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text:
Contact - About us - Legal disclaimer - Site Map -
About LuxairGroup
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Location & Infrastructure
Luxembourg Airport
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Operational Contacts
Working for LuxairCARGO
Home // Corporate Social Responsibility
As a socially responsible company, LuxairGroup is committed to the economy of the Grand-Duchy of Luxembourg and of the Greater Region. First and foremost, because its activities generate some 2,400 local jobs, but also because they contribute to the growth of the financial sector, industry and the economy of the Greater Region as a whole. The scheduled routes operated by Luxair Luxembourg Airlines connect Luxembourg and the Greater Region to the major European business centres. The LuxairCARGO activity, for its part, runs Europe's 5th largest air freight platform, as for LuxairTours, the tour operator, it has, for many years, been a leader in its field. Plus, it goes without saying that LuxairGroup always gives priority to goods and services produced in Luxembourg and the Greater Region.
The social commitment of LuxairGroup is also reflected by its backing for social and charitable organisations. The company is currently developing a long-term collaboration with the Red Cross and Caritas to combat poverty, especially child poverty. Similarly, LuxairGroup continues to back ECPAT, an organisation that campaigns against sexual tourism involving children.
Finally, through its numerous efforts to achieve sustainability, LuxairGroup is also conscious of its environmental accountability. By opting for Q400 aircraft for its fleet, the airline chose the most environmentally sound option.
LuxairCARGO has installed a high-performance system for selective waste sorting, which minimizes waste volumes by focusing on recycling. Following the system's successful implementation at the Cargocentre, it will be extended to all activities in the group.
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©Copyright LuxairCARGO 2017. All rights reserved.

redpajama_set_name: RedPajamaCommonCrawl


Orders below £79 will be charged a flat rate of £7.99 for delivery.
Romans & Curtains 18-21 workings days.
Next Day Dispatch is available for orders placed before 11am, orders placed after 11am will be processed the next working day.
This service costs an additional £15 per item.


It was my birthday party. We were sitting in the hot tub at Dan's place, bathing in warmth, light conversation, candlelight, and the hint of a spring evening. And then it came up.
"I'm wondering what you all think of the war," Hilary said.
"Maybe we should keep the conversation on something more agreeable," I said.
"I'll bet that you're against it -- you seem like you'd be one of those people."
I sighed inwardly, and began to explain. I don't think it's necessarily really about what Bush says it is, I said. You mean you think it's about oil, she asked? No, it's more complex than that, I replied, and then I tried to explain what I knew about the competing visions of American foreign policy. I tried to explain the New American Century Project, the views of the neo-conservatives in the current administration, and the views of pragmatists like Powell as I understood them, and the hopes -- borne out of much political interests as well as some sincere idealism -- of those in Europe for international law and intergovernmental institutions. I didn't get farther than midway through the mexican bus-driver theory. The conversation derailed into non-sequiturs, and eventually, to general social conversation again.
I often worry about the direction the Bush Administration has chosen. I wonder if during attempts at diplomacy, even while using Powell's tactics, the incompatibilities with Wolfowitz' goals showed through and scuttled what could have been a larger coalition. I wonder how much a singular attempt to reshape the world -- and that's what I believe the war with Iraq is in large part about, though it's only a start -- will cost American society. Some of our allies may have been unreasonably stubborn, but then again, our diplomacy hasn't seemed particularly reason-inspiring, and the loss of goodwill capital with many of those who have been aligned with us seems like a high cost for an initial casualty. But I also see the arguments of the neo-conservatives. They might be right. Now that the war has started, I hope they are.
But most of all, the words that lingered with me after that conversation were Hilary's. Those people, she said. Hilary is one of the sweetest people I know, a kind friend who's rarely made me believe anything but the best about myself, and she listened attentively to what I had to say. But those words: those people. Even if the world is indeed a complicated and sometimes dangerous place, with harsh and hungry people for whom graciousness is only another opportunity take advantage, I couldn't help but wonder if the feelings behind those words might, in fact, be the better part of an underlying problem.


