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Home > Films > T > Tommy
Tommy | 1975
Hampshire;
Cumbria;
Roger Daltrey,
Ann-Margret,
Oliver Reed,
Jack Nicholson,
Keith Moon,
Tina Turner,
Tommy filming location: the entrance to Tommy's holiday camp: Fort Purbrook, Portsmouth, Hampshire
The film adaptation of The Who's rock opera has a dazzling first half – virtually inventing the music video – as Ken Russell gives full rein to his considerable imagination, but then falters with obvious budgetary restrictions as the lumpen allegory takes over.
The countryside idyll of Captain Walker (Robert Powell) and Nora (Ann-Margret) is the Borrowdale Valley, south of Keswick in the Lake District in Cumbria, an area often used by Russell to evoke a sense of peace and nature (The Devils, Mahler...), and where the director chose to live.
Apart from Tommy's birth, a scene shot in Harefield, Hertfordshire, the rest of the movie was shot around Portsmouth and nearby Hayling Island, Hampshire, close to Southampton where Russell grew up.
With Captain Walker called off to war, the destruction of a row of terraced houses during the Blitz (the film updates the period of the story from post-WWI to post-WWII) was filmed on Cumberland Road, near Fratton Station. As you can see in the film, the street was being demolished, and it's now a smart new housing estate.
Tommy filming location: Tommy filming location: Uncle Frank's holiday camp: Hilsea Lido, London Road, Hilsea, Hampshire
With his dad presumed killed in action, young Tommy is taken by his mum Nora to a kitschy Fifties-style holiday camp, which is a composite of several different locations.
Its swimming pool, where the lustful attendant Uncle Frank (Oliver Reed) is smitten by Nora's shapely legs, is Hilsea Lido, London Road at the roundabout by Port Creek, Hilsea, north of Portsmouth, opened in 1935 in the period's glorious art deco style.
Tommy filming location: Nora and Frank in the ballroom: South Parade Pier, Southsea, Hampshire
Romance blossoms as Nora and Frank dance romantically in the theatre on the old South Parade Pier, in Southsea.
Since it opened in 1879, the pier has been dogged by bad luck – burning down in 1904, and rebuilt only to be consumed by fire again in 1967.
You know what's coming next. During filming, the hot lights set fire to curtains and – oh no! – the pier burned again. Fortunately, the cameras kept turning and footage of the conflagration is incorporated into the movie's climax. The pier has been rebuilt, though sadly without the Victorian detailing it once had. Since 2012, it's sadly been closed.
After witnessing the murder of his returning father, Tommy is stricken with psychosomatic blindness, and in an attempt to jolt his senses, Uncle Frank and his Mum take Tommy to the funfair.
The subterranean tunnel, through which Uncle Frank and his Mum take Tommy is at Southsea Castle, south of Southsea Common, and the fair itself is Clarence Pier Amusement Park, Clarence Esplanade, Southsea.
Tommy filming location: the church of 'Marilyn Monroe': Grand Division Row, Henderson Row, Eastney, Hampshire
Hoping for a miracle, Nora drags the older Tommy (Roger Daltrey) along to a gruesomely showbizzy church, where the halt and the lame worship at a giant statue of of Marilyn Monroe as Eric Clapton performs Eyesight to the Blind, and Arthur Brown rewards believers with a pills'n'booze communion.
This was St Andrew's, the former garrison church for the Royal Marine Barracks at Eastney. After the barracks closed, the church was converted to luxury housing and is now Grand Division Row, on Henderson Road, at Dunn Close, Eastney, east of Southsea.
Tommy filming location: Pinball Wizard: King's Theatre, Albert Road, Southsea, Hampshire
In possibly the film's most famous sequence, Tommy faces off against pinball champ Elton John, teetering on a pair of mega Doc Martens. The raucous Pinball Wizard number is staged in the incongruously elegant 1907 King's Theatre, Albert Road, Southsea.
Tommy filming location: Tommy hang-gliding: Warblington Castle, Hayling Island, Hampshire | Photograph: wikimedia / geni / Paravane
Elevated to the status of cult leader and suddenly regaining his sight and speech, Tommy spreads a message of peace, love and universal brotherhood, by hang-glider (and what Seventies movie would be complete without its hang-gliding sequence?).
He perches atop the remaining tower of Warblington Castle, the rest of which was destroyed during the Civil War. It's on private land, but you can glimpse it peeking above the trees just east of the B2149 by the bridge to Hayling Island, south of Havant.
Tommy filming location: Uncle Frank's holiday camp: Church of St Thomas à Becket, Warblington, Hampshire | Photograph: Dom Walton / Corporate Communications
Also in Warblington, just a little further south on Church Lane, you can find the church of superfan Sally Simpson's father. It's the historic Church of St Thomas à Becket, Church Lane. The bomb-like war memorial was just added for the film, by the way.
On the southwest of Hayling Island itself, is Tommy's house. Here, he sits on the roof welcoming hordes of followers, on Bacon Lane, opposite Winston Close, South Hayling (this is a private home, so I'm sure I don't have to remind you not to disturb the residents).
'Tommy's Holiday Camp', where a swivel-eyed Uncle Ernie (Keith Moon) flogs trinkets to converts, is Fort Purbrook, one of five Victorian forts overlooking Portsmouth. Known collectively as Palmerston's Folly, after the Prime Minister who oversaw their construction, they were meant to defend the south coast against a French invasion – which is yet to materialise.
Purbrook, most easterly of the five, is now an activity centre, on Portsdown Hill Road, off London Road, northwest of Cosham. The entrance to Tommy's camp is the fort's westerly gate.
The interior of the camp used piles of buoys, painted silver in an imaginative, if not totally successful, attempt to resemble giant pinballs. The buoys were stacked at the now-gone Pound's Scrapyard, which stood on Twyford Avenue, by Alexandra Park.
After his dream crashes and burns, Tommy returns to the place of his conception – the unspoiled landscape of Borrowdale – for a final moment of redemption.
• Many thanks to Dom Walton of Corporate Communications for help with this section.
UK | Hampshire
Visit: Hampshire
Visit: Portsmouth
Visit: Hilsea Lido, London Road, Hilsea, Portsmouth PO2 9RP (tel: 07903.823347)
Visit: Clarence Pier Amusement Park, Clarence Esplanade, Southsea, PO5 3AA (tel: 023.9282.1455)
Visit: the King's Theatre, Albert Road, Portsmouth PO5 2QJ (tel: 023.9282.8282)
UK | Cumbria
Visit: Cumbria
UK | Hertfordshire


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E. Saint Louis, IL 62202
director@griffincenter-esl.org
Griffin Center, an agency of Catholic Urban Programs, was founded in 1986. The parent agency has been in existence since 1971, serving the needs of the very poor, homeless, and indigent aged of the metro E. St. Louis region. The agency is an affiliate of Catholic Charities of So. IL through the Diocese of Belleville. Griffin Center, however, serves predominately non-Catholic children and no distinction is made in regard to religious affiliation, nor are efforts made to proselytize. The agency operated four centers serving six public housing developments operated by the E. St. Louis Housing Authority. All programs are offered free of charge to children and families residing in the developments.
Read more about our history
All Centers incorporate the FISH! Philosophy to our important mission of helping children from intergenerational poverty succeed in life. BE THERE...MAKE THEIR DAY...PLAY...and CHOOSE YOUR ATTITUDE are lived in a variety of ways by staff and children at the Centers.
The Griffin Site:
The development is under renovation. We hope to reopen in early 2011
2630 Lincoln Ave. E. St. Louis, IL 62204
Site Director: Alexandra Graham
Serves the 80 unit Villa Griffin development as well as the neighboring community. The Griffin Site is the original site of the agency and the smallest of our sites. The Griffin site provides a close, caring atmosphere for the children to gather, explore and develop their full potential. The children at the Griffin site love their weekly trivia games which center on information pertinent to the season.
The DeShields-Robinson Site:
1235 McCasland Ave. E.St.Louis, IL 62201
Site Director: Yolanda Brazier
Serves the 200 unit John DeShields development and the 60 unit John Robinson developments in the southend of E. St. Louis. A strong staff of residents from the development keep the children under their wing even when the Center is closed. Under the direction of our resident poet in the Learning Lab,Sandra Akins, the children have been published in the E. St. Louis Monitor weekly newspaper.
The Weathers-Owens Site:
1400 Broadway, Bldg. 12, E. St. Louis, IL 62201
Site Director: Doll Williams
Serves the 80 unit Orr-Weathers development and the 100 unit Norman E. Owens development along the Missouri Ave. corridor. This spacious center is adorned from top to bottom with examples of the children's art work and produces many of the poster contest winners in the two annual contests sponsored by the E. St. Louis Housing Authority. The childen also have access to music education provided by a volunteer.
The Roosevelt Site:
1328 N. 44th St. E.St.Louis, IL 62204
Site Director: Carla Harriel
Serves the 250 unit Roosevelt development which borders Washington Park. With the greatest daily attendance this Center is always busting with activity. The imaginative play corner is a favorite along with baseball or basketball, as the season dictates.
Besides the Griffin Center Director, Diane Sonneman and business manager, Sr. Julia Huiskamp,D.C., each site has a director from the housing development. The center employs 37 additional recreation workers and tutors. Twenty-four staff members are public housing residents; 12 of these are teens in the center's Welfare to Work: A Step by Step Approach for Teens program. The Director and a Daughter of Charity social worker are full-time employees, and the rest are part-time.
The center's 25 regular volunteers include AmeriCorps members, Foster Grandparents, AARP, Put Illinois to Work, college students in the America Reads program, and members of the community. Educational Advocates―three full time staff assigned to Griffin Center by E.St.Louis AmeriCorps and several with Land of Lincoln Legal Aid, along with Griffin Center staff―mediate between parents and their children's schools, monitoring each child's progress. By improving communication between home, center, and school, they help improve children's academic achievement and increase parents' involvement.
Americorps and Foster Grandparents volunteers work in the recreational programs. The presence of these caring adults helps children develop into successful adults.
The America Reads students work in the Learning Lab as aides to the tutors. Community members from the housing development help with special parties and other center activities.
About the Griffin Center
Griffin Center, an agency of Catholic Urban Programs, was founded in 1986. The parent agency has been in existence since 1971, serving the needs of the very poor, homeless, and indigent aged of the metro East St. Louis region.
Griffin Center again Champs at JJK All City Field Day
Griffin Center Chess Teams Rock at All City Tournament
Living, Loving & Learning 2010
Respect and Responsibility 2013
We provide...
After school social recreation
After school tutoring and homework assistance
Violence prevention training
Advocacy for individual children and families in the school system, public aid system, specialized housing, social and health systems.
To find out how you can volunteer or support the Griffin Center, check out our volunteer page or call us at (618) 489-5021.
The Griffin Center is an agency of Catholic Urban Programs.
Home | Our Mission | Who We Are | Our Accomplishments | Programs | Finances | Links & Resources | Contact Us
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Back 2 Basics Marketing, the St. Louis Ad Agency.

