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Money - The Foreign Exchanges
( Originally Published 1909 )
THE foreign exchanges are really a fairly simple matter if we keep them free, as far as possible, from the technicalities which are the delight of experts in the subject, who generally expound it. They were exemplified in Chapter V by the purchase of a postal order, and they may be described as the mechanism by which money here is exchanged for money somewhere else. In the example there given the business was simplified by the existence of the machinery of the Post Office, which is prepared to undertake exchange transactions at fixed rates.
In the exchanges of the large amounts which international commerce makes payable in one place or another, the bill of exchange plays an important part. But the essential point to be grasped is the fact that fluctuations in rates of exchange are caused by variations in the relative value in the currencies of the two centres between which the exchange is quoted. ! If a large number of Londoners have payments to make in Paris, or want to send money to Paris, a large number of people will want to exchange sovereigns for francs, and the value of the sovereign will be depreciated when expressed in francs, and the Paris exchange will move "against London." The most obvious reasons which will cause this variation, or stimulate this demand in London for remittances to Paris, will be the balance of trade in its widest sense the exchange of com- modities and all kinds of services between England and France and the rate of interest ruling in the two centres. If Paris sells more goods and services to London, more people in London will have payments to make in Paris ; and if the rate of interest be 3 per cent. in Paris and 2 per cent. in London, money will tend to flow from London to Paris to earn the higher rate, and the demand for remittances to Paris will thus be further stimulated.
Since bills of exchange play an important part in this business of the exchanges, it is perhaps safer to repeat here that a bill of exchange is an order by A directing B to pay a sum of money to himself, A, or to a third party ; that the cheque with which you tell your bank to pay Ł2 to your butcher is, in fact, a bill of exchange ; but that the term, in its more usual meaning, implies an order on a person at some distance in space to pay a sum at some distance in time. As, for example, when a dairy fanner in New South Wales sells butter to a produce merchant in London, and draws a bill on him at sixty days' sight. When the bill is " accepted " that is, when the merchant acknowledges his liability to pay by writing his signature across the bill it becomes a negotiable instrument and can be discounted and turned into cash.
It can also, evidently, be used wherewith to pay any debts that the farmer may have to meet in London.
If he owes a similar sum to his harness dealer, he can hand the bill over to him and let him collect the money from the merchant ; and the one bill will thus have paid two debts. It has paid the farmer on behalf of the produce merchant, and the harness dealer on behalf of the farmer. Or if the farmer owes money in other parts of the world, a bill on London is always acceptable ; if he has bought hay-making machinery in America, the draft on his merchant could be used equally well to pay for it, for there would be plenty of people in the United States who have payments to make in London and will give a certain number of American dollars to the manufacturer of mechanical hay-makers for his order on the London merchant.
And here comes in the difficulty which makes the foreign exchanges apparently so obscure. When it was a matter of a payment between London and Sydney, there was no question of a difference of currency, for in both these places the sovereign is the unit in which payments are expressed. But when a draft on London has to be sold in America, the relative value of the sovereign and the dollar comes into the calculation. And the unfamiliar observer is puzzled by the fact that these relative values continually fluctuate, with the result that the table of exchange quotations constantly varies, and the exchanges are said to move in favour of or against a particular country in a manner which is very extraordinary to him, since the intrinsic value of the currencies that they represent is unaltered.
We shall arrive at a clearer understanding of the matter if we leave out for the present this question of exchange of different currencies and return to that of the exchange between London and Sydney. These two towns use the same coin of the same fineness as legal tender and as money of account, and therefore it might be supposed that any one who has to make a payment of ,62o in Sydney would have to put down in London exactly Ł20 plus a payment to the colonial banker who sells him the draft for his trouble and expense in sending the money.
But this is not so. Owing to the fact that Australia constantly has to remit to England in order to meet interest on debt, etc., the Australian exchange is normally in favour of England ; that is to say, a credit on London is more sought after in Sydney than a credit on Sydney is sought after in London, because the drain of money is habitually from Sydney to London.
Hence, if you go to an Australian bank's London office and buy a draft on Sydney with your cheque on the Westminster Bank, you are giving it money in London in exchange for money in Sydney, and we have seen that money in London is relatively more valuable than money in Sydney owing to the exchange being normally in favour of London.
Consequently, the Australian bank is prepared not indeed to give you an order for Ł2o and something over in Sydney in return for your London cheque for Ł20, but to do what comes to the same thing, namely, manage your remittance for you for nothing, making no charge for its trouble. But if the movement were reversed, and some one in Sydney were buying on London, he would have to pay Ł2o plus a premium, because the exchange is in favour of London ; that is, a sovereign in London normally commands more than a sovereign when compared with a sovereign in Sydney.
Here, then, we have an example of the working of the laws of exchange between two countries in which the coins into which drafts are convertible are identical, and if once we can grasp the logic of this, we have gone a long way towards simplifying the more complicated question of the exchanges between countries with different currencies.
For the broad principle is the same everywhere. Whenever, for any reason, one place, A, has to B send more money to another place, B, than B has to send to it, B's currency will be relatively more valuable, and the exchange will be in favour of B. Let us consider the matter again in the case of Sydney and London and suppose that instead of going to one bank to arrange your remittance you went into a regular market wherein were assembled representatives of many Australian banks and exchange dealers, and waving your cheque on the Westminster before them asked them how much money in Sydney they would give for it. If the pressure to remit money from Sydney to London were keen, they would all be eager to have your London cheque, because by buying it in exchange for a draft on their Sydney balance they would be increasing their London credit at the expense of their Sydney credit without incurring the cost and risk of sending coin or bullion from Australia.
Consequently competition would impel them to give you something more than Ł20 in Sydney, but that something more would be limited by the expense of sending coin and bullion. If we suppose, for the sake of simplicity, that expense to be covered by 6d. per pound, it would pay them if the demand were eager enough to give Ł20 10$. for your London cheque. Beyond that it would not pay them to go. If you tried to insist on Ł20 10s. Id., it would be cheaper for them to send coin from Australia. So that in this case 420 10S. (or 1 os. 6d. per pound) would represent what is called gold point, and if your London cheque really fetched that price, the exchange between London and Sydney would be said to have gone in favour of London up to gold point, and the movement of gold from Sydney to London might be expected to begin.
In the case of large amounts, and of places far distant, the element of time becomes important. If exchange between London and Sydney were at par, it might still pay an Australian banker to give more than a sovereign in Sydney for a sovereign in London because he would receive the sovereign in London at once, and his balance in Sydney would only be drawn on five weeks hence when the draft arrived. So that he would have the use of your money for five weeks, and in times when the rate of interest is high this is an important consideration.
In the example just considered, where the exchange between London and Sydney was strongly in favour of London, it was supposed that a sovereign, or a sovereign's worth of credit, in London might fetch Lx os. 6d. in Sydney. If the tendency of the balance of indebtedness were flowing in the other direction, and there were a great demand for drafts payable in Sydney, London's currency would be depreciated as compared with Sydney's, and a sovereign here might only fetch 193. 6d. on the other side. But this depreciation could only work up to the point at which it would pay those who have debts to pay in Sydney to pack sovereigns and send them rather than make use of the machinery of exchange. . If you were offered only 19s. in Sydney in exchange for your sovereign here you would obviously inform the dealers in exchange that you preferred to dispense with their services, and would ship the sovereigns to your Australian creditor.
Restating the matter yet again in the effort to be clear, we may express it by saying when the number of people who want to send money from Sydney to London is greater than the number of those who want to send money from London to Sydney, the latter will be in an advantageous position, and able to buy drafts on favourable terms but that the amount in Sydney that their sovereigns or cheques representing sovereigns in London will fetch cannot rise above the exact equivalent plus the cost of remitting coin from one centre to the other. When that point is reached the exchange is at gold point.
What is called the mint par between the two places is in this case the sovereign, and if the cost of remittance, insurance, etc., be 6d., as we have supposed for the sake of simplicity, the outside fluctuation of the exchange will be Is.; for if it cost Sydney over 20s. 6d. to buy a sovereign in London, Sydney will ship gold to London rather than buy drafts ; and if a sovereign in London fetch less than 19s. 6d. in Sydney, Sydney will import gold from London.
We can now proceed to consider the question as it appears when the balance of indebtedness is being settled between two countries which use a different currency.
In France the unit is the franc, so that when a Frenchman wants to send money to London he wants to exchange francs into sovereigns ; conversely, an Englishman who wants to send money to Paris has to exchange sovereigns for francs.
The relative value of the two currencies measured in the amount of gold contained in the sovereign and the 20-franc piece is 25f. 22C. to the sovereign. The normal exchange or mint par is thus ruling when the Paris cheque is quoted at 25f. 22C.
The cost of sending gold in either direction may be taken at 7c. ; so that if you ship gold each sovereign's worth of it will be worth to you in Paris 25f. 15c., having shed 7c. on the way in expenses.
