text:
Q: How to verify an EC signature created by OpenSSL with the Subtle Crypto API? I have a small JSON file which contains an EC signature generated by SubtleCrypto.sign() ECDSA algorithm and SHA512 digest. Now I manually generate the signature, but I would like to automate it. I have a restriction to use the nginx:alpine base image to do that. So I have installed OpenSSL, but it turns out, SubbtleCrypto.verify() needs the signature in IEEE P1363 format, but OpenSSL uses the ASN1 format. Is there a way to use the signature generated by openssl in the browser?
Note:
I created the EC key pair in the browser and it is working fine when the signature is generated with SubtleCrypto.sign().
Then I have exported the private key in PKCS#8 format, and saved it as a PEM file to be used as an input for OpenSSL.
-----BEGIN EC PRIVATE KEY-----
<Base64 encoded content here...>
-----END EC PRIVATE KEY-----

and use the following to generate the signature in Base64 for {} (data.json)
$ openssl dgst -sha512 -sign private.pem data.json | base64
MIGHAkEZ0YthoqLqCW1ll0MvPEYdhoz+p1zxQnLt0sl0rSvD8eI0BdAeQUqS1fUlNi8O39ClI6OI
JDZJqJ3OkTFkMyqzaAJCAT8koJnhqv2PUHla7EWV/qVIBb9LtPovQODl0+CsBQlkGO+TKkX3X57+
rpOZMqYv1tIOAz1m5ry0sOo0hGSe4c8X

then I used this website (the link contains the signature as well in Base64 encoded ASN1 format): asn1 decoder to get the r and s decimal values, and then followed this SO answer:
r = 346169932049245619871744113024266741326899713498883047336224784039276978051811648336988371154157537871201508197563500632048282301939214838670217488915673960
s = 4279009059525041370739088323750483074176965727856497966083564113228214038964554024207556176396942898795827323835166902701178318351093672293528073206493204247

hex_val = 19D18B61A2A2EA096D6597432F3C461D868CFEA75CF14272EDD2C974AD2BC3F1E23405D01E414A92D5F525362F0EDFD0A523A388243649A89DCE913164332AB368013F24A099E1AAFD8F50795AEC4595FEA54805BF4BB4FA2F40E0E5D3E0AC05096418EF932A45F75F9EFEAE939932A62FD6D20E033D66E6BCB4B0EA3484649EE1CF17

and the resulting base64 signature is
GdGLYaKi6gltZZdDLzxGHYaM/qdc8UJy7dLJdK0rw/HiNAXQHkFKktX1JTYvDt/QpSOjiCQ2SaidzpExZDMqs2gBPySgmeGq/Y9QeVrsRZX+pUgFv0u0+i9A4OXT4KwFCWQY75MqRfdfnv6uk5kypi/W0g4DPWbmvLSw6jSEZJ7hzxc=

and that fails to verify in the browser.
Edit:
I have created an example with the calculations I have made here. I generated the signature with the above openssl command with the key file given and a json file containing {} only.

redpajama_set_name: RedPajamaStackExchange


text:
Forbidden HistoryNewsRecent Articles
New Discovery: Stonehenge Circle Was Fully Closed
Alexander LightSeptember 5, 2014
Parch marks in the grass at Stonehenge following a dry summer have helped solve a centuries-long puzzle about whether Stonehenge was ever a complete circle, according to a news report in The Telegraph.
The parch marks – areas where the grass does not grow as strongly as in other areas during hot weather – reveal places where the missing sarsen stones may have once stood.
Although a large number of stones survive at Stonehenge, the monument is nowhere near complete. This has led many authors over the last few centuries, such as John Wood (1747), William Hinders Petrie (1880), and Christopher Tilley and colleagues (2007) to question whether the monument was ever finished.
This non-completion theory is based on the presence and use of what they call 'inadequate' stones, the absence of approximately one third of the Sarsen Circle and the majority of the lintels, and the absence of evidence for the removal of stones.
Other scholars have suggested that Stonehenge was completed but it was never a fully closed circle.
Diagram of Stonehenge showing where stones should be, if it was ever a fully complete circle. Parch marks were found between stone 16 and 21. Credit: British Archaeology
A high resolution geophysical survey conducted a few years ago failed to pick up evidence of the holes. But English Heritage has now announced that dry summers have revealed the faint outline of the missing megaliths.
Archaeological features below the ground, including pits, stones, or earthworks, affect the rate that grass grows above them, even millennia later, and parched grass can often highlight where these archaeological features are located.
Such parch marks have previously helped to identify Roman forts and Iron age earthworks, and now it appears they have helped solved one of the biggest questions about the ancient stone circle of Stonehenge.
Four distinct parch marks can be seen between stones 16 and 21, possibly showing where large megalithic stones once stood. Image ref.
The parch marks were first noticed in July last year by an English Heritage steward who alerted archaeologists to their existence.
"If these stone holes actually held upright stones then we've got a complete circle," said Susan Greaney from English Heritage.
"A lot of people assume we've excavated the entire site and everything we're ever going to know about the monument is known. But actually there's quite a lot we still don't know and there's quite a lot that can be discovered just through non-excavation methods."
Parch marks at Stonehenge. Image ref.
A scientific paper which explains how the parch marks provide evidence for the 'complete' theory of Stonehenge, has been published in the latest issue of the journal Antiquity.
By April Holloway, Ancient Origins; | Featured image: Reconstruction drawing of Stonehenge as it might have appeared in 1,000 BC by Alan Sorrell;
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redpajama_set_name: RedPajamaCommonCrawl


Using the sun and the sea, renewable sources of energy and water, a desert farming operation in Australia shows how organic food can be grown in a fresh new and sustainable way.
The "plants are grown hydroponically, which is the technical way of saying we don't use soil. Our plants flourish on nutrient-rich coconut husks instead." Additional climate and irrigation controls allow the farm to maximize outputs with minimized inputs.
Sundrop's success illustrates the possibilities of working in a world where water, land and energy are all scarce and valuable. Moreover, the farm shows that fruits and vegetables can be produced year-round in any conditions thanks to hydroponics and green energy, from rural wastelands to urban food deserts.
"Because we do everything in a controlled environment, we know what our input costs are, and we're doing everything on a renewable basis, we can provide real consistency of supply and a higher quality product at a better price year 'round," said Philipp Saumweber, chairman and CEO of Sundrop Farms.


This first volume features issues 5 - 9 November 1951 to July 1952 of the ACE Magazines publication. Digitally enhanced and faithfully reproduced.
The only thing baffling about this baby is why we didn't bring it out sooner -- I mean, c'mon! Mike Sekowsky, Maurice Gutwirth, George Appel, Gene Colan, Jim McLaughlin, Ace Baker, Lou Cameron, Bill Molno, Chic Stone and all of 'em from the frightful fab 'n" fantastic fifties!
Hey, throw another log on the fire and let's get down to business!
Artists include Mike Sekowsky, Maurice Gutwirth, George Appel, Gene Colan, Jim McLaughlin, Ace Baker, Lou Cameron, Bill Molno, Chic Stone, and Ken Rice.
Limited to 300 copies available worldwide.
Shipping Note: This book qualifies for economy Media Mail shipping. If it is part of a larger order, Media Mail shipping can only be selected if the other items are also books or DVDs or VHS. If not, a different shipping service must be used or separate orders initiated.