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SPK File Extension – What is .SPK file and How to open it?
Having trouble opening .spk extension? Don't panic! This page explains what spk files are as well as suggests programs you may use to open spk files. You can download these programs through this page.
What is a SPK file?
Spk file extension has Deer Hunter Map file type, developed by Atari, which is associated with the "game files" category.
Commonly used by Deer Hunter, the file contains various map objects, such as plants, terrain, animals, hunting locations, and others. Users can either create own custom maps, or use the pre-installed ones.
How to open SPK file?
Double click the spk file to open it. The file will open automatically if file associations have been correctly installed and there is a proper program on your computer; if not, file associations may be corrupted and your OS either cannot find the proper program, or you might not have one for opening the file. First, we recommend downloading our utility to fix file association errors; then, you can download any program for opening the .spk extension from the ones suggested below. If you are certain there is nothing wrong with the file associations, you may proceed to method 2 right away; besides, if you can't make up your mind when choosing the right program, use Universal File Viewer from the last method.
The given list provides programs which may be used for opening or converting the spk file. Choose the proper program for your OS, and click it to start the download or proceed to the developer's website.
In addition to the list of programs above, we recommend using Universal File Viewer. This tool can open over 250 file extensions and, most likely, it will be able to open the spk file as well. Download Universal File Viewer for your OS.
There are 3 other file types using the SPK file extension!


Automated image analysis of slides of thin blood smears can assist with early diagnosis of many diseases. Automated detection and segmentation of red blood cells (RBCs) are prerequisites for any subsequent quantitative highthroughput screening analysis since the manual characterization of the cells is a time-consuming and error-prone task. Overlapping cell regions introduce considerable challenges to detection and segmentation techniques. We propose a novel algorithm that can successfully detect and segment overlapping cells in microscopic images of stained thin blood smears. The algorithm consists of three steps. In the first step, the input image is binarized to obtain the binary mask of the image. The second step accomplishes a reliable cell center localization that utilizes adaptive meanshift clustering. We employ a novel technique to choose an appropriate bandwidth for the meanshift algorithm. In the third step, the cell segmentation purpose is fulfilled by estimating the boundary of each cell through employing a Gradient Vector Flow (GVF) driven snake algorithm. We compare the experimental results of our methodology with the state-of-the-art and evaluate the performance of the cell segmentation results with those produced manually. The method is systematically tested on a dataset acquired at the Chittagong Medical College Hospital in Bangladesh. The overall evaluation of the proposed cell segmentation method based on a one-to-one cell matching on the aforementioned dataset resulted in 98% precision, 93% recall, and 95% F1-score index.


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New BMW M8 Competition Gran Coupe
The introduction of the BMW M8 Competition Gran Coupe signals the next chapter of the brand's model offensive in the luxury segment.
Combining, as it does, the hallmark performance, agility and precision of BMW M GmbH with four full-size seats, the latest M8 model is derived directly from the new BMW M8 Competition Coupe and was developed alongside the BMW M8 GTE endurance racer. Its powertrain, chassis and aerodynamics were adapted to suit this standalone concept; intensive testing took place at the BMW Group's proving grounds, the Nürburgring-Nordschleife circuit and other race tracks.
The new BMW M8 Competition Gran Coupe will receive its world premieres at the Los Angeles Auto Show in November 2019. The worldwide market launch will get underway in April 2020, with the BMW M8 Gran Coupe First Edition also forming part of the launch offering.
The renowned power delivery of BMW M engines is one key features of the V8 fitted in the new BMW M8 Competition Gran Coupe. The 4.4-litre eight-cylinder engine offers instant response to the slightest press of the accelerator, a vast appetite for revs and uninterrupted power development over a wide rev band.
The high-revving eight-cylinder engine with M TwinPower Turbo technology develops maximum 625hp and is teamed with a sports exhaust system and eight-speed M Steptronic transmission with Drivelogic. It serves up peak torque of 750Nm and completes the sprint from zero to 62mph in 3.2 seconds. The V8's rigid connection to the vehicle structure results in remarkably direct transmission of engine power to the drivetrain. This also sharpens the car's responses and allows for more engine noise to be transmitted to the cabin.
The M xDrive all-wheel-drive system channels the engine's power onto the road via the Active M Differential at the rear axle. The M xDrive system has a rear-biased configuration in its default 4WD mode. Drivers can then use the Setup menu to select 4WD Sport mode, which sends an even higher proportion of drive to the rear wheels. Deactivating DSC brings 2WD mode into play, with drive fed exclusively through the rear wheels.
Among the ingredients in the extravagant appearance of the four-door high- performance sports cars are their dynamically stretched silhouette, muscular shoulders and standalone rear-end design. Large air intakes, M gills on the side panels, aerodynamically optimised exterior mirrors, a rear spoiler and other M-specific features provide a visual showcase for the high-performance character of the new models.
Measuring 5,098 millimetres from nose to tail, the new BMW M8 Competition Gran Coupe is 231 millimetres longer than its two-door siblings. Its distinct proportions are further emphasised by a width of 1,943 millimetres and height of 1,420 millimetres. Track widths are 1,626 millimetres at the front and 1,660 millimetres at the rear. The entire 200-millimetre increase in wheelbase length (to 3,027 millimetres) has been used to improve spaciousness in the rear compartment, where passengers can savour sports-car performance in two full-size individual seats. There is also a third seat suitable for use on short journeys. The boot has a capacity of 440 litres.
The BMW M8 Gran Coupe First Edition will be available in the UK, however limited to just five units; its exclusive design cues include a BMW Individual Aurora Diamond Green metallic paint finish for the exterior, with accents in Gold Bronze.
The BMW M8 Competition Gran Coupe is on sale from today ahead of its official market launch early 2020.
OTR pricing starts from £120,935
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This is a superb vehicle at an affordable price! This 4 door, 6 passenger truck provides exceptional value! All of the following features are included: a tachometer, a front bench seat, and air conditioning. It features four-wheel drive capabilities, a durable automatic transmission, and a powerful 8 cylinder engine.


ORO VALLEY – In the shadows of Pusch Ridge lies the Linda Vista Trailhead.
Take the family. It's a versatile hike for all skill levels. The network of trails vary in length, from a 1.5 miles to an easier 0.3 mile. Along with the ease comes great views and wildlife.
Find the Linda Vista Trailhead at the southeast corner of Oracle & Linda Vista in Oro Valley, near Pusch Ridge Christian Academy.
Click here for a trail map and directions to the Linda Vista Trailhead.


Lineeye offers two models of portable analyzers/monitors for RS-232C and RS-422/485 links to verify the proper functioning of these communication modes during the development or integration phases in the laboratory or in the field in order to diagnose problems of connection and synchronization between devices.
The two monitors LE-110SA and LE-120SA developed by Lineeye address serial communications such as ASYNC and UART.
The LE-110SA model supports RS232C/RS-422/RS-485 standards and the LE-120SA model supports RS-232C and UART with TTL 1.8V/2.5V/3.3V/5V levels.
Both instruments have a colour touch screen and allow continuous operation for five hours using two AA-size NiMH batteries (LR06). They provide both data monitoring and test data transmission. Frame time stamping and inactivity time measurement can complete the recording, providing time accuracy without the need for a PC.
Their light weight (300g batteries included) and compactness (16 cm x 10 cm x 3 cm) make them suitable for maintenance work in the field.
Software available for data display and text conversion on PC.


