working with the Université Catholique de Louvain to offer an external perspective on sustainability methodologies and help the University structure its own approach. After collaborating to define a common sustainability vision and management framework, Deloitte Belgium's practitioners benchmarked against a dozen universities' sustainability programs. Using what they learned, the Deloitte Belgium team helped the University build a tool to support the development of its sustainability strategy and helped its leaders define their goals and objectives, roles and responsibilities, and key actions in terms of sustainability.
Deloitte Denmark – Developing CSO/business relationships
Earlier this year, Deloitte Denmark Sustainability was chosen to work with the Danish Red Cross on a publicly funded project to develop a new tools for how strengthen the alliances between Civil Society Organizations (CSO) and businesses. The tools will focus on CSOs' need for local anchorage and long term sustainability while helping to ensure businesses' need for direct engagement and short-term, quantifiable results. The goal is to generate value for the businesses, the CSOs, and the potential beneficiaries of the alliances.
In this report, the terms Deloitte, our, we, and us are used to refer to the Deloitte Touche Tohmatsu Limited (DTTL) network of member firms or to one or more DTTL member firms. See additional information.
[caption] Photo at left: Deloitte Belgium is driving innovation the green way and looking into environmentally conscious solutions to redefine urban mobility.
Full details of Deloitte's energy use and greenhouse gas emissions can be found in the Performance Table. In-depth disclosure of our greenhouse gas emissions, as well as our risks and opportunities related to climate change, can be found in Deloitte's 2014 CDP (formerly Carbon Disclosure Project) Climate Change and Supply Chain submissions.
Deloitte named a global leader in Sustainable Technology Services by Verdantix
Source: Green Quadrant® Sustainable Technology Services (Global), March 2013, Verdantix Ltd © 2007-2013. Reproduction Prohibited.
Deloitte U.S. named a leader in Sustainability Consulting in the U.S. by Verdantix
Source: Green Quadrant® Sustainability Consulting (US) 2013, May 2013, Verdantix Ltd© 2007-2013. Reproduction Prohibited.
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- Improving our communities: Volunteering with impact
- Accelerating access to education: Committed to the next generation
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The Slate Phuket Appoints Claude Sauter as New General Manager
Phuket, Thailand, September 23, 2021 / TRAVELINDEX / The Slate, the whimsical, art-inspired beachfront resort on Phuket's secluded northwest coast, has announced the appointment of Claude Sauter as its new General Manager, bringing an unrivalled depth of local knowledge, industry acumen and leadership experience to this key role.
• Discover Phuket and the World's Best Luxury Hotels with Prestigious Hotel Awards at Top25Hotels.com
A Swiss national, Claude is a life-long hospitality professional with proven track record. He has also enjoyed a richly rewarding 24-year relationship with Phuket – and with Thailand as a whole. Having first arrived in the "Pearl of the Andaman" in 1997, as Resident Manager of Impiana Resort Patong, Claude went on to manage some of the island's top hotels and resorts. He is also proficient in Thai, one of six languages he can speak along with French, English, German, Italian and Spanish.
A graduate of Ecole Hôtelière de Genève, the prestigious Swiss hotel school, and Cornell University's School of Hotel Administration, Claude is clearly highly-qualified. But it is his time in Phuket that has defined his life and career. Following five successful years with Impiana, Claude achieved his first general manager's role with Cape & Kantary Hotels, leading the famous Cape Panwa Hotel in southeast Phuket. He has since headed-up several major properties in Phuket and neighbouring Phang Nga province for international hotel groups including Wyndham and Marco Polo. Most recently, he was GM of The Surin Phuket for over six years, making it one of the island's best performing hotels.
Now, he brings his impressive management qualities and local area expertise to The Slate, where Bill Bensley's quirky and compelling interior design concept showcases the island's industrial tin mining heritage. Nestled on the pure shores of Nai Yang Beach, a secluded stretch of Phuket's northwest coast, this unique resort immerses guests in a world of avant-garde art and design. Guests can stay in a selection of luxurious rooms, suites and pool villas, unwind in glistening pools and tranquil gardens, soothe their senses at the spectacular Coqoon Spa, chill out on the beach, and savour sensational cuisine in a choice of dining destinations, including Black Ginger, the Michelin-recommended Thai restaurant.
What truly sets The Slate apart from other resorts however, is how it empowers travellers from all over the world to learn about Phuket's culture through authentic art-inspired journeys, engaging activities and community-orientated initiatives. This is driven by the hotel's co-founder and owner, Krystal Prakaikaew Na-Ranong ("Khun Moo"), whose family history is woven into the fabric of the island. Together, Khun Moo and Claude will offer unparalleled insights into this enchanting destination.
"It gives me great pleasure to welcome Claude to The Slate as our new general manager. His track record speaks for itself; not only is he a highly-skilled hotelier with strong leadership qualities; he also shares my deep passion for Phuket. Having spent more than two decades living and working on the island and being able to speak Thai, he can offer expert advice and insights to our guests, while also intuitively understanding the local tourism market and the needs of our team members. Claude is a perfect fit for The Slate," commented Khun Moo.
"It is an honour to be appointed GM of The Slate and to work alongside Khun Moo, who is a truly iconic figure in Phuket's tourism and hospitality industry. She has successfully created one of the most breath-taking resorts in Asia, which successfully weaves her family's life story with Bill Bensley's design and the finest five-star hospitality. As the world starts to travel again, I look forward to ushering in an exciting new era at this outstanding resort, and creating exceptional experiences for all our guests," added Claude.
• Discover Phuket and the World's Best Luxury Hotels with Prestigious Hotel Awards at Top25Hotels.com
About The Slate, A Phuket Pearl Resort
Inspired by Phuket's tin mining past, The Slate blends Bill Bensley's whimsical design with industrial elements to create highly unique guest experiences. A collection of stunning suites and villas, including pool villas and the spectacular Bensley Suite, surround glistening pools and gardens, and the serene Coqoon Spa blends seamlessly into the natural landscape. Discover delectable dining in a selection of stylish restaurants and bars, enjoy authentic locally-inspired activities, from yoga to Muay Thai, or simply stroll along the pure shores of Nai Yang Beach.


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Peak Fall Foliage in Autumn at Blackwater Falls State Park
by Navin Sarma
On Friday night, I returned from a 10 day trip with my wife to celebrate our one year anniversary. What an incredible trip! I took some shots along the way, but kept the focus on relaxation and touring each city we visited. I don't like to mix too much photography "work" with vacationing with family […]
Categories: Blog, Landscape • Tags: 2013, autumn, blackwater falls, blackwater falls state park, Corporate Art, dolly sods, elakala falls, fall, fine art prints, High Resolution, Image, Large Format, peak foliage, photography, west virginia, workshops