text:
Schlock horror ... inflation surprises on the upside.
Henry said in early March: 'Australias goods and services inflation is rising, though when it will break through the RBAs target zone is a matter from legitimate debate. Sooner than you think, Mr. Stevens, is my view, but I do not expect you to take that view seriously. But goods and services inflation is well above that modest level in Australias rapidly growing major trading partners, including China. And asset inflation is a far larger problem just about everywhere, as this column with other dissidents has been saying'.
Goods and service (CPI) inflation has arrived 'sooner than you thought' Glenn Stevens, but I assume you will comfort yourself with the fact that the price of bananas is the most inflated price - contributing to what the hopeful people on you staff and in the press are calling a 'price spike'.
On the subject of imported inflation, the great American inflationist, Ben Bernanke, this afternoon in Washington, said he had no timetable to tighten America's super-easy monetary policy.
Back in what you no doubt think of as the dark ages of Australian policy making, gov'nrt Glenn, Treasury argued that it was the 'temporary' price hikes of potatos and onions that was blamed when global inflation was taking Australia's economy in its frenzied grip, but I am prepared to bet you did not buy the groceries for your family then , nor so you buy the bananas now.
But people on normal wage and salary packages do buy groceries and it is the actual cost of living, not some confected 'underlying' cost of living, that matters to them. Even Blind Freddie can see it is the prices of petrol, utilities (electricity, water and gas) , school fees and (legal) drugs.
Wage and salary earners went for it in the early 1970s, and it is hard to see their grandchildren holding back now. Only the flexible exchange rate is offsetting easy fiscal policy and monetary policy in the neutral zone - when it should be tight.
That is why my early April column warned of the pressures of wage inflation.
The terrible temptation of anyone in your high position, Mr Stevens, is that you begin to believe your own rhetoric. 'Brilliant gov'ner' say the younger men you have surrounded yourself with at one of you dry sallies, or (the anointed heir) 'absolutely spiffing Glenn'.
My April column warned in conclusion that 'The government is spruiking a tough budget, which will allow for a flood levy and big new carbon tax.
'The Reserve will be tempted to leave interest rates unchanged until the budget is delivered and assessed.
'That would be a mistake, but an understandable one.
'If the Gillard government cannot persuade the major unions to go easy on wage claims, it will quickly be seen as an important mistake'.
There can be losers as well as winners now. Either a gunuinely tough budget and further rate hikes prevents a wage blowout or it does not.
If wages blow, your reputation will be trashed and the fate of the Gillard government will be sealed.
Ho, ho, on with the show!
Just a quick note today, gentle readers. New BCA Chief Catherine Livingstone has marked new standards of business savvy about policy matters in an interview with the AFR.
Themes include: Reform is urgent; big business demands simpler taxes for jobs; urgent need to deal with Australia's declining competitiveness; 'huge urgency' for the Prime minister to provide a vision for Australia's future, including policies for innovation; etc, etc.
The lead AFR article is available here (if you can figure out how to login), but today's editorial is also vital, as are various recent articles, some of which are referred to here.
Sensible central banks have accepted, following the lead of New Zealand, Canada (and therefore the Grand Old Lady of Threadneedle Street) and the US Fed, that monetary policy is to be used for maintaining overall economic stability and low goods and services inflation. Attempting to control house prices depends on what is called 'macroprudential policy', which some people of limited vision have lampooned as the revival of direct controls on the banks.
With global house prices, including Australia's, looking frothy, this is more than an academic matter. We do not know the RBA's attitude to this matter, except the Governor seems to think monetary (interest rate) policy will do the task, while the Deputy-governor is more likely (given his academic writing) to be sympathetic. (If pressed I can find evidence to support these statements)
But first to the facts, provided by The Economist. 'In June', says the venerable mag, 'the IMF called on policymakers to do more to curb housing prices around the world, pointing out that valuations looked high in many countries (see article, and note in particular the degree of Australian froth). In May the European Central Bank singled out sky-high prices in Belgium, Finland and France; in July Moodys, a ratings agency, said that Britain showed signs of a new property bubble. The trend is all the more remarkable given that many of those economies have not fully recovered from the financial crisis and are growing feebly if at all'.
The classic Greenspan/Bernanke approach was to say 'We cannot tell if it is a bubble, so all we can do is wait for the crash and clean up afterwards' (and after the two last share crashes this involved near zero interest rates that set up the next share boom.)
Now a more sensible approach is being used. The Economist quotes an expert: You cannot know youre in a bubble, but you can know that debt has moved too far, says Urban Backstrom, a former governor of the Riksbank, Swedens central bank. However, expectations that borrowing will stay cheap and not enough new homes will be built continue to push prices higher.
Then we come to the critique of those, like the RBA, who have said that their approach is to use higher interest rates than needed for economic stability and low goods and services inflation to 'lean into' asset inflation. (Henry has already confessed that until early 2013 this was his recommended approach also.) The Economist again: 'Central bankers cannot use interest rates to deflate the housing bubbles since, asset values aside, the economies of the countries concerned remain so sickly. Swedens attempt to cool the market with an increase in rates in 2010 backfired: unemployment stopped falling and the country headed towards deflation, forcing the Riksbank start reducing rates again in 2011. If anything, monetary policy is likely to provide a further spur to house prices in the euro zone, since the ECB is toying with the idea of buying bonds in an effort to bring borrowing costs down yet further'.
There's more: 'Macroprudential tools, to discipline both banks and borrowers, are a subtler set of instruments. Setting stricter limits on the amount people can borrow relative to the purchase price (the loan-to-value ratio, or LTV) or to their household income (loan-to-income ratio) helps to curb buyers irrational exuberance; increasing the amount of capital that banks must hold against mortgages checks theirs.
'The Netherlands has applied strict limits of this sort, with striking results. In 2011, with the euro crisis in full swing, the average new mortgage in the Netherlands was 112% of the propertys value, putting Dutch household debt among the highest in Europe. The authorities hastily introduced a host of restrictions: LTV was capped at 106% in 2012 and is due to fall to 100% by 2018; capital requirements for banks were raised immediately. The government is also gradually reducing the tax break for interest payments on mortgages. These changes, along with the economic downturn, were enough to push prices down 20% in three years in real terms (after accounting for inflation, that is)'.
So there you have it gentle readers. To make matters worse, Australia has another 'macroprudential' issue, the excessively high Aussie dollar. While the economy needed monetary (ie interest rate) stimulus, the RBA could comfort themselves that cutting interest rates would also encourage a lower exchange rate. But now that house prices are getting frothier, 'leaning in' to house inflation is only possible if maintaining overall economic stability and low goods and services inflation requires higher interest rates, and at present this is not obviously the case.
So the RBA needs 'macroprudential policy', in fact two such policies. The first is to help contain house prices, though the government could help by appropriate reform of rules for negative gearing. The second it to help reduce the overvalued dollar, which requires a tax on capital inflow, and, incidentally, a subsidy if the rate falls too low.
No doubt Messrs Stevens and Lowe discuss this matter over their elegant morning tea at least once a week. Get on with it chaps or you will be battling on three fronts with only one weapon. Not smart, comrades.
More here for masochists.
The Australian says 'Wildly imbalanced housing market poses danger'.
The British public has voted for antibiotic resistance research to be the subject of the 'first' Longitude Prize. The Longitude Prize 2014 is a prize fund of £10 million to tackle one of the biggest issues facing humanity, with the British public voting for antibiotic resistance over the field that also included flight, food, paralysis, water and dementia. The Longitude Prize 2014 commemorates the 300th anniversary of the Longitude Act of 1714, which was eventually awarded in 1765 to John Harrison for his chronometer (as well as sparking many other innovations). The announcement of the public vote was made live on the BBC by British Prime Minister, David Cameron last month. The award is administered by the innovation charity Nesta, with the prize fund being put up by the UK's Technology Strategy Board. Lord Rees, the English Astronomer Royal, chairs the Longitude Committee, which is still working out final rules for awarding the prize. What a magnificent way to capture the public's imagination and highlight the importance of innovation. Terry Cutler recommended Australia explore this approach in his 2009 report on the innovation system. To my knowledge, nothing came of that recommendation. But it remains a valid approach: kind of the ultimate in terms of priority setting.
Australia has an interesting history in science prizes. Henry Parkes offered £25,000 in an international competition in 1887 for a microbiological 'fix' to the rabbit plague. Louis Pasteur was one of the 1,500 entrants and sent his nephew to Sydney to try and secure the prize. Even though the rabbit prize was never awarded, you can draw a line from Pasteur's work to Dame Jean McNamara's proposal for myxoma virus to be applied in 1908 through to when it was eventually applied by CSIRO in 1951 (and still knocks off half of the rabbits born in Australia today). You can even argue that Australia's historic science strength in microbiology which persists today dates from the rabbit prize. You never know where innovations might occur. Pasteur's nephew, Adrien Loir, spent two weeks at the Victoria Brewery, teaching Pasteurs yeast cultivation techniques. Victorian Bitter continues to be brewed in the same method today. Science prizes can open up an area to real innovation. John Harrison was a completely self-taught Yorkshireman. Then unknown Charles Lindbergh won the Ortieg Prize in 1927 for the first successful Atlantic air crossing. Lindbergh continued to be an innovator, adding hundreds of miles of range to US fighters in the Pacific War. The Virgin Earth Challenge has named 11 finalists vying for a $25 million prize for whoever can demonstrate a commercially viable design which results in the permanent removal of greenhouse gases.