Off the coast of a remote island in the South Pacific, a team of scientists and volunteers recently gathered on a boat to hear this year's hit song.
The singers, in this case, are endangered Oceania humpback whales near the island of Niue, where they are considered sacred — and are a key to understanding the status of migratory marine species amid a changing climate.
A new series of videos created by New Zealand filmmaker Richard Sidey follows the team as they collect data about migratory Oceania humpback whales in the waters of Niue, which became a national whale sanctuary in 2003 and recently declared 40 percent of its ocean territory a large-scale marine protected area. The male humpback's song — an example of the largest-scale documented cultural learning experience outside of the human race — is recorded using a hydrophone, or underwater microphone.
"All of the males at each breeding ground sing the same song, yet every year the song is different," said Olive Andrews, a Conservation International scientist and researcher with the South Pacific Whale Research Consortium. Male humpback whales sing a complex, culturally transmitted song, she continued. "Its main function is for mate selection, but research suggests that singing males also attract other males. In this way, the song is learned and transmitted across the entire Pacific Ocean basin, originating on the east coast of Australia and moving east over time." The songs can be used to calculate where whales are coming from and identify different breeding locations — important information when determining how to better conserve this species.
Andrews, who has been studying whales for more than 20 years, helps to manage and conserve the whale population in Niue through local partnerships with various government agencies of Niue and a local nonprofit organization called Oma Tafuā (which means "to treasure the whales").
Check out the video series here.


Jesse Dungan helps professional services firms develop and execute strategic public relations initiatives that support their business development efforts and raise their profiles in the media. Drawing on his background in journalism, he regularly identifies timely news stories and weaves his clients into them in ways that shine positive light on their work and the services they offer. He also works with individuals and corporations on crisis communications preparation and response.
Jesse serves as an account lead for a number of national and global clients, including Am Law 100 and 200 firms, as well as firms specializing in private client and offshore law. He also advises intellectual property boutiques, accounting firms, wealth management consultants, nonprofits, universities and other entities. He is a key member on Infinite Global's pro bono accounts and currently leads a team advising a San Francisco–based organization dedicated to breaking the cycles of homelessness and domestic violence in the city.
Jesse has been named among the "PR People to Watch" by PRNews. Before joining the firm, he covered the San Francisco Bay Area as a news reporter. He earned a BS in journalism from the University of Oregon.


text:
Q: How I can use the FiraSans font for only one word? I have a .tex file and I want to use a particular font for a single word.
So since I'm new to latex, what I'm doing is adding in the preample this
\usepackage[T1]{fontenc}
\usepackage[scaled=.85]{FiraSans}
\usepackage{newtxsf}

but clearly then it is applied to all the pdf document.
How can I use this font for only a single word ?
Thank you.
(I'm using texmaker)

A: A solution without loading the full font package:
\documentclass{article}

\usepackage[T1]{fontenc}
% \usepackage{newtxsf}  % from the question, not needed here.

\makeatletter
\newcommand*{\FiraSans@scale}{.85}
\makeatother

\newcommand*{\FiraSans}{%
  \fontfamily{FiraSans-LF}%
  \selectfont
}
\DeclareTextFontCommand{\textFiraSans}{\FiraSans}

\begin{document}
The single \textFiraSans{word} inside a sentence.
\end{document}

Remarks:

*

*The font package FiraSans.sty supports the traditional Type 1 fonts and the newer OpenType fonts of XeTeX/LuaTeX. Since the file in the question uses \usepackage[T1]{fontenc}, the test file uses Type 1 fonts.

*LF in the family name means "lining figures"; use "OsF" for "old-style figures".

*Not relevant for a single word: a T at the end of the family name means that figures are intended to be used in tables and are therefore mono-spaced.

A: Hope this meets your requirement:
\documentclass{book}
\usepackage[T1]{fontenc}
\usepackage[scaled=.85]{FiraSans}
\usepackage{newtxsf}

\begin{document}
\textsf{FiraSans}
\end{document}

Output

redpajama_set_name: RedPajamaStackExchange


text:
Барі-Сардо (, ) — муніципалітет в Італії, у регіоні Сардинія, провінція Ольястра.

Барі-Сардо розташоване на відстані близько 330 км на південний захід від Рима, 85 км на північний схід від Кальярі, 10 км на південь від Тортолі, 10 км на південний схід від Ланузеі.

Населення —   (2014).
Щорічний фестиваль відбувається 8 вересня. Покровитель — Beata Vergine del Monserrato.

