Imagine something peaceful in your mind. It's easy to bring life's stresses and troubles to bed with you. This is often the cause of insomnia. So instead of thinking about those things, put your mind on something very relaxing. Perhaps think about your favorite vacation spot or a forest near your home.
If you are being awakened by noises, you may not even know it is happening. They may be so quick that you wake up and hear nothing, so you don't know why you're waking up at all. Consider putting a recorder in your room to see if this may be the problem.
Your body needs to wake at a consistent time each day. Most people sleep in whenever they can to catch up on the missed sleep during the week. If you constantly suffer from insomnia, train your body to wake up at a certain time each day and stick to it!
Some people benefit from drinking warm mild before bedtime, but that may not be possible for everyone. You can also try herbal tea. Tea can contain natural sleep-inducing ingredients. If you think you need a special blend, check out a health food store for something that specifically targets your needs.
As stated earlier, insomnia makes you feel old and miserable, which compounds itself because it gets worse as you age. That is, unless you do something about it. Now that you have read this article, you have the tools and power to make sure that you get to sleep at night.
A few decades ago, it was considered that health care professionals did not need to be credentialed in insurance. However, with the increased security surrounding preferred provider networks, this optional step allows you to increase the number of patient caseloads dramatically, instead of just accepting private pay and HMO paid patients. But why was this not expected decades ago?
Years ago, patients did not expect every physician office to accept their insurance. They also didn't expect all physicians to accept insurance plans. For example, mental health services were not typically covered on any insurance plan, even if the insurance plan covered out of network doctors. Some insurance companies did offer reimbursement services after the patient had already paid for the visit. Insurance has changed dramatically since then. It has become increasingly important for doctors to sign up with preferred provider networks because patients demand to have their choice of doctor and the health care field has become extremely competitive over the last few decades. Here are some reasons you should get your insurance credentials.
What Does Insurance Credentialing Mean?
Insurance credentialing is an important part of operating a medical office. It is the process of becoming affiliated with insurance companies and becoming approved to work with their payment processing and reimbursement system. It takes quite a bit of time to complete and can be a very distracting process. However, becoming approved for third-party reimbursement is necessary for today's economy.
While getting the insurance credentials for a medical office is necessary, it can be a pretty extensive process. Most of the applications are Over 30 pages long. And collecting the required data, and following up with the insurance companies, can be a very time-consuming task.
There are a lot of Credentialing Services that focus on managing the enrollment into various health insurance companies. They can be contracted with on a case by case basis. Or they can work with numerous insurance companies at one time to benefit a medical practice.
What Insurance Companies Should You Focus on First?
Since the task of signing up with different insurance companies can be so time consuming and overwhelming, it is advised that medical practices start with the most popular insurance companies first, which are the five in the list above.
Where Should You Go from There?
After you have signed up with the top five insurance companies nationwide, you should take the time to sign up with smaller insurance companies to expand your patient reach. Not only will your community thank you, but the bottom line on your business will as well.


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US intelligence told lawmakers of Russian bid to boost Trump re-election
21 February, 2020, 11:00 am
Last modified: 21 February, 2020, 11:00 am
No lights, no heat, no money - that's life in Ukraine during cyber warfare
US says Russia readying 'false-flag' operation to invade Ukraine
US talks to energy firms on EU gas supply in case of Russia-Ukraine conflict
'Expect the worst': Ukraine hit by cyberattack, Russia moves more troops
US Senate Democrats unveil Russia sanctions bill to bolster Ukraine
Republican presidential candidate Donald Trump speaks at a campaign rally in Fort Worth, Texas, February 26, 2016/ Reuters
US intelligence officials told lawmakers last week that Russia is interfering in the 2020 election campaign by aiming to cast doubt on the integrity of the vote and boost President Donald Trump's re-election, a person familiar with the briefing said on Thursday.
The person, who spoke on condition of anonymity because of the matter's sensitivity, said Trump's Republican allies on the Democratic-led House Intelligence Committee questioned the assessment presented by officials of the Office of National Intelligence last Thursday.
"The Republicans responded as you would expect. They went nuts," said the person. "They questioned the intelligence."
The briefers warned the committee in the classified briefing that Russia was working to cast doubt on the integrity of the Nov. 3 vote while at the same time boosting Trump's election to a second four-year term.
"They (the Russians) are favoring one candidate while they do it," said the person, adding that the briefers identified that candidate as Trump. The source declined to elaborate.
There was no immediate response to a request for comment from committee Republicans.
The New York Times reported on Thursday that a day after the briefing, Trump rebuked acting Director of National Intelligence Joseph Maguire for allowing his staff to appear before the committee. It quoted five people familiar with the matter.
Trump said on Wednesday he was replacing Maguire on an acting basis with Richard Grenell, a strong Trump loyalist who has served as ambassador to Germany since 2018.
The Times said that in reprimanding Maguire, Trump cited the presence in the briefing of Democratic Representative Adam Schiff, the intelligence panel chairman. He led the House impeachment proceedings against Trump on charges of abuse of power and obstruction of Congress stemming from the president's dealings with Ukraine.
The Republican-controlled Senate acquitted Trump of the charges last month.
The White House did not immediately respond to a request for comment.
The Washington Post reported that Trump rebuked Maguire in an Oval Office meeting after a Republican ally informed the president of the election security briefing.
Shelby Pierson, a Maguire lieutenant who oversees election security, led last week's briefing for the House committee, according to the Times.
The Office of the Director of National Intelligence declined to comment.
US officials have long warned that Russia and other countries would try to interfere in the 2020 US presidential election campaign.
The US intelligence community concluded that Russia used fake news, cyber attacks and other methods in an operation designed to swing the 2016 presidential election to Trump over Democrat Hillary Clinton.
Russia denies the allegation.
Trump has repeatedly questioned the finding. At a 2018 summit, he said he found Russian President Vladimir Putin's denials of Russian meddling "extremely strong and powerful."
Former Special Counsel Robert Mueller concluded in a report last year that there was no conclusive evidence of coordination between Russia and the Trump campaign. Mueller was unable, however, to clear Trump of obstructing his investigation.
Trump / Russia
Egypt's Suez Canal revenues expected to hit $7 bln in 2022, says chairman
Canada asks citizens to avoid non-essential travel to Ukraine due to 'Russian aggression'
No justification now for keeping schools closed due to Covid: World Bank expert
Mali's ousted president Ibrahim Boubacar Keita has died, former minister says

redpajama_set_name: RedPajamaCommonCrawl


This morning Tadesa dropped me off at Debre Zeyit Agricultural Research Center to continue with the embryo work, and then headed out to take Haven, Mark and Abera around Addis to learn more about the meat industry there. When I arrived, I was ecstatic to see that Dr. Tamrat was already there, set up and ready to go.
I let Dr. Tamrat do the actual embryo retrieval and transfer this time. He flushed the first uterine horn without too much difficulty other than it took him a long time to get the catheter in and set, which is very fatiguing on the arm. (See picture below of Dr. Tamrat at work.) I was excited that he was willing and able to do it himself, with his assistants helping him.
Girma, the dairy manager at Genesis Farms, joined us and was intrigued by the ET concept. He was interested in speaking with his boss to see if they could do it at Genesis Farm. Dr. Tamrat took the filter in to do the searching, but unfortunately we didn't find any embryos. We set up the ultrasound and showed Girma what ovaries look like. We discovered that the cow that we flushed had several unovulated follicles similar to the cow at ATARC. I suggested that we use GNRH next time to help the ovulation. Dr. Tamrat also said that he had palpated the ovaries when he bred the cows, which could be part of the problem. I told him to stay away from the ovaries when breeding cows.
We next drove to Holeta where we retrieved (flushed) embryos from two cows. One of the donors did not respond, but the other two responded very well. We recovered and transferred seven good embryos, four were from Kekeni, their prize cow. I was pleased that they found four of the seven embryos on their own. The crew from Debre Zeyit drove over to help, so they were able to see the entire process. It was dark when we went out to implant the embryos, so we used the car headlights to see. They were all so excited for the success. I was glad to be part of today's work. The results weren't as good as we would have expected in the U.S., but considering the circumstances, it went very well, and the training overall was excellent, so I am very happy with how everything went.