Consequently, if you can buy a bill on Paris at any higher rate it will pay you to do so rather than send gold.
Whether you will be able to do so will depend on the value of money in Paris as compared with London, and on the balance of indebtedness between London and Paris. If the rate of interest is higher in Paris than in London, London will want to send money to Paris to earn the higher rate, and if Paris has been selling us more goods and securities and services than we have been selling to her, Paris will have more bills on London arising out of those sales than London has bills on Paris ; consequently, the demand in London for bills on Paris will be keener than the demand in Paris for bills on London, because London has more remittances to make.
Hence it will follow that the seller of a bill on Paris will be able to get more favourable terms, and the exchange will be, as it is called, in his favour ; in other words, his francs will be relatively more valuable than the sovereign, and the sovereign will fetch less when expressed in francs. And if the balance of indebtedness be heavy enough, and the competition of those who want to buy drafts on Paris that is, to exchange sovereigns for francs be keen enough, the value of sovereigns expressed in francs will go down to 25f. 15C., and then those who have remittances to make will begin to ship gold instead of buying drafts, the Paris exchange having gone down to gold point.
When the balance is the other way, and London has been selling more goods and securities and services to Paris than Paris has been selling to London, bills on Paris will be more plentiful than bills on London, and the French importers of goods, etc., will have to compete for drafts on London in which to make their payments. That is, they will have to pay more in francs, which will be relatively depreciated, for the sovereigns that they need for the payment of their debts, and their competition will force the exchange up towards 25f 29C., which will be the other gold point, when shipments of the metal may be expected. But it must not be foregotten that the relative value of money in the two centres is a constant influence which may increase or modify the movement of exchange due to the influence of indebtedness for goods and services.
If London has sold large amounts of goods to Paris, but money is dear in Paris, the two influences will tend to counteract one another; London will leave the proceeds of its sales in Paris to earn the higher rate of interest, and as long as it does so those sales will not affect the exchange.
It may have been noted that the French exchange is against London when it is low and in London's favour when it is high. And this is natural and inevitable when we consider that the quotation expresses the value in francs which a sovereign will fetch. When this value is low the holder of a sovereign receives less in francs, and so the exchange is very literally against him. When you want to buy francs with your sovereign, the more francs you get for it the better it is for you.
When the rates of exchange are quoted in English money, it is otherwise. The Argentine dollar is quoted in pence. When it rises from 48 1/4 to 48 1/8d. it moves against England, because it fetches more pence, and any one who wants to exchange sove- reigns for dollars will receive less of them. This is one of the small complications which make the question of the exchanges so difficult to the inexperienced. But it can always be met by considering that the ultimate fact expressed by rates of exchange is the relative value between a sovereign and a foreign currency. When the sovereign buys more of the foreign currency the exchange has moved in our favour ; when it buys less the exchange has moved against us.
It thus becomes evident that the foreign exchanges are a mechanism by which international indebtedness is settled between one country and another, and that rates of exchange are the prices at which the currencies of the various countries are expressed relatively to one another. When the balance of claims between two places does not roughly agree gold has to be shipped to settle the difference, unless it can be met by what is called arbitrage, which consists of dealings in bills on other centres. For instance, London may not have enough claims on Paris to set off the claims of Paris on it, but may be able to fill the gap with bills on Berlin, or some other centre, which Paris may happen to want.
The system on which the exchanges work is thus similar to that of the bankers' Clearing house in London. In it the claims of the clearing banks are crossed off against one another, and any balance that is due, for example, from the Westminster Bank to the County, is settled by the deduction of part of the Westminster's credit at the Bank of England and its addition to the County's. But in the case of international indebtedness, the balances have to be settled by shipments of gold. Such, at least, is the theory of the matter, though the restrictions that most of the chief Continental centres place on withdrawals of gold often prevent, or at least postpone, the working of the machinery of exchange in accordance with theory.
The broad principle which has been thus set forth and exemplified is the ultimate basis of the movements in the rates of exchange between all countries, even those which have currencies based on different metals, or in the case of those in which the currency is based on nothing but the printing press. But it need hardly be said that there can be no gold point in the case of countries with a currency which consists of silver or of inconvertible paper notes. Nevertheless, even in their case, though the fluctuation of exchange is complicated by variations in the price of silver or by new issues of paper currency, yet the balance of relative indebtedness between them and other countries is still an important factor, ready to assert its complete predominance at any moment when other complicating influences cease from troubling.
Since, then, it is largely on the mutual indebtedness of various countries that rates of exchange are based though we must not forget the influence of the rate of interest in the various centres let us see how this mutual indebtedness arises.
The most obvious cause of it is the mutual exchange of natural produce and manufactured articles the balance of trade, as it is generally called. This we see chronicled in the monthly returns issued by the Board of Trade of British imports and exports. These always show that England has imported goods of much greater value than those which she has exported, and because there is no published record of her other exports-her invisible exports, as they are sometimes called —superficial observers are often very much fright-ened about the state of English trade and draw astonishing inferences, the most notable of which was propounded by a colonial premier who told an English audience that England had to export annually so many millions of golden sovereigns to pay for the balance of the cost of her imports over that of her exports.
In fact, an "unfavourable " balance of trade, which is the misleading description given to this condition of the purely commercial relations between one country and' another, is one that can only be afforded by countries of the highest economic development which are in a position to supply other countries with credit and other services, which the other countries have to pay for with their goods. And the distinction of possessing an unfavourable trade balance is shared with England by France and Germany.
At the same time, those who are alarmed by the extent of the difference between the value of our visible exports and imports are justified to this extent, if they consider that it is better for England to be a manufacturing country than a creditor and banking country. A large part of our invisible exports consists of services rendered by the clerking and financing classes, and those critics of our trade position who do not ignore them, but maintain that they would prefer to see them replaced by goods worked up by the producing and manufacturing classes, take up an attitude which is perfectly logical. The more common course, however, is to ignore these invisible exports altogether, as was done by Mr. Seddon in the speech referred to above, and to deduce the alarming conclusion that we are living on our capital, and otherwise in a terribly decadent and deplorable condition, from the commercial point of view.
This being so, though it is an oft-told tale, it is perhaps worth while to enumerate some of the invisible exports by means of which we fill the big gap between the values of our imports and exports of visible goods.
Let us consider the case as it stands between us and the United States. The United States supply us with a vast and valuable amount of food and raw material, and take from us manufactured goods, the amount of which is severely restricted by their high Protectionist tariff. On the other hand, we export to them the following " invisible " items:-
(1) Shipping freights. Our ships carry goods to and from them all over the world.
(2) Interest coupons. The American securities held by English investors yield a constant income in interest, to meet which the United States has to send goods.
(3) Insurance facilities. The English insurance companies and firms do a large business in the United States, and draw thence a regular income in premiums.
(4) Banking facilities. The large sums spent annually by Americans in Continental travel are, to a great extent, financed by drafts on London, on which London takes toll. Still greater, probably, is the profit that London regularly makes by discounting bills for America, financing its speculations by carrying over shares for it in the London market, and making advances in other forms.
(5) Pleasure, social amenities, titles, and art treasures. Americans in times of prosperity spend a constantly increasing amount in travel and enjoyment in England. Many of them, it is said, are anxious to cut a figure in what is called Society, and the lavish expenditure in which they indulge is believed to be of some assistance to this ambition.
All this expenditure here on their part has the same effect on the balance of Anglo-American in- debtedness as an English export. It is also well known that the scions of ancient English families frequently find wives among the attractive daughters of America, and the big dowries that the latter bring with them amount to a considerable annual charge on the United States. The habit of purchasing art treasures, lately rife among rich Americans, is another item in the balance. The fact that owing to American tariff regulations many of these art treasures are left here does not, of course, interfere with the effect on international indebtedness produced by their purchase.
(6) Family affection. Many of the English, and especially Irish, settlers in America regularly remit sums to their parents and families in England, taking nothing in return but affection and gratitude. Every one who has read "Some Experiences of an Irish RM." remembers the picture of McCarthy, the horse-dealing farmer who charged Mr. Bernard Shute Ł45 for a mare, saying, "She's too grand entirely for a poor farmer like me, and if it wasn't for the long weak family I have, I wouldn't part with her for twice the money." The long weak family was explained by Mr. Flurry Knox to be "three fine lumps of daughters in America paying his rent for him."
