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Interview with Edward C. Prescott
Arthur J. Rolnick Senior Vice President and Director of Research, 1985-2010
When Prescott was named a Regents' professor at the University of Minnesota this summer—an honor reserved for just 20 active professors at any time—it was not only a recognition of his contributions to economics research, but also his dedication to the classroom. Prescott enjoys working with his students, and this commitment has inspired devotion in many of them: On the occasion of his 50th birthday, nearly all of his former doctoral students attended the celebration, many traveling from Europe. Also, foreign exchange students—with considerably more knowledge about soccer than Prescott—have volunteered in the past to help their economics professor coach youth soccer teams.
Prescott has been at the university since 1981, the same year he joined the Federal Reserve Bank of Minneapolis as a consultant in the Research Department. According to Arthur Rolnick, the Minneapolis Fed's director of research, Prescott has great influence within the profession and has made important contributions on many issues. "Economists pay attention to what Prescott has to say," says Rolnick, who conducted the following interview.
For example, in a 1986 paper in the Minneapolis Fed's Quarterly Review, Prescott described the state of knowledge about real business cycles, a line of research to which he and economist Finn E. Kydland had previously contributed pioneering work. Kydland and Prescott argued that technology shocks drive the economic system and that costly policies aimed at stabilizing these shocks are counterproductive. In that same issue, Lawrence Summers, then professor at Harvard University and currently deputy secretary of the Treasury, responded with no uncertain skepticism: "Let me follow Prescott in being blunt. My view is that real business cycle models of the type urged on us by Prescott have nothing to do with the business cycle phenomena observed in the United States or other capitalist economies." In the same issue, Prescott then followed Summers with a response of his own, concluding: "My guess is that the reason for skepticism is not the methods used, but rather the unexpected nature of the findings."
For more on this issue—and for a discussion of economic growth, the wealth of nations and other topics—read on.
The following interview was conducted by Arthur J. Rolnick, senior vice president and director of research at the Minneapolis Fed.
ROLNICK: Ed, over the years you have worked with some of the best economists in the world. Which ones have influenced your research the most?
PRESCOTT: My thinking has been heavily influenced by Bob Lucas. I met him in 1964, which is pretty far back. He was a new professor and I a new graduate student at Carnegie-Mellon. As a graduate student, however, he did not influence my thinking much. His impact on my economic agenda began a few years after graduate school—beginning about 1969—when we collaborated on the paper, "Investment Under Uncertainty." That collaboration along with his seminal paper, "Expectations and the Neutrality of Money," forced me to rethink completely how to do macroeconomics. So, when I returned to Carnegie-Mellon in 1971, this time as a colleague of Bob Lucas, I decided not to teach macro until I understood what it was and how to teach it. As a result, I never did teach macroeconomics at Carnegie-Mellon. I only resumed teaching this subject when I moved to Minnesota in the spring of 1981.
At that time, the foundations of dynamic economic theory had been laid, and the task was to figure out how to use this theory to quantitatively study economic fluctuations. At that time there was a theory of secular growth and this theory was being used to address public finance issues. Virtually everyone, including myself, was certain that this theory, without money introduced, would not be useful for studying economic fluctuations and assumed that some other theory was needed to account for the fluctuations about the secularly increasing trend. Finn Kydland and I developed practical methods for deriving the quantitative implications of growth theory for fluctuations. We thought that with some extensions, in particular longer time requirements to build new factories and office buildings, that growth theory might provide the mechanism for the propagation of monetary shocks. When we derived the implications of growth theory without any monetary shocks, however, we found to our surprise that business cycle fluctuations are just what that theory predicted.
These were exciting times, particularly here at the university and the Minneapolis Federal Reserve bank, where much of the progress in this research program was made. What we were doing was controversial. There was a taboo then against doing quantitative theoretical exercise in macroeconomics. This is no longer the case. Even my undergraduates at the university run their business cycle experiments using model economies with people deciding how much to work and consume, and firms deciding how much to produce and invest in dynamic environments characterized by uncertainty.
ROLNICK: Is this what the profession calls "micro foundation of macroeconomics?"
PRESCOTT: That's what some have labeled it, but I think the labeling is antiquated. Let me explain why. In the '60s the profession, including myself, thought Keynesian macroeconomics was a great theory that could be used to eliminate costly economic fluctuations. Naturally the profession tried to develop the theoretical foundations for the equations that constituted the Keynesian macroeconometric models. But, Bob Lucas established that this is impossible. The assumptions underlying the macroeconometric models were logically inconsistent with dynamic economic theory. This conceptual problem, along with the failure of these models in the '70s, resulted in the demise of Keynesian macroeconomics. With this demise, again there is just economic theory.
ROLNICK: Over 30 years ago, Milton Friedman made the argument that we must consider the economy as a whole. He warned the profession to beware of conclusions based on partial equilibrium analysis. Why has it taken this long for macroeconomists to pay heed to his warning?
PRESCOTT: There have been breakthroughs in the way we model the economy. Dynamic economic theory was not very far advanced 30 years ago. In addition there were neither the computers to compute the equilibria of dynamic economies with uncertainty, nor the rich data sets to restrict the models economies constructed.
ROLNICK: So are you saying that economists now have the tools that allow us to solve dynamic general equilibrium models —tools that we did not have 30 years ago?
PRESCOTT: Yes, but even today, Friedman and many others of his generation do not think in terms of dynamic equilibrium.
ROLNICK: But in fairness to Friedman, he didn't have the tools.
PRESCOTT: That's true.
ROLNICK: Who else has influenced your work?
PRESCOTT: Another person that influenced my thinking a lot is Robert Townsend. He was a graduate of the University of Minnesota. He came to Carnegie-Mellon, around 1976, as an assistant professor. He introduced me to some of the ideas at Minnesota—in particular to mechanism-design theory, which can be used to study economic situations where there are contracting problems. This is proving to be increasingly useful in constructing models with financial intermediation. Such models are needed to understand issues such as bank regulation. The Minneapolis Fed has been, and is, a leader in this important development.
Let me elaborate further. In much of economics, we abstract and study idealized worlds where people can write any type of contract and where people honor their contracts. In fact, for some issues, this does not provide a reasonable abstraction—in particular issues concerned with financial intermediation. There are moral hazard and adverse selection problems. Borrowers from intermediaries, for example, do not always take the promised action and may be less than honest as to the riskiness of the projects they want to fund. There are events which result in borrowers not being able to honor their contracts. Introducing features such as these into applied general equilibrium is proving difficult but progress is being made. Only with their introduction can we assess whether there is a market failure and if there is one, what intervention will mitigate it.
ROLNICK: Is there anybody else you want to add to your list of people that have influenced your views on economics?
PRESCOTT: There are two other people for whom I have incredible respect for making economics better. These two people have been associated with the Minneapolis Federal Reserve bank—Tom Sargent and Neil Wallace. They along with Lucas were the ones responsible for the use of dynamic economic theory to study macroeconomic phenomena. I, of course, was influenced by the writings of Arrow, Debreu and McKenzie, the great general equilibrium theorists, but they being pure theorists were not concerned with macroeconomics.
ROLNICK: With regards to your views on the research programs of Tom Sargent and Neil Wallace, I'd like you to go back in your career to when you started at the University of Minnesota in 1980-81, and your affiliation with the Minneapolis Fed's Research Department. How did these programs, along with your own, evolve and influence each other? What were the biggest changes?
PRESCOTT: Under Tom Sargent's leadership, in the mid- and late-'70s, the Minneapolis Fed and the university were at the lead in the rational expectations revolution. I am sure that rational expectations would have eventually dominated, as it has, but Tom made it happen much sooner than it would otherwise have. Tom, however, did not change my views. I was already convinced when I came here.
When I came here, the University of Minnesota had the only graduate program that trained students in the use of dynamic economic theory in the study of macroeconomic phenomena. Neil Wallace and Tom Sargent were responsible for this. I like working with students, and having students trained in dynamic theory made Minnesota a very attractive place for me. The Minnesota graduates in macroeconomics have had a major influence upon economics and many are now in positions of leadership in the other top economics departments.
When I came here, Neil Wallace was leading a program to lay theoretical foundations for monetary economics. In the late '70s this was a controversial research program, with which I was sympathetic. Neil clearly had a major but indirect influence upon my thinking. His research program of laying theoretical foundations to monetary economics was controversial, as was Sargent's research program. It implicitly said that there was no hope for the old, largely empirical approach to money. The old research program was to use balance sheets to construct some monetary aggregates and then to examine the statistical relation between these monetary aggregates and real output. The weakness of that research program was the lack of theoretical mechanisms. You always worry or hesitate to rely on just empiricism when you can't run experiments.
ROLNICK: When you say you worry about just empiricism, are you worried about drawing implications from empiricism about causality?
PRESCOTT: Yes. With the monetarist research program, the appropriate monetary aggregate was the one that was highly correlated with output and led the cycle. That one was assumed to cause output fluctuations with a "long and variable" lag. I want a mechanism by which these monetary aggregates have consequences for output. At a deeper level, all that we can hope for is a theory of the equilibrium process of the economy given the rule by which the money supply or interest rates are selected now and will be selected in the future. We can say this monetary policy shock did this or that. But, we can't say what the effect will be of a particular policy action. All that dynamic economic theory can do is to predict how the economy will behave given the rules by which policy will be selected in the future.
As I said, the problem in monetary theory is the mechanism by which money has real consequences. In the 1890s and 1900s, which is prior to the creation of the Fed, there were financial crises followed by steep declines and rapid recoveries in real output and employment. Subsequent to the creation of the Fed, the economy has not been characterized by that type of crisis, or at least not as frequently.
ROLNICK: The Great Depression aside?
PRESCOTT: The Great Depression is another matter. I also was hedging my statements a little bit because of the 1937 experience. In that year there was a large, sharp decline in output and a very rapid recovery that was associated with a temporary large increase in the reserves that banks were required to hold. And then there was a similar but much less dramatic event in the first half of 1980.
I think the evidence strongly indicates that Fed actions can cause sharp declines by taking actions that result in a credit crisis or by failing to take an action that would avoid a credit crisis. Before the creation of the Fed there were a number of financial crises with each being followed by a large decline in output and a rapid recovery.
ROLNICK:We have talked about how people have influenced your thinking and research agenda, but your work in turn has been very influential. I'd like to turn to some questions about your own work, partly to get you to expound on the nature of that work and partly to get you to respond to some of your critics. It was the fall of '86 that we devoted an issue of our Quarterly Review to your research on real business cycles—research that has attracted considerable attention from both the media and academia. While much of that attention has been laudatory, some has been critical.
You are associated with the view that technology shocks, those affecting production opportunities, are the major driving force behind business cycles, accounting, according to your estimates, for about 70 percent of these fluctuations. How would you respond to the following observations: There seems to be overwhelming evidence that the Great Depression and many of the major recessions in U.S. history had monetary origins and that monetary factors were very important in determining the depth of the downturns as well as their length. How does that observation square with your 70 percent estimate? Second, it is very hard to identify specific technology shocks that have coincided with economic fluctuations.
PRESCOTT: First, the 70 percent number is for the post-World War II period. This is a period for which we have pretty good measures of the inputs—in particular the labor input—and for that matter, quarterly measures of output. Such data are needed to carry out such an analysis. I suspect that the estimate would be different for the pre-World War I period if the needed data were available to carry out the accounting exercise.
With regard to the Great Depression, I have not studied it in detail. I don't know of anybody well-versed in modern dynamic economic theory who has looked at it carefully. You have to be a pretty good historian as well as a good theorist to do this task. My own view is that printing a little bit more money would not have been the solution. Third World countries have tried without success to avoid depressions by printing money. With regard to why there was a Great Depression in the United States in the '30s, I just haven't seen the evidence that points the finger to the monetary side. Canada had the persistent and big decline in output—every bit as big as the United States—but not the bank failures.
ROLNICK: And Canada experienced a much smaller decline in its money supply. Of course, some would argue that Canada's economy was so closely tied to the U.S. economy that the decline of ours spilled over to theirs. In other words, Canada's experience over this period does not represent an independent experiment. The emphasis you put on intermediation may some day provide an answer. There was a significant upheaval in financial intermediation during the Great Depression. Something real was lost—some information was lost and that possibly could have turned a typical recession into a depression.
PRESCOTT: My own speculation would have something to do with the unstable political times. I have looked at the time series of factor income shares. Labor's share of total income or, equivalently, of total output, was more or less constant up to the beginning of the Great Depression, at which time it jumped about 5 percent. Subsequently it has remained at that higher level. This strongly suggests there was a big change in the rules of the economic game that occurred just after the beginning of the Great Depression. Incidentally, there was a large drop in total factor productivity, which matches well with the technology shock story. I emphasize that technology shocks are changes in the total productivity of the business sector. The nature of the rules of the game that govern business activities have consequences for total factor productivity.
The early '30s were not politically stable times. Even in peaceful, lovable Minneapolis there were some serious conflicts. Teamsters struck and shut down businesses. The police not being able to handle the situation deputized a citizen army. In subsequent conflicts between the truck drivers and the police, many people were injured and a few killed. In neighboring states farmers were setting up private armies to block the export of agricultural products in the hope of raising the price of agricultural products. These were politically unstable times.