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Q: Solving the riemann sum of a trig function
I know the function $f$ in this case will be $cos\frac{4k\pi}{5n}$. I'm quite sure how to compute the function. I tried U substitution but it's kind of messy, is there a simpler way to do this?

A: Expressing the integral using a Right-Hand Sum, you have
$$\int_0^{4\pi/5}f(t)dt = \lim_{n\rightarrow\infty}\sum_{k=1}^n f\left(0+\frac{4k\pi/5}{n}\right)\left(\frac{4\pi/5}{n}\right)= \lim_{n\rightarrow\infty}\frac{1}{n}\sum_{k=1}^n \left(\frac{4\pi}{5}\right)f\left(\frac{4k\pi}{5n}\right). $$
This matches what you're given if
$$\cos\left(\frac{4k\pi}{5n}\right) = \left(\frac{4\pi}{5}\right)f\left(\frac{4k\pi}{5n}\right), $$
i.e., if
$$f\left(\frac{4k\pi}{5n}\right) = \left(\frac{5}{4\pi}\right)\cos\left(\frac{4k\pi}{5n}\right). $$
So let
$$f\left(t\right) = \left(\frac{5}{4\pi}\right)\cos\left(t\right). $$
From here you can just compute the integral.

redpajama_set_name: RedPajamaStackExchange


The tire place and tool store is right across the street from a nice mall. So I dragged Mr. Ken to the mall. He made a bee line for the bakery. Mr. Ken was very happy since they had cinnamon buns at the bakery. And they were very big ones too!
What do you do to pass the time when you have a boring errand to do?
lol. Sometimes I wish my cats could do errands 😺 .
You forgot to mention the awesome digital timer I bought at Harbor Freight! It was worth the trip just for that!


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At Paul's Removals Melbourne we are aware that organising your move in a cautious and responsible way might be one of the most important things we will do to help you start your new life in your new home. Not all companies understand this responsibility though. Or even if they do understand it, they have mastered their way around it and are conning hundreds by initially offering a competitive quote, only never to deliver… literally.
When news broke yesterday about a Dubai-based relocation company that conned hundreds of people, including Australian citizens, we at Paul's decided to help spread the word and provide tips how you can identify and avoid dodgy relocations, both here in Melbourne and anywhere in the world.
The Emirates relocations company, ReloGulf (also known by other names) contacted people to help them with their move, offering the most competitive quote on the market, promising quality and results in a given time. Ex-banker Elaine, for instance expected a pre-Christmas delivery of her items from Portugal to her apartment in Dubai. When the dodgy removals started cooking up stories to explain the delay, Elaine took things in her own hands and decided to track her items down only to find out they are still in Portugal and no one has even contacted the storage to begin the move. The Dubai company took the payment, but never initiated the move. Now Elaine has to once more organise everything from scratch.
If you think this is bad, here is more, because Elaine turned out to be among the luckiest. She only lost the money she paid them and not her belongings, some of which can be priceless like a wedding album, which is precisely what happened to the next victim. After living and working in Dubai for 16 years, Vangi Radhu Samarasinghe decided to move to Norway. For the purpose she needed to move 10 boxes labelled "sentimental and priceless things". After landing an offer from the company in question, devastated Samarasinghe haven't seen her boxes since and the company claims they don't know where these are. Another victim, Aussie Daryl Wake was lucky to see his belongings again after entrusting ReloGulf, but was appalled by the way the removalists mixed people's items in the truck without caring. He immediately asked himself what if he ends up with something that could be deemed by the law as contraband? In Dubai this could mean years and years in jail.
The worse part of this whole story is that the local authorities are not doing anything presently and have not taken any action against the company. As for the dodgy removalists, they just keep changing their name when the bad press is getting too much.
– Always take your time to compare quotes and do your research. A simple Google research will help you identify scammers in most cases. Just check what the company's activity online is and what people say about them.
– Don't always go for the cheapest quote. Here is a list of differences between cheap removalists and professional companies. Sometimes less is not more!
– Hire insured, vetted and trained individuals for all your relocations.


NHL Playoff Bracket - NEW!!
NBA Playoff Bracket- - NEW!!
If your team is the first to score 0-12, you win!
Signup and Rules - if you don't want an account just email your pick to me.
I'm using a new service this year so the first $20 goes to help pay for the cost of the site.


Does public opinion exist in Belarus?
The whole system that should ensure a functioning public opinion in Belarus is perverted.
There is a real war with civil society going on in Russia; this war has its toll, its physical victims, murdered and wounded. The aim of this war is a total clean-up of the field of any kind of civic activism, including environmental.
The status quo between the European Union and Belarus remains in place. The EU Council prolonged its present sanctions against Belarusian officials last week.
The truth is, on the eve of this election, the human rights situation in Azerbaijan is worse than ever before.
In the run-up to next week's presidential elections, Index on Censorship travelled to Baku to meet journalists, human rights defenders, political activists, and citizens.
The NSA surveillance affair has been extensively covered in the German media. It has also sparked a battle of words.
It seems you can't step away from the computer for more than a few hours these days without a story revealing previously secret information about the National Security Agency (NSA) setting the internet aflame.
Is Vladimir Putin changing his tune on human rights?
Are the Russian leader's recent statements just spin or a sign of real change?
Despite recent modest improvements to media freedom in Belarus, journalists fear renewed repression is likely.
The situation for freedom of expression, freedom of assembly and association in Russia has deteriorated since the re-election of Vladimir Putin in March 2012.
Freedom of expression is generally protected in France, although is limited by strict defamation and privacy laws. Several laws have passed since 1972 that have further restricted this fundamental right.