The above list might be continued, but sufficient examples have been given to show that there are many more exports in heaven and earth than are dreamt of by the philosophy of the Board of Trade returns; It must not be supposed that the movement of these items is all in one direction. American ships carry English goods, American insurance offices do business in England, and Englishmen spend money on travel and sport in America. It is only claimed that on the above counts America normally owes more to England than England owes to America, and that credits under these heads go far to neutralize the so-called "unfavourable" balance of trade.
It need not, of course, be supposed that the final balance, after allowing for all exports and imports, visible and invisible, must be exactly equal between any two countries. It is perfectly possible for one country to be normally indebted to another year in, year out, on this balance of trade in its widest sense, and yet to be in a perfectly wholesome economic condition, being kept so by being in a contrary relation with some other country. It will thus be able to meet the bills drawn on it by its creditor with those that it draws on its debtor, and thus the sum of mutual indebtedness is crossed off and cancelled all over the world, or met, when at any time the supply of bills is inadequate, by movements of bullion to settle the balances.
This case arises, for example, when the chief agricultural countries are reaping and moving their crops. They hold, for the time being, the manufacturing countries in fee, and they need gold for the actual circulation of currency in the producing districts. And, consequently, gold moves normally to the United States, Egypt, and Argentina in their harvesting seasons.
It is in these cases that the utility arises of the practice, referred to in earlier chapters, of drawing bills in anticipation of crop movements. Without this arrangement, countries whose staple export is harvested at a certain season would take payment in gold for it at that season, and would, during the rest of the year, have to remit in gold for the goods and services that it buys from other countries. But the dealers in exchange, and the more legitimate class of finance bill, provide the means by which, at times when such a country has nothing to export, the exchange dealers will make good profits by creating bills against nothing, but in anticipation of the crop that is in the ground, with the result that the country-exports less gold in its off seasons, and imports less when its crop is ready. Its imports of machinery in July are paid for by semi-fictitious remittances, created by exchange dealers who draw finance bills and so raise credits, and these bills are met later by the shipment of the country's crops in September, and by the bills genuinely drawn against them. And so the clumsy necessity for sending gold backwards and forwards across the oceans is reduced, though not extinguished.
It need not be said that it is quite impossible to gauge the amount and value of the invisible commodities, which, as above enumerated, have so important an effect on the balance of international indebtedness, and so on the foreign exchanges. And one of the most elusive of the influences which thus complicate the question is that of the purchase and sale of securities between one country and another.
But it has to be considered now because it is closely connected with the main question dealt with in this inquiry.
When one country raises a public loan in another, everybody is well aware of the transaction, and there is no difficulty about the matter. For example, Brazil borrows three millions in the London market by an issue of 5 per cent. bonds. The issue is advertised and subscribed, there is an open mar let in the bonds, and it is all clear and above-board.
Brazil has exported to England three millions' worth of its promises to pay; England has returned to Brazil three millions' worth of money or credit, or the right to draw on London, either by taking gold or by using its credits here to cancel debt elsewhere, or to make any purchases required. The immediate effect of the transaction will be to turn the exchange in favour of Brazil, though it must always be remembered that the overt working of this effect may be veiled by other influences. During the currency of the loan the effect of its existence will be to turn the exchange in favour of London, because Brazil will be obliged to remit periodically to meet the quarterly or half-yearly interest payments or the service of the sinking fund established to extinguish the loan gradually by purchase or drawings of the bonds.
Hence it is that no debtor country that is, no country which has borrowed extensively from the investors and money-lenders of other countries can afford the luxury of what is called an unfavourable trade balance. In order to meet its interest payments and its sinking fund arrangements, it must habitually ship more goods than it receives, since the lenders are continually sending it interest coupons and drawn bonds, the payment of which it has to provide for either with goods or with fresh borrowing.
In other words, what is usually called a favourable trade balance may generally be taken as a sign of the economic dependence of the country which possesses it.
The same effect on the exchanges is produced when the borrowing is done, not by the Government of the borrowing country, but by companies as, for example, when the Pennsylvania Railroad sells Ł4,000,000 bonds here, the operation for the moment turns the exchange in favour of the United States, but during the currency of the bonds produces a periodical claim by London on New York for interest payments.
These public issues of loans are potent and obvious influences on the exchange. But an equally important effect, which is difficult to trace, is produced by the purchases of securities made by the investors of one country in the Bourses of another.
It is the natural tendency for a debtor country, as it makes economic progress, to buy up gradually the securities on which it has borrowed from others, and so to reduce or extinguish the amount that it has to provide abroad for interest payments. For example, Italian Rentes, the public debt of Italy, were formerly largely in the hands of foreign holders in France, Germany, and England. Italy's economic progress has been remarkable ever since her ambitions in the direction of colonial expansion and world-politics received a timely check on the Red Sea. Since then she has developed her internal resources with great success, and she has been assisted by the possession of an inexhaustible asset which she exports continually, or rather lets other people come and enjoy. For Italy holds the world in fee as an exporter of Beauty, beauty in scenery, beauty in atmosphere, beauty in buildings, sunshine, association, and a hundred other things, besides her art treasures, which it would be absurd to call priceless, because to think of price in connection with them would be a vulgar irrelevance.
Every year an increasing number of travellers from all lands pours into Italy to see these things, bringing circular notes and other forms of drafts where with to pay their way ; and, in order to meet these drafts and to feed the balances with their Italian agents on which they are drawn, the other countries have to send Italy goods, or services, or securities.
Thus Italy has been enabled to buy up a large proportion of her own securities which were formerly held by foreign investors. Consequently, she has largely relieved herself of the drain against coupons, and her exchange has moved rapidly in her favour.
So much so that travellers in Italy who have not been there for some years are astonished to find how much less valuable the English sovereign has become when measured by its exchange price in Italian currency.
These purchases of securities by the investors of one nation in the Stock Exchanges of others are a constantly fluctuating element, which has a marked effect on the balance of national indebtedness, and is extremely difficult to trace or gauge. Equally so is the perhaps still more important element provided by the shifting from one centre to another of the more highly specialized forms of securities, chief among which is the bill of exchange. And when we arrive at the ebb and flow of this restless ocean we come to the point at which the foreign exchanges most obviously affect the main subject of our inquiry, and it begins to be clear that this attempt to explain them was by no means an irrelevant infliction. For the movements of bills of exchange from one centre to another depend to a great extent on the rates of discount respectively current in them.
If the rate of discount be relatively low in London, bills will be poured in from abroad to be discounted and turned into cash here, and foreigners will use their credits here, and draw bills on London and discount them ; and so our imports of securities will be increased, and the exchanges will be turned against us. And if the exchanges are against us, and gold is being taken from London, this state of affairs is remedied by a rise in the rate of discount here, which checks this import of bills and impels foreigners to remit funds to London to be employed in the purchase of bills ; and if the process is continued, we begin to export securities, and thus turn the exchanges in our favour. And so we begin to see the great importance of the market rate of discount, owing to its effect on the foreign exchanges, and through them on the ease or difficulty, with which our supply of gold is maintained.
We have thus arrived, through the thorny labyrinth penetrated in this chapter, at a result which may be summarized thus :--
The foreign exchanges are the expression of international indebtedness.
International indebtedness is the balance arising from the exchange between countries of goods, services, and securities. The movement of securities, especially of bills of exchange, depends largely on the discount rates current in the chief financial centres.
The discount rate has thus an important bearing on the foreign exchanges.
It has also been shown that when the foreign exchanges go to a certain point, gold will be taken from London, because, for example, it will pay better to send gold to Paris than to take only 25 fr. 15 C. for one's sovereign on 'change.
And gold is the basis of our credit system, since the notes and cheques which we use in commercial and financial transactions are all convertible on demand into gold, and cannot safely be multiplied beyond a certain point unless the stock of gold ready to meet them if asked for be increased also.
So that we are now beginning to see more clearly the importance of the market rate of discount, and the need for its sagacious regulation.
The market rate of discount depends, on the one hand, on the supply of money, and, on the other, on the supply of bills of exchange which come forward to be turned into money. We have already examined the chief parts of the machinery which creates and handles money and bills of exchange the banks, bill-brokers, and accepting houses-and we found that in normal times the supply of money and the level of discount rates are regulated by the banks. We are now in a position to try to understand the functions of the institution which takes control of the machinery when times are not quite normal, and regulates the supply of money and the market discount rate in order to affect the foreign exchanges when this intervention is considered necessary.
This institution is the Bank of England.