For a really difficult challenge, I think the Michelson Prize is the best designed. Spinal surgeon, Gary Michelson and his wife Alya have made $75 million available with $25 million for an innovator who can come up with a single-dose, nonsurgical sterilant for male and female cats and dogs. Recognising the difficulty, Michelson has made up to $50 million available in grants to make progress towards the prize. To date, the charity Found Animals has committed over $14 million in Michelson Grants to more than 30 approved projects worldwide, including to 2012 NSW Scientist of the Year Professor John Aitken at the University of Newcastle.
Perhaps it is worth revisiting Terry Cutler's 2009 recommendation and include an element of public involvement and grant funding? Of course, that option is open to anyone, not just governments.
National income is falling due to the fall in the terms of trade, and further falls are likely. It is the anniversary of the Abbott government and business and household confidence is subdued by international turmoil and the government's failure to get all of its budget repair job done. While the RBA's plea for us all to focus on the half-full part of the glass has been taken up by government leaders, the economic water level is falling and people do not like that. More here.
It looks as if Australia is becoming embroiled in the madly diverse cultural and tribal conflicts in the Middle East. No choice really. People who oppose educating girls, and rule by intimidation and atrocities, including murder by sawing off the heads of hostages on videos released for the world need to be controlled. And did I really hear the raddled leader of the Greens say we should not describe those people as 'terrorists'. Glory be, madam, what are you smoking?
National debt is predicted to grow until the end of the decade in a best case. The falling national income level will limit vast spending schemes by governments and make reforms harder rather than easier to get approved by the unprecedented bunch of eccentric cross-bench senators. For the battlers, it is a case of batten down the hatches and hope things improve before our glasses are dry.
We can be a great nation. To avoid being a mediocre one, we much get our act together on monetary policy, fix the budget, find ways to greatly upgrade infrastructure, including defence spending, and devote much time and effort to freeing up the national regulatory systems. The tax and welfare system has to be rejigged to encourage saving, working and innovation far more consistently. Greatness will come only when we regain our reputation as an economic power to back up our newly rediscovered brave and confident foreign policy.
What is shaping as one of the best rounds of footy seen for years is unfolding. Hawthorn and Geelong played a corker last night. Sydney against Freo will answer questions about both teams. North Melbourne vrs Essendon should be a goodun, and Richmond agin Port Adelaide may be a game for the ages. Many Melbourne-based fans will be cheering for the Tiges, and if they can continue their form of the last half of the regular season there is a possible fairy-tale ending for the season to cheer all but the supporters of the Super-clubs.
The sad case is Essendon. They have coped brilliantly with the pressure of the ASADA investigation, at least on the playing field. But now players are considering sueing the club and/or using an obscure rule that will allow key players an easy escape to another club because of proven lack of care for the player group.
The Rugger bu**ers face the Springboks this weekend, still suffering from the severe beating handed out by the All Blacks. Still, we wish them well for a happier outcome.
Henry's editor has posted two new paintings, linked here.
The tree-line on the top of the Waterfall looks a bit faint and some remedial work may be indicated.
The Lost Boy was painted to offer a specific challenge at the Melbourne Savage Club's annual art show, but missed being included due to the artist's failure to note the date by which entries had to be presented. Ah, well, as they are saying at Caaaarlton!, there's always next year.
Image of the week
Shiver me timbers, comrades, the AFR has awoken to the fact that the Australian economy is in strife. 'National income pie shrinks' was yesterday's headline, with supporting articles by Chris Richardson (Golden age of living standards is now passing) and Maximillan Walsh (History ... has returned with a vengence). Ross Garnaut ('who foreshadowed the hit to incomes in his 2013 book Dog Days') said , correctly, that this state of affairs was 'no surprise'.
Indeed, it must be noted that Professor Garnaut has been talking and writing about Australia's 'Great Complacency' for years now, and finally the chickens are coming home to roost. We have to hope the next step is that the vultures that are international currency speculators do not abandon Australian investments in a flock, or a seriously overvalued Aussie dollar will be replaced by a greatly undervalued dollar. This would hand out a far larger cut to Australia's living standards than yesterday's complacency-busting articles were about.
Today's screaming headline is 'economy enters danger zone'. Australia's 'former top resources forecaster' says the economy faces a 'painful downturn' as a property crisis in China accelerates and produces 'the biggest hit to Australia's export income in more than two decades'. The RBA, having failed to jawbone the currency down is now trying the same trick with the housing boom. The RBA's unofficial spokesperson, John Edwards, has conceded that, as a last resort, a home loan cap might be needed, preparing the way for another policy backflip. Yet the Bank of England and the mighty US Fed have both conceded this case, and New Zealand and Canada have inplemented such 'macroprudential policy'.
With appropriate modesty, Henry admits to have :
* in January 2013 explained why monetary policy cannot both help maintain overall economic stability with low (goods and services) inflation and contain asset inflation or a more suitable exchange rate;
* in May 2013 debated the issues with Professor Garnaut at Melbourne University under the heading of 'Monetary policy at the end of the mining boom'.
* in August 2013 warned of the 'Recession we did not have to have';
* in July of this year, explained the US Fed's change of approach to dealing with asset inflation.
Henry is no genius, just an independent voice who over a long career has maintained a keen interest in economic management with an open mind that is no longer constrained by blind loyalty to RBA dogma or even his own wrong previous policy advice. (Eg in advising using monetary policy to 'lean into' asset inflation.)
In the May 2013 debate I asked the following question: 'Can it be helpful for key industries to be discouraged for years by an excessive exchange rate, then encouraged for years by a low exchange rate? The market will ultimately decide these things, but discouraging a clearly over-valued currency, as now, by allowing completely free trade in capital is like a fanatical observance of the Ten Commandments'.
There is also a more technical matter that deserves to be mentioned. As implied in the above question, at some stage the dollar will plunge. The continued fall of the price of iron ore brings that day ever closer. This will present the RBA with a serious dilemma.
As I said in May 2013: A large fall in the dollar could be triggered by the spread of information about Australia's worse-than-expected fiscal position, or by further weakening of the Chinese economy, with further falls in commodity prices, or expectations that the Reserve Bank has gone soft on inflation, or by a wage break-out by unions attempting to improve their members' wages before the arrival of a new government expected to take a tougher line on matters industrial.
Whatever the precise cause, or mix of causes, a large fall in the dollar would create fresh dilemmas for the Reserve Bank.
In recent times, the strong dollar and low global inflation has kept traded goods inflation low. Low traded goods inflation has coexisted with non-traded goods inflation of around 4 per cent. The net result has been overall goods and services inflation comfortably within the RBA's target zone.
But a large fall in the dollar would mean traded goods inflation would jump, and non-traded goods inflation would also rise more quickly. The RBA might well find that its target 'inflation zone' was unable to be achieved by modest increases of interest rates under official control. A generally weakening economy would sharpen the dilemma.
The Reserve Bank struggled to find a good answer when the effects of financial deregulation destroyed its ability to achieve the 'money growth projections' imposed by government from the mid-1970s to the mid-1980s.
The Bank now, following a large fall in the value of the dollar, would have to at least suspend the inflation target, or exclude traded goods (assuming non-traded inflation was not too high for policy to reduce it quickly), risking red faces or worse.
The remainder of the May 2013 article offered some more general policy advice. The main point then was to abolish complacency. That has been achieved almost 18 months after it should have been achieved. Better late than never, no doubt. But, as various eminent people have been warning, the longer it takes for corrective action the worse the coming downturn will be.
Is it a boom or a bubble? Who cares, comrades, it has made many Australians rich - at least on paper, and will cause grief to those people who have purchased houses, especially as investments, in the recent past and currently.
Christopher Joye provides some useful historical data spanning other house-bedazzled nations, linked here. We are the global champions - gold medal performers in the 'Housing' sport at the Economic Olympics.
Nice video available here, focussing in potential 'macroprudential policies' to help contain the housing boom. The speaker says the RBA is not in favour of such policies, used by Canada and New Zealand, and now part of the US Fed's box of tricks. Que?
ANZ Chairman, David Gonski has warned Australias booming housing prices cannot go on forever and the market will eventually impose a correction. But when will the boom be gonski?, David. And how bad will it be?
Henry has to rush and will provide his answer later in the day. Meanwhile, if you own a copy of Great Crises of Capitalism, you can find his fearless prediction in the chapter on Marvellous Melbourne's great housing boom of the 1880s and its horrible aftermath. RBA says 'let it rip, colleagues'. Que?
Extract from Great Crises of Capitalism
'It may be that Australia does well in the second decade of the twenty-first century. The correct comparison may be one that equates 1980 with 1850, meaning that 2010 is the modern equivalent of 1880. If this analogy holds, modern Australia is now entering the last, maddest decade of a forty-year boom. Despite the global trauma of the past two years, Marvellous Melbourne, with the mining areas of Northern and Western Australia, is growing quickly, working well (despite infrastructure bottlenecks) and playing hard.' (P 166)
The economy pot continues to bubble, sending vastly mixed messages. In my time as a forecaster, confusing, mixed messages were regarded as indicating a turning point. The question is whether the economy is rising or falling.
