How Can I Calculate Primer Annealing

All the shadows The crisis on the corner of the state

The financial crisis we are seeing with astonishment and with growing concern for some months now it was announced by various signals (ignored) of failure and collapse has highlighted the inadequate methods of market regulation that have proven ineffective and bisognevoli for radical reforms. Understand the consequences and develop a more regulated market model that eradicates the root of the phenomena sott'accusa of modern finance is a complex process. To tackle such a sensitive issue and develop some critical points of these dynamics we get help from an expert, Andrea Di Stefano , director of the monthly economic and ethical finance "Values", editor of "Business and Finance" and collaborator Radio Popolare to speak out on economic matters.

Most of the media, dealing with the financial crisis, has focused its attention on the bankruptcy of large banks on financial losses and layoffs on excellent. In short, Instead, they asked who I'm really lost and the categories within the company, will pay the highest price of this very heavy crises.

A first American taxpayers will pay, since, as is being looked forward to the bailout plan, an operation will be borne by public finance, an increase of U.S. debt and a total cost that was estimated at $ 2,800 for each U.S. citizen.
stay in the U.S. must also consider several million people (something like 5 million with margins rising) which had fallen in offering deliberately false and misleading information in terms of ease the loan and now have lost their hopes of having their own home.
pay workers because this crisis leads to the loss of jobs from the finance sector: a large part of the great managers and brokers is estimated half a million jobs lost in the financial industry globally.
Alongside this, however, we could add the dynamic consequences of a difficult to control and which could involve all the major car manufacturers selling arrangements that have adopted over the past 15 years with a strong financial profile, and the card industry credit, as is known, is considered one of those most at risk. In addition
that these are the people most directly affected must not forget the secondary effects of the crisis and the recession it triggered mechanism (which in itself is not rooted in specific structural reasons such as to cause such disruptive effects): loss of jobs Further, the rate of unemployment in the United States is at a peak and contagion of the crisis to a part of Europe. Surely England is the other side of the coin of the Anglo-Saxon model and the financial industry today and was dethroned after the success of the boom began with the deregulation of the late 80's characterized by the uncontrolled proliferation of financial products, often so abstruse, complex and engineered as to be incomprehensible to the same loans. We must not forget Spain, who had married more than any other model of growth based on the real estate boom, perhaps overtaking on Italy in the same lot has been spoken in recent months is nothing but a deflating bubble that threatens to make big damage to the economy
nasty surprises we can expect in the future to the system of pension funds having been transferred to a high proportion of savings of individuals from public to private pensions with the aim to be devoted to financial markets if they collapse in many portfolios, pension funds suffered significant losses.

Faced with a crisis so great as were the interventions implemented by governments and central banks? Adequate?

Most probably argue that there was no alternative to the plan devised by Paulson to the rescue. But this is a wrong answer: the sub-prime crisis to date are in fact the past 13 months and it was evident early on that the "five of Wall Street" were in difficulty. Emerges in this period of time, lack of role of the regulator, as always happens in finance speed, clarity and effectiveness of interventions are critical. Drag the crisis for 13 months was a bad choice, the interventions made so far were not incisors, were all measures-buffer. The only real action has made them when the ECB raised to 12% discount on products at risk by forcing the system to raise the levels of protection and assurance.
The dimensions of the crisis are so important and the budget hole so great that not even an option to exit from the crisis with the usual conflict seem to be viable: it seems rather emerge as an epochal event that redistributes the logic of power to escape once the United States 'hegemony on the financial market.

In light of the mistakes made so far in the future and what would be the best strategies to prevent crises of this kind?