The prime purpose of sending a probe to another star is to collect data and send this data back to Earth for interpretation and analysis. This presents some difficult technical challenges, with several potential technology choices for implementing the communication system.
This paper considers various technologies that can be used for interstellar communication, drawing comparisons with Voyager, Pioneer and New Horizons, which have demonstrated interplanetary communication. Microwave and optical systems are analyzed for a multi-light year link, with a brief description of the components that make up the transmitter and receiver. A link budget analysis is performed for both the probe-to-Earth link, and also between the probe and any sub-probes that are launched in the destination star system. This analysis demonstrates that optical communication systems have many desirable parameters compared to microwave systems. The initial subsystem design considerations for an optical communication system are presented. The use of repeaters and the technology of gravitational lensing are presented.
This paper is a submission of the Project Icarus Study Group.


text:
Emmanuel Sanders visits New England Patriots
By Gregg Rosenthal
Around The NFL Editor
Published: March 15, 2013 at 12:08 p.m.
Updated: March 17, 2013 at 03:01 p.m.
Twenty-four reasons why Nick Chubb will be even better in Year 2
Why Green Bay's defense could fuel a Packers Super Bowl run
The Pittsburgh Steelers didn't re-sign wide receiver Mike Wallace in part because they knew they had Antonio Brown and Emmanuel Sanders in place. But what if they lose Sanders?
Sanders visited the New England Patriots on Friday. There were conflicting conflicting reports afterward about whether or not the speedster had signed an offer sheet with the team, but NFL.com's Ian Rapoport later reported the wide receiver still hasn't signed an offer from the Patriots. On Sunday, Bob Labriola of Steelers Digest reported that Steelers GM Kevin Colbert hadn't received an offer sheet from New England yet for Sanders, which means Sanders hasn't signed anything.
Rapoport: Market valueless?
Ian Rapoport explains why cornerback salaries are plummeting. Plus, a potential Geno Smith suitor nobody's talking about. More ...
Restricted free agents like Sanders rarely change teams these days, but the Patriots can use some of their salary-cap room to make a front-loaded offer, which Pittsburgh could find tough to match.
If Sanders does sign an offer sheet from the Patriots, the Steelers would have seven days to match it. If they choose not to, the Patriots would send a third-round draft pick in 2013 to the Steelers.
Sanders would join a rebuilt Patriots wide receiver group alongside new signees Danny Amendola and Donald Jones. Sanders' proven ability to get deep would add some necessary speed to the team's wide receiver position.
New England's interest in Sanders certainly does not bode well for the future of Brandon Lloyd. The Patriots have to make a decision in the next week about whether to give Lloyd his roster bonus or cut him loose.
Sanders set career highs with 44 catches and 626 yards in 2012, starting seven games for the Steelers. He was slated to be a starter with the Steelers this season.
Follow Gregg Rosenthal on Twitter @greggrosenthal.


BT-Promotkhody service company closed its obligations in 2016 under the contract with OJSC NGK Slavneft by having processed 11 600 tons of oily waste (drill cuttings) directly at the production site. Let us recall, that the main production facility is pyrolysis plant TDP-2-800 of IPEC manufacture.
The processing of waste directly at the production site and applying high-capacity plant of TDP-2 model will bring to pit-free drilling transition as there would be no need in depositing the oil sludge.
Pyrolysis gas, used for the maintenance of the TDP-2-800 plant's technological process.
Process water, used for drilling solution preparation due to its chemical composition.
Dry subsoil. It is a marketable product, quality of which is certified according to the standards. Dry subsoil is in demand in road and site construction, reclamation of sludge pits, landfills and open pits and it may be used as a deicing agent due to its high content of sodium salt.
Thus, TDP-2-800 pyrolysis plants are capable of obtaining the valuable products from the drilling waste. No additional waste is generated during the operating process and after the process stabilization.


An Osun State High Court sitting in Ilesa has declared that the change of name of the state to "State of Osun" by Gov. Rauf Aregbesola is illegal, null and void.
According to PremiumTimes, delivering the judgment on Thursday, Justice Yinka Afolabi ruled that the law and its makers were unknown to the 1999 Constitution.
The judge chided Mr. Aregbesola for deliberately and singlehandedly renaming the state, contrary to the known norms and the nation's constitution.
He also declared that the makers of the law, who are currently serving as members of the State House of Assembly, were not sworn in as members of the "State of Osun House of Assembly" but as members of Osun State House of Assembly going by the seventh schedule of the constitution.
"The executive governor of the state changed the name in 2011. The renaming of a state goes further and deeper for anyone to singlehandedly do.
To re-order the name of Osun State as "State of Osun" is hereby declared as illegal, null and void,'' Mr. Afolabi stated.