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'We Didn't Endorse It': Baltimore Mayor Defends 'Destroy Space' Comment as Riots Rage
By Bridget Johnson 8:08 PM on April 27, 2015
The mayor of Baltimore took umbrage at the suggestion that her "space to destroy" comment left the door open for the riots that broke out in her city today.
After the first signs of violence with smashed windows and a looted convenience store Saturday night, Mayor Stephanie Rawlings-Blake said she "made it very clear that I work with the police and instructed them to do everything that they could to make sure that the protesters were able to exercise their right to free speech."
"It's a very delicate balancing act," she continued. "Because while we tried to make sure that they were protected from the cars and other things that were going on, we also gave those who wished to destroy space to do that as well. And we worked very hard to keep that balance and to put ourselves in the best position to de-escalate."
Five hours after the riots began Monday, Rawlings-Blake emerged at a press conference to call the latest developments "very disturbing."
But she seemed equally disturbed at the media.
Rawlings-Blake criticized the "blatant mischaracterization" of her Saturday quotes by reporters, charging that it "was not helpful today."
"I was asked a question about the property damage that was done, and in answering that question I made it very clear that we balance a very line between giving protesters — peaceful protesters — space to protest. What I said is, in doing so, people can hijack that and use that space for bad. I did not say that we were accepting of it, I did not say that we were passive to it, I was just explaining how property damage can happen during a peaceful protest. It is very unfortunate that members of your industry decided to mischaracterize my words and try to use it in a way to say we were inciting violence. There's no such thing," she said.
"What we did was manage a peaceful protest in the best way possible and when it got violent and destructive we responded to that. We have an obligation to protect people's First Amendment rights. We also understand through the best training and best practices that we have to do everything we can to de-escalate, and those were the tactics that were deployed yesterday. Did people exploit those tactics or that space that we gave, that we facilitated to have people protest for bad? Yes, they did. But we didn't endorse it."
Asked if the "de-escalation strategy" was a mistake, the mayor paused and replied, "Any other questions?"
Rawlings-Blake said there is a "very clear difference" between "what we saw over last week with peaceful protest, those who seek justice, those who want to be heard and seek answers … and the thugs who only want to incite violence and destroy our city."
"We're deploying every resource possible to gain control of the situation and to ensure peace moving forward."
She said she contacted Gov. Larry Hogan to request the National Guard. "As soon as they are available they will be immediately deployed," she added.
At his own press conference later, Hogan noted, "When the mayor called me, which quite frankly we were glad that she finally did, instantly we signed the executive order."
Maryland is now in a state of emergency. A 10 p.m. to 5 a.m. curfew will be in effect starting tomorrow in Baltimore for at least one week, with exceptions for people going to work and medical emergencies.
Several police officers and journalists have been injured in the riots. Looters burned down a CVS drugstore and torched a 60-unit senior living complex and activity center that was under construction at a Southern Baptist church.
"These malicious attacks against law enforcement and local communities only betray the cause of peaceful citizens seeking answers and justice following the death of Freddie Gray," Hogan said.
The Gray family had asked for no protests of any kind today as the 25-year-old, whose spine was severed while in police custody, was remembered at a memorial service.
Baltimore City Council President Bernard C. Young, at the mayor's press conference, said he was "saddened" that media have been "focusing on the negativity of this city and not looking at the great things that are going on in this city."
"We have young people who are out there protesting peacefully, but you're not focusing on them. You're focusing on those that are burning down buildings and rioting throughout the streets of Baltimore," Young said, accusing "people not even connected to the community" of committing the rioting.
Councilman Brandon Scott stepped to the microphone and declared, "I'm not gonna be as nice as everyone else. I am simply pissed off. This is the city that I love, this is the city that I chose to dedicate my life to. And we cannot stand idly as thugs, whatever you want call them… we'll just call them cowards, burn our city."
"If you are an adult, and you are out there participating in this, you are ruining the future for these young people. And I'm calling on every able man and woman who wants to stand up, get out there and get in between these folks… Get out there and stand tall and stand up for your neighborhood," Scott said.
"Adults have to step up and take control of our children and take control of our future."
The White House said President Obama spoke with Rawlings-Blake on Monday. "The Mayor updated the President on efforts to address the demonstrations and maintain peace throughout the city," the administration said in a readout of the phone call. "The President highlighted the Administration's commitment to provide assistance as needed and will continue to receive updates on the situation from Attorney General Lynch and White House Senior Advisor Valerie Jarrett. Jarrett also spoke with Maryland Governor Larry Hogan today."
Lynch "assured the President that she would continue to monitor events in Baltimore and that the Department of Justice stands ready to provide any assistance that might be helpful there."
"Violence is unacceptable no matter who does it. Vandalism is unacceptable no matter who does it," Sen. Barbara Mikulski (D-Md.) said. "…It's time for calm. It's time for the kids to go home. It's time to remember the vast majority of Baltimore's citizens are law abiding."


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Saturday, Nov 27, 2021, 00:00
101 Hospitals Join Vaccination Action Week
Syringes of the German-American Pfizer-BioNTech Comirnaty coronavirus vaccine prepared for use at the Pál Réthy Hospital in Békéscsaba on November 16, 2021.
Photo by Tibor Rosta / MTI.
The government is organizing a vaccination action plan for next week, November 22-28, according to the state's official COVID-19 website koronavirus.gov.hu, to curb the increasing number of coronavirus infections and improve the overall vaccination rate.
During this period, 101 hospitals all over the country will be equipped with extra vaccination capacity, especially those in Budapest. Those who have yet to be vaccinated are encouraged to come without an appointment between 7 a.m. and 7 p.m. to receive their first jabs.
Speaking at a weekly press briefing on November 11, Gergely Gulyás, the head of the Prime Minister's Office, also urged Hungarians already vaccinated against the coronavirus to get their booster jabs following his recent bout with the infection.
Gulyás said the effectiveness of the protection COVID vaccines offer "declines radically" after six months, so those vaccinated should take up the booster shot during the vaccination action week.
Meanwhile, Prime Minister Viktor Orbán, speaking in his weekly interview on Kossuth Rádió on November 5, said a government decree allowing employers to require workers to be vaccinated against the coronavirus could boost the inoculation rate in Hungary as people listen to "down-to-earth reasoning."
He added, "The government hasn't and won't be able to convince any more people [to get inoculated]. Now we need the persuasion of workplace communities."
Compulsory Vaccinations
Hungarian oil and gas company MOL is requiring its staff to certify by January 31 that they have been inoculated, have coronavirus antibodies after recovering from the illness, or have a doctor's recommendation against getting the jab for health reasons. Although MOL Hungary managing director Péter Ratatics noted that the inoculation rate among his employees stands at more than 80%, he said the aim is to "significantly raise" the ratio.
When COVID vaccines first became available, MOL launched an information campaign with the help of pandemic experts and organized workplace inoculations, giving staff who got their jabs a day off. State-owned railway and bus group MÁV-Volán has also offered extra leisure days to employees who receive their jabs by November 30.
As these measures hopefully boost the stagnating vaccination campaign, deliveries of COVID-19 vaccines continue to pour into the country. The latest delivery of more than 240,000 doses of the COVID vaccine developed by Pfizer and BioNTech on November 16 put the total deliveries of the Comirnaty vaccine to Hungary at more than 10.6 million doses.
The deliveries mean Hungary has maintained enough surplus to continue making vaccination donations to countries more in need across the globe.
"We have enough vaccine for the first and second jabs and the booster shot, and we have security reserves, too, so Hungary can help those countries that are in a difficult situation," Minister of Foreign Affairs and Trade Péter Szijjártó said upon donating 800,000 doses of COVID vaccine to Ghana and 300,000 to Rwanda on November 8.
Szijjártó also presented 200,000 doses of the Chinese Sinopharm vaccine to Turkic Council Secretary General Baghdad Aeyev as part of a donation by members of the Turkic Council to be shipped to African countries on November 11.
This article was first published in the Budapest Business Journal print issue of November 19, 2021.
Modern Cities Program Continuing This Year
Politics Domestic | Jan 23, 2023, 16:25
Gov't Submits Amendments to 2023 Budget to Parl't
Gov't Renews Subsidies to Support Job Seekers


I am happy to announce a new section of the website titled "Portfolio" in which I will be writing guides on what kinds of documents you should have ready to pull or reference for any professional occasion. It will also include instructions and tips on how to write and perfect some documents like resumes, cover letters, etc.
I started a portfolio of my life my senior year of high school. In this portfolio I have copies of different resumes, cover letters, letters of recommendation, awards, certification, Continuing Education Units (CEUs), etc. The portfolio also has documents that guide me when I need to create new versions of resumes, write letter of recommendation request letters, and any of the other documents mentioned above. Having a resource like this always within my reach is very beneficial in any professional situation. For example, tomorrow, I have an interview for a research position at the UCI Medical School. Rather than writing a new resumes and looking for other documents to bring with me, all I need to do is open my portfolio and pull papers based on the occasion. For this occasion, I will likely bring some awards along with my resume that demonstrate my ability to work in a team. Doing this puts much less stress on me in anticipation for the interview.
If you like this idea, get ready for a series of guides covering all kinds of documents you should have prepared and any other documents you should add into your comprehensive portfolio. I will be scanning in many examples and templates that I have accumulated over the years. These should help you get ideas as to what to include and how to format things for maximum efficiency.