The Brotherhood of St Laurence reports that Australia's youth under-employment is above 15pc, highest level in almost four decades.
This confirms Henry's reports of youth under-employment even in middle class Melbourne.
Roy Morgan Research reports that its (more accurate) measure of unemployment fell to to 8.7% in August. This is the net result of 39,000 more jobs but a much larger 162,000 Australians have stopped looking.
More here.
David Uren asserts that economy is doing better than GDP numbers suggest. Also nab's business survey shows that business confidence is 'very strong'. Business investment is falling sharply in mining and mining-related supply chain companies (think shovels and picks) but improving in non-mining construction. 'Manufacturing is still a disaster zone. with planned investment over the next 12 months representing a 20-year low'.
A warm start to winter (think Al Gore) and the poor response to the budget (think Joe Hockey) depressed retail spending, but there was some revival in June.
RBA Chief Glenn Stevens told the relevant parliamentary committee, that low interest rates were 'simply leading to a rise in asset values ... but were not encouraging businesses to invest.' While Mr Uren does not ask it 'Why is this so?' should be the question du jour.
Elsewhere is seems the banks are still protesting at APRA's demand for higher asset ratios. But the way to prevent, or at least inhibit, excessive asset inflation is to require 'prudential ratios' to rise when asset inflation, or overall credit ratios. are rising, and vice versa. You can call this 'dynamic macroprudential policy', Glenn, and you will be a hero, as is Mr Abbott in confronting the Russians.
While I am at it, 'dynamic macroprudential policy' applied to capital inflow would also do a lot to help the trade exposed industries. If you cannot see the point, phone or email and I can offer help.
[On 2 Sept, the RBA anmnounced that interest rates are on hold. Note that the currency is far too high but also house prices, especially in Melbourne and Sydney have kept rising (approx 6 % in the winter months), This is a major dilemma for the RBA, but there is no analysis or even mention of this that Henry can find in the RBA hymn sheet. Such is Life, as Ned Kelly said just before he was hanged from the nect until dead.]
Australia's monetary policy will face unhelpful stasis unless and until our chronically overvalued exchange rate is tamed and we have 'dynamic macroprudential policies' in place.
And Henry's money (literally) is on the economy turning down from here. The recession we did not need to have, as foretold in August 2013.
It's been another week with more bad news than good news. Australia's budget is still unfulfilled and experts are warning that business and household confidence involves risk that becomes worse the longer this situation drags on. One imagines that geopolitical risk should also begin to have an adverse effect - the messes in the Ukraine, Syria, Iraq and other sadly serious places that seem likely to draw in Australian fighter planes at a minimum. Unemployment is rising, Qantas has lost almost $3 billion and mining companies and their suppliers are slowing and shedding staff, or have already done so. Except for slow growth of Australian wages there is nothing being done to reduce the cost overhang that if not fixed will drive Australia into recession - oh, we did notice a new approach to allowing organisations in remote places (eg Darwin) to hire foreign workers at a 10 % discount to Aussie wages when there are insufficient locals to fill jobs. If this is not a sign that our cost structures are excessive what would be? A serious recession?
Do the government's economic advisors agree there is a cost overhang? Do they have a plan to reduce it? What about the seriously overvalued currency? The ongoing housing boom? To be fair, RBA and Treasury chiefs have warned that the budget must be fixed and the sooner the better, as it will get progressively harder and involve more pain the longer the current impasse continues. How come New Zealand's budget is fixed and its airline is making profits rather than losses? Does anyone in authority ask these questions? Do they get answers? So far as we know, apparently not. Yet there is a massive government machine whirring away. A big dose of cuts to government functions would fix the budget and put remaining officials on notice they had better get their stuff together.
I pass the questions to Tony Abbott, Joe Hockey and Mathias Cormann. more in frustration than in hope. But we need answers, and please know that brute reality will eventually demand answers from someone on 'The Hill'.
Mr Palmer and the Chinese
One bright spot rhis week was the grovelling apology of Australia's would-be answer to Italy's bunga-bunga man.
Rowe of the Fin provided by far the best comment, and I post it here in admiration for his magnificent ability to sum up a situation in so few words and with such humour.
With the sad end to Caaarlton's late run at some sort of redemption last week, Henry is mourning another fruitless footy season. But Richmond's magnificent late run for a spot in the finals and various other important games this weekend, with many vying for a spot in the '8'. will provide some diversion. Already the old enemy Collingwood have been smashed by Hawthorn and now cannot sneak into the finals. Richmond beat the Sydney Swans by a few points to take the number 8 spot in the finals. Caaarlton! drew with Essendon with no great effect on he finals but good news for the Blues.
Henry is very sorry to see the departure of Karmichael Hunt from AFL. Still, he gave it a red hot go and presumably is more suited to some form of Rugby. Big news this week is Rugby's (Union not League) plan to let nominated superstars like Israel Falau play off-season for the vast rewards available in Japan or Europe. After the belting handed out by the All Blacks, Henry asked young Bert, a sometime code-hopper himself, what would happen if Australia's Rugby League team played the All Blacks. Bert replied that the League stars would fail because the Union Rules are too different to those of League. What if there were hybrid rules, gentle readers, or one match with Union Rules and one match with League Rules, with the world champion of 'Rugby' the team with the greatest aggregate of points?
Both games would fill the 'G' and New Zealand's biggest stadium, I am prepared to bet and would be a massive money-maling opportunity.
Australia's swimmers have again showed their improvement, this time at the Pan Packs. Bring on the Olympics, comrades. and our young tennis players are doing well, and how good it was to read that 'Tennis wunderkind Nick Kyrgios has continued his captivating grand slam run with a straight-sets win to storm into the US Open third round". Sad to see Lleyton Hewitt out in the first round, and Sam Stoser in the second round.
This week Henry has lost a few more friends with his powerful (Ahem) attempt to help Australia's university sector. His offer to present on the subject of 'Monetary policy and asset inflation' was turned down by a rising lecturer with a derisive snort: 'I had a quick look at the link you sent us and my impression is that, unfortunately, it is not going to be of much interest to the regular group of macro seminar attendees here (so much the worse for them, you may say)'.
Indeed, young fella, and I admire the thoroughness of your analytic approach - 'quick look', 'impression' - is this how your professors go about their business? But you'd think 'the regular group of macro seminar attendees here'd enjoy sharpening their minds showing an old codger like Henry just how out-of-date he is. And at least the subject would be important, indeed highly relevant to the state of the global situation of near recession combined with a share bubble that is certain to pop.
Courtesy AFR
It is wonderful seeing the Vice Chancellors (VCs) of Australia's 39 universities getting interested in reform. As I see the debate, they are keenest on fee deregulation, though there are other manifestations of a new enthusiasm for competition. There is, on the other hand, concern that funds for research might be cut, and this is an area where the VCs are distinctly less interested in reform. This is the subject of today's blog.
One approach to research funding is that taken by all governments with any sense, which is to limit research funding to areas where Australia has a distinct advantage or could create such an advantage. Medical research is one such area, which is manifestly likely to provide large benefits to many Australians, and indeed people with unmet medical needs around the world. (Think of the potential benefits of finding better treatments for Ebola, or Malaria, making a case for funding of the relevant research from Australia's budget for foreign aid.) More generally, this is is why the current government wants to boost medical research, and the only problem with this is paying for it.
Other areas in which (and not by accident) both research and industry performance are world class include mining, agriculture and sport, and as funds are available I would like to see scarce research money allocated more to these areas, especially to programs, like the Cooperative Research Centre (CRC) program that emphasises the application of research to the needs of business. (*) Areas where we badly need to improve our performance include manufacturing, infrastructure and transport, and in the modern world success will be helped greatly by focussed research. (A recent paper for the Newman Inquiry, linked here, suggests other ways to help our trade exposed industries, and includes the case for more industry focussed research).
Sadly in my own area of social sciences the case for government support of research is far less compelling. In economics and business, where Henry's knowledge is greatest, Australia's research output is rarely of global significence. A former eminant professor at a 'G-8' (Research heavy) university explains the system with brutal clarity. 'The ambitious social scientist scans the relevant journals with infinite care to discover exactly what they want, including current fashions, footnote style and references to the work of all likely referees. He or she then sets to work to produce articles that are highly likely to be published. Naturally small problems are chosen, but de rigueur is the use of the most 'advanced' statistical techniques possible, mostly equivalant to attacking a walnut with a steam hammer, or a synchrotron. Naturally hard or big problems are almost never addressed as the chances of getting published in a globally relevant journal are virtually zero. This process produces little that is new, or important, but under current terms of engagement is the main basis for promotions'.
Another close friend, a man of substantial achievement in several fields, is on the mailing list for a different G-8 university. 'In my field of economics', he reports, 'only once in the past two years have I seen a seminar topic that I believed was on a serious matter, with an abstract that explained the approach and key findings with clarity. Deeply depressing, actually'. This, while possibly true, is a tad unfair. I exempt a number of policy-oriented Australian economists, including those in the bureaucracy, and some in universities, who helped promote Australia's highly effective economic reform in the 1980s and 1990s. Their research, incidentally, did not require much, if any, special funding.