text:
Where Did American Education Go?
Asked Dr. Smith with a mischievous twinkle in his eye, "Say, Chuck, why, with all your credentials and intellect, are you still teaching at that Christian college with its low salaries?"
The setting was an impromptu coffee-with-conversation meeting with my former professors in
my Ph.D. program at the University of Tennessee; Dr. Smith was the one remaining true conservative in that august group of scholars. The obviously loaded question came near the end of a quite refreshing dialogue among a group of well-read, highly educated gentlemen who respected each other and who valued—yea, treasured—honest intellectual exchange, an admitted rarity in American colleges today. Due to the small size of most offices, we had retired to an unoccupied classroom for our gathering.
"The primary reason, Dr. Smith, is that I do not like to be censored in what I teach—I value the reality of the concept called 'academic freedom.'"
One of our colleagues took the bait and replied, "you're not really serious, are you?" He, like the others, made the false assumption that being on the faculty of a Christian institution meant that one is obviously censored in what can be taught and by implication, what can be thought.
"Oh yes, I am very serious. I refuse to be censored in what I can teach because I firmly believe that 'truth never fears a challenge.' Now, you guys obviously think that you are the ones with academic freedom, but let me ask you, when was the last time you had the freedom to take Jesus Christ or the Bible into the classroom with you? I, on the other hand, can take Karl Marx, Charles Darwin, Mao Tse-Tung, or anybody else or any other philosophy with me for an honest dialogue to compare and contrast any and all such ideas with truth."
That was followed by a pause, and receiving no rejoinder, I continued to my concluding statement.
"Furthermore, a few moments ago when we were discussing various things and the topic of conversation came to Affirmative Action, why did you guys drop your voices and look down the hall to see if anyone was perchance listening to your true feelings about that policy?" Now, with a twinkle in my eye, I concluded, "If you guys want to prostitute your credentials and your intellects for a higher salary that's your business…but as for me, I refuse to do so. That's why I am still teaching at a Christian university." And, with a gentlemanly good-naturedness, we adjourned the meeting so they could get back to their classes, promising to continue our dialogue in the near future.
That last paragraph illustrates a point made by Maj. Gen. Josiah Bunting III, USA (Ret'd) in his book, An Education for Our Time, to wit: "America's colleges are incapable of delivering what America needs today." Part of the reason they are so incapable is that they have violated their very reason for existing—honest intellectual inquiry of all sides of an issue in an open forum where ideas can be discussed, compared, contrasted against truth—objective and knowable truth. Example, the pathetic performance of the uneducated automatons at Columbia University when someone with an opposing viewpoint is invited to speak to them—such speakers are shamefully shouted down by the puppets of a non-education system. The same happens at other major "universities" as well.
I enclosed that word in quotes to draw attention to the fact that such institutions cannot be called Universities and should be referred to as arrogant, robot-producing propaganda agencies. The word University derives from the root Universe, which means: "Single sentence." That single sentence is: "In the beginning, God created the heavens and the earth." A University is an institution for the study of that Universe, a study made possible because that God has deemed to reveal Himself and His creation to man, whom He created with the necessary intellectual capability to receive that revelation and to engage in scientific inquiry ("Come now, let us reason together, says the Lord…") The scientific method of investigation is a marvelous tool for just such a study, a tool properly used demonstrates the marvelous, ordered complexity of His creation. Misused, that tool is used to propagandize the automatons of the propaganda agencies into the false religion of evolution. True Universities have the freedom to acknowledge that evolution is both a philosophical lie and a scientific impossibility, which has been absolutely proven by the scientific study known as microbiology: Charles Darwin said that if irreducible complexity can be found, evolution will be proven false—microbiology proves just that by showing that the "simple" single-cell animal is a highly complex arrangement of equally complex machines…irreducible complexity. Evolution is not just dead, it was stillborn at its inception, but that conversation cannot even be conducted in the classrooms and auditoriums (which means a "room for hearing"—not "jeering") of their universities, so-called. Darwin's statement, found in Origin of Species, reads: "If it could be demonstrated that any complex organ existed which could not possibly have been formed by numerous, successive, slight modifications, my theory would absolutely break down."
It is obvious to the most casual observer why that last thought is being denied through some pretty complex sophistry on the part of philosophers (otherwise known as scientists) today—just look at the magnitude of the superstructure they have constructed upon the lie of evolution. Even the U.S. Government has become involved in violating the First Amendment by requiring that the religion of evolution be taught in the public schools while denying the teaching of anything Christian on the falsely interpreted and un-Constitutional doctrine of "separation of church and state." Look also at the Smithsonian Institute's Museum of Natural History—from the front door to the exit, all one has is model after model preaching the religion of evolution. The entire superstructure of American education, from elementary to post-graduate studies is now resting firmly on the foundation of that religion, and it is supported by an atmosphere of violent opposition to any voice that deviates from the prescribed religious dogma.
Where did American education go? It got swallowed up by the religious dogma of the lie of evolution and its supporting political philosophy of Marxism—Darwinism/Marxism.
Truth Never Fears a Challenge
Dr. Murphy
He who knows not, and knows not that he knows not, is a fool. Shun him.
He who knows not, and knows that he knows not, is simple. Teach him.
He who knows, and knows not that he knows is asleep. Waken him.
He who knows, and knows that he knows, is wise. Follow him.
Arabic Apothegm
Government, Individualism, Republic, Statesman
Why Do We Have Bureaucracies
drmurphy42
The "Beast" Always Hates the Same Things
Where Did All the Statesmen Go?
Hate Crime Laws Promote Inequality!
Gun Control 101: Laws Don't Prevent Crime!
In Defense of Roseanne: Freedom of Speech
The Path of Honor: Why Feminism Results in "Toxic" Masculinity


Worked flat, Janie contains written directions, charts, and is broken down into comprehensive sections. The pattern includes detailed instructions for the techniques used and a handy-dandy progress tracker to help you keep track of your row and stitch counts.
Janie is available in French & English.
24 Stitches by 36 rows worked flat in stockinette stitch = 4" (10 cm) on US6 (4 mm) metal needles, before blocking.
This pattern from rhyFlower knits has been through testing and tech edited to ensure a high level of quality.


text:
Architectural design services
Auckland City Iconic Church
St Matthew in-the-City
In 1993 Salmond Architects was commissioned to prepare a Conservation Plan for Auckland City's main Anglican church, St Matthew in-the-City, at the junction of Wellesley and Hobson Streets.
Based on the recommendations and policies embodied in that report, the practice undertook the specification and management of major exterior refurbishment, which included extensive stonework repairs, a new slate roof and the removal, re-leading and reinstatement of all the windows (except for the stained glass to east and west ends). This work involved exacting manual draughting work to illustrate and locate all the existing stonework and architectural detailing.
Several years later we were again engaged to oversee re-wiring of the church – a major job, which was followed by installation of new interior lighting, which received an international lighting award.
The success of these projects established a lasting working relationship between St Matthews Parish and Salmond Reed Architects, which has, more recently, been consolidated by our management of the installation of a new Willis pipe organ in the original purpose- built organ loft and our completion of the much acclaimed restoration of St Thomas' Chapel within the south transept of the church.
Work continues on other areas of the Church and its surrounds.
St Thomas' Chapel
This project involved reconstruction of the historic St Thomas' Chapel in conjunction with the installation of a new kitchen and accessible toilet, all within the south transept of heritage-listed St Matthew in-the-City Church.
St Thomas' Chapel itself originated on board the early twentieth century Melanesian Mission ship, Southern Cross V, which had operated throughout the Pacific region. Material from the decommissioned ship had subsequently been used to form a 'lady chapel' in St Thomas Church, Auckland, before that building was demolished to make way for the new motorway. Temporary interim home for the historic remnants had been the crypt of St Matthews.
This jewel-like box, with its highlights of lit onyx, honours and respects the existing architecture of St Matthew-in-the-City while asserting its own merits. It is delicately and thoughtfully sited in the historic church.
NZ Architecture Heritage Award 2011
The design solution involved creating two simple "containers", one to provide supportive enclosure for the heritage elements of the chapel and the other, the functional requirements of a modern catering kitchen. The "containers" had to be detailed for viewing from every angle, including overhead. Simplicity was the keynote and for the Chapel itself, the outer shell of simple oak ply with its "halo" of illuminated onyx provides a contrast against the heritage fabric within making clear the distinction between old and new.
In accordance with sound conservation practice principles the construction was achieved independently of the surrounding structure to allow easy removal if required at a later date, without damage to the historic elements of the Church.
Complex conservation demands shaped this heritage interior project and its success has been recognised in the following awards:
2011 NZIA Regional Award – Heritage Category
2012 NZIA National Award – Small Projects Category
Inaugural INTERIORS Awards 2012 – Culture and Civic Category and Supreme Award Winner
2012 DINZ Best Awards – Public and Institutional Spaces - Gold Award
Next Heritage project
Dunedin Iona Presbyterian Church
Since 1998, Salmond Reed Architects has been actively involved in the quest to ensure that the main structure of Iona Church is secure for future generations and that the building be brought up to an acceptable level of earthquake protection.
Previous Heritage project
Northland St Gabriel's Church
St Gabriel's was one of the largest and most expensive of the new churches in the Hokianga to be built by 1900. Today, it remains as one of the earliest churches still on its original site and is definitely a Hokianga destination worth making, as it sits on its prominentary in clear sight for miles before reaching it.
Contact our experienced team to discuss your project
58 Calliope Road Devonport Auckland 0624 New Zealand
office@salmondreed.co.nz
Copyright ©2020 Salmond Reed Architects. All Rights Reserved.
Website designed & built by Ben Hartley.