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Professor Edward Said, the prominent Palestinian scholar and activist, has died aged 67 in New York after a long battle with leukaemia.
Prof Said was a literary and political theorist, most famous for his groundbreaking book "Orientalism".
The work examined how romantic images of Arabia were used to justify the colonisation of the region by Western powers.
He was also a leading activist for the Palestinian cause, serving on the Palestinian National Council for many years. He broke with the PNC in 1993 when Yasser Arafat signed the Oslo peace accords.
Prof Said argued against the Oslo accords' segregation of Israel-Palestine into two states, arguing instead for a single integrated nation in the region.
Born in Jerusalem to a Palestinian Christian family, Prof Said spent most of his childhood in Cairo. He was educated at Princeton University and taught at Columbia, Harvard, Yale and John Hopkins University.

subset: commoncrawl


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Food Network.com Brings Us Healthy Soul Food Recipes (Thank You!)
Trying to eat a little lighter without giving up the delicious comfort foods you know and love? No worries! One of your fave soul food recipes just got a lean, yet luscious makeover, courtesy of our friends at Food Network.com. So now you can nosh on savory shrimp and grits–hold the guilt.


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The median salary in 2012 for health care executives and health care administrators was $88,580, or $42.59 per hour, according to the Bureau of Labor Statistics. The upper 10 percent made more than $150,560, and the bottom 10 percent pocketed less than $53,940.Continue Reading
Considerations such as the kind of facility and how big it is influence a medical administrator's salary. Practices that have six or fewer physicians provide a average compensation of $87,862 for their medical administrators, while administrators at those places with seven to 25 physicians made $126,478. The average annual salary for medical administrators at sites with 26 or more physicians was $148,604.Learn more about Salaries


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Hanson hasn't really been around long enough for the phrase "this isn't your father's Hanson," but the three brothers are certainly not the same fresh-faced kids of the "Mmmbop" days. Case in point: this video of Zac Hanson calling a fan a "drunk bitch" for interrupting a Virginia concert. The unruly concertgoer was apparently interrupting the band's performance of "Lulabelle" and yelling sexually explicit come-ons at the group.
The footage has surfaced in the wake of Calvin Harris taking to the microphone to call an irate attendee of one of his DJ sets a "dumb f--king bitch," which means it's a) a bad time to be a female heckler at a male performer's show and b) men should probably stop calling women "bitches" from the stage.
Celebrity News & Photos


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CROATIA: Dalmatian Coast Kayaking & Hiking, Sep 2-9 or Sep 16-23, SAVE $250.
If you've only experienced mainland Africa, you're missing the full picture of this magnificent continent. For just 26 miles off the coast of Tanzania lies the beautiful archipelago of Zanzibar, where the warm turquoise waters of the Indian Ocean ring these "Spice Islands" of sun-drenched beaches, vibrant coral reefs, and fields scented with cloves, nutmeg, cinnamon, and pepper.
Boundless Journeys has crafted a five-day, self-paced adventure in Zanzibar as the perfect complement to our safaris in Africa. Whether you want to hike the Jozani forest in search of red colobus monkeys, swim with dolphins off the coast of Kizimkazi or explore the slave caves and colorful streets of Stone Town, we can create the ideal travel itinerary for you. And if you simply want to enjoy your days lying on a powder-white sand beach followed by dining under the stars at an oceanfront resort, well, your wish is our command. An exotic world of African sun and fun awaits you in Zanzibar with Boundless Journeys.
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BFFs Kim Soo Hyun and Suzy get romantic in new commercial
Forget that this is a commercial for a wind breaker, Kim Soo Hyun and Suzy are paired in a moody and romantic commercial that is sure to make any clothing sexy. Thanks to a YouTube poster, the video is subtitled in English and we can enjoy it and the song fully.
Here is the commercial subtitled in English:
We also have a behind-the-scene video that showed them making the commercial. Lots of laughter in this one:
Aww, aren't they the cutest?


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30 Days to Market Mastery: A Step-by-Step Guide to Profitable Trading
30 Days to Market Mastery: A Step-by-Step Guide to Profitable Trading
Oct 2015
207 pages
DescriptionA solid foundation for those looking to succeed in today's market
An excellent book for new traders, 30 Days to Market Mastery outlines an easy-to-understand and easy-to-implement approach to learning how to trade. This book covers the fundamentals of how to structure trades in a disciplined fashion, so as to avoid vague decisions and acting on unclear trading signals. It also provides a number of strategies for entering and exiting the market in a way that maximizes the chances of making money and minimizes the potential for losing money. With this book as their guide, readers will learn the proper organizational, analytical, and behavioral skills that are vital to consistent success in trading. In 30 Days to Market Mastery each trading day contains a single lesson, and each lesson contains a quiz to help the reader master the material.
Preface ix
Acknowledgments xi
Introduction xiii
LESSON 1, DAY 1 The Structure of a Trade 1
LESSON 2, DAY 2 Setup, Trigger, and Follow-through: The Basics 9
LESSON 3, DAY 3 Seasonality and High-Odds Seasonal Setups 21
LESSON 4, DAY 4 The Seasonal Trigger 31
LESSON 5, DAY 5 Follow-Through 41
LESSON 6, DAY 6 Trading the Power Momentum Formula (PMF) 51
LESSON 7, DAY 7 Power Momentum Formula (PMF) Trigger 61
LESSON 8, DAY 8 PMF: Follow-through: Part I 69
LESSON 9, DAY 9 PMF: Follow-through: Part II 77
LESSON 10, DAY 10 Using the Moving Average Channel: Part I 85
LESSON 11, DAY 11 Using the Moving Average Channel: Part II 91
LESSON 12, DAY 12 Three Powerful Price Patterns: Part I 99
LESSON 13, DAY 13 Three Powerful Price Patterns: Part II 109
LESSON 14, DAY 14 Three Powerful Price Patterns: Part III 117
LESSON 15, DAY 15 The Eight-Bar Open/Close Pattern and How to Use It 125
LESSON 16, DAYS 16–17 Understanding and Using the Commitment of Traders Report: Part I 133
LESSON 17, DAYS 18–19 Commitment of Traders Report Part II: Triggers 141
LESSON 18, DAYS 20–21 The Advanced 30-Minute Breakout for S&P and E-Mini Trading 151
LESSON 19, DAYS 22–24 How to Structure Your Trading Portfolio for Maximum and Consistent Gains 159
LESSON 20, DAYS 25–27 Diversification 167
LESSON 21, DAY 28 Putting It All Together 173
LESSON 22, DAYS 29–30 The Psychology and Discipline of Trading 177
Index 195


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Down In The Country Press is proud to supply book design, typesetting, and pre-press services to authors and to the trade. We have 36 years of experience "doing books."
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|hope college > academic departments > ges
Forbes Magazine rated Geology among the most valuable college majors
If you are interested, please contact Brian Bodenbender at email@example.com
Special Funds Support Summer Research Students
Rex Johnson Student Research Fund – This fund was created in 2011 by Global Remediation Technologies Inc. to honor Rex Johnson, a valued employee. The fund is providing partial support for Kyle Falk to work with Dr. Peaslee to collect and characterize sediment in the Lake Macatawa Watershed. In addition to this project, Kyle has begun a project investigating luminescence from alkali and plagioclase feldspars, both under electron beam bombardment (cathodoluminescence) and ion-beam bombardment (IBIL).
Holleman Geology and Environmental Science Student Research Fund– Gifts to this fund from Hope College alumni Bill and Betty Holleman is fully supporting Kara Seymour, who is testing a time lapse camera for use on the lake shore to monitor sand movement during storms, working with Dr. Bodenbender. The Holleman fund is also providing partial support for Austin Krehel and Scott Cathey. Austin is working with Dr. Hansen to monitor the development of blowout dunes and the migration of small parabolic dunes along the Lake Michigan coast. Scott is working with Dr. Bodenbender on a related project, developing a new method to monitor sand movement over large areas by using a GigaPan system to make web-based panoramic views of dunes and then taking on-screen measurements from the panoramas.
Nicholas VerHey '75 Geology Summer Research Fund –Family, classmates, and colleagues at Collarini Energy Staffing, Inc., created this fund to honor the memory of Nick VerHey. As the first endowed fund dedicated to students in the GES Department, the VerHey Fund has enabled numerous students to conduct research and present their results at national professional meetings. The Nicholas VerHey '75 Geology Summer Research Fund is providing partial support for both Kyle Falk and Scott Cathey in their projects described above.


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The new Venice 3 Piece Compact Suite comes complete with a 3.5mm Pressed Steel Enamel Bath, a single tap hole high grade white ceramic Countertop Basin with stylish integrated overflow, a Back to Wall Toilet with Soft Close Toilet Seat and a Tall Wall Hung Toilet Mounting Frame inc Chrome Plate.
Tap is not included. Click here to see our range of taps.
Double Ended Bath
This Double Ended Bath has a timeless style and solid classic design with beautiful smooth lines. It has smooth interior contours which create a subtle elegance and a gentle comfort. Made from 3.5mm thick steel and finished in glossy high impact resistant enamel, this elegant bath is strong and durable. It comes without tap holes, so you can choose to drill your own for a deck mounted filler, or use a wall mounted tap (sold separately).
Measurement D430 X L1600mm x W700mm
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Dimensions W400 x D224 x H500mm
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This stunning compact Back to Wall Toilet from Aqua Ceramics is made from high grade white ceramic and comes complete white soft close toilet seat. The beautiful clean lines will create the wow factor in any bathroom, with a back to wall design to hide the waste pipe. With a minimalist design, this stunning Back to Wall Toilet is the perfect space solution for your bathroom, and it will look great used with your WC vanity unit or simply concealing the cistern behind a false wall. It comes complete with a pan and high grade white soft close toilet seat and fixings. It's finished with a high grade white Polypropylene toilet seat with soft close hinges that will provide a gentle motion when closing the lid to avoid slamming.
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Know more about this business than we do? Cool! Please submit any corrections or missing details you may have.Help us make it right
Locally owned and operated. See us for all your needs
Be the first NJ.com user to add photos or videos of Designed Interiors by Dianne
Since 1998, Designed Interiors By Dianne has been providing Interior Designer from Summit.
Designed Interiors by Dianne can be found at Ashland Rd 27. The following is offered: Interior Design. The entry is present with us since Sep 9, 2010 and was last updated on Nov 14, 2013. In Summit there are 16 other Interior Design. An overview can be found here.