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PHOTO: Opening day at North Dakota Horse Park
'We stand at Armageddon': Teddy Roosevelt's improbable third-party presidential campaign
Teddy Roosevelt's last campaign for the White House may have been his most dramatic. It was also a failure.
Written By: Washington Post | Feb 22nd 2019 - 11am.
Theodore Roosevelt campaigning in Yonkers, N.Y., Oct 17, 1912. Library of Congress.Library of Congress.
Theodore Roosevelt flashed his famously toothy grin as he looked out over New York harbor, but he wasn't altogether pleased.
After spending more than a year abroad that included an African safari and a meeting with Germany's Kaiser Wilhelm II, the former president "beamed with joy," the New York Tribune reported, as he came back to the United States on June 18, 1910, to find that an enormous throng - estimated by the Tribune at a half-million - had assembled to hail his return.
While he reveled in his reception, the former president was much less sanguine about the political situation to which he was returning. Disappointed by his protege and successor, President William Howard Taft, Roosevelt hinted at his concerns, and his desire to act on them, as he disembarked.
"I am ready and eager to do my part, so far as I am able, in helping solve problems which must be solved if we of this greatest democratic Republic upon which the sun has ever shone are to see its destinies rise to the high level of our hopes and its opportunities," Roosevelt declared as he stepped ashore.
Roosevelt's homecoming marked the beginning of an improbable political odyssey that would lead the Harvard-educated, lifelong Republican to break with his party and run as a third-party presidential candidate in one of the most dramatic campaigns in U.S. history.
Third-party campaigns for the White House occurred with frequency in the decades after the Civil War but generally made little impact until 1892, when Populist James B. Weaver of Iowa carried four states to become the first third-party candidate to gain electoral votes since the Civil War. After World War II, a variety of candidates - including Strom Thurmond and Henry Wallace in 1948, George Wallace in 1968, John Anderson in 1980 and Ross Perot in 1992 - sought the White House at the head of insurgent parties or movements. Former Starbucks chief executive Howard Schultz is the latest to consider a White House bid independent of Democrats and Republicans, vowing this year to reject political extremes and "represent all the American people."
No one foresaw Roosevelt running against Taft when he returned home, much less mounting a third-party challenge. Despite his disappointment with Taft for firing Roosevelt's friend Gifford Pinchot as head of the U.S. Forest Service, Roosevelt intended to support the amiable and rotund Ohioan for reelection. But as Taft aligned himself with party conservatives, Roosevelt gravitated toward the progressive wing of the party, calling for a "New Nationalism" in a speech in Osawatomie, Kan., that envisioned a graduated income tax and inheritance tax, child-labor laws and a beefed-up Interstate Commerce Commission to regulate business.
"Roosevelt's radicalism had evolved after he had left the presidency," historian James Chace has written. "Although what he said at Osawatomie did not represent a dramatic departure from what he had expressed while in office, he was far more specific in spelling out what he believed government should do."
The Taft-Roosevelt rift widened the following year when the Justice Department filed an antitrust suit to break up U.S. Steel and suggested Roosevelt had been misled by steel barons. When Roosevelt defended his actions, pundits saw it as a declaration of war. "The breach opened today cannot be closed, according to general belief, before the convention time," the New York World wrote. In February 1912, Roosevelt declared in typically colorful fashion that "my hat is in the ring" and "the fight is on" for the Republican nomination.
When Republicans gathered in Chicago in June to nominate a candidate, Roosevelt predicted victory and proclaimed, "We stand at Armageddon, and we battle for the Lord!" The declaration "literally sizzled in the hearts" of his supporters, Roosevelt backer William Allen White wrote in his memoirs, but did nothing to improve his chances on the convention floor. Taft, with a tight grip on the party machinery, won the nomination.
But Roosevelt wasn't done. His delegates marched out of the Chicago Coliseum to the city's Orchestra Hall, where they pledged to support the former president in a third-party bid for the White House.
"If you wish me to make the fight, I will make it," Roosevelt told his delegates, according to The Washington Post. The platform of the new party, he said, could be summed up simply: "Thou Shalt Not steal."
The long odds of a third-party campaign did little to dampen the earnest excitement of his supporters in the Progressive Party, who returned to Chicago in early August to formally nominate Roosevelt. The Progressive gathering "was an assemblage of religious enthusiasts," the New York Times reported. "It was a Methodist camp meeting done over in political terms." Delegates sang all five verses of "Battle Hymn of the Republic" and resembled, the Times said, "a convention of Sunday School Superintendents." When Roosevelt invoked Armageddon for the second time, rapturous delegates responded with "cheers and applause," The Post reported.
The Progressive platform laid out demands including "strong National regulation of inter-State corporations" and "securing equal suffrage to men and women alike." The platform, however, notably failed to include "any mention of equal rights for African Americans," according to Chace, reflecting what he called the "lily white" character of the third party and Roosevelt's reluctant acquiescence to Southern attitudes on race.
Roosevelt professed dissatisfaction with both parties and claimed to occupy the political center in a year in which the presidential field included another progressive Democratic candidate, Woodrow Wilson; Taft; and socialist Eugene V. Debs. Roosevelt attacked abuses by labor and capital with equal ferocity, according to White.
Roosevelt and Wilson traveled the country to campaign, but Taft made only two speeches between August and Election Day, according to Chace. At the White House on Aug. 1, the president defended his administration's record on social reform and accused Roosevelt and Wilson of advancing socialist principles. If "their promises mean anything," Taft charged, "they lead directly toward the appropriation of what belongs to one man, to another."
Roosevelt, meanwhile, took his campaign across the country. He appeared in Bennington, Vt., on Aug. 29; San Francisco on Sept. 14; and in Michigan's Upper Peninsula on Oct. 10, where he accused Wilson of displaying a "sullen hostility to labor" in a speech in Houghton and sparred with a heckler in Marquette.
On Oct. 14, Roosevelt arrived in Milwaukee. John Schrank - who had been trailing Roosevelt for days, according to Chace - was waiting. As Roosevelt departed the Gilpatrick Hotel to deliver his speech, Schrank fired once with a .38-caliber pistol, striking Roosevelt in the left breast before being wrestled to the ground. (Schrank, a saloon keeper, said he didn't believe a president should have a third term. He was found to be insane and was institutionalized until his death.)
Believing the shot missed him, Roosevelt stood in the car, waved to the crowd and ordered the driver to proceed.
On the way to the speech, an aide spied a bullet hole in Roosevelt's coat. "It looks as though I've been hit, but I don't think it is anything serious," Roosevelt said, according to an account in The Post. The bullet entered his chest and broke a rib but would have done more damage, Roosevelt's doctors concluded, had it not been slowed by the speech manuscript and a "heavy steel spectacle case."
Doctors who examined Roosevelt before he spoke urged him to cancel his speech, but he insisted on proceeding. "Friends, I shall have to ask you to be as quiet as possible," he began. "I do not know if you fully understand that I have been shot, but it takes more than that to kill a bull moose."
He then held up a copy of his speech manuscript with the bullet hole.
Roosevelt was taken to a hospital in Chicago to recover as the hullabaloo of the presidential campaign came to a sudden stop. Wilson, Debs and Taft sent messages of sympathy to Roosevelt, Chace writes. By the end of the month, Roosevelt was back in fighting trim, telling cheering supporters at New York's Madison Square Garden that "it is for the people themselves finally to decide all questions of public policy."
The decision on Election Day went to Wilson. He carried 40 states and won 435 electoral votes. Roosevelt finished second, winning six states and 88 electoral votes. Taft, the incumbent, captured only Utah and Vermont. But Wilson won only a plurality of the popular vote - 41.8 percent. "The vote totals for Roosevelt and Taft together indicate a Republican victory over Wilson had [Roosevelt] received the Republican nomination," according to Chace.
Four years later, Roosevelt made clear that his venture into third-party presidential politics was at an end. Asked by White whether he wanted to run at the head of the Progressive ticket in 1916, Roosevelt - knowing he could not win - said he wanted no part of it. "He had no desire for posthumous glory," White wrote. "He wanted to be a vital part of his times."
This article was written by Robert Mitchell, a reporter for The Washington Post.
Government and Politics Apr 3rd 2019 - 6pm
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ND House approves bills expanding medical marijuana program


If you live in Canterbury, you almost certainly love it. It has spectacular parks, some stunning architecture, a Cathedral that is the envy of less happy places and shops to die for.
Why oh why oh why are some people incapable of keeping the city tidy. Every day on my morning walk through Canterbury I'm confronted by the sight of trash strewn across the road before the lads from Serco have done their jobs. Please put litter in the bins. I apologise if it's complicated.
These ghastly, offensively cocky, anorak-wearing dolts can ruin any visit to the city centre. A contraction of "charity mugger", chuggers undermine the good name of the organisation they're working for by reeling off some sales pitch about how desperate they are for cash. Obviously, no mention is made of the cost of actually paying chugging firms nor the inflated salaries some charity chief executives enjoy.
It is impossible to get a mobile phone signal in much of the city centre. Areas around Burgate, the Buttermarket, Sun Street, Butchery Lane, Mercery Lane and many of the shops are mobile blackspots. This happens to be the 21st century for Pete's sake.
Two or three of each of these and I probably wouldn't be griping. As it happens, they are everywhere lending the place a real touch of class.
Some people are apparently unaware that pavements are meant for pedestrian travel in both directions and spread themselves across the whole of the path, forcing the lone walker into the road. Have you ever tried walking up the New Dover Road when a horde of international students is coming in the opposite direction. No manners. No consideration.
I once counted that the crossing is down for 15 minutes every hour during the day. Now while I don't think the gates shouldn't come down when a train is passing, the fact is that they come down about three minutes before the train actually arrives. This leaves drivers unnecessarily held up and their vehicles pumping exhaust fumes into the air.
Many streets are so busy at peak times that they are effectively in gridlock. On a bad day, it can take 30 minutes to get from Sturry Road to Winchap. Most of us, however, curse the awful traffic without accepting that every time we go out in our cars we're contributing to the problem.
No night out in Canterbury is complete without running into a group of drunken morons intent on causing trouble. I like a drink as much as the next man, but for some the evening out is an excuse to ruin the night out for others.
The worst buildings in Canterbury all emerged from the rubble of German bombs dropped during the Second World War. St Thomas's Church Hall in Canterbury Lane is among the ugliest buildings in the city. How on earth this concrete monstrosity was ever granted planning permission is anyone's guess. Newingate House, opposite Wilko on the ring road, is another – as is Lombard House next to the fire station in Upper Bridge Street. The sooner they're replaced, the better.
Late winter into early spring is, as we all know, pothole season, the annual opening up of craters and gouges on our overused streets. The repair jobs leave many streets looking like an unsightly patchwork which all too often opens up as soon as the next winter arrives.
What about the shocking prevelance of grafitti vandalism? Should be number 2 after litter!


150 farriers, apprentices and friends gathered at The Forge at Stoneleigh for a clinic hosted by Billy Crothers and his wife Lucy Diamond, Managing Director of Handmade Shoes (UK) Ltd. Presented as a chance to 'give something back' Billy Crothers, himself five times winner of the World Championship Blacksmiths Competition, introduced our guest speakers for the day; Rob Renirie and Mitch Taylor.
Rob Renirie, farrier to the Dutch Olympic Team, is a leading authority throughout Europe on shoeing competition horses, specialising in dressage.
The morning session with Rob consisted of a presentation of two parts, a lecture based on the principles of good shoeing and a live demonstration on shoeing the dressage horse.
Good shoeing, by Rob's definition, is based on the preliminary examination, the exact trimming of the foot, the right choice of materials, the support and balance of the foot and the frequency of shoeing. A farrier does not have x-ray eyes and therefore honesty is essential and stressed that there was no shame in saying that you didn't know how to do something. The aim of the farrier is not to always correct feet but to protect feet.
Rob acknowledged the array of new products and modern materials available on the market today and whilst each has its own place suggested that they should only be used if they are needed. Craftsmanship comes above all and must not be lost.
From the outset the presentation was executed in an uncomplicated inspiring manner, a true reflection of his shoeing style. Rob's understanding of not just the horse and shoeing the horse but the relationship between horse, owner/rider, veterinarian, trainer and farrier was both refreshingly honest and humbling. Before us was a Master Farrier successfully employed at the highest level within his craft and yet his clear, affable approach to his work was second to none.
Mitch Taylor, Director of the Kentucky Horseshoeing School, is a leading authority on biomechanics, conformation and anatomy.
Work with Dr. Jim Rooney played a part in Mitch's inspiration to learn more about equine anatomy and locomotion - indeed $800 million a year is spent on equine lameness - a figure that cannot be dismissed. Using slow motion video, we were bestowed with an analysis of horses moving at different speeds on different surfaces and in different environments. Using Ontrack software, the video footage could be analysed to examine movement and angles in joints, tendons and ligaments – an insight into the true, quite remarkable, natural movement and substantial ability of the equine limb to uphold the pressures placed upon it.
A live dissection of an equine fore-limb followed the video analysis further reiterating the complexities of the structure we can so often take for granted. The energy with which horses use to move and fulfil the requirements we place upon them comes with a price in nature and whilst there are many hoofed animals very few have the athletic potential of the horse.
Mitch demonstrated an awareness and appreciation of the equine limb and his quest for further knowledge was somewhat infectious. Yet again, the audience were treated to an excellent consultation that was not only open in style but delivered with an engaging injection of humour!
The day was complete with a comprehensive commercial exhibition, a chance to put names to faces of all the team at Handmade Shoes (UK) Ltd and time to confer and exchange views with colleagues within the industry.
The clinic provided an inspiring and informative day confirming the increasing in-depth knowledge at our finger tips amongst farriers across the globe.