Vegetarianism and veganism have become being parts of today's world with many people attempting some form of diet limitation. There are elimination diets geared towards finding out if you're allergic to something and other forms of diets for health. Of course Veganism and its branches are very popular. Of course not eating meat is nothing new. Many species around the globe don't eat meat and even human had primarily eaten a veggie based diet most of our lives. This raises a question, is Veganism and its branches really all that odd?
Well it depends on what you're looking for. In today's day and age we have so many choices for what can consist of a vegan or meat reduced diet. There are fruitarians, vegetarians, Pescatarian and many more about. Each one with their own subset of rules and restrictions that may or may not impede a person's day to day life.
Even with such variety in eating choices today there's no real hard and fast rule about the average human diet. For examples, there're people who eat only fruit and nuts and they're right as rain, high levels of contentment with a pep in their step and for others they need their broccoli.
Though while I was looking into it, I noticed that there was a sub-group of people who believed in something a bit deeper than veganism, something stronger and actually damaging to your health.
If you haven't heard of them that's because they're not very popular but they have caused their own fair share of controversy. Coming from Inedia, bretharians believe that people can survive on just the prana of the living world –that is- the world energy despite popular science saying otherwise.
Of course it doesn't matter how or why you chose to change your diet as long as it's a god fit for you.


Jaw Pain - TMJ Disorder - What causes TMJ Disorders?
TMJ disorders are multifactorial in origin. Trauma to the jaw or temporomandibular joint plays a role in some disorders as this can lead to stretching of the joint ligaments or displacement of the articular disc. Other risk factors include systemic arthritic conditions (rheumatoid arthritis), jaw clenching, teeth grinding, fibromyalgia, and congenital deformities. Stress is thought to play a role is some but not all cases. For many people, symptoms may start without an obvious trigger. TMJ disorders most commonly occur in women between the ages of 30 and 50 and consequently a hormonal contribution is also possible. What is clear now through research is that a bad bite or malocclusion is not now considered a major contributing factor.


Students NOT receiving invite email.
How do I un-award a reward that was awarded in error?
Text not wrapping when pasted in from other sources.
Any way to raise student cap?
"Uh Oh, unable to connect to quest attempt"
I unenrolled a student because we were having problems with her account, now we can't create a new account for her.


Notes: From Nashville, TN. Full name is Ugochukwu Amadi. Played in all 13 games as a true freshman and made 4 starts, recording 25 tackles, 2 TFL, 2 INT (for 31 return yards) and 5 PBU in 2015. Made 9 starts and played in all 12 games, with 42 tackles and 6 PBU in 2016. Appeared in all 13 games, made 8 starts, with 43 tackles, 2.5 TFL, 1.5 sacks, 3 INT (for 21 yards), 11 PBU, 3 FF and 2 FR in 2017.
Positives: Smart, heady football player with good anticipation and coverage skills. Closes on the ball quickly. Has a knack for making big plays. Reliable open-field tackler. Can also return punts.
Negatives: Lacks height outside and is at a disadvantage against taller receivers.
Summary: Very solid nickel-cornerback prospect who makes plays.


Binary Options Pairs trading is a relatively new addition to the binary options types that are available today. This type of trading is hard to find but when you come across a good broker, it can be a neat way to trade the markets.
The number one asset class. Binary options are a simpler and more flexible variation of Forex trading. When talking about binary options trading, it is inevitable to say that the most popular asset class among traders is certainly currency pairs.
Option expiry can be set to any time between one hour and days from purchase. Payouts are pairs depending on the relative position of option underlying stocks and other market variables. Binary the end of the day option expiryrelative performance is measured for the two stocks, neutralising the effect of market movements throughout the day.
Binary options trading tools include long term options, one touch option, ladder options, social trading, advanced charts and many more. Trading process of Call/Put binary options. Trading tool can be broken down into 4 simple steps: 1) A trader is choosing an underlying asset from a range of currency pairs, commodities, indices or stocks.
Floating Pair Options are available with option expiry at the end of the day, week or month. When you trade you will see a payout binary marcus binarni opce percentage at option expiry. Payouts are determined depending on time to expiry, the relative value of the pairs stocks and other market variables.
Forex, Binary Options and Pairs - - Rated 5 based on 1 Review "Because, Just Because, Forex, Binary Options and Pairs is the place to advertise the same." Jump to. Sections of this page. Binary option Trading and investment assistant. Computers (Brand) Multimedia and Graphics. Product/Service.
Binary Pairs. Binary pairs is a high probability binary options signal service. The developer of this system is Eric Cosper, and he believes that he has an opportunity for traders that will provide life-changing profits month after month without strenuous work.
© Binary option pairs Binary Option | Binary option pairs Best binary options.


Belly casting kit include everything you need to create a cast of your belly.This is s great baby shower gift idea for mum to be.Easy to follow instructions to make the perfect cast of your pregnant belly.
You can paint and decorate as you wish with your own creativity.
Commemorate the precious journey of pregnancy by creating a cast of your belly with our Belly Art Casting Kit.
it's the perfect gift for any expecting mom.
5 X Rolls of no mess plaster tape.