ROLNICK: So, that's what you mean by some political instability?
PRESCOTT: There also were movements throughout the world that must have worried people, namely the rise of fascism and of communism. In economic terms fascist Italy and communist Russia were perceived as doing well. The fear that such systems would be adopted in the U.S. must have deterred investment. The fear of changes in the rules of the game can have large real consequences.
ROLNICK: Part of your response to your critics, therefore, is that your 70 percent estimate is for the post-World War II period. What about the recession of 1980-81?
PRESCOTT: Here I've looked at the data carefully. Central to the business cycle is how many hours are worked per adult in the market sector. This time-series started a large decline in the fourth quarter of 1979, which is significantly before the 1980-81 recession, and bottomed out in the third quarter of '82. The 1980-81 recession was a small blip down, associated with the temporary institution of certain reserve requirements. But, the recession had started before the tightening of monetary policy and the decline is consistent with technology shocks being the factor.
There were probably some disruptions due to uncertainty. Some people bet wrong about interest rates. There were a lot of bankruptcies during that period. Mortgage markets did not function as well as they normally do. Some of these factors probably contributed. I only claim about 70 percent of business cycle fluctuations are induced by technology shocks. That leaves 30 percent for other factors.
ROLNICK: So you concede that monetary factors can explain some real fluctuations in the economy?
PRESCOTT: Yes. The question is how much.
ROLNICK: Second observation: It seems difficult to point to specific technological factors that led to each of the several recessions and recoveries during the post-World War II period. Yet, economists who emphasize monetary shocks can easily point to many recessions and many recoveries that seem to be caused by specific monetary shocks. How would you respond?
PRESCOTT: First, the finding is that recessions or economic fluctuations are the result of the sum of many random causes. We don't have a theory of what causes economywide productivity to change. We can measure how big the changes are, and we can use dynamic theory to predict the consequences of these random changes. Now, the question is: Can we identify specific shocks? My answer is no. We can't even identify why today total productivity of labor and capital is four or five times higher here than in India. Given this, how can we hope to identify why this productivity grew by 2 percent less than expected over some two-year period? Such an occurrence is all that is needed to induce a recession.
Let me try to explain better what I mean by business cycles being the sum of random causes. If you take a coin and flip it repeatedly, assign a one to heads and a minus one to tails and sum up the values of the last 15 flips, the resulting time-series will display cyclical fluctuations, that is fluctuations that look a lot like cycles. This is Eugene Slutsky's (Russian economist and econometrician) observation in his famous 1927 paper: that cycles can be the sums of random causes—a translation of which appears in the 1937 Econometrica. With real business cycle models, a given shock's effect declines only 5 percent per quarter. This implies after three and a half years, the shock still has half its effect. The current state of the business cycle depends upon things that have happened over the last four years.
Returning to your question of what are the factors leading to technology change, new knowledge is only one factor. I think from the point of business cycles, changes in our legal and regulatory system are the big factor. Some of these changes are good because they permit an industry to develop, which in turn increases the business sector productivity. Other changes may be good even though these reduce productivity because they lead to a smaller externality—say less pollution or more safety—but, they are still negative shocks. Others may be bad because they result in resources being allocated to unproductive type activities. Having a theory of these shocks is tantamount to having a theory of international income differences.
ROLNICK: The other point your critics have raised is related to measurement errors in estimates of productivity. A major piece of evidence that you cite in favor of your view of technology shocks is that labor productivity is procyclical. But your critics note that measurement error is biased in your favor. Consider the following example: Sales services provided by a sales clerk in a store that is open eight hours a day go up or down depending on how many shoppers show up, if the sales clerk's recorded hours are more or less the same, all of the increased sales activity shows up as movements in productivity, even though there is no change in technological opportunities. Further, empirically possible factors like monopolistic competition, increasing the terms to external economies and overtime labor can explain the observed degree of pro-cyclicality in labor productivity while attributing much less importance to technology shocks. In other words, how do we know this evidence you cite on productivity is in fact evidence in favor of technology shocks?
PRESCOTT: Yes, it is possible that due to mismeasurement of the labor input, productivity may not be as pro-cyclical as measured, or it may be more pro-cyclical than measured. One way to challenge our finding is to introduce some feature of reality from which we abstracted and establish that the answer changes. Some researchers, including Finn Kydland (Carnegie-Mellon) and I, have introduced features such as a variable workweek length for the production units, monopolistic competition and factors that result in idle capacity in equilibrium. The estimate has stood up to these challenges. Researchers are restricted as to how they introduce these features by theory and by micro observations as well as by macro observations. Probably the key macro observation is the small correlation of the cyclical components of the labor input and labor productivity. There is one study that introduced a feature that gave rise to labor hoarding in equilibrium. This study found that firms must commit their employment levels for ridiculously long periods for this feature to matter. At the time these challenges were articulated by Larry Summers in a 1986 Quarterly Review paper, the studies I refer to had not been carried out. In responding to his challenge a lot was learned.
ROLNICK: So I take it that you are not swayed by the labor hoarding explanation?
PRESCOTT: When times get hard, there are a lot of people out there who would take a job. Workers worry about keeping their jobs. I suspect, if anything, they work harder and are absent less in bad economic times.
Let me review some history. Economists, since the late '30s or maybe earlier, have been trying to make the case that there is labor hoarding in bad times. This is because they were bothered by the fact that when output was low, labor productivity was low rather than high, as standard production theories predict. They rationalized this observation by hypothesizing an error in measuring the labor input. In the ensuing years no measures of the amount of labor hoarding were provided that show how it varies with the cycle.
There is a problem with the labor hoarding story on the theoretical side as well. Theoretically, labor hoarding results in response to temporary and not to permanent shocks. Technology shocks that induce business cycles are highly persistent. Cyclical variation in the intensity with which workers work hasn't panned out.
ROLNICK:Other research of yours that has received a lot of attention and has intrigued me personally is your joint work with Finn Kydland that appeared in the Journal of Political Economy in 1977, titled "Rules Rather Than Discretion: The Inconsistency of Optimum Plans." It has been cited by the Economist as one of the 10 modern classics in economics. What is the thesis of that work and what implications do you think it has for the Federal Reserve in our search for an optimal monetary policy?
PRESCOTT: Finn Kydland and I began working on the optimal policy problem within the framework of dynamic equilibrium theory. Once we worked out the logic of it, we found that there was a fundamental problem. The problem in a nutshell is as follows: The best policy plan has the property that after following the plan for a while, everybody agrees that there is a better alternative then to continuing the original plan. But, if a group of people cannot commit to its original plan, the ex ante best plan is not feasible.
The problem comes up in the design of the legal system. Suppose the best policy is to punish people who take certain actions and that punishment is costly to society. The best plan, which is time inconsistent, is to punish people who take the action in the future. But the time consistent solution is not to punish in the second period of the plan those who took the action in the first, as costly punishment will not deter actions already taken. The solution to this problem is to have rules or laws and to follow them. The same logic holds for fiscal policy. It is always best to tax the returns on past investments but not on new investments. But with the passage of time, the present becomes the past. This is why constitutional provisions that make it possible for the government to commit to not taking property without full compensation are desirable. A big problem facing many Third World countries is their limited ability to so commit.
One problem is that sometimes the environment changes and the old rule no longer works well, which necessitates a change in the rule. But such changes should be made only after a lot of discussion with past commitments being honored as much as practical. Credibility of policy permits much better outcomes to be achieved.
A secondary implication of this is that the Fed should not try to trick people. It should stick to rules, and I think implicitly it has over a considerable period of time now, since the Volcker/Greenspan era. There has been some important subsequent work in this area, some of which is done here at the Minneapolis Federal Reserve bank by V. V. Chari and Patrick Kehoe on sustainable plans. Using the language of modern mechanism of design, they examined the entire set of policy plans that are sustainable, that is plans with the property that people will not want to change the plan subsequent to instituting it. And then they looked at which plan is the best within that set.
An independent Fed, I think, is something that is a valuable commitment technology for Congress, for the same reason an independent judiciary is a good arrangement.
ROLNICK: Let me go to your third area of influence on the profession. That's your more recent work—you touched on this earlier but I'd like you to elaborate a little bit more. In the spring of '93 we published your joint work with Steve Parente (Northeastern University) in our Quarterly Review. This is your work on understanding changes in wealth of nations. This work has also received quite a bit of attention and there's been a considerable amount of additional work since the '93 piece. In your mind, what have we learned from this work, and again, what policy implications, if any, have you uncovered?
PRESCOTT: I think the question, "Why isn't the whole world rich?" is the most important question facing economists. I think we've learned that just accumulating more capital—that is more machines, factories, and roads—is not sufficient to become rich. Accumulating more human capital, as well, is not sufficient either. Both are important and essential but, given the economywide productivity parameter, these factors of production will be accumulated. As I see it, what we need is a theory of this parameter, and I expect that the rules of the game a country sets up will account for the big difference in this number across countries.
ROLNICK: That parameter being ...
PRESCOTT: The parameter is total factor productivity. In rich countries the same quantities of the inputs produce more output. This parameter summarizes the technology level of a country.
ROLNICK: Is this what is left over after you take account of infrastructure and human capital?
PRESCOTT: Yes, differences in this parameter is what is left over after accounting for differences in all the inputs.
ROLNICK: And you're saying that "Why isn't the whole world rich?" is the paramount question for economists?
PRESCOTT: Yes, I think that is the question. We may not be any more successful this time around than the development economists were in the '50s. I hope we are.
ROLNICK: Are you saying that answering this question is more important than, say, finding better policies for smoothing the business cycle?
PRESCOTT: Yes, I think we found out that these fluctuations are not costly to society, and that the response of the economy to these shocks is approximately optimal. What we should be worrying about is increasing the average rate of increase in economywide productivity and not smoothing business cycle fluctuations.
ROLNICK: I understand that your son Ned has recently been hired by the Research Department at the Richmond Fed. What type of research is he doing and does he ask you for advice on his research?
PRESCOTT: One thing he's made a point of throughout his life was never to ask his father for advice. I offered it for free. We never discussed economics and he was annoyed when in college he found that he liked doing economics. He is doing some research at the Richmond Fed that appears quite interesting in the area of theory of financial intermediation and theory of the firm.
ROLNICK: We should let the readers know that Ned was a graduate of the University of Chicago, studied under Robert Townsend and graduated in 1995. Let me finish with one last question that a lot of people wanted me to ask. I have been told, mostly by you, that you were a pretty good football player in college and that your bowling average was close to 170. Some say you are no longer the athlete that you once were. Do you accept that view or do you think you still have a few good years left?
PRESCOTT: Well, I just made a big decision: I'm going to start playing golf.
ROLNICK: In other words, no. Thank you, Ed.
More About Edward Prescott
In June 1996 Prescott was named a Regents? Professor at the University of Minnesota, which is the highest honor bestowed on a member of the university faculty; he joined the University?s Department of Economics in 1980. He is also a senior consultant in the Research Department at the Federal Reserve Bank of Minneapolis, which he also joined in 1980.
Walras-Pareto Lecturer: Barriers to Riches, University of Lausanne, 1994.
Fellow, American Academy of Arts and Science, 1992.
Prescott has held visiting professorships at the Kellogg Graduate School of Management, Northwestern University, the university of Chicago and the Norwegian School of Business and Economics. He has also held positions at Carnegie-Mellon University and the University of Pennsylvania.
Recent papers include: "Real Returns on Government Debt: A General Equilibrium Quantitative Exploration," with J. Diaz-Gimenez, European Economic Review, forthcoming; "The Discipline of Applied General Equilibrium," with T.J. Kehoe, Economic Theory, June 1995; "Economic Growth and Business Cycles," with T.F. Cooley, Chapter 1 in T.F. Cooley, ed., Frontiers of Business Cycle Research, Princeton University Press, 1995.
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Like any other bonds, when buying municipal bonds, you will have to consider the municipal bond rates. Some municipal bond rates are better than others. However, when considering and comparing municipal bond rates to other bond rates, you should take into account the tax benefits of municipal bonds.
What are municipal bond rates?
What people often refer to as municipal bond rates are coupon rates. A coupon rate is the interest rate given as a percentage of par value. That means, when you see a municipal bond with a rate of, say, 6%, it means the municipal bond is paying interest as a % of par value or $60 per $1,000.
The municipal bond rates are not the prices of the municipal bonds or the municipal bond yields. The price of a municipal bond is the amount of bond sold at the end of the previous trading day as a percentage of par value.
The municipal bond yields are the rates of return of the municipal bonds which should be used to compare municipal bonds against each other and compare municipal bonds against other types of bonds and other types of investments.
Of course, the best municipal bond rates are the highest rates. However, most of the time it is difficult to find low cost municipal bonds with high rates. When seeing lower municipal bond rates compared to other bond rates, many bond investors choose to invest in other types of non-tax exempt bonds such as corporate bonds.
However, if they calculated the municipal bond yields they might find out that munis with lower rates actually give better yield than corporate bonds with higher rates. There are many factors that affect municipal bond rates.