So here is a reform proposal. Abolish all government funding for research on subjects in which Australians are not in the top rank of world experts and allocate half of the savings to boosting research in the areas where we are clearly in the top rank, or could be, or acutely need to be.
While I am on the general subject of university reform, I should mention the fact that there is at present a vast, I expect unprecedented, mismatch of courses and market needs. My barber today was telling me that both her children won degrees in 'media studies' but have had immediately to retrain involving further degrees or diplomas. Most of the Thornton family's friends are grappling with the consequences of this problem, and regard the vast oversupply of lawyers (for example) as baffling, and the list could go on. Here is a challenge for an ambitious social scientist. Do the research that explains this puzzling anomaly. My hint is that it will probably be due in large part to lack of any effective market mechanism for allocating places in courses, which is the problem market-based fees is designed to help solve.
Unless and until such research is available and accepted, and should the Senate refuse to acknowledge this point now, here is a more radical suggestion for a top law student who cannot find an acceptable job. Sue your university for enticing you into their law degree with lavish publicity that outlines the wonderful prospects awaiting you. You will make your name if you win, and may gain a large amount of money in the process.
Henry, as usual with controversial subjects, invites comment.
Contact Henry here.
* Henry's editor acknowledges his interest in the CRC Program, as a participant for many years, including five years as Chair of the Commonwealth government committee that oversees the program.
Central bankers from the four corners of the globe are meeting at Jackson Hole. They key point is likely to be how nations can raise real growth. A second question is whether super-easy monetary policy (near zero cash rates set by central banks) are creating asset bubbles rather than promoting growth. A third question is whether current and mooted changes to 'macroprudential policies' are capable of preventing asset inflation out of control and ending in asset bubbles that burst with awful consequences.
The US Fed's Janet Yellen is likely to dominate debate. She recently outlined the Fed's decision to leave monetary policy to manage overall economic stability with low [goods and services] inflation. And to use 'macroprudential policy' - lampooned by some as a return to the dark ages of controls over banks - to contain asset inflation or other developments that threaten financial stability. Henry has no doubt this new approach is correct, though devising effective macroprudential policy will be hard and likely at first to be introduced with considerable timidity. Various articles from this list are relevant here. (Click on a title to open the page.)
Growth is a largely separate issue. The US saw negative growth in the first quarter of this year, 'explained' by the severe winter, and a large bounceback in the second quarter, with strong employment growth in both quarters. This implies overall low productivity growth, dominated perhaps by the fact that shovelling snow is a low-productivity process.
The hot money is on super-easy monetary policy for a fair time yet, which means rising asset prices at least until the US Fed deems it is time to take away the punchbowl. Investors have been enriched by record interest rates which have been lower (near zero) for longer (since early 2009) than ever before. Conspiracy theorists might well ask, 'what else would you expect when the Fed is privately owned' - as revealed in the latest Raff Report.
On the current market boom, Henry's favourite fund manager says he has a fair bit of faith on the 'three strike' rule. This rule says share prices only start falling in a systematic way after the third increase, though Henry believes it will be sooner this time.
Mrs Thotnton has suggested that the Thornton superannuation fund puts another tranch of equities offshore. Her reasons are clear: the American economy is improving while the Australian economy is getting worse and the Australian dollar is too high and must fall dramatically before too long. 'After all, she advised, 'iron ore prices are 30 % below the peak, and China's housing industry is struggling'. One can easily discern in this matter the effects of educating women and letting them have serious jobs!
The news of the week was the barbarous beheading of an American journalist and promise of more to come. Britian is said to have 500 British people fighting beside the terrorists in Syria, and perhaps with 150 Australians. Des Moore and Henry's blind seer reported and opined respectively in the blog immediately below this. One sincerely hopes Australia and Great Britain have decided to cancel the passports of these people and that they will be refused entry, as will their families, if they try to return home. What would an Aussie teacher make of a seven-year-old who had posed with someone's head in his hands? And what might be the actions of such a boy in an Aussie school?
Henry's Caaaarlton! were unable to even slow down a raging Port Adelaide in last night's game at the wonderfully refurbished Adelaide ground. The brave captain, Marc Murphy, was stretchered off and taken to hospital, in yet another nasty injury, in this case diving for a mark (which he took) despite an opposing player also diving. Beaten by over 100 points! Coming after a run of glorious nail-biting defeats by other top teams, Mick the Merciless's analysis consisted of - 'Port are a top side and our boys are very tired'. At least there will be few illusions at Princes Park over the summer and the coming pre-season.
The Wallabies fought out a brave draw last Saturday in blinding rain, in a game many thought was there for the taking. Tonight they are at Eden Park in New Zuland, where Australia has not won since Moses was a lad. Israel Falou, however, is confident our boys will give it a red hot go and CAN WIN.
Regular readers will be delighted to learn the Fiona Prior's medical problem has been remedied and that she will be in full flight in a few weeks. Henry is devastated that he failed to deliver on time a painting specially prepared for the Savage Club's annual art show.
Courtesy The Oz


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subset: commoncrawl


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Regulation of Waste Exports and Imports
The subcommittee heard testimony on the progress of regulation of waste export and import in the past three years. The emphasis was on Mexican hazardous waste.
People in this video
- Houston Fuller Assistant Director General Accounting Office->Energy and Environmental Crimes
- Richard Hembra Director General Accounting Office->Environmental Protection
- Sylvia Lowrance Director Environmental Protection Agency->Solid Waste Management Dept.
- Bowdoin Train Deputy Assistant Administrator Environmental Protection Agency->Solid Waste Management Dept.
Hosting Organization
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Oversight of EPA Clean-up of Waste
EPA Pesticide Act Implementation
The subcommittee heard testimony concerning implementation of the Environmental Protection Agency Pesticide Act.
Toxic Substance Control Act
Witnesses debated the dangers to, and protections for, workers who are exposed to toxic chemicals and whether current…
EPA CO2 Regulations
Ben Geman talked about Environmental Protection Agency action to limit carbon pollution and future action by the agency…


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JACK AND TYLER M - Uncut Fucking!
I don't think you could get any closer to a natural, passionate "at home fuck" between two guys than this beautiful film - especially when it features two of the site's favourite guys! Jack, after all, is one of our resident power tops and Tyler likes nothing more than to get serviced by the older, more experienced man... a match made in heaven! Some slow and lustful kissing is all it takes for both guys to be busting out of their boxers - and Tyler's huge, beautiful uncut meat is something anyone (including Jack) needs to swallow to the hilt!Before long Jack is the one on his back fucking his mighty shaft into Tyler's hot deep throat; fearing he's already getting too close he leans Tyler back to get stuck into some enthusiastic rimming, digging his tongue deep into Tyler's tight pink ring. But Jack's a feet lover and he relishes the opportunity to really give a good toe sucking and foot licking - making Tyler's cock throb even harder with satisfaction! And with Tyler primed and re
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Corns (cont.)
Medical Author:
Melissa Conrad Stöppler, MD
Melissa Conrad Stöppler, MD
Melissa Conrad Stöppler, MD, is a U.S. board-certified Anatomic Pathologist with subspecialty training in the fields of Experimental and Molecular Pathology. Dr. Stöppler's educational background includes a BA with Highest Distinction from the University of Virginia and an MD from the University of North Carolina. She completed residency training in Anatomic Pathology at Georgetown University followed by subspecialty fellowship training in molecular diagnostics and experimental pathology.
Medical Editor:
William C. Shiel Jr., MD, FACP, FACR
William C. Shiel Jr., MD, FACP, FACR
Dr. Shiel received a Bachelor of Science degree with honors from the University of Notre Dame. There he was involved in research in radiation biology and received the Huisking Scholarship. After graduating from St. Louis University School of Medicine, he completed his Internal Medicine residency and Rheumatology fellowship at the University of California, Irvine. He is board-certified in Internal Medicine and Rheumatology.
In this Article
What causes corns and calluses to develop?
Reader Stories
Hyperkeratosis simply means thickening of the skin. This thickening occurs as a natural defense mechanism that strengthens the skin in areas of friction or excessive pressure. Abnormal anatomy of the feet, such as hammertoe or other toe deformities, can lead to corn or callus formation as can bony prominences in the feet. Footwear that is too short or too tight or that exerts friction at specific points can also cause skin thickening that leads to corns and calluses. Abnormalities in gait or movement that result in increased pressure to specific areas can also be the cause.
It can be hard to know why finger corns develop since they often don't appear at sites of obvious pressure. Finger calluses may develop in response to using tools, playing musical instruments such as the guitar, or using work equipment that exerts pressure at specific sites.
What are risk factors for corns and calluses?
As mentioned above, any condition or activity that results in increased friction over the fingers or toes can lead to the development of corns or calluses. People of all ages can be affected but they are particularly common in people over 65 years of age. Corns and calluses have been shown to affect 20%-65% of people in this age range. Some of these risk factors are
Medically Reviewed by a Doctor on 2/18/2015
Patient Comments
Viewers share their comments
Corns - Treatments Question: What treatment has been effective for your corns?
Corns - Symptoms Question: What symptoms did you experience with your corns?