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Apr 20, 2020 | Covid-19 Coronavirus, Force Majeure & Delays | 5 min read
Is Coronavirus Considered an Act of God or Force Majeure Event
The force majeure and act-of-god clauses in contractual agreements are one of the first places that a contractor may look for relief under its contracts in this age of the coronavirus. However, the pandemic may not meet the requirements of force majeure or act of god and might not relieve parties from contractual obligations.
"The Covid19 situation is an "act of god," but not all "acts of god" excuse a party from its contractual obligations," Kenneth Fields, a partner at Greenberg Glusker, told GlobeSt.com. "The threshold question is whether the particular act—in this case the COVID19 situation—actually prevents a party from performing its contractual obligations. If the answer to that question is no, then the analysis is over and the party must perform those obligations. If the answer to that question is yes, then the parties must review their contract to determine whether it includes such a provision and, if so, what obligations that provision might excuse, or if the contract does not contain such a provision, what obligations might be excused under applicable laws."
There are also local and state laws regarding acts of god in contracts. The contractor should discuss the law that applies to its contract with an attorney.
Florida courts have not said much about these sort of clauses. Last year, a Florida federal court considering a force majeure clause noted that they are to be narrowly construed, meaning that a court should limit these clauses' application as much as supported by the language of the provision. The same court also noted that force majeure clauses will excuse a party's performance only for events specifically identified in the provision. Fittingly, the court also said that "[p]recedent on the enforcement of force majeure clauses is limited in Florida."
Many force majeure clauses include "epidemic" or "pandemic" as qualifying events. To our knowledge, there are no Florida cases addressing a force majeure clause in the context of an epidemic or pandemic, though this may change because of COVID-19.
Under Florida law, a party seeking to invoke a force majeure clause must show that the force majeure event was unforeseeable, and that the force majeure event occurred outside the party's control. This means that the claiming party must show that the event could not have been prevented or overcome, and there additionally cannot be any fault or negligence on the part of the claiming party.
If a party is unable to successfully utilize a force majeure clause to excuse performance during the coronavirus outbreak, or if a contract does not contain a force majeure clause, other options may still potentially be available to excuse performance, such as the defenses of impossibility and impracticability. The Restatement (Second) of Contracts defines impossibility as "not only strict impossibility but impracticability because of extreme and unreasonable difficulty, expense, injury or loss involved."
The doctrine of impossibility of performance applies when uncontrollable circumstances have made the contract impossible or impracticable to carry out. Impracticable is defined as something that can only be done at an excessive and unreasonable cost. "Under Florida contract law, the defense of 'impossibility' may be asserted in situations 'where purposes for which the contract was made, have, on one side become impossible to perform.'"
Where the contractor's work is not completely prevented from being performed, it may be able can bring another legal issue called frustration into the case. Frustration occurs when the overall purpose of a contract is negated or frustrated. This means that work might be able to continue but doing so would not truly benefit either party in the contract.
Clearly, a careful analysis with the input of your construction expert is in order. There may be a solution available in either your contract or under the facts. Don't lose the opportunity.
Licensed in Florida since 1977, Larry is a skilled and seasoned litigation attorney. He has advocated and tried matters before state and federal courts as well as arbitration and administrative panels, and has been awarded an AV Preeminent rating from Martindale-Hubbell.


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UN Population Fund delivers Project End Evaluation Result of the "Telemedicine" Project
ULAANBAATAR, Mongolia, June 7, 2019 – Yesterday UN Population Fund (UNFPA) delivered the final evaluation of Telemedicine Project in Ministry of Health under the title <Innovation in maternal and new-born health services, Mongolia: from pilot to institutionalization>.
Telemedicine intervention in maternal and child health services which started in 2007 with joint effort of UNFPA, Government of Luxembourg, National Center for Maternal and Child and aimag hospitals allows pregnant women and provincial doctors to seek real-time medical consultation from experts via online. Telemedicine also provides online learning platforms for medical professionals around the country to learn updated training materials and clinical guidelines. Telemedicine Project won United Nations Public Service Award for its "innovation and excellence in delivering health services."
The independent consultants in charge of evaluation – Mzia TURASHVILI, MD., MScPH and Dr. Davaadorj Uranchimeg MD., MSc. concluded that the Project has been: highly relevant to the national and international priorities of reducing maternal and child mortality; highly effective in institutionalizing telecommunication; and highly effective in capacity building while directly contributing in reduction of maternal death in the country.
The Ministry of Health and the National Center of Maternal and Child Health will carry out the Telemedicine Project, which is now in Exit Phase, after 2019 September. The panel of various experts in Obstetrics, Gynecology, and antenatal care (ANC) representing academia and health service providers, led by the Dr. Byambasuren, Vice Minister of Health and Dr. Iliza, Assistant Representative of UNFPA, openly discussed the future of the Project on the subjects of sustainability of Telemedicine and institutionalization of training.
UNFPA Mongolia Newsletter #16 November and December 2021
Over the last two months, Mongolia commenced recovery from the third wave of the COVID-19 pandemic. The number of COVID-19 cases and deaths began to...
see publication >
UNFPA Mongolia Newsletter #15 September and October 2021
During the reporting period, the number of COVID-19 confirmed cases increased from 213,820 on 1 September to 360,317 as of 31 October 2021. The...


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You are at:Home»News»Panic! At The Disco release video for single 'Hallelujah'
Panic! At The Disco release video for single 'Hallelujah'
Panic! At The Disco have premiered their brand new video, 'Hallelujah' which you can watch above!
The track marks the first new music from Panic! At The Disco in nearly two years.
The band is currently at work on their yet-to-be-named fifth studio album and are confirmed to perform at Reading & Leeds Festival this summer.
More news soon!
UK TOUR DATES
08/28/15 ' Reading, UK @ Reading Festival
08/29/15 ' Leeds, UK @ Leeds Festival


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MAIN RECIPE PAGE
Listed below are some cereal products used in Finnish cooking and in the recipes of this site.
You will find information about different flour types and a picture showing the basic structure of cereal grain here.
English-Finnish glossary of nuts, grains and seeds
Multilingual glossary of grain products, flours, nuts and seeds
(English-Finnish-Swedish-Norwegian-Danish-Icelandic-Russian-Scientific names)
English-Finnish glossary of bread, pâtisserie and sweets
Multilingual glossary of bread and bakery products
Rice, short grain
(Oryza sativa)
The grains of short or round grain rice are round and plump. The high starch content makes short grain rice sticky when cooked.
In Finland, short grain rice is mostly used in cooking velvety rice porridge especially popular at Christmas time, but rice is also used as side dish replacing potatoes or pasta, or in making casseroles, risottos, pastry fillings, desserts or Chinese and Japanese dishes, like sushi.
The rice brand Risella sold in Finland is especially suitable for cooking both rice porridge and sushi rice.
Rice, long grain
The grains of long grain rice are thinner and longer than short grain rice (see left) and they remain separate when cooked.
In Finland, long grain rice is mostly used as a side dish replacing potatoes or pasta, or in making casseroles, risottos, pastry fillings, desserts or Asian, Indian and African ethnic dishes. Also perfumed rice varieties like basmati or jasmine rice are popular.
(Avena sativa)
Rolled oats are made of whole or cut oat groats that are pre-cooked and rolled to shorten the cooking time.
Rolled oats can be used in bread doughs, sweet or savoury pies and pastries, cookies, porridges, various desserts and muesli.
Use regular-type, "old-fashioned" rolled oats in the recipes of this site. All kinds of "instant" rolled oats varieties with their almost powdery consistency are not suitable substitutes and must not be used.
Rye flakes
(Secale cereale)
Similar to rolled oats, rye flakes are made of cut rye groats that are pre-cooked and rolled to shorten the cooking time.
Rye flakes are mainly used to make porridges, but they can also be used in bread doughs, sweet or savoury pies and pastries and muesli.
(Hordeum vulgare)
Hulled whole-grain barley can be used in risottos, pastry fillings and porridges or served as a side dish replacing cooked rice.
Barley takes longer time to cook than rice. That is why it is usually used cracked. Whole-grain barley is also available pre-cooked to shorten the cooking time.
(Fagopyrum esculentum)
Roasted whole-grain buckwheat is mainly used to make special Russian buckwheat porridge, гречневая каша рассыпчатая ( grechnevaia kasha rassypchataia). The type of buckwheat groats used should result in a fluffy porridge, where the individual grains remain whole and separate.
It is best to look and ask for the right type of buckwheat in Russian or Eastern European speciality stores.
Wheat semolina
(Triticum aestivum)
Wheat semolina is the granules of coarsely ground hard wheat cereals. Depending of its coarseness, semolina is used to make pasta, tabbouleh, puddings, cakes, various desserts, polenta, porridge etc.
Semolina granules are milled from the endosperm part of the wheat grain. In Finland they are mainly used to make porridges, gruels and desserts, or to flour buttered cake pans. This kind of semolina may also be called cream of wheat, farina or manna groats.
Couscous is made from wheat semolina mixed with flour, sprinkled with water and rolled into small granules. Couscous grains are cooked by steaming or by soaking them in warm water or stock, until the liquid has been absorbed into the grains.
Like rice or barley, couscous is served to accompany numerous vegetable, fish and meat dishes. It is also mixed in salads and used in sweet desserts.
Cornmeal
(Zea mays)
Cornmeal is granular flour obtained from dried corn kernels. To improve the keeping qualities, the fatty germ is removed from the kernels before milling. Cornmeal is usually coarsely ground, the size of the granules varying from fine to coarse. Depending on the degree of coarseness, cornmeal gives foods a slightly crunchy texture.
Cornmeal may be used to make polenta porridge and cornbreads and it is added to various unleavened breads, muffins, cookies etc. There is also white and blue cornmeal available, although they may be hard to find in Finland.
(Zizania aquatica)
Unrelated to rice (Oryza sativa), wild rice is the seed of an aquatic plant native to North America.
Deeply nutty flavoured wild rice grains are cooked similarly to other types of rice. They can be served to accompany various meat, game and seafood dishes, either on their own or mixed with regular white rice.
Heated in hot oil, wild rice grains may be popped like maize kernels (popcorn).
Bran is the fibrous layer coating the endosperm of cereal grains. It is separated from the grain during milling process. Various bran types contain dietary fibres, like cellulose, lignin or beta-glucan, which promote and regulate gastrointestinal functions.
Water-insoluble dietary fibre is not digested nor absorbed by the digestive tract, but passes through it largely intact. It should never be eaten plain, but mixed in food, otherwise it may cause an intestinal blockage. According to recent studies, insoluble fibres reduce the risk of certain cancers.
Water-soluble dietary fibre forms a soft, gel-like texture when mixed with liquids in the digestive tract and breaks down when it reaches the large intestine. It has been associated with lowering blood cholesterol and controlling blood sugar.
Wheat bran is very rich in insoluble fibre and has a high protein, vitamin and mineral content. It can be added to bread and other doughs or used in making muesli, porridges etc.
Also rye bran and oat bran are used the same way as wheat bran. Oat bran contains soluble fibre and rye bran contains both soluble and insoluble fibres. Oat bran also contains other parts of the oat kernel beside the bran layer.
MEASUREMENT CONVERTER | SEARCH & INFO | GLOSSARIES
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Any redistribution of this document without the author's permission is forbidden.
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Q: NodeJS - Looking for faster ways to create FFMPEG thumbnails I am using fluent-ffmpeg and ffmpeg in node:
var ffmpeg = require('fluent-ffmpeg');
var src = "http://upload.wikimedia.org/wikipedia/commons/7/79/Big_Buck_Bunny_small.ogv";
ffmpeg(src)
.on('filenames', function(filenames) {
    console.log('Will generate ' + filenames.join(', ') + ' into tempfiles.')
})
.on('end', function() {
    console.log('1 Screenshot successfully taken');