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[Customary law] is a more sensitive and complex measure of a society that tells the stories, not of just those who happen to breathe now, but of the unborn...and the long dead. It reflects the fractal fellowship of generations and time. Not the unwieldy geometry of states and boundaries.
In his heart and soul, man is a social animal and solidarity with his group - however wrong - is more important to him than being right alone.
In that moment, he catches the contagion of the crowd.
In that moment, democracy becomes demagoguery.
Lila Rajiva, Rule of the Demos
index to 4 Lila Rajiva pages contact us
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The big news today is that the Dow has hit a new record of over 25,000. We'll get to that in a minute…we're still looking over our shoulders at last year's performance. Let's see, the top-performing US stock market sector last year was technology. An investment in the top 100 NASDAQ stocks went up 34%.
Thank You, Mr President
Not only did he save us a lot of money…but he also helped us better understand how government actually works. What 'The Donald' understood better than the professional politicians was that democratic politics is basically a form of entertainment. It's a sordid part of show biz — all hocus ...
A Long Bear Market in Bonds Is Coming
How 'bout that bitcoin! It went up another $2,000 last night. Does it go down, too? We think we know the answer. But let's look at more familiar ESPs. This week, we've been focusing on Extremely Simple Patterns, or ESPs. What's an ESP? When you ask your wife if she's gained weight, for example, she may ...
One of the Funniest Shows in Modern Capitalism
In one of the funniest shows in modern capitalism, bondholders were invited to a special meeting in the Venezuelan capital. A few turned up. They wanted to know what to expect. The country is going broke — fast. Oil output is at a 28-year low…cash is disappearing…chaos is spreading. When would ...
Bill Bonner
Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and ...
America's Ghost Towns
Wall Street Pit (blog)
The Dow was flat yesterday. Gold rose $2. And Greece said it was making progress towards cutting its deficit. Yesterday we looked at America's most miserable cities. Today, let's take a gander at its new "ghost towns." There are many towns and cities that are losing population…losing key industries…and ...
The Mind Body Politic
interview with Lila Rajiva