Looking back at the first signs of the crisis was supposed to be an international authority and sovereignty of market regulation with powers of regulation, transparency requirements and very strong with the ability to develop action plans to bring back progressively control the markets are not controlled. For example
OTC market (OTC), which can suddenly stop because the size of those markets are now huge, one could envisage the establishment of a staff of emergency over a few months would dictate new rules transparency on the OTC market and the same is true for the derivatives or options. Other
interventions such as that of a few days ago with the SEC that provides overnight ban on short selling for 4 months on more than 450 titles on Wall Street playing inconsistent with the permissiveness with regard to short selling and hedge funds, instruments for years subject of criticism ever met. A concerted action by central banks and regulatory authorities to coordinate an intervention strategy to bring under control the markets in crisis therefore seems to be more desirable.
From political point of view and in the future you can claim a number of measures to combat speculation: the apparent price rises on commodities show that it is essential to nip the speculation in the markets for options on raw materials. If we take oil, for example, there are no objective reasons for such marked fluctuations in market determines the price per barrel: an effective tool toward this behavior is certainly taxation, not so much as to get additional resources to carry out and transparency in the conduct of operators and the size of speculation.
We could then work towards more transparency, not to prohibit but to force the declaration of some market transactions, as may be required for the OTC to make less obscure terms of the contracts because they know that even the international bodies what happens in these types of markets. Still, the obligation to have information on the strength of the counterparty and the raising of thresholds
Finally, considering the market of derivatives and options, it is not enough to condemn its function per se is not sick and even has its own logic. The problem arises when it is abandoned and the only philosophy is to create products just for financial movements and a further item of income for those working in that sector. Even in this case would be desirable to increase the thresholds for workers on the basis of paid-up capital.

Giandomenico Potestio

Sores Around Piercing

Men do not foresee the future (and certainly not economists)
crisis feared has come, and nobody knows when it will end. Unthinkable things are happening, one after another they churn out the structural plans of American intervention in the economy. We talk about the U.S. Treasury, not the Soviet Politburo! We are at a turning point?
To begin with, this will be neither the first nor the last crisis of the capitalist system. Our current economic system is not perfect, but it works incredibly better than any alternative (Feudalism? Collectivism?). History shows us that economic development in the past two centuries has been prodigious in absolute terms. World GDP per capita was in 1998, 850% of that of 1820; the mythical thousand years to 1820, world GDP grew by only 50%. The trouble with capitalism is that it involves, during its development, "tearing" whirling enrichment of some and the impoverishment of others, setbacks or leaps forward, expansions patchy. Periodically, through dramatic crisis. Why? Well, nobody knows. Underlying everything is the fact that men are not machines: wrong, especially in predicting the future (interesting Luke 12.16-21). Maybe the wrong choices are unaware: we invest in areas that seem to offer good opportunities for profit (real estate? Financial?), Sure to be able to go out for a moment before the bubble bursts. Some do it on purpose, knowing full well the risks they face, and their business. Others do not understand him, or involuntarily (Argentina, Parmalat, Lehman Brothers tell you something ..?). Some of these errors is physiological: in any business activity there is a risk against a possible profit. If the economy grows much is "too hot": it is natural to have short-term crises, from which emerge the most innovative companies. Perhaps, these are areas that are sized correctly. Other errors, in contrast, are avoidable. How? We pick the state out of the corner where we had sent a hurry! The State has three key tasks. First of all, to market rules (and make sure that someone respects): among other things, ensure transparency and reduce information asymmetries, the mechanisms limiting speculation were talking about a moment ago. Of course, those who rule must be as independent as possible from those who are regulated. Second, he must provide an amount of money that suits the economic situation, paying attention to over-investment (and inflation, but that is another story). Third, it needs to ensure that these safety nets that enable social groups affected by the crisis to keep from going under. Warning: it means delivering an unemployment benefit, not to keep with inefficient public money a company to save jobs. It means giving all deserving the chance to emerge: the ruling classes in casts and closed to maintain secure forever their status, are likely to be mediocre. A closer look at the basis of the current crisis there are deficiencies in these areas: the weakness of Supervisors and the collusion between politics and financial system have made the explosive untouchable system of public guarantees to mortgage lenders institutions, the expansion Monetary exuberant era of Alan Greenspan at the Fed, the fears about the impact of crack on a company with fairly weak social safety nets. The state can then take action, perhaps even nationalizing banks and insurance, the important thing is not to put himself as an entrepreneur in a permanent position. The state should not get to make panettone or tomatoes, as in Italy at the time of IRI, the effects on public finances are almost always deleterious. Must regulate markets, with special attention to factors of production: labor and capital (capital market, incidentally, is finance: it can become very bad ... if not set). You should not act, but to prepare the recommended: leaving the players to launch the egg, or more thunderous applause.