Millions of gallons of water are wasted in your community each year due to over-watering, installing water-efficient devices can help solve this problem. You can make an investment in your home and your community by upgrading to water smart technologies. You will also benefit from long-term cost savings on your water bill.
New technologies available to help you use a lot less water inside and outside your home. Not only will you save money on your bill, there are rebates and programs available to help you save even more.
You can have access to real time data about your irrigation and watering activities, and even control your system from anywhere, through your smartphone. This technology lets you know if you have a leak or another issue with your system before it becomes a bigger (and costly) problem.
Protect and enhance the landscaping investments you've made by upgrading to smart irrigation technologies, and enjoy the benefits of long-term water and cost savings – plus rebates.
With a FREE Laundry-to-Landscape (L2L) graywater system, you can keep your garden beautiful and healthy no matter what the weather. An L2L graywater system lets you conserve water, energy & money.
Save money by making your home and landscaping water smart. Learn about the variety of rebates available for high efficiency products through the Water Smart program. Apply for your rebates today!
Qualified contractors meet standard program criteria including maintaining a C27 landscape contractor license and agreeing to a set of rigorous terms and conditions. Qualified contractors are experienced in implementing water efficiency measures and are ready to provide you a quote for your smart irrigation upgrade.
Please contact program staff at (310) 554-6210 if you have further questions.
If you are a local contractor, please contact us to prequalify.
Learn how you can be proactive by selecting fire-resistant plants.


text:
Q: Export folder and file list from Google Drive to Google Sheet based on date I am currently using the below script to pull folder/file information from a google drive, and list the information into a google sheet.  Works fine.  But I would like to refine it to where it pulls the folder/file based upon the date it was generated.
My situation is such that I have created a tracking log for reports, and data elements within reports.  The tracking log is based on the calendar year.  So Jan 1 of a given year, possibly a handful of reports could be generated.  And by Dec 31st of the respective year, the number of reports is in the 300-400 range.  When the tracking log is updated it, clears the entire sheet, and systematically re-pulls everything that was there, and adds anything new.  By the time we get to 300-400 reports that pull process takes 10-15 minutes.  I use a created button ("Update") to run the script.
My vision is to have the aforementioned button generate the most recent date that the script was run, setValue in a cell (say, G2), and then base the next pull for any reports added since the date in G2.  Hopefully, that way, it only pulls the newest additions, appends that information (in the next rows), and does not erase and re-pull all the information that was already there.
//Set folder ID
var folderId = 'ID OF FOLDER IN GOOGLE DRIVE HERE';

/*// Main function 1: List all folders, & write into the current sheet.
function listFolders(){
  getFolderTree(folderId, false);
};
*/
// Main function 2: List all files & folders, & write into the current sheet.
function listAll(){
  getFolderTree(folderId, true);
};

// Get Folder Tree
function getFolderTree(folderId, listAll) {
  try {
    // Get folder by id
    var parentFolder = DriveApp.getFolderById(folderId);

    // Initialise the sheet
    var file, data, sheet = SpreadsheetApp.getActiveSpreadsheet().getSheetByName('SHEET NAME HERE');
    sheet.clear();
    sheet.appendRow(["Full Path", "Name", "Date", "URL", "Last Updated", "Description", "Size"]);

    // Get files and folders
    getChildFolders(parentFolder.getName(), parentFolder, data, sheet, listAll);

  } catch (e) {
    Logger.log(e.toString());
  }
};

// Get the list of files and folders and their metadata in recursive mode
function getChildFolders(parentName, parent, data, sheet, listAll) {
  var childFolders = parent.getFolders();

  // List folders inside the folder
  while (childFolders.hasNext()) {
    var childFolder = childFolders.next();
    // Logger.log("Folder Name: " + childFolder.getName());
    data = [
      parentName + "/" + childFolder.getName(),
      childFolder.getName(),
      childFolder.getDateCreated(),
      childFolder.getUrl(),
      childFolder.getLastUpdated(),
      childFolder.getDescription(),
      childFolder.getSize()
    ];
    // Write
    sheet.appendRow(data);

    // List files inside the folder
    var files = childFolder.getFiles();
    while (listAll & files.hasNext()) {
      var childFile = files.next();
      // Logger.log("File Name: " + childFile.getName());
      data = [
        parentName + "/" + childFolder.getName() + "/" + childFile.getName(),
        childFile.getName(),
        childFile.getDateCreated(),
        childFile.getUrl(),
        childFile.getLastUpdated(),
        childFile.getDescription(),
        childFile.getSize()
      ];
      // Write
      sheet.appendRow(data);
    }

    // Recursive call of the subfolder
    getChildFolders(parentName + "/" + childFolder.getName(), childFolder, data, sheet, listAll);
  }
};

As you can see, I commented out "Main Function 1" as I don't use it.  Can I put a date stipulation within this script, and eliminate the sheet.clear so any new information is just appended at the bottom of the pre-existing rather than being re-pulled?
Thanks in advance for any and all help!

A: You can do by using searchFiles() instead of getFiles()
Here, you can specify query parameters like e.g the date.
Sample code snippet:
 ...
// make sure the date is in the format "yyyy-MM-dd"
var date = sheet.getRange("G2").getValue();
var files = childFolder.searchFiles('modifiedDate > "' + date + '"');
while (files.hasNext()) {
  var childFile = files.next();
  ...
}
...

*

*If you would only like to get files from new folders, you can use the method searchFolders() in the same way

*If you do need to sort your files sorted by folder, you can apply the method searchFiles() directly on parent or even the whole DriveApp:

var files = parent.searchFiles('modifiedDate > "' + date + '"');

var files = DriveApp.searchFiles('modifiedDate > "' + date + '"');