redpajama_set_name: RedPajamaCommonCrawl


Carey Group Publishing is excited to release TOD on June 26, 2018. Offered as an add-on feature to an electronic English Carey Guide license, TOD allows clients to complete Carey Group Publishing tools on their smartphones, tablets, and/or personal computers.
In our work with corrections professionals, we repeatedly hear practitioners say, "We need tools to help change offenders' behaviors in critical skill deficit areas." The Carey Guides were developed in direct response to that need. Each Carey Guide set includes 33 Guides that address specific topics related to criminogenic needs and other critical case management issues.
We're Back at the APPA Summer Institute!


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Young Practitioners Group
Young Practitioners Group under the auspices of AIAC
The youth is the hope of our future.
Jose Rizal
The youth of today will be the future leaders of the international dispute resolution community. As such, they need a strong foundation, critical awareness of the existing challenges, and a platform to be heard from. Acknowledging the importance of youth empowerment, the AIAC established a Young Practitioners Group ("YPG") under its auspices on 17th March 2017. The YPG brings together dispute resolution practitioners below the age of 40 and students interested in building their careers in this fast-growing and dynamic field. The YPG is managed by two Co-Chairs and includes seven committees (Commercial Arbitration, Investor-State Arbitration, Maritime Arbitration, Sports Arbitration, Belt and Road, Adjudication, Mediation), each comprised of three young dispute resolution practitioners. Members of the YPG are offered a variety of exclusive events in multiple languages, such as seminars, training days and workshops, visits to ports, interviews with distinguished practitioners, etc. The group actively collaborates with other international and regional groups (e.g., ICC YAF, YSIAC, Young PIArb, CIArb YMG Malaysia, ICDR Y&I, etc.) and was recently confirmed as a member of the Co-Chairs Circle ("CCC") during its annual meeting in Rome, Italy. This major accomplishment will allow YPG to be the voice for its members at this prestigious international platform.
The group has demonstrated continuous success from day one. Within a year of its inception, the YPG went from zero to over 1,200 members from more than 40 jurisdictions and 4 continents. From March 2017 to April 2019 alone, the YPG offered more than 90 events to its members, and the total number of attendees exceeded 2000.
A significant amount of work has been targeted at the Malaysian student community. The YPG regularly visits law schools in Kuala Lumpur, Malacca, Penang and Terengganu to increase awareness about alternative dispute resolution among young talents. In order to encourage students to study alternative dispute resolution and to network among like-minded peers, the First Essay Competition and First Asian Conference for Students and Young Practitioners were held a few months ago. As a result of consistent efforts, students were able to present their research results and receive feedback from experienced practitioners. Furthermore, fourteen of the brightest students from seven Malaysian law schools were appointed as YPG Student Representatives to proudly develop the ADR communities in their alma maters.
Recognising the importance of the Africa-Asia partnership, along with the new and exciting opportunities it offers and the challenges it may bring in the dispute resolution arena, the YPG organised a unique event targeted at young practitioners from two continents: "Tailoring Dispute Resolution Mechanisms: Africa and Asia in Focus" on 20th July 2018. The event was supported by a number of groups (AfricaArb, CIArb YMG Kenya, CIArb YMG Nigeria, the Association of Young Arbitrators Nigeria) and was livestreamed worldwide.
The dedicated team at AIAC YPG looks forward to further development and implementation of innovative ideas in the field of international dispute resolution. Stay tuned.
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Greetings from the Asian International Arbitration Centre ("AIAC"). We hope you and your loved ones are keeping safe and healthy during these troubling times.
We have been monitoring the development of the COVID-19 pandemic across the globe with trepidation. After careful consideration, the Organising Committee of the ASIA ADR WEEK 2020 has arrived at the difficult decision to postpone this year's edition of ASIA ADR WEEK to next year. We have decided against re-scheduling at a later time this year as we anticipate that international travel will remain a concern for many of our delegates for the rest of the calendar year of 2020, coupled with the expected economic uncertainties. Presently, we are looking at 17th to 19th June 2021 as tentative dates.
We sincerely apologise for any inconvenience caused by this change, but we trust you will agree that this is the right decision given the present concerns which make hosting this event infeasible.
We will keep you updated with any further developments on ASIA ADR WEEK 2021.
Thank you for your kind understanding and cooperation.