Демографія

Сусідні муніципалітети

 Кардеду
 Ільбоно
 Ланузеі
 Лочері
 Тортолі

Див. також
 Список муніципалітетів провінції Ольястра

Примітки

Муніципалітети провінції Ольястра

redpajama_set_name: RedPajamaWikipedia


As most Western coutries Sabena bought numorous war surplus C-47B/DC-3's for their post-war airlinks. The above pictured OO-CBB was a DC-3-455 and delivered to Sabena as early as December 1945. The airliner is seen at Stanleyville at the then Belgian Congo.


My SCT Journey for CIDP: If you're going to do something, make it matter!
Bryan's situation is similar to mine in so many ways, as he is battling with CIDP, has a supportive wife and two wonderful daughters. And like me, he is using Dr Burt's SCT trial as his Excalibur, to slay the CIDP dragon!
I had been browsing Bryan's blog, and read his phrase, "If you don't mind, it doesn't matter".… and so I reflected on what had put me on the path to Chicago and the SCT trial.
There were recent events affecting my life that I DID mind about!!
In my current condition it would have been nigh on impossible to be a part of these events, let alone to DO anything about them.
This was the turning point in my life, and after many years of apathy by simply 'going with the flow', I decided to put everything in my life into perspective.
If it was important to me, then I should do my utmost to make it an integral part of my being. I began to realize that I was drifting through life, carrying out tasks to exist but not to live!!
I wanted to LIVE my life!!
My view on the difference between existing and living is to ensure that anything I do must make a difference. 'Anything' could cover the whole spectrum of life, from the immense task of getting myself healthy again, to the simple task of making a great cup of coffee in the morning!
Why waste the effort if it's not going to be done properly!
So I finally opened my eyes and found that the answer had been right in front of me all these years (well, arguably for the last 7 years of the SCT trial for CIDP).
I have grabbed the best opportunity (the SCT trial) to help me live, knowing that anything in the past cannot be changed but everything in the future is a possibility ….
And my twist on Bryan's phrase?
BAH I have chills reading this. I like the twist. The word that you used that really hits home is perspective. Without perspective we often just float through life.
BAH Thank you for posting today. It was good to here your words as I prepare for the chemo that will knock me for a loop. The day that is known as -6 in the transplant world.
BEVJ Like very much!!! Hats off to you for your optimistic and how cheerful you have been through all this... and Vineetha... she is amazing!
DB Very eloquent - ever thought about becoming a motivational speaker ?! Your bravery through all of this has been amazing and an inspiration - and the same goes for Vineetha who has been there for you in the background , every step of the way , quietly going about the business of being your rock . I wish you both the very best .
RV I love your spirit, Ben.


M-Blog has announced that its weblog service is now available for mobile devices. Registered M-Blog users can login and post to their weblogs from a cell phone, PDA, or other internet enabled mobile device. M-Blog is an international photo weblog community where users from around the world post messages, images, links, and events to thousands of weblogs. M-Blog is a product of 49PM. 49PM is a developer of internet and mobile applications for private and business use.


text:
Relationship Manager, Theatre (NM5) (2809530480)
Occupation: Customer Service 客戶服務
Specialty: Customer Service/Receptionist
Location: Rusholme, Greater Manchester, United Kingdom
Relationship Manager, Theatre Contract: Permanent, working 35 hours per week Salary: £32,615 per annum, plus excellent benefits Location: Manchester We are looking for a full-time permanent theatre relationship manager to join the North area team based in the Manchester office. The North has a well-developed and vibrant theatre infrastructure. The portfolio includes over a third of the country's building based producing theatres which means there is a significant group of writers, directors, actors and other theatre professionals living and working in the North but also collaborating nationally and internationally. We have an exciting mix of touring theatre companies at small and medium scale including some well-established companies making work for children. There are also a number of organisations active across a range of settings who develop programmes and projects inspired by and targeted at the different communities in the North. We expect to recruit an individual with knowledge and expertise to work primarily in the north west of England who can ensure that we can effectively and credibly advise and support the theatre constituency and who is passionate about broadening engagement in theatre. The successful candidate will demonstrate a depth of knowledge in theatre practice and the current diversity agenda and its relationship to the arts and culture. You will be responsible for giving funding advice, assessing grant applications, understanding project information and monitoring performance. This includes assessing financial information, identifying risk and providing feedback on artistic plans. Relationship managers are also expected to work outside their specialism on a range of Arts Council initiatives. The new team member will also form a key part of both the North and national theatre teams. It's an exciting time to join the Arts Council as we are inviting applications for organisations to join our national portfolio, we have relaunched National Lottery project grants and we have identified a number of priority places for development. Disabled, D/deaf and/or neurodivergent people, those from Black, Asian and Ethnically Diverse backgrounds are underrepresented in our workforce so we particularly encourage applications from people in these groups. Please read our application guidance for further information on the application process To view the job description please click here To view the recruitment pack please click here Job ref: NM5 Closing date: Midnight, Sunday 23 January 1 st Interviews: Wednesday 2 February 2 nd Interviews: Friday 11 February