text:
Category: blog posts
14 January 2021 Erhardt GraeffLeave a comment
Ill Fares the Land by Tony Judt
The West has forgotten its hard-won wisdom from the first half of the 20th Century. The political Left lost its way in the heady days of neoliberal economic dogma and assumptions about believing the inexorability of both peace post-Cold War and of globalization in the 80s, 90s, and 2000s. Meanwhile, the political Right, searching for identity after the Left took over centrist politics, adopted the mantle of nationalism and authoritarianism in response to inequality producing insecurity and political division.
In this brilliant analysis, Tony Judt reminds us why we created social democracies across Europe and North America following the world wars, foregrounding the wisdom of Keynes as a keen observer and architect of early 20th century history, politics, and economics. There are certain things only governments can do: ensure that economic gains do not unfairly accrue to the few (as capitalism is designed to do) and construct and maintain infrastructure and utilities that markets can never get right because they will always be natural monopolies and inefficient when provided equally (e.g. public transportation, the postal service). Social welfare programs ensure a basic human quality of life, which is all the more important when there are major disruptions in the economy (e.g. depressions/recessions, shifts between major industries and employment needs, automation).
When people lose jobs and perceive unequal economic outcomes among their fellow citizens, they get pissed. They feel insecure. They are susceptible to demagogues and authoritarians who promise stability and deflect the blame toward people that don't look like them. This is how we ended up with fascism, with virulent nationalism that precipitates wars between groups and nation-states.
We were sold lies by neoliberal economists in the 60s, 70s, and 80s, who misread history and mistook the postwar stability as inevitable as opposed to carefully constructed to ensure those terrible wars and the social inequality that preceded them would not return. We attacked "socialism" because it was politically convenient during the Cold War era, especially in the United States. It turns out everyone loves the stability of social security and Medicare, but they fail to realize that they are the product of a hard-won negotiation between capitalism (that is always captured by special interests without regulation) and socialism (that tries to blow up everything to create an elusive utopia). The product was social democracy.
Judt argues that the Left needs to be a bit more conservative in defending the value of social democracy and not give in to neoliberal dogmas about economics and the role of government. And we all need to remember that inequality within democracies are the causes of so much social turmoil. Democracy is delicately maintained because we observe a shared responsibility for our collective well-being. When inequality produces insecurity, democracy is easily lost as people pine for authoritarian programs of "law and order" and nationalist calls to fight against "others."
Identity politics can help us understand the ways inequality plays out and have achieved limited wins for different groups, which feels like the only thing worth fighting for when the political landscape as a whole seems otherwise unresponsive. But it also distracts us from the core questions of what our governments should be doing.
If I could hand out copies of one book to elected officials, it might be this one. Tony Judt writing in 2010 explains how we get to Donald Trump and is prescient about the problems we are facing and what it will take to address them by reclaiming the value of social democracy.
15 July 2020 21 October 2020 Erhardt GraeffLeave a comment
This essay was submitted to National Academies' Idea Competition for Symposium on Imagining the Future of Undergraduate STEM Education. You can download a PDF version of this essay here.
Civic technology is an amplifier. It amplifies democracy by applying technology.
Democracy × TechnologyCivic
The technology part of this equation has been doing pretty well. Technology keeps advancing, making certain things easier and more efficient. There are also exciting movements in technology meant to instill public purpose among technologists. Code for America followed by the United States Digital Service and 18F have provided an outlet for technologists eager to build technology that allows governments to be more effective and accountable to citizens. Public Interest Technology, advanced by several prominent foundations, offers a framework for encouraging STEM professionals to engage in politics and policy and more broadly find their bearings by serving the public interest. The National Academy of Engineering's Grand Challenges Scholars Program seeks to enlarge the definition of the competencies STEM graduates need in order to tackle the world's most difficult challenges. I celebrate these movements and participate in them.
The democracy part of the equation has been struggling. There is low trust in democratic institutions around the world. Surveys show declines in young people believing that living in a democracy is essential.1 civic engagement at all levels of collective governance. Scholars and journalists have given various reasons for civic engagement's decline: dwindling enrollments in informal organizations like bowling leagues, the rise of cable television and the internet, newfound awareness of corrupt and racist politicians and policies, and hyperpartisan politics touching every issue and locality. As threats to democracy mount, civic education as a component of primary, secondary, and higher education has gone missing in many schools or, where it still exists, represents antiquated notions of democracy and America.
We are failing to appreciate that civic education is our most important civic technology. While technologists working on civic projects often mean well and make helpful contributions, we will never recover our democracy or realize the true potential of civic technology if we don't revitalize civic education.
A 2014 study of engineering students by sociologist Erin Cech finds evidence that the culture of engineering seems to weaken students' beliefs in their professional.2 In 2020, a cascade of headlines points to ways digital technologies are threatening justice, privacy, and democracy, and the political battles over COVID-19 have exposed deep mistrust of experts in science and medicine. Between now and 2040, our need for civic-minded STEM graduates will only grow.
We need a civic professionalism movement anchored in transformative civic education curricula built inseparably into every undergraduate STEM program.
A revitalized civic education acknowledges fundamental shifts in society and democratic practice and expands its definition of where democracy starts—not with voting but with citizen cooperation. Civic education begins in childhood, but STEM professionals also need educational experiences that help them recognize their profound roles and responsibilities as citizens. We need to entwine technical literacy and civic literacy. We need civic professionals in STEM, who think first as citizens, practice their profession in deeply democratic ways, and build civic technology as expressions of the identities they have developed through years of civic education.
Democratic educator Harry Boyte has written and advocated for constructing professional identities like the "citizen engineer," an engineer who acknowledges the public dimensions of their work, not separating their citizen identity from their engineer identity.3 Democratic theorist Albert Dzur gives us the idea of "democratic professionalism" as power sharing.4 Civic professionals embrace multiple forms of expertise, complementing their specialized skills with the unique experiences of fellow citizens to solve difficult problems. These open and accountable collaborations build public trust in professionals through mutual respect and shared struggle.
Civic professionals must also learn to embrace the political dimensions of their work, acknowledging the ways that technical work is always situated in particular contexts and depends on certain structures and policies that serve some ideas, people, and outcomes well and others poorly. Cech's research with higher education professional Heidi Sherick has found depoliticization of work to be one of the problematic pillars of engineering culture.5 Science and engineering are not cleanly separable from the rest of society. That mindset robs our democracy of STEM's public purpose and accountability. Instead, civic professionals should aspire toward what Boyte calls "public work," committing to models of co-creation, joint problem solving, and shared ownership.6 Public work binds us together in our shared citizenship and represents the foundational elements of democracy as a project of collective governance.
Education scholar Carolin Kreber envisions forging civic professional identities through transformative experiences in undergraduate education.7 A transformative STEM civic education is action-oriented and community-engaged, forcing us to challenge and revise our assumptions, values, and identities. It asks students to practice their profession in partnership with the public at the beginning of their training. Working with citizens outside of the classroom helps cultivate civic-mindedness. A civic professional's new competencies include being able to frame a complex problem in partnership with community members who may not possess technical knowledge but whose lived experiences lead to the right questions and priorities necessary to setting a research and design agenda.
This is the future of STEM education our world needs most, reclaiming the public purpose of higher education and rebuilding trust in professions. During the next 20 years, society will continue to ask STEM graduates and the technology they create to solve its thorniest challenges. We need civic professionals in STEM who understand and identify with a much deeper sense of their public purpose, who are prepared to amplify our collective effort as citizens.