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AjxPackage.require({name:"zimbraMail.unittest.UtGetOriginalContent_data",	method:AjxPackage.METHOD_SCRIPT_TAG});

AjxPackage.require({name:"zimbraMail.unittest.UtAjxUtil",		    method:AjxPackage.METHOD_SCRIPT_TAG});
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AjxPackage.require({name:"zimbraMail.unittest.UtContactGroup",		method:AjxPackage.METHOD_SCRIPT_TAG});
AjxPackage.require({name:"zimbraMail.unittest.UtMailListGroups",	method:AjxPackage.METHOD_SCRIPT_TAG});
AjxPackage.require({name:"zimbraMail.unittest.UtYouTube",			method:AjxPackage.METHOD_SCRIPT_TAG});
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AjxPackage.require({name:"zimbraMail.unittest.UtPreferences",		method:AjxPackage.METHOD_SCRIPT_TAG});
AjxPackage.require({name:"zimbraMail.unittest.UtCalendar",			method:AjxPackage.METHOD_SCRIPT_TAG});
AjxPackage.require({name:"zimbraMail.unittest.UtContacts",			method:AjxPackage.METHOD_SCRIPT_TAG});
AjxPackage.require({name:"zimbraMail.unittest.UtMail",				method:AjxPackage.METHOD_SCRIPT_TAG});
AjxPackage.require({name:"zimbraMail.unittest.UtMailMsg",			method:AjxPackage.METHOD_SCRIPT_TAG});
AjxPackage.require({name:"zimbraMail.unittest.UtShare",				method:AjxPackage.METHOD_SCRIPT_TAG});
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AjxPackage.require({name:"zimbraMail.unittest.UtGeneral", method:AjxPackage.METHOD_SCRIPT_TAG});

redpajama_set_name: RedPajamaGithub


Why Choose Blue Water Sailing School?
There is a sailing school to meet every sailor's dreams and desires — from daysailing to racing, from bareboat charter training to cruising preparation. The tough part is wading through all the brochures and web sites to find the right school for you. In other words, as many callers ask us, Why should I choose your school?
We've listed several reasons why we think we're the best school for you, but don't just take our word for it — read what Blue Water alumni are saying about their experience with us.
We are exclusively a sailing school. One hundred percent of our efforts are devoted to sailing education and training. Many other schools are adjuncts of charter companies, whose primary goal is to drive as many people as possible to their charter fleet.
We were recently ranked by readers of Practical Sailor magazine as one of the best sailing schools in the United States, and we were the highest rated American Sailing Association (ASA) school in their survey. We received ASA's annual Outstanding School award (Southeast Region) in 2000, 2001, 2002, and twice prior to 2000.
Our instructors often receive the ASA's Outstanding Instructor award. Capt. Joe Logan was named Outstanding Instructor in 2003, 2004 and 2005. Also earning this honor in 2005 was Capt. Bill Mount, who had previously received the honor in 2000. In 2002, Capt. Ted Wheeler and Capt. Rick Neilson were both named Outstanding Instructor. This was the fourth year that Capt. Ted received the award and was the third time — and second year in a row — for Capt. Rick.
All of our sailing instructors are licensed by the United States Coast Guard, and are certified by the American Sailing Association as instructors after an exhaustive evaluation process.
We actually go on a weeklong live-aboard cruise, mooring at a different location every night. Many schools concentrate on day sailing, with lodging in a hotel at night. Other schools offer a "live-aboard" experience, but the boat returns to the same dock each night.
We choose the area sailed to by the composition of the students and the course level. Our beginning and intermediate courses sail to the Florida Keys, while our advanced courses cross the Gulf Stream to the Bahamian island of Bimini. Our offshore courses make a passage to Bermuda, further out in the Bahamas, or to the Caribbean. We do not feel that it is appropriate to throw beginning and bareboat level students into a Gulf Stream crossing.
Our rates include the boat, instructor, provisions, fuel, ice, customs and immigration fees, books, certification fees and sales tax. Check other schools' rates carefully; some have you buy books and course material separately, some charge extra for a recognized certification, some make you buy food for yourself and the instructor, and every other school we've seen adds on sales tax — an extra 6% in Florida and possibly more in other states.
You may be able to find sailing schools that charge less, you will certainly find many that charge more, but you will not find any that offer more for the money.
Check our schedule, we offer more courses and more dates than any other school in Florida, and possibly in the United States.
We are one of the only schools in the United States to offer the entire range of sailing education — from Basic Sailing to Offshore Passagemaking. Our advanced courses cross the Gulf Stream to the Bahamas, and we do an offshore passage every year. In 1997 we were the first ASA school to do a Transatlantic Passage.
In 2001 we continued our Offshore tradition with trips from Gibraltar to the Canary Islands, and a west bound Transatlantic Passage, crossing from the Canaries to the Caribbean. Other schools teach only the lower levels, and still other schools run offshore courses only in their advertising. We do the trips other schools only dream about.
Our standard one week live-aboard courses have no more than four students and one instructor. Other schools regularly have 5 or even 6 students on a 40 foot boat. We feel that four students is the most that can be comfortably accommodated and still have a reasonable chance of learning and practicing.
For couples, families and others who would prefer a boat to themselves we offer Private Instruction. We can customize courses, schedules, and boats to almost any requirement.
Enter your name and e-mail address to sign up for our monthly newsletter.
We actually went somewhere (Key Largo), rather than returning to the dock each evening. The course was made to be an adventure, as well as simply instructional. The weather was "made to order" — sun and gentle breeze Saturday through Wednesday, then Force 8 for our 'foul weather instruction' on Thursday.
I thought it was an excellent, challenging course. It definitely wasn't a "cruise." The instructor expected a lot from the students. I like that.
I have nothing but the utmost praise for your entire operation and the quality of the instruction that I received. Al Hatch is a consummate instructor and brings to this activity a love and a passion that is genuine and expansive. I hope to be able to return to Blue Water to experience some of the higher-level courses of instruction, and I certainly would have no trouble at all recommending your company to anyone.


New for 2018, Shoei has unveiled its updated Neotec II flip-front helmet to fill the shoes of its predecessor, the hugely successful Neotec I. Over the last couple of months, I've ridden close to 2000 miles in the updated Shoei Neotec II lid – and, honestly, I've got nothing but positive things to say about it.
From the ice-topped mountains of Austria, to the sunshine baked coast of Northern Spain, the updated helmet has held its own and handled a range of changes in temperature and humidity, plus plenty of hammering rain. In short, it's very capable.
In fact, I actually had the previous generation Neotec I and was hugely impressed with it at the time. It became my `go to' lid for over a year, thanks to its comfort, ventilation and flip-front versatility – and the Shoei Neotec II is even better.
Despite its name, the Shoei Neotec II has had much more than a simple upgrade. It's packed with innovative new technologies – which work to offer various improvements in safety, ventilation, isolation, visor mechanism, visibility and comfort.
The new Shoei Neotec II is made from Shoei's extremely strong AIM (Advanced Integrated Matrix) material, and features a shock absorption liner. The inner shell of Double Density EPS is engineered to absorb different impact scenarios, helping the Neotec II to offer unrivalled protection – but the most notable changes for me are the new Neotec helmet's completely revamped acoustics, and an updated ventilation system.
Firstly, the Neotec comes with Shoei's 'Noise Isolators' which sit in the cheek pads of the helmet and help to offer a big improvement in the amount of external noise. Plus all air flow through the sun-visor mechanism has been eliminated too – helping to offer a very quiet riding experience (according to Shoei).
And in practice, it probably is one of the quietest helmets I've worn. The air intakes have been redesigned too, with renewed air inlets on the chin, forehead and backside. They work well, and kept me cool in baking sunshine in northern Spain. The front ventilation on the Neotec II is operated by a glove-friendly panel on the inside, while the top is operated with a smart slider; they are super easy to use.
Shoei's new patented CNS-3 visor is another new addition to the Neotec. The clever system ensures that the UV-resistant anti-condense Pinlock visor – when closing – fully connects with visor mechanism and is completely air-tight. It works really well, and I've had no problems with the visor fogging (in a range of conditions). Plus, the helmet also features an integrated sun-visor that is easily operated with a slider on the left hand-side of the helmet.
The flip front mechanism is easy to use too, with a simple latch on the chin, which can be operated wearing gloves – and best of all, the Shoei Neotec II is homologated for use in both open and closed positions – so you can use it as an open face lid; perfect for when you're passing through a town or village.
If you're after a versatile helmet that's comfortable, quiet and well ventilated, albeit at a price, then I would urge you to consider Shoei's new Neotec II. I know mine will be getting plenty of use.
PREVIOUS POST Previous post: UM DSR EX 125 Review, The Enduro-Inspired Commuter!