Some taxonomists put in Asteraceae and others still put in Compositae.
Denver Daisy Black-Eyed Susan is an herbaceous perennial that averages 18 to 24 inches in height with a 12 to 18 inch spread. It has an upright to spreading form with a moderate to fast growth rate.
Leaves are evergreen, lance-shaped, alternate in arrangement, 4 to 7 inches long, and dark green in color. It has conspicuous veins and hairy surfaces on leaves and stems.
The flowers are 3 to 4 inches across and are borne on top of stiff, upright stems. This cultivar has a black cone surrounded by a reddish-brown eye with yellow petals. There can be a great deal of variability in flower size and petal hues as well as the eye size and color. It blooms summer to fall.
Fruit are dark oblong achenes.
It is hardy in USDA Zones 6 to 9 as a short-lived perennial. North of that, with a few exceptions, it is usually treated as an annual.
It prefers a moist, well-drained soil in a preferred pH range of 6.5 to 7.5, but it will grow on a wide variety of other well-drained soils. It doesn't like overly wet soils.
Remove spent flowers to encourage more blooming.
California Poison Control lists Rudbeckia spp. as non-toxic.


text:
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Tag: Roy Wood Jr.
Trevor Noah to Exit 'Daily Show' After Seven Years!– OnMyWay Mobile App User News
Trevor Noah is nearing his last laugh on "The Daily Show."
The comedian, who came out of near anonymity to take over the program from Jon Stewart in 2015, plans to exit the flagship Comedy Central series after a seven-year tenure that saw him transform it for a new generation of viewers who are more at home on social media than they are cable outlets and broadcast networks.
Noah revealed his plans to an audience at Thursday evening's taping of the program in New York, according to two people familiar with the matter. It was not immediately clear when his actual exit would take place, or whether the Paramount Global cable network had begun to consider a successor. Jill Fritzo, a representative for Noah, could not be reached for immediate comment.
"We are grateful to Trevor for our amazing partnership over the past seven years. With no timetable for his departure, we're working together on next steps," the network said in a statement. "As we look ahead, we're excited for the next chapter in the 25+ year history of 'The Daily Show' as it continues to redefine culture through sharp and hilarious social commentary, helping audiences make sense of the world around them."
Noah's plans to depart surface as TV's late-night roster has begun to shrink. Yes, Stephen Colbert, Jimmy Fallon and Jimmy Kimmel still appear every weeknight around 11:30 p.m. to poke fun at daily headlines and do celebrity impressions and stunts, but they have fewer rivals. At Warner Bros. Discovery, executives have scuttled late-night shows led by both Samantha Bee and Conan O'Brien, and have made no efforts to replace either. Comedy Central once boasted three different programs, led by Stewart, Colbert and Chris Hardwick. Now the cable network is down to just one. Showtime's "Desus & Mero" recently stopped production. James Corden has already indicated he plans to step down from CBS' "The Late Late Show" next year, and NBC is no longer in the business of airing comedy programming at 1:30 a.m. after parting ways with Lilly Singh in 2021.
One exception is Fox News Channel's "Gutfeld," which features host Greg Gutfeld leading a roundtable that hashes over the news of the day and vies with the "Daily Show" time slot. That program, which draws a different audience than Comedy Central's, has seen growth in the time period.
Comedy Central has several potential replacements for Noah on its roster. The host works with a large circle of faux "correspondents" that includes mainstays such as Desi Lydic, Roy Wood Jr., Ronny Chieng, Michael Kosta and Dulcé Sloan. Jordan Klepper, who once hosted "The Opposition," a show that followed "Daily," is a regular contributor, and has gained traction online for segments in which he visits conservatives at rallies and asks them questions about the state of the nation. Comedy Central has also been working with Charlamagne Tha God on a weekly showcase that mixes comedy, commentary and news.
Noah has worked intensely to make the program his own, holding court with various media influencers after hours, and devising new "Daily" formats. His banter with the audience during commercial breaks became fodder for social-media clips. During the coronavirus pandemic, Noah hosted the show from his apartment, tilting toward more serious topics and interviews in the belief his audience — younger than those who watch his competitors on broadcast networks — were interested in more serious discussion. The show went on hiatus in the summer of 2021 in order to return to a more normal mode of production.
But the comedian took over the program under intense scrutiny. Stewart, who inherited "Daily Show" from Craig Kilborn in 1999, turned it into an institution with his probes of how the news media presented stories. When Noah took the seat, he faced a tough transition. "I will say the first two years were horrible — and it was horrible because I had taken over one of America's most beloved institutions," he told Variety in 2020. "And even though Jon Stewart had passed over the reins to me, it was essentially a year of people telling me I shouldn't be doing the job and I was unworthy of being in that seat. And I continued to believe that. You step into this new role and you're doing a new job and most of the first year was just trying to stay afloat, just trying not to get canceled and trying to find my footing. And the analogy I use is trying to learn how to fly a plane while the plane is flying. That's what it felt like every single day."
Noah's exit means that late-night will be less diverse, particularly after the exits of Bee and Singh and the end of the "Desus & Mero" program on Showtime. That dynamic could play a role in how executives at Comedy Central choose to proceed.
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For example, this puppy is prepared for the ultimate bath time.
This little dog is ready to cozy up by the fire.
This bunny knows how to come prepared for study time.
Beach time never looked so cute.
Ginny is already gearing up for Halloween with some scary googley eyes.
Hamlet the piggy got all suited up for New York Fashion Week.
JiffPom comes ready for any event on hind legs.
Football season has this pup rooting for his favorite team.
This one's ready for all of those comic book TV shows coming out this fall.
Lady liberty never looked so cute.
Resemblance to the Chiquita banana lady, anyone?
Maybe the coolest dog ever.
Fairy tales do come true? Even Little Red Riding Hood.
Oh, and this one who's quite the jokester.
A self proclaimed "wolf in sheep's clothing."
Quite possibly the most fashionable bulldog.
Cats flushed with cash ready for a night out on the town.
For photos of adorable kittens check out the gallery below!