})
.on('error', function(err, stdout, stderr) {
console.log("ffmpeg stdout:\n" + stdout);
console.log("ffmpeg stderr:\n" + stderr);
})
.screenshots({
    filename: randomResult,
    timemarks: [520.929831],
    folder: '/'
});

Usually, it takes 2-3 seconds to take one thumbnail.
I need it to be 0.5-1 seconds for real-time development. I mean, what is the problem here - downloading a single png file on my computer takes way below 2-3 seconds to complete, why is ffmpeg lagging so much? something just doesn't seem right.

A: Per the fluent-ffmpeg docs "It will not work on input streams." so I suspect the entire file is trying to load.
You could try running ffmpeg as a child process directly using the -ss switch as explained in this post. This should bump your performance.

redpajama_set_name: RedPajamaStackExchange


Coryell Memorial Hospital's Emergency Department has been surveyed by Texas Department of State Health Services and received a perfect score to keep a Level IV Trauma Center designation. A Level IV Trauma Center has demonstrated an ability to provide advanced trauma life support (ATLS) prior to transfer of patients to a higher level trauma center. We provide evaluation, stabilization, and diagnostic capabilities for injured patients and the physicians and nurses have advanced education in care of the trauma patient. Coryell Memorial is a member of the Central Texas Regional Advisory Council and is actively involved in regional efforts to collaborate and advance trauma & emergency preparedness in our area. Injury prevention and community outreach are also key goals in the trauma program plan for the team at Coryell Memorial Emergency Department.


I started writing about the Eberhard Faber Blackwing 602 pencil in December of 2002. A lot of people love this pencil, not only for its soft lead, but for its unique eraser and ferrule, its metallic dark gray finish, and for its motto: "Half the pressure, twice the speed."
At $.50 each the pencil was quite expensive compared to other pencils. It was discontinued in 1998, and by 2002 the price had jumped to $20 per pencil on eBay. And because the pencil is no longer in production, a cult has formed around it. There is even a blog called the Blackwing Pages: Celebrating the Genuine 602.
Last year, a company called California Cedar Products bought the rights to the Blackwing trademark and manufactured a pencil called the Palomino Blackwing. It was met with mixed reviews. I tried the pencil and found the lead to be much softer than the original Blackwing -- it required frequent re-sharpening. Also, the finish was a semi-gloss black that didn't look anything like the metallic charcoal gray of the original. I kind of liked it, but it was quite unlike the original.
Earlier this week, California Cedar Products introduced the Palomino Blackwing 602, which comes much closer to replicating the look and feel of the Eberhard Faber Blackwing 602. The owner of the company sent me a dozen to try out.
I have an original 602, which I was able to use to compare with the Palomino 602. The lead is harder than the first Palomino Blackwing. I can't tell the difference between it and the Eberhard Faber Blackwing's lead. The finish is mighty close to the original, too.
The Palomino Blackwing 602 is my new pencil of choice. I also have the pencil sharpener that Clive Thompson demonstrated for me at TED2011, which I will use to keep my 602s pointy.
More photos and links after the jump.
Clive Thompson on the "best pencil sharpener I've ever used in my life"


This compilation album was released on 24th September 2002. It features 30 tracks and includes a remix of "A Little Less Conversation" by Junkie XL that also reached number 1 in the UK charts.
1. Are You Lonesome Tonight?
Elvis Presley released his self-titled debut album in March 1956. It reached number 1 in the UK album charts.


Call Direct Loans – Call Direct Loans offers Personal loans from as little as R2 000 up to as much as R50 000 to use on anything you want. Whether you have school fees to pay, home renovation, a wedding or funeral, whatever expenses you might have, you can apply for Call Direct Loans.
Call Direct offers affordable and flexible repayment terms. You are free to choose the repayment plans you are comfortable with and the repayment periods range from 7 months to 60 months. You also get fixed interest rates so your monthly installments remain fixed for the duration of the loan period.
Applying for Call Direct loan is simple and fast. All you need to do is contact Call Direct by phone, sending an SMS or through their website and a friendly Call Direct consultant will call you to help you with your application. Once you are approved for your loan the money is deposited directly into your account.
It is important to borrow the amount you really need and can afford so that you are able to quickly pay off the loan saving money on interest as well as maintaining a clean credit record. Call Direct Loans are offered at personalized interest rates so if you have a good credit record you benefit from lower interest rates.
There are many uncertainties in life such as when will you die or will you lose your job? With a Call Direct Personal Loan, you also get a Personal Protection Plan which settles your outstanding loan balance in the event of your death, permanent disability or certain dread diseases.
It also provides limited cover in the event of temporary disability and retrenchment. You have the option of substituting the Personal Protection Plan with a policy of your choice, provided the cover offered is equivalent.
What is needed to apply for Call Direct Loans?
To qualify for Call Direct Loans you need to have a valid SA ID as well as a good credit record. You must be employed earning an income of at least R5 000 per month. You need to provide banking details of the account into which your salary is deposited.
Documents required include you need to provide banking details of the account into which your salary is deposited. Documents required include a clear copy of your ID, recent 3 months' payslip or bank statements as well as a document confirming your residential address.
To apply for a loan or find out more information on Call Direct loan you can visit their website www.calldirect.co.za. You can also contact them on telephone number 0861 03 03 01, SMS your name to 43234 or you can simply request a Call Back, their Call Direct consultants are there to assist you with your application or queries.