Corns and Calluses - Seeing a Doctor Question: If you have corns or calluses, what were your reasons for seeking medical help?
Corns and Calluses - Prevention Question: How do you prevent recurrences of corns or calluses? Have you changed the type or style of shoes you wear?
Corns and Calluses - Risks Question: Are your shoes too tight? Explain the reasons why you think you developed corns or calluses.


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Justin Bieber moved in to the place earlier this month. (Source: Instagram)
Express Specials
Singer Justin Bieber's neighbours are reportedly disturbed with excessive noise and marijuana smell coming from his place. The 20-year-old star's neighbours also complained of the pungent smell when he threw a party, reported Aceshowbiz.
"The smell of marijuana was permeating the floor, especially my hallway which is shared by (Justin's) unit," a neighbour was quoted as saying. The pop star has reportedly rented a unit in the building and another in the floor below for his entourage.
Bieber moved in to the place earlier this month. Since he moved in, police reportedly have been called twice due to the alleged problems with the neighbours.
Editor's Pick


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Kelsea Ballerini continues to rack up the firsts and adds her recent National TV debut performance on NBC's Today to the… READ MORE
Courtesy of a blockbuster deal between its new conference and a major Kansas City media group, the William Penn football program… READ MORE
The Oskaloosa girls' track and field team's season might have been over, but three members of the team traveled to Washington… READ MORE
As part of a national initiative, Milestones Area Agency on Aging will begin distributing vouchers starting June 1 to low- and… READ MORE
Over the weekend, Jason Aldean Debuted the new video for his top 20 single, "Tonight Looks Good On You" on CMT's… READ MORE
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Goldstone Presents Gaza Report in Geneva
Urges both sides to seek justice, for peace
Richard Goldstone, the Jewish South African judge who headed up a United Nations investigation into potential war crimes committed during last winter's Gaza war, formally presented his report to the U.N. Human Rights Council in Geneva this morning. In his remarks, Goldstone—who formerly served as chief prosecutor for the international tribunals for Rwanda and Yugoslavia—said he had held off making an immediate recommendation that both Israel and Hamas be referred to the international criminal court in order to give each side a chance to, in essence, do the right thing. "The ongoing lack of justice is undermining any hope for a successful peace process and reinforcing an environment that fosters violence," he told the panel.
What happened next depends on which news report you read. According to Reuters, the U.S. representative, Michael Posner, called on Israel to do more investigating. The Associated Press reports that Posner told the council the United States disagrees "sharply" with many of the findings in Goldstone's report and "believe it to be deeply flawed." Everyone, however, seems to agree that the Israeli representative, Aharon Leshno-Yaar, continued to dismiss Goldstone's report and to defend Israel's existing military investigations into a spectrum of war-crimes allegations, including the firing of white-phosphorus shells and unwarranted attacks on civilian facilities. "Israel is committed to fully examining every allegation of wrongdoing, not because of this report, but despite it," Leshno-Yaar told the council. The Palestinian representative, Ibrahim Khraishi, was apparently silent about Hamas's failure to investigate or halt rocket firings, but welcomed Goldstone's findings about Israel. "My people will not forgive the international community if the criminals are left without punishment," he said. So much for starting the new year off with a buried hatchet.
U.N. Expert Defends Gaza War Crimes Report [AP]
U.S. Urges Israel to Probe Gaza Crimes to Boost Peace [Reuters]
Related: Report Card [Tablet]
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Business News Archive - February 23, 2009
ABU DHABI, Feb. 23 /PRNewswire-FirstCall/ -- International Defence Exhibition and Conference -- EB, Elektrobit Corporation (OMX: EBC1V), a developer of cutting-edge embedded technology solutions for automotive and wireless industries, today introduced its EB Tough VoIP(TM) system.
The recession is forecast to end during the second half of 2009 and modest economic growth is expected for 2010, a U.S.
GOTHENBURG, Sweden, February 23 /PRNewswire/ -- - FlexLink Reports Record Sales in 2008 and Significant Increase in Profitability The sales increased with 7% to 1 446 MSEK and the order intake was 1 412 MSEK Mattias Perjos, CEO: "2008 was a year of record order intake, record sales and strong profitability.
~ Taking a look back at China's NPCC Industry in 2008 and its market outlook for 2009 ~ SINGAPORE, Feb.
ABU DHABI, United Arab Emirates, Feb.
HAIFA, Israel, February 23 /PRNewswire-FirstCall/ -- Oil Refineries Ltd. (TASE: ORL.TA) (the "Company" or "ORL"), Israel's largest oil refiner, today released information with regards to the expected impact, mainly of the decline in crude oil and oil-products prices, on the Company's consolidated financial statements for full year 2008.
Company's revenues increase 15% SCOTTSDALE, Ariz., Feb.
IABC Marks Record Growth, Sales with Largest-ever International Franchise Convention 50-state expansion, state-of-the-art tools and facilities announced for 2009 DALLAS, Feb.
Leading health and safety organizations disturbed that so-called debate centers on false claims vs. peer-reviewed, scientifically sound research DALLAS, Feb.
ALISO VIEJO, Calif., Feb. 23 /PRNewswire-FirstCall/ -- XsunX, Inc.
- To befool; deceive; balk; jilt.
- An illusion; a trick; a cheat.


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Please use this identifier to cite or link to this item: http://hdl.handle.net/10355/9103
|A case study of cross-cultural and cross-age online literature discussion
|Lee, Hsiao-Chien
|University of Missouri--Columbia
|The purpose of this qualitative case study is to investigate the nature of students' reading and writing experiences and the social contexts when students are involved in a cross-cultural and cross-age online literature discussion activity. From late September 2007 through late May 2008, twenty-two students (nine fifth graders from the U.S. and thirteen tenth graders from Taiwan) used blogs to post responses to literature. Multiple sources of data were analyzed by using the constant comparative method and through critical discourse lens. The findings suggest that students gained deeper understandings of another culture and the texts. They also developed more critical thinking as they were reading about thought-provoking, multicultural picture books and interacted with people of a different culture. The instructors' supports and scaffolding helped contribute to that growth. The social contexts formed within the student groups as well as on the blogs came into play when students participated in the blogging activity. Pedagogical recommendations include creating a supportive and encouraging learning community, providing idea-sharing opportunities for students to respond about and from literature, and using the blog wisely to motivate students to read, write, and think.
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Find Your Cruise...
Find Your Cruise...
Hope you enjoy your cruise, we are doing the same one in July would you please post a review upon your return, are you using the free coach down to Dover? if so could you give me any info about it, has we are still waiting to hear from MSC regarding our coach from South Yorkshire e. timings and pick up points. Thanks .
We are on the same ship leaving on the 6/7/10. Having been on 2 previous MSC cruises, dress code for non formal evenings is smart casual and for formal evenings, men, suit, not necessarily a tux and women, smart dress or top and trousers, not necessarily a evening dress. Have a good trip.
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The Web's Best Trade-In Program
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Eli Wallach live a very long life, His legacy will live on even longer now.
Rest in Peace Eli Wallach/Tuco.
Eli Wallach aka Tuco
Don't you have better thing to do than read this stupid signature
Tony Clifton : Kaufman was a hack....hack sack pack nack !
Eli Wallach live a very long life, His legacy will live on even longer now.
Rest in Peace Eli Wallach/Tuco.
Wow, he was one of those guys you sort of expected to be around forever. He had some great roles - the Misfits, Good Bad & Ugly, the Magnificent Seven...Mr. Freeze () He was also apparently a nice, charming guy.
"That's very interesting...but silly."
Eli Wallach was in a lot of good movies. Never a mega star, but definitely a solid career and someone who will be missed.
RIP Eli, and may you go with the the good, and not the bad or the ugly.
"Cursed be the ground for our sake. Both thorns and thistles it shall bring forth for us. For out of the ground we were taken, for the dust we are... and to the dust we shall return."
- The Book of Eli
Very sad to hear this, I love the Good The Bad & The Ugly and he was great in it
My feedback
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RIP Tuco
By the ancients!!!
Lich Leech feedback thread


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SYKESVILLE — Marcellus Shale gas drilling, is it safe or not?
That's the question that more than 100 people gathered to hear the answer to at the Assumption of the Blessed Virgin Mary social hall in Sykesville Friday evening.
PUNXSUTAWNEY — With Punxsutawney Phil's upcoming forecast looming in the future as the days to February dwindle away, the Punxsutawney Weather Discovery Center prepares to again induct two new members into its Meteorologist Hall of Fame.
Joining the ranks of the "Weather Capital of the World's" elite, for their dedication to the advancement of knowledge in weather science, climatology and meteorology, are AccuWeather's Elliot Abrams and The Weather Channel's Dr. Greg Forbes.
A Groundhog Day induction ceremony will take place at 12:30 p.m. Feb. 2 in the center's lobby.