Start off your visit on the 17th (Wed): enjoy the sand and surf at Zoni Beach, then see the interesting displays at Museo Historico de Culebra, and then take a tour by water with Culebra Island Adventures.
To see traveler tips, photos, reviews, and more tourist information, refer to the Culebra trip planner .
In April, daytime highs in Culebra are 34°C, while nighttime lows are 28°C. Cap off your sightseeing on the 17th (Wed) early enough to travel back home.


Hang out at Stroud Pool. With BBQ and playground facilities in adjacent Kevin Francis Park, the pool is definitely one of the best things on offer in Stroud during the holidays. We're lucky to have such a great facility – please look after it for everyone's sake.
Check out Allan Park playground…it's a great spot to spend an hour or so with the kids in the cool of the morning or evening.
Head to Stroud Library….it's air conditioned, free and fun! Set aside half an hour each day (maybe after lunch) when everyone, including mum, gets to sit or lie down and read their library books!
Hop the train from Dungog to Newcastle…visit the beach, visit the museum, ride the ferry to Stockton…there's loads to do in 'Newie'!
Spend the day at the river…there's plenty of spots on our beautiful local rivers where you can relax in the shade ..if you don't know of any, just ask a local!
Head for the hills…if it gets really hot take a trip up to Gloucester Tops. The river's always cold enough to take your breath away, and so is the scenery!
Make the trip to Riverwood Downs…it's one of the most accessible and beautiful stretches of river around. Take a picnic, a chair and maybe a canoe!
Combine your shopping trip to Raymond Terrace with bowling, the movies or cool down at the aquatic centre.
Visit Alderley Creek Vineyard and let the kids explore the playground while you enjoy a coffee … or something cooler!