Alberto Ricci
alberto.ricci @ studbocconi.it

My Vuze Movies Keep Freezing

Speculative Crisis of Rationality, The Fall of Finance

"deception pass deception inner surface man. With each new crisis, however, it becomes ever more intensely aware of a change that is not a change but rather the intensification of something hidden deep within him. "
In the words of American novelist Henry Miller to be found sense of crisis : it is something deeply ingrained in human beings. In fact, our only be started the point where the very existence vine mail in danger, when the crisis emerges. To better clarify this concept, I will try to show the role of crisis in an area that we all know intimately, and then move to the economic.
When we say 'I am', we affirm being in the discontinuity in relation to it. Each of us is conscious of itself because it can, that is, to distinguish itself from everything else, from everything else. The word, the logos, we can claim this distinction, we can get out of un'indistinta continuity in opposition to it. The reason is clear from the non-reason, rationality and the irrational. Rationality, therefore, distinguishes the human being. But the man is not only reason he loves, is passionate, is moved. These components of man are not simply irrational, like the animal instincts, because they tend to non-rational basis of reason, we could say that they go beyond reason, beyond that. The human being is a being so diverse, with a component of another over-rational and rational. But what if man forgets its heterogeneous nature, believing that pure rationality? This neglect exists in a certain interpretation of the words of Descartes and currents that are based on this. "Cogito ergo sum": if it is to cogitate, What happens to all that is beyond thought, and of its origin? The reason, in itself, is mere calculation. It only makes sense if it is oriented to a purpose that transcends it and that is located in the heterogeneity of the human essence. The man uses reason to act on the world, with the aim being, to realize one's being. The moment you close in on itself, without looking at the transcendent goal toward which the man, the reason becomes sterile.
E 'here, when the nature of man is forgotten, comes in the crisis. The crisis is the crisis of reason, it puts in front of the rationality of the vacuum effect. The crisis is the violence of an inevitable return to the origin and for this reason, frightens but at the same time attracts. Like a black hole draws to itself, to destroy it, the rational structure, forgetting its foundations, was reduced to pure speculation.
same time, in the economic sphere, we can talk about the shift from goods-money-commodities cycle [MDM] the logic of commodity-money-money [DM-D ']. If MDM money and the goods are located at two different levels. Money is the measure that maintains balance in the exchange. The merchant uses the money to exchange, but its end is not the exchange itself. The purpose of this type of exchange and consumption, consumption designed to meet the dual nature of man: food to eat, construction of churches to pray and to play stadiums, libraries for study and infrastructure to communicate, to play in theaters, and so on. The collection is a means of access to the free function of consumption, production is that, ultimately, unproductive. In the logic
DMD 'currency loses its transcendent nature and becomes a commodity among commodities. In the logic of capitalism is the money used to purchase goods which, after being organized, combined, processed and sold shall result in a greater amount of money as the initial (D '> D). At this point the cycle can only start again: the goods / money 's will be exchanged in order to reach a''D> D' and so on, in an endless cycle. It could argue that not all have to be reinvested profits, some of them could be freely consumed, in the sense above. So when it actually happens is the inequality D '> D in a systematic way. If, however, it is systematic, which means that consumption is not free, but rather anchored to a logic that wants to continue the collection through the continued implementation of itself. Once again, the logic forgets its source and loses the sense becoming sterile; finance becomes speculative.
Here begins what the historian Fernand Braudel calls "the autumn of finance". Fall because it overlooks the icy abyss of black hole is the crisis. The speculative financial structure shows its extreme fragility before the emptiness of the sense of crisis, and is pulverized in an instant by the violence that leads back into the depths from which anything arises.
From this brief discussion we can draw some simple conclusions. First, the crisis is the effect of a movement back to the origin. Part of the nature of being human. However, it only occurs when the measure is lost in the moment of existential bewilderment. If this measure is maintained, and with it, does awareness of the heterogeneous nature of being, you can maintain a stable equilibrium. The return movement is at the origin, in this case, institutionalized and can take place within the natural cycle of birth-life-death crisis without it empty of meaning. But what, specifically, to maintain this balance?
In terms of our inner experience does not mean forgetting the diversity, and awareness of the dual nature of man, the rational and the transcendent. In economic terms, it means protection of the institutions that are responsible for maintaining a stable currency, recognizing the role of transcendent measure, and adjust the exchange. Politically, it means attention to the dynamics of public opinion and control, by this, the key institutions of democracy. On the cultural
that, in my view, is that from which even the three previous size, to maintain balance means vigilant scrutiny of the institutions of production, reproduction and distribution of symbolic knowledge.

Dario Pagnoni
d.pagnoni @ hotmail.com