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HomeTechnologyWhy the $2 trillion crypto market crash won't kill the economy
Why the $2 trillion crypto market crash won't kill the economy
Francesco Carta Fotografo | Moment | Getty Images
Carnage in the crypto market won't let up, as token prices plummet, companies lay off employees in waves, and some of the most popular names in the industry go belly up. The chaos has spooked investors, erasing more than $2 trillion in value in a matter of months — and wiping out the life savings of retail traders who bet big on crypto projects billed as safe investments.
The sudden drop in wealth has stoked fears that the crypto crash might help trigger a broader recession.
The crypto market's sub $1 trillion market cap (which is less than half that of Apple's) is tiny compared to the country's $21 trillion GDP or $43 trillion housing market. But U.S. households own one-third of the global crypto market, according to estimates from Goldman Sachs, and a Pew Research Center survey also found that 16% of U.S. adults said they had invested in, traded, or used a cryptocurrency. So there is some degree of national exposure to the deep-sell off in the crypto market.
Then there's the whole mystique around the nascent crypto sector. It may be among the smaller asset classes, but the buzzy industry commands a lot of attention in popular culture, with ads on major sporting championships and stadium sponsorships.
That said, economists and bankers tell CNBC they aren't worried about a knock-on effect from crypto to the broader U.S. economy for one big reason: Crypto is not tied to debt.
"People don't really use crypto as collateral for real-world debts. Without that, this is just a lot of paper losses. So this is low on the list of issues for the economy," said Joshua Gans, an economist at the University of Toronto.
Gans says that's a big part of why the crypto market is still more of a "side show" for the economy.
No debt, no problem
The relationship between cryptocurrencies and debt is key.
For most traditional asset classes, their value is expected to stay moderately stable over some period of time. That is why those owned assets can then be used as collateral to borrow money.
"What you haven't seen with crypto assets, simply because of their volatility, is that same process by which you're able to use it to buy other real world assets or more traditional financial assets and borrow off that basis," explained Gans.
"People have used cryptocurrency to borrow for other cryptocurrency, but that's sort of contained in the crypto world."
There are exceptions — MicroStrategy took out a $205 million bitcoin-backed loan in March with the crypto-focused bank Silvergate — but for the most part, crypto-backed loans exist within an industry-specific echo chamber.
According to a recent research note from Morgan Stanley, crypto lenders have mostly been loaning to crypto investors and companies. The spillover risks from tanking crypto prices to the broader fiat U.S. dollar banking system, therefore, "may be limited."
For all the enthusiasm for bitcoin and other cryptocurrencies, venture capitalist and celebrity investor Kevin O'Leary points out that most digital asset holdings are not institutional.
Gans agrees, telling CNBC that he doubts banks are all that exposed to the crypto sell-off.
"There's certainly been banks and other financial institutions, which have expressed interest in crypto as an asset and as an asset that they might like their customers to also be able to invest in, but in reality, there isn't that much of that investment going on," explained Gans, noting that banks have their own set of regulations and their own need to make sure that things are appropriate investments.
"I don't think we've seen the sort of exposure to that that we've seen in other financial crises," he said.
Limited exposure
Experts tell CNBC that the exposure of everyday mom and pop investors in the U.S. isn't all that high. Even though some retail traders have been battered by the recent stretch of liquidations, overall losses in the crypto market are small relative to the $150 trillion net worth of U.S. households.
According to a note from Goldman Sachs in May, crypto holdings comprise only 0.3% of household worth in the U.S., compared with 33% tied up in equities. The firm expects the drag on aggregate spending from the recent price declines to "be very small."
O'Leary, who has said that 20% of his portfolio is in crypto, also makes the point that these losses are spread out worldwide.
"The great news about the crypto economy and even positions like bitcoin or ethereum, these are decentralized holdings. It's not just the American investor exposed," he said. "If bitcoin went down another 20%, it wouldn't really matter because it's spread around everywhere."
"And it's only $880 billion before the correction, which is a big nothing burger," continued O'Leary.
By way of comparison, BlackRock has $10 trillion in assets under management, and the market value of the four most valuable tech companies — even after this year's correction — is still over $5 trillion.
If bitcoin went down another 20%, it wouldn't really matter because it's spread around everywhere
Some analysts on Wall Street even believe the fallout of failed crypto projects are a good thing for the sector overall — a sort of stress test to wash out the obvious business model flaws.
"The collapse of weaker business models such as TerraUSD and Luna is likely healthy for the long term health of this sector," said Alkesh Shah, global crypto and digital asset strategist at Bank of America.
Shah says the weakness in the crypto and digital assets sector is part of the broader risk asset correction. Rather than driving the economy down, crypto prices are tracking tech equities lower, as both succumb to pressure from greater macroeconomic forces, including spiraling inflation and a seemingly endless succession of Fed rate hikes.
"Higher than expected rate hikes coupled with recession risk has broadly hit risk assets including software and crypto/digital assets. With central banks globally tightening, my strategy colleagues expect central banks to take about $3 trillion of liquidity from markets globally," continued Shah.
Mati Greenspan, the CEO of crypto research and investment firm Quantum Economics, blames the Fed's tightening as well.
"Central banks were very quick to print gobs of money when it wasn't needed, which led to excessive risk taking and reckless build up of leverage in the system. Now that they're withdrawing the liquidity, the entire world is feeling the pinch."
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-- Net income (loss) allocable to common shareholders for the second quarter 2012 was ($59) million or ($0.70) per diluted common share.
-- During the quarter, the Company issued $275 million of 9.0% senior unsecured notes due 2017.
-- Company retired $640 million of debt during the second quarter and had $707 million of cash, including cash reserved for debt repayment, at June 30, 2012.
-- During the quarter, the Company sold a portfolio of 12 net lease assets for $130 million in net proceeds and recorded a gain of $25 million from the transaction.
NEW YORK, July 27, 2012 /PRNewswire/-- iStar Financial Inc. (NYSE: SFI) today reported results for the second quarter ended June 30, 2012.
iStar reported net income (loss) allocable to common shareholders for the second quarter of ($59.0) million, or ($0.70) per diluted common share, compared to ($35.5) million, or ($0.38) per diluted common share, for the second quarter 2011.
Adjusted income (loss) allocable to common shareholders for the second quarter was ($1.4) million, compared to ($1.9) million for the second quarter 2011. Adjusted income (loss) represents net income computed in accordance with GAAP, prior to the effects of certain non-cash items, including depreciation, loan loss provisions and impairments.
Adjusted EBITDA for the quarter was $106.6 million, compared to $102.7 million for the same period last year. Please see the financial tables that follow the text of this press release for the Company's calculation of adjusted EBITDA and adjusted income, as well as a reconciliation to GAAP net income (loss).
During the second quarter, the Company generated $555.4 million of proceeds from its portfolio, comprised of $185.8 million in principal repayments, $117.0 million primarily from residential unit sales of other real estate owned (OREO) assets, $136.2 million from sales of net lease assets, $57.0 million from loan sales and $59.4 million from other investments. Additionally, the Company funded a total of $39.7 million of investments and capital expenditures.
As previously announced, during the quarter the Company issued $275.0 million of 9.0% senior unsecured notes due 2017. Proceeds from the new issuance will be used to refinance unsecured debt maturing in 2012. During the quarter, the Company repaid $90.3 million of its 5.5% senior unsecured notes due June 2012 and repurchased $191.5 million of its senior convertible unsecured notes due October 2012.
The Company repaid $225.7 million on the A-1 tranche of its 2011 secured credit facility, bringing the remaining outstanding balance to $646.1 million at the end of the quarter. The Company has satisfied all minimum amortization requirements on the A-1 tranche of its 2011 secured credit facility prior to the payment of any remaining balance at maturity in June 2013.
The Company also repaid $81.4 million on the A-1 tranche of its 2012 secured credit facility, bringing the remaining outstanding balance to $328.6 million at the end of the quarter. Based on the total amount repaid, the Company has exceeded the minimum cumulative amortization on the A-1 tranche of its 2012 secured credit facility of $41.0 million required to be paid before December 31, 2012.
In addition, the Company repurchased 809,720 shares of its outstanding common stock during the quarter for an average price of $5.69 per share. At the end of the quarter, the Company had remaining authority to repurchase up to $16.0 million of shares under its share repurchase program.
The Company's leverage was 2.5x at June 30, 2012, an improvement from 2.7x in the prior quarter. Please see the financial tables that follow the text of this press release for a calculation of the Company's leverage. The Company's weighted average effective cost of debt for the second quarter was 6.5%. At the end of the quarter, cash and cash equivalents, including cash reserved for repayment of indebtedness, totaled $706.9 million.
At June 30, 2012, the Company's total portfolio had a carrying value of $6.31 billion, gross of general loan loss reserves. The portfolio was comprised of $2.36 billion of loans and other lending investments, $1.55 billion of net lease assets, $1.97 billion of owned real estate and $427.5 million of other investments.
At June 30, 2012, the Company's $1.72 billion of performing loans and other lending investments had a weighted average last dollar loan-to-value ratio of 74.1% and a weighted average maturity of 2.7 years. The performing loans consisted of 50.9% floating rate loans that generated a weighted average effective yield for the quarter of 6.7%, or approximately 668 basis points over the average one-month LIBOR rate for the quarter, and 49.1% fixed rate loans that generated a weighted average effective yield for the quarter of 8.6%. The weighted average risk rating of the Company's performing loans improved to 3.16, from 3.27 in the prior quarter. Included in the performing loan balance were $75.0 million of watch list assets, compared to $169.8 million in the prior quarter.
At June 30, 2012, the Company's non-performing loans (NPLs) had a carrying value of $639.0 million, net of $491.3 million of specific reserves. This compares to $662.7 million, net of $477.2 million of specific reserves, at the end of the prior quarter.
For the second quarter, the Company recorded $26.5 million in loan loss provision versus $17.5 million in the prior quarter. At June 30, 2012, loan loss reserves totaled $563.8 million or 19.8% of total gross carrying value of loans. This compares to loan loss reserves of $567.2 million or 18.0% of total gross carrying value of loans at March 31, 2012.
At the end of the quarter, the Company's $1.55 billion of net lease assets, net of $342.2 million of accumulated depreciation, were 91.0% leased with a weighted average remaining lease term of 12.2 years. The weighted average risk rating of the Company's net lease assets was 2.70, versus 2.63 in the prior quarter. During the quarter, the Company sold a portfolio of 12 net lease assets for $130.5 million in net proceeds and recorded a gain of $24.8 million from the transaction. Certain of the properties were subject to a $50.8 million secured term loan that was repaid in full at closing with a portion of the net sales proceeds. During the quarter, the Company recorded $6.2 million of impairments within its net lease asset portfolio. The Company's occupied net lease assets generated a weighted average effective yield of 9.3% and the total net lease assets generated a weighted average effective yield of 8.4% for the quarter.
At the end of the quarter, the Company's $1.97 billion owned real estate portfolio was comprised of $722.2 million of OREO and $1.25 billion of real estate held for investment (REHI). The Company's OREO assets are considered held for sale based on management's current intention to market and sell the assets in the near term, while management's current intent and strategy is to hold, operate or develop its REHI assets over a longer term.
During the quarter, the Company took title to properties with a carrying value of $45.4 million. The Company's owned real estate portfolio generated $28.1 million of combined revenue and income from sales of residential property units, offset by $22.4 million of net expenses for the quarter. In addition, the Company funded $18.9 million of capital expenditures associated with its owned real estate portfolio.
iStar Financial Inc. (NYSE: SFI) is a fully-integrated finance and investment company focused on the commercial real estate industry. The Company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company, which is taxed as a real estate investment trust ("REIT"), has invested more than $35 billion over the past two decades. Additional information on iStar Financial is available on the Company's website at http://www.istarfinancial.com/.
iStar Financial will hold a quarterly earnings conference call at 10:00 a.m. ET today, July 27, 2012. This conference call will be broadcast live over the Internet and can be accessed by all interested parties through iStar Financial's website, http://www.istarfinancial.com/, under the "Investor Relations" section. To listen to the live call, please go to the website's "Investor Relations" section at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those who are not available to listen to the live broadcast, a replay will be available shortly after the call on the iStar Financial website.
(1) For the three months ended June 30, 2012 and 2011, includes $3,447 and $4,314 of stock-based compensation expense, respectively. For the six months ended June 30, 2012 and 2011, includes $8,113 and $8,469 of stock-based compensation expense, respectively.
(2) HPU Holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. Participating Security holders are Company employees and directors who hold unvested restricted stock units and common stock equivalents under the Company's LTIP that are currently eligible to receive dividends.
(1) Adjusted for preferred dividends, net (income) loss from noncontrolling interests and income from sales of residential property.
(1) Adjusted EBITDA and adjusted income (loss) allocable to common shareholders should be examined in conjunction with net income (loss) as shown in the Consolidated Statements of Operations. These non-GAAP financial measures should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company's performance, or to cash flows from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor are they indicative of funds available to fund the Company's cash needs or available for distribution to shareholders. It should be noted that the Company's manner of calculating these non-GAAP financial measures may differ from the calculations of similarly-titled measures by other companies. Management believes that it is useful to consider adjusted EBITDA and adjusted income because the adjustments are non-cash items that do not necessarily reflect an actual change in the long-term economic value or performance of our assets. Management considers these non-GAAP financial measures as supplemental information to net income in analyzing the performance of our underlying business. Interest expense and depreciation and amortization exclude adjustments from discontinued operations of $265 and $220, respectively, for the three months ended June 30, 2012 and $1,019 and $1,122, respectively, for the three months ended June 30, 2011. Interest expense, depreciation and amortization, and impairment of assets exclude adjustments from discontinued operations of $1,064, $943, and $520, respectively, for the six months ended June 30, 2012 and $1,560, $2,241 and ($26), respectively, for the six months ended June 30, 2011.
(1) Based on carrying value of the Company's total investment portfolio, gross of general loan loss reserves.