Foa, Roberto Stefan, and Yascha Mounk. 2017. "The Signs of Deconsolidation." Journal of Democracy 28 (1): 5–16.
Cech, Erin A. 2014. "Culture of Disengagement in Engineering Education?" S cience, Technology, & Human Values 39 (1): 42–72.
Boyte, Harry. 2008. T he Citizen Solution: How You Can Make A Difference. Saint Paul: Minnesota Historical Society Press.
Dzur, Albert W. 2010. D emocratic Professionalism: Citizen Participation and the Reconstruction of Professional Ethics, Identity, and Practice. University Park, PA: Penn State University Press. Dzur, Albert. 2018. D emocracy Inside: Participatory Innovation in Unlikely Places. New York: Oxford University Press.
Cech, Erin A., and Heidi M. Sherick. 2015. "Depoliticization and the Structure of Engineering Education." In International Perspectives on Engineering Education: Engineering Education and Practice in Context, Volume 1, edited by Steen Hyldgaard Christensen, Christelle Didier, Andrew Jamison, Martin Meganck, Carl Mitcham, and Byron Newberry, 203–16. Philosophy of Engineering and Technology. Cham: Springer International Publishing.
Boyte, Harry. 2004. E veryday Politics: Reconnecting Citizens and Public Life. Philadelphia: University of Pennsylvania Press.
Kreber, Carolin. 2016. E ducating for Civic-Mindedness. New York: Routledge.
Race After Technology book review
6 April 2020 Erhardt GraeffLeave a comment
Race After Technology: Abolitionist Tools for the New Jim Code by Ruha Benjamin
In Race After Technology, Ruha Benjamin delivers a powerful synthesis of STS and critical race theory. She diagnoses a series of problems plaguing the creation and effect of design and technology, drawing throughlines from historical through contemporary examples. If pressed for time, the lengthy introduction chapter summarizes her core argument both about the existence of the "New Jim Code" and need for abolitionist tools to dismantle it and the need for analyses and lens like she offers in this book that bring together STS and critical race theory.
She offers us four dimensions to the New Jim Code: engineered inequity, default discrimination, coded exposure, and technological benevolence/beneficence, each of which is described in Chapters 1-4, respectively. As she summarizes on page 47 of the Introduction: 1) "engineered inequity explicitly works to amplify social hierarchies that are based on race, class, and gender and how the debate regarding 'racist robots' is framed in popular discourse"; 2) "default discrimination grows out of design processes that ignore social cleavages" and when "tech developers do not attend to the social and historical context of their work"; 3) coded exposure is about the ways that technologies enable differential visibility and surveillance that often fall along racial lines; and 4) technological benevolence interrogates the problematic efforts and claims of "tech products and services that offer fixes for social bias."
In her last chapter, Benjamin tries to imagine what an abolitionist toolkit would require to address the New Jim Code. As primarily a book of theoretical synthesis, her toolkit leans heavily on other frameworks like the Design Justice principles and the recommendations Virginia Eubanks articulates in her essential book Automating Inequality, also it celebrates the work of those developing approaches for auditing technology like algorithms. The key work done by the last chapter though is articulating the need for new "social imaginaries." Building on the work of Black science fiction writers, Black new feminist theory, and the prophetic speech tradition integral to the Civil Rights Movement (think "I have a dream"), Benjamin's call for abolitionist and liberatory design and technology is one of narrative. What is the future we want to live in and how do we describe it to ourselves and those around us? How do we see ourselves bringing that future into being? How do we dramatically redefine or expand our efforts of inclusion in design practices and the expansion of who is called a "designer" to those situated in society in ways and with expertise not usually invited explicitly or implicitly into design?
While this is definitely a scholarly manuscript, it reads easily and quickly for social theory. If you are working in the areas of UX design/research, AI, tech ethics, tech criticism, technology and politics, or race and technology, this is going to be essential reading. I expect to be recommending this to my engineering students for years to come.
Designing Social Impact Metrics for Civic Technology
3 April 2019 3 April 2019 Erhardt GraeffLeave a comment
by Alisa Zomer, Erhardt Graeff, and Kelly Zhang
Bringing together partners from the US (POPVOX) and South Africa (Grassroot), we tested a new format to co-develop metrics and civic technology in an iterative design process.
This year's largest civic technology gathering of practitioners and researchers (#TICTeC) took a hard look at the state of civic technology (i.e. Are we now in the fourth wave? Is it a sea change movement or has civic tech lost its relevance?). Focusing on questions of measuring impact, our team, including Erhardt Graeff from Olin College and Alisa Zomer and Kelly Zhang from MIT GOV/LAB, put together a design sprint workshop with partners POPVOX (U.S) and Grassroot (South Africa). The aim of our session was to kick-start an iterative design process to integrate social impact metrics into platform design from the very beginning, not as afterthought.
Erhardt Graeff at TICTeC 2019.
As Erhardt discussed in recent work, impact for civic technology is often measured using basic descriptive data from the platform itself, including number of users, repeat users, time spent on the platform, etc.; however, these engagement metrics mostly fail to speak to the social impact goals at the heart of civic technology. In some cases, surveys are conducted where users rate their experiences on a platform, which can be helpful for troubleshooting user experience design problems. But answering the real question of social impact (i.e. has the platform changed outcomes, either beliefs or behavior) demands a different kind of metric.
In our workshop, we introduced an approach that starts by articulating what change you want to see—do you want to empower ordinary citizens to take a particular action (e.g., petition, protest, vote)? Or, do you want to see local government have a specific response (e.g., budget allocation, new legislation, improved service provision)?
Depending on the intended change, there is often relevant research to help in the design process. A wealth of research exists on what incentivizes or prevents citizens from engaging with their government, how to build strong grassroots movements, and also what barriers or opportunities present on the government side. Building on this knowledge, our goal is to bridge theory with design in a way that aligns with achieving and measuring social impact.
For POPVOX, a platform to improve dialogue between citizens and government in the US, they ask: How might we measure participants' understanding of government processes, comfort engaging, and sense that their voice matters? One approach taken by Erhardt previously is to measure perceived political efficacy (or the belief that you can influence or affect political change) in his work with SeeClickFix. He adapted a number of oft-used national survey questions for internal and external political efficacy to examine the context of city residents requesting their local governments fix the things they care about, finding correlations between government responsiveness on the platform and active users' perceptions that their local governments were listening to them.
Screenshots from Marci Harris's presentation on POPVOX's platform.
Grassroot, which provides low-tech, low-cost tools for grassroots organizers working primarily with low income groups in South Africa, posed the following: How might we measure the ways in which social movement organizations grow and build capacity? Their main design constraints include a consistently unresponsive government and social movement organizations that have strong initial momentum but then steeply decline.
Screenshots from Luke Jordan's presentation on Grassroot's platform.
Dividing into small groups, we tackled these design prompts to come up with relevant and feasible metrics, explain why they matter, and what data would be needed to measure them.
Sprinting for impact
Design sprinting in 70 minutes is not for the faint of heart, but we forewarned participants and the end results were a good start to a longer process. For Grassroot, some of the suggestions included looking at leadership development within organizations over time, assessing media visibility as a proxy for reach outside the movement, and measuring interactions between organizers across multiple policy issues. For POPVOX, suggestions included design features that notified citizens when officials read comments in order to build in some measure or response and trust-building.
In the coming months, both teams plan to move these pilots forward, building on the outcomes of the TICTeC workshop.
Workshop descriptions and slides available online. For more information, contact the MIT GOV/LAB at mitgovlab@mit.edu or Erhardt Graeff at erhardt@erhardtgraeff.com.
All event photos from Brian David Films.
This report is cross-posted at the MIT GOV/LAB blog.
Emergent Strategy book review
25 July 2017 13 July 2018 Erhardt GraeffLeave a comment
Emergent Strategy: Shaping Change, Changing Worlds by Adrienne Maree Brown
This is a powerful book. Though still young, adrienne maree brown has evidently lived many lifetimes at the vanguard of contemporary social movements. And she has earned a lot of wisdom through tough trials, a world of mentors, and deep reflection and practice.
Part call to action, part self-help book, part memoir, part transformative justice toolkit, Emergent Strategy is as intersectional in its genre and dimensions as it is in its politics. And these overlapping qualities embrace the concept of "emergence" at the heart of its narrative.