Thank you for choosing to publish with the Journal of Young Investigators!
Research and Review article submissions must meet the following criteria before they can be sent out for review. Please note that while JYI has few restrictions for manuscripts, it is important that authors follow the guidelines discussed below in order to facilitate the review process for our staff of volunteers. Manuscripts that do not meet these requirements will be returned to the author and not reviewed. Please read the information carefully, and format your submission accordingly. As an additional resource for new authors we also provide a Guide to Scientific Writing to help with understanding the publication process.
Note: JYI publishes two types of manuscripts: (1) Research articles covering original research and (2) Review articles, which summarize the research, theories, and issues surrounding a particular scientific question. Review articles will have slightly different section organization than Research articles (see below).
The manuscript must present research completed by one or more undergraduate students. Authors may be asked to provide proof of undergraduate status. Students may submit manuscripts after graduation as long as all research was conducted during their undergraduate career.
Original research being presented in a Research manuscript must have been completed under the supervision of a mentor holding a doctoral degree or a faculty position at a post-secondary institution, other research-oriented institution, or the equivalent in industry. The mentor will be required to fill out an approval form to be submitted along with the primary author's manuscript. Any questions about this requirement may be directed to the Senior Research Editor (sre@jyi.org).
Research must be the author's own work and may not have been previously published.
Author names, including the address of the institution with which they were affiliated during the research work.
An indication of which author will be the corresponding author after publication, along with an email contact for that author.
Every article submitted to JYI must have an abstract that consists of a single paragraph of ~ 250 words. In the abstract, the author must summarize why the research was conducted, how it was conducted, and the major results and conclusions. In essence, it should contain an overview of the hypothesis, methods, results, conclusions and implications of the research. References are typically not cited in the abstract, since the reader expects a more thorough discussion in the body of the article.
The author summary is distinct from the scientific abstract. It should be written in a clear, concise manner free of technical jargon, allowing it to be understandable to a broad audience of both scientists and non-scientists. The summary should briefly describe the background for the study, primary outcomes, and significance of the results. It should be written in the first person, contain a maximum of 150 words, and should not include citations.
The author should use the introduction to summarize current literature, present the problem his or her research addresses, why this problem is significant, and how it applies to the larger field of research. If the manuscript is novel or creative in some way, it should be clearly stated. The author should address relevant studies by other researchers; however, a full history of the topic is not needed. Finally, the author must clearly state the hypothesis and briefly summarize the methods used to investigate that hypothesis. The introduction should contain all the background information a reader needs to understand the rest of the author's paper. This means that all important concepts should be defined. Remember: JYI caters to an audience of professionals and undergraduates from a variety of fields. For example, an author need not define an "electron"; however, a "Cooper paired electron" does require a definition.
Experimental handling and care of any subjects (animals, plants, humans), including ethical guidelines followed by the author(s) in their use.
Details surrounding any statistical testing used, as well as the threshold used for statistical significance.
Papers submitted to JYI must have separate results and discussion sections. In the results, the author should thoroughly detail the outcomes of the experiments, tests, and/or theories developed in the research. The results should be supplemented by figures and/or tables, which should be briefly explained. An effective results section will present the key results without interpreting their meaning. All interpretation and discussion of results should be saved for the discussion section.
In this section, the author should restate the problem he or she was attempting to address and summarize how the results have addressed it. The author should discuss the significance of all the results and interpret their meaning in the context of previous studies done by other researchers in the field. Potential sources of error should be discussed. Finally, the author should tie his or her conclusions into the "big picture" by suggesting the implications and applications this research might have. The author should discuss how this research affects the field, what it adds to existing research, and what future experiments could be carried out. Remember: This section synthesizes the whole study and should be treated as the most important part of the manuscript.
All Research and Review articles must contain in-text citations and a list of references in APA, 6th edition. However, please list all authors for each source in the References section, regardless of APA guidelines. Footnotes are not permitted. References may include: research articles published in scientific journals, scholarly books (i.e., not textbooks), personal communications with scientists working in the field, or unpublished data (only data, no conclusions). Web sources must be scholarly in nature, such as official reports (e.g., NASA's Report on the Effects of Long-Duration Space Flight on the Human Respiratory System). While all of the above sources are acceptable, the majority of references used in a paper should be peer-reviewed articles. Please direct any questions about the suitability of your references to the Senior Research Editor (sre@jyi.org).
Authors are discouraged from including appendices or supplementary figures in their manuscripts.
An acknowledgement section is not required; however, most papers include a paragraph of acknowledgements. This can include thanking individuals for assistance with experiments or interpretation of data, as well as thanking funding sources.
A conflicts of interest section needs to be included whenever a potential conflict of interest exists. For example, the author(s) must disclose any association with a company, organization, or business that could financially benefit from the results of the study. This section should be detailed and explicit, declaring any conflicts regarding design, conduct and/or execution of the study.
Do not include figures or tables in the body of the submitted article.
Submit figures as high-resolution JPEG images.
Submit tables in Microsoft Word or Excel format in a document separate from the rest of the manuscript.
Submit all captions together in a document separate from the rest of the manuscript.
Figures and tables should be simple, clearly formatted, and indicate error using standard deviation or comparable information.
Captions should include succinct title and description for each illustration, providing sufficient information for readers to understand each figure without being verbose.
Note: The author must have permission to use all figures submitted with the manuscript.
Review manuscripts submitted to JYI should follow similar guidelines as Research articles, with a few exceptions.
Methods: This section is optional for Review articles. If included it should cover the process used for a meta-analysis of existing literature, and may detail the author's process for finding and selecting articles used in the paper.
Body: Depending on the topic, the author(s) may subdivide the body portion of the manuscript into several sections. The purpose of this section is to describe and evaluate studies in detail, comparing them and discussing their implications.
Note: Review articles should not contain Materials and Methods or Results sections.
All submissions should be formatted in the following way: typewritten, double-spaced, no page numbers, no page breaks, and with no tables or figures included within the text. Equations must be written using a word processor's equation-editor function. Authors may subdivide sections of their manuscripts as they deem necessary to effectively organize and communicate the content of the manuscript.
All submissions must be saved as a Microsoft Word file. We are unable to accept LaTeX, PDF, or other formats.
JYI's mission is to involve undergraduates in every step of the scientific publishing process and to help undergraduate research flourish. As such, the scientific quality of a manuscript is the highest priority for our editors as they review incoming papers. Quality in structure and writing are also judged in the review process for each manuscript. Papers that are strong in all three of these categories are most likely to be accepted by JYI for publication.


Unhomogenized honey from the area where you live can be helpful because the local bees have antibodies to the bugs of that particular area.
Yes, it is a homeopathic remedy. The general symptoms of coffea are high nervous excitement, full of ideas, great agitation and restlessness, sometimes unable to sleep because of mental and physical activity/acuteness, full of fear, one-sided headache like a nail driven into the head, these are just some of the cerebral and organic manifestations of coffea cruda.