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Home » Country Music » 6 Country Music Songs You Won't Believe Are 20 Years Old
6 Country Music Songs You Won't Believe Are 20 Years Old
Linda Beth
In 1998, the country music charts were dominated by new, pop-ish country music hits from Shania Twain and Faith Hill, but still featured multiple No. 1s from Garth Brooks, George Strait and Tim McGraw. Honestly, it is kind of hard to believe that 1998 was 20 years ago and McGraw is still on the charts, the Dixie Charts left country music long ago and Strait's still got it.
6 Country Music Songs You Won't Believe Are 20 Years Old:
"I Can Love You Better"
"I Just Want To Dance With You"
"If You See Him/If You See Her"
"Honey, I'm Home"
"A Broken Wing"
"This Kiss"
90s country, 90s country music, brooks & dunn, faith hill, george strait, martina mcbride, reba mcentire


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Another Canadian Political Insider Drops Dead - Number 27
ANOTHER DIRTY DEAD INSIDER
Another Ottawa insider dead by sudden heart attack.
Was Reg Alcock murdered?
Readers of this web site are watching the Goddess of Justice wreak her vengeance against former Canadian political elites after yesterday's disturbingly unjust decision by the Supreme Court of Canada denying Mr. Carten and Ms. Gibbs access to justice in Canada.
Today, the angel of death reached out and snatched to his grave Reg Alcock who was a key player in the dirty and corrupt tactics of the Governments of Paul Martin and Jean Chretien when they launched their despicable and illegal attacks on Mr. Carten and Ms. Gibbs and her then young family.
Reg Alcock dropped dead at the Winnipeg International Airport allegedly from a suspected heart attack and becomes number 27 in the Graveyard of the Guilty.
If you don't believe in "angels of death" then you should consider that it is probable that Reg Alcock was murdered like many of the other insiders who dropped dead of sudden heart attacks. Reg Alcock knew too much. Like Reg Alcock many of the key insiders in the Water War Crimes, such as Izzy Asper, Lloyd Axworthy, British Columbia Secrecy Commissioner, Paul Fraser, and Margaret Annett the presidewnt of W.C. W. Western Canada Water Inc. Enterprises Ltd were from the Winnipeg area.
Was Reg Alcock another secret investor in W.C.W. Western Canada Water Enterprises Ltd?
We cannot answer that question, at this time, because the Government of Canada and its crooked lawyers and crooked judges will not permit the Carten/Gibbs v. The Government of Canada lawsuit to proceed in Canada's justice system.
But, 27 deaths of political insiders all linked to one lawsuit is a statistical impossibility.
This means that these deaths are not normal. If you rule out the supernatural, then there are only two possible causes - stress related disease and murder.
The high incidence of sudden deaths of people with little or no other health problems suggests a murderer is stalking the wicked.
In a related but unreported incident, long term British Columbia Government employee, Steve Mazur, also from Winnipeg, was reported to have had a heart attack on September 30, 2011.
We have not yet ascertained if Mr. Mazur has died.
Mr. Mazur was a key witness to certain aspects of the Water War Crimes and told investigators that he knew the agreement that he signed on behalf of the Queen Elizabeth with W.C.W. Western Canada Water Enterprises Ltd., was of questionable legitimacy but that he asked for and received written orders from the highest level of government that authorized him to sign the document.
Investigators are at work attempting to determine if the heart attack suffered by Mr. Mazur was the result of an attempted murder.
Readers should be alert to watch for other insiders dropping dead because there remain a remnant of corrupt individuals who are getting increasingly nervous that someone will blow the whistle on them.