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KYC, AML and COVID: Coping with the pandemic
The COVID-19 pandemic has resulted in increased strain on every aspect of business operations, and one major area where the pandemic disruption has caused serious challenges is in the area of Know Your Customer (KYC) compliance and the smooth implementation of anti-money laundering (AML) programmes, which are an important component of both local and international financial operations.
This has led to an increased need to find ways and means to cope with challenges the pandemic has thrown at this field of endeavour. In this article, we'll look at what these challenges are, and how businesses have learned to cope--and how you can also mitigate COVID's impact on your own organisation's KYC and AML.
How COVID Has Impacted KYC/AML Efforts
KYC compliance and AML checks are mandated by regulators such as MAS and ACRA as a legal requirement, meant to combat fraud amongst corporations in general. It is required to ensure that clients or partners are genuinely who they say they are, in order to reduce the risk of financial loss, legal trouble, or reputational damage from financial misconduct.
1)	Disruption to Traditional Compliance and Due Diligence
Before COVID-19, companies often obtained information about other companies through traditional means such as hardcopy reports, to find out in-depth information and any irregularities which may be constituted as risk. For instance, customers had to be physically present when performing banking transactions, and physical documents had to be submitted to verify a customer's identity.
Once these traditional methods were disrupted because of COVID, many companies have been unable to fully obtain the required information they need to validate and verify a client in person or on-site, thus becoming unable to thoroughly verify clients or partners according to their established SOPs.
2)	Companies Forced to Compromise on KYC
As a result of remote working, companies are starting to see a dip in KYC and AML rigour, which increases the risk involved in customer and third-party risks. According to a Refinitiv worldwide survey of 2,920 managers, up to 65 percent of organizations are forced to make the difficult decision of taking shortcuts with KYC and AML in order to keep their business operations running. These compromises occur when companies are forced to increase their revenue during the pandemic by sourcing for more clients, and when remote working practices make it difficult to perform equally rigorous checks or contain cybercrime as robustly as from within a proprietary corporate network.
a)	Changes/Increase in Financial Crime
With COVID-19, consumers are shifting towards the digital landscape, making it difficult to track and control real-time, cross-border payments. At the same time, the increased dependence on digital transmission of documents and communication has led to increased vulnerability of financial transactions and communications to cyberattack and manipulation. As a result, financial institutions may be more vulnerable to criminal activities.
How Businesses Cope with KYC/AML during COVID
1)	Adopting and Redesigning Risk-Based AML Approaches
With traditional exhaustive KYC procedures and AML checks becoming difficult to carry out in their entirety, companies have begun pivoting to a more strategic risk-based AML approach, often using the pandemic as an opportunity to reassess and redesign their existing approaches to take into account the new realities. To fight this, companies should learn to integrate data and analytics into their KYC compliance and AML processes to help protect themselves.
2)	Digital Transformation and Automation of the KYC Process
Digital identification, virtual banking tools, and utilisation of data and analytics, are all ways corporations have transformed their KYC compliance digitally to provide the same customer experience, while ramping up their security against cyberattacks and criminal activity. At the same time, to reduce the delays and inefficiencies caused by manual processes at a time when staff strength and efficiency may be impacted by lockdowns, quarantines, contagion, or simply working from home, many have also begun pushing towards greater digital automation of their KYC processes.
3)	Increased Reliance on Virtual and Online KYC
As usage of financial services have gone increasingly online post-COVID, a corresponding increase in phishing scams, call spoofing, and other cyber identity theft techniques has made it harder to ascertain actual identities of counterparts. Companies have become increasingly reliant on alternative forms of KYC to ascertain the identity of the persons transacting with them.
While some companies have turned to using video-conferencing to replicate the face-to-face experience, more have turned to looking for secure and accurate business information that can be easily found online and does not depend on a company's own representations.
This has led to companies turning to specialised business data providers like CRIF Bizinsights, which can draw from a diverse range of international sources, to provide comprehensive insight that can rival and supplement traditional approaches.
4)	Using APIs to Increase Efficiency
Besides requiring authentic, accurate and timely data for customer verification, speed and efficiency is also paramount. Besides commissioning business data providers for searches, companies have increasingly discovered the value of APIs (Application Programming Interface) in automating and speeding up the process by integrating specialised search functions directly into their business software.
API integration not only allows searches to be automated, but can also plug the obtained data directly into the areas where the data is needed, reducing the need for slower manual input, and giving you faster searches that provide deeper, more usable insights into a counterpart. Such manual processing is also prone to human error and creates opportunities for fraud.
Business Data Solutions to Minimise COVID Disruption
With CRIF Bizinsights, data is provided so that you are equipped with all you need to make your informed decision - all you have to do is focus on the kind of data you need. We provide secure API access to our extensive global database as a highly efficient digital approach to acquiring the right information for you.
With these technology aids, you can be sure that human error is greatly minimised, providing you with the latest corporate information to help you in your decision-making process. Nonetheless, if you wish to do any searches yourself, we are happy to integrate our technology with your own risk management or CRM.
CRIF BizInsights provides high quality, official data with global coverage through efficient information access tools with cost-effective solutions and capabilities such as business insights, data change monitoring and API.
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#13-02/04, ARC 380,
Tel : (+65) 6909 9870
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Dianna earned a Bachelor of Science Degree in Occupational Therapy from McGill University in 2000. Dianna's career began in the field, rehabilitating injured workers back to work before progressing to disability case management. Throughout her career, she has had the opportunity to work from the perspectives of treatment provider, case manager and employer representative in both unionized and non-unionized settings. In 2013, Dianna obtained her designation as a Certified Disability Management Professional through the National Institute of Disability Management and Research. She joined Occupational Concepts in 2014 in order to help develop the Disability Management service stream and continues to feed her passion for minimizing both the human and financial costs of disability for employers and employees alike. On a personal note, Dianna is a strong proponent of Fundy National Park and Jeeps.


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Does Nicolas Anelka Deserve Your Sympathy?
OB Staff
Anelka's last dance featured over and over again.
The way a sporting icon is perceived long after their respective career is over may be best explained by Harvey Dent's quote from the Dark Knight, "You either die a hero or live long enough to see yourself become the villain."
Nicolas Sébastien Anelka fits Harvey Dent's conclusion. Anelka was a French power forward who specialised in scoring at crucial moments and is still remembered as an arrogant, selfish and problematic French footballer most loath. You speak to a Chelsea supporter—of which there are many. They will explain their unwillingness to like Anelka, and for a Chelsea supporter that's known as a 'Kodak moment'. A time that must be captured by any means necessary due to how special and rare it is for a Chelsea supporter not to be arrogant themselves.
Anelka: Misunderstood is a new documentary you can now watch on Netflix. It's a documentary that lightly focuses on Anelka's rise to fame, but serves as a propaganda flood light—clearing up Anelka's side of scandal and disappointment. We don't want to ruin the documentary for you. However, if you have followed the controversial Frenchman's career, you would no doubt be aware of the moment Anelka had been expelled from the France World Cup squad in 2010 following a dressing-room showdown with coach Raymond Domenech. The documentary also spends copious amounts of time explaining the quenelle scandal, where Anelka was alleged to have made an anti-Semitic symbol during a goal celebration.
Anelka pictured with Raymond Domenech
Besides his resume and highlight reel, we aren't sure Anelka is exactly 'sporting icon worthy' to have his own propaganda documentary. When we think icons, we believe Ronaldinho, Roberto Carlos, the older Ronaldo and Diego Maradona—even our very own Tim Cahill. Admittedly, this is all a little melodramatic, isn't it? Do we care about Anelka squaring up with everyone over his issues with coaches, players and the people of France? Sure, if you are French, we can see why you'd want some of Anelka's 'bad boy' moments explained in further detail. Still, even then, the French star refuses to accept any responsibility for anything and merely creates more outrage via his responses.
There's no doubt Anelka was a great football player, with a fluid and damaging striker mentality, even the legendary Arsene Wenger commends Anelka on his career, but still, admits there's plenty more the Frenchman could have done to help improve his legacy. There are various nostalgic cameos in the film, all praising Anelka's misunderstood personality. Thierry Henry is another major star to front the camera as the pair grew up playing side-by-side with one another as juniors in France. Yet, when all these stars past and present mention how misunderstood Anelka is, the camera seems to undo any referees trying to prove the viewer otherwise.
We would welcome your opinion on the matter, let us know your thoughts.
Anelka: Misunderstood is streaming on Netflix now.
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"The Mawkins are a race, if the word can be attributed, of sentient (and in some cases, semi-sentient) constructs that were created in a dark experiment by an advocate of Dust-science in the olden days. They are unique in the fact that they are one of the few beings on Daetrolos that is completely non-living, but still aware of itself. These are no necromantic abominations. Quite the opposite in my humble opinion. Hated by many, yet pitied by many more , Mawkins are almost always considered outsiders.
Do you think you'll survive?
Or is it creeping ever closer?
Under the bed or behind you perhaps?
Imp says read each first letter.
These things make me dangerous.
These things make me an apostate.
"Nobody knows where the taint came from. Nobody knows who or what created it. Nobody knows why it exists. Nobody even knows what it truly is. Amazingly, a little over 2000 years ago (during an era of time known as the "Olden Days") our ancestors worshiped the taint. Seeing it as a means to greater power. Indeed, the "Dust" as it is known IS a means to a greater power. The power of magic.
A place of dread and fragile alacrity.
Is it out there in the unknown world?
And found the primal lost stream.
But is it in your mind?
Are you wandering or are you right on track?
"Among the many institutions that keep the Bulrin Empire strong, it is Tern Street that is truly the most illustrious. The operatives of this unsung defense, known as "runners", have protected the empire from threats within and without its borders. More elite than the police force and more adaptable than the Bulrin army, the Tern Street runners are the clandestine hand of the Emperor and his dukes. The runners, though mainly covert, are seen as heroes by those they have served and as liquidators to those they have faced. Either through subterfuge, information or strength of steel, the runners are a force to be reckoned with.