text:
Tag: Mario Draghi
Economics 10e (1,470)
Economics for Business 8e (1,475)
Essential Economics for Business 6e and 5e (1,438)
Essentials of Economics 8e (1,470)
Podcasts and Videos (209)
Is looser monetary policy enough to stave off global recession?
With the prospects of weaker global economic growth and continuing worries about trade wars, central banks have been loosening monetary policy. The US central bank, the Federal Reserve, lowered its target Federal Funds rate in both July and September. Each time it reduced the rate by a quarter of a percentage point, so that it now stands at between 1.75% and 2%.
The ECB has also cut rates. In September it reduced the overnight deposit rate for banks from –0.4% to –0.5%, leaving the main rate at 0%. It also introduced a further round of quantitative easing, with asset purchases of €20 billion per month from 1 November and lasting until the ECB starts raising interest rates.
The Australian Reserve Bank has cut its 'cash rate' three times this year and it now stands at an historically low level of 0.75%. Analysts are predicting that it may be forced to introduce quantitative easing if lower interest rates fail to stimulate growth.
Japan continues with its programme of quantitative easing (QE) and other central banks are considering lowering interest rates and/or (further) QE.
But there are two key issues with looser monetary policy.
The first is whether it will be sufficient to provide the desired stimulus. With interest rates already at or near historic lows (although slightly above in the case of the USA), there is little scope for further reductions. QE may help, but without a rise in confidence, the main effect of the extra money may simply be a rise in the price of assets, such as property and shares. It may result in very little extra spending on consumption and investment – in other words, very little extra aggregate demand.
The second is the effect on inequality. By inflating asset prices, QE rewards asset owners. The wealthier people are, the more they will gain.
Many economists and commentators are thus calling for the looser monetary policy to be backed up by expansionary fiscal policy. The boost to aggregate demand, they argue, should come from higher public spending, with governments able to borrow at very low interest rates because of the loose monetary policy. Targeted spending on infrastructure would have a supply-side benefit as well as a demand-side one.
European Central Bank cuts its deposit rate, launches new bond-buying program
CNBC, Elliot Smith (12/9/19)
Can monetary policies help prevent a global recession?
Investment Week, Martin Gilbert (7/10/19)
Draghi's Utmost Is Still Not Enough
Bloomberg, John Authers (13/9/19)
Draghi puts heat on politicians to boost fiscal stimulus with his ECB swan song
MarketWatch, William Watts (12/9/19)
To infinity and beyond: ECB's quantitative easing
EJ Insight, Raphael Olszyna-Marzys (2/10/19)
The dangers of negative interest rates
Money Week, Merryn Somerset Webb (7/10/19)
Schwarzman: Europe could enter Japan-style stagnation if governments don't start spending
CNBC, Elliot Smith (7/10/19)
US Fed cuts interest rates for second time since 2008
BBC News, Andrew Walker (18/9/19)
Current Federal Reserve Interest Rates and Why They Change
The Balance, Kimberly Amadeo (19/9/19)
Federal Reserve Interest Rate Cuts Alone Can't Prevent a Recession
Barron's, Al Root (4/10/19)
Why is the Fed pumping money into the banking system?
BBC News, Natalie Sherman (19/9/19)
Top of Lagarde's ECB to-do list: stop QE and democratise monetary policy
Social Europe, Jens van't Klooster (25/9/19)
Economists warn Reserve Bank could be forced to print money if rate cuts fail to deliver
The Guardian, Martin Farrer (2/10/19)
A very large gamble: evidence on Quantitative Easing in the US and UK
Institute for Policy Research. Policy Brief, Chris Martin and Costas Milas
The verdict on 10 years of quantitative easing
The Guardian, Richard Partington (8/3/19)
ECB Press Conference
ECB, Mario Draghi and Luis de Guindos (12/9/19)
Explain what is meant by quantitative easing.
What determines the effectiveness of quantitative easing?
Why is President Trump keen for the Federal Reserve to pursue more aggressive interest rate cuts?
What is the Bank of England's current attitude towards changing interest rates and/or further quantitative easing?
What are the current advantages and disadvantages of governments pursuing a more expansionary fiscal policy?
Compare the relative merits of quantitative easing through asset purchases and the use of 'helicopter money'.
Tags: Tagsaggregate demand, aggregate supply, asset purchases, central banks, ECB, european central bank, Federal Reserve Bank, fiscal policy, helicopter money, inequality of wealth, interest rates, Mario Draghi, monetary policy, negative interest rates, quantitative easing, Reserve Bank of AustraliaPosted in: CategoriesEconomics 10e: Ch 22, Economics for Business: 8e Ch 30, Essential Economics for Business: Ch 11, Essentials of Economics: 8e Ch 13, Podcasts and VideosAuthored by: John Sloman
Posted on 14 March 2019 20 March 2019
The ECB loosens monetary policy – again
Growth in the eurozone has slowed. The European Central Bank (ECB) now expects it to be 1.1% this year; in December, it had forecast a rate of 1.7% for 2019. Mario Draghi, president of the ECB, in his press conference, said that 'the weakening in economic data points to a sizeable moderation in the pace of the economic expansion that will extend into the current year'. Faced with a slowing eurozone economy, the ECB has announced further measures to stimulate economic growth.
First it has indicated that interest rates will not rise until next year at the earliest 'and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term'. The ECB currently expects HIPC inflation to be 1.2% in 2019. It was expected to raise interest rates later this year – probably by the end of the summer. The ECB's main refinancing interest rate, at which it provides liquidity to banks, has been zero since March 2016, and so there was no scope for lowering it.
Second, although quantitative easing (the asset purchase programme) is coming to an end, there will be no 'quantitative tightening'. Instead, the ECB will purchase additional assets to replace any assets that mature, thereby leaving the stock of assets held the same. This would continue 'for an extended period of time past the date when we start raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation'.
Third, the ECB is launching a new series of 'quarterly targeted longer-term refinancing operations (TLTRO-III), starting in September 2019 and ending in March 2021, each with a maturity of two years'. These are low-interest loans to banks in the eurozone for use for specific lending to businesses and households (other than for mortgages) at below-market rates. Banks will be able to borrow up to 30% of their eligible assets (yet to be fully defined). These, as their acronym suggests, are the third round of such loans. The second round was relatively successful. As the Barron's article linked below states:
Banks boosted their long-term borrowing from the ECB by 70% over the course of the program, although they did not manage to increase their holdings of business loans until after TLTRO II had finished disbursing funds in March 2017.
Whether these measures will be enough to raise growth rates in the eurozone depends on a range of external factors affecting aggregate demand. Draghi identified three factors which could have a negative effect.
Brexit. The forecasts assume an orderly Brexit in accordance with the withdrawal deal agreed between the European Commission and the UK government. With the House of Commons having rejected this deal twice, even though it has agreed that there should not be a 'no-deal Brexit', this might happen as it is the legal default position. This could have a negative effect on the eurozone economy (as well as a significant one on the UK economy). Even an extension of Article 50 could create uncertainty, which would also have a negative effect
Trade wars. If President Trump persists with his protectionist policy, this will have a negative effect on growth in the eurozone and elsewhere.
China. Chinese growth has slowed and this dampens global growth. What is more, China is a major trading partner of the eurozone countries and hence slowing Chinese growth impacts on the eurozone through the international trade multiplier. The ECB has taken this into account, but if Chinese growth slows more than anticipated, this will further push down eurozone growth.
Then there are internal uncertainties in the eurozone, such as the political and economic uncertainty in Italy, which in December 2018 entered a recession (2 quarters of negative economic growth). Its budget deficit is rising and this is creating conflict with the European Commission. Also, there are likely to be growing tensions within Italy as the government raises taxes.
Faced with these and other uncertainties, the measures announced by Mario Draghi may turn out not to be enough. Perhaps in a few months' there may have to be a further round of quantitative easing.
ECB statement following policy meeting
Reuters, Larry King (7/3/19)
European Central Bank acts to boost struggling eurozone
BBC News, Andrew Walker (7/3/19)
The European Central Bank Tries to Avoid Repeating Past Mistakes
Barron's, Matthew C. Klein (8/3/19)
ECB pushes back rate hike plans, announces fresh funding for banks
CNBC, Silvia Amaro (7/3/19)
Why the ECB Followed the Fed's Flip-Flopping
Bloomberg, Mohamed A. El-Erian (7/3/19)
Central Banks Don't Have the Answer and Markets Know It
Bloomberg, Robert Burgess (7/3/19)
Missing out on monetary normalisation
OMFIF, David Marsh (12/4/19)
The ECB is attempting to get ahead of event
Financial Times, The editorial board (8/3/19)
Explainer: What is the fuss about European Central Bank TLTRO loans?
Reuters, Balazs Koranyi (4/3/19)
ECB launches new series of targeted longer-term refinancing operations
CNBC, Annette Weisbach (7/3/19)
ECB's decision to launch fresh loans not that dovish, economist says
CNBC, Gilles Moec (7/3/19)
European Central Bank, Mario Draghi (7/3/19)
ECB Press Conference, webcast
European Central Bank, Mario Draghi (7/3/19
ECB statistics
Investigate the history of quantitative easing and its use by the Fed, the Bank of England and the ECB. What is the current position of the three central banks on 'quantitative tightening', whereby central banks sell some of the stock of assets they have purchased during the process of quantitative easing or not replace them when they mature?
What are TLTROs and what use of them has been made by the ECB? Do they involve the creation of new money?
What will determine the success of the proposed TLTRO III scheme?
If the remit of central banks is to keep inflation on target, which in the ECB's case means below 2% HIPC inflation but close to it over the medium term, why do people talk about central banks using monetary policy to revive a flagging economy?
What is 'forward guidance' by central banks and what determines its affect on aggregate demand?
Tags: Tagsaggregate demand, Brexit, China, ECB, eurozone, expectations, forward guidance, inflation targets, interest rates, liquidity, Mario Draghi, monetary policy, quantitative easing, quantitative tightening, TLTROs, trade warsPosted in: CategoriesEconomics 10e: Ch 18, Economics 10e: Ch 22, Economics for Business: 8e Ch 28, Economics for Business: 8e Ch 30, Essential Economics for Business: Ch 10, Essential Economics for Business: Ch 11, Essentials of Economics: 8e Ch 11, Essentials of Economics: 8e Ch 13, Podcasts and VideosAuthored by: John Sloman
Posted on 25 January 2015 12 May 2018
The ECB takes the plunge – at last
After promises made back in July 2012 that the ECB will 'do whatever it takes' to protect the eurozone economy, the ECB has at last done just that. It has launched a large-scale quantitative easing programme. It will create new money to buy €60 billion of assets every month in the secondary market.
Around €10 billion will be private-sector securities that are currently being purchased under the asset-backed securities purchase programme (ABSPP) and the covered bond purchase programme (CBPP3), which were both launched late last year. The remaining €50 billion will be public-sector assets, mainly bonds of governments in the eurozone. This extended programme of asset purchases will begin in March this year and continue until at least September 2016, bringing the total of asset purchased by that time to over €1.1 trillion.
The ECB has taken several steps towards full QE over the past few months, including €400 billion of targeted long-term lending to banks, cutting interest rates to virtually zero (and below zero for the deposit rate) and the outright purchase of private-sector assets. But all these previous moves failed to convince markets that they would be enough to stimulate recovery and stave off deflation. Hence the calls for full quantitative easing became louder and it was widely anticipated that the ECB would finally embark on the purchase of government bonds – in other words, would finally adopt a programme of QE similar to those adopted in the USA (from 2008), the UK (from 2009) and Japan (from 2010).
Rather than the ECB buying the government bonds centrally, each of the 19 national central banks (NCBs), which together with the ECB constitute the Eurosystem, will buy their own nation's bonds. The amount they will buy will depend on their capital subscriptions the eurozone. For example, the German central bank will buy German bonds amounting to 25.6% of the total bonds purchased by national central banks. France's share will be 20.1% (i.e. French bonds constituting 20.1% of the total), Spain's share will be 12.6% and Malta's just 0.09%.
Central banks of countries that are still in bail-out programmes will not be eligible to purchase their countries' assets while their compliance with the terms of the bailout is under review (as is the case currently with Greece).
The risk of government default on their bonds will be largely (80%) covered by the individual countries' central banks, not by the central banks collectively. Only 20% of bond purchases will be subject to risk sharing between member states according to their capital subscription percentages: the ECB will directly purchase 8% of government bonds and 12% will be bonds issued by European institutions rather than countries. As the ECB explains it:
With regard to the sharing of hypothetical losses, the Governing Council decided that purchases of securities of European institutions (which will be 12% of the additional asset purchases, and which will be purchased by NCBs) will be subject to loss sharing. The rest of the NCBs' additional asset purchases will not be subject to loss sharing. The ECB will hold 8% of the additional asset purchases. This implies that 20% of the additional asset purchases will be subject to a regime of risk sharing.