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Home FOREX OANDA Europe experiences 20% revenue drop in 2019
OANDA Europe experiences 20% revenue drop in 2019
OANDA Europe Limited, a Financial Conduct Authority (FCA) regulated forex brokers recently published its annual financial results for the year 2019. The firm shows a 20% decrease in revenue during the period. The firm experienced a net loss of $3.55 million as compared to a gain of £823,962 in the previous year.
Revenue loss due to ESMA
Marketing expenses reason for the loss
The firm said in its most recent Companies House filing that its total turnover for the year was over £11.83 million in 2019, compared to £14.8 million in the previous year. The firm said that the decline was revenue occurred because of the long-term impact of ESMA leverage and marketing regulations.
It noted,
"Following the August 2018 introduction of ESMA's leverage guidelines, many retail brokers in Europe experienced a 20-40 percent revenue reduction over the following year, which clearly demonstrates the industry impact of the new restrictions."
The firms were only related to OANDA Europe. The OANDA group has multiple entities running its global businesses. After Brexit, its European business is being managed by its Malta-based subsidiary.
The administrative expenses for the broker increased during the period to £15.26 million, compared to just £13.91 million. The firm said that these expenses had to make despite lower revenue because of rising in its marketing aggressiveness. It noted that the firm made several significant investments in its digital marketing and product initiatives, which resulted in a rise in expenses. The firm considers these expenses critical for their ongoing success, as it would help them in providing competitive pricing to their users, bring new advancements to the platforms, and introduce new trading instruments.
The filing also details the firm's growing efforts to expand its client base and implement other improvements to its platform. It is expecting the results from the expenses to show in 2020. A spokesperson for the firm said that the UK unit has outperformed its targets in 2020. However, the exact figures for the year are not available yet.
TimeBit/Cryptovibes
OANDA Europe
OANDA Europe Limited
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How World Events Impact The Japanese Yen
7 July 2020, 7:30 pm
Asian Market
1868 Meiji Government
1872 National Bank Act
1873 The Crime Of 1873
1877 Seinan Civil War
1882 The Bank Of Japan
1894 – 1912 The Pre-war Build-up
1912 World War l
1923 The Great Kanto Earthquake
1931 Leaving the Gold Standard and Invading Manchuria
1937 – 1945 The Asia-Pacific War and Financial Repression
1944 Bretton Woods
1971 The Smithsonian Agreement
1973 The First Oil Shock
1985 The Plaza Accord
1999 ZIRP
2001 September 11th
2008 Global Financial Crisis of 2008
2011 Tsunami Crisis
2018 EU Bilateral Trade Agreement
2020 COVID-19 Pandemic
Established as the official currency of Japan by the Meiji government in 1871, the yen (ISO code: JPY ¥) is the third-most used currency in the world. With a long history of zero interest rates and little effect on the stimulation of the economy, the yen has been the world's biggest investor, and the preferred Asian reserve currency for decades.[1]
In the Japanese Edo era, a central bank had not been established, nor any integration of a national financial market. Moneychangers engaged in a variety of tasks, including management of the national payment network and reserve management.[2] Currency differed from region to region, silver being predominantly used in the West, gold in the East, and copper in small denominations across the country. Control of the exchange rates for gold and silver, as well as minting, was under the control of the Shogunate.
In the 1850s the treaty ports were opened as Japan began to embark on its international trade journey. Japanese industries were forced to compete with their foreign counterparts due to low tariffs under the unequal treaties with major Western powers.
1868 began a time of revolutionary change for Japan, marking the end of the feudal system and leading to a restructuring of power socially and economically. It also marked the decline of the Samurai and the rapid incline of industrialisation and westernisation. Drastic measures were needed to reshape the nation from a feudal state into a modern westernised trading partner.[3]
Emperor Meiji, carrying little influencing power, accepted the advice of the men that had defeated the shogun. This cabinet of advisers moved with haste and began to implement a series of reforms that would both unify and strengthen Japan, including the establishment of their own military and economic control. [3]
Japan became industrialised rapidly, shifting from an agrarian country to an up-and-coming industrial giant, forcing feudal lords to return land to the government and samurai warriors to be disenfranchised. These moves were believed essential for the survival of Japan as a nation, and for ensuring strength against Western imperial powers.[3]
The rapid period of change and shuffling of the economy called for a currency that could be utilised as a trade tool, competitively and to make Japan's mark on a Western economy. First minted in 1869, the government enacted a New Currency Act in 1871 and marked the yen as the official currency of Japan. Like many currencies at the time, the yen found its roots in silver and was initially designed to weigh 24,26 grams of pure silver, or 1.5grams of pure gold.[4]
The word "yen" means round or circle object, and Japan's government hoped it would stabilise the monetary position of the country. Integral to the growth of Japan as a westernised nation, the introduction of the yen from July 1871 replaced the complicated copper-based monetary system of the Edo period.[5]
Taking the American national banks as their model, the government enacted the National Bank Act, establishing four banks by 1874 and opening up opportunities for merchants to create new banks. As a result, 153 more were established by 1879. However, private banks began to mushroom and by 1883 there were 197 private banks. Due to a lack of management policy and experience, too many banks operated on a small scale without any knowledge beyond a feudal system. [6]
After a revision of the Act, the bank notes became inconvertible, which led to an excessive amount being issued. The national banks were forced to revise the Act for a second time, and after 20 years in service, withdrew their notes and later became recognised as ordinary banks.[7]
The standard silver dollar was omitted from coinage law passed by US President Ulysses S. Grant on 12 February 1873. This was the pathway to pivoting the US towards the gold standard and left countries unable to turn to silver for legal tender. The US had observed a silver standard, but famous gold rushes like that in California gave gold a considerably higher influence. The belief was that there was only one rational economic approach, which brought the Coinage Act in 1873.[8]
After the devaluation of silver relative to gold in 1873, the yen lost a large value compared to that of the Canadian and U.S. dollars, which already adopted the gold standard.
In 1877 the Satsuma Rebel forces attacked the army of the Meiji government, with battlefields widely spread and civil war lasting a period of 7 months. The rebellion saw the loss of 14,000 lives from both armies, with a substantial number of wounded, both military and civilian, within the areas of the battle sites.[9] In 1877 inconvertible banknotes were used to cover the costs of the Seinan Civil War, which led to a major devaluation of paper money and a public loss of trust. As the value of paper money decreased, the price of rice measured by paper money doubled.
By 1897, the yen was worth less than 50 U.S. cents, and Japan made a move to adopt the gold standard.[10]
To gain insight for the creation of its banking system, the Japanese government performed an in-depth study into the monetary systems of the U.S., Belgium, France and Britain.[11] Despite differences in economic conditions between the nations, Japan found the examples it needed. The Bank of Japan was established under the Bank of Japan Act in June 1882, and by October began operating as the central bank of Japan.[12] The bank became a determining factor in the economic and financial policies of the government.
Between 1886 and 1897, the yen depreciated against gold standard currencies, and the country's economy grew by 3% under the silver standard. By 1911 Japan had abolished the jurisdiction of Britain and revised unequal treaties with other Western countries. Japan was finally becoming recognised as a member of the international community and an emerging empire.[11]