text:
Vodafone vs Malone clash looms in German cable
Snafu of Liberty
12 June 2013 By Quentin Webb
Vodafone's ambitions in Germany could be undone by the king of cable. The British mobile giant has finally admitted it wants to buy Kabel Deutschland, the country's biggest cable operator. Yet John Malone, the pay-television magnate behind Liberty Global, must be thinking hard about whether he can afford to make a rival approach. At the very least he could make life hard for Vodafone.
At more than 10 billion euros including debt, Kabel Deutschland would be both big and expensive. Vodafone's opening gambit was 81 to 82 euros a share, Reuters says. That equates to a lofty 10.6 times 2014 EBITDA, on Espirito Santo numbers. The lure is the chance to shore up Vodafone's position in its largest non-U.S. market, giving it a credible "quad-play" offering and significant savings, chiefly by bypassing a wholesale deal with Deutsche Telekom. JPMorgan has estimated synergies could have a present value of 2.3 billion euros.
Yet Kabel Deutschland is also attractive to Malone, a serial deal-doer busy assembling a pan-European cable empire. He already owns the number two in the German market, Unitymedia Kabel BW, and is a big believer in scale. Liberty's chief executive, Mike Fries, said recently it would "love to be bigger" in Germany.
Vodafone is the better bet to acquire Kabel Deutschland. It has more financial firepower and bigger potential synergies. In contrast, the ink has only just dried on Liberty's $24 billion merger with Britain's Virgin Media. Malone hates overpaying, as shown recently in Belgium, has alternative targets, and might struggle to convince German trustbusters.
But Malone has some leverage here. He could break with tradition and pay a lot for strategic reasons, chiefly in shares. Or he could just make mischief by showing an interest. Bid hopes have already inflated the shares. Pushing up the asking price further would force Vodafone to choose between overpaying or leaving empty-handed. Vodafone cannot afford to test its investors' patience too much, thanks to a patchy long-term record on M&A. If the deal collapsed, Liberty could always pounce at a later date.
John C. Malone, chairman of Liberty Media, talks to reporters as he arrives at the Sun Valley Inn in Sun Valley, Idaho July 8, 2010. The resort is the site for the annual Allen & Co's media and technology conference. REUTERS/Mario Anzuoni
Kabel Deutschland statement
Vodafone statement
Reuters: Vodafone moves for Kabel Deutschland in quad-play push
Reuters: Vodafone offered 81-82 eur/share for Kabel Deutschland –sources
Vodafone cable mega-deal would be logical but pricey
Malone swoop frees Barclays but traps Ziggo
German double bill could make sense for Vodafone
Vodafone remains best bet for Kabel Deutschland
Savings make Vodafone's Kabel deal palatable
Vodafone, the London-listed mobile phone operator, said on June 12 it had made a "preliminary approach" to Kabel Deutschland Holding, Germany's biggest cable operator.
KD, which had a market value of about 6.6 billion euros based on June 11's closing price, also confirmed the takeover approach.
The statements are the first official confirmation of interest after months of news reports about a potential deal, beginning in February. On June 11, Bloomberg reported Vodafone had contacted the German company in the last week to discuss an offer.
Vodafone indicated it was willing to pay 81 to 82 euros a share, Reuters reported, citing two people familiar with the talks.
By 1405 GMT on June 12, Kabel Deutschland shares stood 8.4 percent higher at 81 euros a share. Vodafone shares lost 5.05 percent, to 182.3 pence. However, more than two-thirds of the 9.7 pence drop was because shareholders were no longer entitled to a final dividend of 6.92 pence a share.


Review the parts of speech and basic grammar. Develop proofreading skills including punctuation, grammar, spelling, and usage errors. Edit business documents for appropriate content and clarity.
Sufficient ACT, ACCP, or NexGen test scores for enrollment in Written Communication, #10801195; or completion or concurrent enrollment in Written Communication, #10801195 or English 1, #20801201.