As with the QE programmes in the USA, the UK and Japan, the transmission mechanism is indirect. The assets purchased will be from financial institutions, who will thus receive the new money. The bond purchases and the purchases of assets by financial institutions with the acquired new money will drive up asset prices and hence drive down long-term interest rates. This, hopefully, will stimulate borrowing and increase aggregate demand and hence output, employment and prices.
The ECB will buy bonds issued by euro area central governments, agencies and European institutions in the secondary market against central bank money, which the institutions that sold the securities can use to buy other assets and extend credit to the real economy. In both cases, this contributes to an easing of financial conditions.
In addition, there is an exchange rate transmission mechanism. To the extent that the extra money is used to purchase non-eurozone assets, so this will drive down the euro exchange rate. This, in turn, will boost the demand for eurozone exports and reduce the demand for imports to the eurozone. This, again, represents an increase in aggregate demand.
The extent to which people will borrow more depends, of course, on confidence that the eurozone economy will expand. So far, the response of markets suggests that such confidence will be there. But we shall have to wait to see if the confidence is sustained.
But even if QE does succeed in stimulating aggregate demand, there remains the question of the competitiveness of eurozone economies. Some people are worried, especially in Germany, that the boost given by QE will reduce the pressure on countries to engage in structural reforms – reforms that some people feel are vital for long-term growth in the eurozone
The articles consider the responses to QE and assess its likely impact.
The ECB makes its mind up: The launch of euro-style QE
The Economist (22/1/15)
ECB unveils massive QE boost for eurozone
Eurozone boost of €1.1tn in 'shock and awe' plan by Central Bank
The Guardian, Heather Stewart (22/1/15)
European Central Bank unleashes quantitative easing
Financial Times, Claire Jones (22/1/15)
11 questions you are too embarrassed to ask about Quantitative Easing
Independent, Russell Lynch (22/1/15)
What the experts say about the ECB's latest round of QE
The Guardian, Julia Kollewe (22/1/15)
Mario Draghi's QE blitz may save southern Europe, but at the risk of losing Germany
The Telegraph, Ambrose Evans-Pritchard (22/1/15)
The sad consequences of the fear of QE
The Economist, Paul De Grauwe (21/1/15)
Will euro QE work?
BBC News, Robert Peston (20/1/15)
ECB announces expanded asset purchase programme
ECB Press Release (22/1/15)
Introductory statement to the press conference (with Q&A)
ECB Press Conference, Mario Draghi, President of the ECB (22/1/15)
Webcast of ECB press conference
Mario Draghi, President of the ECB (22/1/15)
The fate of the eurozone
Eurozone deflation risk
(1/12/14)
Edging closer to full QE
The ECB: tackling the threat of deflation
Euro area economic and financial data
Why has the ECB been reluctant to engage in full QE before now?
How has the ECB answered the objections of strong eurozone countries, such as Germany, to taking on the risks associated with weaker countries?
What determines the amount by which aggregate demand will rise following a programme of asset purchases?
In what ways and to what extent will non-eurozone countries benefit or lose from the ECB's decision?
Are there any long-term dangers to the eurozone economy of the ECB's QE programme? If so, how might they be tackled?
Why did the euro plummet on the ECB's announcement? Why had it not plummeted before the announcement, given that the introduction of full QE was widely expected?
Tags: Tagsasset purchases, asset-backed securities purchase programme (ABSPP), central banks, covered bond purchase programme (CBPP3), ECB, eurozone, eurozone capital subscriptions, exchange rate transmission mechanism, exchange rates, interest rate transmission mechanism, Mario Draghi, monetary policy, monetary transmission mechanism, QE, quantitative easing, transmission mechanismsPosted in: CategoriesEconomics 10e: Ch 18, Economics 10e: Ch 22, Economics for Business: 8e Ch 28, Economics for Business: 8e Ch 30, Essential Economics for Business: Ch 10, Essential Economics for Business: Ch 11, Essentials of Economics: 8e Ch 11, Essentials of Economics: 8e Ch 13Authored by: John Sloman
Posted on 8 September 2014 2 October 2014
As we saw in the blog post last month, Eurozone becalmed the doldrums, the eurozone economy is stagnant and there is a growing danger that it could sink into a deflationary spiral. Last month, several new measures were announced by the ECB, including a negative interest rate on money deposited in the ECB by banks in the eurozone. This month, the ECB has gone further including, for the first time, a form of quantitative easing.
So what has been announced, and will it help to kick-start the eurozone economy? The measures were summarised by Mario Draghi, President of the ECB, at a press conference as follows:
The Governing Council decided today to lower the interest rate on the main refinancing operations of the Eurosystem by 10 basis points to 0.05% and the rate on the marginal lending facility by 10 basis points to 0.30%. The rate on the deposit facility was lowered by 10 basis points to –0.20%. In addition, the Governing Council decided to start purchasing non-financial private sector assets.
The Eurosystem will purchase a broad portfolio of simple and transparent asset-backed securities (ABSs) with underlying assets consisting of claims against the euro area non-financial private sector under an ABS purchase programme (ABSPP). This reflects the role of the ABS market in facilitating new credit flows to the economy and follows the intensification of preparatory work on this matter, as decided by the Governing Council in June. In parallel, the Eurosystem will also purchase a broad portfolio of euro-denominated covered bonds issued by MFIs domiciled in the euro area under a new covered bond purchase programme (CBPP3). Interventions under these programmes will start in October 2014.
To summarise: the ECB has cut interest rates, with the main rate cut to virtually zero (i.e. 0.05%). This represents a floor to interest rates, as, according to Mario Draghi, there is now no scope for further cuts. (Click here for a PowerPoint of the chart.)
In addition, the ECB will begin the outright purchase of private-sector securities. This is a form of quantitative easing as it will involve the purchase of assets with newly created money. In the past, the ECB has simply offered loans to banks, with assets owned by banks used as collateral. This form of quantitative easing has been dubbed 'QE light', as it does not involve the purchase of government bonds, something the German government in particular has resisted. The ECB recognises that it would be a sensitive matter to buy government bonds of countries, such as Greece, Spain and Cyprus, which have been criticised for excessive borrowing.
Nevertheless, if it involves the creation of new money, purchasing private-sector assets is indeed a form of QE. As Mario Draghi said in response to a question on this matter:
QE is an outright purchase of assets. To give an example: rather than accepting these assets as collateral for lending, the ECB would outright purchase these assets. That's QE. It would inject money into the system. Now, QE can be private-sector asset-based, or also sovereign-sector, public-sector asset-based, or both. The components of today's measures are predominantly oriented to credit easing. However, it's quite clear that we would buy outright ABS only if there is a guarantee.
So with appropriate guarantees in place about the soundness of these securitised assets, the ECB will purchase them outright.
But will these measures be enough? Time will tell, but there are now several measures in the pipeline, which could see a large stimulus to bank lending. The main question is whether banks will indeed take the opportunity to lend or merely hoard the extra reserves. And that depends in large part on the demand for credit from businesses and consumers. Boosting that is difficult when the economic climate is pessimistic.
Draghi's ECB surprise puts off bigger quantitative easing for now Reuters, John O'Donnell (5/9/14)
ECB President Mario Draghi pulls stimulus lever at last, but still no quantitative easing for eurozone Independent, Ben Chu (5/9/14)
ECB cuts rates and launches stimulus programme BBC News (4/9/14)
Draghi Push for ECB Easing Intensifies Focus on ABS Plan Bloomberg, Stefan Riecher and Jeff Black (4/9/14)
Draghi Sees Almost $1 Trillion Stimulus as QE Fight Waits Bloomberg, Simon Kennedy (5/9/14)
Draghi's Case For ECB Quantitative Easing Forbes, Jon Hartley (8/9/14)
ECB's last roll of the dice BBC News, Robert Peston (4/9/14)
Draghi's eurozone steroids BBC News, Robert Peston (2/10/14)
Draghinomics – Abenomics, European-style The Guardian, Nouriel Roubini (1/9/14)
ECB Press Release
Introductory statement to the press conference (with Q&A) European Central Bank, Mario Draghi, President of the ECB (4/9/14)
Webcast of the press conference 4 September 2014 European Central Bank, Mario Draghi, President of the ECB (4/9/14)
Summarise the ECB's monetary policy measures that will be coming into effect over the coming months.
How does the QE announced by Mario Draghi differ from the QE that has been used by the Bank of England?
Would it be a realistic option for the ECB to reduce its main rate below zero, just as it did with the deposit facility rate?
What is meant by 'securitisation'. Explain how asset-backed securities (ABSs) and covered bonds are forms of securitised assets.
Why will the purchase of mortgage-backed securities not necessarily give a boost to the housing market?
How does the effectiveness of any QE programme depend on what happens to the velocity of circulation of created money?
What determines this velocity of circulation?
Why are 'animal spirits' so important in determining the effectiveness of monetary policy?
Are there any moral hazards in the ECB actions? If so what are they?
Tags: Tagsanimal spirits, asset-backed securities, business confidence, covered bonds, ECB, Mario Draghi, monetary policy, monetary policy transmission mechanism, moral hazard, QE, quantitative easing, quantity equation, securitisation, velocity of circulation of moneyPosted in: CategoriesEconomics 10e: Ch 18, Economics 10e: Ch 22, Economics for Business: 8e Ch 28, Economics for Business: 8e Ch 30, Essential Economics for Business: Ch 10, Essential Economics for Business: Ch 11, Essentials of Economics: 8e Ch 11, Essentials of Economics: 8e Ch 13Authored by: John Sloman
How can the ECB ease monetary policy?
In August 2012, the ECB president, Mario Draghi, said that the ECB would 'do whatever it takes' to hold the single currency together and support the weaker economies, such as Greece, Portugal and Spain. At the same time, he announced the introduction of outright monetary purchases (OMTs), which would involve purchasing eurozone countries' bonds in the secondary markets. There were no limits specified to such purchases, but they would be sterilised by the sale of other assets. In other words, they would not increase the eurozone money supply. But despite the fanfare when OMTs were announced, they have never been used.
Today, the eurozone economy is struggling to grow. The average annual growth rate across the eurozone is a mere 0.5%, albeit up from the negative rates up to 2013 Q3. GDP is still over 2% below the peak in 2008. Inflation is currently standing at 0.8%, well below the 2% target. The ECB's interest rate ('main refinancing operations rate') is 0.25%.
The recovery is hindered by a strong euro. As the chart shows, the euro has been appreciating against the dollar. The euro exchange rate index has also been rising. This has made it harder for the eurozone countries to export.
So what can the ECB do to stimulate the eurozone economy? Other central banks, such as the Bank of England, the US Federal Reserve and the Bank of Japan have all had substantial programmes of quantitative easing. The ECB has not. Perhaps OMTs could be used without sterilisation. The problem here is that there are no eurozone bonds issued by the ECB and hence none that could be purchased, only the bonds of individual member countries. Buying bonds of weaker countries in the eurozone would be seen as favouring these countries and might create a moral hazard.
Reducing interest rates is hardly an option given that they are at virtually zero already. And expansionary fiscal policy in the weaker countries has been ruled out by having to stick to the bailout conditions for these countries, which require the pursuit of austerity policies.
One possibility would be to intervene in the foreign currency market by buying US and other countries' bonds. This would drive down the euro and provide a stimulus to exports. This option is considered in the Jeffrey Frankel article.
Why the European Central Bank should buy American The Guardian, Jeffrey Frankel (13/3/14)
Draghi holds course in face of deflation threat Reuters, Paul Carrel and Leika Kihara (13/3/14)
ECB's Draghi: Strong Euro Pulling Down Euro Zone Inflation Wall Street Journal, Christopher Lawton and Todd Buell (13/3/14)
Draghi Bolstering Guidance Seen as Convincing on Rates Bloomberg, Jeff Black and Andre Tartar (13/3/14)
ECB president Mario Draghi counters euro upswing Financial Times, Claire Jones (13/3/14)
Turning Japanese? Euro zone exporters must hope not Reuters, Neal Kimberley (14/3/14)
Prospect of ECB QE drives eurozone bond rally Financial Times, Laurence Mutkin (12/3/14)
Statistical Data Warehouse ECB
Winter forecast 2014 – EU economy: recovery gaining ground European Commission: Economic and Financial Affairs DG
AMECO online European Commission: Economic and Financial Affairs DG
Why is the ECB generally opposed to quantitative easing of the type used by other central banks?
What is meant by 'sterilisation'? Why does sterilisation prevent OMTs being classed as a form of quantitative easing?
Would it be possible for OMTs to be used without sterilisation in such as way as to avoid a moral hazard for the highly indebted eurozone countries?
Is the eurozone in danger of experiencing deflation?
What are the dangers of deflation?
Why does the ECB not cut its main refinancing rate below zero?
If the ECB buys US bonds, what effect would this have on the euro/dollar exchange rate?
Would purchasing US bonds affect the eurozone money supply? Explain.
What other means are there of the ECB stimulating the eurozone economy? How effective would they be likely to be?
Tags: TagsECB, eurozone, exchange rate policy, exchange rates, government bonds, Mario Draghi, monetary policy, OMTs, Outright Monetary Operations, quantitative easing, sterilisationPosted in: CategoriesEconomics 10e: Ch 18, Economics 10e: Ch 22, Economics 10e: Ch 26, Economics for Business: 8e Ch 15, Economics for Business: 8e Ch 28, Economics for Business: 8e Ch 30, Economics for Business: 8e Ch 32, Essential Economics for Business: Ch 11, Essential Economics for Business: Ch 13, Essentials of Economics: 8e Ch 11, Essentials of Economics: 8e Ch 13, Essentials of Economics: 8e Ch 15Authored by: John Sloman