As promising as the rise to power seemed, Japan faced other issues.
1894 - 1912 The Pre-war Build-up
Japan was the first nation to successfully resist the encroachments of westernised nations, and set out on territorial expansion and colonialism. As Korea, China and Japan found themselves in a conflict of interest, the Sino-Japanese War began. China was defeated by Japan, which claimed Taiwan until pressure from Germany, France and Russia forced Japan to relinquish their Taiwanese territories. The intervention, known as the "Triple Intervention," led to Japan intensifying its armour stocks and preparing its military for whatever may come next.[13]
New conflicts emerged between Russia and Japan over interests in Korea and Manchuria, ultimately leading to the Russo-Japanese war in 1904 – 1905. Winning the war, Japan annexed Korea completely in 1910 and transferred the Bank of Japan's note-issuing business to that of the Bank of Chosun (previous name for Korea). Korea was recognised as the first country to adopt the yen standard in East Asia.[13] The win garnered national pride and international respect.
Japan set its sights on China for its next gradual phase of expansion due to its market potential and resources in abundance.
The eruption of World War l caused uncertainty around the Japanese economy and the strength of the yen. As Western powers began to engage in the war, they suspended international trade, barring sales of textiles, machinery and chemicals to Japan. The fear of an adverse effect on Japan was quickly countered as the demand for domestic goods increased.[14]
The global demand shifted to Japan instead of Europe, leading to an even bigger boost to the Japanese economy. This foreign demand was a welcome fix for the previously suffering macroeconomy hard hit by gold reserve losses and trade deficits. As exports rose, imports became slightly suppressed with only a moderate increase in overall investments within Japan. Instead, the output of capital stock increased and gold reserves accumulated while business stocks rose.[14]
During WWI, the majority of yen was spent on emergency war expenditure. The bulk of the revenue was covered by a treasury surplus from tax increases, fiscal austerity, and a wartime excess profits tax. The Japanese nation was called upon by the French to intervene in the Siberian Intervention. Despite refusing at first, they were involved a mere year later and sent 72,000 troops.[15]
The overall expense incurred by Japan for both wars fell at 1.553 billion yen, substantially less than other nations, owing to the conflict being focused on the European continent.[16]
Japan balanced business and the economy as WWl ended, but the 1920 post-war recession meant that the business boom of exporting goods was over. An all-time price deflation was recorded with commodities dropping by up to 70% in price and the stock market a devastating 55%.[14]
With the lack of quality and competitive pricing, the Japanese economy faced a series of recessions and banking crises. The Bank of Japan implemented a short-term policy to provide emergency loans to banks and industries that were facing bankruptcy.[16]
Striking Tokyo and Yokohama and claiming the lives of over 142 000 people, the natural disaster was a major economic loss for Japan. The destruction left 60% of Tokyo's people without a home, and it claimed 90% of the homes in Yokohama.[17] The event sparked a ripple effect of sadness across Japan and cost an estimated total of US$1.2 trillion.[18]
By 1930 Japan made the move back to the gold standard under Finance Minister Inoue, at the original pre-war state of US$1 = ¥2. The Minister ascribed to a deflation policy that he believed was necessary to remove industries that were inefficient. England had opted not to return to the gold standard at the pre-war rate for consideration of a recession if an overvalued exchange rate was chosen. The deflation policy held by Inoue coincided with the 1929 Great Depression and Japan plummeted into a state of discontent as unemployment increased.[2]
Japan sought to shift the economy and change its macroeconomic policy in 1931. Finance Minister Korekiyo Takahashi abandoned the gold standard in December of that year, implementing drastic measures to focus on monetary easing, currency depreciation and fiscal stimulus.[2]
By 1936 the economy had grown at 6% per year with inflation maintained at low levels. The Bank of Japan obtained the power to implement open market operations by selling government securities, as a final attempt to regain control of the financial markets.[2]
Military control increased with seats in major offices soon occupied by army and navy officers. Japan began the invasion of Manchuria in 1931, breaching the rules set out by the League of Nations. After pleading from China, the League of Nations imposed economic sanctions on Japan, which were fruitless and had little effect.[19] Japan left the League of Nations in 1933 and in 1936 it signed the Anti-Comintern Pact with Germany (which was joined by Italy in 1937). They became known as the Axis Powers.[20]
Once Manchuria was under Japanese control, the unification of currencies began with discussions of a standard. The currency of Manchuria was linked to the yen and became interchangeable, launching Japan into the trend of creating an economic bloc.[13]
1937 - 1945 The Asia-Pacific War and Financial Repression
The Second Sino-Japanese War began following an incident between Chinese and Japanese troops near the Marco Polo bridge. A prelude to World War ll, the fighting spread into central China as the Japanese added more victories to their record.[19] In 1940 Japan attacked occupied French Indonesia, further aggravating Great Britain and the U.S. The U.S. retaliation took the form of an oil boycott, pushing Japan to capture the Dutch East Indies and ultimately entering war with America and Great Britain.[20]
The relationship between Japan and foreign countries continued to decline and the U.S. moved to impose and tighten sanctions against Japan. By 1941, the U.S. froze all Japanese assets in their territories, including a ban on all oil exports to Japan, leading to a shortage of materials for the economy. The black market surged and the wartime economy was poorly monitored.[2]
The Bank of Japan vowed to fight the war under Japanese governmental control. By the end of the war, the bank had 8 billion yen stocked in government securities and another 14 million on loan to other banks aiding the war efforts. It also owed 21 billion yen in circulated banknotes. The 1882 Bank of Japan Act was called into question and shortly replaced by the Act of 1942, allowing all financial control to be handled by the Bank of Japan.[2]
The snowball effect of the Sino-Japanese war extended over China as Japan occupied new areas and established banks, namely the Inner Mongolia Bank, Chinese Federal Reserve Bank and Central Reserve Bank.[13] The currencies of these occupied areas were linked at par with the yen in order to establish a regional currency. Such progression on the behalf of Japan increased the identity of the yen, giving it the status of a key currency, and by default increased the country's political and industrial strength.
After 1941, Japan removed the USD and GBP exchange floatation, suspending transactions with the U.K. and U.S. completely and limiting transactions to Italy and Germany. The conversion between the yen and other currencies was based on a direct conversion rate dependent on multiple factors like standard of living, natural resources and production capacity. Japan moved to set the South East Asian countries up to be at par 1 to 1 and the value of these currencies dropped two-fold, allowing Japan to reduce the import price and encourage an internal circulation of goods within the country.[13]
The decision taken to meet at par 1 to 1 did not aid the war recovery efforts. Inflation in Japanese occupied areas increased as imports from these areas declined and exports from Japan increased. Japan established a policy focusing on two measures:[13]
Charge the exporters a levy based on the difference between the domestic and export price
Create a special conversion rate for Japan between Axis currencies and the yen
However, they maintained a rigid policy from the start of the Meiji Empire to exploit all other economies to the extent required to benefit Japan, through propaganda and regional dominance.[13]
After WWII ended, Japan needed time to regain the respect and trust of the surrounding Asian countries. Despite the importance of an economic relationship with Japan, the U.S. arose as the new dominant power and boosted the post-war East Asian economies, allowing for liberal, symbiotic and multifaceted growth.[21]