Road Runner and Wile E. Coyote CGI shorts are CGI shorts that are shown at the end of some episodes, exclusively in season one, featuring Road Runner and Wile E. Coyote from The Looney Tunes Show.
According to the show's debuting press release, it states This series also includes all-new adventures with the Road Runner and Wile E. Coyote in stunning CG. The animators chose to make the Road Runner and Wile E. Coyote shorts CGI, according to this article.
" CGI works really well for them because we can create one environment, this desert environment, and basically just shoot different cartoons in it. They're silent characters so we don't have to worry about lip sync. Also, by their nature, they're all about speed and height, so we could do a lot of cool stuff with the camera."
However, these CGI shorts didn't debut in the show first. Instead, it debuted in movies. Three shorts debuted in movie theaters, including Coyote Falls, which premiered on July 30, 2010, for the movie Cats & Dogs: The Revenge of Kitty Galore, Fur of Flying, which premiered on September 24, 2010, for the movie Legend of the Guardians: The Owls of Ga'Hoole and Rabid Rider, which premiered on December 17, 2010, for the movie Yogi Bear. These shorts debuted in movie theaters and were also seen on DVDs. Unlike the Merrie Melodies, they have yet to be on iTunes for download.
The largest gap between CGI shorts occurred between Members Only's Bubble Trouble and Monster Talent's A Zipline in the Sand. The first episodes with back-to-back CGI shorts were in Monster Talent's A Zipline in the Sand and Reunion's Fe Fi Fo Dumb. The first episode that had a CGI short, but not a Merrie Melody was in Monster Talent. The longest streak with CGI shorts occurred from Monster Talent to Working Duck, a span of sixteen episodes.
The CGI shorts appear in less episodes than Merrie Melodies. The Road Runner & Wile E. Coyote CGI Shorts discontinued after the first season. Instead, Wile E. Coyote & Road Runner appear ocassionally in the series.
The Looney Tunes Show Wiki is a FANDOM TV Community.


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A lucky charm is an object which serves as a reminder of faith. It psychologically gives a person courage to face challenges, and it somehow relates to superstition. Superstition is the belief in something that seems irrational, things unexplainable by science or often we refer to as magic, chance, or supernatural.
A person with ADHD should continually seek professional opinion to help with his symptoms. The therapists then will prescribe or recommend ways to alleviate the symptoms such as behavioral therapy and medications.
Therapists will also recommend ways to deal with the symptoms such as owning a lucky charm. A lucky charm harnesses all the energy and attention of the person and helps him focus.
For instance, a student has a presentation, and he couldn't manage to focus on his report because his mind tends to be all over the place. As much as he wants to control his concentration, his condition prevents him from doing so. The use of lucky charm in this situation is beneficial to make him remember all the things he needs to do and to help him avoid unnecessary actions.
He will need to learn to focus on one thing. The technique of using a lucky charm will teach a person to divert his attention to a single object. He will then be able to concentrate on something he gives his attention to, and although the result may not be 100%, it would somehow contribute to the management of the symptom of ADHD that involves concentration.
Using a lucky charm does not depend on the object itself but on the discipline that comes along with it. The person who embraces this ideology will learn self-restraint and patience. It will also divert the attention of the mind to something more than the acts of the malfunction of the brain.
Using this kind of technique may be challenging and risky as it may not work without adequately understanding the process. Lucky charms and other superstitions may not be valid scientifically as it comes from outside forces, but somehow, they are similar to our emotions which cannot be touched but manifests in our actions.
Although there are people who have a condition which makes them function differently such as ADHD, they could still learn to manage it as long as they can comprehend. The learning and discipline might take long, but as long as it works, it is worth a try.
There is no harm in trying different ways of managing ADHD, but it is vital that you hear the opinion of the right people namely doctors and therapists. They are knowledgeable about different kinds of approach on a condition.


From the moment you turn into the sweeping driveway you know you're somewhere special. A spacious, stylish retreat for a party of friends, or a fantastic family getaway.
Bridesmere was restored in Spring 2015. A former barn and stables, it retains many of its original quirky features, and provides spacious accommodation perfect as a meeting place for friends or for three family generations to get together. Entering Bridesemre you immediately feel the spaciousness, the living area upstairs being open to the eaves with lovely views down the valley. The gently sloping land beyond the garden is a favourite place for deer to gather in the evening and early morning. Much thought has been given to ensure you have everything you need for a superb holiday. The attention to detail, soft lighting and bespoke handmade furnishings give Bridesemre a cosy home from home feel.
The main living area is spacious, open to the eaves, with lovely views down the valley. It is the heart of the house, the hub where everything happens. Great days out start here, maps and walk books are studied and plans are made. And at the end of the day it is the place to sink into sumptuous sofas, relax and catch up with friends and family.
Find yourself a jigsaw or game and gather everyone around to play at the large table. There is a 32 inch flat screen TV, bluetooth speaker, DVD player with a selection of DVDs.
Bridesmere has is a good sized entrance hall with plenty of space and facilities for coats and footwear. A wide wooden staircase leads directly up to the first floor with a door inviting you out into the back garden and patio area with views down the valley.
Cook up a feast in the well equipped kitchen whilst chatting to friends, it's a great sociable space. Then gather the whole group together around the large table for meals, games, or just to enjoy the views!
For those balmy evenings when you want to dine al fresco there is a BBQ/fire pit on the patio area with large table and chairs. Watch the sun go down in comfy recliners, the fire pit for warmth if the night becomes a bit chilly and wait for sky to light up with twinkling stars.
There are three individually styled bedrooms. The two double rooms each boast super comfy king-sized beds, sofas, bespoke hand made furnishings and immaculate crisp white linen to curl up in after a long walk on the moor. The third bedroom is also spacious, with 4 single beds and is perfect as a kids bedroom or for a group of friends. Again with comfy beds and soft lighting, everything you need for a restful nights sleep.
There is a modern shower room on the first floor and a fabulous family bathroom with deep, double ended bath off the quad bedded room on the ground floor. Each of the bathrooms has a centrally heated towel rail and oodles of hot water - perfect for unwinding after a day's exploration. Other more invigorating bathing options are available, in the River Teign a short walk away.
Our guests repeatedly tell us they love the outdoor space at Clifford Barton. There is acres of room to roam and a safe space for children to play. The large grassy area, framed by the three cottages and the games room is the perfect place to meet other guests and swap ideas of activities and destinations and for children to make friends and plan adventures. It has hosted gymnastic competitions, herb soup stalls, roly-poly competitions, and mud hedgehog production.
Chidren (and adults) love the long winding drive, perfect for scootering, skateboarding and biking - which can all be borrowed from our bike pool. There are 50 acres of woodland, grassland and lake to explore. Our new letterboxing activity encourages kids to explore the site.
A track from the back of Bridesmere's garden wends it way to the lake (approx. ½ km wander). There is a picnic bench at the lake so another great location to enjoy the view and watch the swallows and swifts feed over the lake or catch the vivid colours of the kingfisher flash by. The track is also a favoured feeding location for the badger, and in the spring if your lucky you might see cubs playing in the dusk light.
A good sized, private space behind Bridesmere, from which you can enjoy magical sunsets around a large outdoor dining table, cook and be warmed by the fire pit, taking in the wonderful views down the Teign Valley. The garden is south-west facing so makes the most of the afternoon and evening sun, it offers complete tranquility and is the perfect place to sit with a glass of wine and watch the sun go down. It is fenced so small children and four legged friends can be contained. There is very little light pollution in the Teign Valley and so it is the perfect location to marvel at the starry sky.
Downstairs: entrance hall, double bedroom with kingsize bed, toilet and utility room, bedroom with 4 single beds and large ensuite family bathroom with bath and shower.
Upstairs: double bedroom with kingsize bed, shower room, open plan living area and kitchen.
Outside: Back door to an enclosed fenced rear garden with garden table and chairs and recliner chairs. Fire pit/BBQ.
Kitchen: Induction hob, Bosch oven and grill, larder fridge, Bosch dishwasher, microwave, nespresso machine and milk frother, toaster, bluetooth speaker. The kitchen is well stocked with utensils and pots and pans and BBQ tools.
Utility room: washing machine, under counter freezer, hoover, clothes airer, hair dryer, iron.
Living Area: TV, DVD player, OS Map of local area.
Baby/kid Equipment anti slip bath mats, travel cots and high chairs (need to be requested). Range of kids books, games and DVDs.
There is parking for 3 cars behind Bridesmere but there is unlimited parking available elsewhere at Clifford Barton.
"We fell in love with Bridesmere. It's so spacious, authentic and charming, and exceeded all expectations. It was great to have cycles accessible for us all to ride around the farm and woods, visit the small ponies on the farm, hear the birds, see the stars and just relax. The barn is equipped with everything from games to a nespresso machine and a second barn with a pool table, table tennis and table football all accessible. Something for adults and kids to all enjoy. Thank you, we hope to come back soon."Grace, London.