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Since my last post, it became validated, birding from a kayak is pretty darn cool! I continue to work on improving my fishing skills and while I don't get much better, I can think of a lot worse things to do with my day than spending it in a kayak casting and watching nature work it's magic. This time, my plan was to fish but I also made it a point that when I came across any bird, I would take notes to later identify it.
The weather was perfect for what turned out to be a great day spent at Lake Bastrop here in central Texas. I took a Hobie Pro Angler 12 out on the water a little after 8am. The pedal drive function was great for quick turns and positioning. I was alternating between a weed less worm and a lipless crank bait trying to drum up some action when I spotted a large bird in the weeds! I moved myself into position and stayed real quite taking notes.
- Brown and white Egret looking bird
- Long pointy beak, yellow tipped
- Yellow bent legs and orange eyes
So exciting! The bird stayed so still completely unaware of what I was doing. I kept my distance and tried to get a picture. Without a lens it just looks like an out of focus picture of a tree. When I finally got to do my research on what it was, I discovered that I had witnessed an American Bittern.
Six hours into it, I've caught no fish, which is just mind boggling at Lake Bastrop. The fish practically caught themselves here when Jason Voorheis tormented everyone during the last Friday the 13th movie, which turns out to have been filmed right here on Lake Bastrop. So no fish, but I cataloged 5 new birds I had previously never seen or even noticed in my past pre-birding lifestyle. I also saw plenty of other wildlife including a snake. Instead of feeling like a failure I left feeling very successful and even more inspired than ever before! I can't wait to hit the coast and look for birds there soon.
Chris @ACK


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Tale Of Wuxia is role playing and story based installment which is developed and published by Heluo studio and phonies Entertainment. This installment is released in April 28, 2016. You can install this product on professionally method by the system.
Tale Of Wuxia PC Game Screenshots
It is single player installment which has multiple ending. More intelligent player can make our character more intelligent and effective. This installment has multiple missions. Some stories are hidden you should unlock these stories.
I hope you understand that what i want to say you. In this installment player has a girlfriend. These are help the player during the mission. She play the main role in installment. You can add a lot of new stories and many character.
Player has meet the old man which tell him the story and tell us that how you can defend yourself during the mission. Player given them some tips to the old man. There are more attraction between players.
Character are in the forest and meet some an other player who tell the way of target. Player can follow the map. You can play this installment on 3 D system. It depends on you that how can you work. You can also get this from kickass link.
How To Install?
Installation process is very easy, just need to understand the way of installation.
- Download game file
- After downloading, open folder and extract it
- After extraction, install the setup
- Open "Rar" file and paste all file in directory
- Play and enjoy
- That's it


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Please review my availability below (in Eastern time) and get back to me via email to firstname.lastname@example.com with a time that works for you between 9:15am and 5pm Eastern Monday – Friday:
Crowdfunding for Your Nonprofit
Nonprofit work isn't just for bleeding hearts anymore. It has evolved into its own competitive industry—thanks, in large part, to online crowdfunding. The research firm Massolution found that crowdfunding raised $34 billion in 2015 (a 167% jump from the year … Continue reading →


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Reuters Photo News Service says this pic's a winner... but I daresay it's quite boring, and clearly unworthy of being an RPNS IMAGE OF THE YEAR in 2008.
Here's a much better photograph, which has all of the drama and seriousness one would expect from a reputable news organization. Not that the agency in question is actually any of the above.
Anyway, I now pronounce him man... and goat?
Tags: mohammed salem REUTERS #DailyFodder


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|Image from pixabay.com
Nasty Deception
Nasty words and actions have contaminated our land;
It is where the hatred lies.
Words that serve to distract from
Real purpose,
Real women,
And the real reason we're here on this earth.
Deception enshrouds you, making you think
That respect is earned by vulgarity
And given upon demand,
By being proud,
By being crude.
But rude, loud women gain no respect.
Deception, when allowed to stand, grows and thrives and destroys.
With it, divisions become boundless chasms;
Dishonesty is named honesty.
Evil is called good,
Good is called evil,
And loud words are mistaken for the truth that is buried in the rubble.
False allegations do not turn to truth,
Dishonest claims gives strength to the deception,
Not the person who chose lies over fact.
Not the person who chose lies over fact.
Stop accusing!
Stop blaming!
Be the change in the pile you seek; be who God made you to be!
No confederate flag can limit you!
The South owns no shackles to chain you!
The grave holds those who are dead
Not those who live,
Those with purpose!
Melanin does not define, God has a plan for every person!
Look up! Open your eyes, unzip your smile!
There is a path to truth, God's truth, His plan;
Look up! Open your eyes, unzip your smile!
Meet all challenges face to face, cease praying to your feet,
Look adversity in the face! Give others the respect you expect!
Demand Truth,
Stop the nasty!Step into your true calling and fulfill your destiny!
There is a path to truth, God's truth, His plan;
His express and written purpose for you,
But you do not know Him!
His love,
His forgiveness,
His willingness to cleanse you from your nastiness.
Shake off the deception, and see who you are!
Release the bitterness and the feminist myths;
Let the past lie in the grave, look to the future
Grow and learn,
And finally realize…
God created women differently, He did not create us unequal!
A note for my blogger friends:
I'm doing a Daily Prompt blog for the month of February:
Debuting February 1!


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Amy Adams Will Play Lois Lane in Zack Snyder's Superman
She'll star alongside Henry Cavill.
Boom! Amy Adams will play journalist Lois Lane in Zack Snyder's Superman reboot, the Los Angeles Times reports. Snyder said the 36-year-old actress was "the clear choice to take on a character that long represented the strong, professional woman who can hold her own against any man." Adams's character, who will star alongside Henry Cavill as Superman, is "a linchpin" to the project, though no plot details have been revealed yet. (The news also debunks earlier reports that Lois Lane wouldn't be the film's female lead.) Kevin Costner and Diane Lane are set to play the Kents. Adams and Cavill is a pretty awesome and well-matched couple by us. [HeroComplex/LAT]


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Sheila Dikshit undergoes sinus surgery
Delhi chief minister Sheila Dikshit on Friday underwent surgery at a city hospital for sinus problem and is stable.delhi Updated: Apr 19, 2013 15:31 IST
Delhi chief minister Sheila Dikshit on Friday underwent surgery at a city hospital for sinus problem and is stable.
75-year-old Dikshit was admitted to the Fortis Escorts Heart Hospital on Thursday.
"Dikshit was today operated for Functional Endoscopic Sinus Surgery (FESS) by her personal ENT consultant Dr Devinder Rai, Vice Chairman of Department of ENT in Sir Ganga Ram Hospital under the care of her personal cardiologist Dr Ashok Seth at Fortis Escorts Heart Institute," a statement said.
The chief minister has been suffering from sinusitis since last one year.
"Of late, she started having nasal obstruction which started impeding her day to day working specially her public speaking," the statement said.
Her surgery took about an hour and she is stable, the statement said, adding, Dikshit will be discharged soon.
Dr Rai and his team comprising Dr Munish Munjal, Dr Nitya and Ishwar Singh from Sir Ganga Ram Hospital operated on Dikshit.
First Published: Apr 19, 2013 15:30 IST


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Improve your music listening experience easily thanks to a brand new interface, even more elegant and sober. Turn up the volume, listen to your favorite albums & playlists and revamp your tracks with your music equalizer, a real music booster!
The 3 in 1 music app: MP3 Player, Music Equalizer and Bass Booster.
Equalizer+ is the most complete music player enabling you to adjust your sound tracks with a five-band equalizer and enjoy a powerful bass amplifier! Access your music library directly from the app. Play with audio filters to get the best out of your music. Amplify even more your bass sounds thanks to the Bass Booster option. Set the frequencies you like for your songs and save your settings as presets. You can also choose among a selection of presets, based on popular music genres.
Equalizer Plus basically makes it possible for you to mix, edit and customize the sound of your tracks to ensure an optimal music listening experience.
The best Music EQ Mixer is now available for your Android TV!
You can finally enjoy your music equalizers, music & volume booster and visualizers directly on your large screen! Equalizer+ takes the experience even further by connecting all your devices music content together – smartphones, tablets and TV – via wifi. Access all the music content wherever it's located from any of your device!
Local music sharing network: the more, the merrier!
Enjoy true and instant music sharing moments via Equalizer+ app! Access your own music playlists and albums as well as those of your friends! You can stream each other's music library. No download necessary, just local streaming. All of you just need to be connected to the same wifi network to seamlessly enlarge your music track list! Browse their music library endlessly to find new songs and maybe discover your new favorite jam!
Undoubtedly, Equalizer+ is the new must-have to listen to your songs and playlists! Boost and improve your sound quality! You control the sound!
Features of Equalizer music player booster APK v2.8.0 [Pro] – Android Application
What's New in Equalizer music player booster APK v2.8.0 [Pro] – Android Application


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Human heart, artwork
C010/7879 Rights Managed
530 pixels on longest edge, unwatermarked
Request/Download high-res file
Uncompressed file size: 50.1MB
Downloadable file size: 746.8KB
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Credit: POLYMIME ANIMATION CO./SCIENCE PHOTO LIBRARY
Release details: Model release not required. Property release not available.
Keywords: anatomical, anatomy, aorta, arteries, artwork, biological, biology, blood supply, blood vessel, cardiac, cardiovascular system, circulation, circulatory, cut out, cut outs, cut-out, cut-outs, cutout, cutouts, exterior, external, healthy, heart, human, illustration, muscle, normal, one, organ, pulmonary artery, single, structure, vascular system, vein, veins, vena cave, ventricle, vessels, wall, white background
Licence fees: A licence fee will be charged for any media (low or high resolution) used in your project.