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Discover More Ideas You'll Need
9' Apple Green Umbrella Canopy 1 1
Colorful on my deck! Purchased several pieces for outdoors. Colors are wonderful! Far superior look to any fabric styles or coordinates I have looked at this year. Hope they remain colorfast for a few summer seasons.. We will see! June 21, 2014
1-1 of 1


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To embed, copy and paste the code into your website or blog:
The staff of the Securities and Exchange Commission's Division of Corporation Finance published "Compliance and Disclosure Interpretations" (CDIs) on Wednesday, December 4, 2013, that provide important clarification regarding the scope of the "bad actor" disqualification in Rule 506(d) under the Securities Act of 1933 for certain convictions, cease and desist orders, suspensions and bars ("disqualifying events") that occur on or after September 23, 2013, and the disclosure obligation in Rule 506(e) for disqualifying events that occurred prior to September 23, 2013.
Rule 506 provides that disqualifying events committed by a list of specified "covered persons" affiliated with the issuer or the offering1 would result in disqualification from using Rule 506 or require disclosure to investors prior to their purchasing securities. However, Rule 506 also provides a defense for issuers that did not know and, in the exercise of reasonable care, could not have known of that disqualifying event. Prior to the issuance of the CDIs, private funds and other issuers offering and selling securities in reliance on Rule 506 were forced to broadly interpret the covered persons with which an issuer would have to inquire of any disqualifying events and the consequences of a disqualifying event.
The most significant of the CDIs is that the definition of "affiliated issuer" for purposes of the bad actor disqualification is an affiliate of the issuer that is "issuing securities in the same offering, including offerings subject to integration. . ." with the offering for which Rule 506 is being used.2 Consequently, fund issuers will no longer need to inquire of controlled portfolio companies whether they have any disqualifying events.
Other interpretations of interest include:
The interpretations are available here starting at 260.14. Our previous alert summarizing "bad actor" disqualification or disclosure is available here.
1 The persons specified in Rule 506(d) include (i) the issuer, (ii) any predecessor of the issuer, (iii) any affiliated issuer, (iv) any director, (v) any executive officer, (vi) any other officer participating in the offering, (vii) a general partner or managing member of the issuer, (viii) any beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, (ix) any promoter connected with the issuer at the time of the sale, (x) any investment manager of an issuer that is a pooled investment fund, (xi) any person that is paid remuneration for solicitation of purchasers in connection with the sale of securities in the offering (a "compensated solicitor"), and (xii) any general partner, managing member, director, executive officer or other officer participating in the offering of the investment manager or compensated solicitor.
2 See CDI 260.16 .
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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Biblical Greek Survival Kit
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Product Description
Product Information
|Format: Other
Vendor: Zondervan
Publication Date: 2007
Availability: In Stock
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Basics of Biblical Greek Grammar, Third EditionWilliam D. MounceZondervan / 2009 / Hardcover$31.99 Retail:4.5 Stars Out Of 5 13 Reviews
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Basics of Biblical Greek PackWilliam D. MounceZondervan / 2013 / Other$118.49 Retail:5 Stars Out Of 5 5 Reviews
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Publisher's Description
Equip your students for success in first year Greek, and save them money! Assign the Biblical Greek Survival Kit as a supplemental "text" for your course and give your students the tools they need. This value-priced kit ($8 less than items purchased separately) includes: • Basics of Biblical Greek Vocabulary Cards this set contains all words occurring in the Greek New Testament more than 15 times as well as all vocabulary from the book of 1 John. • Basics of Biblical Greek Vocabulary Audio CD (also in mp3 format) with all the words contained in Basics of Biblical Greek, in chapter order. • Zondervan Get an A! Study Guides: Biblical Greek all the noun and verb paradigms they need to know all in one handy place.
Author Bio
William D Mounce (Ph.D., Aberdeen University) lives as a writer in Washougal, Washington. He is the President of BiblicalTraining.org, a non-profit organization offering world-class educational resources for discipleship in the local church. See www.BillMounce.com for more information. Formerly he was a preaching pastor, and prior to that a professor of New Testament and director of the Greek Program at Gordon-Conwell Theological Seminary. He is the author of the bestselling Greek textbook, Basics of Biblical Greek, and many other resources. He was the New Testament chair of the English Standard Version translation of the Bible, and is serving on the NIV translation committee. See www.BillMounce.com for more information.
Product Reviews
Mark Ryman5 Stars Out Of 5September 18, 2011Mark RymanMeets Expectations: 5Use these tools constantly. I especially like the flashcards being keyed to the vocab so that I don't have to search for them.
Barry Ramsay5 Stars Out Of 5May 20, 2009Barry RamsayA great beginners grammar with a solid work book and helpful flash cards. I was studying it for a while and my pastor was so impressed that he got one for himself even though hes been studying greek for 30 years!
Jeffery Bolin5 Stars Out Of 5January 21, 2008Jeffery BolinThis kit is a great companion to the Mounce text. The flash cards save a lot of time from having to write out each word, and also keeps them nicely together.
Ask Christianbook
Q: What pronunciation model is used for the vocab CD? (Erasmian, modern, etc?)
This uses the Erasmian pronunciation.
Ask Christianbook
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Package Quality: 3.8
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INGREDIENTSPetroleum Distillates, C8 9 Isoparaffin, Disteardimonium Hectorite, Cera Alba (Beeswax), Carnauba (Copernicia Cerifera) Wax, Water (Aqua), Synthetic Beeswax, Allyl Stearate/VA Copolymer, Beeswax (Apis Mellifera), Propylene Carbonate, Polyvinyl Laurate, Silica, Oryza Sativa (Rice) Starch, Panthenol, Hydrolyzed Corn Starch, Methylparaben, Isoceteth 20, Lecithin, Octylacrylamide/Acrylates/Butylaminoethyl/Methacrylate Copolymer, Tocopheryl Acetate (Vitamin E), Disodium Cocoamphodiacetate, 2 Oleamido 1,3 Octadecanediol, Simethicone, Diazolidinyl Urea, Propylparaben, Disodium EDTA, May Contain (+/-):, CI 77492, CI 77499, CI 77491 (Iron Oxides), Carmine (CI 75470) (Carmine), CI 77007 (Ultramarines), CI 77288 (Chromium Oxide Greens) (Chromium Oxide Green), CI 77299 (Chromium Hydroxide Green), Mica, Titanium Dioxide (CI 77891) (Titanium Dioxide), CI 77510 (Ferric Ferrocyanide)
on 1/1/2014 4:35:00 PM
Age: 19-24
Skin: Very Oily, Fair-Medium, Not Sure
Hair: Brunette, Other, Other
Eyes: Brown
For the record, I've used this mascara for three months now, so I think I've given it a darn good testing.
I turned to this mascara because I began to covet that clean, simple, natural look and I needed a mascara that would be soft, natural, and yet add something to my lashes. I went for the waterproof version because I do have oily lids and it seems as though everything I apply always winds up in a black smudge on the outer corners of my lower eyelid, and I don't ever apply mascara on my bottom lashes (don't need it.)
I have fairly nice lashes, they are not super thick but I do have a lot of them and they are pretty long as is. My lashes do fall straight forward so I always need a curl, and this product does a pretty good job of holding a curl. This mascara overall was not bad, but it wasn't good either. It gives the appearance of a single, small layer of mascara, which I suppose fits in with the "natural" look, and does not build well at all. I always have to be very careful with applying a second layer as it tends to clump my lashes up a bit and make them more spiky than feathery and soft.
Why is this called "Full n Soft?" It does not leave my lashes full nor soft at all. Its just as hardening as any other mascara, and it does not build volume at all. It gives a tiny amount of length and a black coating to your lashes, but that's about it. This stuff also smudges onto my lower eyelid not an hour after application so it does not stand up to my wearability test. I will say it is waterproof in the sense that its a pain to actually remove this stuff. I used three different makeup removers/cleansers and none of them worked, I had to break out an oil based and more expensive makeup remover brand to get this sucker off and even that was touch and go.
Well, if anything this mascara helped me discover that I do not like the "natural" look when it comes to my lashes, and that waterproof is non synonymous with smudgeproof.
on 12/23/2013 10:22:00 AM
Age: 44-55
Skin: Combination, Fair-Medium, Cool
Hair: Brown, Straight, Fine
Eyes: Green
I used to love this mascara and did a review on here of it quite some time ago. I had not purchased it in recent times because it had become somewhat hard to find. My daughter had went to pick mascara for herself and saw this and picked it up for me because it was on a Maybelline buy 1 get 1 half off sale. It was the w/p version and I usually don't like w/p. Maybe thats why I didn't like the results. It seemed drier than I usually like, and the brush was just too big for me to get all my lashes. The results were clumped, spikey, and just downright unattractive. Not to mention w/p is just a pain to remove. I would never repurchase this ever again. Don't even bother to try this disappointing product. I'm 54 years old and I'm still on my quest to find my HG mascara.
on 12/23/2013 9:19:00 AM
Age: 44-55
Skin: Dry, Fair, Warm
Hair: Other, Straight, Medium
Eyes: Hazel
I depend on makeupalley.com to help me find products, and I spent way too much time recently reading mascara reviews before I settled on trying Full n Soft Waterproof. I'd been using Avon Wash-Off Waterproof for a long time, but wanted to try something that promised more volume. I shouldn't have chosen the waterproof, I guess, because this stuff leaves smudges under my eyes after the end of the day. Avon Wash-Off Waterproof never left smudges. Also, for me, the brush was much too big to maneuver the corners. The formula was very nice in itself; natural, but more volume-building than Avon Wash-Off Waterproof, which is what I wanted, but even a small amount of smudging at the end of the day is too much for me.