text:
DeFi-ing the Rules: Five Opportunities and Five Risks of Decentralized Finance
Alpha SummitblockchainCampbell Harvey
For more on decentralized finance (DeFi), register for the Decentralized Finance for Investment Professionals online course from CFA Institute.
In the Star Wars universe, the Force is a mystic energy field generated by living beings that penetrates all things and binds the galaxy together. The ability to wield the Force gives Jedi knights their superhuman abilities, making them peacekeepers of the galaxy. But how powerful would the Jedi be if every "transaction" that used the Force had to be processed through a centralized system that exacted myriad fees and was prone to delays?
Unfortunately for us, the second scenario describes much of the traditional financial universe. Too much financial friction reduces transaction speed and increases costs. But the age of centralized finance may be coming to an end and the age of decentralized finance (DeFi) just beginning, as Campbell Harvey explained in his presentation "Rethinking the Global Financial System," at last month's Alpha Summit GLOBAL by CFA Institute. Indeed, the Duke University finance professor, co-author of DeFi and the Future of Finance, and Research Affiliates partner and senior advisor believes DeFi can transform the financial system and unleash a wave of economic energy.
For more than a century, the traditional financial system has operated with essentially the same model in Harvey's view. It all depends on the same central banks, the same commercial banks, the same exchanges, the same insurance companies, and so on. For all the technological change and related developments, the basic framework has remained static and centralized.
Lately, fintech has caused some disruption and helped reduce transaction costs. But fintech relies on the same centralized financial architecture, which places a limit on how low those costs can go and how much efficiency can be gained.
"With decentralized finance, that limit doesn't exist," Harvey said. "That's why the current fintech wave will be fleeting."
But what makes DeFi such an inevitable force for change? Will all that change be for the better? And what new risks may emerge with it?
Binding the Financial Galaxy Together
In basic terms, DeFi uses peer-to-peer networks to conduct transactions without third-party intermediaries. Digital assets, such as cryptocurrencies, take the form of "smart contracts," which are self-executing algorithms based on blockchain technology. "Tokenization" is an important aspect of DeFi. Virtual and physical assets can be turned into "tokens" that act as stores of value and can be used in financial transactions. They also give the holder a vote in the governance of a protocol or platform.
Why will DeFi transform the financial system? Because it can solve what Harvey sees as five inherent problems of the traditional financial system: inefficiency, limited access, opacity, centralized control, and interoperability.
Reducing inefficiency means eliminating fees and intermediaries. In the 19th century, a Western Union wire transfer imposed a 3% fee, Harvey noted. More than a century later, even basic transactions — using a debit card, for example — often involve significant fees. Buying a stock might seem fairly straightforward, but actually obtaining ownership requires an intermediary and can take considerable time. With DeFi, the execution and settlement of a trade can happen simultaneously.
Limited access to the financial system is a serious global problem. Removing those barriers could connect billions of people to the financial services they need. An estimated 1.7 billion people are unbanked and even more are underbanked. The obstacle for many in these cohorts is financial friction. For example, excessive cost of capital — banks limiting access to loans with lower rates and instead providing lines of credit at much higher interest — prevents many small businesses from pursuing projects that could boost economic growth. According to Harvey, DeFi can directly address the sources of financial friction.
That DeFi could ease opacity in the financial system may come as a surprise to the skeptics. In August 2021, for example, US senator Elizabeth Warren wrote to Gary Gensler, the chair of the US SEC, warning about the need to regulate the crypto markets and describing DeFi as "highly opaque."
To Harvey, however, Warren has it backward. "What is opaque is the current financial system," he said. Because DeFi is based on open-source technology, there is more transparency, not less. With a decentralized exchange, for example, users can see the code, the liquidity, and all the other details. The traditional financial system, by contrast, has numerous blind spots.
"When you go to a bank, you basically don't know how healthy that bank is," Harvey said. "And you rely upon our institutions like the FDIC to reduce your risk. But our institutions have a dubious track record at best, and I'm not talking about going back to 1930s. We can go back to the global financial crisis, where many people were dealing with banks that went under."
Centralized control and concentration are essential parts of the current financial system. Harvey pointed to the "market power" of commercial banks as a prime example. "That means that savings rates are lower than they should be, borrowing rates are higher than they should be. Maybe people are excluded," he said. "And in decentralized, finance, by definition, it's different. It's highly competitive."
"There's no distinction between different actors in the [decentralized] space," he added. "Everybody is equal."
Finally, interoperability is an unavoidable structural problem in traditional finance: Various obstacles prevent different platforms and systems from connecting to each other. If someone wants to open an account with an online trading platform, they may have to transfer money from a bank account. The process could take days before the new account is ready to trade.