Received changes through RFC Editor sync (changed abstract to 'The Handover Keying (HOKEY) Working Group seeks to minimize handover delay due to authentication when a peer moves from one point of attachment to another. Work has progressed on two different approaches to reduce handover delay: early authentication (so that authentication does not need to be performed during handover), and reuse of cryptographic material generated during an initial authentication to save time during re-authentication. A basic assumption is that the mobile host or "peer" is initially authenticated using the Extensible Authentication Protocol (EAP), executed between the peer and an EAP server as defined in RFC 3748.
11 Amy Vezza State changed to RFC Ed Queue from Approved-announcement sent.
11 Amy Vezza State changed to Approved-announcement to be sent from IESG Evaluation::AD Followup.
11 Cindy Morgan State changed to IESG Evaluation::Revised ID Needed from IESG Evaluation.
11 Stephen Farrell State changed to IESG Evaluation from Waiting for AD Go-Ahead.
11 (System) State changed to Waiting for AD Go-Ahead from In Last Call.
11 Samuel Weiler Request for Last Call review by SECDIR Completed. Reviewer: Ondřej Surý.
11 Amanda Baber We understand that this document doesn't require any IANA actions.
11 Stephen Farrell State changed to Last Call Requested from AD Evaluation.
The document shepherd for draft-ietf-hokey-arch-design-07 is Tina Tsou <tina.tsou.zouting@huawei.com>.
I believe this document is ready for forwarding to the IESG for publication.
people active in the WG has reviewed it.
No concerns. No IPR disclosure.
It represents the concurrence of a few individuals with others being silent.
Data tracker finds no issues. Idnits is satisfied.
Split as required. No down-references.
can appoint the needed Expert during the IESG Evaluation?
Not applicable (section exists with no requirements).
and situations and is therefore not subject to implementation.
OPS and Security background. The quality of the document is good.
11 Stephen Farrell State changed to AD Evaluation from Publication Requested.


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Elena Chizhova, a former economist, teacher and entrepreneur, finally turned to writing in 1996 after being rescued from a burning cruise ship. Since that time she has been consumed by the need to write, and has enjoyed considerable success as a result. Chizhova's prose shuns trickery in favour of emotional honesty in order to probe the weeping sores of Russian history that contemporary culture would sooner forget.


The rods belonging to the twelve tribes of Israel all made it to the sanctuary. They all came to the same destination; they attained the same level; they all passed through the same process; if coming to the sanctuary was a qualification, they were equally qualified.
When Moses went back to check on the rods, Aaron's rod had budded, blossomed and fruited. Twelve rods went through the same process, but only Aaron's rod came out with results. Twelve rods came to the same place, but only one was successful.
Friend, hear God's prophetic word: you may go through the same process with others, but you will have a different result. A different outcome. You may make the same efforts, but your results will be more resounding and outstanding.
You may have same qualifications that others have, but God will cause you to have amazing favours and opportunities that others may not get. You may have the same chance as others, but your result will exceed theirs.
In the same place where others were rejected, you will be accepted; where others failed, you will succeed; where others were barely tolerated, you will be celebrated; if you go through the challenge that brought others down, you will rise higher and higher. God will miraculously grant you better results.
Aaron's rod did not do anything special; it just got a better result by the finger of God. Ask God to show you mercy and grace, and your results will be different and better than the results of others.
Pray With Me: Lord, even when I make the same efforts as others, I will have a different result from the ordinary, in Jesus' name!


text:
Storylines containing "Mercy Heights"
1133 2000 A.D. Judge Dredd: Alien Town's Burning, Part 1; Sinister Dexter: Eurocrash, Part 7; Anderson Psi Division: Horror Story, Part 2; Mercy Heights: The Taking of Mercy Heights, Part 1
1134 2000 A.D. Judge Dredd: Alien Town's Burning, Part 2; Sinister Dexter: Eurocrash, Part 8; Nikolai Dante: The Cadre Infernale, Part 1; Anderson Psi Division: Horror Story, Part 3; Mercy Heights: The Taking of Mercy Heights, Part 2
1135 2000 A.D. Judge Dredd: Banzai Battalion, Part 1; Sinister Dexter: Eurocrash, Part 9; Nikolai Dante: The Cadre Infernale, Part 2; Anderson Psi Division: Horror Story, Part 4; Mercy Heights: The Taking of Mercy Heights, Part 3
1136 2000 A.D. Judge Dredd: Banzai Battalion, Part 2; Sinister Dexter: Eurocrash, Part 10; Nikolai Dante: The Cadre Infernale, Part 3; Anderson Psi Division: Horror Story, Part 5; Mercy Heights: The Taking of Mercy Heights, Part 4
1045 2000 A.D. Judge Dredd: Camp Demento, Part 1; Nikolai Dante: The Romanov Dynasty, Part 4; Sláine: The Grail War, Part 6; Mercy Heights, Part 14; Anderson, Psi Division: Wonderwall, Part 1
1041 2000 A.D. Judge Dredd: Dance of the Spider Queen, Part 1; Mercy Heights, Part 9; Nikolai Dante, Part 7; Al's Baby: Public Enemy Number One, Part 8; Sláine: The Grail War, Part 2
1042 2000 A.D. Judge Dredd: Dance of the Spider Queen, Part 2; Mercy Heights, Part 10; Nikolai Dante: The Romanov Dynasty, Part 1; Al's Baby: Public Enemy Number One, Part 9; Sláine: The Grail War, Part 3
1043 2000 A.D. Judge Dredd: Dance of the Spider Queen, Part 3; Mercy Heights, Part 11; Nikolai Dante: The Romanov Dynasty, Part 2; Al's Baby: Public Enemy Number One, Part 10; Sláine: The Grail War, Part 4
1037 2000 A.D. Judge Dredd: Fog on the Eerie, Part 1; Mercy Heights, Part 5; Nikolai Dante, Part 3; Al's Baby: Public Enemy Number One, Part 4; Sláine: King of Hearts, Part 5
1040 2000 A.D. Judge Dredd: Fog on the Eerie, Part 4; Mercy Heights, Part 8; Nikolai Dante, Part 6; Al's Baby: Public Enemy Number One, Part 7; Sláine: The Grail War, Part 1
1033 2000 A.D. Judge Dredd: He Came From Outer Space!; Mercy Heights, Part 1; Sláine: King of Hearts, Part 1; Judge Dredd: The Hunting Party
1034 2000 A.D. Judge Dredd: Lost in Americana, Part 1; Mercy Heights, Part 2; Al's Baby: Public Enemy Number One, Part 1; Sláine: King of Hearts, Part 2
1035 2000 A.D. Judge Dredd: Lost in Americana, Part 2; Mercy Heights, Part 3; Nikolai Dante, Part 1; Al's Baby: Public Enemy Number One, Part 2; Sláine: King of Hearts, Part 3
1047 2000 A.D. Judge Dredd: Shark Country, Part 1; Nikolai Dante: The Romanov Dynasty, Part 6; Sláine: The Grail War, Part 8; Mercy Heights, Part 15; Anderson, Psi Division: Wonderwall, Part 3
1938 2000 A.D. Mercy Heights, Part 6; Nikolai Dante, Part 4; Al's Baby: Public Enemy Number One, Part 5; Sláine: King of Hearts, Part 6


>> and about 1000 rules.
>> 32 x Barnyards) and the results were not encouraging.
> Seriously though, 32 instances of cpu pinned load balanced Snort should handle a LOT.  Snort should be able to grow logarithmically with the number of cores on the box.
Snort should be able to grow linearly up to the limits of the bus and interconnects.


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