Update: I tried Clinique High Impact (again, based on reviews here at MUA) and I like it. I will leave a review for it on its page.
on 12/1/2013 4:23:00 AM
Age: 19-24
Skin: Combination, Fair-Medium, Neutral
Hair: Black, Wavy, Medium
Eyes: Brown
Loved the washable version of this mascara as it left my lashes full and soft, as named, with minimal effort and no more than 2 swipes to built significant volume. I understood that waterproof formulas of the same product were not going to necessarily be the same as the washable formula, but I wanted to love this product even more than the washable version thinking that it was everything I loved + waterproof and long-lasting.
I'm wondering if maybe I just got a bad/old batch (however the mascara was brand-new and expectedly wet). The waterproof mascara I used fell short of everything I hoped it would be. It did not build volume well, if at all. If I layered it twice like I did with the washable one, it clumped and created spider lashes. It pretty much flaked toward the end of the day even with one layer. The wear of this mascara was not as soft and comfortable on my lashes as the washable version. I assume this is not gel-based like Maybelline's Mega Plush Waterproof Mascara, but it creates a look and feel exactly like it.
Full 'N Soft waterproof mascara might be great for those who want long-lasting, natural lashes, but it was full of fail in too many ways on its own, and even moreso compared to its washable Full 'N Soft counterpart. Other great mascaras I've tried that leave lashes soft and with natural to buildable volume include Neutrogena Healthy Volume Mascara, Clinique High Impact Mascara, and Josie Maran GOGO Argan Mascara, although these are all washable and vary in staying power and curl hold. Might just be the waterproof component causing stiffer lashes.
on 11/29/2013 1:27:00 PM
Age: 30-35
Skin: Oily, Fair-Medium, Warm
Hair: Black, Other, Medium
Eyes: Brown
I really do like this mascara. I have stick straight Asian lashes that fall down as soon as non-waterproof mascara is applied. But this one really holds a curl on me and holds it all day. The effect is "natural" looking and soft. My eyes look dolly-like but not overdone dolly. Adds a bit of length as well and a teensy bit of volume, but don't expect a whole lot of oomph. It's just a very nice everyday-feel-pretty mascara. I actually love layering another mascara on top because my curl doesn't fall down and I can really build up big, thick eyelashes.
But it does smudge at the end of hot + particularly oily days. It's not super waterproof. I've worn this through a day of mild river rafting and had smudges underneath my eyes at the end of it.
It's easier to take off compared to most waterproof mascaras but still not super easy. I find lashes on my make up wipes. That would be the minus 1 lippie.
One of my favorite drugstore mascaras though and I would continue to buy.
on 11/26/2013 2:14:00 PM
Age: 19-24
Skin: Very Oily, Fair, Warm
Hair: Brunette, Straight, Fine
Eyes: Grey
First off, definitely NOT for ladies who are looking for TONS of volumizing. Just want to get that straight before people buy it, use it then give it bad reviews for the wrong reasons.
This mascara lengthens your lashes like there's no tomorrow. I have the typical short, stick-straight and sad looking Asian lashes and with this on, I actually look like I have lashes for once in my 20 years of existence. Also, this defines and separates your lashes like c r a z y . When I was applying this, there were moments that I asked myself: "Is that a clump I see there on my lashes?" and then with one brush, this mascara reassured me: "No girl, just your trauma after the Colossal." You have to know, most volumizing mascaras are clumpy ones and clumpy mascaras are NO-GOs for me. But you know, being a girl, you want everythang! So when I read "full, thick, healthy-looking lashes" on the package, I was like: "Healthy-looking? Isn't that like no volume at all?". But after the very first application, I was like thanks heaven lord, yes, this DOES give me volume. Though only within the natural-looking limit, it still makes your lashes look thick and full while at the same time, fans them out, giving you wispy and luscious lashes. If you're into natural makeup like me, this is definitely for you as it will give you that your-lashes-but-better look, just like Maybelline's slogan "Maybe she's born with it. Maybe it's Maybelline.", which is cleverly printed on the package under the tube.
Overall, this is a good mascara, does what it says. But please remember to curl your lashes, because after you apply it on, the mascara pretty much stays that way ALL DAY. And don't nobody want their lashes to be long and full but unfortunately stick-straight just because they forget to curl their lashes like I did, okay?
This is for now the one and only mascara for me. After that clump mess Colossal, trust me I know that volumizing is sooo not my thing. Anyway, I hope this review help some of you out. Have a good day!
on 11/20/2013 4:58:00 AM
Age: 25-29
Skin: Oily, Medium, Not Sure
Hair: Other, Other, Other
Eyes: Black
i like the idea of my lashes look full and feel soft. too bad on me it didnt give me so much fullness, but yes my lashes feel soft. i like mascara that gives me more dramatic result. this one is ok for everyday use.
on 11/15/2013 7:10:00 PM
Age: 18 & Under
Skin: Combination, Tan, Warm
Hair: Brown, Other, Coarse
Eyes: Brown
I have to admit that this is not the most eye catching out of all the Maybelline mascaras with a gray/silver tube and simple black lettering (which is why it will get a three for packaging), but don't let that fool you into thinking that it is no good at all. In fact, Full 'N Soft provides several benefits such as:
1.) It darkens lashes
2.) It adds length
3.) It holds a curl
4.) It does not flake
However, this mascara is not as smuge resistant as it claims. By the end of an ten+ hour school day (FYI: I wake up at 5:00 a.m so I can catch my bus at 6 and then if I don't have any meetings or extraciricular activities I get to my bus stop around 2 to then walk to my house), I have a raccon eye going on. Also, this mascara forms tiny little clumps if I try to add more than two coats to my lashes that I fix by running a brow comb through it.
Overall, it was a good value for the inexpensive price but I don't think I will repurchase because this certainly won't last through wet weather or any physical activities that causes you to sweat.
on 11/14/2013 7:35:00 PM
Age: 36-43
Skin: Dry, Fair, Cool
Hair: Blond, Wavy, Fine
Eyes: Brown
Looked lovely on application. Alas it smudged by midday.
on 11/7/2013 7:08:00 PM
Age: 30-35
Skin: Sensitive, Fair, Not Sure
Hair: Red, Other, Other
Eyes: Green
My HG mascara. I'm a makeup junkie with no brand loyalty whatsoever, but I never go anywhere without a spare tube of Full 'n Soft handy. I would cry if they discontinued it.
I have fine, straight lashes that are easily weighed down by clumpy formulas or will form three giant lashes with the wrong brand. With the help of a lash curler, Full n Soft keeps my lashes full and curled all day long. It layers well, especially after a couple uses, and never gets clumpy even as you build on it.
Popular Mascaras


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The government will make up its mind on the gas pricing issue after the Budget session of the Parliament ends. Arun Jaitley needs to take a final call on the matter but the government cannot ignore the public interest litigation (PIL) on in the Supreme Court that was filed by Prashant Bhushan and Gurudas Dasgupta, the Business Standard reported.
The report says that the NDA government might also come up with a formula, but something that could be linked to the costs since coming up with an uniform price is not feasible and applicable to all.
The Indian governments, both in the UPA and in the NDA regime has been indecisive about fixing the price of domestically produced natural gas. The new government has deferred any rise in gas prices for the past three months, and now will review the entire structure of gas exploration and pricing in India. The government in India allocates exploration blocks to corporate players. The company explores and produces natural gas, and the government has a profit sharing contract in place with the private player to divide the share of the production.
The government, in the end of July had set up a committee under Suresh Prabhu who had been the architect of power reforms under the previous NDA regime under the prime ministership of Atal Bihari Vajpayee. This could mean that C Rangarajan's formula of gas pricing, arrived at during the UPA regime, could be no longer in use. This pricing policy could also involve Pratap Bhanu Mehta and Bibek Debroy as other members.
A deadline of August 31 has been set up to consult all the stakeholders and the government is likely to take a call by October.
Media reports suggest that the present government feels that some elements of Rangarajan's formula is not relevant to India and must be removed from pricing. Rangarajan had proposed that domestic gas should be priced by taking an average of LNG imports in India, the US and UK trading hub rates and LNG imports in Japan. This doubled the present prices to $8.4 per million British thermal unit (mmBtu).
However, PTI had reported that the oil ministry is not accepting the formula for three flaws. One, the formula has included Japan's import prices even though that country is not a producer. Second, it has "wrongly" assumed that prices at US hub and UK hub are equal to wellhead prices. Third, the formula gives equal weight to small Indian imports along with US and European trading volumes instead of calculating weighted averages. With these changes the price could come down to $6-6.5 per mmBtu.
The major players in the market that would face the impact of gas pricing is Reliance Industries, along with other players like Cairn and ONGC.
With every 1 dollar rise in prices, the government will earn approximately Rs 3000 crore due to its own PSU dealing in the sector. But since the cost of power and fertiliser would go up, it would face much larger losses. Fertiliser subsidy could go up much more than Rs 3000 crore, while power sector losses could go up by Rs 10,040 crore a year, Business Standard estimates.


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BREAKING: Abbas to Go to Security Council
Move will prompt U.S. veto. And what else?