brown quotes leadership guru Nick Obolensky's definition, "emergence is the way complex systems and patterns arise out of a multiplicity of relatively simple interactions." She combines this concept and the underlying examples of emergence and chaos theory from nature with stories of movement building and her own deep study of Octavia Butler's science fiction. Butler demonstrates for brown a way to use "visionary fiction" to articulate a vision of the world in which we practice a strategy for survival that is radically inclusive, democratic, and cooperative, counter to the hierarchical, competitive, and militaristic articulations of post-apocalyptic societies that generally dominate such literature.
Sharing the stories of her own work as executive director of Ruckus Society, facilitator and organizational change strategist, doula, and dear friend and sister, brown illustrates the principles and protocols of emergent strategy: fractals (the relationship between small and large), intentional adaption (how we change), interdependence and decentralization (who we are and how we share), nonlinear and iterative (the pace and pathways of change), resilience (how we recover and transform), and creating more possibilities (how we move towards life). Having shared an early version of the book with colleagues, mentors, and friends, brown incorporates their wisdom and stories offered in response, which serves to strengthen and underline her arguments for how the personal and community capacities for emergent strategy can make the difference between growing movements and stifling them.
While there are several "how-to" sections to the book that offer specific "spells" for personal growth or tools for facilitation, Emergent Strategy is much more than a how-to guide and deserves to be read as a series of meditations. Really, this is a book about developing a visionary orientation. How can you change how you see the world and help those around you change how they see it? How can you build the relationships that make it possible for us to live and work together toward a better future? How can you be honest, humble, and willing to keep learning and practicing?
Too often activists and organizers are looking for tactics, when they need to be developing strategy. At the heart of organizing is the use of relationship-building to develop the capacity of individuals and communities to find a common ground strategy and make change when the moment demands it. The messy process that births a social movement is emergent strategy. While there has been a lot of terrific scholarship on social movements like the Civil Rights Movement, it's still incredibly hard to put a finger on what makes something like that work—there is so much complexity. But our capacity to respond and iterate through that complex landscape and handle the chaos of real humans working at massive scales are skills we can develop intentionally. And perhaps the best starting point will be brown's book—a must read for students of civic and political engagement.
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The Macro Affairs Portfolio Invests Heavily in Emerging Markets.
If you buy a regular, market-cap-weighted all-country index fund, then just 12% of your portfolio is invested in emerging markets. But Macro Affairs nearly quadruples this baseline exposure to emerging markets to 45% of the portfolio – this is considered an over-weight position in emerging markets.
There are two reasons why we are heavily invested in emerging markets. The first is that there are serious structural problems in the developed markets, and the second is that the fundamentals and long-term prospects of emerging markets are better than ever before. At the end of the article you will find some practical ideas on how best to invest in emerging markets.
The two main developed markets are the U.S. and Europe. Their issues are their monetary and social systems. These two markets show an interesting contrast: what the one gets right, the other gets wrong.
The U.S. has a good monetary system. The U.S. central bank has a mandate that includes targeting inflation, low unemployment, and financial stability. The U.S. federal government spends about 20% of GDP, which is a huge re-distribution of wealth from the rich states to the economically weaker states.
But in Europe, the common currency threatens the future of Europe. The European central bank's only mandate is price stability, and there is no Euro-zone wide deposit insurance or stability mechanism. On top of that, the European Union spends about 1% of GDP, which means that the EU has almost no redistribution powers to create convergence within the block and correct for the monetary deficiencies. The current design of the Euro zone is such that countries' prosperity will diverge over time – leading to financial and political crises. This has been a known problem for 20 years already, and no effective measures are in the pipeline.
While the U.S. may have a great monetary system, its internal social system has always been weak. Wealth inequality in the U.S. in particular has been increasing, which slows economic growth. The U.S. leads other western countries in obesity, incarceration rates, and homicide (no source needed for these). U.S. citizens also underestimate their comparatively low social mobility. U.S. politicians continuously fail to effectively address these social problems, which suggests that the negative effects of these social problems will continue to lower the economic development and outlook for the United States for the foreseeable future.
Although Europe is far from having completed the 'socialist dream', European governments are still spending relatively more on education and pensions, keep up sustainable labor laws and a living minimum wage, and have cheaper healthcare systems that provide better median-quality healthcare.
Finally, both Europe and the U.S., as well as other developed countries (e.g., Japan, Australia), are now home to an aging population. This aging population is an economic concern for developed markets because a smaller portion of the population will be economically productive and the public debt burden stops being shared with ever-more people. Although China also has an aging population, this is less of an issue in emerging markets generally.
While emerging markets only make up about 12% of the stock market world wide, their nominal GDP makes up 40% of world GDP, and their GDP based on Purchasing Power Parity (PPP) is already at 60%. This means that the emerging economies together can already purchase more than developed economies in 2018.
The large purchasing power of emerging markets is not merely squandered on European luxury goods. Investments in emerging markets are stimulating their economy to the point where emerging markets are the driver of global economic growth. Emerging economies invest mostly in education and infrastructure.
Already China has 4 times more high-speed rail than the U.S., and they have been doubling their rail capacity every 5 years. China is able to do this because they still have low wages for laborers, lots of engineers, and the government doesn't need permission from land owners or cities to start building. These rail networks are a tremendous economic advantage that cannot be replicated easily by developed countries.
The Chinese railroads and massive ports also feed into the belt and road initiative. This initiative will create transport links throughout Asia and the middle east to make the region more interconnected. China's land-locked West will be opened up with a corridor to the sea that runs through Pakistan – which will help China's West export and develop economically. The belt and road initiative will not only help China's trade but also the rest of the region.
Besides the belt and road initiative, China also founded the Asian Infrastructure Investment Bank (AIIB) for Asian countries and the New Development Bank (NDB) for the BRICS countries (Brazil, Russia, India, China, South Africa) as alternatives to the U.S.-led World Bank where China was not allowed to participate enough. While loans from the World Bank came with conditions about human rights and environmental responsibility, the new, China-led investment banks make loans with no strings attached.
The U.S. has been the world's economic and military superpower for the past 70 or so years. The U.S. navy had control over all seas, including the South China Sea. But this is changing as China is becoming the world's superpower and China will get to enjoy its superpower privileges.
The worries about high levels of Chinese or other emerging market debt are exaggerated. Emerging market debt is mostly denominated in local currencies (which they can print more of) and total debt levels are lower than in the West. Emerging markets still lag behind in warfare capabilities, although they are catching up. Short of war, it seems like nothing will be able to stop the rapid economic development of emerging markets.
Emerging markets are trading at a lower price-to-earnings ratio than developed markets. At the same time, they are growing a lot faster. This strange combination will result in emerging markets greatly outperforming developed markets over the coming 10 years. The Macro Affairs portfolio heavily over-weights emerging markets.
China lies at the center of the development and power of emerging markets. Macro Affairs puts half of emerging market assets in China and the other half in other emerging markets. Macro Affairs does this using broad-market index funds that track the MSCI Emerging Markets Investable Market Index and the MSCI China Index.
For more macro perspective on emerging markets, check out our article on why we think that South Korea, Hong Kong, and Israel should still be considered emerging markets.
What is your perspective on investing in emerging markets? Do you have an over-sized allocation to emerging markets? Let us know by leaving a comment below!


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