The war efforts left Japan in a state of devastation, with transportation and industries severely damaged and a shortage of food that would continue for years. The yen became fixed at 1 USD to 360 yen via the Bretton Woods system.[2] The system replaced the gold standard with the USD in 1944. Bretton Woods would allow for a currency system with standards that would, in theory, avoid a trade war.[21]
The rate of the yen to the USD remained unchanged and created a sweet-period where Japan was able to recover their economy, increase living standards and stabilise the liberal ruling party. The U.S. abandoned the gold standard in 1971, ultimately putting an end to the Bretton Wood system and forcing world currencies to realign.[21]
The Smithsonian Agreement of December 1971 created a new USD standard agreement, and fixed the yen at 308 to 1 USD. Fearing the ripple effects of the appreciation of the yen, the Bank of Japan instituted easy monetary and fiscal policies. The agreement lasted 14 months before an agreement on a floating exchange rate was undertaken.[2]
The yen appreciated rapidly against the USD and reached an exchange of US$1 to ¥254.40 in 1973. The first oil shock hit in December as Israeli-Arab conflict led to an embargo to all countries supporting the Israeli oil supply during the Yom-Kippur war, increasing oil prices steeply. Inflation increased by 25% in 1974, pushing the yen back into the 300 mark against the USD.[22]
Japan, strongly disliking dependence on any other nation, intensified their research into raw materials, energy and substation of such. This research created a new industry of electronics, robotics and computers. The impact of the oil shock and the costs involved in the new discovery of technology meant Japan was ready for the implementation of changes and challenges at all levels. Despite a second oil shock (1979 - 1980), which they were prepared for, the economy did not decline in economic growth nor enter into a negative growth range.[22]
After recording an increase in currency surplus, the yen did not further appreciate. Offshore appeal increased as Japanese investors were able to invest internationally, essentially increasing the supply of the yen and boosting the economy of the U.S.
The Group of Five industrial nations (France, U.S., U.K., West Germany and Japan) agreed to devalue the dollar against the Deutsche Mark and the Yen, known as the Plaza Accord. The intention was to shift the demand to American products from that of Japanese and to bring the USD down.
The 1987 Louvre Accord aimed to halt the decline of the USD and stabilise international currency through management of the floating currency system. The intention of manipulating currency to alter trade failed, and lowering the USD shifted capital flow and forced the selling of U.S. assets.[24] By the end of 1988, the USD sat at $1: ¥120.45 and the Bank of Japan moved to immediately purchase U.S. dollars on behalf of the Ministry of Finance.
The financial sector of Japan faced an increase in pressure as nonperforming loans began to suffer the effect of the property value decline. Lending companies sponsored by the bank had aggressively lent money during the land bubble boom of the late 1980s, and were now suffering, eventually closed by the government in 1995. Banking and credit issues increased as smaller institutions could not pull through, and it all escalated into the Asian emerging-market financial crisis in 1997.[2]
In response to the crisis, the Bank of Japan introduced monetary policy measures including a zero-interest rate policy.[2] The USD to the JPY moved gradually to 148 as investors were allowed to borrow yen funds at zero interest rate to secure higher yields for both currencies.[25]
In 1998, due to the Asian financial crisis and decline in demand for crude oil, Russia defaulted on their repayment to Japan, which triggered a risk-off environment. Carry trades quickly unwound and the USD fell to ¥101.30 in November 1999.[25]
The knock-on effect of the low rates set by the Bank of Japan caused a fall in investments in Japan, favoured only by the carry trades due to the cheap funding costs of the yen. After 9/11, the Bank of Japan intervened to sell yen for USD. As the economy remained slumped in the post-inflation phase, the Minister of Finance spent 20.4 trillion yen in buying USD and selling yen.[26]
The US financial industry lacked regulations, and banks took the opportunity to engage in hedge fund trading with derivatives. To support this, they issued more mortgages and created interest-only loans that appealed to subprime borrowers. As the interest rates on these new mortgages set in, the Federal Reserve raised its funds rate.[27]
The cost of housing fell along with the demand, leaving homeowners unable to repay their mortgages and unable to sell. Banks stopped aiding finances as the value of the derivatives fell, causing the ripple effect of a major recession.[27] The yen had continued to fluctuate across the decade, shifting between U.S. financial market strain and yen carry trades. It eventually reached a 13-year high of ¥90.87 to US$1 in October 2008.[26]
In 2010, the Bank of Japan and the government (without support from the West) took action to intervene and lower the value of the yen. This became known as the largest intervention in a day by any country, as exporters sold ¥2.13 trillion in yen and purchasing dollars.
A powerful earthquake shook Japan and its economy in March 2011, followed by the explosion of the Fukushima nuclear reactor. This caused an appreciation of the yen as fears over the accident led to a stock plunge that pulled down offshore share prices too. Due to the monetary easing policy implemented by the Bank of Japan, the unlikelihood of a failing economy drove investors to buy yen. There was a speculation that Japanese investors would oust overseas assets and convert them into yen to help cover the costs of the disaster.[29]
The economic policy of Japan has been influenced by the "Abenomics" debate for the last several years. Abenomics, coined by the Japanese Prime Minister Shinzo Abe, focused on a tri-fold agenda:
Printing additional currency to increase the appeal of Japanese imports and generate a modest inflation rate of 2%.
Stimulate short-term growth and achieve a budget surplus.
Initiate a reform of various regulations to ensure Japanese industries become more competitive and increase Japan's appeal for foreign investors.[30]
The EU-Japan economic partnership agreement removed the near €1 billion in annual tariffs and trade barriers imposed upon Japan, in order to encourage trade. This removed 97% of customs duty for Japan and thereby told the world that between these two booming economies, protectionism has been rejected as they manage the biggest trading network in the world.[29]
Although Japan is the world's third-strongest economy, continuous deflation and slow growth, combined with Abenomics, has failed to correct high debt-to-GDP ratios, expensive imports and low prices. However, the devalued yen has allowed the nation to manufacture and export equipment, machinery, cars, steel products and electronics. By keeping the yen relatively low to the USD, Japan has extended their global market share.[30]
As Japan remembers the 9-year anniversary of the nuclear meltdown, tsunami and earthquake, it begins to scale back its memorials and events in the wake of the global COVID-19 pandemic. In a state of emergency, the government faces the pressure of preventing the spread of infection whilst balancing the economy as concerns of a recession become a fear to many. With 20% of gross domestic profit valued at US$1 trillion redirected towards the cause, testing centres ready and facilities available - the hope of Japan is to emerge unscathed.[31]
Retrieved 01 May 2020 https://www.institutionalinvestor.com/article/b1j1dmdphvlnbw/why-the-japanese-yen-matters
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Retrieved 20 May 2020 https://www.armstrongeconomics.com/armstrongeconomics101/economics/louvre-accord-v-plaza-accord/
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Q: Backup Compression in SQL Server 2005 I noticed that simply zipping my backup files reduces the space used by 70%
My idea was to, initially, backup the databases to a local server; then, using Bacula or Cobian (I don't have a budget), compress it and then ship it to our remote SAN.
Did you face similar challenge? If so, how did you overcame it?

A: There are commercial (Redgate for example) and free products that will do this for you as part of the backup.
http://sourceforge.net/projects/mssqlcompressed/

A: Upgrade to

*

*SQL Server 2008 Enterprise and higher or

*SQL Server 2008 R2 Standard and higher

to get it natively.
Or use a 3rd party tools (as per Mark Storey-Smith's answer).

A: Look at RedGate's HyperBac.  It's a few hundred bucks a server and it is well worth the cost.