In a speech in Ramallah several minutes ago, Palestinian Authority President Abbas pledged that he would seek full statehood at the U.N. Security Council, where President Obama has vowed to use the U.S. veto to defeat such a resolution. The state proposed, he said, would have the pre-1967 borders and a capital in East Jerusalem. This contradicts the terms for negotiation laid out in May by Obama, which were predicated on the '67 lines but involved land-swaps, and excluded Jerusalem altogether. It also fundamentally contradicts the U.S. position, which is that statehood should be attained only through direct talks with the Israelis. "What I will take to the U.N. will be the suffering and concerns of our people that have been taking place over 63 years living under the occupation," Abbas said.
Who wins, who loses? It's anyone's guess right now. My instinct is to say this is actually a good thing for Prime Minister Netanyahu: it's a much more stark step and therefore much easier to oppose than a watered-down, hardly-binding resolution in the General Assembly. It is not, however, what the U.S. was hoping for—it wants no resolutions at all—and is arguably less preferable to the U.S. than a G.A. resolution, in that it forces the U.S. to use its veto. Expect the U.S. now to concentrate on bringing other members of the Security Council onboard, which—again, because it's a more drastic step—could be easier. Of the 14 other current Security Council members, Germany could almost certainly be brought around, and the U.S.'s fellow veto-wielders Britain and France might be amenable as well. After that, it's Bosnia and Herzegovina; Brazil; Colombia; Gabon; India; Lebanon; Nigeria; Portugal; and South Africa. Only Colombia, heavily reliant as it is on U.S. support, seems like a possible "no" vote or abstainer. Keep in mind, however, that corralling those extra votes is purely optics and symbolism: even if the 14 other countries support it, the U.S. veto will automatically kill the resolution.
It's worth recalling that the P.A. is one of only few parties close to the Mideast conflict that wants this. Israel and the U.S. are against. Hamas and Hezbollah are against (they see it as a compromise, as they want all the land). Jordan is against (the Hashemite monarch fears what this means for his substantial Palestinian population). The Palestinian diaspora is wary (they are getting less of a say, and this could arguably lead to the nullification of the right-of-return argument—although it won't, because the U.S. will veto it).
The upside for Obama could come domestically. You can hit him for letting matters get to this point, but even the staunchest pro-Israel Republican will applaud him for exercising this veto, as they have already applauded him for promising to.
Finally, it's not clear if this precludes a General Assembly vote: having failed in the Security Council, the Palestinians could then go to that venue, where the numbers and lack of vetos guarantee them a victory. You'll want to pay attention next week.
Abbas: Palestinians to Seek Full U.N. Membership [Haaretz]
Earlier: Is the P.A. Statehood Drive Good for the P.A.?
Click here for access to comments
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Real Simple Recipe Shopping Lists
October 2010
Print out this convenient grocery list for all of the recipes featured in the October 2010 issue of Real Simple magazine. This list suggests the smallest packages available that will see you through the recipes.
Open the October 2010 Recipe Shopping List.
- Green Bean and Pasta Salad
- Chipotle Turkey Club
- Turkey and Cranberry Chutney Sandwich
- Double-Onion Turkey Sandwich
- Ham and Pickled Tomato Sandwich
- Ham Banh Mi Sandwich
- Tropical Ham Sandwich
- Roast Beef and Sweet Cherry Pepper Sandwich
- Roast Beef, Gouda, and Apple Sandwich
- Roast Beef and Horseradish Slaw Sandwich
- Avocado, Radish, and Snow Pea Sandwich
- Peanut Butter, Celery, and Raisin Sandwich
- Hummus, Fennel, and Olive Pocket
- Roasted Red Pepper Canapes
- Goat Cheese and Roasted Red Pepper Quesadillas
- Red Pepper Aioli With Crudites
- Roasted Tilapia, Potatoes, and Lemons
- Penne With Tomatoes, Eggplant, and Mozzarella
- Turkey Burgers With Creamy Romaine Slaw
- Pork Cutlets With Spicy Noodles
- Steak With Roasted Carrots and Onions
- Curry Shrimp and Snow Peas
- Lamb Meatballs With Couscous and Feta
- Red Currant-Glazed Chicken With Spinach
- Chorizo and Potato Tacos With Black Bean Salsa
- Ravioli With Brussels Sprouts and Bacon
- Chicken Paprikash
- Shrimp With White Beans and Toast
- Asian Beef and Mango Salad
- Mushroom and Herb Strata
- Balsamic-Glazed Pork With Lentils
- Roasted Pork Chops With Polenta
- Salmon With Potato Salad
- Seared Steak With Cauliflower Puree
- Sweet Potato and Brie Flat Bread
- Cajun Chicken With Collard Greens
- Microwave Lasagna
- Low-Maintenance Risotto


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Job Trends for Assistant Manager
"Assistant Manager" is the #12 job trend. It is trending ahead of "Associate" and just behind "Project Manager". Use the links on the right to find trending data on anything.
Job Trends from Jobs77.com
Assistant Manager
Jobs77.com searches millions of jobs from thousands of career sites.
This job trends graph shows the growth or decline of jobs openings available for Assistant Manager jobs.
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Rome, Italy
My Rating
very good way to see city.did tour for full length and then got off at different stops to explore.also is for 24 hours so on first day didnt start until 11.40 am so could still use until next day at same time
Rome, Italy
My Rating
great way to see vatican and in afternoon other church sights did tour at start of visit so gave great overview so could explore more in depth ourselves over rest of week.tour guides becky and marie very good
Rome, Italy
My Rating
great tour did at start of week so gave great overview so could explore more in depth ourselves over rest of stay .david and simon very good guides
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News from WTOP
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Mike Causey
Shows & Panels
Shows & Panels
- Agency of the Month
- Business of Government Hour
- The CFO Agenda: Delivering value from financial transparency and audit efforts in the public and private sector
- Cloud-Driven Data Insights in Government
- CXO Surveys
- Disaster Resilience for America
- Federal News Countdown
- Government Perspectives on Mobility and the Cloud
- Reducing Risk in the Cloud
- Reimagining the Next Generation of Government
Shows & Panels
- AFCEA Answers
- American Readiness: Renewable Power and Efficiency Technologies
- Ask the CIO
- The Business Case for Cloud Computing in Government
- Cloud-Driven Data Insights in Government
- Connecting the Dots: Digital Authentication in Government
- Data-Centric Approaches to Government in the Cloud
- Delivering the Digital Government Mission
- Federal Executive Forum
- Federal News Radio's National Cyber Security Awareness Month Special Panel Discussion
- Federal Tech Talk
- The Future of Government Data Centers
- Government Perspectives on Mobility and the Cloud
- Industrialized, Interoperable and Insight-driven Federal Health Panel
- Innovation and Tech Superiority through Acquisition Reform
- Mitigating Insider Threats in Virtual & Cloud Environments
- Moving Agency Applications to the Cloud with PaaS
- Reducing Risk in the Cloud
- Security in the Age of Targeted Attacks
- Air Traffic Management Transformation Report
- The Business of Cloud
- Cloud First Report
- Data Driven Cloud Series
- Disaster Resilience for America
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- The Intersection: Where Technology Meets Transformation
- Modern Mission Critical Series
- National Cybersecurity Awareness Month
- The New IP for Federal IT
- The Social Platform Solution for the Department of Veterans Affairs
- Technology Insights
- The Cyber Security Report
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Shows & Panels
- Cloud-Driven Data Insights in Government
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- F-35 Lightning II Program
- Government Perspectives on Mobility and the Cloud
- On DoD
- Pentagon Solutions
- Reducing Risk in the Cloud
- Reimagining the Next Generation of Government
- Transforming Business Operations at the Defense Department
Security measure stirs defense contractors
Tuesday - 10/12/2010, 12:12pm EDT
Big-name tech companies are pushing against a defense spending bill provision that gives each military agency the power to force technology vendors to exclude subcontractors that the government thinks could pose a security risk, The Wall Street Journal reports.
Most upsetting to these tech companies -- including Lockheed Martin, Northrop Grumman, Cisco Systems and Hewlett-Packard -- is that the government would not be required to disclose any reason for excluding a subcontractor.
IT companies and their industry groups have been meeting with officials in Congress and the Defense Department in an effort to soften the provision, according to the article.
This story is part of Federal News Radio's daily DoD Report brought to you by Dell. For more defense news, click here.


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WALLULA -- Four people, including two children, were injured in a two-vehicle collision Tuesday along U.S. Highway 12, authorities said.
The crash was reported shortly after 1:05 p.m. at the Wallula junction, about 11 miles east of Burbank, according to the Washington State Patrol.
A vehicle driven by John C. Kelly, 20, of Tullahoma, Tenn., was heading east on the highway and had stopped at the stop sign at the junction. A vehicle driven by Stephanie B. Bromiley, 33, of Waterville, Wash., was heading west and about to turn onto State Route 730 to head south. According to a press memo, Kelly turned onto the highway without yielding to Bromiley, who had the right of way, causing the collision.
Kelly and Bromiley were taken to Providence St. Mary Medical Center, according to the report, although a nursing supervisor at St. Mary's had no record of any such patients this morning. Also injured were two children traveling with Bromiley: Bailey A. Bromiley, 13, and Braylen C. Bromiley, 9.
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