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Racial Incarceration and Mass Injustice
September 28, 2016
"History will have to record that the greatest tragedy of this period of social transition was not the strident clamor of the bad people, but the appalling silence of the good people." - Martin Luther King, Jr.
I will no longer be silent about the racial injustice of mass incarceration.
The U.S. accounts for 25% of the world's prison population and one-third of all incarcerated women[1]. Over 2 million people in the United States are behind bars, and nearly 6 million are heavily restricted under penal control, making America the world's leading jailer.
Sexual assault, juvenile abuse, state-sponsored executions, mental illnesses, brutal solitary confinement, drug addiction, gang violence, and for-profit incentives run rampant inside prison walls. Americans pay over $80 billion annually to support mass incarceration, a budget that's been growing faster than education, housing, and mental health care.
While the criminal justice system plays a crucial role in civil life – and is comprised of good people with good intentions – the cumulative dysfunctions of this system are worsening crime, breaking up families and communities, oppressing people of color, and perpetuating generational trauma.
Truth comes before reconciliation. The uncomfortable truth is that mass incarceration acts as a system of racial control. It's a continuation of America's long history of oppression and violence against blacks, dating back to our country's colonial founding.
"It may be impossible to overstate the significance of race in defining the basic structure of American society. The structure and content of the original Constitution was based largely on the effort to preserve a racial caste system - slavery - while at the same time affording political and economic rights to whites, especially propertied whites... Upon this racist fiction rests the entire structure of American democracy." - Michelle Alexander, The New Jim Crow
With nearly one million African Americans behind bars – arrested and sentenced in both structurally racist and unconsciously discriminatory ways, and a majority of whom are nonviolent offenders – mass incarceration has sadly become nothing short of a modern day apartheid.
More African American adults are in prison, jail, on probation, or on parole than were enslaved in 1850, a decade before the Civil War began. More black men are disenfranchised than in 1870, the year the Fifteenth Amendment was ratified prohibiting laws that deny voting rights on the basis of race[2]. African Americans are incarcerated at nearly six times the rate of whites, and ten times more often for drug offenses. If these trends continue, one in three black men born today will spend time behind bars[3].
In her groundbreaking best-seller, "The New Jim Crow", Michelle Alexander clearly frames the issue. The Ford Foundation senior fellow and former Stanford law professor shows how the criminal justice system operates as a "racial caste system", much like slavery and the Jim Crow laws that enforced racial segregation in the south decades after the Civil War ended.
"If someone were to visit the United States from another country (or another planet) and ask: Is the U.S. criminal justice system some kind of tool of racial control? Most Americans would swiftly deny it... The visitor would be told that crime rates, black culture, or bad schools were to blame. "The system is not run by a bunch of racists," the apologist would explain. "It's run by people who are trying to fight crime." Because mass incarceration is officially colorblind, it seems inconceivable that the system could function much like a racial caste system. The widespread and mistaken belief that racial animus is necessary for the creation and maintenance of racialized systems of social control is the most important reason that we, as a nation, have remained in deep denial." - Michelle Alexander, The New Jim Crow
In other words, overt bigotry isn't a required component of structural racism. And because of society's widespread embrace of "colorblindness," the issue of racial control in mass incarceration has been largely hidden from public view – just like the 2.2 million people currently locked up.
Michelle Alexander continues (emphasis added):
"This, in brief, is how the system works: The War on Drugs is the vehicle through which extraordinary numbers of black men are forced into the cage. The entrapment occurs in three distinct phases... The first stage is the roundup. Vast numbers of people are swept into the criminal justice system by the police, who conduct drug operations primarily in poor communities of color. They are rewarded in cash - through drug forfeiture laws and federal grant programs - for rounding up as many people as possible, and they operate unconstrained by constitutional rules of procedure that once were considered inviolate...
The conviction marks the beginning of the second phase: the period of formal control. Once arrested, defendants are generally denied meaningful legal representation and pressured to plead guilty whether they are or not. While under formal control, virtually every aspect of one's life is regulated and monitored by the system, and any form of resistance or disobedience is subject to swift sanction. This period of control may last a lifetime, even for those convicted of extremely minor, nonviolent offenses, but the vast majority of those swept into the system are eventually released. They are transferred from their prison cells to a much larger, invisible cage.
The final stage has been dubbed by some advocates as the period of invisible punishment... These laws operate collectively to ensure that the vast majority of convicted offenders will never integrate into mainstream, white society. They will be discriminated against, legally, for the rest of their lives - denied employment, housing, education, and public benefits. Unable to surmount these obstacles, most will eventually return to prison and then be released again, caught in a closed circuit of perpetual marginality." - Michelle Alexander, The New Jim Crow
Those words prompted a chilling recognition. My brother and I started a company called Inflection, which organizes government records and provides employment screening. We've witnessed how that industry perpetuates many of these systemic inequities.
I consider myself a loving and respectful person. I have black friends. I strive to be kind and treat people equally. I do my best to serve my family, community, and the common good. And yet I was undeniably part of the problem. How did that happen?
The truth is that my actions weren't the problem – my inactions were the culprit. I wasn't racist; I was indifferent.
"If you are neutral in situations of injustice, you have chosen the side of the oppressor." – Desmond Tutu
The Mis-Education of Being White
I grew up in rural Illinois, near the state's largest maximum-security prison. Illinois has some of the worst disparities in the criminal justice system: more than half of prisoners are African American and black people are jailed nearly nine times more than white people[4].
My parents were from the Chicago area, one of America's most segregated cities. My mother worked in a public defender's office, where she witnessed the constant unfairness inside courts. Like many families in the area, ours struggled financially – which meant things like spotty health insurance and grocery shopping through coupons – so I was somewhat familiar with the hardships of being poor.
Yet despite these surroundings, I had remarkably little appreciation for the plight of African Americans. Being in proximity to the problem is not the same as experiencing it. My own preoccupations and unconscious privilege shielded me from the realities of racial injustice. I had food on the table, college to aim for, and a bright future ahead.
"There were little white boys with complete collections of football cards, and their only want was a popular girlfriend and their only worry was poison oak." - Ta-Nehisi Coates, Between The World And Me
I believed the narratives handed to me in school: slavery (racism) is over, everyone is treated equally under the law, and the American Dream is alive and well. We celebrated Black History Month with tokenized homages to MLK; Columbus Day meant a three-day weekend. There was no need to dwell on America's legacy of hundreds of years of human slavery – the bondage, chains, whips, lynching, rapes, hangings, auctions – or the mass atrocities committed against indigenous groups and first peoples. That was the past.
Sure, I feared the police. Like most of my classmates, I engaged in some underage drinking and marijuana use, but I only worried about the consequences, in the slim chance we got caught. I didn't fear the police would wrongfully harass me or physically harm my body.
I felt grateful that my parents weren't divorced, but it never dawned on me to be grateful that my father wasn't missing.
Our culture taught me to fear black men and to feel pity for the impoverished. But African Americans seemed to be "making progress" just fine – they were exceptional athletes, best-selling rappers, and movie stars. Besides, any lingering unfairness was handled by affirmative action, right?
As long as people worked hard and followed society's rules, I believed good things would happen. I failed to appreciate how the system was fundamentally designed in my favor – and that these "rules" weren't actually the same for everyone.
My work at Inflection eventually shook that belief. Building technology for court records gave us a first-hand look at the heart-breaking stories, statistics, and revelations of how African Americans and Hispanics are disenfranchised in the U.S. courts and prison system. We realized how criminal records in background checks systematically cause people to be denied jobs, housing, education, voting rights, jury service, and public benefits – trapping millions in a vicious cycle of structural disadvantage.
More and more news reports and YouTube clips of police brutality emerged. Freddie Gray, Walter Scott, Tamir Rice, Michael Brown, Eric Garner, Trayvon Martin, Adriene Ludd, Philando Castile, countless other victims and the many loved ones left behind. I could no longer look away. The reality was inescapable.
Our company's proximity to the criminal justice system meant that if we didn't do something, we'd remain complicit in its injustice.
Indifference can be worse than bigotry. It gives permission for the status quo to continue. It says that structural racism is okay, as long as we don't talk about it. It lets the wounds of the past perpetuate into the future, unloved and unhealed.
I'll never know what it's like to be black. I most certainly still possess unconscious bias due to societal conditioning. But through listening and education, we can gain awareness and avoid the tendencies of indifference. In our business, we're taking action to humanize background checks and interrupt discriminatory patterns of behavior.
Let's accept the realities of racial inequality – and from that place of acknowledgment, build a more inclusive and just world.
Fueling The Movement
"[N]othing short of a major social movement can successfully dismantle the new caste system. Meaningful reforms can be achieved without such a movement, but unless the public consensus supporting the current system is completely overturned, the basic structure of the new caste system will remain intact." - Michelle Alexander, The New Jim Crow
For people of color, these conversations and struggles are nothing new. They've been happening for hundreds of years, since Africans were first kidnapped and enslaved in America to produce tobacco. In fact, African Americans have been slaves in this country longer than they've been free[5].
Throughout this long river of struggle, civil rights leaders, humans rights activists, volunteers, and communities around the world have been sowing the seeds of change – identifying leverage points in the system and creating pathways for healing. The capacity for positive change exists, ready to be supported and embraced.
The moment is ripe. Social media has helped awaken us to the realities of police brutality. States are facing the economic breaking points of mass incarceration. Voters are seeing through politicians' tough-on-crime rhetoric. The war on drugs has long since failed. Conversations about diversity and inclusion are at the forefront. We're at a tipping point.
To support this movement, the Namaste Foundation is donating a total of $150,000 to over two dozen exceptional nonprofits involved in criminal justice reform.
We've based our gifts on the following selection criteria:
- Effective, diverse leadership. We prioritize nonprofits led by talented people of color, especially women of color. Like most of the economic system, philanthropic dollars are overwhelmingly controlled by whites and men, thus reinforcing the same biases that need to be addressed.
- Community-based. We favor organizations in our local community, northern California, as well as groups taking a community-based approach, both online and offline.
- Positive solutions. We look for organizations addressing root causes, building awareness, and pursuing bold new ideas in order to work toward inclusive, win-win solutions.
- Practical action. We look for groups that demonstrate skillfulness in getting things done while staying true to their mission.
- Reputation and referrals. We seek the advice of civil rights leaders, frontline community activists, and respected elders.
- Economic viability. As a small foundation, we search for ways our gifts can make a difference, even if just a modest one.
In our next post, we'll profile these nonprofits and their inspiring stories.
The topic of criminal justice reform is heart-wrenching. Progress has been painfully slow and we've taken many steps backwards. But the grassroots work of so many offers fertile ground for hope. People everywhere are rising up, steadfastly working toward peace, healing, and reconciliation.
Compassionate action is the antidote to indifference. If we courageously come together, honoring our common humanity more than our failings and differences, a more beautiful world awaits. Let us start with a sincere embrace of our unforgiving past – in the fiery words of James Baldwin:
"This past, the Negro's past, of rope, fire, torture, castration, infanticide, rape; death and humiliation; fear by day and night, fear as deep as the marrow of the bone; doubt that he was worthy of life, since everyone around him denied it; sorrow for his women, for his kinfolk, for his children, who needed his protection, and whom he could not protect; rage, hatred, and murder, hatred for white men so deep that it often turned against him and his own, and made all love, all trust, all joy impossible - this past, this endless struggle to achieve and reveal and confirm a human identity, human authority, yet contains, for all its horror, something very beautiful. I do not mean to be sentimental about suffering - enough is certainly as good as a feast - but people who cannot suffer can never grow up, can never discover who they are. That man who is forced each day to snatch his manhood, his identity, out of the fire of human cruelty that rages to destroy it knows, if he survives his effort, and even if he does not survive it, something about himself and human life that no school on earth - and indeed, no church - can teach. He achieves his own authority, and that is unshakable... I am proud of these people not because of their color but because of their intelligence and their spiritual force and their beauty. The country should be proud of them, too, but, alas, not many people in this country even know of their existence. And the reason for this ignorance is that a knowledge of the role these people played - and play - in American life would reveal more about America to Americans than Americans wish to know." - James Baldwin, The Fire Next Time
1. "Mass Incarceration", American Civil Liberties Union
2. "The New Jim Crow", Michelle Alexander, page 180
3. "Criminal Justice Fact Sheet", NAACP
4. "The Color of Justice", The Sentencing Project
5. "Slavery in the United States", Wikipedia
Top photo by Jabin Botsford at Freddie Gray's funeral in Baltimore, MD.