"In decentralized finance, it's dramatically different," Harvey said. "You have a wallet, and you go to an exchange, you connect your wallet, and you're ready to go. Indeed, this is a feature of the so-called Web 3.0 experience. So, with Web 3.0, there's no username or password. You connect your wallet and you're ready to go. You're ready to buy. You're ready to receive funds. You're operational. And Web 3.0 is not possible without decentralized finance."
So DeFi will defeat oppressive centralization and inefficiency and save the financial galaxy, right? Not so fast. DeFi may also create new types of risks as well as variations on old ones. Harvey has identified five in particular: smart-contract risk, oracle risk, custodial risk, environmental risk, and regulatory risk.
Smart-Contract Risk: A smart contract is an automated, self-executing agreement between parties. It's an algorithm on a blockchain platform that allows transactions to occur without centralized mechanisms or intermediaries.
Because DeFi is open source, smart contracts are more vulnerable to cybercriminals than are conventional systems protected by layers of security around a proprietary source. The nature of smart contracts makes them prone to various flaws: logic errors, economic exploits (exploiting mispricing, for example), flash loan attacks, and governance risk (for contracts with changing parameters). As more flaws are exposed, security will improve. "But right now, it is very risky," Harvey concluded.
Oracle Risk: Smart contracts depend on outside information, such as a price feed from a stock exchange. The third-party services that provide the connection are called blockchain oracles. If the connection is disrupted, certain steps that are required in a transaction requires cannot be taken and the contract may fail.
Scaling Risk: Current DeFi platforms use a consensus method with slow transaction speeds. Ethereum — "the main technology for decentralized finance," in Harvey's words — can process 15 transactions a second. Visa can process 65,000 a second. And the scaling problem is much worse with bitcoin. "In bitcoin, you can only do transactions between people," he said. "There's no way in bitcoin to have a smart contract with the current version."
While some believe DeFi will never match the scale of conventional financial networks, Ethereum is already preparing to migrate to a new and faster consensus method. Meanwhile, horizontal scaling and other novel approaches are being developed to reduce transaction costs.
"The scaling issue is a real problem today, and people complain about the transactions costs rising from the Ethereum blockchain," Harvey said. "And that is true — they are high — but all of these initiatives suggest that those costs will dramatically decrease in the future."
Custody Risk: Self-custody in the form of a digital wallet protects access to crypto assets through a user's private key. But a misplaced or stolen key can be disastrous. "If you lose your private key, then you lose your cryptocurrency," Harvey said. "And the private key is a long random number, 256 bits." Horror stories involving missing private keys have generated scary headlines and major financial losses. To address those concerns, third-party services have stepped in to protect private keys and help users safeguard their access.
Regulatory Risk: "Regulators are struggling today as to what to do with this new space," Harvey said. "I think they understand the challenge." But finding the right regulatory balance will be tricky. "If you want to eliminate all risk and be very harsh in the regulations, that means that the technology is going to go offshore," he explained. "This technology is not a national technology. It is a global technology. So you can run it as easily out of New York as the Cayman Islands."
In short, regulators face a conundrum. "If you're too harsh, you kill innovation," Harvey said. "If you're too lenient, then you have the Wild West and people are exploited."
Building a New Financial City
Many observers, Harvey among them, believe DeFi creates an opportunity to gain a first-mover advantage in an emerging new order. "And these opportunities are rare in history," he said. "This is not a renovation of our current financial system. It is a rebuild from the bottom up, and we are very early in, maybe 1% in, where we see the scaffolding of a new city."
But ironically this new financial system may resemble a much more ancient form of finance: barter. "The barter system was disrupted when money was introduced, and market exchange became much more efficient," Harvey said. "Decentralized finance redefines money, so we can tokenize any asset."
For example, a digital wallet can have a token linked to the US dollar, a token linked to gold, and a token linked to Apple stock. "And when I go to pay for something, I choose," he explained. "Maybe I'm getting some groceries and I decide to pay with some of my Apple stock. And maybe the grocer doesn't want that. They want something else. No problem. Seamlessly, the Apple stock is sent to a decentralized exchange and transferred into whatever the grocer wants. That is barter in a much more efficient way."
And if anyone thinks opting out of DeFi is a viable option, Harvey says think again. "Some of the companies in your portfolio of traditional finance have a bullseye painted on them," he said. "And if [DeFi] progresses at the same speed that it's progressed over the last few years, that could lead to a substantial degradation of the value of certain names in your portfolio. So think about it. Even though you're not in, you're exposed in a negative way."
So, may the decentralized force be with us.
For more from Campbell Harvey, don't miss "An Investor's Guide to Crypto."
Market Resiliency, Capital Formation, and Investing for Our Future
Should Fundamental Investors Give Up on Value Stocks?
Can Argentina Recover? Emerging Market Lessons


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