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In this tutorial, I'll show you how you can create a dark, misty and ominous scene of a dark mountains by combining different stock images. We'll create a misty scene of mountains and light from afar. You'll also practice some essential manipulation, blending and lighting techniques.
What you'll be creating
You will be creating dark landscape matte painting. I have used Photoshop version CC 2014 to create this work but you can use any version from CS onwards will be fine as well.
Tutorial Resources
- Mountains – TheAJDeviant
- Sky – Xdante-Stock
- Waterfall – Pixabay
- Crow – Freeimages
- Birds Brushes– Candymax-Stock
Step 1
Create a new document by selecting File > New. Set the setting as shown in the image below. You can also choose your own document size but make sure it should be wider enough to cover the mountains image.
Step 2
Now place the mountains image by selecting File > Place Embedded. I have scaled it little bit because I don't want the bottom part of the mountains. You can scale it as you want but remember we don't need the bottom parts.
Step 3
Add a layer mask to the mountains by selecting the second button of layer panel at bottom right side. Now activate the Gradient Tool by pressing (G) on the keyboard and choose a linear black/white gradient then holding the shift key apply the gradient vertically on the layer mask of mountains layer. Here are the results.
Step 4
Now place the sky image below the mountains layer. Scale the sky using Free Transform tool by pressing (CTRL + T) on keyboard so it can cover the entire mountains. Here are the results.
Step 5
To brighten the sky little I have added a Curves adjustment layer to the sky by clicking on the third button of layer panel (See the image below). Set the setting as shown in the image below.
Step 6
Now, back to the mountains layer then add a Brightness/Contrast and Gradient Map adjustment layer to the entire scene. Set the values as shown in the image.
Change the blend mode of gradient map to soft light and reduce the opacity to 55%. Here are the results
Step 7
Continue colouring by applying Color Balance adjustment layer to the entire scene.
Here are the results.
Step 8
Reduce the brightness of scene using a Brigthness/Contrast adjusment layer.
Step 9
Now add the waterfall image to the scene. Place it as shown in the image below.
Step 10
Using a layer mask with soft round basic black brush hide the unwanted part of waterfall to blend it properly to the scene. Here are the results. Note that this is a perfect example when you have proper stock images and it usually takes 1-2 minutes to blend the image to the scene. So, choosing the right stock gives you more realistic results and sometime even better.
Step 11
Now, we have blended the image to the scene but it's colors are still not matching as well as the overall image. Here the comes the job for adjustments layer to adjust the image with existing scene. So, add a Hue/Saturation image to the waterfall as clipping mask because we don't want to affect all the layer.
Step 12
Continue blending the waterfall by applying a Brightness/Contrast and Photo Filter adjustment layer.
Here are the results.
Step 13
Add a Color Balance adjusments layer to the scene. See the image for setting.
Result should be similar to this.
Step 14
Load the birds brush in Photoshop. Paint some birds using the bird brushes. I have used the 2500 pixels to paint the birds.
Step 15
Create a new layer to make light source and name it 'Light'. Grab the brush tool by pressing (B) on the keyboard and set the opacity and flow to 100%. Change your foreground color to #163d65 and paint a big stroke as shown in the image below.
Change the blend of light source layer to Linear Dodge and reduce the opacity to 34%. Here are the results. I also painted some lights on top corners.
Step 16
Extract the crow using your favourite selection tool and place it to the main document. I also applied a Gaussian Blur filter to the crow by selecting Filter > Blur > Gaussian Blur with the 1.2 radius. Feel free to place the crow anywhere in the document.
Step 17
Add a Brightness/Contrast and Photo Filter adjustments layer to the crow.
You can see the result below.
Step 18
Add a Color Balance adjustment layer to the crow.
Here are the results.
Step 19
Now, we'll create fog. To do this, create a new layer and grab the brush tool with opacity and flow to 30%. Change your foreground color to #b5b9bd and paint as shown in the image below.
Add a layer mask to the fog layer. Now, apply a cloud filter to fog layer mask by selecting Filter > Render > Clouds to create fog. Here are the results. You can also see the results on layer mask. Before applying a Cloud filter please make sure that Foreground/Background color set to black/white and fog layer mask is selected. You can set your foreground and background color to default by simply pressing (D) on the keyboard.
Step 20
Add Hue/Saturation adjustment layer to the fog layer as shown in the image below.
Here are the results.
Step 21
Duplicate the fog layer(including Hue/Saturation) by pressing (CTRL + J) on the keyboard and scale it so it can cover the entire document. Here are the results. That will make the whole scene foogy and misty.
Step 22
Now everything is set and we can proceed to the 'Final Adjustments'. So, add a Gradient Map and Photo Filter adjustment layer to the scene.
Change the blend mode of Gradient Map adjustment layer to soft light and reduce the opacity to 65%. Here are the results.
Step 23
Continue finalizing the scene with Color Balance adjustment layer.
Here are the results.
Step 24
Add a Curves adjustment layer and set the setting as shown in the image below.
Here are the results.
Step 25
Finally, add a Brightness/Contrast adjustments layer to the scene.
Here are the results. Congratulation! you have create a dark matte painting in Photoshop!!!
Final Results


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Read Defense Nominee Ashton Carter's Anti-CIA Pieces For His College Newspaper
Ashton Carter wrote two anti-CIA articles for his college newspaper in 1975, Gotnews.com has learned. Barack Obama's nominee for Secretary of Defense's anti-CIA views are particularly relevant now that he may have control over the Defense Department, the nation's largest intelligence gathering body. Writing for the Yale Daily News, Carter argued that the CIA is […]Read Story


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Eagle and Quartermaster Recognition
From AuxBWiki
It is customary for Eagle Scouts or Quartermasters to receive congratulatory letters from civic, community, military and other leaders who appreciate and recognize the importance of their accomplishments. The National Commodore of the Coast Guard Auxiliary wishes to support our youth by providing such encouragement. If you would like to request a letter of congratulations from the National Commodore on behalf of your Eagle Scout or Quartermaster candidate (or if you are a Eagle Scout or Quartermaster candidate yourself), please provide us with the following information:
Information needed for letter
- Name
- Address
- Telephone(s)
- Email address
- Eagle Scout or Quartermaster?
- Boy Scout Troop or Sea Scout Ship number
- Anticipated presentation date for the Eagle Scout or Quartermaster Award
- Year you became a Cub Scout (if applicable)
- Year you became a Boy Scout (if applicable)
- Year you became a Sea Scout (if applicable)
- Brief description of your service project
- Brief description of your plans for the future (high school, college, career, etc.)
Send the information
Please send the information in an email to Stephan Reckie, BA-BLYB.
Thank you for your interest in the Coast Guard Auxiliary. You or your Eagle Scout or Quartermaster candidate will receive your letter within a few weeks' time. If time grows short, please email us.


text:
Published in News
Limited Edition Halo 3 Xbox 360
by Fudzilla staff on11 July 2007
- font size decrease font size increase font size
Available in the US in September
Microsoft will release a special edition of the Xbox 360 to co-incide with the launch of Halo 3. The special edition console will feature a "Spartan green and gold" case, although judging from the picture, it looks more like dark green and orange to us.
Apart from the console itself, you'll also get a matching wireless controller with a play and charge kit, a matching 20GB hard drive (yes, only 20GB) and a special edition Halo 3 wired headset. You will also be able to download special Halo 3 gamer pics and wallpapers via Xbox Live.
You'll also be happy to know that the special edition Halo 3 console will have an HDMI port, although it will only be supplied with a component video cable for HD quality output. Seems kinda stingy considering that only a small ammount of these consoles will be shipped.
Finally there's an Ethernet cable in the box and a one month Xbox Live Gold subscription. You might wonder what happened to Halo 3, well, it's not included, it's a separate purchase, so there you go. No price has been announced as yet.
You can find out more here


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Lord Peston: Before we proceed, is the Bill taking place in the 1995 Session of Parliament? The answer must be yes. When we were dealing with the legislation in
The Minister may say in reply: "I don't understand, this has nothing to do with what I think the Bill concerns". However, if the clause treats the Bill as if it had been passed last year, then I repeat my point that it is not a matter of amendment but of bad faith, going against the word of a Minister given to me and other noble Lords in the House. That is unacceptable in any circumstances. It is not a matter of divide or argue. I shall not take part in proceedings that are conducted in that way. I shall not do so.
Lord Skelmersdale: It is not for me to defend my noble friend on the Front Bench; but since, by imputation, I have been attacked for the speech that I have just made, I should like to respond. My understanding of the assurance given at that time in the context of the previous Bill is that that Bill was not prospective. Given that it was not, if we wish to bring any future Bill which subsequently becomes an Act of Parliament within the ambit of the Deregulation and Contracting Out Act, we have to do it in the future Bill. That is what is being done now.
Lord Ezra: It is difficult to reconcile what the noble Lord, Lord Skelmersdale, has just said with what is written in the report of the Delegated Powers Scrutiny Committee in relation to the Bill. The report says in black print on page 3:
Earl Ferrers: Perhaps I may try to help the noble Lord, Lord Peston. I believe I understand his main anxiety and I do not like him to feel that there has been ill-faith or bad faith on behalf of the Government. He is quite right. When the Deregulation and Contracting Out Bill was introduced last year it referred to any Bills that existed then and to previous Bills. It is right that the deregulation order-making power did not apply to future legislation because Section 1(5) defined the legislation to which it applied as being all the existing legislation up to and including the 1994 Session. That was the position and the noble Lord is quite right about it.
I shall go into this in more detail later. Here we are asking Parliament to approve the fact that the principle could be used for this legislation as well. That is not the same as saying that the Deregulation and Contracting Out Act refers to all Bills in the future. It does not. It referred to those Bills and Acts of Parliament up to and including 1994.
The order-making power in the Deregulation and Contracting Out Act was limited to the application of Acts of Parliament that had been passed up to and including the last Session, because we realised that Parliament would not know whether it would apply to future legislation. It
This Bill is full of regulations and detail, and we took the view that, as in other areas, circumstances could well change in the future in such a way that there may be a need for a simplified procedure to repeal or amend legislative provisions where they become outdated or where, for example, technological advances mean that legislative provisions introduced in an earlier age (which is now) and overtaken by events or by technology, might no longer be appropriate. For example, remote meter reading by electronic means might become universal in future, such that provisions allowing for rights of entry to read meters would no longer be needed. Another example might be the provision for regulating the assessment of calorific value, which might become redundant if, for instance, devices for measurement in individual homes were to be available cheaply.
Parliament has already accepted that the provisions of the Deregulation and Contracting Out Act are appropriate for the 1986 Gas Act. The noble Lord's amendment, were it to be accepted, would have a very strange effect. It would mean that the deregulation provisions could apply to certain parts of the 1986 Act but not to those parts which are amended by this Act. The Deregulation and Contracting Out Act provides for such a power. However, the power is subject to stringent checks and balances. These include, as the noble Lord, Lord Peston, knows only too well, a requirement that the use of the order-making power must not remove any necessary protection; a requirement for special scrutiny of interested parties; and a requirement for consideration of any proposal by Select Committee in each House for 60 parliamentary days, and then by affirmative resolution of both Houses. These are very strong safeguards, and they were recognised as such by your Lordships when we approved this power a year ago and the very wide application that it has.
The point that I would make to the noble Lordand this is where there could be a misunderstandingis that he was right that that Act referred to what happened in 1994, and to what happened previously. What we are doing in this Act is not to abuse that, but to put it for Parliament to approve that there could be circumstances in the future where the application of that Act in this Bill would not be inappropriate. I do not think that that is bad faith. It is straightforward, one might say, honesty, in bringing to Parliament the suggestion that that Act has a purpose in this Bill, subject to your Lordships' approval.
Lord Peston: I am sure that the noble Earl is doing the best that he can, and we have conducted our proceedings most amicably. But it will not do. I went through the whole of that Act. I know exactly how it was argued. I raised the fears. I said that it was a constitutional outrage, and I made other remarks of that sort. I said that I thought it was wrong. But in particular I warned about the phenomenon that we have before us at the moment. I
I must tell the noble Earl that if he is unhappy about some of the developments his duty is to bring before this Chamber an amendment to the Deregulation and Contracting Out Act. It should not be done in this manner. I will not have it. I repeat that I did not fight that Bill on constitutional grounds so strongly as I did fight it only for this provision to be slipped into this Bill and for anybody to accept the argument here that that clause can be put into any other Bill that ever comes before Parliament. That is just not acceptable.
I do not believe that the noble Lord, Lord Ezra, will divide the Chamber tonight on the amendment. I hope that he does not do so. But between now and Report stage this matter has to be dealt with at the highest possible level. Never mind everything else that we have donewe have argued in terms of whether we do or do not agree and I can live with defeat thereI cannot accept that this amendment is in any way other than crucial. I cannot understand how the noble Earl even remotely let his officials proceed in that manner. It is beyond me, given the Government's commitment and the commitment of other Ministers, the noble Earl's friends, in the debates. It simply must not be allowed to go ahead.
Half past nine on a summer evening is not the time to go into the issue. But between now and Report I intend to have this whole subject debated, either within the Gas Bill for a whole day or as a separate debate. On constitutional grounds this provision must not be allowed to go ahead. Those are the warnings that I place on the record. I wait to hear what the noble Lord, Lord Ezra, has to say.
Lord Ezra: Certainly this has turned out to be a most serious issue. The wording of the paragraph definitely gives cause for concern. The wording that is used could be used in any subsequent Act to get away from what was very clearly agreed. It says that:
Every single subsequent Bill that comes before this Chamber could have that same pretence: put the clock back, put the calendar back and pretend that the measure was passed in the same Session, so that the undertaking that was then given would be met.
I do not believe that that is a subterfuge that can easily be accepted. As the noble Lord, Lord Peston, said, the hour is late. Certainly, we cannot divide on this issue now. It is an issue that has to be debated in much more depth. It raises a very serious constitutional issue. Therefore, on the assumption that we shall come back to this matter in a big way at the next stage of the Bill, I beg leave to withdraw the amendment.
Amendment, by leave, withdrawn.
Schedule 5 [Transitional provisions and savings]:
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